Oaktree Specialty Lending (OCSL - Free Report) came out with quarterly earnings of $0.37 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +2.78%. A quarter ago, it was expected that this specialty finance company would post earnings of $0.36 per share when it actually produced earnings of $0.38, delivering a surprise of +5.56%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Oaktree Specialty Lending, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $69.43 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.26%. This compares to year-ago revenues of $75.27 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Oaktree Specialty Lending shares have lost about 4.8% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for Oaktree Specialty Lending?While Oaktree Specialty Lending has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Oaktree Specialty Lending was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.34 on $70.29 million in revenues for the coming quarter and $1.50 on $285.39 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, NewtekOne (NEWT - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This provider of financial and business services to small-and medium-sized business is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of -11.5%. The consensus EPS estimate for the quarter has been revised 4.3% lower over the last 30 days to the current level.
NewtekOne's revenues are expected to be $74.97 million, up 6.8% from the year-ago quarter.
Kennametal oznámil zisk 2,96 USD na akcii a tržby 736,61 milionu USD za čtvrtletí končící v červnu 2026, obojí nad odhady. Zisk meziročně vzrostl z 0,34 USD na akcii.
Kennametal (KMT - Free Report) came out with quarterly earnings of $2.96 per share, beating the Zacks Consensus Estimate of $2.31 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +28.14%. A quarter ago, it was expected that this engineered products maker would post earnings of $0.68 per share when it actually produced earnings of $0.77, delivering a surprise of +13.24%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Kennametal, which belongs to the Zacks Manufacturing - Tools & Related Products industry, posted revenues of $736.61 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.32%. This compares to year-ago revenues of $516.45 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Kennametal shares have added about 26.9% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for Kennametal?While Kennametal 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 Kennametal was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.26 on $667.33 million in revenues for the coming quarter and $2.74 on $2.6 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, Manufacturing - Tools & Related Products is currently in the bottom 22% 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.
Intellicheck Mobilisa, Inc. (IDN - Free Report) , another stock in the broader Zacks Industrial Products sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 13.
This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of +400%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Intellicheck Mobilisa, Inc.'s revenues are expected to be $5.76 million, up 12.5% from the year-ago quarter.
PacBio uvede pro Vega chemii SPRQ-Nx, která zvýší výnos HiFi dat z 60 Gb na až 90 Gb na jeden běh a sníží náklady na Gb asi o 40 %. Současně přidá kratší běhy a nové kontrolní funkce pro regulované laboratoře.
Vega SPRQ-Nx chemistry to deliver up to 90 Gb per run at 40% lower cost per gigabase, with single-shift runs and new workflow controls for regulated labs August 05, 2026 09:05 ET | Source: PacBio
MENLO PARK, Calif., Aug. 05, 2026 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB), developer of the world’s most advanced sequencing technologies, today announced the upcoming availability of SPRQ-Nx chemistry and an accompanying software update for its Vega systems. Together, the updates expand the range of HiFi applications laboratories can run in-house and allow customers to match sequencing performance and run time to specific project needs.
Vega SPRQ-Nx brings the same core chemistry used on the high-throughput Revio system to Vega, increasing output from 60 Gb to 90 Gb of HiFi data per run. PacBio is also lowering the U.S. list price per run from $1,100 to $995. The higher output and lower price per run lowers cost per Gb by approximately 40%, letting laboratories run more samples across whole-genome sequencing, targeted sequencing, and synthetic biology applications.
Alongside the new chemistry, the Vega software update introduces two-hour and four-hour sequencing runs. The update also brings Vega in line with the multiomic analysis capabilities available on Revio with a new 5-hydroxymethylcytosine (5hmC) caller and improved 5mC and 6mA callers. Finally, the update adds user login and audit-tracking capabilities designed to support customers’ 21 CFR Part 11 compliance efforts and strengthen data integrity and workflow traceability.
"Vega SPRQ-Nx expands what labs can do on a benchtop HiFi system,” said Christian Henry, President and CEO of PacBio. “Customers get 50% more HiFi data at a lower price per run, along with faster sequencing options, richer DNA-methylation insights, and controls designed for regulated workflows. These advances and cost reductions make it practical to bring many more high-value HiFi applications in-house or for labs to adopt HiFi sequencing for the first time.”
In the first half of 2026, 19% of Vega runs used libraries with inserts shorter than 2 kb, compared with 3.6% of Revio runs, illustrating Vega’s distinct role in targeted and other short-insert workflows. While Revio customers primarily run whole-genome and full-length RNA sequencing, Vega customers are using the benchtop system across a broad mix of short-insert applications. The new sequencing options allow these short-insert runs to complete within a single laboratory shift, helping keep projects moving.
Vega SPRQ-Nx chemistry lowers DNA input requirements from 2 µg to as low as 500 ng, up to a fourfold reduction that gives laboratories greater flexibility with limited samples and broadens the range of projects they can run in-house. The higher yield also enables laboratories to multiplex up to 96 samples per run using PacBio PureTarget repeat expansion and carrier screening panels, increasing throughput and lowering per-sample sequencing costs.
PacBio plans to make the Vega SPRQ-Nx chemistry products available to ship, and the accompanying Vega software update available to download, by the end of the month. For specifications and ordering information, visit www.pacb.com/vega.
About PacBio
PacBio (NASDAQ: PACB) is a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions to help scientists and clinical researchers resolve genetically complex problems. Our products and technologies, which include our HiFi long-read sequencing, address solutions across a broad set of research applications including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. For more information, please visit www.pacb.com and follow @PacBio.
PacBio products are provided for Research Use Only. Not for use in diagnostic procedures.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including statements relating to the uses, advantages, quality or performance of, or benefits or expected benefits of using, PacBio products or technologies, including in connection with the planned Vega SPRQ-Nx sequencing chemistry and updated software; reduction in sequencing costs by as much as 40%; improved workflow controls and support for customers’ compliance efforts, data integrity and workflow traceability; improved methylation calling and epigenetic insight; increase in HiFi data by up to 50%; anticipated lower U.S. list prices; laboratories being able to run more samples across more applications; two- and four-hour sequencing runs; potential increased practicality of customers to bring more high-value HiFi applications in-house or to adopt HiFi sequencing for the first time; lower DNA input requirements; potential increased throughput; planned release time-frame; and other forward-looking statements. You should not place undue reliance on forward-looking statements because they are subject to assumptions, risks, and uncertainties that could cause actual outcomes and results to differ materially from currently anticipated results, including, challenges inherent in developing, manufacturing, launching, marketing and selling new products; rapidly changing technologies and extensive competition in genomic sequencing; unanticipated increases in costs or expenses, including in connection with increased chip and memory costs; interruptions or delays in the supply of components or materials for, or manufacturing of, PacBio products; potential product performance and quality issues; the possible loss of key suppliers; and, third-party claims alleging infringement of patents and proprietary rights or seeking to invalidate PacBio's patents or proprietary rights. Additional factors that could materially affect actual results can be found in PacBio's most recent filings with the Securities and Exchange Commission, including PacBio's most recent reports on Forms 8-K, 10-K, and 10-Q, and include those listed under the caption "Risk Factors." These forward-looking statements are based on current expectations and speak only as of the date hereof; except as required by law, PacBio disclaims any obligation to revise or update these forward-looking statements to reflect events or circumstances in the future, even if new information becomes available.
Edgewell Personal Care (EPC - Free Report) came out with quarterly earnings of $0.72 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $0.92 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +12.50%. A quarter ago, it was expected that this consumer products maker would post earnings of $0.43 per share when it actually produced earnings of $0.6, delivering a surprise of +39.53%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Edgewell Personal, which belongs to the Zacks Consumer Products - Staples industry, posted revenues of $570.1 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.87%. This compares to year-ago revenues of $627.2 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Edgewell Personal shares have added about 67.3% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for Edgewell Personal?While Edgewell Personal 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 Edgewell Personal was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.86 on $477.88 million in revenues for the coming quarter and $1.94 on $2 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, Consumer Products - Staples is currently in the bottom 18% 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.
Grocery Outlet Holding Corp. (GO - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 12.
This supermarket company selling discount, overstocked and closeout products is expected to post quarterly earnings of $0.12 per share in its upcoming report, which represents a year-over-year change of -47.8%. The consensus EPS estimate for the quarter has been revised 5.6% lower over the last 30 days to the current level.
Grocery Outlet Holding Corp.'s revenues are expected to be $1.17 billion, down 1.1% from the year-ago quarter.
Geron ve 2. čtvrtletí zvýšil čisté tržby na 57,5 mil. USD, meziročně o 17 %, a potvrdil výhled 2026 na 220 až 240 mil. USD. RYTELO dál táhne růst díky vyšší poptávce.
Geron Corporation: FDA Approval Fuels Stock Price SurgeGeron NASDAQ: GERN reported second-quarter net revenue of $57.5 million, up 17% from a year earlier and 11% sequentially, as the company continued to expand use of RYTELO among patients with lower-risk myelodysplastic syndromes, or MDS.
Chief Executive Officer Harout Semerjian said first-half net revenue rose approximately 24% from the same period in 2025, while total operating expenses declined 4%. The company ended the quarter with $327 million in cash, cash equivalents, restricted cash and marketable securities.
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Geron Stock Doubles After Imetelstat Receives FDA Panel Approval “We delivered another quarter of net revenue growth, expanding RYTELO's reach to more eligible patients,” Semerjian said. “We delivered another quarter of net revenue growth, expanding RYTELO's reach to more eligible patients, strengthened the clinical evidence supporting RYTELO, continued investing in future growth opportunities, all while remaining financially disciplined.”
RYTELO Demand and Commercial Execution Geron said RYTELO demand increased 5% in the second quarter compared with the first quarter, marking its third consecutive quarter of demand growth. The number of prescribing accounts increased 8% to approximately 1,575 since the product's launch.
Ahmed ElNawawi, Geron’s chief commercial officer, said patient starts in the first- and second-line settings represented 34% on a rolling 12-month basis. The company is prioritizing high-volume community treatment centers, earlier identification of eligible patients, account management and targeted engagement with health-care professionals.
Geron estimates that approximately 8,000 patients in the United States may be eligible for RYTELO in the second-line, lower-risk MDS setting.
During the question-and-answer session, Semerjian said sales growth is coming from both new and existing prescribing accounts. ElNawawi added that the company expects expansion into new accounts, or breadth, to become a smaller contributor during the second half, while greater use within existing accounts, or depth, becomes a more important metric.
ElNawawi said Geron does not currently have a reliable metric for measuring duration of therapy and therefore cannot determine whether persistence is increasing or decreasing.
Guidance Points to Higher End of Revenue Range Based on first-half performance, Geron expects 2026 RYTELO net product revenue to land at the mid-to-high end of its previously stated $220 million to $240 million guidance range. The company continues to expect total operating expenses of $230 million to $240 million for the year.
Chief Financial Officer Michelle Robertson said the company expects consistent quarter-over-quarter revenue growth through the remainder of 2026. Geron manages inventory within a two- to four-week range and does not expect significant inventory-related increases or decreases in the second half, she said.
Second-quarter gross-to-net deductions rose to 20.7%, compared with 15.3% in the year-earlier period. Geron continues to expect gross-to-net deductions in the low-to-mid-20% range for the remainder of the year.
Research and development expense was $22 million, compared with $21.7 million a year earlier. Selling, general and administrative expense was $38.9 million, compared with $38.6 million in the prior-year quarter. Total operating expenses, excluding cost of goods sold, were $60.7 million, compared with $60.3 million a year earlier. Robertson attributed higher research and development spending to investments in chemistry, manufacturing and controls, or CMC, and said higher marketing expenses affected selling, general and administrative costs. These increases were partially offset by lower personnel costs following the company’s workforce reduction in December 2025.
Real-World Evidence and Myelofibrosis Program At the European Hematology Association congress, Geron presented retrospective results from an investigator-sponsored real-world study conducted with Moffitt Cancer Center. The two-part retrospective and prospective study is evaluating RYTELO’s safety and clinical efficacy in advanced, heavily transfusion-dependent lower-risk MDS patients, including patients with extensive prior therapies and prior luspatercept failure.
Semerjian said the retrospective findings were generally consistent with the Phase III IMerge trial and supported RYTELO’s safety, efficacy and tolerability profile in a broader patient population. The data also indicated a trend toward better management of cytopenias and improved responses when RYTELO was used in the first three lines of therapy.
Chief Medical Officer Joseph Eid said the company expects to present insights from the prospective portion of the study at a future scientific meeting.
Geron also discussed its Phase III IMpactMF trial of imetelstat in relapsed or refractory myelofibrosis. The company has engaged regulators and outside experts regarding the design of the trial’s interim analysis and is evaluating a modification to the event threshold that would support registration if the data monitoring committee recommends unblinding for positive efficacy.
Eid said the potential modification concerns the interim analysis and would not change the final overall-survival analysis, which remains the trial’s primary endpoint. Geron’s base-case expectation remains for the final overall-survival analysis in the second half of 2028, while a positive result at the interim analysis would be an earlier upside scenario.
European Commercial Plans Expected Before Year-End Geron said it is exploring a “gated” commercialization strategy for RYTELO in Europe and other markets while seeking to preserve U.S. pricing integrity. The company expects to provide an update on its European commercialization plans before the end of 2026.
Semerjian said Geron sees a patient opportunity in Europe comparable in scale to the U.S. market and is engaging medical experts and payers. He said the company is monitoring evolving most-favored-nation dynamics and expects to assess potential approaches in major markets including Germany and France. Potential strategies could include partnership arrangements, he said.
Geron also announced that Chinmaya Rath joined the company as chief business officer. Semerjian said Rath’s appointment supports the company’s effort to identify strategic growth opportunities and build Geron into a leading hematology company.
About Geron (NASDAQ:GERN)Geron Corporation NASDAQ: GERN is a clinical-stage biotechnology company dedicated to developing and commercializing novel treatments that target telomerase, an enzyme critical to cancer cell immortality. The company's research is focused on hematologic malignancies and solid tumors, with a pipeline designed to address diseases that have historically had limited therapeutic options.
The lead product candidate, imetelstat, is a first-in-class telomerase inhibitor currently in Phase II and Phase III clinical trials for myelofibrosis and myelodysplastic syndromes.
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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The AI wave will soon hit public markets with Anthropic and OpenAI set to go public later this year. However, you don't have to wait to invest. This report shows seven AI stocks that you can buy today while the big model providers get ready to go public.
CSG vstupuje jako strategický investor do kanadské North Vector Dynamics, která vyvíjí technologie protivzdušné obrany, přesně naváděné raketové systémy, řešení pro obranu proti bezpilotním prostředkům a hypersonické technologie nové generace. Hodnota North Vector Dynamics podle CSG nyní přesahuje 90 mil. USD.
Průmyslově-technologická skupina CSG oznámila kapitálový vstup do kanadské obranně-technologické společnosti North Vector Dynamics, která vyvíjí pokročilé technologie protivzdušné obrany, přesně naváděné raketové systémy, řešení pro obranu proti bezpilotním prostředkům a hypersonické technologie nové generace. Hodnotu investice se strany rozhodly nezveřejnit, hodnota North Vector Dynamics podle CSG nyní přesahuje 90 mil. USD.
Akvizice zapadá do dlouhodobé strategie skupiny. CSG v posledních letech systematicky rozvíjí své kompetence v oblastech radarových technologií, protivzdušné obrany, řízení letového provozu, autonomních systémů, pohonných systémů pro rakety a bezpilotní prostředky i dalších pokročilých obranných technologií. Řešení vyvíjená společností North Vector Dynamics na tuto strategii podle společnosti přirozeně navazují a rozšiřují technologické portfolio skupiny o další vysoce perspektivní segment.
„Charakter moderních konfliktů se rychle mění. Stále větší význam získávají autonomní systémy, umělá inteligence, pokročilé senzory, přesné navádění a ekonomicky efektivní protivzdušná obrana. North Vector Dynamics vyvíjí rodinu interceptorů, které mají potenciál zásadně ovlivnit podobu těchto schopností v příštích letech. Proto jsme se rozhodli stát nejen investorem, ale především dlouhodobým strategickým partnerem společnosti. Vedle kapitálu jí chceme nabídnout také naše průmyslové zkušenosti, výrobní kapacity a obchodní síť na Ukrajině, v členských státech NATO i dalších partnerských zemích po celém světě,“ říká Michal Strnad, předseda představenstva a generální ředitel CSG.
Akcie CSG Akcie Czechoslovak Group (BAACSG) na Free Marketu pražské burzy posilují o 2,27 % na 451 Kč, na RM-SYSTÉMu akcie rostou o 2,27 % na 450 Kč.
Uber ve 2Q zvýšil hrubé rezervace o 24 % na 58,02 mld. USD a očištěný zisk EBITDA o 33 % na 2,82 mld. USD, obojí nad odhady. Na 3Q čeká hrubé rezervace 58,25 až 60,25 mld. USD, očištěný zisk na akcii 0,84 až 0,88 USD a očištěný zisk EBITDA 2,86 až 2,96 mld. USD.
Provozovatel platformy pro přepravu a doručování Uber zveřejnil hospodářské výsledky za druhé čtvrtletí roku 2026. Hrubé rezervace i očistěný zisk EBITDA překonaly odhady analytiků. Na třetí čtvrtletí společnost očekává hrubé rezervace v rozmezí 58,25 až 60,25 mld. USD.
Výsledky společnosti Uber (UBER) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2025 Výnosy (mld. USD) 14,19 14,24 12,65 Čistý zisk (mld. USD) 2,39 -- 1,36 Očištěný zisk na akcii (EPS, USD/akcie) 0,81 0,81 0,60 Výsledky za čtvrtletí Hrubé rezervace (Gross Bookings) vzrostly meziročně o 24 % na 58,02 mld. USD, nad odhadem 57,17 mld. USD.
Hrubé rezervace, zdroj: Uber Technologies
Hrubé rezervace Uber ve 2Q 2026 dle segmentů
(mld. USD) Segment Hrubé rezervace Konsenzus Meziroční změna Mobility 28,99 28,94 +22 % Delivery 27,46 26,97 +26 % Freight 1,57 1,31 +25 % Výnosy vzrostly o 12 % na 14,19 mld. USD, mírně pod odhadem 14,24 mld. USD.
Očištěný zisk EBITDA dosáhl 2,82 mld. USD, meziročně +33 %, nad odhadem 2,79 mld. USD. Očištěný provozní zisk činil 2,14 mld. USD, nad odhadem 2,11 mld. USD.
Očištěný provozní zisk, zdroj: Uber Technologies
Očištěný čistý zisk vzrostl o 29 % na 1,65 mld. USD, mírně pod odhadem 1,67 mld. USD.
Počet jízd (Trips) dosáhl 3,87 mld., meziročně +18 %, mírně pod odhadem 3,90 mld.
Počet měsíčně aktivních uživatelů platformy (MAPC) dosáhl 208 mil., meziročně +16 %, nad odhadem 207,1 mil.
Provozní metriky, zdroj: Uber Technologies
Celkové náklady na akciové odměny (stock-based compensation) dosáhly 550 mil. USD, meziročně +16 %, nad odhadem 524,5 mil. USD.
Výhled na 3Q 2026 Společnost pro třetí čtvrtletí roku 2026 očekává:
Hrubé rezervace 58,25–60,25 mld. USD (konsensus: 59,32 mld. USD). Očištěný zisk na akcii 0,84–0,88 USD (konsensus: 0,86 USD). Očištěný zisk EBITDA 2,86–2,96 mld. USD (konsensus: 2,88 mld. USD). Komentář vedení Dara Khosrowshahi, generální ředitel Uber, uvedl: „Konkurenční výhoda platformy Uber se nadále násobí – rekordní počet uživatelů a jejich zapojení, ziskový růst napříč celým byznysem. Za posledních dvanáct měsíců jsme přidali více nových uživatelů než v jakémkoli jiném období za posledních pět let. Investujeme z pozice síly, jak zrychlujeme naši mezisegmentovou strategii v globálním měřítku a budujeme největší platformu pro autonomní vozidla na světě.“
Balaji Krishnamurthy, finanční ředitel Uber, dodal: „Nadále přeměňujeme silný růst výnosů v rychlejší růst zisků a významnou tvorbu hotovosti. Hrubé rezervace vzrostly o 22 %, očištěný zisk na akcii o 35 % a volný hotovostní tok za posledních dvanáct měsíců poprvé v historii Uberu přesáhl 10 mld. USD – což nám dává flexibilitu investovat do budoucnosti i realizovat strategické příležitosti a zároveň nadále snižovat počet akcií v oběhu.“
Společnost dále uvedla, že Uber a Wayve oznámily další milník komercializace, když autonomní vozidla Wayve získala licence Private Hire Vehicle v Londýně, což připravuje cestu ke spuštění služby v následujících týdnech. Partneři v rámci ekosystému Uberu se zavázali poskytnout přibližně 120 000 vozidel do sítě Uberu v následujících letech. Napříč kapitálovými investicemi, infrastrukturou a závazky k odběru vozidel společnost očekává, že v nadcházejících letech vynaloží na uvedení autonomních vozidel na trh ve velkém měřítku více než 10 mld. USD.
Návrat kapitálu akcionářům Společnost během čtvrtletí odkoupila vlastní akcie v hodnotě 518 mil. USD. Vedení uvedlo, že očekává pokračování zpětných odkupů i v dalších čtvrtletích a postupný návrat k normalizovanější úrovni jejich objemu v rámci realizace priorit kapitálové alokace.
Akcie Uber Technologies
Akcie Uber Technologies Inc (UBER) klesají o 4,3 % na 68,88 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 140,1 P/E 22,8 Vývoj za letošní rok (%) -15,8 Očekávané P/E 21,7 52týdenní minimum (USD) 65,4 Prům. cílová cena (USD) 105,0 52týdenní maximum (USD) 102,0 Dividendový výnos (%) -- Zdroj: Uber Technologies, Bloomberg
Cetera Investment Advisers grew its stake in shares of Rubrik, Inc. (NYSE:RBRK – Free Report) by 36.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,025 shares of the company’s stock after buying an additional 23,320 shares during the quarter. Cetera Investment Advisers’ holdings in Rubrik were worth $4,262,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of RBRK. Atlantic Union Bankshares Corp increased its stake in Rubrik by 100.0% in the 4th quarter. Atlantic Union Bankshares Corp now owns 400 shares of the company’s stock worth $31,000 after purchasing an additional 200 shares during the period. Banque Cantonale Vaudoise bought a new position in shares of Rubrik in the third quarter worth approximately $34,000. Triumph Capital Management bought a new position in shares of Rubrik in the fourth quarter worth approximately $33,000. Los Angeles Capital Management LLC purchased a new position in shares of Rubrik in the fourth quarter worth $35,000. Finally, Advocate Investing Services LLC bought a new stake in Rubrik during the 4th quarter valued at $38,000. Institutional investors own 49.54% of the company’s stock.
Wall Street Analysts Forecast Growth RBRK has been the topic of a number of analyst reports. Barclays boosted their price objective on shares of Rubrik from $70.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price target on shares of Rubrik in a research report on Monday, June 1st. DA Davidson reiterated a “buy” rating and issued a $90.00 price objective (up from $70.00) on shares of Rubrik in a report on Thursday, June 11th. Wedbush reissued an “outperform” rating and set a $90.00 target price on shares of Rubrik in a research note on Thursday, June 11th. Finally, Stephens restated an “overweight” rating and set a $90.00 target price on shares of Rubrik in a report on Monday, June 15th. Twenty-nine research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $94.20.
Get Our Latest Report on RBRK
Rubrik Stock Up 8.5% RBRK opened at $81.11 on Wednesday. The stock has a market cap of $16.69 billion, a PE ratio of -55.94 and a beta of 1.17. The business has a 50 day moving average of $76.35 and a 200-day moving average of $62.86. Rubrik, Inc. has a 52 week low of $42.25 and a 52 week high of $99.75.
Rubrik (NYSE:RBRK – Get Free Report) last issued its quarterly earnings results on Thursday, June 4th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.19. The firm had revenue of $387.07 million during the quarter, compared to analysts’ expectations of $366.31 million. During the same period in the previous year, the company earned ($0.15) earnings per share. Rubrik’s revenue for the quarter was up 39.0% on a year-over-year basis. Rubrik has set its FY 2027 guidance at 0.250-0.350 EPS and its Q2 2027 guidance at 0.030-0.050 EPS. Equities analysts anticipate that Rubrik, Inc. will post -1.16 EPS for the current year.
Insider Buying and Selling In other news, Director Ravi Mhatre sold 3,979 shares of the firm’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $71.49, for a total transaction of $284,458.71. Following the completion of the transaction, the director directly owned 113,477 shares in the company, valued at $8,112,470.73. This trade represents a 3.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Yvonne Wassenaar sold 2,838 shares of Rubrik stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $75.00, for a total value of $212,850.00. Following the completion of the transaction, the director directly owned 2,326 shares of the company’s stock, valued at approximately $174,450. This represents a 54.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 292,042 shares of company stock worth $24,379,821 over the last three months. 13.66% of the stock is owned by corporate insiders.
Rubrik Company Profile (Free Report)
Rubrik, Inc is a cloud data management and security company that delivers a unified platform for data protection, disaster recovery, compliance and intelligent data governance. Its flagship offering, the Rubrik Security Cloud, enables organizations to automate backup and recovery workflows across on-premises, edge and multi-cloud environments. By combining policy-driven orchestration with real-time threat detection, Rubrik helps clients guard against ransomware, ensure business continuity and enforce data retention requirements.
The company’s platform supports a range of services including backup and restore, long-term data archiving, replication, and disaster recovery as a service (DRaaS).
Further Reading Five stocks we like better than Rubrik System Upgrade: First Internet Bancorp Options Surge AI Security Breaches Raise New Risks for Microsoft and Amazon’s Agent Push The AI Chip Blockade Is Creating a Shadow Market Grab Holdings Stock Forms Bottom After Strong Beat-and-Raise Quarter
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D-Wave Quantum v červenci klesl o 24,6 %, protože investoři zpochybňují návratnost vysokých výdajů na kvantové počítače. Společnost je stále ve ztrátě a před výsledky za 2. čtvrtletí může zůstat volatilní.
Shares of the quantum computing company D-Wave Quantum (QBTS +9.26%) plunged last month as investors grew increasingly skeptical that big bets in the tech sector would pay off, including artificial intelligence and quantum computing.
Shares of D-Wave fell 24.6% in July, according to data provided by S&P Global Market Intelligence. And if the recent sell-off is any indication, D-Wave's shares could remain volatile for a while.
Image source: Getty Images.
Investors are concerned about spending Tech investors have been increasingly worried that all of the spending that's happening in the sector won't be worth the cost.
One of the best examples of this came last month, when Alphabet reported its second-quarter results, saying that capital expenditures would rise to $205 billion this year and would likely be higher next year. The spending sent Alphabet's free cash flow into negative territory for the first time in more than two decades.
Alphabet's stock fell after the company released its quarterly results, as investors lost faith that the company's bets in AI are worth the cost. And while D-Wave isn't an AI company, its shares suffered the same fate in July because investors took a similar view that D-Wave's bets on quantum computing won't pay off.
D-Wave reported a net loss of $18.4 million in the first quarter and had just $2.9 million in revenue. And its costs are rising, too, with research and development spending more than doubling to nearly $26 million, and its General and Administrative costs surging 150% to over $20 million.
Investors are looking around and seeing costs rise for tech companies, and they're beginning to question whether holding shares is worth the risk.
D-Wave isn't escaping this sentiment, especially considering that the stock is very expensive, with a price-to-sales (P/S) ratio of 496, compared to the tech sector average P/S ratio of about 6.
Today's Change
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9.26
%) $
1.85
Current Price
$
21.83
More insight coming, but volatility could be ahead D-Wave will report its second-quarter results on Aug. 6, and analysts' consensus estimates are expecting sales of about $43 million, a 75% increase from the year-ago quarter.
But investors will likely be more focused on D-Wave's spending, and with the company still unprofitable and its shares trading for such a high premium, it's not wrong for them to be skeptical.
It's difficult to say how long investors might remain skeptical of unprofitable tech companies. But it appears that a real shift is underway away shareholders in what they expect from companies.
All of which means that D-Wave's shares could remain volatile in the near term as shareholders question whether waiting around for quantum computing profits is worth the risk.
Brookfield Asset Management ve 2. čtvrtletí získal rekordních 77 miliard USD, což podpořilo růst fee-related earnings o 20 % na 808 milionů USD. Čistý zisk dosáhl 1,2 miliardy USD.
Fundraised a Record $77 Billion in the Second Quarter; $98 Billion Year-to-Date QuarterlyFee-Related Earnings of $808 Million, Up 20% Year-Over-Year Quarterly Distributable
Earnings of $707 Million, Up 15% Year-Over-Year
Advanced our Leadership Position in AI Infrastructure, Energy and Retirement Services Through Several Strategic Partnerships
NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) (“BAM”), a leading global alternative asset manager headquartered in New York with over $1 trillion of assets under management, today announced financial results for the quarter ended June 30, 2026.
Connor Teskey, CEO of Brookfield Asset Management, stated, "We delivered a strong second quarter, with record fundraising of $77 billion, led by private equity, infrastructure, and credit. Fee-related earnings grew 20% to $808 million, and fee-bearing capital reached $672 billion, up 19% year-over-year, delivering performance above our long-term targets. Together with the continued momentum across the broader business, we expect our best year ever."
He continued, "Our ability to fundraise across the largest and most diverse pools of global capital and deploy into the largest and most attractive investment themes continues to accelerate. The current environment is increasing demand for high-quality real assets and essential service businesses. Further, our recent acquisition of the remainder of Oaktree strengthens our credit platform, enables us to deliver the full breadth of Brookfield’s capabilities to clients, and positions us well to capitalize on opportunities that may emerge through credit cycles.”
Common Dividend Declaration
The board of directors of BAM declared a quarterly dividend of $0.5025 per share, payable on September 29, 2026, to shareholders of record as of the close of business on August 31, 2026.
Financial Results
In the second quarter, we delivered strong results, driven by record capital inflows and strong deployment.
Three Months Ended
Twelve Months Ended
Unaudited
For the periods endedJune 30June 30June 30June 30(US$ millions, except per share amounts) 2026 2025 2026 2025Fee-related earnings1$808$676$3,201$2,695Fee-related earnings per share$0.50$0.42$1.97$1.65Distributable earnings1$707$613$2,837$2,535Distributable earnings per share$0.44$0.38$1.75$1.56Net income$1,172$584$3,065$2,308See end notes
Net income was $1.2 billion in the quarter and $3.1 billion over the last twelve months.
Fee-related earnings (“FRE”) increased 20% to $808 million or $0.50 per share for the quarter and 19% to $3.2 billion, or $1.97 per share over the last twelve months.
Distributable earnings (“DE”) were $707 million, or $0.44 per share in the quarter and $2.8 billion, or $1.75 per share over the last twelve months, up 15% and 12%, respectively.
Operating Results
Fee-bearing capital grew to $672 billion, up 19% year-over-year, as a result of $163 billion of fundraising in the past twelve months. Our second quarter fundraising of $77 billion was driven by flagship strategies and a large investment management mandate. The seventh vintage of our private equity flagship strategy raised $6.7 billion and the sixth vintage of our infrastructure flagship strategy raised $9.3 billion. Both funds are on track to be the largest vintage of their respective strategy.
A growing set of strong investment opportunities continued to support robust capital deployment, with $21 billion invested across our business during the quarter. We also monetized $11 billion in the quarter from the sale of high quality assets at attractive valuations and advanced several other monetization transactions.
Highlights of our activities across each of our business groups in the second quarter include:
Infrastructure
Fundraising: We raised $10 billion, including $7.9 billion for our infrastructure flagship strategy, $900 million for our supercore infrastructure strategy, and $900 million for our infrastructure private wealth strategy. The flagship is targeting its first close this year, with additional closes expected thereafter. In addition, we held a first close in our AI infrastructure strategy, bringing total commitments to date to $5 billion.
Deployment: We deployed $3.3 billion, including $1.7 billion for the acquisition of a leading U.S. fiber to the home business and a $1.0 billion investment for incremental funding on construction of a U.S. semiconductor fabrication facility.Monetization: In July, we monetized a portion of our investment in a leading data center infrastructure platform through its IPO, raising over $1 billion in proceeds. Energy
Fundraising: We raised $2.5 billion, including $1.4 billion for our infrastructure flagship strategy.Deployment: We deployed $1.0 billion across several renewable investments. In July, we also committed approximately $3.0 billion to acquire the largest standalone energy storage business in North America expected to close later this year. Private Equity
Fundraising: We raised $8.6 billion, primarily driven by $6.7 billion for our private equity flagship strategy and capital raised for the Middle East private equity and financial infrastructure strategies.Deployment: We deployed $1.4 billion and signed an agreement to acquire the world’s largest air freight services provider, which is expected to close later this year.Monetization: We signed an agreement to sell our investment in a specialized engineering firm, and subsequent to the end of the quarter, we sold a stake in a leading alternative asset manager in Australia.
Real Estate
Fundraising: We raised $4.3 billion across our real estate strategies, including nearly $700 million for the geographic sleeves of our flagship strategy and $3.0 billion from separately managed accounts and co-investment. Deployment: We deployed $5.2 billion, including the acquisition of the largest privately held U.S. manufactured home portfolio and the take-private of a publicly-traded outdoor industrial storage portfolio.
Credit
Fundraising: We raised $51 billion of capital, including $45 billion from Brookfield Wealth Solutions, inclusive of the $40 billion Just Group mandate. We also raised $6.0 billion across Oaktree and our other partner managers and approximately $600 million for our infrastructure debt strategy. Deployment: We deployed $10 billion, across our credit strategies, including $1.9 billion for opportunistic credit strategies. In July, we announced an investment in a Middle Eastern pipeline company for $3.0 billion.
Strategic Initiatives and Partnerships
This year, we continued to advance a number of strategic initiatives that strengthen our competitive position, expand our distribution capabilities and reinforce our leadership across AI infrastructure, power and private markets.
In July, completed our acquisition of Oaktree, marking the next step in a partnership that began in 2019 and fully integrating Oaktree into Brookfield’s broader platform.Formed a strategic partnership with OpenAI to accelerate enterprise AI adoption by deploying its technology and engineering capabilities across our industrial and manufacturing businesses.Expanded our strategic partnership with Bloom Energy from $5 billion to $25 billion to finance rapidly deployable power solutions for AI infrastructure.Announced a strategic partnership with the U.S. Department of Energy (“DOE”) to accelerate the deployment of Westinghouse nuclear reactor technology, supported by funding of $17.5 billion from the DOE. Expanded our AI infrastructure framework agreement with the French government from €20 billion to €30 billion to enable sovereign AI infrastructure. Announced a partnership with two global technology leaders to invest in AI cloud infrastructure that will expand Korea’s sovereign AI factory infrastructure and power AI companies in Korea and the U.S.Selected as AllianceBernstein’s partner to distribute our real asset strategies through target-date funds, further enhancing our presence in the U.S. defined contribution market.In July, announced a $100 billion plan to develop an AI data center campus at the U.S. DOE’s Paducah, Kentucky site, in partnership with a leading North American energy company. Repurchased $200 million of BAM shares during the quarter. Uncalled Fund Commitments and Liquidity
As of June 30, 2026, we had $149 billion of uncalled fund commitments, $68 billion of which will generate approximately $680 million of annual fees once deployed. We had corporate liquidity of $3.1 billion as of June 30, 2026, comprised of cash reserved for the purchase of Oaktree, short term financial assets, and undrawn capacity on our revolving credit facility.
During the quarter, we issued $1.0 billion of senior notes, comprised of $550 million of five-year senior unsecured notes with a coupon of 4.832% and $450 million of ten-year senior unsecured notes with a coupon of 5.298%.
End Notes
______________________
1. See Reconciliation of Net Income to FRE and DE on page 8 and Non-GAAP and Performance Measures section on page 10.
2. Other income includes BAM's portion of equity method investments’ realized carried interest, investment income, interest expense and other items.
Brookfield Asset Management
Balance Sheets
Unaudited
As of
(US$ millions)June 30
2026December 31
2025Assets Cash and cash equivalents$1,503$1,583Accounts receivable and other845750Investments10,3609,795Investments of consolidated funds3,090505Due from affiliates3,1983,280Deferred income tax assets and other assets1,0841,134Total assets$20,080$17,047 Liabilities Accounts payable and other$2,663$2,908Corporate borrowings3,4662,478Borrowings of consolidated funds589462Due to affiliates1,244720Due to affiliates of consolidated funds36—Deferred income tax liabilities214169Total liabilities8,2126,737 Preferred shares redeemable non-controlling interest1,2381,398Redeemable non-controlling interest in consolidated funds1,442— Equity9,1888,912 Total liabilities and equity$20,080$17,047 Brookfield Asset Management
Statements of Operations
Three Months Ended
Six Months Ended
Unaudited
For the periods endedJune 30 June 30 June 30 June 30 (US$ millions, except per share amounts)2026 2025 2026 2025 Revenues Base management and advisory fees$ 919 $ 815 $ 1,779 $ 1,652 Incentive fees128 116 258 233 Carried interest income553 (63)665 (61)Other revenues153 222 389 347 Total revenues1,753 1,090 3,091 2,171 Expenses
Compensation and operating (548) (504) (1,023) (847)Interest(60)(37)(107)(50)Carried interest allocation compensation(51)(16)(262)(162)Total expenses(659)(557)(1,392)(1,059)Other income (expenses)41 (55)62 (110)Share of income from equity method investments199 181 269 239 Income before taxes1,334 659 2,030 1,241 Income tax expense(162)(75)(272)(150)Net income1,172 584 1,758 1,091 Net (income) loss attributable to non-controlling interests(268)36 (237)110 Net income attributable to BAM$ 904 $ 620 $ 1,521 $ 1,201 Net income attributable to BAM per share Basic$0.56 $0.38 $0.95 $0.74 Diluted$ 0.56 $ 0.38 $ 0.94 $ 0.74
SELECT FINANCIAL INFORMATION
RECONCILIATION OF NET INCOME TO FEE-RELATED EARNINGS AND DISTRIBUTABLE EARNINGS
Three Months Ended
Six Months Ended
Unaudited
For the periods endedJune 30 June 30 June 30 June 30 (US$ millions)2026 2025 2026 2025 Net income$ 1,172 $ 584 $ 1,758 $ 1,091 Add or subtract the following: Provision for taxes1162 75 272 150 Depreciation and amortization220 11 40 14 Carried interest allocations3(553)63 (665)61 Carried interest allocation compensation351 16 262 162 Other income and expenses4(41)55 (62)110 Interest expense560 37 107 50 Interest and dividend revenue5(36)(42)(65)(62)Other revenues6(117)(197)(324)(312)Share of income from equity method investments7(199)(181)(269)(239)Fee-related earnings of equity method investments at our share7170 103 314 209 Compensation costs recovered from affiliates8101 137 168 129 Other adjustments918 15 44 11 Fee-related earnings808 676 1,580 1,374 Add: Investment & other income (net of interest expense)10(27)14 (16)47 Add: Equity-based compensation costs1023 11 37 25 Less: Cash taxes11(97)(88)(192)(179)Distributable earnings$ 707 $ 613 $ 1,409 $ 1,267 This adjustment removes the impact of income tax provisions on the basis that we do not believe this item reflects the present value of the actual tax obligations that we expect to incur over the long-term due to the substantial deferred tax assets of BAM.This adjustment removes the depreciation and amortization on property, plant and equipment and intangible assets, which are non-cash in nature and therefore excluded from FRE as well as certain capital depreciation costs recharged from BAM's affiliates.These adjustments remove the impact of both unrealized and realized carried interest allocations and the associated compensation expense. Unrealized carried interest allocations and associated compensation expense are non-cash in nature. Carried interest allocations and associated compensation costs are included in DE once realized.This adjustment removes other income and expenses associated with fair value changes for consolidated entities and funds.This adjustment removes interest and charges paid or received by consolidated entities and funds.This adjustment adds back other revenues earned that are non-cash in nature.These adjustments remove our share of equity method investments' earnings, including items 1) to 6) above and include its share of equity method investments' fee-related earnings.This item adds back compensation costs that will be borne by affiliates.This adjustment adds base management fees earned from funds that are eliminated upon consolidation and other items.This adjustment adds back equity-based compensation and other income associated with BAM’s portion of equity method investments' realized carried interest, investment income and other items.Represents the impact of cash taxes paid by the business.
RECONCILIATION OF BASE MANAGEMENT AND ADVISORY FEES TO FEE REVENUES
Three Months Ended
Six Months Ended
Unaudited
For the periods endedJune 30June 30 June 30June 30 (US$ millions)20262025 20262025 Base management and advisory fees$919$ 815 $1,779$ 1,652 Incentive fees1128116 258233 Fee revenues from equity method investments2439358 861717 Other adjustments38(4)22(17)Fee revenues$1,494$ 1,285 $2,920$ 2,585 This adjustment adds incentive distributions that are included in fee revenues.This adjustment adds Oaktree management fees at 100% ownership and our proportionate share of partner manager earnings.This adjustment involves base management fees earned from funds that are eliminated upon consolidation and other items.
Additional Information
Shareholders are encouraged to review additional information about Brookfield Asset Management’s results, available on our website under the “Reports & SEC Filings” section at bam.brookfield.com. The Supplemental for the three months and twelve months ended June 30, 2026 is available today and provides further detail on the company’s strategy, operations and financial results. Our Second Quarter 2026 shareholder letter will be published on August 13, 2026, providing discussion on some of the major themes shaping Brookfield’s long-term strategy and outlook.
The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended June 30, 2026, which have been prepared using U.S. GAAP. The amounts have not been audited by BAM’s external auditor.
BAM’s Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements, prior to its release.
Information on our dividends can be found on our website under the “Share Information” section at bam.brookfield.com.
Quarterly Earnings Call Details
Investors, analysts and other interested parties can access BAM’s Second Quarter 2026 Results as well as the Supplemental Information on its website under the “Reports & SEC Filings” section at bam.brookfield.com.
To participate in the Conference Call today at 10:00 a.m. ET, please preregister at https:// register-conf.media-server.com/register/BI25c79b4fce1542938abfce53ebcca730.
Upon registering, you will be emailed a dial-in number, and unique PIN.
The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/bqd6oehs. For those unable to participate in the Conference Call, the telephone replay will be archived and available for 90 days, or on our website at bam.brookfield.com.
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.
Please note that Brookfield Asset Management Ltd.’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at bam.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
For more information, please visit our website at www.brookfield.com or contact:
Non-GAAP and Performance Measures of our Asset Management Business
This news release and accompanying financial information are based on generally accepted accounting principles in the United States of America (“U.S. GAAP”).
We make reference to Distributable Earnings (“DE”), which is referring to the sum of its fee-related earnings, realized carried interest, realized principal investments, interest expense, and general and administrative expenses; excluding equity-based compensation costs and depreciation and amortization. The most directly comparable measure disclosed in the primary financial statements of Brookfield Asset Management for DE is net income. This provides insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.
We use Fee-Related Earnings (“FRE”) and DE to assess our operating results and the value of Brookfield’s business and believe that many shareholders and analysts also find these measures of value to them.
We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with U.S. GAAP. These financial measures, which include FRE and DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with U.S. GAAP. We caution readers that these non-GAAP financial measures or other financial metrics are not standardized under U.S. GAAP and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.
We provide additional information on key terms and non-GAAP measures in our filings available at bam.brookfield.com.
Notice to Readers
BAM is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.
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 regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of BAM and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, 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 BAM 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 “target”, “project”, “forecast”, “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 future results, performance, achievements, prospects or opportunities of BAM and the US, Canadian or international markets.
Although BAM believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) volatility in the trading price of our class A limited voting shares; (ii) deficiencies in public company financial reporting and disclosures; (iii) the difficulty for investors to effect service of process and enforce judgments in various jurisdictions; (iv) being subjected to numerous laws, rules and regulatory requirements; (v) the potential ineffectiveness of our policies to prevent violations of applicable law; (vi) foreign currency risk and exchange rate fluctuations; (vii) further increases in interest rates; (viii) political instability or changes in government; (ix) unfavorable economic conditions or changes in the industries in which we operate; (x) inflationary pressures; (xi) catastrophic events, such as earthquakes, hurricanes, or pandemics/epidemics; (xii) ineffective management of sustainability considerations, and inadequate or ineffective health and safety programs; (xiii) failure of our information technology systems; (xiv) failure to adopt AI in support of our business objectives (xv) us and our managed assets becoming involved in legal disputes; (xvi) losses not covered by insurance; (xvi) inability to collect on amounts owing to us; (xviii) operating and financial restrictions through covenants in our loan, debt and security agreements; (xix) our ability to maintain our global reputation; (xx) risks related to our infrastructure, energy, private equity, real estate, and credit strategies; (xxi) the impact of poor product development or marketing efforts on fee-bearing capital; (xxii) managing our cash flow and meeting our financial obligations; (xxiii) our acquisitions; (xxiv) requirement of temporary investments and backstop commitments to support our asset management business; (xxv) revenues impacted by a decline in the size or pace of investments made by our managed assets; (xxvi) our earnings growth can vary, which may affect our dividend and the trading price of our class A limited voting shares; (xxvii) exposed risk due to increased amount and type of investment products in our managed assets; (xxviii) information barriers that may give rise to conflicts and risks; (xxix) Brookfield Corporation (“BN”) exercising substantial influence over BAM; (xxx) BN transferring the ownership of BAM to a third party; (xxxi) potential conflicts of interest with BN; (xxxii) difficulty in maintaining our culture or managing our human capital; (xxxiii) United States and Canadian taxation laws and changes thereto and (xxxiv) other factors described from time to time in our documents filed with the securities regulators in the United States and Canada.
We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. 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, BAM 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.
Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).
Mobilicom získal design win od izraelské obranné společnosti na novou platformu loitering munition. Vybrány byly systémy SkyHopper MultiBand a SkyHopper Tactical s odolností proti elektronickému boji.
Multiple Solutions Selected for a Next-Generation, Short-to-Mid-Range, Soldier-Portable Loitering Munition Platform
Order Includes Recently Launched SkyHopper MultiBand and SkyHopper Tactical Solutions with ICE Electronic Warfare Resistance Software
Palo Alto, California, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Mobilicom Limited (Nasdaq: MOB, MOBBW) (“Mobilicom” or the “Company”), a provider of cybersecurity and robust communications solutions for drones and robotics, today announced a new design win with a Tier-1 Israel-based defense company a global leading loitering munitions provider for a next-generation, short-to-mid-range loitering munition platform. The design win expands Mobilicom’s relationship and technology footprint with the Tier-1 customer and broadens the deployment of the Company's software and hardware offering to a new platform designed to meet the evolving needs of defense forces worldwide.
The customer’s selection followed a field testing under realistic operating scenarios, where Mobilicom’s recently launched SkyHopper Multiband solution demonstrated their ability to maintain connectivity over extended distances and within demanding operating environments.
“This repeat selection by a Tier 1 defense customer demonstrates how continued product innovation, combined with trusted, long-standing relationships, enables Mobilicom to address customers’ evolving operational needs,” said Oren Elkayam, Founder and CEO of Mobilicom. “Following successful field testing, our newly launched SkyHopper MultiBand and Tactical solutions were selected to meet the demanding communications and electronic warfare requirements of the customer’s next-generation loitering munition platform. This design win expands our technology footprint with an established Tier-1 customer and creates an opportunity to support the platform as it advances toward future mass production and global deployment.”
SkyHopper MultiBand is a secure software-defined radio (“SDR”) that combines broad spectrum coverage, adaptive frequency selection and Mobilicom’s ICE electronic warfare resistance software designed to maintain reliable communications in congested and interfered environments. SkyHopper Tactical extends these capabilities to ground operators through a wearable SDR supporting secure control, platform handoff and range extension. Together, they are designed to provide an integrated air-to-ground communications solution for drones, loitering munitions and other autonomous platforms.
About Mobilicom
Mobilicom is a leading provider of cybersecure robust solutions for the rapidly growing defense and commercial drones and robotics market. Mobilicom’s large portfolio of field-proven technologies includes cybersecurity, software, hardware, and professional services that power, connect, guide, and secure drones and robotics. Through deployments across the globe with over 50 customers, including the world’s largest drone manufacturers, Mobilicom’s end-to-end solutions are used in mission-critical functions.
For investors, please use https://ir.mobilicom.com/
For company, please use www.mobilicom.com
Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. For example, the Company is using forward-looking statements when it discusses the anticipated benefits and significance of the design win, the expected performance and capabilities of its solutions, the potential advancement of the customer's platform toward future production and deployment, and the possibility of future business opportunities or additional orders. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Mobilicom Limited’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the Company’s filings with the Securities and Exchange Commission.
Forward-looking statements contained in this announcement are made as of this date, and Mobilicom Limited undertakes no duty to update such information except as required under applicable law.
For more information on Mobilicom, please contact:
Ucore dokončil ověření škálovatelnosti zařízení RapidSX pro svůj projekt v Louisianě a zvolil konkrétní konfigurace pro Enhanced Machine A. Ta má zpracovávat 600 tun TREO ročně.
the successful completion of its RapidSX™ equipment ("RSX-1") scale-up verification program for its developing Louisiana Strategic Metals Complex in Alexandria, Louisiana
selection of Enhanced Machine A's specific equipment and operational configurations
Halifax, Nova Scotia--(Newsfile Corp. - August 5, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that it has successfully completed the scale-up testing and optimization program for its commercial-scale RapidSX™ computerized and motionless mixing contactor assemblies to be deployed at its Alexandria, Louisiana, Strategic Metals Complex ("SMC"). This contactor equipment scale-up program ("RSX-1") builds on the 7,400+ hours of simulated commercial runtime on the Company's Demonstration Plant ("Demo Plant") at its RapidSX™ Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario.
Figure 1: 4x12" (L) & 1x24" (R) RapidSX™ Contactor Scale-Up Testing & Optimization at the Kingston, Ontario, Commercialization and Demonstration Facility
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1119/308111_4bc761d6a423a8c1_002full.jpg
The contactor scale-up and optimization program is partially funded by Ucore's US Department of War US$18.4 million Other Transaction Agreement ("OTA") Modification (US$20.4 million total) to facilitate the technology transfer from demonstration-scale in Kingston to full commercial-scale deployment in Louisiana. The completion of this optimized RapidSX™ equipment testing marks a significant milestone in Ucore's pathway to build its first commercial RapidSX™ rare earth separation machine, 'Enhanced Machine A', capable of processing 600 tonnes per year ("tpa") of total rare earth oxides ("TREO").
The Objectives of the RSX-1 scale-up and optimization program were to:
verify the commercial scale-up of the 4" diameter Demo Plant contactors and matched phase separators, and associated piping, pumps, sensors, instruments, chemistry, and operational parameters up to the selected maximum 24" diameter contactor size design for the SMC;
confirm that the RapidSX™ technology performs as expected and performs equal to or better than conventional solvent extraction ("CSX") in all contactor sizes expected to be deployed at the Company's Louisiana SMC, under the most conservative chemistry assumptions;
The Results from the RSX-1 scale-up and optimization program were:
Ucore developed an optimized operating profile for intermediate-size contactors based on over 400 completed tests with 1-1/4", 2", 4", 12", and 24" contactor diameters and configurations of organic/aqueous ("O/A") ratios and hydraulic flux rates;
Ucore designed, compared, optimized, and validated a 24" diameter contactor assembly against a four (4) by 12" diameter contactor assembly (i.e., the same total area, working in parallel) to take advantage of RapidSX™'s inherent equipment flexibility and modularity for varying hydraulic flux rates. This was also done for other equivalent area contactor configurations.
Ucore selected the specific operational configurations and equipment for Enhanced Machine A and other planned SMC machines.
The Follow-On Enhanced Machine A activities from the RSX-1 scale-up and optimization program are:
all testing information now exists to incorporate the results into detailed design engineering
as part of the final Factory Acceptance Testing ("FAT") program, Ucore will test the now optimized Enhanced Machine A individual contactor assembly configuration (i.e., a two (2) x 8" diameter RapidSX™ contactor assembly) with the specifically selected components and operational parameters as part of RSX-2 & RSX-3, planned for the remainder of August and September of 2026
The extensive 12-month RSX-1 scale-up, optimization, and verification campaign was designed to evaluate mixing, phase continuity, hydraulic stability, pressure behavior, phase disengagement, and visible entrainment over a wide range of contactor diameters and operational profiles. Mass-transfer performance was compared with the CSX baseline, which represented the equilibrium reference and target performance level for determining whether the RapidSX™ contactors achieved the required extent of mass transfer - resulting in final contactor assembly equipment selections and optimized operating parameters for the Louisiana SMC.
"Ucore continues to make very deliberate progress in transitioning from its Kingston, Ontario, Commercialization and Demonstration Facility [CDF] to its first commercial-scale rare earth refinery in Louisiana," stated Mike Schrider, P.E., Ucore's Vice President and Chief Operating Officer. "As announced in May, the Company's first SMC RapidSX™ machine, Enhanced Machine A, will allow the processing of a variety of Western mixed rare earth carbonate and/or oxide sources into NdPr, samarium, gadolinium, and potentially yttrium, contributing to a critical Western need, as new US source restrictions take hold on January 1, 2027."
As Ucore reported on May 28, 2026, pending construction completion, commissioning, qualification, and receipt of all required funding and permits, Ucore's Louisiana SMC is designed to be capable of accepting mixed rare earth carbonate ("MREC") and mixed rare earth oxide ("MREO") from Western-friendly feedstock sources and processing up to ≈9,600 tpa of contained TREO. The SMC is designed to be constructed and rolled out in modules to take advantage of the inherent flexibility of the RapidSX™ technology platform and to produce NdPr, Pr, Nd, Sm, Gd, SmEuGd ("SEG"), Tb, Dy, and other rare earth oxide products and intermediates.
# # #
About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan are to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.
Through strategic partnerships, Ucore aims to support the development of a more diversified and resilient North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska, and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").
Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."
For further information, please visit www.ucore.com.
Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical fact, that address future business development, technological development, engineering, procurement, construction, commissioning, commercial production, operating costs, capital costs, project timelines, throughput, product mix, feedstock processing, government funding, customer qualification, offtake, market prices, or other future events or developments are forward-looking statements.
Forward-looking statements in this release include, without limitation, statements regarding: the design, configuration and development of the Louisiana SMC; the expected number of RapidSX™ production lines and machines; expected throughput of 9,600 tonnes per annum of TREO; expected production of NdPr, Nd, Pr, Sm, Gd, Tb, and Dy; the expected sequencing and timing of Enhanced Machine A, Production Line 1, Production Line 2, and Production Line 3; estimated capital costs for Machine A and Production Line 1 and related infrastructure; expected operating characteristics, including potential reductions in unit operating costs and improvements in reliability; targeted milestones for engineering, construction, commissioning and commercial production; availability and sourcing of feedstock; customer engagement and potential product demand; rare earth market conditions and pricing; and the potential receipt of government funding and other financing.
Forward-looking statements are based on a number of material assumptions, including, without limitation: the successful completion and accuracy of baseline, front-end-engineering design and detailed engineering studies; the ability to complete further engineering, procurement, and construction activities as currently contemplated; the availability, cost, and timely delivery of equipment, materials, utilities, labour and construction services; the Company's ability to secure sufficient financing on acceptable terms; the receipt and timing of all required permits and approvals; the successful scale-up and commercial deployment of RapidSX™ technology from demonstration to commercial operation; the availability of qualified feedstock from third-party suppliers; successful customer qualification and offtake discussions; continued support from governmental partners; and general economic, market, and industry conditions, including assumptions regarding rare earth oxide prices, which are subject to significant volatility.
Forward-looking information relating to capital cost estimates and project design is based on a baseline engineering report and remains subject to refinement through further engineering and project development. Such estimates may not be directly comparable to previously disclosed estimates, which were prepared at an earlier stage of project development and may have included different scope elements, assumptions, or cost categories, including feedstock, working capital, or other non-capital items.
In addition, statements regarding expected operating efficiencies, cost reductions, reliability, and commercial performance are based on current engineering assumptions and preliminary analyses and are subject to validation through commissioning and commercial operations. There can be no assurance that such expectations will be achieved in whole or in part.
Although the Company believes that the assumptions underlying the forward-looking information are reasonable, there can be no assurance that such assumptions will prove to be accurate or that the anticipated results, performance, or achievements will be realized. Actual results may differ materially from those expressed or implied by the forward-looking information.
Factors that could cause actual results to differ materially include, without limitation: risks associated with the development, scale-up, and commercialization of new or unproven technologies; the risk that RapidSX™ may not perform at commercial scale as expected; engineering design changes; inaccuracies in capital or operating cost estimates; cost escalation due to inflation, supply chain disruption, or market conditions; delays or failures in procurement, construction, or commissioning; the inability to obtain or maintain required permits, approvals, or regulatory authorizations; challenges in securing adequate financing; adverse capital market conditions; variability in feedstock supply, quality, or pricing; failure to secure or maintain commercial relationships, customer qualification, or offtake arrangements; fluctuations and uncertainty in rare earth oxide prices and demand; the risk that indicative or quoted market prices, including for ex-China markets, may not be realized; operational risks once in production, including equipment failures or lower-than-expected recoveries; geopolitical risk; changes in applicable laws or regulations; environmental or permitting challenges; loss of key personnel; and general economic, business, or competitive conditions.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update forward-looking statements except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308111
Source: Ucore Rare Metals Inc.
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Immuneering uvedla medián celkového přežití 17,3 měsíce u 55 pacientů s karcinomem slinivky léčených v první linii atebimetinibem v kombinaci s modifikovaným gemcitabinem/nab-paklitaxelem (mGnP). Firma měla na konci 2. čtvrtletí 182,7 milionu USD v hotovosti, peněžních ekvivalentech a obchodovatelných cenných papírech.
- 17.3 month median overall survival in 55 first-line pancreatic cancer patients treated with atebimetinib in combination with chemotherapy, reported in oral presentation at ASCO Annual Meeting on June 1 - - Phase 3 MAPKeeper 301 trial is underway, with patients being dosed and over 30 study locations posted to date - - Peer-reviewed publication in Cancer Research details atebimetinib's broad, durable preclinical activity, and favorable tolerability across RAS- and RAF-mutant tumors, along with preservation of body mass - - Ended Q2 2026 with $182.7 million in cash, cash equivalents and marketable securities with anticipated runway into 2029 - NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Immuneering Corporation (Nasdaq: IMRX), a late-stage clinical oncology company focused on keeping cancer patients alive and helping them thrive, today reported financial results for the second quarter ended June 30, 2026, and provided business updates. “At a time when first-line pancreatic cancer patients finally have treatment options, the 17.3 month median overall survival reported at ASCO for atebimetinib in combination with modified gemcitabine/nab-paclitaxel (mGnP) in our single-arm Phase 2a study stands out as potentially best-in-class.
Ondas prostřednictvím své americké dceřiné společnosti Mistral Inc. získala od americké armády objednávku na taktické Lethal Unmanned Systems za více než 50 milionů USD. Celková hodnota objednávek v rámci programu LUS tak přesáhla 240 milionů USD.
Represents an additional order for Ondas' Mistral Inc. under a previously awarded $982 million multi-year IDIQ supporting the U.S. Army's Lethal Unmanned Systems (LUS) program
Order strengthens Ondas' position in the U.S. Defense Market and demonstrates continued execution of Its defense growth strategy
Ondas is currently producing systems for delivery in the third quarter under the initial $190.8 million order for the LUS program
WEST PALM BEACH, FL / ACCESS Newswire / August 5, 2026 / Ondas Inc. (Nasdaq:ONDS) ("Ondas" or the "Company"), a leading provider of autonomous systems and next-generation defense and security technologies, announced today that its U.S.-based defense prime contractor, Mistral Inc., has received an over $50 million order from the U.S. Army for tactical Lethal Unmanned Systems (LUS). The order was issued under a previously awarded $982 million multi-year Indefinite Delivery, Indefinite Quantity ("IDIQ") contract supporting the U.S. Army's Lethal Unmanned Systems (LUS) program. Combined with the initial $190.8 million award under the LUS program, Mistral's total awards to date exceed $240 million.
The award represents an important expansion of Ondas' position in the precision-strike market. Together with Ondas' DZYNE and Rotron, Mistral strengthens Ondas' ability to develop, integrate, and deliver a broader portfolio of precision-strike solutions across multiple ranges, missions, and operational environments. Precision-strike is a rapidly growing segment of the global defense industry driven by increasing demand for accurate, responsive and deployable strike capabilities. The order also demonstrates the strategic rationale behind Ondas' acquisition of Mistral. Mistral provides Ondas with established access to major U.S. defense programs, long-standing customer relationships, prime-contractor capabilities and the infrastructure required to execute large, complex government programs.
"This order moves Ondas deeper into the precision-strike market, where demand from the U.S. Department of War and allied forces continues to accelerate," said Eric Brock, Chairman and CEO of Ondas. "Our focus now is on execution. Mistral is already producing systems for delivery beginning in the third quarter of 2026 under the initial LUS order, and this new award extends that production runway on the same Army contract vehicle. Our expanding operating footprint in the United States makes Ondas increasingly well positioned to compete for and execute large, multi-year programs like this one."
Mistral's established position within the U.S. defense ecosystem complements Ondas' growing portfolio of autonomous technologies, mission-planning capabilities, unmanned systems and advanced defense solutions. Ondas believes this combination creates opportunities to participate in a broader range of defense programs and to support customers across the full operational mission cycle, including intelligence and surveillance, target identification, mission planning, autonomous operations, precision strike and post-mission assessment. The award represents continued execution under the multi-year U.S. Army contract vehicle and provides Ondas with increased visibility into future production, integration, training and sustainment activity.
Ondas expects demand for tactical precision-strike and loitering-munition capabilities to continue expanding as the United States and allied defense forces prioritize distributed, autonomous and rapidly deployable systems. The order further demonstrates Ondas' strategy of combining differentiated technologies with established defense businesses that bring market access, customer relationships, manufacturing capacity and large-scale program-execution capabilities
About Ondas Inc.
Ondas Inc. (Nasdaq:ONDS) is a leading provider of autonomous systems, robotics, and mission-critical technologies for defense, homeland security, public safety, critical infrastructure, and industrial markets. The Company develops and deploys integrated unmanned and autonomous platforms across air, ground, and stratospheric environments, including autonomous drone systems, counter-UAS technologies, robotic ground systems, advanced unmanned aircraft and propulsion solutions, demining and engineering systems, and integrated sensing and communications technologies designed to support intelligence, surveillance, reconnaissance, security, and operational missions in complex environments. Ondas' solutions are deployed globally by government, defense, and commercial customers to protect infrastructure, borders, transportation networks, personnel, and strategic assets.
For additional information on Ondas Inc., visit www.ondas.com.
Forward-Looking Statements
Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.
Contacts
IR Contact for Ondas Inc.
888-657-2377
[email protected]
Media Contact for Ondas Inc.
Escalate PR
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Preston Grimes
Marketing Manager, Ondas Inc.
[email protected]
UroGen oznámil tržby z přípravku ZUSDURI ve výši 50,4 mil. USD ve 2. čtvrtletí 2026, což představuje mezičtvrtletní růst o 73 %. Firma zároveň uvedla, že UGN-103 zůstává na cestě k podání NDA ve 3. čtvrtletí 2026.
ZUSDURI® generated $50.4 million in revenue in the second quarter of 2026, representing 73% quarter-over-quarter growthOnce issued, new U.S. patent is expected to provide protection into July 2044 for ZUSDURI and UGN-103Continued advancement of pipeline, with UGN-103 on track for NDA submission in the third quarter of 2026 and UGN-501 expected to begin a Phase 1 trial in the fourth quarter of 2026Conference call and webcast held today at 10:00 AM ET PRINCETON, N.J., Aug. 05, 2026 (GLOBE NEWSWIRE) -- UroGen Pharma Ltd. (Nasdaq: URGN), a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers, today announced financial results for the second quarter ended June 30, 2026, and provided an overview of recent developments.
“The second quarter marked another important step in establishing ZUSDURI as a foundational therapy for adult patients with recurrent low-grade intermediate-risk non-muscle invasive bladder cancer,” said Liz Barrett, President and Chief Executive Officer of UroGen. “The continued increase in utilization, expanding adoption across community practices, and growing repeat use reinforce our confidence we are building a durable commercial franchise with blockbuster potential. During the quarter, we strengthened the long-term sustainability of the franchise through a new U.S. patent allowance that, once the patent is issued, is expected to provide intellectual property coverage for both ZUSDURI and UGN-103 into July 2044. We believe this meaningfully enhances the long-term commercial opportunity for both products and further reinforces the sustainability of the franchise. Combined with the life-cycle expansion of UGN-103 and initiation of clinical development for UGN-501, we believe we are exceptionally well positioned to build a durable growth company and create long-term shareholder value.”
Q2 2026 and Recent Business Highlights:
ZUSDURI (mitomycin) for intravesical solution:
ZUSDURI achieved net product revenue of $50.4 million in the second quarter of 2026, representing 73% growth over the first quarter of 2026. As of June 30, 2026, UroGen reported: 1,444 activated sites of care452 unique ZUSDURI prescribers204 repeat ZUSDURI prescribers, representing approximately 45% of total prescribers, up from 40% in the first quarter of 2026 Updated results from the Phase 3 ENVISION trial of ZUSDURI showed a 36-month duration of response (DOR) of 64.5% (95% CI: 54.6, 72.8) by Kaplan-Meier estimate among patients who achieved a complete response (CR) at three months (79.6%). At a median follow-up of 35.5 months, the median DOR had not been reached. ZUSDURI’s durability was achieved without maintenance therapy, supporting a treatment approach that can provide lasting disease control while reducing treatment burden for patients.UroGen received a Notice of Allowance from the U.S. Patent and Trademark Office for a new U.S. patent covering methods of treating patients with recurrent, low-grade intermediate-risk non-muscle invasive bladder cancer (LG-IR-NMIBC) without transurethral resection of bladder tumor (TURBT). Once issued, the patent is expected to provide protection into July 2044, further strengthening the intellectual property supporting ZUSDURI and UGN-103 and reinforcing the long-term commercial opportunity for both products. American Urological Association (AUA) Key Opinion Leader Webinar:
On May 17, 2026, UroGen hosted a Key Opinion Leader webinar at the AUA Annual Meeting in Washington, D.C., focused on real-world experience with ZUSDURI. The discussion highlighted patient selection, workflow integration, treatment patterns, and physician experience across both hospital and community practices, reinforcing growing confidence in the use of ZUSDURI in routine clinical practice. A replay of the event is accessible through the Investors section of the Company’s website. JELMYTO (mitomycin) for pyelocalyceal solution in LG-UTUC:
Generated net product revenue of $22.0 million in the quarter ended June 30, 2026, compared with $24.2 million reported for the second quarter of 2025. The Company continues to add new users and remains on track to deliver within its JELMYTO full-year 2026 guidance range of $97 million to $101 million.UroGen entered into a settlement and license agreement with Teva Pharmaceuticals, Inc. and Teva Pharmaceuticals, USA, Inc. (collectively, “Teva”) that resolves the patent litigation UroGen initiated in response to Teva’s submission of an Abbreviated New Drug Application to the U.S. FDA for a generic version of JELMYTO prior to the expiration of the relevant UroGen patents. Under the terms of the agreement, UroGen granted Teva a non-exclusive license to sell its generic version of JELMYTO beginning on September 15, 2030, if approved by the FDA, unless certain limited circumstances customarily included in these types of agreements occur. Next-generation novel mitomycin-based formulations for urothelial cancer:
UGN-103 achieved a 94.5% (95% CI: 86.1, 97.9) DOR at six months by Kaplan-Meier estimate, in the ongoing Phase 3 UTOPIA trial in patients with LG-IR-NMIBC. The six-month results from UTOPIA are generally consistent with the 91.9% (95% CI: 86.9, 95.0) six-month DOR by Kaplan-Meier estimate observed with ZUSDURI in the pivotal ENVISION trial.UroGen remains on track to submit a New Drug Application (NDA) for UGN-103 in the third quarter of 2026, with potential FDA approval in 2027 and full launch anticipated following receipt of a unique J-Code. UGN-103 is designed to build on the clinical and commercial foundation of ZUSDURI. The benefits of UGN-103 include a more streamlined manufacturing process and simplified reconstitution, while preserving the innovative and proven RTGel® technology that enables sustained drug exposure at tumor sites in the bladder.The Company expects to initiate a randomized controlled Phase 3 trial evaluating UGN-103 in high-risk NMIBC in the second half of 2026, and a trial evaluating UGN-103 as adjuvant therapy in newly diagnosed intermediate-risk NMIBC patients in 2027.The Phase 3 clinical trial evaluating UGN-104 in low-grade upper tract urothelial cancer (LG-UTUC) remains on track to complete enrollment by the end of 2026. UGN-501 (investigational next-generation oncolytic virus) for use in high-grade non-muscle invasive bladder cancer:
UroGen’s Investigational New Drug application for UGN-501 has been accepted by the FDA, and the Company plans to initiate its Phase 1 clinical trial in NMIBC in the fourth quarter of 2026. Second Quarter 2026 Financial Results
Revenue: Total revenue was $72.5 million in the second quarter of 2026, compared with $24.2 million in the second quarter of 2025. The increase was driven by the continued commercial launch of ZUSDURI.
Research and Development (R&D) Expenses: R&D expenses were $17.3 million in the second quarter of 2026, including non-cash share-based compensation expense of $0.9 million. This compares to $18.9 million, including non-cash share-based compensation expense of $0.4 million, in the same period in 2025. The decrease in R&D expenses was primarily attributable to ZUSDURI manufacturing costs, which were recognized as an R&D expense in the second quarter of 2025 prior to receiving FDA approval.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses were $48.4 million in the second quarter of 2026, including non-cash share-based compensation expense of $4.4 million. This compares to $43.2 million, including non-cash share-based compensation expense of $2.3 million, in the same period in 2025. The increase in SG&A expenses was primarily attributable to ZUSDURI commercial activities, including the sales force expansion following ZUSDURI approval and higher brand marketing expenses, and an increase in overall commercial operation costs.
Financing on Prepaid Forward Obligation: UroGen reported non-cash financing expense related to the prepaid forward obligation to RTW Investments of $4.5 million in the second quarter of 2026, compared with $4.6 million in the same period in 2025.
Interest Expense on Long-term Debt: Interest expense related to long-term debt was $4.9 million in the second quarter of 2026, compared with $4.1 million in the same period in 2025. The increase in interest expense was primarily attributable to the additional borrowings of $75.0 million in the first quarter of 2026 in connection with the Pharmakon refinancing of long-term debt, offset by the lower interest rate.
Net Loss: UroGen reported a net loss of $14.4 million, or $0.28 per basic and diluted share, in the quarter ended June 30, 2026, compared with a net loss of $49.9 million, or ($1.05) per basic and diluted share, in the second quarter of 2025.
Cash, Cash Equivalents and Marketable Securities: As of June 30, 2026, cash, cash equivalents and marketable securities totaled $108.0 million.
2026 JELMYTO Revenue and Updated Company Operating Expense Guidance: The Company continues to expect 2026 net product revenue for JELMYTO to be in the range of $97 million to $101 million. This implies a year-over-year growth rate of approximately 3% to 7% over the $94 million of JELMYTO revenue reported in 2025. The Company is not providing full-year 2026 revenue guidance for ZUSDURI at this time, as the product remains in the early stages of its commercial launch. The Company is increasing its full-year 2026 operating expenses guidance to be in the range of $260 million to $270 million, including non-cash share-based compensation expense of $20 million to $24 million. The increase reflects the decision to accelerate investment behind the business in response to the continued strength of the ZUSDURI launch. Specifically, the Company plans to increase investment in ZUSDURI peer-to-peer promotional education and patient awareness initiatives to support long-term commercial adoption, and also accelerate start-up activities for the UGN-103 high-grade NMIBC trial and development activities of UGN-501 with RTGel®.
Conference Call & Webcast Information: Members of UroGen’s management team will host a live conference call and webcast today at 10:00 AM Eastern Time to review UroGen’s financial results and provide a general business update.
The live webcast can be accessed by visiting the Investors section of the Company’s website at investors.UroGen.com. Please connect at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast.
UROGEN PHARMA LTD.SELECTED CONSOLIDATED BALANCE SHEETS(U.S. dollars in thousands)(Unaudited) June 30, 2026 December 31, 2025Cash and cash equivalents and marketable securities $107,976 $120,456 Total assets $252,590 $200,455 Total liabilities $384,986 $305,929 Total shareholders' deficit $(132,396) $ (105,474) UROGEN PHARMA LTD.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(U.S. dollars in thousands, except share and per share data)(Unaudited) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue$72,456 $24,215 $123,415 $44,469 Cost of revenue 6,572 3,550 10,711 5,880 Gross profit 65,884 20,665 112,704 38,589 Operating expenses: Research and development expenses 17,336 18,914 32,933 38,785 Selling, general and administrative expenses 48,437 43,199 99,923 78,166 Total operating expenses 65,773 62,113 132,856 116,951 Operating income (loss) 111 (41,448) (20,152) (78,362) Financing on prepaid forward obligation (4,545) (4,644) (9,051) (9,227) Interest expense on long-term debt (4,887) (4,132) (9,072) (8,200) Interest and other income, net 599 1,299 1,207 3,413 Loss before income taxes$(8,722) $(48,925) $(37,068) $(92,376) Income tax expense (5,629) (1,015) (857) (1,407) Net loss$(14,351) $(49,940) $(37,925) $(93,783) Net loss per ordinary share basic and diluted$(0.28) $(1.05) $(0.75) $(1.97) Weighted average shares outstanding, basic and diluted 50,380,112 47,739,816 50,282,221 47,582,610 About ZUSDURI
ZUSDURI (mitomycin) for intravesical solution is an innovative drug formulation of mitomycin, approved for the treatment of adults with recurrent LG-IR-NMIBC. Utilizing UroGen’s proprietary RTGel® technology, a sustained release, hydrogel-based formulation, ZUSDURI is delivered directly into the bladder in an out-patient procedure by a trained healthcare professional using a urinary catheter to enable the treatment of tumors by non-surgical means.
APPROVED USE FOR ZUSDURI
ZUSDURI (mitomycin) for intravesical solution is a prescription medicine used to treat adults with a type of cancer of the lining of the bladder called low-grade intermediate risk non-muscle invasive bladder cancer (LG-IR-NMIBC) after previously receiving bladder surgery to remove a tumor that did not work or is no longer working.
IMPORTANT SAFETY INFORMATION
You should not receive ZUSDURI if you have a hole or tear (perforation) of your bladder or if you have had an allergic reaction to mitomycin or to any of the ingredients in ZUSDURI.
Before receiving ZUSDURI, tell your healthcare provider about all of your medical conditions, including if you:
have kidney problems.are pregnant or plan to become pregnant. ZUSDURI can harm your unborn baby. You should not become pregnant during treatment with ZUSDURI. Tell your healthcare provider right away if you become pregnant or think you may be pregnant during treatment with ZUSDURI.Females who are able to become pregnant: You should use effective birth control (contraception) during treatment with ZUSDURI and for 6 months after the last dose.
Males being treated with ZUSDURI: You should use effective birth control (contraception) during treatment with ZUSDURI and for 3 months after the last dose.
are breastfeeding or plan to breastfeed. It is not known if ZUSDURI passes into your breast milk. Do not breastfeed during treatment with ZUSDURI and for 1 week after the last dose. How will I receive ZUSDURI?
You will receive your ZUSDURI dose from your healthcare provider 1 time a week for 6 weeks into your bladder through a tube called a urinary catheter. It is important that you receive all 6 doses of ZUSDURI according to your healthcare provider’s instructions.If you miss any appointments, call your healthcare provider as soon as possible to reschedule your appointment.During treatment with ZUSDURI, your healthcare provider may tell you to take additional medicines or change how you take your current medicines. After receiving ZUSDURI:
ZUSDURI may cause your urine color to change to a violet to blue color. Avoid contact between your skin and urine for at least 24 hours.To urinate, males and females should sit on a toilet and flush the toilet several times after you use it. After going to the bathroom, wash your hands, your inner thighs, and genital area well with soap and water.Clothing that comes in contact with urine should be washed right away and washed separately from other clothing. The most common side effects of ZUSDURI include: increased blood creatinine levels, increased blood potassium levels, trouble with urination, decreased red blood cell counts, increase in certain blood liver tests, increased or decreased white blood cell counts, urinary tract infection, and blood in your urine.
You are encouraged to report negative side effects of prescription drugs to the FDA.
Visit www.fda.gov/medwatch or call 1-800-FDA-1088. You may also report side effects to UroGen Pharma at 1-855-987-6436.
Please see ZUSDURI Full Prescribing Information, including the Patient Information, for additional information.
About JELMYTO
JELMYTO® (mitomycin) for pyelocalyceal solution is a mitomycin-containing reverse thermal gel containing 4 mg mitomycin per mL gel approved for the treatment of adult patients with LG-UTUC. JELMYTO is a viscous liquid when cooled and becomes a semi-solid gel at body temperature. The drug slowly dissolves over four to six hours after instillation and is removed from the urinary tract by normal urine flow and voiding. It is approved for administration in a retrograde manner via ureteral catheter or antegrade through a nephrostomy tube. The delivery system allows the initial liquid to coat and conform to the upper urinary tract anatomy. The eventual semisolid gel allows for chemo-ablative therapy to remain in the collecting system for four to six hours without immediately being diluted or washed away by urine flow.
APPROVED USE FOR JELMYTO
JELMYTO® is a prescription medicine used to treat adults with a type of cancer of the lining of the upper urinary tract including the kidney called low-grade Upper Tract Urothelial Cancer (LG-UTUC).
IMPORTANT SAFETY INFORMATION
You should not receive JELMYTO if you have a hole or tear (perforation) of your bladder or upper urinary tract.
Before receiving JELMYTO, tell your healthcare provider about all your medical conditions, including if you:
are pregnant or plan to become pregnant. JELMYTO can harm your unborn baby. You should not become pregnant during treatment with JELMYTO. Tell your healthcare provider right away if you become pregnant or think you may be pregnant during treatment with JELMYTO. Females who are able to become pregnant: You should use effective birth control (contraception) during treatment with JELMYTO and for 6 months after the last dose. Males being treated with JELMYTO: If you have a female partner who is able to become pregnant, you should use effective birth control (contraception) during treatment with JELMYTO and for 3 months after the last dose.are breastfeeding or plan to breastfeed. It is not known if JELMYTO passes into your breast milk. Do not breastfeed during treatment with JELMYTO and for 1 week after the last dose.Tell your healthcare provider if you take water pills (diuretic).
How will I receive JELMYTO?Your healthcare provider will tell you to take a medicine called sodium bicarbonate before each JELMYTO treatment.You will receive your JELMYTO dose from your healthcare provider 1 time a week for 6 weeks. It is important that you receive all 6 doses of JELMYTO according to your healthcare provider’s instructions. If you miss any appointments, call your healthcare provider as soon as possible to reschedule your appointment. Your healthcare provider may recommend up to an additional 11 monthly doses.JELMYTO is given to your kidney through a tube called a catheter.During treatment with JELMYTO, your healthcare provider may tell you to take additional medicines or change how you take your current medicines.
After receiving JELMYTO:JELMYTO may cause your urine color to change to a violet to blue color. Avoid contact between your skin and urine for at least 6 hours.To urinate, males and females should sit on a toilet and flush the toilet several times after you use it. After going to the bathroom, wash your hands, your inner thighs, and genital area well with soap and water.Clothing that comes in contact with urine should be washed right away and washed separately from other clothing.JELMYTO may cause serious side effects, including:Swelling and narrowing of the tube that carries urine from the kidney to the bladder (ureteric obstruction). If you develop swelling and narrowing, and to protect your kidney from damage, your healthcare provider may recommend the placement of a small plastic tube (stent) in the ureter to help the kidney drain. Tell your healthcare provider right away if you develop side pain or fever during treatment with JELMYTO.Bone marrow problems. JELMYTO can affect your bone marrow and can cause a decrease in your white blood cell, red blood cell, and platelet counts. Your healthcare provider will do blood tests prior to each treatment to check your blood cell counts during treatment with JELMYTO. Your healthcare provider may need to temporarily or permanently stop JELMYTO if you develop bone marrow problems during treatment with JELMYTO.The most common side effects of JELMYTO include: urinary tract infection, blood in your urine, side pain, nausea, trouble with urination, kidney problems, vomiting, tiredness, stomach (abdomen) pain. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1-800-FDA-1088. You may also report side effects to UroGen Pharma at 1-855-987-6436.
Please see JELMYTO Full Prescribing Information, including the Patient Information, for additional information.
About UroGen Pharma Ltd.
UroGen is a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers because patients deserve better options. UroGen has developed RTGel® reverse-thermal hydrogel, a proprietary sustained-release, hydrogel-based platform technology that has the potential to improve the therapeutic profiles of existing drugs. UroGen’s sustained release technology is designed to enable longer exposure of the urinary tract tissue to medications, making local therapy a potentially more effective treatment option. UroGen’s first product to treat LG-UTUC and second product (mitomycin) for intravesical solution for patients with recurrent LG-IR-NMIBC are designed to ablate tumors by non-surgical means. UroGen is headquartered in Princeton, NJ with operations in Israel. Visit www.urogen.com to learn more or follow us on X, @UroGenPharma.
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding: the potential benefits and expected length of patent protection for ZUSDURI and UGN-103; UroGen’s planned and ongoing clinical trials and non-clinical studies and the timing for regulatory submissions and potential regulatory approvals for its product candidates, including UGN-103, UGN-104, and UGN-501; the belief in the significant commercial opportunity ahead and UroGen’s ability to fully capitalize on it; 2026 JELMYTO revenue and company operating expense guidance; the potential of UroGen’s proprietary RTGel technology to improve therapeutic profiles of existing drugs other than mitomycin; and UroGen’s sustained release technology making local delivery potentially more effective as compared to other treatment options. Words such as “anticipate,” “believe,” “can,” “continue,” “estimate,” “expect,” “may,” “on track,” “plan,” “potential,” “will,” or other words that convey uncertainty of future events or outcomes are used to identify these forward-looking statements. These statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to: clinical results may not be indicative of results that may be observed in the future, including in larger populations; potential safety and other complications related to UroGen’s products; risks related to UroGen’s and its licensors’ ability to protect their respective patents and other intellectual property, including that UroGen’s or its licensors’ pending patent applications may not be successful, and in such event, the duration of intellectual property protection would be more limited; the ability to maintain regulatory approval; complications associated with commercialization activities; labeling limitations; competition in UroGen’s industry; the scope, progress and expansion of developing and commercializing UroGen’s products and product candidates; the size and growth of the market(s) therefor and the rate and degree of market acceptance thereof vis-à-vis alternative therapies or procedures, such as surgery; UroGen’s ability to attract or retain key management, members of the board of directors and other personnel; UroGen’s RTGel technology and ZUSDURI may not perform as expected; new data relating to ZUSDURI, including from spontaneous adverse event reports and from the ongoing ENVISION trial, may result in changes to the product label and may adversely affect sales, or result in withdrawal of ZUSDURI from the market; the potential for payors to delay, limit or deny coverage for ZUSDURI; the data from the UTOPIA trial may not be sufficient to support approval of UGN-103; UroGen may not successfully develop and receive regulatory approval of any other product that incorporates RTGel technology; and the impacts of general macroeconomic and geopolitical conditions on UroGen’s business and financial position. In light of these risks and uncertainties, and other risks and uncertainties that are described in the Risk Factors section of UroGen’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 6, 2026, as well as in the Risk Factors section of UroGen’s Quarterly Report on Form 10-Q being filed with the SEC later today, the events and circumstances discussed in such forward-looking statements may not occur, and UroGen’s actual results could differ materially and adversely from those anticipated or implied thereby. Any forward-looking statements speak only as of the date of this press release and are based on information available to UroGen as of the date of this release.
Zeta Global po výsledcích klesla na 23 USD z týdenního maxima 24,45 USD, protože investoři vybírali zisky. Tržby ve čtvrtletí vzrostly o 44 % na 443 milionů USD a firma zvýšila výhled na třetí čtvrtletí.
Zeta Global stock pared back some of its gains from earlier this week as investors booked profits following its earnings report. It retreated to $23 from this week’s high of $24.45. It remains about 65% above the lowest level this year, giving it a market capitalization of over $6 billion.
In a statement on Tuesday, Zeta Global, a top company in the marketing space, announced that its revenue growth accelerated during the last quarter.
Its revenue jumped by 44% as more companies continued moving into its platform. It made $443 million during the quarter, up by $23 million from the midpoint of its previous guidance. In this, the number of super-scaled customers increased to 197, up by 17% YoY, with the average revenue per user (ARPU) moving to $1.8 million.
This growth has been boosted by its collaborations with companies like OpenAI, Snowflake, and Plantir. As a result, the management believes that it has moved to an inflection point as these collaborations have brought together capabilities it has spent years building. In a statement, the CFO said:
“Our first-half performance and pipeline visibility gives us the confidence to significantly increase the midpoint of our revenue, adjusted EBITDA, free cash flow and GAAP EPS expectations.”
In this, it increased the guidance for the third quarter to between $469 and $472 million, up by $10 million from the previous guidance. This growth excludes the temporary benefit from its political business and its mergers amnd acquisition.
Additionally, the management expects that the annual revenue will grow to between $1.81 billion and $1.82 billion, with the annual EBITDA jumping to between $401 million and $406 million. The free cash flow is expected to jump to about $235 million.
These numbers mean that the company’s growth is supercharging, which may help to justify its valuation, which is not all that big. The company has a forward price-to-earnings ratio of 24, and a rule-of-40 metric of 64%.
Most analysts tracking Zeta have a bullish rating for the company, with the consensus target being $28, up by 16.70% from the current level. In its recent rating, Freedom Capital maintained a strong buy rating, while Bank of America hiked the target from $24 to $28. DA Davidson hiked the target to $30.
Zeta Global stock chart | Source: TradingView
The daily chart shows that the Zeta Global share price jumped from a low of $10.68 in April 2025 to a high of $24.60 this week. It has jumped above the 50-day Exponential Moving Average (EMA).
There are signs that the stock has formed an ascending triangle pattern, a common bullish continuation sign in technical analysis. It has soared above the Ichimoku cloud and the Supertrend indicators.
Therefore, the most likely scenario is where the stock resumes the uptrend, potentially to the year-to-date high of $26. A move above that level will point to more gains in the long term, potentially to $27.85, its highest level in December 2024.
Meta Platforms (META -0.39%) CEO Mark Zuckerberg made some bold claims on the company's second-quarter earnings conference call, but they weren't enough to appease investors after the company reported lackluster earnings results.
The company's earnings came up short of Wall Street consensus estimates, and its revenue guidance for the current quarter also fell short of consensus. Free cash flow also tanked in the quarter to just $784 million, down from over $8.5 billion one year ago. This represented a 91% drop.
Image source: Getty Images.
Like other hyperscalers, Meta has seen free cash flow plummet due to massive investments in artificial intelligence (AI) infrastructure. The company is guiding for capital expenditures (capex) between $130 billion and $145 billion this year.
Despite the bad news, Zuckerberg also told analysts during the earnings call, "We're also progressing in our efforts to bring personal superintelligence to everyone, with exciting model releases, and we expect to build on that momentum over the course of this year with new products."
Do investors buy this vision?
Wall Street clearly isn't convinced yet Following the earnings report, Meta's stock plummeted. While it's possible investors overreacted, it's also clear they are not buying Zuckerberg's claims about superintelligence, a form of intelligence that can match or surpass human cognitive abilities.
AI can do some pretty incredible things, but it isn't yet clear that companies will achieve superintelligence. More so, it's unclear what ramifications actually achieving such technology might have for society.
Institutional investors typically won't credit companies with grandiose plans until it is clear they are reflected in a company's financials. Right now, investors see the financials trending in the wrong direction and are concerned that all of the capex will not yield adequate returns.
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For Meta in particular, I also think investors are likely skeptical of Zuckerberg's all-in spending plans, given what happened to the company's Reality Labs division.
Zuckerberg changed the name of the company from Facebook to Meta in 2021, on another big bet on virtual reality, wearable hardware, and the metaverse. But since late 2020, Reality Labs has racked up over $80 billion in operating losses.
Now obviously, companies like Meta can afford to make big bets and should to some extent. It's quite possible that not investing in AI could get them penalized by investors as well.
However, when you invest hundreds of billions, there is simply no margin for error. Companies that don't show results will see their stocks punished, and Zuckerberg's talk of superintelligence won't change anything in the stock's price until it materializes.
Uber issued a forecast for bookings and earnings that trailed analysts' estimates, while second-quarter profit was in line with expectations. Shares sank about 3.5% on Wednesday following the print.
Here's how the company did versus analysts' estimates compiled by LSEG:
Earnings per share: 81 cents vs. 81 cents expectedRevenue: $14.19 billion vs. $14.24 billion expectedRevenue increased 12% from $12.65 billion a year earlier. Net income climbed to $2.39 billion, or $1.17 a share, from $1.35 billion, or 63 cents a share, a year ago.
Uber's core mobility service accounted for $7.36 billion of second-quarter sales, while delivery revenue reached $5.25 billion. Mobility gross bookings rose 22% from a year to $28.99 billion, and delivery bookings jumped 26% $27.46 billion. Total bookings of $58 billion topped the $57.23 billion average analyst estimate, according to StreetAccount.
For the third quarter, Uber sees bookings of $59.25 billion at the middle of its range. That trails the average StreetAccount estimate of $59.33 billion. And the company's EPS forecast of 84 cents to 88 cents fell below the 89-cent average analyst estimate, according to LSEG.
Uber shares are down 12% this year as of Tuesday's close, while the Nasdaq is up 14% over that stretch.
Uber stock chart
Uber is pushing further into deliveries, and last month announced a $14.8 billion agreement to acquire Germany's Delivery Hero. That deal will increase the number of markets where Uber can deliver food and groceries.
CEO Dara Khosrowshahi said in prepared remarks ahead of the earnings call that the World Cup was a boon for the ride-hail business in the quarter. More than 8 million tourists took rides across host cities in the U.S., Canada and Mexico
Uber is also continuing to make big bets on autonomous vehicles.
Read more CNBC tech newsSpaceX revenue jumps 92% and AI costs soar in first earnings report since IPONJ files antitrust suit against Amazon, alleging it unlawfully wielded power over delivery contractorsPalantir stock skyrockets on 'otherworldly' commercial revenue — here's what's driving the demandHow the 'Baby iPhone' and an Apple supplier leak explain China's recent supply chain movesThe company said it expects to commit more than $10 billion in coming years to "bring AVs to market at scale." Uber, which has been inking partnerships with robotaxi providers, doesn't break out the share of rides or deliveries that have drivers and those that don't.
"As the industry shifts from proving the technology to commercializing it at scale," Uber is building "one of the most valuable positions in the AV ecosystem," Khosrowshahi said.
However, early robotaxi partner Waymo appears to be pulling away. The companies recently said they would be ending an exclusive agreement in Atlanta and Austin, Texas, by early 2028.
Uber also announced on Wednesday that it has cleared another hurdle in offering autonomous rides in London with UK robotaxi company Wayve.
Transport for London has granted Private Hire Vehicle licences to Wayve robotaxis, confirming that the vehicles meet safety standards. Uber said more than 100,000 people have signed up to be the first riders.
"This licence is a key milestone in bringing autonomous rides to London on Uber," said Global Head of Autonomous Mobility Operations Annie Duvnjak in a statement announcing the news.
Google jedná se startupem Mechanize o možném obchodu za více než 1,5 miliardy USD, který by zahrnoval nábor části jeho talentu a licenci na technologii. Cílem je zlepšit AI Googlu v programování.
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Alphabet CEO Sundar Pichai. Bloomberg/Getty Images Google wants its AI to get better at coding. It might have found a shortcut.
The tech giant has been in discussions with San Francisco startup Mechanize in recent weeks for a potential deal that would involve Google hiring some of Mechanize's talent, four people familiar with the conversations said.
The deal, which some of the people said is worth over $1.5 billion, is in progress, and details could change. Google is discussing a non-exclusive licensing agreement for Mechanize's technology as part of the deal, one person familiar with the matter said. The talent Google could acquire from Mechanize would work on model evaluation and development, the person added.
The talks highlight two realities of the AI boom. Coding has become one of the most important — and lucrative — applications of AI, and Big Tech companies are getting creative about how they acquire the talent and technology they need to stay competitive.
It wouldn't be the first time Google has done a workaround deal for talent and technology. In the past couple of years, Google has structured acquisitions as hybrid transactions that include bringing in talent via acquihires and gathering technology through licensing and other methods. Companies sometimes take this approach to avoid the antitrust scrutiny of full acquisitions.
Last year, Google swept in to acquire Windsurf's talent and licensed its tech after OpenAI tried to buy it. Windsurf's CEO, Varun Mohan, now leads Google's Antigravity, an agentic coding platform. In 2024, the search giant rehired Character AI cofounder Noam Shazeer and paid for non-exclusive rights to use the startup's AI technology (Shazeer recently left the company to join OpenAI).
Google declined to comment over email. Mechanize declined to comment.
Mechanize launched last year with a mission of automating every job and a star-studded group of investors, including former GitHub CEO Nat Friedman, Stripe CEO Patrick Collison, and podcaster Dwarkesh Patel.
The startup said earlier this year that it raised $9.1 million in a funding round at a $500 million valuation. Mechanize's CEO, Tamay Besiroglu, previously cofounded Epoch AI, which also focused on testing AI models.
Mechanize's tech can help tech companies improve the performance of their AI models at coding — something Google has struggled with, while OpenAI and Anthropic have scooped up developer customers with Codex and Claude Code.
Mechanize has wider ambitions than coding. "Our current focus is software engineering, but our long-term goal is the full automation of valuable work across the economy," its website reads.
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Ben Bergman You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
I'm a senior correspondent at Business Insider, where I cover the tech industry with a focus on venture capital and startups.I can frequently be seen on CNN and other channels providing analysis on a range of business and economic topics. I also appear often at dozens of the biggest events around the world, including the World Economic Forum, HumanX, and Web Summit.Please get in touch if you have a story to tell. For tips (not pitches), you can message me securely on Signal @BenBergman.11Here are some examples of stories I've written:
VCs are flooding Anthropic with offers to invest at up to an $800 billion valuationI was in the room for Trump's Davos speech. The crowd was eerily silent — until he mentioned Greenland.The FBI is investigating a startup founder accused of using VC money to pay for her house and a Caribbean weddingAnthropic, seeing voracious demand for shares, is clamping down on a certain kind of investmentAdam Neumann created a secretive billion-dollar startup to turn apartment living into a utopian fantasy. I was the first reporter to set foot inside.'Where ambition goes to die': These tech workers flocked to Austin during the pandemic. Now they're desperate to get out.Mira Murati doubled the fundraising target for her new AI startup to $2 billion. It could be the largest seed round in history.Half of Sequoia Capital's VC funds since 2018 have posted losses for the University of California's endowmentHow Whitney Wolfe Herd's fateful deal with a Russian mogul deprived early Bumble employees of a stock windfall when she became a billionaireMailchimp employees are furious after the company's founders promised to never sell, withheld equity, and then sold it for $12 billion'My job is not to be the best friend of the CEO': Upfront's Mark Suster prides himself on being hard on founders, but some say his tough-love approach has gone too farHere is a little more about me: Previously, I was a senior reporter at LAist/Southern California Public Radio, where I covered business and economics. I have also written for The New York Times and Columbia Journalism Review and was a reporting intern at The Times. I started my career as a producer for NPR's Morning Edition and also produced award-winning documentaries for public television.I spent the 2017-2018 academic year at Columbia Business School as a Knight-Bagehot fellow. After that, I oversaw the development of The Journal, a daily podcast produced by The Wall Street Journal and Gimlet Media.Originally from Seattle, I graduated cum laude from Occidental College in Los Angeles with a degree in politics.In my free time, I love skiing, tennis, and poker. I competed in the 2024 World Series of Poker Main Event but sadly did not win.
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Charles Rollet is BI's tech correspondent in San Francisco. Prior to joining BI, Charles worked at TechCrunch covering startups and VC. Charles is based in the Bay Area, where he enjoys hiking with his dogs. You can contact Charles securely on Signal at charlesrollet.12 or +1-628-282-2811.
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Šéf AWS Matt Garman uvedl, že velká část kapacity je už zarezervovaná do roku 2027 a do roku 2028 a poptávka stále výrazně převyšuje nabídku. Amazon tak dál zvyšuje investice do AI infrastruktury.
Amazon’s AI spending is settling a debate between the bulls and the bears. Amazon Web Services (AWS) CEO Matt Garman spent Monday on Bloomberg Technology arguing that AWS’s growth is only getting started. He then went to X and quantified it in a way that undercuts every bear case that AI demand is topping out. “Much of our capacity is already spoken for through 2027 and into 2028, and demand still significantly outstrips supply,” Garman wrote. “We’re going to keep building to keep up with what customers are asking for.”
That single promise reframes the debate over hyperscaler capex. Garman is telling the market that AWS has already booked its next two years of infrastructure, which is why the company is comfortable spending at a historic pace.
The Numbers Behind the Quote Amazon.com (NASDAQ:AMZN | AMZN Price Prediction) reported Q2 2026 AWS revenue of $42.232 billion, up 37% year-over-year, which management flagged as the fastest growth in 18 quarters. AWS Q2 operating margin came in at 39.4%, and capital expenditures reached $54.208 billion in the quarter, a 68.44% year-over-year jump.
CEO Andy Jassy sized the AI stack directly, stating: “AWS is booming, growing 36.7% year-over-year in Q2, our fastest growth in 18 quarters, and our AI and Chips businesses each eclipsed run rates of more than $25 billion.” Both are growing at triple-digit rates. AWS chief Garman also flagged a large shift from training to inference workloads, the actual usage of models, which tends to produce sticky, recurring compute demand rather than one-off training bursts.
UBS estimates AWS growth will accelerate to 48% next year as Trainium scales with some help from OpenAI. Prediction markets are echoing the bullish buildout thesis: Polymarket traders assign a 96.3% probability that Amazon’s 2026 capex clears $190 billion. Shares have rallied 20.1% in the past five trading sessions.
The Suppliers Locked Into the Buildout If AWS capacity through 2028 is committed, the merchant silicon and interconnect vendors feeding those data centers have equally visible order books.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Amazon didn't make the cut. Grab the names FREE today.
Marvell Technology (NASDAQ:MRVL) posted Q1 FY2027 revenue of $2.418 billion, up 28% year over year, with data center contributing $1.833 billion, or 76% of the total pie. CEO Matt Murphy told investors, “We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028.” Marvell shares climbed 14.33% on August 4 as the AWS quote circulated.
Astera Labs (NASDAQ:ALAB), which sells connectivity silicon for scale-up AI racks, reported Q1 revenue of $308.4 million, up 93.4% year-over-year, and guided Q2 to a range of $355 million to $365 million. The stock is up 92.99% year-to-date.
Credo Technology (NASDAQ:CRDO) closed fiscal 2026 with full-year revenue of $1.34 billion, up 205.7%, and guided Q1 FY27 to a range of $465 million to $475 million. CEO Bill Brennan credited a vertically integrated approach that he said enables customers to accelerate cluster time-to-stability, maximize GPU utilization, and reduce data center power costs.
What to watch: whether Q3 AWS bookings and hyperscaler capex commentary from Marvell, Astera, and Credo confirm Garman’s 2028 visibility. If they do, Amazon’s AI spending starts to look less like a leap of faith and more like a supply chain already being claimed years in advance.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Amazon didn't make the cut. Grab the names FREE today.
Meta po smíšených výsledcích hospodaření za 2Q 2026 klesla během denního obchodování o 10 % a uzavřela 11denní sérii poklesů. Tržby vzrostly na 60,8 miliardy USD, ale EPS 6,18 USD zaostal za odhadem a volný peněžní tok spadl na 784 milionů USD.
After a mixed Q2 2026 earnings report, Meta Platforms (META -0.39%) declined 10% on July 30, its worst day of the year. That capped off an 11-day losing streak after what had been a strong start to the month.
Since co-founder and CEO Mark Zuckerberg owns about 13% of Meta, his net worth moves with the company's stock. This recent downturn took almost $18 billion off his net worth.
Meta and Zuckerberg are betting big on artificial intelligence (AI). Let's see why investors are worried and if this bet is likely to pay off.
Image source: The Motley Fool.
Costs are rising, and free cash flow is plummeting Meta's top line looked good in its Q2 2026 earnings. It made $60.8 billion in sales, up 28% year over year. The rest of the report was dicier.
Diluted earnings per share (EPS) came in at $6.18, well below the expected $7.22. Costs and expenses were up 55% year over year to $42 billion. Free cash flow (FCF) collapsed to just $784 million, a far cry from the $8.5 billion in FCF it reported a year ago.
AI spending is pushing up Meta's costs significantly, and it now projects capital expenditures of $130 billion to $145 billion in 2026. That was a slight adjustment on the lower end of the range, which was previously $125 billion. Meta hasn't provided any 2027 capex guidance yet, so it has done little to alleviate fears that spending will spike even higher next year.
Will Meta's AI spending be worth it? Meta certainly isn't the only company making massive AI investments. Alphabet, Amazon, and Microsoft are all expected to spend even more this year, so in part, this is just what it takes to compete with other hyperscalers. (GOOG +0.77%) (GOOGL +1.11%) (AMZN -2.32%) (MSFT +1.06%)
The problem is that these other three tech companies have thriving cloud businesses that help justify the cost of their AI investments. Although there has been speculation that Meta could sell compute as well, it currently doesn't, and its revenue streams are more limited.
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Recent comments by Zuckerberg haven't helped to defuse those concerns. He told analysts that measuring the ROI on the build-out was "a very technical question," inviting skepticism about whether Meta has an effective payback model.
It's not all bad news. Ad impressions were up 14% year over year, and the average price per ad was up 12% year over year. Meta has attributed recent improvements in its ad performance to its AI ad tools, so it appears ROI is showing up in the existing business to some degree.
Meta still has an excellent balance sheet and is seeing revenue growth. Its AI investments are understandable, given the importance of building competitive AI models and the value of computing capacity. The current dip could be worth a look for investors comfortable with this social media company's volatility. If you decide to invest in Meta, keep an eye on its spending, FCF, and ad growth in upcoming earnings reports to measure how its AI investments are playing out.
Lyle Daly has positions in Alphabet and Meta Platforms. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, and Microsoft. The Motley Fool has a disclosure policy.
Aurora Cannabis oznámila za 1. čtvrtletí fiskálního roku 2027 čisté tržby ve výši 67,6 mil. USD, meziročně o 17 % vyšší. Mezinárodní léčebné konopí táhlo růst. Společnost zároveň získala tříletou certifikaci EU-GMP pro Safari Flower Company.
Delivers Net Revenue of $67.6 million, including a 17% YoY Increase in International Medical Cannabis Net Revenue Safari Flower Company Receives Three-Year EU-GMP Certification, Strengthens Ability to Supply Growing, High-Margin International Medical Cannabis Markets Maintains Strong Balance Sheet with $149.1 million of Cash, Cash Equivalents2and Short-Term Investments with no Debt , /PRNewswire/ -- Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), a leading Canada-based global medical cannabis company, today announced its financial and operational results for the first quarter 2027 ending June 30, 2026.
FY27 Q1 Earnings "We remain confident in our commercial execution, supported by our genetics program and regulatory and operational expertise which underpin our leadership in Canada, Germany, Poland, Australia, and New Zealand. These competitive advantages support our strategy to invest further in EU-GMP manufacturing capacity so that we can supply growing international markets for medical cannabis and thereby maintain and expand our market share," said Executive Chairman and Chief Executive Officer for Aurora, Miguel Martin.
"The first quarter reflects our continued strength, as we delivered international revenue growth and leading adjusted gross margins1, anchored by a cost structure designed to support topline growth. In the second quarter, we expect both revenue and Adjusted EBITDA1 to improve sequentially, driven by increasing global patient demand for medical cannabis," concluded Mr. Martin.
[1] This news release includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, comparable GAAP financial measures. See "Non-GAAP Measures" below for reconciliations of non-GAAP financial measures to GAAP financial measures.
[2] Cash and Cash Equivalents refers to cash, restricted cash and cash equivalents.
First Quarter 2027 Highlights
(Unless otherwise stated, comparisons are made between fiscal Q1 2027 and Q1 2026 results and are in Canadian dollars)
On February 17, 2026, the Company completed the divestiture of its 50.1% ownership interest in Bevo Agtech Inc. ("Bevo"). As such, Bevo has been excluded from the Company's comparative figures, due to its classification as a discontinued operation.
Consolidated Revenue and Adjusted Gross Profit:
Total net revenue was $67.6 million, as compared to $74.1 million in the prior year period. The 9% decrease was mainly due to lower quarterly net revenue in Canadian medical cannabis and the wind down in consumer cannabis, offset by higher net revenue in international medical cannabis and wholesale bulk cannabis.
Consolidated adjusted gross margin before fair value adjustments1 was 58% and 64% in the prior year period. Adjusted gross profit before FV adjustments1 was $39.5 million compared to $47.7 million in the prior year period.
Medical Cannabis:
Medical cannabis net revenue was $64.0 million, as compared to $64.8 million in the prior year period, a 1% decrease.
Canadian medical cannabis net revenue1 was $20.7 million, as compared to $27.7 million in the prior year period. The 25% decrease was mainly due to changes in the federal reimbursement program effective April 1, 2026, which lowered reimbursement rates by approximately 30%.
International medical cannabis net revenue increased to $43.3 million from $37.1 million in the prior year period. The 17% increase was mainly due to higher sales in Germany driven by increased patient demand.
Adjusted gross margin before fair value adjustments1 on medical cannabis net revenue1 was 61% as compared to 69% in the prior year period. The year-over-year decrease was mainly due to changes to the federal reimbursement program effective April 1, 2026, which decreased reimbursement rates by approximately 30%.
Consumer Cannabis:
Aurora's consumer cannabis net revenue was $2.1 million, compared to $7.9 million in the prior year period. The decrease was due to our strategic shift to focus on Canadian and international medical cannabis and wind down our consumer cannabis business.
Adjusted gross margin before fair value adjustments1 on consumer cannabis net revenue1 was 20%, compared to 33% in the prior year period. The decrease was mainly due to the company selling products at reduced prices to reduce inventory impairments related to the wind down of the consumer channel.
Adjusted Selling, General and Administrative ("Adjusted SG&A"):
Adjusted SG&A1 was $35.1 million, compared to $36.1 million in the prior year period.
Net Income (Loss):
Net loss from continuing operations was $4.0 million, compared to $10.2 million for the prior year period. The decrease in net loss from continuing operations of $6.2 million was a combination of an increase in gross profit of $2.1 million, a decrease in operating expenses of $1.1 million and an increase in other income of $3.4 million. The increase in gross profit includes an increase in gain on changes in fair value of biological assets of $12.6 million, partially offset by a decrease in net revenue of $6.5 million.
Adjusted Net Income:
Adjusted net income1 was $3.8 million compared to $6.6 million for the prior year period. The decrease of $2.8 million was mainly due to a decrease in adjusted gross profit before fair value adjustments of $8.3 million, partially offset by a decrease in adjusted SG&A of $1.0 million and an increase in other income of $3.4 million.
Adjusted EBITDA:
Adjusted EBITDA1 was $3.4 million compared to $10.8 million for the prior year period. The decrease of $7.4 million was mainly due to a decrease of $8.3 million in adjusted gross profit before fair value adjustments partially offset by a decrease in adjusted SG&A of $1.0 million.
Free Cash Flow:
Free cash flow was an outflow $5.8 million compared to an inflow $6.8 million in the prior year period. The decrease in free cash flow of $12.6 million was primarily due to a decrease in gross profit before fair value adjustments of $9.7 million.
Safari Flower Company Acquisition:
The accretive acquisition of Safari Flower Company ("Safari"), which closed on April 14, 2026, provides us with a 59,000 square foot EU-GMP certified indoor cultivation and manufacturing facility, adding critical EU GMP capacity to support further revenue growth in the expanding, high margin international markets.
This incremental capacity is expected to improve product availability and speed to market, while also reducing reliance on third-party suppliers, which should help drive top line growth. We intend to invest approximately $3.5 million over the next three years in growth capital improvements to drive operational efficiencies and maximize cultivation output to deliver reduced manufacturing costs and higher margins.
On July 23, 2026, we announced that Safari received its EU-GMP certification for its Ontario facility, which is granted for a three-year term. For further information relating to this transaction please refer to the 'Investing Activities' section of the FY27 Q1 MD&A.
Fiscal Full Year 2027 Outlook (Unchanged):
Our reiterated outlook now capitalizes on the strategic decisions taken to exit our low margin Canadian Consumer and Plant Propagation businesses, which will allow the Company to reallocate resources to focus exclusively on global medical cannabis. We believe this is our highest return and growth opportunity to create shareholder value.
Over the next few quarters, we are purposely investing in our international business through strategic sales initiatives and EU-GMP capacity expansion to support growth in our most profitable markets. This includes our new wholly owned subsidiary, Safari Flower Company, a trusted cultivator and manufacturer of high-quality medical cannabis, which provides incremental capacity to support further revenue growth in our key high margin international markets.
These investments support our goal of driving the business to new records for revenue and adjusted EBITDA and generate sustained returns for our shareholders in the long term.
In the fiscal second quarter, we expect revenue and adjusted EBITDA to be sequentially higher than in the fiscal first quarter.
Key Quarterly Financial Results
($ thousands)
Three months ended
June 30, 2026
June 30, 2025
Financial Results
Net revenue (1)
67,554
74,076
Medical cannabis net revenue(2)
64,036
64,768
Gross profit
35,622
33,528
Gross profit before fair value ("FV") adjustments (1)
29,192
38,849
Gross margin (3)
53 %
45 %
Gross margin before FV adjustments (3)
43 %
52 %
Adjusted gross margin before FV adjustments on total net revenue (4)
58 %
64 %
Adjusted gross margin before FV adjustments on medical cannabis net revenue (4)
61 %
69 %
Operating expenses
44,353
45,470
General and administration
24,602
26,872
Sales and marketing
15,591
14,455
Adjusted selling, general & administration expense ("adjusted SG&A")(4)
35,084
36,095
Other income (expenses)
5,101
1,685
Net loss from continuing operations
(4,033)
(10,186)
Net income (loss) from discontinued operations, net of taxes
—
(9,679)
Net loss
(4,033)
(19,865)
Adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") (4)
3,443
10,815
Adjusted net income (4)
3,811
6,598
Net cash provided by (used in) operating activities from continuing operations
(4,446)
7,679
Free cash flow (4)
(5,793)
6,772
(1)
As presented in the interim condensed consolidated statements of loss and comprehensive loss.
(2)
See "Net Revenue" section in the MDA.
(3)
Gross margin and Gross margin before FV adjustments, respectively, are calculated as gross profit and gross profit before FV adjustments, respectively, divided by net revenue.
(4)
These terms are defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A, including information on reconciliation to the most directly comparable IFRS measure. See "Non-GAAP Measures" below for reconciliations of non-GAAP financial measures to GAAP financial measures.
Conference Call
Aurora will host a conference call today, Wednesday, August 5, 2026, to discuss these results. Miguel Martin, Chief Executive Officer, and Simona King, Chief Financial Officer, will host the call starting at 8:00 a.m. Eastern time | 6:00 a.m. Mountain Time. A question and answer session will follow management's presentation.
DATE:
Wednesday, August 5, 2026
TIME:
8:00 a.m. Eastern Time | 6:00 a.m. Mountain Time
WEBCAST:
Click Here
About Aurora Cannabis
Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance, and a deep commitment to patient care. Aurora serves medical markets across Canada, Europe, Australia, and New Zealand with a portfolio of trusted, leading brands including Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf®, and Whistler Medical Marijuana Corporation®. With world-class GMP-certified manufacturing facilities in Canada and Germany, and a team of industry-leading professionals, Aurora continues to expand its global footprint and deliver consistent, high-quality cannabis products with the purpose of Opening the World to Cannabis™.
Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".
Forward Looking Statements
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include, but are not limited to, statements regarding the Company's fiscal 2027 first quarter results; competitive advantages, including but not limited to commercial execution, genetics, and regulatory and operational expertise; the Company's leadership in Canada, Germany, Poland, Australia, and New Zealand; the Company's ability to invest further in EU GMP manufacturing capacity; the Company's ability to continue to supply growing international medial cannabis markets; growth opportunities; expectations for improvements in revenue, Adjusted EBITDA, and increased global patient demand for medical cannabis; the acquisition of Safari Flower Company and related benefits for the Company, including increased supply to international markets and reduced reliance on third party purchases; the Company's planned investment in growth capital improvements to improve operational efficiencies and to maximize cultivation output; statements made under the heading "Fiscal Full Year 2027 Outlook (Unchanged)", including but not limited to, statements regarding the reallocation of resources to focus on global medical cannabis, the Company's planned investment in the international business through strategic sales initiatives and EU-GMP capacity expansion to support growth in its most profitable markets, and expectations for those efforts to help offset the impact of margin reductions in the Canadian medical business; and expectations for revenue and Adjusted EBITDA in the fiscal 2027 second quarter.
These forward-looking statements are only predictions. Forward-looking information or statements contained in this news release have been developed based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. Forward-looking information and statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including, among other things, assumptions about: development costs remaining consistent with budgets; the ability to manage anticipated and unanticipated costs; access to favorable equity and debt capital markets; the ability to raise sufficient capital to advance the business of the Company; favorable operating and economic conditions; political and regulatory stability; obtaining and maintaining all required licenses and permits; receipt of governmental approvals and permits; sustained labour stability; stability in financial and capital goods markets; favorable production levels and costs from the Company's operations; the pricing of various cannabis products; the level of demand for cannabis products; the availability of third-party service providers and other inputs for the Company's operations; and the Company's ability to conduct operations in a safe, efficient, and effective manner. The Company does not give any assurance that the assumptions on which forward-looking information or statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion to revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crisis ,and other risks as set out under the heading "Risk Factors" in the Company's annual information form dated June 11, 2026 and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR+ at www.sedarplus.com and filed with and available on the SEC's website at www.sec.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Non-GAAP Measures
This news release contains reference to certain financial performance measures that are not recognized or defined under IFRS (termed "Non-GAAP Measures"). As a result, this data may not be comparable to data presented by other licensed producers of cannabis and cannabis companies. Non-GAAP Measures should be considered together with other data prepared in accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to Aurora's management. Accordingly, these non-GAAP Measures are intended to provide additional information and to assist management and investors in assessing financial performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The information included under the heading "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" in the FY27 Q1 MD&A is incorporated by reference into this news release. The MD&A is available on the Company's issuer profiles on SEDAR+ at www.sedarplus.com and on the U.S. Securities and Exchange Commission's (the "SEC") EDGAR website at www.sec.gov.
Net Revenue, Adjusted Gross Profit and Margin
Net revenue, adjusted gross profit before FV adjustments, and adjusted gross margin before FV adjustments are Non-GAAP Measures and can be reconciled with revenue, gross profit and gross margin, the most directly comparable GAAP financial measures, respectively, as follows:
($ thousands)
Three months ended
June 30, 2026
June 30, 2025
Medical cannabis net revenue:
Canadian medical cannabis net revenue
20,699
27,674
International medical cannabis net revenue
43,337
37,094
Total medical cannabis net revenue
64,036
64,768
Consumer cannabis net revenue
2,060
7,875
Wholesale bulk cannabis net revenue
1,458
1,433
Total net revenue(1)
67,554
74,076
(1)
As presented in the interim condensed consolidated statements of loss and comprehensive loss.
Adjusted EBITDA
The following is the Company's adjusted EBITDA:
($ thousands)
Three months ended
June 30, 2026
June 30, 2025 (3)
Net loss from continuing operations
(4,033)
(10,186)
Income tax expense (recovery)
403
(71)
Other income
(5,101)
(1,685)
Share-based compensation
693
2,186
Depreciation and amortization
3,427
3,560
Business development costs
1,589
361
Inventory and biological assets fair value and impairment adjustments
1,356
11,418
Business transformation costs (1)
5,109
5,232
Adjusted EBITDA (2)
3,443
10,815
(1)
Business transformation related charges include costs related to restructuring, certain IT project costs, sublease income, severance and retention costs in connection with the consumer channel exit, and legal provisions.
(2)
Adjusted EBITDA is defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A, including information on reconciliation to the most directly comparable IFRS measure.
(3)
Prior period comparatives were adjusted to include the adjustments for markets under development, business transformation costs and non-recurring charges related to non-core bulk cannabis wholesale to be comparable to the current period presentation.
Adjusted Net Income
The following is the Company's adjusted net income (loss):
($ thousands)
Three months ended
June 30, 2026
June 30, 2025
Net income (loss) from continuing operations
(4,033)
(10,186)
Inventory and biological assets fair value and impairment adjustments
1,356
11,418
Business development costs
1,589
361
Business transformation costs (1)
4,899
5,005
Adjusted net income (2)
3,811
6,598
(1)
Business transformation related charges include costs related to restructuring costs, certain IT project costs, severance and retention costs in connection with the consumer channel exit, and legal provisions.
(2)
Adjusted net income is defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A, including information on reconciliation to the most directly comparable IFRS measure.
Adjusted SG&A
Adjusted SG&A is a Non-GAAP Measure and can be reconciled with sales and marketing and general and administrative expenses, the most directly comparable GAAP financial measure, as follows:
Three months ended
($ thousands)
June 30, 2026
June 30, 2025
General and administration
24,602
26,872
Sales and marketing
15,591
14,455
Business transformation costs (2)
(5,109)
(5,232)
Adjusted SG&A (1)
35,084
36,095
(1)
Adjusted SG&A is defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A, including information on reconciliation to the most directly comparable IFRS measure..
(2)
Business transformation related charges include costs related to restructuring, certain IT project costs, sublease income, severance and retention costs in connection with the consumer channel exit, and legal provisions.
Free Cash Flow
The table below outlines free cash flow for the periods ended:
Three months ended
($ thousands)
June 30, 2026
June 30, 2025
Net cash provided by (used in) operating activities from continuing operations
(4,446)
7,679
Less: maintenance capital expenditures(1)
(1,347)
(907)
Free cash flow(2)
(5,793)
6,772
(1)
Maintenance capital expenditures includes the costs to sustain facilities, machinery and equipment in working order to support operations and excludes discretionary investments for revenue growth.
(2)
Free cash flow is defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A, including information on reconciliation to the most directly comparable IFRS measure.
Working Capital
Working capital is a Non-GAAP Measure and can be reconciled with total current assets and total current liabilities, the most directly comparable GAAP financial measure, as follows:
Bit Origin uvedla, že jejích prvních 16 serverů NVIDIA Blackwell B300 má dorazit ve 3. čtvrtletí 2026 do Malajsie. Firma se opírá o silnou poptávku po AI infrastruktuře a existující hostingové dohody.
International Data Corporation projects worldwide AI infrastructure spending to reach approximately US$497 billion in 2026, representing growth of approximately 53% as compared to 20251Worldwide AI infrastructure spending projected to exceed US$1 trillion by 2029, representing an average compound annual growth rate (“CAGR”) of approximately 31% for the years 2025-20292Bit Origin’s initial 16-server deployment remains on schedule for the third quarter of 2026 and remains supported by contracted customer demand and established hosting arrangements SINGAPORE, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) (the “Company”), a company focused on AI computing infrastructure, digital asset innovation, and blockchain-based strategies, today highlighted industry growth projections supporting their continued investment in accelerated computing infrastructure and provided additional context regarding the commercialization framework for its previously announced NVIDIA Blackwell B300 AI server transaction.
Rapidly Expanding AI Infrastructure Market
According to International Data Corporation (“IDC”), worldwide AI infrastructure spending is projected to reach approximately US$497 billion in 2026, representing growth of approximately 53% as compared to 2025.
IDC further projects that worldwide AI infrastructure spending will exceed US$1 trillion by 2029, representing an average CAGR of approximately 31% for the years 2025 through 2029. Within this market, accelerated servers, which are primarily GPU-based systems, are projected to grow at an average CAGR of approximately 42% and account for more than 95% of server AI infrastructure spending by the end of 2029.3
NVIDIA reported that its revenue growth during the first quarter of fiscal 2027 was driven by demand for data center products supporting accelerated computing and AI solutions. For the fiscal quarter ended April 26, 2026, NVIDIA reported record Data Center revenue of US$75.2 billion, representing an increase of approximately 21% from the immediately preceding fiscal quarter ended January 31, 2026.4 NVIDIA’s financial results are presented solely as an indicator of broader industry demand and are not indicative of the Company’s expected performance or financial condition.
The Company believes these developments may reflect growing infrastructure requirements associated with AI training, inference, reasoning, and other advanced computing workloads, although there can be no assurance that the Company will benefit from such developments.
Malaysia’s Expanding Digital Infrastructure Market
Malaysia, where the Company’s initial NVIDIA Blackwell B300 infrastructure is expected to be deployed, is emerging as an important regional destination for data center and cloud computing investment.
According to the Malaysian Investment Development Authority (“MIDA”), Malaysia approved approximately RM144.4 billion, or approximately US$35.3 billion, of data center and cloud computing investments between 2021 and mid-2025. 5
MIDA has also cited projections that Malaysia’s data center market could grow from approximately US$4.04 billion in 2024 to approximately US$13.57 billion by 2030, representing an estimated compound annual growth rate of approximately 22.38%.6
The Company believes Malaysia’s expanding digital infrastructure ecosystem provides a relevant operating environment for its planned deployment. Market-level investment and growth projections, however, do not necessarily indicate demand for the Company’s services or guarantee the successful deployment or commercial performance of its equipment.
Initial NVIDIA Blackwell B300 Deployment
As previously announced, the Company acquired sixteen NVIDIA Blackwell B300 AI servers, together with the benefit of previously executed customer deployment and data center hosting arrangements.
The servers have not yet been delivered or deployed and are currently expected to be delivered during the third quarter of 2026 for deployment at a data center facility in Malaysia.
In connection with the transaction, the Company entered into a five-year management agreement under which an experienced third-party manager is responsible for coordinating the deployment, management, and commercialization of the servers. These responsibilities include coordinating data center hosting, power, network connectivity, equipment maintenance, and commercial utilization.
This operating structure is intended to allow the Company to participate in AI computing infrastructure while relying on specialized third-party capabilities for day-to-day deployment and operation. The Company intends to evaluate the performance of this initial deployment before pursuing additional expansion opportunities.
“Global investment in accelerated computing infrastructure continues to grow as AI workloads become more complex and increasingly compute-intensive,” said Jinghai Jiang, Chairman and Chief Executive Officer of the Company.
“Our immediate focus is on the successful delivery, deployment, and commercialization of our initial NVIDIA Blackwell B300 servers in Malaysia. We believe disciplined execution of this transaction can establish an operating model that may support selective future expansion.”
The Company expects to provide additional updates as material delivery, deployment, and commercialization achievements are met.
About Bit Origin Ltd
Bit Origin Ltd (NASDAQ: BTOG) is a company focused on AI computing infrastructure, digital asset innovation and blockchain-based strategies. The Company is evaluating and pursuing opportunities involving GPU computing, server leasing, storage infrastructure and related digital infrastructure services.
For more information, please visit www.bitorigin.io.
Forward-Looking Statements
This press release contains forward-looking statements regarding, among other matters, the expected delivery, deployment and commercialization of the Company’s NVIDIA Blackwell B300 AI servers; anticipated timing of server delivery during the third quarter of 2026; the performance of customer, hosting, supplier and management arrangements; market demand for AI computing infrastructure; the development of Malaysia’s data center market; the performance of the Company’s third-party management arrangement; the Company’s ability to evaluate or pursue future expansion opportunities; and the Company’s broader strategic plans relating to AI computing infrastructure, digital asset innovation and blockchain-based strategies. Forward-looking statements can generally be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “forecast,” “target,” “potential,” “continue” or the negative of such terms or other similar expressions, although not all forward-looking statements contain such identifying words.
These forward-looking statements are based on the Company’s current expectations, estimates, projections, beliefs and assumptions and are not guarantees of future performance. These statements involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Risks and uncertainties that could cause actual results to differ materially include, but are not limited to: the Company’s limited operating history in AI computing infrastructure; the Company’s reliance on a single third-party manager for deployment, management and commercialization of its servers; supplier performance, including the risk that NVIDIA or other suppliers may fail to deliver servers on the anticipated timeline or at all; delivery, installation or deployment delays at the data center facility in Malaysia; data center readiness, including the availability and reliability of power supply, cooling, network connectivity and physical infrastructure; equipment performance, including the risk that the servers may not operate at expected capacity or efficiency; customer demand and the risk that current customer arrangements may not be sustained, renewed or replaced on favorable terms; customer and counterparty credit risk and performance risk; risks related to operating in Malaysia, including regulatory, political, currency and legal risks; power and network availability and associated costs; operating costs that may exceed current estimates; the Company’s need for additional financing and the availability thereof on acceptable terms; general market conditions, including competitive dynamics in the AI infrastructure market; rapid technological developments that could render the Company’s equipment obsolete or less competitive; cybersecurity risks; potential environmental and regulatory compliance costs; and other risks described in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 20-F and subsequent filings.
Industry data and projections cited in this press release, including data attributed to International Data Corporation and the Malaysian Investment Development Authority, were prepared by third parties and have not been independently verified by the Company. Such data and projections. Such data and projections are subject to inherent to uncertainty, are based on assumptions that may prove incorrect, and do not necessarily reflect current or future demand for the Company’s services or indicate that the Company will achieve similar growth or operating results. The Company makes no representation or warranty as to the accuracy or completeness of such third-party data.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable law, including the securities laws of the United States. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
Company Contact
Bit Origin Ltd
Mr. Jinghai Jiang
Chairman and Chief Executive Officer
Email: [email protected]
1International Data Corporation, AI Infrastructure Spending Holds Near $90 Billion in Q1 2026 as ARM Overtakes x86 in Accelerated Servers; 2026 Forecast Raised to $497 Billion (July 21, 2026)
2 Id.
3 Id.
4 Nvidia Corporations Quarterly Report on Form 10-Q for the fiscal quarter ended April 26, 2026 – https://www.sec.gov/ix?doc=/Archives/edgar/data/1045810/000104581026000052/nvda-20260426.htm
5 MIDA Insights: Building Resilience Through Localisation: Malaysia’s Next Chapter – https://www.mida.gov.my/building-resilience-through-localisation-malaysias-next-chapter/
6 Malaysian Investment Development Authority, “MIDA Powers Up Malaysia’s Digital Future at Data Centre Nexus” (May 8, 2025) – https://www.mida.gov.my/media-release/mida-powers-up-malaysias-digital-future-at-data-centre-nexus/
Disney uvedl, že úspěch „Toy Story 5“ za čtvrtletí končící v červnu podpořil prodej zboží s motivy značky, sledovanost Disney+ i návštěvnost parků. Tržby divize Entertainment vzrostly o 6 % na 11,3 miliardy USD.
Item 1 of 4 Tom Hanks and Woody attend the "Toy Story 5" UK launch event in London, Britain, May 28, 2026. REUTERS/Jack Taylor
[1/4]Tom Hanks and Woody attend the "Toy Story 5" UK launch event in London, Britain, May 28, 2026. REUTERS/Jack Taylor Purchase Licensing Rights, opens new tab
CompaniesLOS ANGELES, Aug 5 (Reuters) - Disney (DIS.N), opens new tab said the blockbuster success of "Toy Story 5" extended beyond the box office for the June quarter, as the hit film fueled sales of merchandise, added to engagement on the Disney+ streaming service, and attracted more visitors to its theme parks.
Shares of the company jumped 4.6% in premarket trading on Wednesday.
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CEO Josh D'Amaro, who took over in March, highlighted his strategy to invest in franchises like Toy Story to reach audiences outside the box office in a lengthy earnings letter to shareholders on Wednesday.
Separately, Disney and TikTok announced a deal on Wednesday that will allow TikTok creators to use characters and scenes from Disney movies and TV shows in short-form videos, the first agreement of its kind between the social media platform and a traditional media company.
The entertainment giant reported revenue of $25.2 billion in the quarter, up 7% from last year, but shy of Wall Street's forecasts of $25.4 billion, according to analysts surveyed by LSEG.
Disney's per-share earnings rose 28% from a year ago to an adjusted $2.06, beating forecasts of $1.86 a share.
The company said it would sell its 50% stake in A+E Global Media to co-owner Hearst Corporation, and use the estimated $1.2 billion in cash proceeds to repurchase Disney shares. This will increase the value of its fiscal 2026 share repurchases to at least $9 billion.
Disney's Parks and experiences division reported revenue of nearly $10 billion, up 10% from a year ago, fueled by a 4% increase in attendance at its theme parks, globally, and a 3% increase at its domestic parks.
Analysts had expressed concern about Disney's U.S. parks, after Comcast CMCSA.O attributed softening attendance trends at its Universal theme parks in Orlando to higher fuel prices and weaker consumer sentiment.
Operating income for the experiences segment rose to $3 billion, a 20% gain from a year ago, in part reflecting a $100 million tariff refund it received earlier in the quarter. The U.S. Treasury Department has been issuing refunds after the U.S. Supreme Court struck down President Donald Trump's global tariffs as illegal.
Disney's Entertainment group reported $11.3 billion in revenue for the quarter, a gain of 6% from a year earlier, reflecting the performance of "Toy Story" and a 15% increase in subscription fees for the company's Disney+ and Hulu streaming services. Segment operating income rose 64% to nearly $1.7 billion.
Sports reported revenue of $4.5 billion in the quarter, though income from the four-game sweeps that marked the early rounds of the NBA playoff games contributed to lower-than-anticipated operating income, which fell 17% to $858 million.
Disney said it expects fourth quarter segment operating income of $4.9 billion. This guidance reflects anticipated continued healthy growth in its parks group.
However, the weak box office performance of live-action adaptation of "Moana" would impact results for the entertainment segment.
Reporting by Dawn Chmielewski in Los Angeles; Additional reporting by Harshita Mary Varghese in Bengaluru; Editing by Raju Gopalakrishnan
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Disney ve fiskálním 3. čtvrtletí zvýšil provozní zisk o 21 % na 5,6 miliardy USD a tržby o 7 % na 25,2 miliardy USD, nad odhady trhu. Zisk ze streamingu se více než zdvojnásobil na 712 milionů USD.
Disney’s Josh D’Amaro stepped out with solid numbers and some news in his first full quarter as CEO. Toy Story 5 drove studio revenue, theme parks saw an uptick in attendance, and streaming profits more than doubled for the three months ended in June.
Total operating income for Disney’s fiscal third quarter jumped 21% $5.6 billion, beating Wall Street forecasts, as did adjusted EPS (of $2.06 a share, up from $1.61).
Revenue of $25.2 billion rose 7% from the year earlier.
The fiscal Q3 numbers follow confirmation of Disney’s planned sale of its 50% interest in A+E Global Media to an affiliate of co-owner Hearst for $1.2 billion in cash. The media giant is moving its consumer products business under Studios from the lucrative division’s longtime home in Experiences. And it unveiled a global, short form content sharing partnership with TikTok this morning.
The quarterly numbers and full-year outlook “reinforce our confidence that we are uniquely well positioned,” said D’Amaro, who took the reins from Bob Iger in March. “Decades of IP investment have built deep fan connections that translate into strong financial results. Our accelerating global guests growth at Experiences, Toy Story 5‘s theatrical and consumer products success, and strong ESPN viewership gains all helped expand our consumer reach this quarter.”
He’ll be hosting a call with analysts at 8:30 am ET.
Disney’s three sprawling divisions are led by Entertainment, which posted profit of $1.7 billion, up 64%, on revenue of $11.3 billion. The company cited the June 19 theatrical release of Toy Story 5, which has surpassed $1 billion in global box office, as well as The Devil Wears Prada 2.
Disney acknowledged that Star Wars: The Mandalorian and Grogu and live action Moana (in fiscal 4Q) underperformed at the box office but noted their other contributions to the flywheel like a new Mandalorian-themed Millennium Falcon: Smuggler’s Run at Disneyland and Walt Disney World, and retail sales.
“We expect the live-action Moana to be a strong title on Disney+, building on the success of the original film … and extending the reach of the franchise, which now includes three films, a themed area at EPCOT, and a robust global merchandise business.”
Disney doesn’t furnish streaming subscriber numbers anymore but said SVOD operating income more than doubled to $712 million from $329 million on revenue of $5.5 billion, up 11%. Subscriptions fees rose 15% (9% from more subscribers, 3% from higher rates and 1% from a favorable foreign exchange impact). Advertising nosed up 3% (impressions were higher, rates lower).
Disney also sounded a bit like Netflix as it talked up an emerging international programming slate with Rivals Season 2 on Disney+ in the U.K. and Ireland, The Perfect Crown in Korea and Dear Killer Nannies in Latin America. The company plans to triple the number of Disney+ local original series over the next three years.
“Our ambition is for Disney+ to become the digital centerpiece of the Walt Disney Company,” D’Amaro’s letter said.
“We aim to evolve Disney+ into a comprehensive membership ecosystem. By integrating high-value, always-on benefits with our storytelling, we can reach more fans, deepen engagement, and increase subscriber retention. These product enhancements will also allow us to further segment the market, increasing our addressable opportunity over time. We expect to begin introducing elements of this vision in Spring 2027.”
Disney+ Q3 churn declined worldwide and Disney said it passed an important milestone in “app unification” allowing Hulu standalone and bundle subscribers to link profiles, watch history, and manage subscriptions on Disney+.
At Experiences, profit rose 20% to over $3 billion on almost $10 billion in revenue. Global guests grew 4% and attendance at domestic parks rose 3%. WDW saw healthy core attendance increases from domestic tourists and annual passholders.Forward bookings remain robust.
That should reassure investors who were spooked by softer attendance at Universal’s domestic parks when Comcast reported earnings last month.
Theme parks average per capita ticket revenue rose 5%. Disney noted continued, but moderating, headwinds from international attendance at domestic parks. It cited strong attendance growth at Disneyland Paris following the opening of World of Frozen. Overall, it anticipates a quarter of global guest growth in the current fiscal Q4 despite consumer softness in Asia.
Q3 was the first full quarter with Disney’s two newest cruise ships, the Disney Destiny and Disney Adventure.
Disney said it recorded approximately $100 million in a tariff refund for the quarter, reversing out tariff payments earlier in the fiscal year. Apple last week reported a $2.19 billion tariff refund for the June quarter.
Sports, led by juggernaut ESPN, saw profit of $853 million, down 17% on higher programming and production costs, on $4.5 billion in revenue. Disney cited contractual rate increases, costs for new sports rights and an impact from the timing of rights costs recognition as a result of the NBA contract renewal. Contributing to the lower-than-expected operating income were four-game sweeps in early rounds of the NBA playoffs and the impact of a network carriage dispute. Disney was likely referring here to the resolution terms of a fight with YouTube TV in late 2025.
After unlocking a selection of ESPN content on Disney+ domestically in 2024 and expanding it globally since then, the letter said, the company plans to deliver a more robust subset of games for Disney+ subscribers beginning this fall anchored by additional college football simulcasts. The service will also continue simulcasting college football pregame show College GameDay.
Osisko Gold potvrdila v cíli Proserpine 7 km od ložiska Cariboo nový zlatý mineralizovaný systém s potenciálem povrchové těžby. Nejlepší průniky dosáhly 95,93 g/t Au na 4,60 m a 5,46 g/t Au na 8,60 m.
HIGHLIGHTS 6,463 m in 14 drill holes of new surface exploration drilling at the Proserpine regional exploration target, located 7 km along strike to the southeast of the Cariboo Gold depositResults confirm the presence of an emerging gold mineralized system comprising high-grade structures exhibiting similarities to those at the Cariboo Gold deposit that, together with broader zones of lower-grade mineralization, may indicate potential for open pit mining methodsHighlight intercepts include: 95.93 g/t Au over 4.60 m at 71 m vertical depth (including 873.00 g/t Au over 0.50 m), 5.46 g/t Au over 8.60 m at 77 m vertical depth, and 2.17 g/t Au over 14.45 m at 431 m vertical depthDrilling of an additional 26,500 m planned metres, initially with three rigs, is now resuming following a seasonal hiatus TORONTO, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Osisko Gold Group Inc. (NYSE: OGG, TSXV: OGG) ("Osisko Gold" or the "Company") is pleased to announce its first set of new diamond drilling results consisting of fourteen holes from the surface exploration program on the Proserpine regional greenfield target, located within the broader Cariboo Gold Project property boundary and approximately 7 kilometres ("km") from the Company's permitted, 100%-owned Cariboo Gold Project (the "Project") in central British Columbia, Canada.
Chris Lodder, President, stated, "We are encouraged by the initial results from the drill campaign at Proserpine, which highlight the potential for a significant new gold mineralized system of scale located only 7 km from the Cariboo Gold deposit. Drilling has intersected high-grade structures showing similarities to those at Cariboo, but also containing areas with broader lower grade mineralization that may indicate potential for bulk mining methods. To date, drilling has broadly tested an area measuring approximately 1.0 km x 0.5 km within a larger target of 6.0 km x 1.0 km gold-in-soil and rock anomaly. For context, the currently defined Cariboo Gold deposit extends approximately 4.0 km along strike by 0.5 km in width, underscoring the exploration potential that remains to be tested at Proserpine."
DRILL ASSAY HIGHLIGHTS
This news release contains assays from fourteen (14) diamond drillholes ("DD") totalling 6,463 meters ("m") with depths ranging from 36.0 to 734.3 m (see Table 1 and Figure 3) completed between February and May of 2026. All holes were collared in HQ (63.5 millimetre diameter) and reduced to NQ (47.6 millimetre diameter) where necessary to continue advancing. Estimated true widths of intercepts are provided in Table 1. Select highlights include:
95.93 grams per tonne ("g/t") gold ("Au") over 4.60 m at 71 m vertical depth in PSP-26-004, including: 873.00 g/t Au over 0.50 m, and3.77 g/t Au over 1.20 m 5.46 g/t Au over 8.60 m at 77 m vertical depth in PSP-26-001 (Figure 1), including: 16.05 g/t Au over 1.10 m, and12.50 g/t Au over 0.87 m, and10.25 g/t Au over 0.50 m, and5.97 g/t Au over 0.70 m, and5.21 g/t Au over 0.80 m, and3.36 g/t Au over 0.60 m, and1.50 g/t Au over 0.90 m, and1.18 g/t Au over 0.90 m 2.17 g/t Au over 14.45 m at 431 m vertical depth in PSP-26-001, including: 35.10 g/t Au over 0.65 m, and8.61 g/t Au over 0.50 m, and2.21 g/t Au over 0.50 m, and1.21 g/t Au over 0.50 m 1.46 g/t Au over 12.40 m at 295 m vertical depth in PSP-26-003, including: 15.40 g/t Au over 1.00 m, and2.02 g/t Au over 0.50 m 3.17 g/t Au over 5.45 m at 334 m vertical depth in PSP-26-009, including: 19.30 g/t Au over 0.60 m, and9.52 g/t Au over 0.50 m, and1.22 g/t Au over 0.50 m 1.30 g/t Au over 12.00 m at 27 m vertical depth in PSP-26-011, including: 9.92 g/t Au over 0.70 m, and6.19 g/t Au over 0.50 m, and3.63 g/t Au over 0.50 m, and3.75 g/t Au over 0.50 m, and1.50 g/t Au over 0.65 m 2.93 g/t Au over 5.15 m at 233 m vertical depth in PSP-26-001, including: 15.60 g/t Au over 0.95 m 4.30 g/t Au over 3.10 m at 226 m vertical depth in PSP-26-001, including: 18.75 g/t Au over 0.50 m, and7.54 g/t Au over 0.50 m 2.79 g/t Au over 4.00 m at 184 m vertical depth in PSP-26-014, including: 11.55 g/t Au over 0.90 m 2.30 g/t Au over 4.50 m at 17 m vertical depth in PSP-26-007, including: 12.25 g/t Au over 0.50 m, and5.62 g/t Au over 0.50 m, and1.73 g/t Au over 0.50 m, and1.09 g/t Au over 0.50 m Results to date have expanded the footprint of known mineralization at Proserpine to approximately 1.0 km along strike by 0.5 km in width, with mineralization remaining open in all directions. All drill holes that reached their intended target depths encountered mineralization, providing a compelling basis for systematic follow-up drilling. Mineralization was encountered from near surface to vertical depths exceeding 400 metres. In particular, hole PSP-26-001 returned several notable mineralized intercepts beginning at a vertical depth of approximately 55 metres and with the deepest at more than 400 metres from surface.
FIGURE 1: 5.46 g/t Au over 8.6 m in PSP-26-001 at approximately 77 m vertical depth.
Drilling also intersected significant intervals of the prospective siliceous sandstone unit, confirming its presence within the target area and providing additional information to refine the geologic model. Based on preliminary observations to date, the siliceous sandstone is believed to represent a more favourable host for mineralization than the calcareous sandstone (see Figure 3).
Diamond drilling at Proserpine has resumed with three active drill rigs following a brief, planned seasonal hiatus. Additional drill rigs may be mobilized as warranted as the planned drill program continues to expand the mineralized footprint and increase drillhole density at Proserpine Southeast, while initiating first-pass drilling at previously untested targets at Proserpine Northwest.
FIGURE 2: Cariboo Gold regional overview.
FIGURE 3: Plan view of Proserpine diamond drilling with select intercept highlights.
FIGURE 4: Proserpine diamond drilling select intercept highlights in long section.
TABLE 1: Select manual composite and individual sample highlights greater than or equal to 1.0 g/t Au.
Drillhole IDEasting
(UTM Zn 10N)Northing
(UTM Zn 10N)Elevation (m)Depth (m)Collar DipCollar AzimuthPSP-26-00160152558769981719603.70-45125PSP-26-00260179658766701755502.20-45125PSP-26-00360158558769041721612.00-45125PSP-26-00460188158766221750498.00-45125PSP-26-00560156358768591721657.00-45125PSP-26-00660128258769681675542.00-45125PSP-26-00760196858765711737345.00-45125PSP-26-00860206158765151717277.75-45125PSP-26-00960143658769961699525.00-45125PSP-26-0106019315876700173574.50-45125PSP-26-01160205658765191718620.80-45125PSP-26-0126016295876769172836.00-45125PSP-26-01360193258767001735435.00-45125PSP-26-01460162758767691728734.30-45125 ABOUT THE PROSERPINE PROSPECT
The Proserpine Mountain ("Proserpine") prospect area represents a roughly 4 km long post-mineralization fault-bound prospective strike length identified through detailed surface mapping and surface geochemical sampling approximately 7 km along strike to the southeast of the Company’s permitted, 100%-owned Cariboo Gold Project, located in central British Columbia. Mineralization style and controls observed at Proserpine appear to be similar to those observed in the Cariboo Gold deposit area, with high-grade gold intercepts associated with quartz-pyrite to polymetallic (pyrite+/-galena+/-arsenopyrite) quartz veins. Less than half the strike-length of the Proserpine has been drill tested to date, with the current campaign focused on following up on promising preliminary results from the 2019-2020 drilling campaigns at the central southeast limits of the prospect area (Proserpine Southeast). An aggregate total of 10,497 metres of exploration drilling was completed by the Company at the Proserpine regional prospect between 2018 and 2020, not including new drilling contained herein.
ABOUT THE CARIBOO GOLD PROJECT
The Cariboo Gold Project is a permitted, 100%-owned feasibility-stage project located in the historic Wells-Barkerville mining camp of central British Columbia, Canada. Spanning approximately 186,740 hectares, the Company's land package includes 443 mineral titles and covers an area that extends approximately 77-kilometres from northwest to southeast. In late 2024, the Project was granted the Mines Act and Environmental Management Act (British Columbia) permits, marking the successful completion of the permitting process for key approvals, solidifying the Project's shovel-ready status.
The Cariboo Gold Project hosts probable mineral reserves of 2.071 million ounces of contained Au (17,815 kt grading 3.62 g/t Au); measured mineral resources of 8,000 ounces of contained Au (47 kt grading 5.06 g/t Au); indicated mineral resources of 1.604 million ounces of contained Au (17,332 kt grading 2.88 g/t Au); and inferred mineral resources of 1.864 million ounces of contained Au (18,774 kt grading 3.09 g/t Au). Mineral resources are reported exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The reader is cautioned that inferred mineral resources have a greater degree of uncertainty than indicated mineral resources and must not be converted to mineral reserves; it is reasonably expected, though not guaranteed, that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
Technical Reports
Scientific and technical information relating to the Cariboo Gold Project and the 2025 feasibility study on the Cariboo Gold Project is supported by the technical report, titled "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025 (with an effective date of April 25, 2025) (the "Cariboo Technical Report").
For readers to fully understand the information in the Cariboo Technical Report, reference should be made to the full text of the Cariboo Technical Report in its entirety, including all assumptions, parameters, qualifications, limitations and methods therein. The Cariboo Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. The Cariboo Technical Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and is available electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Gold's issuer profile and on the Company's website at www.osiskogold.ca.
Qualified Persons
The scientific and technical information contained in this news release has been reviewed, verified and approved by Scott Smith, P. Geo., Vice President, Exploration of Osisko Gold, a "qualified person" within the meaning of NI 43-101. Verification includes core photo and three-dimensional review of logged drillhole data and assays consistent with the Company's standard procedures.
The exploration results disclosed in this news release are based on incomplete data and are preliminary in nature. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data; however, readers are cautioned that additional drilling and sampling may result in materially different results than those presented herein.
Quality Assurance (QA) – Quality Control (QC)
HQ and NQ diameter drill core is cut (halved) on site at the Cariboo Project subsequent to QAQC checks for logging and sampling errors. Quality control (QC) samples are inserted at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. Samples are bagged, labelled, sealed with numbered security tags, and transported to the laboratory under secure chain of custody procedures.
All drill core samples are submitted to ALS Geochemistry's analytical facility in North Vancouver, British Columbia for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed, and 250 grams is pulverized. Analysis for gold is by 50 gram fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are re-analyzed by fire-assay with gravimetric finish (upper limit 10,000 ppm). Select samples containing visible gold and/or cosalite are flagged during logging for an additional 1,000-gram screen metallic fire assay to ensure accurate quantification of any coarse fraction. All samples are also analyzed using a 48 multi-elemental geochemical package by a 4-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS).
ABOUT OSISKO GOLD GROUP INC.Osisko Gold Group Inc. is a continental North American gold development company focused on past producing mining camps with district-scale potential. The Company's objective is to become an intermediate gold producer through the development of its flagship, fully permitted, 100%-owned Cariboo Gold Project, located in central British Columbia, Canada. Its project pipeline is complemented by the Tintic Project, located in the historic East Tintic mining district in Utah, U.S.A., a brownfield property with significant exploration potential, extensive historical mining data, and access to established infrastructure. Osisko Gold is focused on developing long-life mining assets in mining-friendly jurisdictions while maintaining a disciplined approach to capital allocation, development risk management, and mineral inventory growth.
For further information, visit our website at www.osiskogold.ca or contact:
Sean Roosen
Chairman and CEO
Email: [email protected]
Tel: +1 (514) 940-0685
Philip Rabenok
Vice President, Investor Relations
Email: [email protected]
Tel: +1 (437) 423-3644
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended) (collectively, "forward-looking statements"). Such forward-looking statements are identified with words such as "may", "will", "would", "could", "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee", "objective", "strategy", variants of these words or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including the assumptions, qualifications, limitations or statements pertaining to: the utility and significance of the exploration drilling at the Proserpine regional target and the results and interpretation thereof; the presence and continuity of an emerging gold mineralized system at Proserpine exhibiting similarities to the Cariboo Gold deposit; the potential for open pit mining methods at Proserpine based on mineralization characteristics observed to date; the significance and interpretation of drill intercepts and the ability to expand the mineralized footprint at Proserpine; the planned resumption and continuation of the drilling program at Proserpine; the prospectivity of exploration in targets outside of currently defined mineral reserves and/or mineral resources; the assumption that a comparison of the strike length and width of the currently defined Cariboo Gold deposit to the area tested to date at the Proserpine exploration target is meaningful and indicative of exploration potential, which has not been demonstrated; the assumption that further exploration at Proserpine will yield results (if any) comparable to those at the Cariboo Gold deposit; the interpretation and accuracy of spatial geometries, geological structure and local variability modeling and assumptions; the results (if any) of further exploration work and ability of the Company to define mineral resources at Proserpine; the ability of exploration work (including drilling and sampling) to accurately predict mineralization; the ability of the Company to complete its exploration objectives in the timing contemplated and within expected costs (if at all); assumptions, qualifications and parameters underlying the Cariboo Technical Report (including, but not limited to, the mineral resources, mineral reserves, production profile, mine design and project economics); the ability of the Company to achieve the estimates outlined in the Cariboo Technical Report in the timing contemplated (if at all); the future development and operations at the Cariboo Gold Project; management's perceptions of historical trends, current conditions and expected future developments; the utility and significance of historic data, including the significance of the district hosting past producing mines; the ability to adapt to changes in gold prices, estimates of costs, estimates of planned exploration and development expenditures; the Company's strategy and objectives relating to the Cariboo Gold Project as well as its other projects; the assumptions, qualifications and limitations relating to the Cariboo Gold Project being permitted; the exploration potential and prospectivity (if any) of its properties; the Company's anticipated name change and trading of its securities under its updated stock ticker symbols (including timing thereof); regulatory framework remaining defined and understood as well as other considerations that are believed to be appropriate in the circumstances, and any other information herein that is not a historical fact may be "forward looking information". Actual results could differ materially due to a number of factors, including, without limitation: the change in the Company's trading symbols and the marketplace effective date of such changes, risks relating to third-party approvals, including the issuance of permits by governments, capital market conditions and the Company's ability to access capital on terms acceptable to the Company for the contemplated exploration and development at the Company's properties; risks related to the exploration, development and operation of the Cariboo Gold Project; risks related to geological modeling and resource estimation; health, safety and security incidents; regulatory delays or changes in regulatory framework and applicable laws; labour shortages or disputes; general economic and market conditions and business conditions in the mining industry; fluctuations in commodity and currency exchange rates; changes in regulatory framework and applicable laws, as well as those risks and factors disclosed in the Company's most recent annual information form, financial statements and management's discussion and analysis as well as other public filings on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov).
Although the Company believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. Forward-looking statements are not guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b721d582-4327-45f9-99b0-7912b2781c4a
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0bd2556-1581-43c4-9697-f627ac4a198c
https://www.globenewswire.com/NewsRoom/AttachmentNg/703af41e-b822-4f85-82b7-53a6e1821143
https://www.globenewswire.com/NewsRoom/AttachmentNg/85a67a99-e19d-4052-9c59-366164458ce5
Check-Cap nyní očekává uzavření fúze s MBody AI během příštích osmi týdnů, tedy ve 3. čtvrtletí 2026. Dokončení stále čeká na konečný souhlas Nasdaqu a další běžné podmínky.
ISFIYA, Israel and LAS VEGAS, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Check-Cap Ltd. (“Check-Cap” or the “Company”) (NASDAQ: MBAI) today updated the expected closing timeline for its proposed business combination with MBody AI Corp. (“MBody AI”), projecting completion in the third quarter of 2026. This updates the Company’s previously announced expectation of a closing in the second half of 2026. The Company publicly filed its registration statement on Form F-1 with the U.S. Securities and Exchange Commission (the “SEC”) on July 24, 2026, and has responded to all comments received from the SEC staff. Closing remains subject to final approval by Nasdaq and the satisfaction of the remaining customary closing conditions, none of which can be assured.
Transaction Progress to Date
The following steps have been completed and are reflected in the Company’s public filings:
Shareholder approval: the merger has been approved by the shareholders of both Check-Cap and MBody AI.Annual report: Check-Cap filed its Annual Report on Form 20-F for the year ended December 31, 2025 on April 27, 2026.MBody AI financial statements: MBody AI’s audited financial statements for the year ended December 31, 2025 were furnished on Form 6-K on May 12, 2026, and updated financial statements were furnished on Form 6-K/A on June 24, 2026.Registration statement: the Company’s registration statement on Form F-1 was publicly filed with the SEC on July 24, 2026 and is available at www.sec.gov.SEC staff comments: the Company has responded to all comments received from the SEC staff on its Annual Report on Form 20-F and on the Form F-1.Nasdaq listing application: Check-Cap submitted its initial listing application on February 24, 2026. As previously reported on April 30, 2026, Nasdaq completed its initial review of the application and the Company responded to all questions in the Supplemental Information Request Form.Closing conditions: the parties have satisfied substantially all of the closing conditions within their respective control. Steps Remaining
Completion of the merger and the commencement of trading remain subject to the effectiveness of the Form F-1, final approval of the Company’s initial listing application by Nasdaq including satisfaction of all initial listing requirements, and the satisfaction of the remaining customary closing conditions. None of these matters can be assured.
Based on the status of these matters, the Company now expects the merger to close in the next eight weeks, before the end of the third quarter of 2026. Upon completion, the combined company is expected to continue trading on Nasdaq under the ticker symbol “MBAI.”
“Shareholders have asked about the status of this transaction, and the answer is in the public filings: the Form F-1 has been submitted and is available for review. We have responded to every comment we have received, and our listing application has been through Nasdaq’s initial review,” said David Lontini, Chairman and Interim Chief Executive Officer of Check-Cap Ltd. “We now expect to close in the next eight weeks, subject to the approvals that remain outstanding.”
“Throughout this process, we’ve stayed focused on building the business. We have continued signing customers, deploying robots and preparing MBody AI to operate as a public company from day one,” said John Fowler, Chief Executive Officer of MBody AI. “When this transaction closes, shareholders will own an operating business with commercial operations already underway.”
Additional investor information is available at ir.mbody.ai
About Check-Cap Ltd.
Check-Cap Ltd. (NASDAQ: MBAI) is a technology company executing a strategic transformation through its shareholder-approved merger with MBody AI Corp. Upon completion, Check-Cap expects to become a publicly traded provider of embodied artificial intelligence, delivering enterprise-grade AI orchestration for robotic systems across hospitality, gaming, and commercial real estate operations. The merger is targeted to close in the third quarter of 2026, subject to customary closing conditions.
About MBody AI Corp.
MBody AI Corp. is a hardware-agnostic enterprise robotics platform that deploys and manages autonomous robot workforces for hospitality, gaming, and commercial real estate operators. The company’s proprietary MBody AI Orchestrator™ manages diverse robot fleets across sites and use cases under long-term subscription agreements. MBody AI counts leading Fortune 500 operators among its customers. For more information, visit www.mbody.ai.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A registration statement relating to securities of the Company has been filed with the SEC but has not yet become effective. The securities covered by that registration statement may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. Neither the SEC nor any state securities commission has approved or disapproved of such securities or passed upon the accuracy or adequacy of the registration statement.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements made in graphics, images, headlines, and other visual elements of this release, including any references or imagery suggesting a future Nasdaq listing. All statements other than statements of historical fact are forward-looking statements, which include, among others, statements regarding the completion and timing of the merger with MBody AI, including the Company’s expectation that the merger will close in the third quarter of 2026; the expected timing of effectiveness of the Company’s registration statement on Form F-1; the completion, timing, and outcome of the SEC staff’s review processes; the status and outcome of the Company’s Nasdaq initial listing application; the anticipated Nasdaq listing and commencement of trading; the determination, ratio, timing, and implementation of any reverse share split and the Company’s ability to satisfy Nasdaq’s minimum bid price requirement; the Company’s ability to maintain continued compliance with Nasdaq listing requirements; the expected benefits of the merger; and the future operations and positioning of the combined company. These forward-looking statements are based on the Company’s current intentions, beliefs, and expectations regarding future events. Actual results may differ materially due to risks and uncertainties including, but not limited to, the satisfaction of closing conditions; the ability to complete the merger on the anticipated timeline or at all; the risk that the Form F-1 does not become effective on the anticipated timeline or at all; the risk that the SEC staff issues additional comments or requires additional amendments; the ability to receive Nasdaq approval, satisfy all initial listing requirements, and commence trading, none of which is assured; the risk that a reverse share split is not implemented, or is implemented at a ratio or on a timeline that does not achieve the intended result; market conditions; and other factors described in the Company’s filings with the U.S. Securities and Exchange Commission. There can be no assurance that the merger will close in the third quarter of 2026 or at all, that the Form F-1 will become effective on the anticipated timeline or at all, or that the Company will receive Nasdaq approval or that trading will commence. The Company undertakes no obligation to update forward-looking statements except as required by law.
Quick Facts
IssuerCheck-Cap Ltd. (NASDAQ: MBAI)Operating
businessMBody AI Corp.AnnouncementCheck-Cap now expects its merger with MBody AI to close in the third quarter of 2026, updating prior guidance of the second half of 2026Form F-1
Filing DateJuly 24, 2026
Annual Report on Form 20F
Filing DateApril 27, 2026Nasdaq initial listing
application submittedFebruary 24, 2026Shareholder
approvalObtained from shareholders of both companies
Merger statusTargeted to close in the third quarter of 2026, subject to final Nasdaq approval and remaining customary closing conditions, none of which is assured
Investor Relations Contact
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From Siren Solo to Global Icon In early 2011, Starbucks (NASDAQ:SBUX | SBUX Price Prediction) marked its 40th birthday by stripping the wordmark from its logo, leaving only the green siren. It was a confident branding bet, and it landed at the start of a decade of aggressive expansion into mobile ordering, loyalty, and China. The stock rode that wave for years, then stalled.
The past five years told a messier story: post-pandemic traffic softness, labor pressure, and CEO turnover. That set the stage for Brian Niccol, the former Chipotle chief, to arrive in FY2025 with his “Back to Starbucks” plan built around baristas, throughput, and in-store experience.
The Turnaround Is Showing Up in the Numbers In Q3 FY2026, reported July 29, 2026, Starbucks posted non-GAAP EPS of $0.85, beating the $0.66 estimate by 28.79%. Revenue of $9.32 billion dipped slightly due to the China retail divestiture to a Boyu Capital JV, but global comp sales jumped 7.9%, North America comps rose 8.1%, and operating margin expanded 430 bps to 14.4%. Niccol called results “the turn in our turnaround.”
What $10,000 Since the 2011 Rebrand Looks Like Shares were $12.76 on March 8, 2011, and closed at $104.97 on August 4, 2026. Here is the return arc versus the S&P 500 on a $10,000 Starbucks investment:
Period Starbucks S&P 500 Since 40th Anniversary $82,271 (722.71%) $58,178 (481.78%) 10-Year $23,168 (131.68%) $35,353 (253.53%) 5-Year $9,912 (−0.88%) $17,460 (74.60%) 1-Year $12,004 (20.04%) $12,221 (22.21%) Year-to-Date $12,620 (26.20%) $11,311 (13.11%) The arc is exactly what the setup implied: a monster winner off the 2011 rebrand, then a flat half-decade as growth engines sputtered, now re-accelerating as operational fixes land. Dividend income sweetened returns, with the Starbucks quarterly payout climbing from $0.13 in 2011 to $0.62 today (split-adjusted).
Wall Street’s Take and the Verdict Analyst sentiment on Starbucks is cautious, and the consensus price target is $111.74. Shares trade at a rich 60x trailing P/E and 35x forward P/E, so a lot of turnaround optimism is already baked in.
The bull case rests on Niccol’s fixes sticking and comps holding near the raised FY2026 guidance of $2.55 to $2.65 EPS, ~6% global comps, and 11%+ operating margin. The bear case is that the multiple leaves little cushion for a stumble in China licensing economics or U.S. traffic. Given the traffic inflection, margin expansion, and rewards momentum, the setup skews constructive, with a 12-month view more bullish than Wall Street.
If You'd Bought Amazon When the Motley Fool Said To…In September 2002, Stock Advisor told subscribers to buy Amazon. In December 2004, Netflix. In April 2005, Nvidia. The newsletter still publishes two new stock picks every month — and over 23 years, has more than quadrupled the S&P 500. Here's how to get this month's picks:
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Phillips 66 ve 2. čtvrtletí téměř zčtyřnásobila čistý zisk a překonala odhady díky silným rafinérským maržím. Čistý zisk vzrostl na 3,85 miliardy USD z 877 milionů USD před rokem.
The Phillips 66 refinery in Immingham, Britain, April 10, 2025. REUTERS/Dominic Lipinski Purchase Licensing Rights, opens new tab
CompaniesAug 5 (Reuters) - Phillips 66 (PSX.N), opens new tab reported a nearly fourfold jump in second-quarter profit on Wednesday, crushing Wall Street estimates, as the Middle East conflict squeezed global fuel supplies and sent U.S. refining margins soaring.
U.S. refiners have been among the biggest beneficiaries of the Iran war, as international buyers have scrambled to secure alternative fuel supplies amid concerns over disruptions to Middle Eastern exports.
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The surge in overseas demand has helped push U.S. fuel exports to record highs, particularly for diesel and other refined products.
Phillips' refining segment reported an unprecedented jump in adjusted earnings to $3.09 billion from $392 million a year earlier.
Its realized margin in the second quarter more than doubled to $24.08 per barrel from a year earlier.
The company's net income came in at $3.85 billion, up from $877 million a year ago and marking its strongest quarterly profit since 2022, when Russia's invasion of Ukraine disrupted global supply chains and boosted refinery earnings.
Shares of Phillips 66 rose 1.3% to $208.50 in premarket trading. Last week, the company's board approved a $10 billion increase to its share repurchase program.
Quarterly adjusted earnings at Phillips 66's renewable fuel segment rose to $544 million, compared with a loss of $133 million a year earlier.
U.S. refiners are beginning to see stronger returns from renewable fuels after years of margin pressure, helped by a recent increase in biofuel blending mandates and a rise in diesel prices linked to the Middle East conflict.
Houston, Texas-based Phillips 66 reported an adjusted profit of $9.41 per share for the three months ended June 30, compared with analysts' average estimate of $7.44 per share, according to data compiled by LSEG.
Reporting by Pooja Menon in Bengaluru; Editing by Shinjini Ganguli
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Oracle se po nedávném propadu odrazil, když ORCL vzrostl z 114 USD na 145 USD a je stále 42 % pod letošním maximem. Zároveň jeho riziko nesplácení podle CDS vystoupalo na rekord a dluh prudce roste.
Oracle stock has rebounded in the past few days as investors have rotated to technology names as the earnings season gains steam. ORCL jumped to $145 on Tuesday, up by 27% from its lowest level this year. So, is the stock a good buy as its CDS spread jumps to a record high?
Larry Ellison’s Oracle is under pressure. Even with its recent rebound, the stock remains 42% below its highest level this year. Its market capitalization has plunged sharply during this time.
At the same time, investors are concerned about its future as its debt surges. For one, the company’s default risk has jumped to the highest level on record, surpassing where it was during the Global Financial Crisis in 2008.
The default risk is measured using the credit default swap (CDS), a financial instrument that provides protection against the risk of a debt default. A higher CDS spread is usually a sign that investors are demanding a larger premium to insure the debt.
Other measures show that investors are jittery about the company. For example, the company’s bond yields remain at an elevated level. Its 2046 bond yield has jumped to 7.50%, while the 2056 ones have moved to 7.60%. Top credit rating agencies like S&P Global have given it a junk rating.
These metrics come at a time when its debt is soaring. TradingView data shows that its total debt has jumped from $73.6 billion in 2019 to $167 billion today, and the company plans to raise over $40 billion this year. The net debt has jumped from $30.6 billion to $135 billion in the same period.
Oracle’s total debt has jumped because the company is betting it all on AI. It is a member of the Stargate project that aims to spend over $500 billion in the US.
There are signs that the emphasis on AI is paying off as its remaining performance obligations (RPO) has jumped sharply in the past few months. In the last quarter, its RPO jumped by $85 billion to $638 billion. Most of these deals are with OpenAI, xAI, and Meta Platforms.
While these are all big companies, there are concerns that they will need to slow their AI spending at some points as they focus on their profitability. OpenAI is said to consider delaying its IPO to next year.
If the AI theme works out, then there is a possibility that Oracle will be one of the biggest beneficiaries.
The most recent results showed that Oracle’s business is doing well, with its revenue soaring by 20% to $19.2 billion. Its earnings-per-share also jumped by 21% to a record $1.45.
By segment, Oracle’s cloud segment revenue jumped by 47% to $9.9 billion, with its cloud infrastructure hitting $5.8 billion.
This growth is expected to continue as it fulfils its AI obligations. As a result, analysts expect last quarter’s revenue jumped by 28% to $19.2 billion, while the annual one will soar by 325 to $89 billion.
Oracle stock chart | Source: TradingView
Wall Street analysts have a mixed outlook for the Oracle stock price. For example, Guggenheim has a target of $400, while Bernstein and TD Cowen have a target of $325 and $300, respectively. On the other hand, Piper Sandler and JPMorgan are not all that enthusiastic about the company.
The daily chart shows that the ORCL share price has rebounded in the past few days, moving from a low of $114 to the current $145. It has already jumped above the key resistance level of $134.80, its lowest level in February, March, and April this year.
Moving above that level is a sign that bulls are gaining momentum. However, before the stock jumps above the 100-day and 200-day moving averages, there is a risk that this rebound is just a dead-cat bounce.
Fundamentally, however, Oracle’s business is trading at a bargain, with the forward price-to-earnings ratio being 17.
Heinz ketchup for sale at a supermarket in Queens, New York City, U.S., September 3, 2025. REUTERS/Kylie Cooper/File Photo Purchase Licensing Rights, opens new tab
Aug 5 (Reuters) - Kraft Heinz (KHC.O), opens new tab raised its annual forecasts after beating quarterly sales estimates on Wednesday, as CEO Steve Cahillane's turnaround efforts gained traction and price hikes helped counter lower volumes in North America and other markets.
The better-than-expected results give credence to Cahillane's turnaround strategy, which has driven an uptick in marketing and innovation spends as the company leans aggressively into protein-heavy foods and electrolyte-infused drinks to attract health-conscious consumers.
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The packaged goods company said it would increase its incremental investments by $100 million to about $700 million in 2026, a cash injection Cahillane had hinted at during an interview with Reuters in June. Cahillane became Kraft Heinz's CEO in January.
The company now expects annual organic sales to fall between 0.5% and 2.0%, compared with its prior view of a 1.5% to 3.5% decline.
It also expects annual adjusted earnings per share of $2.03 to $2.09, compared with its prior forecast of $1.98 to $2.10.
While Kraft Heinz benefited from price-led growth, its volumes remained under pressure in key markets including North America. "Growth in Canada and Away From Home was offset by declines in U.S. Retail, which were primarily driven by meats," CFO Andre Maciel said in prepared remarks.
Shares of the company remained largely unchanged in volatile premarket trading. A non-cash $7.4 billion impairment charge contributed to an operating loss during the quarter, though one smaller than the company reported a year earlier.
Kraft Heinz has been navigating a challenging environment as energy and raw material costs surge amid ongoing geopolitical conflicts.
Maciel said the company was well hedged on energy and edible oils for most of 2026, but was hedged on certain resins and metals only through the middle of the third quarter.
"As those roll off, we expect greater exposure to spot prices in the fourth quarter," he said.
Kraft Heinz's quarterly sales fell 1.4% to $6.26 billion from a year earlier, compared with analysts' expectations of a 3.6% decline to $6.12 billion, according to data compiled by LSEG.
On an adjusted basis, the company reported a profit of 56 cents per share, down 18.8% from a year ago but beating analysts' estimates of 53 cents per share.
Reporting by Anuja Bharat Mistry in Bengaluru and Alexander Marrow in London; Editing by Jonathan Ananda
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Mezi společnostmi AstraZeneca a Bristol Myers Squibb neprobíhají žádná jednání o možné dohodě, uvedl zdroj blízký věci. Tím popřel spekulace o velké fúzi v hodnotě téměř 400 miliard USD.
A sign stands outside a Bristol Myers Squibb facility in Cambridge, Massachusetts, U.S., May 20, 2021. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights, opens new tab
CompaniesAug 5 (Reuters) - There are "no discussions" ongoing between AstraZeneca (AZN.L), opens new tab and Bristol Myers Squibb (BMY.N), opens new tab over a potential deal, a senior source close to the matter told Reuters on Wednesday, quashing the prospect of a mooted mega merger between the drugmakers.
"There is no deal between AstraZeneca and BMS. There never was a deal to be done, and there are no discussions between the companies," said the source, speaking on condition of anonymity.
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AstraZeneca and Bristol Myers Squibb both declined to comment in response to emailed questions from Reuters.
On Sunday Reuters reported, citing a person familiar with the situation, that the two drugmakers had held preliminary talks about a possible deal that would create a pharmaceutical behemoth with a combined value of nearly $400 billion.
Reuters was unable to ascertain at that time if the discussions remained ongoing.
The Financial Times first reported news of the talks.
AstraZeneca shares slid around 9% after the reports of the deal talks, while Bristol Myers shares had held more steady.
Reporting by Maggie Fick and Sabrina Valle; Additional reporting by Amy-Jo Crowley; Editing by Adam Jourdan and Jan Harvey
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Maggie is a Britain-based reporter covering the European pharmaceuticals industry with a global perspective. In 2023, Maggie's coverage of Danish drugmaker Novo Nordisk and its race to increase production of its new weight-loss drug helped the Health & Pharma team win a Reuters Journalists of the Year award in the Beat Coverage of the Year category. Since November 2023, she has also been participating in Reuters coverage related to the Israel-Hamas war. Previously based in Nairobi and Cairo for Reuters and in Lagos for the Financial Times, Maggie got her start in journalism in 2010 as a freelancer for The Associated Press in South Sudan.
NY-based correspondent reporting on some of the largest deals in Healthcare and Industrials. Previously based in Houston, covering global operations of U.S. oil majors. Sabrina has a two-decade career in Business reporting, with a strong background in source-based enterprise and investigations. She previously worked at Bloomberg, Washington Post and has been based in Rio and D.C. covering large corporations, including finance, corruption and geopolitics.
Citadel v červenci výrazně posílil díky oživení rizikových aktiv a levnému nákupu portfolia Situational Awareness po jeho kolapsu. Vlajkový fond Wellington si připsal 5,9 %, což byl nejlepší měsíc od roku 2022.
Ken Griffin's Citadel posted strong gains across its major hedge funds in July, helped by a recovery in risk assets and a discounted purchase of assets from the collapse of Leopold Aschenbrenner's Situational Awareness to end the month, according to a person familiar with the firm's performance.
Citadel's flagship multistrategy Wellington fund, the firm's largest, returned 5.9% in July, marking its best monthly performance since 2022 and pushing 2026 gains to 12%, the person said. The tactical trading fund, which combines discretionary equity investing with quantitative strategies, gained 11.1% in July and is up 27% on the year. The equities fund advanced 14.2% last month, bringing 2026 return to 27%. Tactical fund and equities fund both had its best month ever. The person asked not to be identified discussing confidential performance figures.
The July gains came after Citadel acquired the bulk of the public-stock portfolio formerly held by Situational Awareness late last month, following the hedge fund's rapid unraveling after steep losses triggered margin calls and forced asset sales. Citadel purchased many of the holdings at a significant discount, positioning the firm to benefit as markets rebounded into the month-end.
Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, was forced to unwind many of its positions after a sharp reversal in artificial intelligence trades left it bleeding on both sides of its book. The firm had accumulated sizable stakes in AI infrastructure companies while betting against software stocks, a strategy that backfired as software shares rallied and AI hardware names slumped.
Several of the fund's prime brokers worked to reduce positions in an orderly fashion as Situational Awareness sought to meet margin requirements. Citadel emerged as one of the largest buyers of the portfolio, taking advantage of one of the year's biggest forced liquidations.
Stocks such as Nebius and Micron that Aschenbrenner's fund owned rebounded in the final days of July following a brutal month with many traders saying the fund's near collapse and rescue move by Citadel was a clearing event that caused short sellers to take profits.
Citadel managed about $71 billion in assets as of July 1 and has often used periods of market dislocation to deploy capital into distressed or forced-selling situations.
Rockwell Automation ve 2. čtvrtletí zvýšila tržby o 9 % na 2,2 miliardy USD a EPS vzrostl o 40 % na 3,10 USD. Ouster v 1. čtvrtletí zvýšil tržby o 49 % na 48,6 milionu USD.
As breakthroughs in artificial intelligence (AI) models and chip technology evolve, robotics and automation are expanding from single-task machinery to intelligent, general-purpose systems. These advancements are expected to drive strong adoption across factories, manufacturing, food service, and healthcare settings.
According to research published by Future Market Insights, the industrial robotics market could grow from $65 billion this year to nearly $344 billion by 2036, representing an 18% compound annual growth rate (CAGR). With such strong growth projected in the coming decade, here are three robotics and automation stocks investors can consider buying in August.
Image source: Getty Images.
Rockwell's Control Systems create sticky customer relationships When it comes to industrial automation, Rockwell Automation (ROK -7.43%) is one of the biggest in the world. The company develops the "brains" of robotics, including drives, sensors, motion controls, and related software that tell robots how and when to move and what to do next. So while a factory owner could swap out old robotic arms for newer models, Rockwell's systems remain in place.
Rockwell stands out thanks to its dominant 50% market share of programmable logic controllers (through its subsidiary Allen-Bradley) in North America, giving it a robust competitive advantage as Western manufacturers look to reshore and modernize industrial automation processes. On top of this, once its architecture is in place, many factory operators don't want to switch or retrain it, and the switching costs become prohibitive.
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The company has a stellar track record and boasts gross margins of 49%, while operating margins hover around 22%, making it a highly profitable company that should benefit from the tailwinds of growing AI and automation. In the second quarter, the company reported $2.2 billion in sales, up 9%, while generally accepted accounting principles (GAAP) earnings per share (EPS) rose 40% to $3.10.
Rockwell is building on its position and is looking toward the nuclear energy market next. It was recently selected by Aalo Atomics as the control platform provider for its Aalo-X test reactor, which is part of the U.S. Department of Energy's pilot program to accelerate the development of advanced nuclear technologies. This move also positions it to be a key player in the long-term growth of small modular reactor (SMR) technologies.
Ouster manufactures the "eyes" of automation For investors seeking growth, Ouster (OUST +12.62%) is a robotics stock on the rise. If Rockwell provides the brains, then Ouster provides the eyes for robotics. The company develops digital 3D LiDAR (light detection and ranging) hardware and spatial perception software, with sensors built on a custom silicon chip architecture.
Its technology enables spatial navigation and mapping, letting mobile robots navigate complex environments, including warehouses, crop fields, or tunnels, without needing to use light or global positioning systems. Unlike many peers that went all-in on self-driving vehicles, Ouster has diversified into industrial machinery and infrastructure.
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In Q1, Ouster's revenue surged 49% to $48.6 million, while its gross profit jumped 55% to $20.8 million. The company's advantage comes from its digital chip architecture, and its recent quarter saw stellar profit margins of 43%. To be sure, the company did post a net loss of $17.4 million and recently raised $200 million by issuing 3.6 million shares of common stock, so investors must balance its rapid growth against its ongoing investments in automation technologies and the possible dilution of their ownership stake.
Looking ahead, Ouster aims to become a full-stack, high-margin physical AI perception platform by unifying stereo camera vision, 3D digital LiDAR, and edge perception software. If it succeeds, it could lock in customers across robotics and smart infrastructure and improve recurring revenue as it works toward profitability.
Symbotic is a Walmart-backed automation play in distribution centers Symbotic (SYM +3.51%) is another growing company developing AI-powered supply chain technology for automating warehouse systems. The company builds autonomous systems to help automate processes across the supply chain for retailers, including robots that operate in three dimensions. It also helps redesign traditional distribution infrastructure, enabling customers to manage higher inventory levels without increasing their physical footprint.
The company is deeply integrated into Walmart, its biggest single customer and an investor in Symbotic stock. Walmart owns 15 million Class A shares in Symbotic, giving it roughly an 11% ownership stake in the company. Walmart has a vested interest in Symbotic and is actively deploying its end-to-end system in all 42 of its U.S. regional distribution centers.
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Through the first half of Symbotic's fiscal year ended March 28, revenue surged 26% to $1.3 billion, while net income flipped from a loss of $26.7 million last year to a profit of $22.8 million.
Of course, investing in Symbotic comes with risks. For example, the company expects to spend $20 million to $25 million per quarter as it rolls out its next-generation systems, which are expected to significantly shorten installation assembly times.
Looking ahead, Symbotic plans to introduce prototype products targeting e-commerce fulfillment (SyMicro), automated pickup and delivery (APD), and cold-storage environments. For investors looking for exposure to warehouse automation backed by a retail giant, Symbotic is an intriguing growth stock to scoop up now.
CVS Health ve 2. čtvrtletí téměř ztrojnásobila čistý zisk na 2,9 miliardy USD díky nižším nákladům v Aetna. Firma zároveň zvýšila celoroční výhled upraveného zředěného EPS na 6,84 až 7,04 USD.
CVS Health Wednesday, Aug. 5, 2026 reported second quarter net income nearly tripled to $2.9 billion compared to the year-ago quarter as the company gets a better handle on rising costs in its Aetna health plans. In this photo is a monitor displays signage for CVS Health Corp. on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Oct. 27, 2017. Photographer: Michael Nagle/Bloomberg
CVS Health Wednesday reported second quarter net income nearly tripled to $2.9 billion compared to the year-ago quarter as the company gets a better handle on rising costs in its Aetna health plans.
CVS, which owns the nation’s third-largest health insurance company in Aetna, said the company’s medical benefits ratio, which is the percentage of health plan premium spent on medical care, decreased to 87.4% compared to 89.9% in the year-ago period.
The financial performance convinced CVS executives to raise its diluted earnings per share guidance range to “$6.84 to $7.04 from $6.24 to $6.44” for the full year 2026, the company said. It’s the second consecutive quarter CVS has made such a move as chief executive officer David Joyner continues to turn the diversified healthcare giant around since he was promoted into the top job nearly two years ago.
“As our businesses work together to deliver a technology-powered care engagement experience, we continue to deliver strong performance,” Joyner said in a statement accompanying the quarterly earnings report. “We uniquely enable what our customers want the most: simple, connected and convenient access to affordable, quality healthcare, where, when, and how they want it.”
CVS said the drop in the medical benefits ratio, was “primarily driven by improved underlying performance in the government business and the absence of the premium deficiency reserve recorded in the prior year.”
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Like other health insurers, CVS’ Aetna unit has been battling the rising medical expenses of its health plan members, particular among older adults covered by the company’s Medicare Advantage plans. In the third quarter of 2024, just before Joyner took over as CEO, the company’s medical benefit ratio was more than 95% largely driven by costs of enrollees in Medicare Advantage plans. Such plans contract with the federal government to provide health benefits available in traditional Medicare plus extra benefits and services to seniors including drug coverage, wellness programs and other coverage.
The industry and its analysts would prefer medical benefit ratios to be below 90% and into the mid 80s, where the industry was more than two years ago. Thus, CVS appears to have arrived as the company’s medical membership as of June 30, 2026 sat at 26 million health plan members and “remained consistent compared with March 31, 2026,” the company said.
Despite CVS’ decision last year to exit the individual health insurance business under the Affordable Care Act, also known as Obamacare, the company still grew its health care benefits segment. Total revenues in the company’s health care benefits segment grew 3.5% to $37.5 billion “driven by an increase in the government business, partially offset by a decline as a result of the company’s exit of the individual exchange business in 2026.”
The improvement helped CVS net income jump to $2.98 billion, or $2.31 per share, compared to $1.02 billion, or 80 cents per share, in the year-ago quarter. Meanwhile, second quarter total revenue grew more than 7% total revenues to $106 billion “driven by revenue growth across all operating segments.”
CVS also owns the nation’s largest drugstore chain with about 9,000 pharmacies and nearly 1,000 retail clinics and one of the nation’s largest pharmacy benefit management companies.
In the company’s health services segment, which includes the Caremark pharmacy benefit management company, total revenues increased 11.5% to $51.8 billion in the second quarter compared to the year-ago period “primarily driven by pharmacy drug mix and brand inflation, partially offset by continued pharmacy client price improvements.”
And in the company’s pharmacy and consumer wellness segment,” CVS said total revenues “increased slightly” for the second quarter to $33.8 billion “primarily driven by pharmacy drug mix, increased prescription volume, including contributions from the company’s Rite Aid asset acquisitions which were completed during the third quarter of 2025, and brand inflation.”
“These increases were largely offset by regulatory-related price reductions on certain drugs, the impact of recent generic drug introductions and pharmacy reimbursement pressure,” CVS said in its earnings report.
Royalty Pharma ve 2. čtvrtletí zvýšila Portfolio Receipts o 6 % na 773 milionů USD a Royalty Receipts o 14 % na 768 milionů USD. Zároveň zvýšila celoroční výhled na rok 2026 na 3,4 až 3,5 miliardy USD.
Portfolio Receipts growth of 6% to $773 million; Royalty Receipts growth of 14%Net cash provided by operating activities of $728 millionRaised full year 2026 guidance: Portfolio Receipts expected to be $3,400 million to $3,500 million NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today reported financial results for the second quarter of 2026 and raised full year 2026 guidance for Portfolio Receipts.
“Royalty Pharma delivered strong second quarter results with Royalty Receipts growth of 14%,” said Pablo Legorreta, Royalty Pharma’s Chief Executive Officer and Chairman of the Board. “Our transaction pipeline remains exciting and we continued to bolster our development-stage pipeline in recent months, bringing total Capital Deployment to over $1 billion so far in 2026. Following our acquisition of a royalty on AstraZeneca’s cliramitug, our development-stage pipeline now totals 19 potential therapies. Lastly, our strong financial performance has allowed us to raise our top-line guidance for the second time this year, driven by the strength of our diversified portfolio. The fundamental tailwinds supporting our business are compelling and we remain well positioned as a premier capital allocator in life sciences to deliver consistent, compounding growth.”
Double-digit growth in Royalty Receipts in the second quarter of 2026
Royalty Receipts grew 14% to $768 million, driven by Tremfya, Voranigo, Imdelltra and Evrysdi.Portfolio Receipts increased by 6% to $773 million, reflecting lower milestones and other contractual receipts. Strong transaction activity
Acquired royalty on AstraZeneca’s cliramitug for transthyretin amyloidosis with cardiomyopathy in July 2026.Announced value of transactions of $1.7 billion and Capital Deployment of $1.1 billion as of August 4, 2026. Positive portfolio updates
Revolution Medicines’ NDA for daraxonrasib in pancreatic cancer accepted for review by FDA and the EMA has started its accelerated review; Gilead’s Trodelvy received FDA and EC approval for first-line metastatic triple-negative breast cancer; GSK’s Jideytro received FDA approval for ROS1+ non-small cell lung cancer; Amgen’s Imdelltra received EC approval for small cell lung cancer.GSK completed the acquisition of Nuvalent (Jideytro and neladalkib for lung cancer); Teva completed the acquisition of Emalex Biosciences (ecopipam for Tourette syndrome). Raising financial guidance for full year 2026 (excludes contribution from future transactions)
Royalty Pharma now expects 2026 Portfolio Receipts to be between $3,400 million and $3,500 million (previously $3,325 million to $3,450 million), representing expected Royalty Receipts growth of 7% to 10%. Financial & Liquidity Summary
Three Months Ended June 30,($ and shares in millions; unaudited)20262025ChangePortfolio Receipts7732025ChangeNet cash provided by operating activities7287276%Adjusted EBITDA (non-GAAP)*736364100%Portfolio Cash Flow (non-GAAP)*73663316%Weighted average Class A ordinary shares outstanding - diluted55764115% *See “Liquidity and Capital Resources” section. Adjusted EBITDA and Portfolio Cash Flow are non-GAAP liquidity measures calculated in accordance with the credit agreement.
2026 Financial Outlook
Royalty Pharma has provided guidance for full year 2026, excluding new transactions and borrowings announced after the date of this release, as follows:
Provided August 5, 2026PreviousPortfolio Receipts$3,400 million to $3,500 million$3,325 million to $3,450 millionPayments for operating and professional costs5.5% to 6.5% of Portfolio Receipts5.5% to 6.5% of Portfolio ReceiptsInterest paid$350 million to $360 million$350 million to $360 million
Portfolio Receipts is defined as the sum of Royalty Receipts and Milestones and other contractual receipts. The above Portfolio Receipts guidance provided on August 5, 2026 includes expected Royalty Receipts growth of 7% to 10% in 2026.
Royalty Pharma’s full year 2026 guidance reflects an estimated foreign exchange impact of approximately +1% to Portfolio Receipts, assuming current foreign exchange rates prevail for the rest of 2026.
Payments for operating and professional costs in 2026 are expected to decrease as a percentage of Portfolio Receipts, compared to 8.9% in 2025, primarily due to extinguishment of the management fee following the completion of the internalization transaction on May 16, 2025.
Total interest paid is based on the semi-annual interest payment schedule of Royalty Pharma’s existing notes and the quarterly interest payment schedules for the term loan assumed as part of the internalization transaction and borrowings under our revolving credit facility. In 2026, Royalty Pharma anticipates interest paid to be approximately $350 million to $360 million. Interest paid in the third quarter of 2026 is anticipated to be approximately $175 million, with a de minimis amount anticipated in the fourth quarter of 2026. These projections reflect repayment of the $380 million term loan in July 2026 and assume no additional debt financing in 2026. In the second quarter of 2026, Royalty Pharma collected interest of $5 million on its cash and cash equivalents, which partially offset interest paid.
Royalty Pharma today provides this guidance based on its most up-to-date view of its prospects. This guidance assumes no major unforeseen adverse events or changes in foreign exchange rates and excludes the contributions from transactions announced subsequent to the date of this press release.
Portfolio Receipts Highlights Three Months Ended June 30,($ in millions; unaudited)20262025ChangeProducts:Marketers:Therapeutic Area: Cystic fibrosis franchiseVertexRare disease1941940%TysabriBiogenNeuroscience675619%TrelegyGSKRespiratory58573%TremfyaJohnson & JohnsonImmunology573753%EvrysdiRocheRare disease473342%VoranigoServierOncology462672%XtandiPfizer, AstellasOncology44426%ImbruvicaAbbVie, Johnson & JohnsonOncology3644(16)%Cabometyx/CometriqExelixis, Ipsen, TakedaOncology232012%ImdelltraAmgenOncology17—n/aTrodelvyGileadOncology141036%SpinrazaBiogenRare disease1112(11)%AmvuttraAlnylamRare disease9—n/aPromactaNovartisHematology833(75)%Other products(5)13910928%Royalty Receipts76867214%Milestones and other contractual receipts556(91)%Portfolio Receipts7737276% Amounts shown in the table may not add due to rounding.
Royalty Receipts was $768 million in the second quarter of 2026, an increase of 14% compared to $672 million in the second quarter of 2025. The increase was primarily driven by Tremfya, Voranigo, Imdelltra and Evrysdi, partially offset by declines from Promacta due to U.S. generic competition and from Imbruvica. Royalty Receipts from Evrysdi included the benefit of the additional royalties acquired in December 2025.
Portfolio Receipts was $773 million in the second quarter of 2026, an increase of 6% compared to $727 million in the second quarter of 2025, primarily driven by the same Royalty Receipts increases noted above, partially offset by lower Milestones and other contractual receipts due to a one-time distribution received in the prior year period.
Liquidity and Capital Resources
Royalty Pharma’s liquidity and capital resources are summarized below:
As of June 30, 2026, Royalty Pharma had cash and cash equivalents of $812 million and total debt with principal value of $9.2 billion. In July 2026, Royalty Pharma repaid the $380 million term loan upon maturity.
In the second quarter of 2026, Royalty Pharma paid a quarterly dividend of $0.235 per share, equating to $135 million in dividends and distributions.
Royalty Pharma repurchased approximately 0.9 million Class A ordinary shares for $45 million in the second quarter and two million Class A ordinary shares for $96 million for the first six months of 2026. The weighted-average number of diluted Class A ordinary shares outstanding for the second quarter of 2026 was 557 million, a decline of 1% as compared to 562 million for the second quarter of 2025.
Liquidity Summary
Three Months Ended June 30,($ in millions; unaudited)20262025Portfolio Receipts773727Payments for operating and professional costs(37)(94)Adjusted EBITDA (non-GAAP)736633Interest (paid)/received, net(0)8Portfolio Cash Flow (non-GAAP)736641 Amounts may not add due to rounding.
Adjusted EBITDA (non-GAAP) was $736 million in the second quarter of 2026. Payments for operating and professional costs were 4.8% of Portfolio Receipts. Adjusted EBITDA is calculated as Portfolio Receipts minus payments for operating and professional costs.Portfolio Cash Flow (non-GAAP) was $736 million in the second quarter of 2026. Portfolio Cash Flow is calculated as Adjusted EBITDA minus interest paid or received, net. This measure reflects the cash generated by Royalty Pharma’s business that can be redeployed into value-enhancing royalty acquisitions, used to repay debt, returned to shareholders through dividends or share purchases, or utilized for other discretionary investments. Refer to Table 4 for Royalty Pharma’s reconciliation of each non-GAAP measure to the most directly comparable GAAP financial measure, net cash provided by operating activities.
Capital Deployment reflects cash payments during the period for new and previously announced transactions. Capital Deployment was $349 million in the second quarter of 2026, consisting primarily of royalty funding for daraxonrasib and R&D funding for JNJ‑4804 and litifilimab.
The table below details Capital Deployment by category:
Capital Deployment
Three Months Ended June 30,Six Months Ended June 30,($ in millions; unaudited)2026202520262025Purchases of available for sale debt securities—(75)—(75)Acquisitions of financial royalty assets(251)(1)(703)(2)Development-stage funding payments(98)(301)(123)(351)Milestone payments—(219)(50)(269)Contributions from legacy non-controlling interests - R&D—0—0Capital Deployment(349)(595)(877)(696) Amounts may not add due to rounding.
Royalty Transactions
As of August 4, 2026, Royalty Pharma has announced new transactions of up to $1.7 billion, which reflects the entire amount of potential capital committed for new transactions, including potential future milestones.
In July 2026, Royalty Pharma acquired a portion of Neurimmune AG’s royalty interest in AstraZeneca’s cliramitug for up to $425 million, including $125 million upfront. Cliramitug is a Phase 3 first-in-class transthyretin (TTR)-fibril-depleting antibody designed to remove amyloid deposits in patients with TTR amyloidosis with cardiomyopathy, a progressive, degenerative and fatal disease caused by misfolded proteins that accumulate in the heart. The information in this section should be read together with Royalty Pharma’s reports and documents filed with the SEC at www.sec.gov and the reader is also encouraged to review all other press releases and information available in the Investors section of Royalty Pharma’s website at www.royaltypharma.com.
Key Developments Relating to the Portfolio
The key developments related to Royalty Pharma’s royalty interests are discussed below based on disclosures from the marketers of the products.
daraxonrasibIn July 2026, Revolution Medicines 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. In July 2026, Revolution Medicines announced that the European Medicines Agency (EMA) started an accelerated assessment of daraxonrasib.
In April 2026, Revolution Medicines announced positive Phase 3 results from the RASolute-302 trial evaluating daraxonrasib in patients with previously treated metastatic pancreatic cancer.
Jideytro (zidesamtinib) and neladalkib In July 2026, GSK announced that the FDA approved Jideytro (zidesamtinib), a ROS proto-oncogene 1 (ROS1)-selective inhibitor, for the treatment of adult patients with locally advanced or metastatic ROS1-positive non-small cell lung cancer who have received a prior ROS1 kinase inhibitor.In July 2026, GSK announced that it completed the acquisition of Nuvalent for approximately $10.6 billion, including Jideytro (zidesamtinib) and neladalkib, two highly selective ROS1 and anaplastic lymphoma kinase inhibitors for the treatment of non-small cell lung cancer.
In May 2026, Nuvalent announced the FDA accepted its NDA for neladalkib for filing and granted the application Priority Review with a Prescription Drug User Fee Act (PDUFA) date of November 27, 2026.
TEV-’408In July 2026, Teva Pharmaceuticals (Teva) announced plans to advance TEV-’408 into a Phase 2b study in patients with non-segmental vitiligo, following positive Phase 1b results.deucrictibantIn July 2026, Pharvaris announced that the FDA accepted its NDA for deucrictibant immediate-release for the on-demand treatment of hereditary angioedema attacks and assigned a PDUFA date of April 23, 2027.Trodelvy In June 2026, Gilead announced that the FDA approved Trodelvy for the first-line treatment of certain patients with metastatic triple-negative breast cancer.In June 2026, Gilead announced that the European Commission (EC) approved Trodelvy as a first-line treatment for certain patients with metastatic triple-negative breast cancer who are not candidates for PD-L1 inhibitors.
In June 2026, Gilead announced the discontinuation of the Phase 3 KEYNOTE-D46/EVOKE-03 study evaluating Trodelvy in combination with Keytruda for patients with previously untreated metastatic non-small cell lung cancer.
ecopipamIn June 2026, Teva announced the completion of its acquisition of Emalex Biosciences for up to $900 million, including $700 million at closing, which added ecopipam and other neuroscience therapies to its portfolio. Furthermore, Teva announced the submission of an NDA to the FDA for ecopipam for the treatment of pediatric Tourette syndrome.ImdelltraIn June 2026, the EC approved Imdelltra for the treatment of adult patients with extensive-stage small cell lung cancer.ErleadaIn May 2026, Johnson & Johnson announced that the Phase 3 PROTEUS study evaluating Erleada in combination with androgen deprivation therapy before and after radical prostatectomy, in patients with high-risk localized or locally advanced prostate cancer, met its primary endpoints.obexelimabIn May 2026, Zenas BioPharma announced the submission of a Biologics License Application (BLA) to the FDA for obexelimab for the treatment of Immunoglobulin G4-related disease.TremfyaIn May 2026, Johnson & Johnson announced that the FDA approved a supplemental BLA for Tremfya to include the inhibition of progression of structural joint damage in adults with active psoriatic arthritis.TEV-’749In May 2026, Teva announced that the EMA accepted for review its Marketing Authorization Application for TEV-’749 for the treatment of schizophrenia in adults.MyqorzoIn May 2026, Cytokinetics announced positive topline results from ACACIA-HCM, the pivotal Phase 3 clinical trial of Myqorzo in patients with non-obstructive hypertrophic cardiomyopathy. The study met both dual primary endpoints, demonstrating statistically significant improvements from baseline to week 36 versus placebo.ZiiheraIn April 2026, Jazz Pharmaceuticals announced that the FDA accepted for filing a supplemental BLA for Ziihera, in combination regimens for the first-line treatment of adult patients with human epidermal growth factor receptor 2 (HER2)-positive metastatic gastroesophageal adenocarcinoma, and granted Priority Review, with a PDUFA date of August 25, 2026.
Financial Results Call
Royalty Pharma will host a conference call and simultaneous webcast to discuss its second quarter of 2026 results today at 8:00 a.m., Eastern Time. Please visit the “Investors” page of the company’s website at https://www.royaltypharma.com/investors/events to obtain conference call information and to view the live webcast. A replay of the conference call and webcast will be archived on the company’s website for at least 30 days.
About Royalty Pharma plc
Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, GSK’s Trelegy, Biogen’s Tysabri and Spinraza, Roche’s Evrysdi, Astellas and Pfizer’s Xtandi, Johnson & Johnson’s Tremfya, AbbVie and Johnson & Johnson’s Imbruvica, Servier’s Voranigo, Gilead’s Trodelvy, Amgen’s Imdelltra and Alnylam’s Amvuttra, among others, and 19 development-stage product candidates.
Forward-Looking Statements
The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof.
This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth and plans for capital deployment, plus the benefits of the internalization transaction, including expected accretion, enhanced alignment with shareholders, increased investment returns, expectations regarding management continuity, transparency and governance, and the benefits of simplification to its structure. In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the company’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. The company does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law.
Certain information contained in this document relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the company’s own internal estimates and research. While the company believes these third-party sources to be reliable as of the date of this document, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this document involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the company believes its own internal research is reliable, such research has not been verified by any independent source.
For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.
Portfolio Receipts
Portfolio Receipts is a key performance metric that represents Royalty Pharma’s ability to generate cash from Royalty Pharma’s portfolio investments, the primary source of capital that is deployed to make new portfolio investments. Portfolio Receipts is defined as the sum of Royalty Receipts and Milestones and other contractual receipts. Royalty Receipts includes variable payments based on sales of products, net of contractual payments to the legacy non-controlling interests, that are attributed to Royalty Pharma.
Milestones and other contractual receipts include sales-based or regulatory milestone payments and other fixed contractual receipts, net of contractual payments to legacy non-controlling interests, that are attributed to Royalty Pharma. Portfolio Receipts does not include royalty receipts and milestones and other contractual receipts that were received on an accelerated basis under the terms of the agreement governing the receipt or payment. Portfolio Receipts also does not include proceeds from equity securities or proceeds from purchases and sales of marketable securities, both of which are not central to Royalty Pharma’s fundamental business strategy. 2025 Portfolio Receipts does not include the $511 million of proceeds from the sale of the MorphoSys Development Funding Bonds, as the transaction was treated as an asset sale.
Portfolio Receipts is calculated as the sum of the following line items from Royalty Pharma’s GAAP condensed consolidated statements of cash flows: Cash collections from financial royalty assets, Cash collections from intangible royalty assets, Other royalty cash collections, Proceeds from available for sale debt securities and Distributions from equity method investees less Distributions to legacy non-controlling interests - Portfolio Receipts, which represent contractual distributions of Royalty Receipts, milestones and other contractual receipts to the Legacy Investors Partnerships.
Use of Non-GAAP Measures
Adjusted EBITDA and Portfolio Cash Flow are non-GAAP liquidity measures that exclude the impact of certain items and therefore have not been calculated in accordance with GAAP. Management believes that Adjusted EBITDA and Portfolio Cash Flow are important non-GAAP measures used to analyze liquidity because they are key components of certain material covenants contained within Royalty Pharma’s credit agreement. Royalty Pharma cautions readers that amounts presented in accordance with the definitions of Adjusted EBITDA and Portfolio Cash Flow may not be the same as similar measures used by other companies or analysts. These non-GAAP liquidity measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for the analysis of Royalty Pharma’s results as reported under GAAP.
The definitions of Adjusted EBITDA and Portfolio Cash Flow used by Royalty Pharma are the same as the definitions in the credit agreement. Noncompliance with the interest coverage ratio, leverage ratio and Portfolio Cash Flow ratio covenants under the credit agreement could result in lenders requiring the company to immediately repay all amounts borrowed. If Royalty Pharma cannot satisfy these covenants, it would be prohibited under the credit agreement from engaging in certain activities, such as incurring additional indebtedness, paying dividends, making certain payments, and acquiring and disposing of assets. Consequently, Adjusted EBITDA and Portfolio Cash Flow are critical to the assessment of Royalty Pharma’s liquidity.
Adjusted EBITDA and Portfolio Cash Flow are used by management as key liquidity measures in the evaluation of the company’s ability to generate cash from operations. Management uses Adjusted EBITDA and Portfolio Cash Flow when considering available cash, including for decision-making purposes related to funding of acquisitions, debt repayments, dividends and other discretionary investments. Further, these non-GAAP liquidity measures help management, the audit committee and investors evaluate the company’s ability to generate liquidity from operating activities.
The company has provided reconciliations of these non-GAAP liquidity measures to the most directly comparable GAAP financial measure, being net cash provided by operating activities in Table 4.
Royalty Pharma Investor Relations and Communications
Royalty Pharma plcCondensed Consolidated Statements of Operations(7)(unaudited)Table 1 Three Months Ended June 30,($ in millions)20262025Income and other revenues Income from financial royalty assets638550Other royalty income and revenues3628Total income and other revenues674579Operating expense/(income) Provision for changes in expected cash flows from financial royalty assets268(204)Provision for credit losses on unfunded commitments1393Research and development funding expense98301General and administrative expenses (includes 107 and 91 of share-based compensation expense for the three months ended June 30, 2026 and 2025, respectively)162180Total operating expense, net541369Operating income133210Other (income)/expense Equity in earnings of equity method investees(4)(3)Interest expense9469Other (income)/expense, net(38)51Total other expense, net52117Consolidated net income before tax8193Income tax expense——Consolidated net income8193Net income attributable to non-controlling interests6460Net income attributable to Royalty Pharma plc1832 Amounts may not add due to rounding.
Royalty Pharma plcSelected Balance Sheet Data (unaudited)Table 2 ($ in millions)As of June 30, 2026As of December 31, 2025Cash and cash equivalents812619Total current and non-current financial royalty assets, net17,08217,063Total assets19,82019,621Current portion of long-term debt380380Long-term debt, net of current portion8,5828,571Total liabilities10,0349,906Total shareholders’ equity9,7869,715 Royalty Pharma plcCondensed Consolidated Statements of Cash Flows (unaudited)Table 3 Three Months Ended June 30,Six Months Ended June 30,($ in millions)2026202520262025Cash flows from operating activities: Cash collections from financial royalty assets8157271,7301,556Cash collections from intangible royalty assets0040Other royalty cash collections32246656Distributions from equity method investees21—2513Interest received591121Development-stage funding payments(98)(301)(123)(351)Payments for operating and professional costs(37)(94)(73)(196)Payments for Employee EPAs(5)(0)(14)(0)Interest paid(5)(1)(179)(140)Net cash provided by operating activities7283641,447960Cash flows from investing activities: Acquisition of businesses, net of cash acquired—(74)—(74)Distributions from equity method investees(13)632999Purchases of equity securities(5)—(28)(4)Proceeds from equity securities36—36—Purchases of available for sale debt securities—(75)—(75)Proceeds from available for sale debt securities43915Proceeds from sales of available for sale debt securities———511Acquisitions of financial royalty assets(251)(1)(703)(2)Milestone payments—(219)(50)(269)Other(0)(9)(0)(9)Net cash (used in)/provided by investing activities(230)(312)(708)192Cash flows from financing activities: Distributions to legacy non-controlling interests - Portfolio Receipts(86)(89)(164)(174)Distributions to continuing non-controlling interests(35)(39)(74)(92)Dividends to shareholders(105)(93)(209)(189)Repurchases of Class A ordinary shares(45)(292)(95)(1,000)Contributions from legacy non-controlling interests - R&D—0—0Contributions from non-controlling interests - other—5—6Debt issuance costs and other(2)—(2)—Other(0)—(1)—Net cash used in financing activities(273)(508)(546)(1,449)Net change in cash and cash equivalents226(456)193(297)Cash and cash equivalents, beginning of period5861,088619929Cash and cash equivalents, end of period812632812632 EPAs: Equity Performance Awards. Amounts may not add due to rounding.
Royalty Pharma plcGAAP to Non-GAAP Reconciliation (unaudited)Table 4 Three Months Ended June 30,($ in millions)20262025Net cash provided by operating activities (GAAP)728364Adjustments: Proceeds from available for sale debt securities(6)43Distributions from equity method investees(6)(13)63Interest paid/(received), net(6)0(8)Development-stage funding payments98301Distributions to legacy non-controlling interests - Portfolio Receipts(6)(86)(89)Payments for Employee EPAs50Adjusted EBITDA (non-GAAP)736633Interest (paid)/received, net(6)(0)8Portfolio Cash Flow (non-GAAP)736641 EPAs: Equity Performance Awards. Amounts may not add due to rounding.
Royalty Pharma plc
Description of Approved Indications for Select Portfolio Therapies
Table 5
Cystic fibrosis franchiseCystic fibrosisTysabriRelapsing forms of multiple sclerosisTrelegyChronic obstructive pulmonary disease and asthmaTremfyaPlaque psoriasis, psoriatic arthritis, ulcerative colitis and Crohn’s diseaseEvrysdiSpinal muscular atrophyVoranigoLow-grade gliomaXtandiProstate cancerImbruvicaHematological malignancies and chronic graft versus host diseaseCabometyx/CometriqKidney, liver and thyroid cancerImdelltraSmall cell lung cancerTrodelvyBreast cancerSpinrazaSpinal muscular atrophyAmvuttraTransthyretin amyloidosisPromactaChronic immune thrombocytopenia purpura and aplastic anemia
Notes
(1) Portfolio Receipts is defined above in the section entitled “Portfolio Receipts.”
(2) Adjusted EBITDA is defined under the credit agreement as Portfolio Receipts minus payments for operating and professional costs. Operating and professional costs reflect Payments for operating and professional costs from the GAAP condensed consolidated statements of cash flows. See GAAP to Non-GAAP reconciliation in Table 4.
(3) Portfolio Cash Flow is defined under the credit agreement as Adjusted EBITDA minus interest paid or received, net. See GAAP to Non-GAAP reconciliation in Table 4. Portfolio Cash Flow reflects the cash generated by Royalty Pharma’s business that can be redeployed into value-enhancing royalty acquisitions, used to repay debt, returned to shareholders through dividends or share purchases or utilized for other discretionary investments.
(4) Capital Deployment is calculated as the summation of the following line items from Royalty Pharma’s GAAP condensed consolidated statements of cash flows: Investments in equity method investees, Purchases of available for sale debt securities, Acquisitions of financial royalty assets, Acquisitions of other financial assets, Milestone payments, Development-stage funding payments less Contributions from legacy non-controlling interests - R&D.
(5) Other products primarily include Royalty Receipts on the following products: Crysvita, Erleada, Farxiga/Onglyza, Nesina, Niktimvo, Nurtec ODT, Orladeyo, Prevymis and distributions from the Legacy SLP Interest, which is presented as Distributions from equity method investees on the GAAP condensed consolidated statements of cash flows.
(6) The table below shows the line item for each adjustment and the direct location for such line item on the GAAP condensed consolidated statements of cash flows.
Reconciling AdjustmentStatements of Cash Flows ClassificationInterest (paid)/received, netOperating activities (Interest paid less Interest received)Distributions from equity method investeesInvesting activitiesProceeds from available for sale debt securitiesInvesting activitiesDistributions to legacy non-controlling interests - Portfolio ReceiptsFinancing activities (7) The condensed consolidated statement of operations for 2025 has been recast to reflect the adoption of ASU 2025-07 by removing the losses previously recognized on derivative.
Robinhood ve 2. čtvrtletí zvýšil tržby o 32 % na 1,3 miliardy USD, ale tržby z kryptoměn klesly o 38 % na 100 milionů USD. Akcie po růstu o více než 45 % od 52týdenního minima stále jsou draze oceněné.
Robinhood Markets (HOOD +3.51%) operates an investing platform where clients can buy and sell stocks, options, futures, cryptocurrency, and event contracts in the prediction markets. Its stock was trading at a 52-week low of $63 in March, a 57% decline from last year's record high of $154.
The sell-off was driven by weakness in Robinhood's options and crypto trading businesses, which combine to make up the bulk of its transaction-based revenue. While options activity recovered slightly during the second quarter of 2026, the crypto business remained subdued.
Robinhood stock has climbed more than 45% from its 52-week low, but here's why I'm predicting another sell-off during the next few months.
Image source: The Motley Fool.
Robinhood's clients engage in very risky behavior Robinhood generated $1.3 billion in revenue during the 2026 second quarter, an impressive 32% increase from the year-ago period. Transaction-based revenue accounted for $776 million of that total, while net interest income contributed $389 million.
Transaction-based revenue is the money Robinhood earns from its core business, which involves processing trades on behalf of its clients. Options trading was the largest contributor at $342 million, a 29% increase from the year-ago period. Crypto trading revenue, however, plummeted by 38% to just $100 million. That isn't a surprise, given that major coins including Bitcoin and Ethereum are down sharply from their all-time highs, which has kept many investors on the sidelines.
Robinhood also earned $156 million from processing trades in the prediction markets, which clients use to make bets on everything from politics to sports. Like options and crypto markets, prediction markets are extremely risky, and that brings me to a very important point.
Today's Change
(
3.51
%) $
3.17
Current Price
$
93.51
During the second quarter of 2021, which was near the height of the pandemic-related frenzy in the financial markets, Robinhood earned a whopping 88% of its transaction-based revenue from options and crypto trading alone. But just one year later, its options revenue was down 31%, while its crypto revenue had plummeted by 75%.
Most investors who engage in highly speculative trading in options, crypto, and prediction markets lose money in the long run, which is terrible for Robinhood's customer retention. In fact, in the company's latest quarterly filing with the Securities and Exchange Commission, it cites speculative "meme" trading as one of the key reasons its revenue fluctuates so erratically.
Transaction-based revenue from areas such as stock investing is more sustainable because buying a slice of a company isn't an all-or-nothing bet, which means clients are likely to stick around for much longer. However, this currently makes up just 17% of Robinhood's total transaction-based revenue.
Image source: Robinhood Markets.
Unfortunately, the composition of Robinhood's revenue leaves the company vulnerable to more volatility in its financial results. When the company's transaction-based revenue fell sharply after 2021, its stock suffered a decline of more than 90%, and there is a risk that history will repeat if it doesn't diversify away from risky areas such as options and event contracts.
Robinhood's lofty valuation opens the door to downside for shareholders When Robinhood stock set a new record high last October, its price-to-sales (P/S) ratio was more than 30, almost triple its long-term average of 11.9. That valuation wasn't sustainable, but even though the stock has since declined, its P/S ratio remains at an elevated level of 16.5.
HOOD PS Ratio data by YCharts
That implies Robinhood stock would have to decline by roughly 30% or more just to trade in line with its average P/S ratio of 11.9. However, it might have even more downside potential if there is a decline in the company's transaction revenue, which is a possibility if history is any guide. Lower revenue in the future would mean Robinhood stock might be even more expensive than it currently appears at face value.
A sharp decline in the stock market, rising interest rates, or a deterioration in the broader economy could reduce the disposable incomes of many retail investors who engage in highly speculative trading, thus resulting in lower transaction revenue for Robinhood. All three factors were prevalent last time the company's revenue plummeted in 2022.
Simply put, I think Robinhood's elevated valuation leaves very little room for further upside in its stock, especially considering its largest sources of revenue are on such shaky foundations.
Provozovatel e-commerce platformy Shopify zveřejnil hospodářské výsledky za druhé čtvrtletí roku 2026. Výnosy překonaly průměrný odhad analytiků, taženy silným růstem segmentu Merchant Solutions i hrubého objemu zboží (GMV) zpracovaného přes platformu.
Výsledky společnosti Shopify (SHOP) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2025 Výnosy (mld. USD) 3,58 3,45 2,68 Čistý zisk (mld. USD) 1,50 -- 0,91 Očištěný zisk na akcii (EPS, USD/akcie) 0,42 0,41 0,35 Výsledky za čtvrtletí Výnosy meziročně vzrostly o 34 % na 3,58 mld. USD, nad odhadem 3,45 mld. USD.
Výnosy ze segmentu Merchant Solutions dosáhly 2,78 mld. USD, meziročně +37 %, nad odhadem 2,66 mld. USD. Výnosy ze segmentu Subscription Solutions dosáhly 802 mil. USD, meziročně +22 %, nad odhadem 790 mil. USD.
Měsíční opakující se výnosy (MRR) dosáhly 221 mil. USD, meziročně +19 %, nad odhadem 219,1 mil. USD.
Hrubý objem zboží (GMV) vzrostl o 32 % na 115,57 mld. USD, nad odhadem 112,12 mld. USD. Hrubý objem plateb (GPV) dosáhl ve čtvrtletí 78 mld. USD.
Provozní zisk vzrostl o 68 % na 488 mil. USD, nad odhadem 422 mil. USD. Celkové provozní náklady dosáhly 1,22 mld. USD, meziročně +21 %, v souladu s odhadem 1,22 mld. USD. Očištěné provozní náklady činily 1,09 mld. USD, mírně nad odhadem 1,08 mld. USD.
Výhled na 3Q 2026 Společnost pro třetí čtvrtletí roku 2026 očekává:
Růst výnosů meziročně v pásmu nízkých třiceti procent. Růst hrubého zisku (v dolarovém vyjádření) meziročně v pásmu středních až vysokých dvaceti procent. Provozní náklady na úrovni 33 až 34 % výnosů. Náklady na akciové odměny ve výši 150 mil. USD. Marži volného hotovostního toku v pásmu vysokých teens až nízkých dvaceti procent. Komentář vedení Harley Finkelstein, prezident Shopify, uvedl: „Bylo to famózní čtvrtletí: růst přes 30 % u GMV, výnosů, hrubého zisku i volného hotovostního toku zároveň. Poháníme každý typ podnikání, a s AI rozšiřujeme možnosti pro všechny z nich. Nikdo jiný se nám v tomto ohledu nepřibližuje.“
Jeff Hoffmeister, finanční ředitel Shopify, dodal: „Růst GMV zrychlil i navzdory už tak silnému loňskému druhému čtvrtletí, se solidními výsledky napříč všemi velikostmi obchodníků, kanály i regiony. Spolu s tímto momentem nadále zvyšujeme provozní páku, což se projevilo na 18% marži volného hotovostního toku. Široce založený, konzistentní a kumulativní růst spojený s finanční disciplínou – přesně to je model, který budujeme.“
Návrat kapitálu akcionářům Společnost během čtvrtletí odkoupila vlastní akcie v celkové hodnotě 1,42 mld. USD.
Akcie Shopify Akcie Shopify (SHOP) v předburzovní fázi obchodování rostou o 22,64 % na 151,21 USD.
Akcie Shopify Inc (SHOP) včera vzrostly o 5,4 % na 123,3 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 160,0 P/E 111,4 Vývoj za letošní rok (%) -23,4 Očekávané P/E 66,7 52týdenní minimum (USD) 94,0 Prům. cílová cena (USD) 150,1 52týdenní maximum (USD) 182,2 Dividendový výnos (%) -- Zdroj: Shopify, Bloomberg
LP Building Solutions potvrdila celoroční výhled pro Siding a čeká návrat k růstu tržeb i objemu ve 3. čtvrtletí 2026. Ve 2. čtvrtletí čistý zisk klesl na 26 mil. USD a tržby Sidingu spadly o 4 % na 441 mil. USD.
NASHVILLE, Tenn.--(BUSINESS WIRE)--Louisiana-Pacific Corporation (LP) (NYSE: LPX), a leading manufacturer of high-performance building products, today reported its financial results for the three and six months ended June 30, 2026.
“We executed our strategy, and Siding delivered revenue within our guided range despite margin pressure from raw material inflation. We anticipate Siding returning to volume and revenue growth in the third quarter.” –LP CEO Jason Ringblom
Share Second Quarter 2026 Summary, Compared to Second Quarter 2025
LP reaffirms Siding full-year guidance, anticipates Siding year-over-year growth in the third quarter of 2026 Siding net sales decreased by $19 million, or 4%, to $441 million Oriented Strand Board (OSB) net sales decreased by $68 million to $182 million Net income was $26 million, a decrease of $27 million Net income per diluted share was $0.38 per diluted share, a decrease of $0.39 per diluted share Adjusted EBITDA(1) was $79 million, a decrease of $63 million Adjusted Diluted EPS(1) was $0.40 per diluted share, a decrease of $0.67 per diluted share Cash provided by operating activities was $140 million Capital Allocation Update
Invested $59 million in capital expenditures during the second quarter of 2026 Paid $21 million in cash dividends during the second quarter of 2026 As previously announced on July 31, 2026, LP's Board of Directors declared a quarterly cash dividend of $0.30 per share, payable on August 28, 2026, to stockholders of record on August 14, 2026. Total liquidity of approximately $1 billion as of June 30, 2026 “We executed our strategy, and Siding delivered revenue within our guided range despite margin pressure from raw material inflation,” said LP CEO Jason Ringblom. “We anticipate Siding returning to volume and revenue growth in the third quarter.”
Outlook
LP is providing financial guidance for the third quarter of 2026 and full year 2026 as set forth in the table below. Guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below under “Forward-Looking Statements.”
Third Quarter 2026
Full Year 2026
Siding Net Sales Year-Over-Year Growth
$460-470 million (~5% growth)
$1.65-1.67 billion (~1% decline)
Siding Adjusted EBITDA(2)
$110-120 million (~25% margin(2)(3))
$410-425 million (25-26% margin(2)(3))
OSB Adjusted EBITDA(2)(4)
$(45) million
$(120) million
Consolidated Adjusted EBITDA(2)(4)(5)
$50-60 million
$255-270 million
Capital Expenditures(6)
~$320 million
Second Quarter 2026 Highlights
Net sales for the second quarter of 2026 fell year over year by $90 million to $664 million. Siding revenue decreased by $19 million, or 4%, due to 11% lower volumes, partially offset by 7% higher prices. OSB revenue decreased by $68 million, driven by a decline in both prices and sales volumes.
Net income for the second quarter of 2026 decreased year over year by $27 million to $26 million ($0.38 per diluted share). The decline primarily reflects a $63 million decrease in Adjusted EBITDA, partially offset by the absence of $17 million of impairment charges incurred in 2025, a benefit of $12 million related to the reduction in tax provision, and a $8 million decrease in foreign currency loss. The year-over-year decrease in Adjusted EBITDA primarily reflects a $35 million impact from lower OSB prices, a $24 million impact from lower Siding volumes, an $11 million impact from lower OSB volumes, a $12 million impact from inflationary costs, and a $5 million impact from lower selling prices in South America. These decreases were partially offset by a $27 million benefit from higher Siding selling prices.
First Six Months of 2026 Highlights
Net sales for the first six months of 2026 decreased year over year by $240 million to $1.2 billion. Siding revenue decreased by $61 million, or 7%, due to 14% lower volumes, partially offset by 8% higher prices. OSB revenue decreased by $167 million, driven by lower prices and sales volumes.
Net income for the first six months of 2026 decreased year over year by $91 million to $53 million ($0.76 per diluted share). The decrease primarily reflects a $143 million decrease in Adjusted EBITDA, which was partially offset by the absence of $17 million of impairment charges incurred in 2025, a benefit of $28 million related to the reduction in tax provision, and an $16 million decrease in foreign currency loss. The year-over-year decline in Adjusted EBITDA was driven by a $101 million impact from lower OSB prices, along with additional headwinds of $59 million from lower Siding volumes, $21 million from lower OSB volumes, and $13 million from lower selling prices in South America. These decreases were partially offset by a $54 million benefit from higher Siding selling prices.
Segment Results
Siding
The Siding segment serves diverse end markets with a broad product portfolio of engineered wood siding, trim, soffit, and fascia. Our Siding is offered primed (LP® SmartSide® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions®) and prefinished (LP® SmartSide® ExpertFinish® Trim & Siding) to meet the needs of builders and installers in new construction and repair and remodeling applications.
Sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Net sales
$
441
$
460
(4
)%
$
801
$
862
(7
)%
Adjusted EBITDA
113
125
(9
)%
214
230
(7
)%
Percent changes in average net sales prices and unit shipments in Siding for the three and six months ended June 30, 2026, compared to the corresponding periods in 2025, were as follows:
Three Months Ended June 30,
2026 versus 2025
Six Months Ended June 30, 2026 versus
2025
Average Net
Selling Price
Unit
Shipments
Average Net
Selling Price
Unit
Shipments
Siding
7
%
(11
)%
8
%
(14
)%
Siding net sales decreased for the three and six months ended June 30, 2026 due to lower volumes, partially offset by higher prices. The increase in pricing was attributable to both the annual price increase and favorable mix.
Adjusted EBITDA declined by $12 million in the quarter and $16 million year to date compared with the same periods in 2025. Net price increases contributed $27 million in the quarter and $54 million year to date, while lower volumes reduced results by $24 million and $59 million, respectively. Raw material, freight, and labor costs also increased by $10 million in the quarter and $15 million year to date, including a $4 million impact from higher crude oil costs in the second quarter.
Oriented Strand Board (OSB)
The OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP® Structural Solutions (which includes LP® FlameBlock® Fire-Rated Sheathing, LP BurnGuard® FRT OSB, LP WeatherLogic® Air & Water Barrier, LP® TechShield® Radiant Barrier Sheathing, LP Legacy® Premium Sub-Flooring, and LP® TopNotch® 350 Durable Sub-Flooring).
Sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Net sales
$
182
$
250
(27
)%
$
350
$
517
(32
)%
Adjusted EBITDA
(21
)
19
(213
)%
(33
)
73
(146
)%
Percent changes in average net sales prices and unit shipments in OSB for the three and six months ended June 30, 2026, compared to the corresponding periods in 2025, were as follows:
Three Months Ended June 30,
2026 versus 2025
Six Months Ended June 30, 2026 versus
2025
Average Net
Selling Price
Unit
Shipments
Average Net
Selling Price
Unit
Shipments
OSB - Structural Solutions
(10
)%
(24
)%
(16
)%
(21
)%
OSB - Commodity
(20
)%
(1
)%
(26
)%
(7
)%
For the three and six months ended June 30, 2026, OSB net sales decreased year over year by $68 million and $167 million, respectively, primarily driven by lower OSB prices and a decline in sales volumes.
Adjusted EBITDA for the same periods decreased year over year by $40 million and $106 million, respectively, reflecting the impact of lower OSB prices and a decline in sales volumes.
Other
Other operations include LP's South American business that manufactures and distributes OSB structural panels and siding products in South America and certain export markets. Other operations also include timber and timberlands as well as other products, services, and closed operations, which do not qualify as discontinued operations. Additionally, Other includes unallocated corporate expenses.
Other net sales decreased by $3 million and $12 million, for the three and six months ended June 30, 2026, respectively, primarily due to a decline in OSB selling prices in South America. Adjusted EBITDA for the same periods decreased year over year by $12 million and $20 million, respectively, driven by a decline in South America net sales along with higher costs incurred in that market.
Conference Call
LP will hold a conference call to discuss this release today at 11 a.m. Eastern Time (8 a.m. Pacific Time). Investors will have the opportunity to listen to the conference call live by going to investor.lpcorp.com. For those who cannot listen to the live broadcast, the recorded webcast and accompanying presentation will be available to the public by going to investor.lpcorp.com and clicking “Events” under the “News & Events” header.
About LP Building Solutions
As a leader in high-performance building solutions, Louisiana-Pacific Corporation (LP Building Solutions, NYSE: LPX) manufactures engineered wood products that meet the demands of builders, remodelers and homeowners worldwide. LP’s extensive portfolio of innovative and dependable products includes Siding (LP® SmartSide® Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions®), LP® Structural Solutions (LP® FlameBlock® Fire-Rated Sheathing, LP BurnGuard® FRT OSB, LP WeatherLogic® Air & Water Barrier, LP® TechShield® Radiant Barrier Sheathing, LP Legacy® Premium Sub-Flooring, and LP® TopNotch® 350 Durable Sub-Flooring), and LP® Oriented Strand Board. In addition to product solutions, LP provides industry-leading customer service and warranties. Since its founding in 1972, LP has been Building a Better World™ by helping customers construct beautiful, durable homes while shareholders build lasting value. Headquartered in Nashville, Tennessee, LP operates over 20 manufacturing facilities across North and South America. For more information, visit LPCorp.com.
Forward-Looking Statements
This news release contains statements concerning Louisiana-Pacific Corporation’s (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the beliefs and assumptions of, and on information currently available to, our management; assumptions upon which such forward-looking statements are based are also forward-looking statements. Forward-looking statements can be identified by words such as “may,” “will,” “could,” “should,” “believe,” “expect,” “anticipate,” “assume,” “intend,” “plan,” “seek,” “estimate,” “project,” “target,” “potential,” “continue,” “likely,” or “future,” as well as similar expressions, or the negative or other variations thereof. Forward-looking statements include other statements regarding matters that are not historical facts, including without limitation, plans for product development, forecasts of future costs and expenditures, possible outcomes of legal proceedings, capacity expansion and other growth initiatives, the adequacy of reserves for loss contingencies, and any statements regarding the Company’s financial outlook. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: changes in governmental fiscal, trade, and monetary policies, including the imposition of higher or new tariffs, trade barriers, and levels of employment; changes in general and global economic conditions, including impacts from rising inflation, supply chain disruptions, or new, ongoing, or escalated geopolitical or military conflicts or tensions; the commodity nature of a segment of our products and the prices for those products, which are determined in significant part by external factors such as total industry capacity and wider industry cycles affecting supply and demand trends; changes in the cost and availability of capital; changes in the cost and availability of financing for home mortgages; changes in the level of home construction and repair and remodel activity, including as a result of labor shortages; changes in competitive conditions and prices for our products; changes in the relationship between supply of and demand for building products; changes in the financial or business conditions of third-party wholesale distributors and dealers of building products; changes in prices and the relationship between the supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products; changes in the cost and availability of energy, primarily natural gas, electricity, and diesel fuel; changes in the cost and availability of transportation, including transportation services provided by third parties; our dependence on third-party vendors and suppliers for certain goods and services critical to our business; operational and financial impacts from manufacturing our products internationally; difficulties in the development, launch or production ramp-up of new products; our ability to attract and retain qualified executives, management and other key employees; the need to formulate and implement effective succession plans from time to time for key members of our management team; impacts from public health issues (including global pandemics) on the economy, demand for our products or our operations, including the actions and recommendations of governmental authorities to contain such public health issues; our ability to identify and successfully complete and integrate acquisitions, divestitures, joint ventures, capital investments and other corporate strategic transactions; unplanned interruptions to our manufacturing operations, such as explosions, fires, inclement weather, natural disasters, accidents, equipment failures, labor shortages or disruptions, transportation interruptions, supply interruptions, public health issues (including pandemics and quarantines), riots, civil insurrection or social unrest, looting, protests, strikes, and street demonstrations; changes in global or regional climate conditions, the impacts of climate change, and potential government policies adopted in response to such conditions; changes in other significant operating expenses; changes in currency values and exchange rates between the U.S. dollar and other currencies, particularly the Canadian dollar, Brazilian real, Chilean peso, and Argentine peso; changes in, and compliance with, general and industry-specific laws and regulations, including environmental and health and safety laws and regulations, the U.S. Foreign Corrupt Practices Act and anti-bribery laws, laws related to our international business operations, and changes in building codes and standards; changes in tax laws and interpretations thereof; changes in circumstances giving rise to environmental liabilities or expenditures; warranty costs exceeding our warranty reserves; challenges to or exploitation of our intellectual property or other proprietary information by our competitors or other third parties; the resolution of existing and future product-related litigation, environmental proceedings and remediation efforts, and other legal or environmental proceedings or matters; the effect of covenants and events of default contained in our debt instruments; the amount and timing of any repurchases of our common stock and the payment of dividends on our common stock, which will depend on market and business conditions and other considerations; cybersecurity events affecting our information technology systems or those of our third-party providers and the related costs and impact of any disruption on our business; and acts of public authorities, war, political or civil unrest, natural disasters, fire, floods, earthquakes, inclement weather, and other matters beyond our control.
For additional information about factors that could cause actual results, events, and circumstances to differ materially from those described in the forward-looking statements, please refer to LP’s filings with the Securities and Exchange Commission (SEC). We urge you to consider all of the risks, uncertainties, and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this news release. We cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or even if substantially realized, that those results will have the forecasted or expected consequences and effects for or on our operations or financial performance. The forward-looking statements made today are as of the date of this news release. Except as required by law, LP undertakes no obligation to update any such forward-looking statements to reflect new information, subsequent events, or circumstances.
Use of Non-GAAP Information
When evaluating the Company's performance on a U.S. GAAP basis, management utilizes certain non-GAAP financial measures as defined by SEC Regulation G and Regulation S-K Item 10(e). These measures exclude the impact of specific costs, expenses, gains, and losses to evaluate our overall operating performance. Management believes these non-GAAP measures provide users of the financial information with additional meaningful comparison to prior periods, as they generally exclude items that are outside of the normal course of our business or beyond management's control. It is important to note that non-GAAP financial measures do not have standardized definitions and are not defined by U.S. GAAP. In this press release, Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS (as each defined below) are non-GAAP measures that are used by management and external users of our condensed consolidated financial statements such as investors, industry analysts, and lenders.
Adjusted EBITDA is defined as net income excluding interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, loss on impairment, business exit credits and charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, other non-operating income (expense), income from discontinued operations, net of income taxes, and net income attributed to noncontrolling interest. We have included Adjusted EBITDA in this report because we view it as an important supplemental measure of our performance and believe that it is frequently used by interested persons in the evaluation of companies that have different financing and capital structures and/or tax rates.
Adjusted Income is defined as net income, excluding loss on impairment, business exit credits and charges, product-line discontinuance charges, interest expense outside of normal operations, other operating credits and charges, net, loss on early debt extinguishment, gain (loss) on acquisition, pension settlement charges, income from discontinued operations, net of income taxes, net income attributed to noncontrolling interest, foreign currency gains and losses, and adjusting for a normalized tax rate. Adjusted Diluted EPS is calculated as Adjusted Income divided by diluted shares outstanding, which is a non-GAAP financial measure. We believe that Adjusted Diluted EPS and Adjusted Income are useful measures for evaluating our ability to generate earnings and that providing these measures should allow interested persons to more readily compare the earnings for past and future periods.
During the first quarter of 2026, the Company updated the definition of Adjusted Income to exclude foreign currency gains and losses. These gains and losses primarily arise from the remeasurement of all monetary assets and liabilities including intercompany notes that are denominated in a different currency than the entity's functional currency. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations. The Company believes this exclusion provides investors with a clearer view of underlying operating performance by removing the effects of currency fluctuations that are largely outside of the Company's control and do not reflect its core business activities. For comparability and consistency, all prior period Adjusted Income and Adjusted Diluted EPS measures have been recast to conform to the current presentation. The impact of this update for the three and six months ended June 30, 2025, was an increase to Adjusted Income of $6 million and $9 million, respectively, and an increase to Adjusted Diluted EPS of $0.08 per share and $0.14 per share, respectively.
Reconciliations of Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS to their most directly comparable U.S. GAAP financial measures, net income and net income per share of common stock - diluted, respectively, are presented below. Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS are not substitutes for the U.S. GAAP measures of net income and net income per share of common stock - diluted or for any other U.S. GAAP measures of operating performance. It should be noted that other companies may present similarly titled measures differently, and therefore, as presented by us, these measures may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS have material limitations as performance measures because they exclude items that are actually incurred or experienced in connection with the operation of our business.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net sales
$
664
$
755
$
1,239
$
1,478
Cost of sales
(549
)
(577
)
(1,008
)
(1,103
)
Gross profit
116
178
231
375
Selling, general, and administrative expenses
(80
)
(79
)
(158
)
(154
)
Loss on impairment
—
(17
)
—
(17
)
Other operating credits and charges, net
(5
)
(2
)
(7
)
(4
)
Income from operations
31
80
66
200
Interest expense
(4
)
(4
)
(8
)
(7
)
Investment income
6
4
8
8
Other non-operating (expense) income
1
(7
)
4
(12
)
Income before income taxes
34
73
70
189
Provision for income taxes
(8
)
(19
)
(17
)
(45
)
Equity in unconsolidated affiliate
—
—
—
1
Net income
$
26
$
54
$
53
$
145
Net income per share of common stock:
Basic
$
0.38
$
0.77
$
0.76
$
2.08
Diluted
$
0.38
$
0.77
$
0.76
$
2.07
Average shares of common stock used to compute net income per share:
Basic
70
70
70
70
Diluted
70
70
70
70
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS)
June 30, 2026
December 31, 2025
ASSETS
Cash and cash equivalents
$
228
$
292
Receivables, net
143
127
Inventories
373
363
Prepaid expenses and other current assets
28
28
Total current assets
773
809
Property, plant, and equipment, net
1,728
1,709
Timber and timberlands
9
13
Operating lease assets, net
23
23
Goodwill and intangible assets
19
22
Investments in and advances to affiliates
18
17
Other assets
26
25
Deferred tax assets
11
8
Total assets
$
2,607
$
2,627
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities
$
240
$
285
Income tax payable
—
5
Total current liabilities
240
291
Long-term debt
348
348
Deferred income taxes
195
177
Non-current operating lease liabilities
20
22
Contingency reserves
26
26
Other long-term liabilities
33
33
Total liabilities
863
896
Stockholders’ equity:
Common stock
85
85
Additional paid-in capital
515
508
Retained earnings
1,633
1,621
Treasury stock
(386
)
(385
)
Accumulated comprehensive loss
(103
)
(98
)
Total stockholders’ equity
1,744
1,731
Total liabilities and stockholders’ equity
$
2,607
$
2,627
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
26
$
54
$
53
$
145
Adjustments to net income:
Depreciation and amortization
39
36
77
70
Impairment of goodwill and long-lived assets
—
17
—
17
Stock-based compensation expense
5
7
12
12
Deferred taxes
3
(4
)
17
(4
)
Foreign currency remeasurement and transaction (gains) losses
(1
)
6
(6
)
7
Other adjustments, net
6
3
1
2
Changes in assets and liabilities (net of acquisitions and divestitures):
Receivables
5
—
(12
)
(37
)
Inventories
41
19
(10
)
(18
)
Prepaid expenses and other current assets
(2
)
7
1
6
Accounts payable and accrued liabilities
12
8
(21
)
4
Income taxes payable, net of receivables
7
9
(9
)
21
Net cash provided by operating activities
140
162
102
226
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions
(59
)
(68
)
(120
)
(132
)
Net cash used in investing activities
(58
)
(68
)
(120
)
(132
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of cash dividends
(21
)
(19
)
(42
)
(39
)
Purchase of stock
—
—
—
(61
)
Other financing activities
3
2
(5
)
(4
)
Net cash used in financing activities
(18
)
(17
)
(47
)
(105
)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
1
—
1
3
Net increase (decrease) in cash, cash equivalents, and restricted cash
64
77
(63
)
(7
)
Cash, cash equivalents, and restricted cash at beginning of period
164
256
292
340
Cash, cash equivalents, and restricted cash at end of period
$
228
$
333
$
228
$
333
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
The following tables present summary data relating to: (i) housing starts within the United States, (ii) our sales volumes, and (iii) our Overall Equipment Effectiveness (OEE) performance. We consider the following items to be key performance indicators for our business because LP’s management uses these metrics to evaluate our business and trends in our industry, measure our performance, and make strategic decisions. We believe that the key performance indicators presented may provide additional perspective and insights when analyzing our core operating performance. These key performance indicators should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the financial measures that were prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). These measures may not be comparable to similarly titled performance indicators used by other companies.
We monitor housing starts, which is a leading external indicator of residential construction in the United States that correlates with the demand for many of our products. We believe that this is a useful measure for evaluating our results and that providing this measure should allow interested persons to more readily compare our sales volume for past and future periods to an external indicator of product demand. Other companies may present housing start data differently, and therefore, as presented by us, our housing start data may not be comparable to similarly titled performance indicators reported by other companies.
The following table sets forth actual housing starts data reported by the U.S. Census Bureau, as published through July 17, 2026, 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
Single-Family
253
264
467
493
Multi-Family
119
111
229
200
372
375
696
692
We monitor sales volumes for our products in our Siding and OSB segments, which we define as the amount of our products sold within the applicable period measured in million square feet (MMSF) on a standard 3/8" thickness basis. Evaluating sales volume by product type helps us identify and address changes in product demand, broad market factors that may affect our performance, and opportunities for future growth. It should be noted that other companies may present sales volume data differently, and therefore, as presented by us, sales volume data may not be comparable to similarly titled measures reported by other companies. We believe that sales volumes can be a useful measure for evaluating and understanding our business.
The following table sets forth sales volumes for the three and six months ended June 30, 2026 and 2025 (in MMSF):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Siding
446
500
804
935
Total Siding sales volume
446
500
804
935
OSB - Structural Solutions
342
450
669
848
OSB - Commodity
425
430
799
856
Total OSB sales volume
768
880
1,468
1,704
We measure OEE of each of our mills to track improvements in the utilization and productivity of our manufacturing assets. OEE is a composite metric that considers asset uptime (adjusted for capital project downtime and similar events), production rates, and finished product quality. We believe that when used in conjunction with other metrics, OEE can be a useful measure for evaluating our ability to generate profits, and that providing this measure should allow interested persons to monitor operational improvements. We use a best-in-class target across all LP sites that allows us to optimize capital investments, focus on maintenance and reliability improvements, and improve overall equipment efficiency. It should be noted that other companies may present OEE data differently, and therefore, as presented by us, OEE data may not be comparable to similarly titled measures reported by other companies.
OEE for the three and six months ended June 30, 2026 and 2025 for each of our reportable segments is listed below:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Siding
85
%
83
%
84
%
81
%
OSB
80
%
79
%
79
%
78
%
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(AMOUNTS IN MILLIONS)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
NET SALES
Siding
$
441
$
460
$
801
$
862
OSB
182
250
350
517
Other
41
45
87
99
Total Sales
$
664
$
755
$
1,239
$
1,478
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA, NON-GAAP ADJUSTED INCOME, AND NON-GAAP ADJUSTED DILUTED EPS
Louisiana-Pacific vykázala za čtvrtletí zisk 0,4 USD na akcii a tržby 664 milionů USD, obojí pod odhady. Zisk byl také výrazně pod 0,99 USD před rokem.
Louisiana-Pacific (LPX - Free Report) came out with quarterly earnings of $0.4 per share, missing the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.99 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -31.03%. A quarter ago, it was expected that this home construction supplier would post earnings of $0.09 per share when it actually produced earnings of $0.38, delivering a surprise of +322.22%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Louisiana-Pacific, which belongs to the Zacks Building Products - Wood industry, posted revenues of $664 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.48%. This compares to year-ago revenues of $755 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Louisiana-Pacific shares have lost about 4.9% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for Louisiana-Pacific?While Louisiana-Pacific has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Louisiana-Pacific was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.47 on $676.65 million in revenues for the coming quarter and $1.86 on $2.55 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Wood is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Construction sector, Argan (AGX - Free Report) , is yet to report results for the quarter ended July 2026.
This builder of energy plants is expected to post quarterly earnings of $2.68 per share in its upcoming report, which represents a year-over-year change of +7.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Argan's revenues are expected to be $297.78 million, up 25.3% from the year-ago quarter.
Second quarter net sales of $2.177 billion increased 4.8% on a reported basis, 4.7% on a constant currency1 basis and 4.0% on an organic constant currency1 basis Second quarter diluted earnings per share were $1.03, an increase of 33.8%; adjusted1 diluted earnings per share were $2.07, consistent with the prior year period Company updates full-year 2026 financial guidance , /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE: ZBH) and (SIX: ZBH) today reported financial results for the quarter ended June 30, 2026. The Company reported second quarter net sales of $2.177 billion, an increase of 4.8% over the prior year period, an increase of 4.7% on a constant currency1 basis and an increase of 4.0% on an organic constant currency1 basis. Net earnings for the second quarter were $198.3 million, or $399.6 million on an adjusted1 basis.
Diluted earnings per share were $1.03 for the second quarter, an increase of 33.8%, and adjusted1 diluted earnings per share were $2.07, consistent with the prior year period. Zimmer Biomet generated $447.9 million in operating cash flow and $308.3 million of free cash flow1 in the second quarter.
1 Reconciliations of these measures to the corresponding U.S. generally accepted accounting principles measures are included in this press release.
"We delivered strong second quarter results with solid top- and bottom-line performance and continued progress on our key growth drivers and commercial transformation," said Ivan Tornos, Chairman, President and CEO of Zimmer Biomet. "With a strong first half, healthy underlying markets, go-to-market changes progressing as planned and continued momentum from our innovation cycle, we are raising our revenue and adjusted EPS guidance for the year. Importantly, we continue to advance our strategic priorities and remain confident our efforts will strengthen our business, build the boldest leader in MedTech, and better position Zimmer Biomet to deliver consistent, durable growth over the long term."
Recent Highlights
Announced increase to share repurchase expectations of up to $1 billion of its common stock during fiscal year 2026. Received U.S. FDA 510(k) clearance and completed first cases of the next generation ROSA® Shoulder System, the first in the industry to support both glenoid and humeral bone preparation for anatomic and reverse techniques. Recognized as "Best Healthcare Robotics Solution" in 2026 MedTech Breakthrough Awards ROSA® Knee with OptimiZe™. Named Chintan Desai president of the company's Asia Pacific Region to replace Sang Yi, who will depart the company on Aug. 28. Named to TIME's 2026 list of America's Best Companies, demonstrating excellence across employee satisfaction, financial results and sustainability transparency. Issued 2025 Sustainability Report, highlighting meaningful progress reducing the company's environmental footprint, strengthening communities and expanding access to care. Zimmer Biomet Institute held its inaugural Sharpening Your Edge immersive, hands-on bioskills training experience, designed to deliver immediate, practice-ready impact to early career surgeons. Geographic and Product Category Sales
The following sales tables provide results by geography and product category for the three and six-month periods ended June 30, 2026, as well as the percentage change compared to the prior year periods, on both a reported basis and a constant currency basis. Percentage change is also presented on an organic constant currency basis to exclude the impact on net sales from the April 2025 acquisition of Paragon 28, Inc. ("Paragon 28").
NET SALES - THREE MONTHS ENDED JUNE 30, 2026
(in millions, unaudited)
Organic
Constant
Constant
Net
Currency
Currency
Sales
% Change
% Change
% Change
Geographic Results
United States
$
1,239.9
5.6
%
5.6
%
4.6
%
International
937.0
3.7
3.5
3.1
Total
$
2,177.0
4.8
%
4.7
%
4.0
%
Product Categories
Knees
United States
$
455.0
1.4
%
1.4
%
1.4
%
International
374.0
(0.9)
(1.5)
(1.5)
Total
828.9
0.4
0.1
0.1
Hips
United States
288.5
5.9
5.9
5.9
International
274.1
4.0
4.2
4.2
Total
562.7
5.0
5.1
5.1
S.E.T. *
586.0
6.4
6.2
3.4
Technology & Data, Bone Cement and Surgical
199.4
21.1
21.5
21.5
Total
$
2,177.0
4.8
%
4.7
%
4.0
%
* Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic
NET SALES - SIX MONTHS ENDED JUNE 30, 2026
(in millions, unaudited)
Organic
Constant
Constant
Net
Currency
Currency
Sales
% Change
% Change
% Change
Geographic Results
United States
$
2,449.3
7.1
%
7.1
%
3.9
%
International
1,814.4
6.8
3.8
2.8
Total
$
4,263.7
7.0
%
5.7
%
3.4
%
Product Categories
Knees
United States
$
924.1
1.8
%
1.8
%
1.8
%
International
733.4
3.1
(0.2)
(0.2)
Total
1,657.5
2.4
0.9
0.9
Hips
United States
566.1
5.5
5.5
5.5
International
520.7
5.2
2.7
2.7
Total
1,086.8
5.3
4.2
4.2
S.E.T. *
1,148.2
12.5
11.3
2.6
Technology & Data, Bone Cement and Surgical
371.2
18.0
16.8
16.8
Total
$
4,263.7
7.0
%
5.7
%
3.4
%
* Sports Medicine, Extremities, Trauma, Craniomaxillofacial and Thoracic
Amounts reported in millions are computed based on the actual amounts. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Percentages presented are calculated from the underlying unrounded amounts.
Financial Guidance
The Company is updating its full-year 2026 financial guidance as follows:
Projected Year Ending December 31, 2026
Previous Guidance
Updated Guidance
2026 Reported Revenue Change
2.5% - 4.5%
3.9% - 4.9%
Foreign Currency Exchange Impact
+0.5 %
+0.5 %
2026 Constant Currency Revenue Change
2.0% - 4.0%
3.4% - 4.4%
2026 Organic Constant Currency Revenue Change(1)
1.0% - 3.0%
2.25% - 3.25%
Adjusted Diluted EPS(2)
$8.40 - $8.55
$8.47 - $8.59
(1)
Excludes the impact of the Paragon 28 acquisition through the one-year anniversary of the acquisition date, which is estimated to be approximately 110bps.
(2)
This measure is a non-GAAP financial measure for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See "Forward-Looking Non-GAAP Financial Measures" below, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that this forward-looking non-GAAP financial measure may be materially different from the corresponding GAAP financial measure.
Conference Call
The Company will conduct its second quarter 2026 investor conference call today, August 5, 2026, at 8:30 a.m. ET. The audio webcast can be accessed via Zimmer Biomet's Investor Relations website at https://investor.zimmerbiomet.com. It will be archived for replay following the conference call.
About the Company
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X / Twitter at www.x.com/zimmerbiomet.
Website Information
We routinely post important information for investors on our website, www.zimmerbiomet.com, in the "Investor Relations" section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, our website or any other website referenced herein is not incorporated by reference into, and is not a part of, this document.
Note on Non-GAAP Financial Measures
This press release and our commentary in our investor conference call today include non-GAAP financial measures that differ from financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures may not be comparable to similar measures reported by other companies and should be considered in addition to, and not as a substitute for, or superior to, other measures prepared in accordance with GAAP.
Net sales change information for the three and six-month periods ended June 30, 2026 is presented on a GAAP (reported) basis and on a constant currency basis. Net sales change for these periods is also presented on an organic constant currency basis to exclude the impact on net sales from the April 2025 acquisition of Paragon 28. Constant currency percentage changes exclude the effects of foreign currency exchange rates. They are calculated by translating current and prior-period sales at the same predetermined exchange rate. The translated results are then used to determine year-over-year percentage increases or decreases. Projected revenue change information for the year ending December 31, 2026, is also presented on an organic constant currency basis. In addition to excluding the projected effects of foreign currency exchange rates, projected 2026 organic constant currency revenue change also excludes the impact on net sales from the April 2025 acquisition of Paragon 28 through the one-year anniversary of the acquisition date in April 2026.
Net earnings and diluted earnings per share for the three and six-month periods ended June 30, 2026 and 2025 are presented on a GAAP (reported) basis and on an adjusted basis. These adjusted financial measures exclude the effects of certain items, which are detailed in the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures presented later in the press release.
Free cash flow is an additional non-GAAP measure that is presented in this press release. Free cash flow is computed by deducting additions to instruments and other property, plant and equipment from net cash provided by operating activities.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. This press release also contains supplemental reconciliations of additional non-GAAP financial measures that the Company presents in other contexts. These additional non-GAAP financial measures are computed from the most directly comparable GAAP financial measure as indicated in the applicable reconciliation.
Management uses non-GAAP financial measures internally to evaluate the performance of the business. Additionally, management believes these non-GAAP measures provide meaningful incremental information to investors to consider when evaluating the performance of the Company. Management believes these measures offer the ability to make period-to-period comparisons that are not impacted by certain items that can cause dramatic changes in reported income but that do not impact the fundamentals of our operations. The non-GAAP measures enable the evaluation of operating results and trend analysis by allowing a reader to better identify operating trends that may otherwise be masked or distorted by these types of items that are excluded from the non-GAAP measures. In addition, constant currency revenue change, adjusted operating profit, adjusted diluted earnings per share and free cash flow are used as performance metrics in our incentive compensation programs.
Forward-Looking Non-GAAP Financial Measures
This press release and our commentary in our investor conference call today also include certain forward-looking non-GAAP financial measures for the year ending December 31, 2026. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, we exclude the impact of restructuring and other cost reduction initiatives; acquisition, integration, divestiture and related; and certain legal and tax matters. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures (other than projected 2026 organic constant currency revenue change) to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management's plans may change. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures.
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding financial guidance, statements regarding macro pressures, including the impact of such pressures on our business, and any statements about our forecasts, expectations, plans, intentions, commitments, strategies or prospects. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements. These risks, uncertainties and changes in circumstances include, but are not limited to: competition; pricing pressures; dependence on new product development, technological advances and innovation; changes in customer demand for our products and services caused by demographic changes, obsolescence, development of different therapies or other factors; our ability to attract, retain, develop and maintain adequate succession plans for the highly skilled employees, senior management, independent agents and distributors we need to support our business; the transformation of our sales and distribution network in the U.S. and other markets; shifts in the product category or regional sales mix of our products and services; the risks and uncertainties related to our ability to successfully execute our restructuring plans; the risks and uncertainties relating to our ability to successfully execute on our product portfolio rationalization plans; control of costs and expenses; risks related to the ability to realize the anticipated benefits of our acquisitions, including the possibility that the expected benefits from such transactions will not be realized or will not be realized within the expected time period; the risk that acquired businesses will not be integrated successfully; the effects of business disruptions affecting us, our suppliers, customers or payors, either alone or in combination with other risks on our business and operations; the risks and uncertainties related to our ability to successfully integrate the operations, products, service providers, agents, employees, sales representatives and distributors of acquired companies; the effect of the potential disruption of management's attention from ongoing business operations due to integration matters related to mergers and acquisitions; the effect of mergers and acquisitions on our relationships with customers, suppliers and lenders and on our operating results and businesses generally; unplanned delays, disruptions and expenses attributable to our enterprise resource planning and other system updates; the ability to form and implement alliances; dependence on a limited number of suppliers for key raw materials and other inputs and for outsourced activities; the risk of disruptions in the supply of materials and components used in manufacturing or sterilizing our products; breaches or failures of our (or of our business partners' or other third parties') information technology systems or products, including by cyberattack, unauthorized access or theft; the outcome of government investigations; the impact of healthcare reform and cost containment measures, including efforts sponsored by government agencies, legislative bodies, the private sector and healthcare purchasing organizations, through reductions in reimbursement levels, repayment demands and otherwise; the effects of natural disasters, or of legal, regulatory or market measures to address natural disasters; the effects of our commitments, goals and disclosures relating to corporate responsibility matters; the impact of substantial indebtedness on our ability to service our debt obligations and/or refinance amounts outstanding under our debt obligations at maturity on terms favorable to us, or at all; changes in tax obligations arising from examinations by tax authorities and from changes in tax laws in jurisdictions where we do business, including as a result of the "base erosion and profit shifting" project undertaken by the Organisation for Economic Co-operation and Development and otherwise; challenges to the tax-free nature of the ZimVie Inc. spinoff transaction and the subsequent liquidation of our retained interest in ZimVie Inc.; the risk of additional tax liability due to the recategorization of our independent agents and distributors to employees; changes in tariffs relating to imports to the U.S. and other countries; the risk that material impairment of the carrying value of our intangible assets, including goodwill, could negatively affect our operating results; changes in general domestic and international economic conditions, including interest rate and currency exchange rate fluctuations; changes in general industry and market conditions, including domestic and international growth, inflation and currency exchange rates; the domestic and international business impact of political, social and economic instability, tariffs, trade restrictions and embargoes, sanctions, wars, disputes and other conflicts, including on our ability to operate in, export from or collect accounts receivable in affected countries; challenges relating to changes in and compliance with governmental laws and regulations affecting our U.S. and international businesses, including regulations of the U.S. Food and Drug Administration ("FDA") and other government regulators relating to medical products, healthcare fraud and abuse laws and data privacy and cybersecurity laws; the success of our quality and operational excellence initiatives; the ability to remediate matters identified in inspectional observations issued by the FDA and other regulators, while continuing to satisfy the demand for our products; product liability, intellectual property and commercial litigation losses; and the ability to obtain and maintain adequate intellectual property protection. A further list and description of these risks and uncertainties and other factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2025, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and our subsequent filings with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, www.zimmerbiomet.com or on request from us. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to rely on these forward-looking statements since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary note is applicable to all forward-looking statements contained in this press release.
Note: Amounts reported in millions within this press release are computed based on the actual amounts. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts.
ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED JUNE 30, 2026 and 2025
(in millions, except per share amounts, unaudited)
2026
2025
Net Sales
$
2,177.0
$
2,077.3
Cost of products sold, excluding intangible asset amortization
635.5
592.2
Intangible asset amortization
163.4
160.6
Research and development
104.8
113.3
Selling, general and administrative
899.3
814.8
Restructuring and other cost reduction initiatives
29.8
17.5
Acquisition, integration, divestiture and related
18.1
78.9
Operating expenses
1,850.9
1,777.3
Operating Profit
326.1
300.0
Other income, net
1.9
3.9
Interest expense, net
(72.9)
(79.3)
Earnings before income taxes
255.1
224.6
Provision for income taxes
55.5
71.2
Net Earnings
199.6
153.4
Less: Net earnings attributable to noncontrolling interest
1.3
0.6
Net Earnings of Zimmer Biomet Holdings, Inc.
$
198.3
$
152.8
Earnings Per Common Share
Basic
$
1.03
$
0.77
Diluted
$
1.03
$
0.77
Weighted Average Common Shares Outstanding
Basic
192.2
197.9
Diluted
192.8
198.3
ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE SIX MONTHS ENDED JUNE 30, 2026 and 2025
(in millions, except per share amounts, unaudited)
2026
2025
Net Sales
$
4,263.7
$
3,986.4
Cost of products sold, excluding intangible asset amortization
1,211.6
1,142.0
Intangible asset amortization
325.5
311.6
Research and development
208.2
223.9
Selling, general and administrative
1,749.3
1,573.5
Restructuring and other cost reduction initiatives
36.1
53.5
Acquisition, integration, divestiture and related
33.7
89.5
Operating expenses
3,564.4
3,394.0
Operating Profit
699.2
592.3
Other (expense) income, net
(1.1)
6.9
Interest expense, net
(141.7)
(145.5)
Earnings before income taxes
556.4
453.6
Provision for income taxes
118.5
117.6
Net Earnings
437.9
336.0
Less: Net earnings attributable to noncontrolling interest
1.5
1.1
Net Earnings of Zimmer Biomet Holdings, Inc.
$
436.5
$
334.9
Earnings Per Common Share
Basic
$
2.25
$
1.69
Diluted
$
2.25
$
1.68
Weighted Average Common Shares Outstanding
Basic
193.6
198.4
Diluted
194.3
199.0
ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)
June 30,
December 31,
2026
2025
Assets
Cash and cash equivalents
$
410.0
$
591.9
Receivables, net
1,769.5
1,704.4
Inventories
2,270.3
2,286.4
Other current assets
646.9
537.3
Total current assets
5,096.7
5,119.9
Property, plant and equipment, net
2,236.8
2,207.1
Goodwill
9,919.5
9,947.1
Intangible assets, net
4,461.6
4,717.3
Other assets
1,083.3
1,100.3
Total Assets
$
22,797.8
$
23,091.7
Liabilities and Stockholders' Equity
Current liabilities
$
1,812.0
$
1,996.6
Current portion of long-term debt
1,201.5
587.1
Other long-term liabilities
874.3
870.2
Long-term debt
6,277.5
6,932.0
Stockholders' equity
12,632.5
12,705.8
Total Liabilities and Stockholders' Equity
$
22,797.8
$
23,091.7
ZIMMER BIOMET HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2026 and 2025
(in millions, unaudited)
2026
2025
Cash flows provided by (used in) operating activities
Net earnings
$
437.9
$
336.0
Depreciation and amortization
540.8
526.2
Share-based compensation
48.8
40.8
Changes in operating assets and liabilities, net of acquired assets and liabilities
Income taxes
(80.1)
(132.0)
Receivables
(24.0)
(18.6)
Inventories
(51.4)
(40.2)
Accounts payable and accrued liabilities
(91.0)
40.4
Other assets and liabilities
26.1
8.3
Net cash provided by operating activities
807.2
761.0
Cash flows provided by (used in) investing activities
Additions to instruments
(162.6)
(140.2)
Additions to other property, plant and equipment
(90.5)
(94.7)
Net investment hedge settlements
10.8
3.5
Business combination investments, net of acquired cash
-
(1,226.3)
Acquisition of intangible assets
(101.2)
(32.4)
Other investing activities
(6.3)
(0.3)
Net cash used in investing activities
(349.8)
(1,490.4)
Cash flows provided by (used in) financing activities
Net proceeds on revolving facilities
30.0
220.0
Proceeds from senior notes
-
1,748.1
Redemption of senior notes
-
(863.0)
Dividends paid to stockholders
(93.4)
(95.3)
Proceeds from employee stock compensation plans
12.4
17.1
Business combination contingent consideration payments
(69.2)
(17.4)
Debt issuance costs
(1.3)
(17.3)
Repurchase of common stock
(500.8)
(237.0)
Other financing activities
(17.9)
(16.1)
Net cash (used in) provided by financing activities
(640.3)
739.2
Effect of exchange rates on cash and cash equivalents
1.1
21.6
Change in cash and cash equivalents
(181.9)
31.4
Cash and cash equivalents, beginning of year
591.9
525.5
Cash and cash equivalents, end of period
$
410.0
$
556.9
ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED NET SALES % CHANGE TO
CONSTANT CURRENCY AND ORGANIC CONSTANT CURRENCY % CHANGE
(unaudited)
For the Three Months Ended
June 30, 2026 vs. 2025
Organic
Foreign
Constant
Paragon
Constant
Exchange
Currency
28
Currency
% Change
Impact
% Change
Impact
% Change
Geographic Results
United States
5.6
%
-
%
5.6
%
1.0
%
4.6
%
International
3.7
0.2
3.5
0.4
3.1
Total
4.8
%
0.1
%
4.7
%
0.7
%
4.0
%
Product Categories
Knees
United States
1.4
%
-
%
1.4
%
-
%
1.4
%
International
(0.9)
0.6
(1.5)
-
(1.5)
Total
0.4
0.3
0.1
-
0.1
Hips
United States
5.9
-
5.9
-
5.9
International
4.0
(0.2)
4.2
-
4.2
Total
5.0
(0.1)
5.1
-
5.1
S.E.T.
6.4
0.2
6.2
2.8
3.4
Technology & Data, Bone Cement and Surgical
21.1
(0.4)
21.5
-
21.5
Total
4.8
%
0.1
%
4.7
%
0.7
%
4.0
%
ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED NET SALES % CHANGE TO
CONSTANT CURRENCY AND ORGANIC CONSTANT CURRENCY % CHANGE
(unaudited)
For the Six Months Ended
June 30, 2026 vs. 2025
Organic
Foreign
Constant
Paragon
Constant
Exchange
Currency
28
Currency
% Change
Impact
% Change
Impact
% Change
Geographic Results
United States
7.1
%
-
%
7.1
%
3.2
%
3.9
%
International
6.8
3.0
3.8
1.0
2.8
Total
7.0
%
1.3
%
5.7
%
2.3
%
3.4
%
Product Categories
Knees
United States
1.8
%
-
%
1.8
%
-
%
1.8
%
International
3.1
3.3
(0.2)
-
(0.2)
Total
2.4
1.5
0.9
-
0.9
Hips
United States
5.5
-
5.5
-
5.5
International
5.2
2.5
2.7
-
2.7
Total
5.3
1.1
4.2
-
4.2
S.E.T.
12.5
1.2
11.3
8.7
2.6
Technology & Data, Bone Cement and Surgical
18.0
1.2
16.8
-
16.8
Total
7.0
%
1.3
%
5.7
%
2.3
%
3.4
%
ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED TO ADJUSTED RESULTS
FOR THE THREE MONTHS ENDED JUNE 30, 2026 and 2025
(in millions, except per share amounts, unaudited)
FOR THE THREE MONTHS ENDED JUNE 30, 2026
Cost of products
sold, excluding
intangible asset
amortization
Intangible asset
amortization
Selling, general
and administrative
Restructuring
and other
cost
reduction
initiatives
Acquisition,
integration,
divestiture
and related
Other
income,
net
Provision
for income
taxes
Net
Earnings of
Zimmer
Biomet
Holdings,
Inc.
Diluted
earnings
per
common
share
As Reported
$
635.5
$
163.4
$
899.3
$
29.8
$
18.1
$
1.9
$
55.5
$
198.3
$
1.03
Inventory and manufacturing-related
charges(1)
(6.0)
-
-
-
-
-
0.3
5.7
0.03
Intangible asset amortization(2)
-
(163.4)
-
-
-
-
33.9
129.5
0.67
Restructuring and other cost
reduction initiatives(3)
-
-
-
(29.8)
-
-
6.4
23.4
0.12
Acquisition, integration, divestiture
and related(4)
-
-
-
-
(18.1)
-
1.7
16.4
0.09
Litigation(5)
-
-
(12.3)
-
-
-
3.1
9.2
0.05
Other charges(6)
-
-
(4.0)
-
-
0.1
1.0
3.1
0.02
Other certain tax adjustments(7)
-
-
-
-
-
-
(14.0)
14.0
0.07
As Adjusted
$
629.5
$
-
$
883.0
$
-
$
-
$
2.0
$
87.9
$
399.6
$
2.07
FOR THE THREE MONTHS ENDED JUNE 30, 2025
Cost of
products
sold,
excluding
intangible
asset
amortization
Intangible
asset
amortization
Research
and
development
Selling,
general and
administrative
Restructuring
and other
cost
reduction
initiatives
Acquisition,
integration,
divestiture
and related
Other
income,
net
Interest
expense,
net
Provision
for
income
taxes
Net
Earnings
of
Zimmer
Biomet
Holdings,
Inc.
Diluted
earnings
per
common
share
As Reported
$
592.2
$
160.6
$
113.3
$
814.8
$
17.5
$
78.9
$
3.9
$
(79.3)
$
71.2
$
152.8
$
0.77
Inventory and manufacturing-
related charges(1)
(17.0)
-
-
-
-
-
-
-
4.7
12.3
0.06
Intangible asset amortization(2)
-
(160.6)
-
-
-
-
-
-
32.6
128.0
0.65
Restructuring and other cost
reduction initiatives(3)
-
-
-
-
(17.5)
-
-
-
3.9
13.6
0.07
Acquisition, integration,
divestiture and related(4)
-
-
-
-
-
(78.9)
-
-
13.4
65.5
0.33
European Union Medical
Device Regulation(8)
-
-
(4.3)
-
-
-
-
-
1.0
3.3
0.02
Other charges(6)
-
-
-
(0.3)
-
-
(0.5)
0.8
0.1
0.5
-
Other certain tax
adjustments(7)
-
-
-
-
-
-
-
-
(35.2)
35.2
0.18
As Adjusted
$
575.2
$
-
$
109.0
$
814.5
$
-
$
-
$
3.4
$
(78.5)
$
91.7
$
411.2
$
2.07
ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF REPORTED TO ADJUSTED RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2026 and 2025
(in millions, except per share amounts, unaudited)
FOR THE SIX MONTHS ENDED JUNE 30, 2026
Cost of products
sold, excluding
intangible asset
amortization
Intangible
asset
amortization
Selling, general
and
administrative
Restructuring
and other
cost
reduction
initiatives
Acquisition,
integration,
divestiture
and related
Other
(expense)
income,
net
Provision
for
income
taxes
Net Earnings
of
Zimmer
Biomet
Holdings,
Inc.
Diluted
earnings per
common
share
As Reported
$
1,211.6
$
325.5
$
1,749.3
$
36.1
$
33.7
$
(1.1)
$
118.5
$
436.5
$
2.25
Inventory and manufacturing-related
charges(1)
(19.3)
-
-
-
-
-
3.9
15.4
0.08
Intangible asset amortization(2)
-
(325.5)
-
-
-
-
68.1
257.4
1.32
Restructuring and other cost reduction
initiatives(3)
-
-
-
(36.1)
-
-
7.4
28.7
0.15
Acquisition, integration, divestiture and
related(4)
-
-
-
-
(33.7)
-
3.1
30.6
0.16
Litigation(5)
-
-
(12.3)
-
-
-
3.1
9.2
0.05
Other charges(6)
-
-
(4.1)
-
-
0.9
-
1.2
3.8
0.02
Other certain tax adjustments(7)
-
-
-
-
-
-
(27.5)
27.5
0.14
As Adjusted
$
1,192.4
$
-
$
1,732.9
$
-
$
-
$
(0.2)
$
177.8
$
809.0
$
4.16
FOR THE SIX MONTHS ENDED JUNE 30, 2025
Cost of
products
sold,
excluding
intangible
asset
amortization
Intangible
asset
amortization
Research
and
development
Selling,
general and
administrative
Restructuring
and other
cost
reduction
initiatives
Acquisition,
integration,
divestiture
and related
Other
(expense)
income,
net
Interest
expense,
net
Provision
for
income
taxes
Net
Earnings
of
Zimmer
Biomet
Holdings,
Inc.
Diluted
earnings
per
common
share
As Reported
$
1,142.0
$
311.6
$
223.9
$
1,573.5
$
53.5
$
89.5
$
6.9
$
(145.5)
$
117.6
$
334.9
$
1.68
Inventory and manufacturing-related charges(1)
(23.2)
-
-
-
-
-
-
-
6.8
16.4
0.08
Intangible asset amortization(2)
-
(311.6)
-
-
-
-
-
-
60.8
250.8
1.26
Restructuring and other cost reduction
initiatives(3)
-
-
-
-
(53.5)
-
-
-
11.1
42.4
0.21
Acquisition, integration, divestiture and
related(4)
-
-
-
-
-
(89.5)
-
-
15.3
74.2
0.37
European Union Medical Device Regulation(8)
-
-
(8.7)
-
-
-
-
-
1.9
6.8
0.04
Other charges(6)
-
-
-
(0.2)
-
-
(0.5)
5.6
2.8
2.5
0.01
Other certain tax adjustments(7)
-
-
-
-
-
-
-
-
(44.3)
44.3
0.22
As Adjusted
$
1,118.8
$
-
$
215.3
$
1,573.4
$
-
$
-
$
6.4
$
(139.9)
$
172.0
$
772.3
$
3.88
(1)
Inventory and manufacturing-related charges include excess and obsolete inventory charges on certain product lines we intend to discontinue by 2032, inventory step-up expense, and other inventory and manufacturing-related charges or gains. Inventory step-up expense represents the incremental expense of inventory sold recognized at its fair value after business combination accounting is applied versus the expense that would have been recognized if sold at its cost to manufacture. Since only the inventory that existed at the business combination date was stepped-up to fair value, we believe excluding the incremental expense provides investors useful information as to what our costs may have been if we had not been required to increase the inventory's book value to fair value. The excess and obsolete inventory impacts to product lines we intend to discontinue were income of $3.9 million and expense of $3.0 million in the three-month periods ended June 30, 2026 and 2025, respectively, and were income of $2.6 million and expense of $5.6 million in the six-month periods ended June 30, 2026 and 2025, respectively. Inventory step-up expense was $12.0 million and $7.9 million in the three-month periods ended June 30, 2026 and 2025, respectively, and were $24.0 million and $7.9 million in the six-month periods ended June 30, 2026 and 2025, respectively.
(2)
We exclude intangible asset amortization as well as deferred tax rate changes on our intangible assets from our non-GAAP financial measures because we internally assess our performance against our peers without this amortization. Due to various levels of acquisitions among our peers, intangible asset amortization can vary significantly from company to company.
(3)
In December 2019, 2021 and 2023, and in February and December 2025, we initiated global restructuring programs that included a reorganization of key businesses and an overall effort to reduce costs in order to accelerate decision-making, focus the organization on priorities to drive growth and, in the case of the December 2021 program, to prepare for the spinoff of ZimVie Inc. ("ZimVie"). Restructuring and other cost reduction initiatives also include other cost reduction and optimization initiatives that have the goal of reducing costs across the organization. The costs include employee termination benefits; contract terminations for facilities and sales agents; and other charges, such as consulting fees, project management expenses, retention period salaries and benefits and relocation costs.
(4)
The acquisition, integration, divestiture and related gains and expenses we have excluded from our non-GAAP financial measures resulted from various acquisitions, post-separation costs we have incurred related to ZimVie and gains related to a transition services agreement for services we provided to ZimVie and a transition manufacturing and supply agreement for products we supplied to ZimVie for a limited period. The expenses in each of the three and six-month periods ended June 30, 2025, include $43.4 million of compensation expense related to the discretionary accelerated vesting of Paragon 28 unvested restricted stock units as agreed upon as part of the merger agreement. In the three-month periods ended June 30, 2026 and 2025, this line item includes expense of $11.1 million and income of $9.4 million, respectively, related to changes in the estimated fair values of contingent consideration due to updated forecasts of net sales from certain acquisitions. In the six-month periods ended June 30, 2026 and 2025, this line item includes expense of $19.2 million and income of $7.7 million, respectively, related to changes in estimated fair values of contingent consideration.
(5)
We are involved in patent litigation, product liability litigation, commercial litigation and other various litigation matters. We review litigation matters from both a qualitative and quantitative perspective to determine if excluding the losses or gains will provide our investors with useful incremental information. Litigation matters can vary in their characteristics, frequency and significance to our operating results. The litigation charges and gains excluded from our non-GAAP financial measures in the periods presented relate to certain product liability litigation and claims across multiple districts and countries. Once a litigation matter has been excluded from our non-GAAP financial measures in a particular period, any additional expenses or gains from changes in estimates are also excluded, even if they are not significant, to ensure consistency in our non-GAAP financial measures from period-to-period.
(6)
We have incurred other various expenses from specific events or projects that we consider highly variable or that have a significant impact to our operating results that we have excluded from our non-GAAP measures. These include gains and losses from changes in fair value on our equity investments and impairment of instruments related to certain product lines we intend to discontinue, among other various costs. In addition, in February 2025 we issued senior notes in order to have the necessary cash-on-hand to acquire Paragon 28 once regulatory approval was received. We have excluded from our non-GAAP financial measures the interest on this debt related to the principal amount of the estimated purchase price and acquisition-related costs up through the acquisition date. Interest expense subsequent to the acquisition date has not been excluded.
(7)
Other certain tax adjustments are primarily related to significant and discrete tax adjustments. The primary adjustments include benefits of $13.1 million and $8.2 million in the three-month periods ended June 30, 2026, and 2025, respectively, and benefits of $25.2 million and $16.7 million in the six-month periods ended June 30, 2026, and 2025, respectively, related to Swiss tax reform; and benefits of $26.8 million in each of the three and six-month periods ended June 30, 2025, related to certain unremitted foreign earnings (no impact on 2026 periods).
(8)
The European Union Medical Device Regulation imposes significant additional premarket and postmarket requirements. The new regulations provided a transition period until May 2021 for previously-approved medical devices to meet the additional requirements. For certain devices, this transition period was extended until May 2024. A conditional extension of the transition period has been implemented until December 2027 and 2028 depending on the legacy medical device's risk class. We are excluding from our non-GAAP financial measures the incremental costs incurred to establish initial compliance with the regulations related to our previously-approved medical devices. The incremental costs primarily relate to temporary personnel and third-party professionals necessary to supplement our internal resources. Starting January 1, 2026, we do not expect to incur any significant incremental costs related to these new regulations.
ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING
ACTIVITIES TO FREE CASH FLOW
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 and 2025
(in millions, unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net cash provided by operating activities
$
447.9
$
378.2
$
807.2
$
761.0
Additions to instruments
(85.4)
(80.5)
(162.6)
(140.2)
Additions to other property, plant and equipment
(54.2)
(50.0)
(90.5)
(94.7)
Free cash flow
$
308.3
$
247.7
$
554.1
$
526.1
ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF GROSS PROFIT & MARGIN
TO ADJUSTED GROSS PROFIT & MARGIN
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 and 2025
(in millions, unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net Sales
$
2,177.0
$
2,077.3
$
4,263.7
$
3,986.4
Cost of products sold, excluding intangible asset amortization
635.5
592.2
1,211.6
1,142.0
Intangible asset amortization
163.4
160.6
325.5
311.6
Gross Profit
$
1,378.1
$
1,324.5
$
2,726.6
$
2,532.8
Inventory and manufacturing-related charges
6.0
17.0
19.3
23.2
Intangible asset amortization
163.4
160.6
325.5
311.6
Adjusted gross profit
$
1,547.5
$
1,502.1
$
3,071.4
$
2,867.6
Gross margin
63.3
%
63.8
%
63.9
%
63.5
%
Inventory and manufacturing-related charges
0.3
0.8
0.5
0.6
Intangible asset amortization
7.5
7.7
7.6
7.8
Adjusted gross margin
71.1
%
72.3
%
72.0
%
71.9
%
ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF OPERATING PROFIT & MARGIN TO ADJUSTED OPERATING PROFIT & MARGIN
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 and 2025
(in millions, unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Operating profit
$
326.1
$
300.0
$
699.2
$
592.3
Inventory and manufacturing-related charges
6.0
17.0
19.3
23.2
Intangible asset amortization
163.4
160.6
325.5
311.6
Restructuring and other cost reduction initiatives
29.8
17.5
36.1
53.5
Acquisition, integration, divestiture and related
18.1
78.9
33.7
89.5
Litigation
12.3
-
12.3
-
European Union Medical Device Regulation
-
4.3
-
8.7
Other charges
4.0
0.3
4.1
0.2
Adjusted operating profit
$
559.7
$
578.5
$
1,130.2
$
1,079.0
Operating profit margin
15.0
%
14.4
%
16.4
%
14.9
%
Inventory and manufacturing-related charges
0.3
0.8
0.5
0.6
Intangible asset amortization
7.5
7.7
7.6
7.8
Restructuring and other cost reduction initiatives
1.4
0.8
0.8
1.3
Acquisition, integration, divestiture and related
0.8
3.8
0.8
2.2
Litigation
0.6
-
0.3
-
European Union Medical Device Regulation
-
0.2
-
0.2
Other charges
0.2
-
0.1
-
Adjusted operating profit margin
25.7
%
27.8
%
26.5
%
27.1
%
ZIMMER BIOMET HOLDINGS, INC.
RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 and 2025
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Effective tax rate
21.8
%
31.7
%
21.3
%
25.9
%
Tax effect of adjustments made to earnings before taxes(1)
1.6
2.2
1.6
2.1
Other certain tax adjustments(2)
(5.4)
(15.7)
(4.9)
(9.8)
Adjusted effective tax rate
18.0
%
18.2
%
18.0
%
18.2
%
(1) Includes inventory and manufacturing-related charges; intangible asset amortization; restructuring and other cost reduction initiatives; acquisition, integration, divestiture and related; litigation; European Union Medical Device Regulation; and other charges
(2) Other certain tax adjustments are primarily related to significant and discrete tax adjustments. The primary adjustments include benefits of $13.1 million and $8.2 million in the three-month periods ended June 30, 2026, and 2025, respectively, and benefits of $25.2 million and $16.7 million in the six-month periods ended June 30, 2026, and 2025, respectively, related to Swiss tax reform; and benefits of $26.8 million in each of the three and six-month periods ended June 30, 2025, related to certain unremitted foreign earnings (no impact on 2026 periods).
SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced that it initiated an accelerated share repurchase program with Mizuho Markets Americas LLC, through its agent Mizuho Securities USA LLC (“Dealer”) to repurchase an aggregate of approximately $100 million of its common stock.
“This accelerated share repurchase reflects our confidence in the business and reinforces our commitment to disciplined capital allocation,” said Luc Seraphin, president and chief executive officer at Rambus. “Supported by the strength of our balance sheet and continued cash generation, we remain focused on increasing stockholder value while investing in the long-term growth of the company.”
Under the accelerated share repurchase program, Rambus will pre-pay $100 million to Dealer and receive an initial delivery of approximately 796,000 shares of its common stock. The final number of shares to be repurchased will be determined based on the volume-weighted average price of Rambus common stock during the term of the transaction, less a discount. The program is expected to be completed by the end of the third quarter of 2026.
The accelerated share repurchase program is part of the broader share repurchase program previously authorized by the Rambus Board of Directors.
About Rambus Inc.
Rambus delivers industry-leading chips and silicon IP for the data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next generation computing platforms, we make data faster and safer. For more information, visit rambus.com.
Forward-Looking Statements
This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 relating, among other things, to the terms of Rambus’ accelerated share repurchase program, including timing. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by Rambus’ management. Actual results may differ materially. The forward-looking statements contained in this press release are subject to risks and uncertainties, including those more fully described in Rambus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The forward-looking statements in this press release are based on information available to Rambus as of the date hereof, and Rambus undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
Thomson Reuters ve 2. čtvrtletí zvýšil výnosy o 9 % na 1,954 miliardy USD a čistý zisk na 448 milionů USD. Firma zároveň zvedla celoroční výhled růstu výnosů na zhruba 8 %.
, /PRNewswire/ -- Thomson Reuters (TSX: TRI) (Nasdaq: TRI) today reported results for the second quarter ended June 30, 2026:
Strong revenue growth in the second quarter Total company revenues up 9% / organic revenues up 8% Organic revenues up 10% for the "Big 3" segments (Legal Professionals, Corporates and Tax, Audit & Accounting Professionals) Raised full-year 2026 total and organic revenue growth outlook to approximately 8.0% for the total company, and to a range of 9.5% to 10.0% for the "Big 3" segments Announced signing of definitive agreement with KKR to form a joint venture to operate the Global Print business, where Thomson Reuters will sell a 51% stake to capital accounts advised by KKR with Thomson Reuters receiving approximately $500 million in gross proceeds on closing Completed $605 million return of capital transaction on May 4, 2026 and reduced share count by approximately 6.5 million shares by way of share consolidation Completed $600 million share repurchase program announced on February 25, 2026 Repaid $500 million 3.35% notes in May 2026 "We saw strong momentum continue in the second quarter, underscored by 10% organic revenue growth in our "Big 3" segments," said Steve Hasker, President and CEO of Thomson Reuters. "Our priority for the second half of the year is further deepening our leadership in trusted Fiduciary-Grade AI solutions. We are very pleased with the recent release of CoCounsel Legal and the very strong evaluation results of the first production ready version of the Thomson LLM. The recently announced Global Print transaction with KKR allows us to sharpen our focus on content-powered AI solutions that provide fiduciary grade outcomes for our professional markets."
Consolidated Financial Highlights - Three Months Ended June 30
Three months ended June 30,
(Millions of U.S. dollars, except for EPS)
(unaudited)
IFRS Financial Measures(1)
2026
2025
Change
Revenues
$1,954
$1,785
9 %
Operating profit
$558
$436
28 %
Diluted earnings per share (EPS)
$1.02
$0.69
48 %
Net cash provided by operating activities
$920
$746
23 %
Non-IFRS Financial Measures(1)
2026
2025
Change
Change at
Constant
Currency
Revenue growth in constant currency
9 %
Organic revenue growth
8 %
Adjusted EBITDA
$745
$678
10 %
9 %
Adjusted EBITDA margin
38.1 %
37.8 %
30bp
20bp
Adjusted EPS
$0.99
$0.87
14 %
13 %
Free cash flow
$727
$566
29 %
(1) In addition to results reported in accordance with International Financial Reporting Standards (IFRS), the company uses certain
non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the "Non-IFRS
Financial Measures" section and the tables appended to this news release for additional information on these and other non-IFRS
financial measures, including how they are defined and reconciled to the most directly comparable IFRS measures.
Revenues increased 9% due to 9% growth in recurring revenues (82% of total revenues) and 16% growth in transactions revenues, partly offset by a 3% decline in Global Print. Total company revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals.
Organic revenues increased 8% reflecting 9% growth in recurring revenues, 11% growth in transactions revenues and a 3% decline in Global Print. The company's "Big 3" segments reported organic revenue growth of 10% and collectively comprised 83% of total revenues. Operating profit increased 28%, primarily due to the net impact of higher revenues and operating expenses as well as other operating gains in the current-year period, partly offset by higher amortization of software.
Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased 10% and the related margin increased to 38.1% from 37.8% in the prior-year period. Foreign currency contributed 10 basis points to the year-over-year change in adjusted EBITDA margin. Diluted EPS increased to $1.02 per share compared to $0.69 per share in the prior-year period, primarily due to higher operating profit and, to a lesser extent, a benefit from a reduction in weighted-average common shares outstanding.
Adjusted EPS increased to $0.99 per share compared to $0.87 per share in the prior-year period, primarily due to higher adjusted EBITDA and a benefit from a reduction in weighted-average common shares outstanding, partly offset by higher amortization of internally developed software. Net cash provided by operating activities increased by $174 million primarily due to higher cash benefits from the net impact of higher revenues and operating expenses and certain favorable changes in working capital.
Free cash flow increased by $161 million primarily due to higher net cash provided by operating activities, partly offset by higher capital expenditures. Highlights by Customer Segment – Three Months Ended June 30
(Millions of U.S. dollars)
(unaudited)
Three months ended
June 30,
Change
2026
2025(2)
Total
Constant
Currency(1)
Organic(1)(3)
Revenues
Legal Professionals
$772
$704
10 %
9 %
10 %
Corporates
537
480
12 %
11 %
10 %
Tax, Audit & Accounting Professionals
311
274
14 %
12 %
8 %
"Big 3" Segments Combined(1)
1,620
1,458
11 %
10 %
10 %
Reuters
229
218
5 %
5 %
4 %
Global Print
111
114
-3 %
-3 %
-3 %
Eliminations/Rounding
(6)
(5)
Total Revenues
$1,954
$1,785
9 %
9 %
8 %
Adjusted EBITDA(1)
Legal Professionals
$371
$339
10 %
9 %
Corporates
200
172
17 %
15 %
Tax, Audit & Accounting Professionals
120
110
9 %
7 %
"Big 3" Segments Combined(1)
691
621
12 %
10 %
Reuters
48
45
5 %
10 %
Global Print
42
41
2 %
1 %
Corporate costs
(36)
(29)
n/a
n/a
Total Adjusted EBITDA
$745
$678
10 %
9 %
Adjusted EBITDA Margin(1)
Legal Professionals
48.1 %
48.1 %
0bp
-10bp
Corporates
37.2 %
35.7 %
150bp
130bp
Tax, Audit & Accounting Professionals
38.7 %
38.9 %
-20bp
-40bp
"Big 3" Segments Combined(1)
42.7 %
42.3 %
40bp
30bp
Reuters
20.8 %
20.8 %
0bp
80bp
Global Print
37.7 %
36.0 %
170bp
150bp
Total Adjusted EBITDA Margin
38.1 %
37.8 %
30bp
20bp
(1) The company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the "Non-IFRS Financial Measures" section and the tables appended to this news release for additional information on these and other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue.
(2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For additional information, including a summary of how the changes impacted results for the three and six months ended June 30, 2025, see the "Revision to Prior-Year Segment Results" section of this news release.
(3) Computed for revenue growth only.
n/a: not applicable
Unless otherwise noted, all revenue growth comparisons by customer segment in this news release are at constant currency (which excludes the impact of foreign currency) as the company believes this provides the best basis to measure performance.
Legal Professionals
Revenues increased 9% at constant currency. Organic revenue growth was 10%.
Recurring revenues increased 9% (97% of total, all organic). Organic revenue growth was primarily driven by Westlaw and CoCounsel. Transactions revenues increased 16% (3% of total, 18% organic) driven by CLEAR. Adjusted EBITDA increased 10% to $371 million.
The margin was 48.1%, unchanged from the prior-year period. Corporates
Revenues increased 11% at constant currency. Organic revenue growth was 10%.
Recurring revenues increased 9% (86% of total, all organic). Organic revenue growth was primarily driven by Westlaw, CoCounsel, Indirect Tax, Pagero, CLEAR and the segment's international businesses. Transactions revenues increased 27% (14% of total, 24% organic). Organic revenue growth was primarily driven by Confirmation, Pagero, Trust, Checkpoint, Indirect Tax and the segment's international businesses. Adjusted EBITDA increased 17% to $200 million.
The margin increased to 37.2% from 35.7% driven by operating leverage. Foreign currency benefited the year-over-year change in adjusted EBITDA margin by 20 basis points. Tax, Audit & Accounting Professionals
Revenues increased 12% at constant currency, including the acquisition impact of SafeSend in the prior-year period, which is reflected in transactions revenues. Organic revenue growth was 8%.
Recurring revenues increased 9% (67% of total, all organic). Organic revenue growth was primarily driven by tax and audit products, including GoSystem and CoCounsel, as well as Cloud Audit Suite and the segment's Latin America business. Transactions revenues increased 17% (33% of total, 6% organic). Organic revenue growth was primarily driven by SafeSend. Adjusted EBITDA increased 9% to $120 million.
The margin decreased to 38.7% from 38.9%. Foreign currency benefited the year-over-year change in adjusted EBITDA margin by 20 basis points. The Tax, Audit & Accounting Professionals segment is the company's most seasonal business with approximately 60% of full-year revenues typically generated in the first and fourth quarters. As a result, the margin performance of this segment has been generally higher in the first and fourth quarters as costs are typically incurred in a more linear fashion throughout the year.
Reuters
Revenues increased 5% at constant currency (4% organic), primarily due to higher Agency revenues and a contractual price increase from the company's news agreement with the Data & Analytics business of London Stock Exchange Group.
Adjusted EBITDA increased 5% to $48 million and the margin was 20.8%, unchanged from the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 80 basis points.
Global Print
Revenues decreased 3% at constant currency, all organic, driven by lower shipment volumes.
Adjusted EBITDA increased 2% to $42 million, and the margin increased to 37.7% from 36.0%, reflecting lower expenses.
Corporate Costs
Corporate costs were $36 million compared to $29 million in the prior-year period.
Consolidated Financial Highlights - Six Months Ended June 30
Six months ended June 30,
(Millions of U.S. dollars, except for EPS)
(unaudited)
IFRS Financial Measures(1)
2026
2025
Change
Revenues
$4,041
$3,685
10 %
Operating profit
$1,197
$999
20 %
Diluted EPS
$2.05
$1.65
24 %
Net cash provided by operating activities
$1,425
$1,191
19 %
Non-IFRS Financial Measures(1)
2026
2025
Change
Change at
Constant
Currency
Revenue growth in constant currency
9 %
Organic revenue growth
8 %
Adjusted EBITDA
$1,626
$1,487
9 %
9 %
Adjusted EBITDA margin
40.2 %
40.1 %
10bp
30bp
Adjusted EPS
$2.22
$2.00
11 %
11 %
Free cash flow
$1,059
$843
26 %
(1) In addition to results reported in accordance with IFRS, the company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the "Non-IFRS Financial Measures" section and the tables appended to this news release for additional information on these and other non-IFRS financial measures, including how they are defined and reconciled to the most directly comparable IFRS measures.
Revenues increased 10% due to 10% growth in recurring revenues (79% of total revenues) and 15% growth in transactions revenues, partly offset by a 3% decline in Global Print. Total company revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals.
Organic revenues increased 8% reflecting 8% growth in recurring revenues, 10% growth in transactions revenues and a 4% decline in Global Print. The company's "Big 3" segments reported organic revenue growth of 9% and collectively comprised 84% of total revenues. Operating profit increased 20%, primarily due to the net impact of higher revenues and operating expenses as well as other operating gains in the current-year period, partly offset by higher amortization of software.
Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased 9% and the related margin increased to 40.2% from 40.1% in the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 20 basis points. Diluted EPS increased to $2.05 per share compared to $1.65 per share in the prior-year period, primarily due to higher operating profit and, to a lesser extent, a benefit from a reduction in weighted-average common shares outstanding.
Adjusted EPS increased to $2.22 per share compared to $2.00 per share in the prior-year period, primarily due to higher adjusted EBITDA and a benefit from a reduction in weighted-average common shares outstanding, partly offset by higher amortization of internally developed software. Net cash provided by operating activities increased by $234 million primarily due to higher cash benefits from the net impact of higher revenues and operating expenses and certain favorable changes in working capital.
Free cash flow increased by $216 million primarily due to higher net cash provided by operating activities, partly offset by higher capital expenditures. Highlights by Customer Segment – Six Months Ended June 30
(Millions of U.S. dollars)
(unaudited)
Six months ended
June 30,
Change
2026
2025(2)
Total
Constant
Currency(1)
Organic(1)(3)
Revenues
Legal Professionals
$1,528
$1,392
10 %
9 %
9 %
Corporates
1,145
1,028
11 %
10 %
10 %
Tax, Audit & Accounting Professionals
721
632
14 %
13 %
9 %
"Big 3" Segments Combined(1)
3,394
3,052
11 %
10 %
9 %
Reuters
441
414
6 %
6 %
5 %
Global Print
223
230
-3 %
-4 %
-4 %
Eliminations/Rounding
(17)
(11)
Total Revenues
$4,041
$3,685
10 %
9 %
8 %
Adjusted EBITDA(1)
Legal Professionals
$736
$675
9 %
9 %
Corporates
443
387
15 %
14 %
Tax, Audit & Accounting Professionals
341
318
7 %
6 %
"Big 3" Segments Combined(1)
1,520
1,380
10 %
9 %
Reuters
82
84
-3 %
4 %
Global Print
85
85
0 %
-1 %
Corporate costs
(61)
(62)
n/a
n/a
Total Adjusted EBITDA
$1,626
$1,487
9 %
9 %
Adjusted EBITDA Margin(1)
Legal Professionals
48.2 %
48.4 %
-20bp
-20bp
Corporates
38.7 %
37.6 %
110bp
130bp
Tax, Audit & Accounting Professionals
47.3 %
48.9 %
-160bp
-140bp
"Big 3" Segments Combined(1)
44.8 %
44.9 %
-10bp
0bp
Reuters
18.6 %
20.4 %
-180bp
-50bp
Global Print
38.2 %
36.9 %
130bp
120bp
Total Adjusted EBITDA Margin
40.2 %
40.1 %
10bp
30bp
(1) The company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the "Non-IFRS Financial Measures" section and the tables appended to this news release for additional information on these and other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue.
(2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For additional information, including a summary of how the changes impacted results for the three and six months ended June 30, 2025, see the "Revision to Prior-Year Segment Results" section of this news release.
(3) Computed for revenue growth only.
n/a: not applicable
2026 Outlook
The company raised its 2026 full-year outlook for total and organic revenue growth for the total company and its "Big 3" segments to reflect the performance of its businesses during the first six months of the year. All other metrics are unchanged from the previous 2026 full-year outlook communicated on May 5, 2026.
The company's outlook for 2026 in the table below assumes constant currency rates and incorporates the February 2026 Noetica acquisition, but excludes the impact of any future acquisitions or dispositions that may occur during the remainder of the year. Thomson Reuters believes that this type of guidance provides useful insight into the anticipated performance of its businesses.
The company signed a definitive agreement to enter into a joint venture with KKR. As part of the transaction, Thomson Reuters will sell a 51% stake in its Global Print business to capital accounts advised by KKR. Thomson Reuters will receive approximately $500 million in gross proceeds at closing. The transaction is expected to close in the fourth quarter of 2026, subject to specified regulatory approvals and customary closing conditions. The company's full-year 2026 outlook includes the forecasted results of the Global Print segment, consistent with its prior 2026 full-year outlooks. The company will report its Global Print business as a discontinued operation when it releases its third quarter results and plans to provide an updated full-year 2026 outlook at that time.
The company's 2026 outlook is forward-looking information that is subject to risks and uncertainties (see "Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions"). In particular, the company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth, and an evolving interest rate and inflationary backdrop. Any worsening of the global economic or business environment, among other factors, could impact the company's ability to achieve its outlook.
Reported Full-Year 2025 Results and Full-Year 2026 Outlook
Total Thomson Reuters
FY 2025
Reported
FY 2026
Outlook
2/5/2026
FY 2026
Outlook
5/5/2026
FY 2026
Outlook
8/5/2026
Total Revenue Growth
3%(2)
7.5% - 8.0%
Unchanged
~ 8.0%
Organic Revenue Growth(1)
7 %
7.5% - 8.0%
Unchanged
~ 8.0%
Adjusted EBITDA Margin(1)
39.2 %
+100bps vs 2025
Unchanged
Unchanged
Corporate Costs
$118 million
$115 - $125 million
Unchanged
Unchanged
Free Cash Flow(1)
$1.95 billion
~ $2.1 billion
Unchanged
Unchanged
Accrued Capex as % of Revenues(1)
8.2 %
~ 8.0%
Unchanged
Unchanged
Depreciation & Amortization of
Software
Depreciation & Amortization of
Internally Developed Software
Amortization of Acquired Software
$832 million
$626 million
$206 million
$890- $910 million
$680 - $690 million
$210 - $220 million
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Net Interest Expense
$143 million
$150 - $160 million
$180 - $190 million
Unchanged
Effective Tax Rate on Adjusted
Earnings(1)
18.5 %
~ 19%
Unchanged
Unchanged
"Big 3" Segments(1)
FY 2025
Reported
FY 2026
Outlook
2/5/2026
FY 2026
Outlook
5/5/2026
FY 2026
Outlook
8/5/2026
Total Revenue Growth
4%(2)
~ 9.5%
Unchanged
9.5% - 10.0%
Organic Revenue Growth
9 %
~ 9.5%
Unchanged
9.5% - 10.0%
Adjusted EBITDA Margin
43.6 %
+100bps vs 2025
Unchanged
Unchanged
(1)
Non-IFRS financial measures. See the "Non-IFRS Financial Measures" section below as well as the tables appended to this news release for more information.
(2)
Total revenue growth reflects the impact of the disposals of FindLaw and other non-core businesses in December 2024.
The company's third-quarter 2026 outlook includes the forecasted results of the Global Print segment, consistent with its prior 2026 quarterly outlooks. The company expects its third-quarter 2026 organic revenue growth to be approximately 8% and its adjusted EBITDA margin to be approximately 36%.
The information in this section is forward-looking. Actual results, which will include the impact of currency, and future acquisitions and dispositions completed during 2026 may differ materially from the company's 2026 outlook. The information in this section should also be read in conjunction with the section below entitled "Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions."
Global Print Transaction
On July 14, 2026, Thomson Reuters announced that it signed a definitive agreement to enter into a joint venture with KKR, a leading global investment firm. As part of the transaction, Thomson Reuters will sell a 51% stake in its Global Print business to capital accounts advised by KKR and retain a 49% equity interest in the joint venture. Thomson Reuters will receive approximately $500 million in gross proceeds at closing and expects the transaction to close in the fourth quarter of 2026, subject to specified regulatory approvals and customary closing conditions. We expect to record a pre-tax gain on the transaction at the time of closing.
Thomson Reuters will also maintain intellectual property rights and full editorial control over its content portfolio. This new joint venture will hold an exclusive license to distribute the content in print and on ProView, Global Print's eBook platform, under which it will pay Thomson Reuters a royalty in return.
The transaction is not subject to any financing conditions. As part of the transaction, Thomson Reuters has agreed to provide certain financial support designed to give KKR a minimum return on its equity investment in the joint venture under certain circumstances.
The Global Print business will be classified as a discontinued operation in the third quarter of 2026 and will no longer be a reportable segment.
Return of Capital and Share Consolidation
On May 4, 2026, the company returned $605 million to its shareholders and reduced its common shares outstanding by approximately 6.5 million, in accordance with its previously announced return of capital and share consolidation transactions. The transactions consisted of a special cash distribution of $1.435518 per participating common share and a share consolidation, or "reverse stock split", which reduced the number of outstanding common shares at a ratio of 1 pre-consolidated share for 0.984560 post-consolidated shares, which was proportional to the special cash distribution.
$600 Million Share Repurchase Program and Common Shares Outstanding
In February 2026, the company announced its plan to repurchase up to $600 million of additional common shares under an amended Normal Course Issuer Bid that was approved by the TSX. In July 2026, the company completed the program, repurchasing a total of 6.2 million common shares for $600 million, consisting of 3.6 million shares for $362 million through June 30, 2026 and 2.6 million shares for $238 million in July 2026.
As of August 3, 2026, Thomson Reuters had approximately 433.2 million common shares outstanding.
Debt Repayment
In May 2026, the company repaid its $500 million 3.35% notes upon maturity with cash on hand and commercial paper borrowings.
Dividends
In February 2026, the company announced a 10% or $0.24 per share annualized increase in the dividend to $2.62 per common share, representing the 33rd consecutive year of dividend increases and the fifth consecutive 10% increase. A quarterly dividend of $0.655 per share is payable on September 10, 2026 to common shareholders of record as of August 19, 2026.
Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.
NON-IFRS FINANCIAL MEASURES
Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).
This news release includes certain non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, free cash flow, adjusted earnings and the effective tax rate on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a percentage of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, selected measures excluding the impact of foreign currency, changes in revenues computed on an organic basis as well as all financial measures for the "Big 3" segments.
Thomson Reuters uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position as well as for internal planning purposes and the company's business outlook. Additionally, Thomson Reuters uses non-IFRS measures as the basis for management incentive programs. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the appended tables.
The company's outlook contains various non-IFRS financial measures. The company believes that providing reconciliations of forward-looking non-IFRS financial measures in its outlook would be potentially misleading and not practical due to the difficulty of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items may be significant. Consequently, for purposes of its outlook only, the company is unable to reconcile these non-IFRS measures to the most directly comparable IFRS measures because it cannot predict, with reasonable certainty, the impacts of changes in foreign exchange rates which impact (i) the translation of its results reported at average foreign currency rates for the year, and (ii) other finance income or expense related to intercompany financing arrangements. Additionally, the company cannot reasonably predict the occurrence or amount of other operating gains and losses that generally arise from business transactions that the company does not currently anticipate.
ROUNDING
Other than EPS, the company reports its results in millions of U.S. dollars, but computes percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.
REVISION TO PRIOR-YEAR SEGMENT RESULTS
In the first quarter of 2026, the company changed its segment reporting to reflect how it currently manages its segments. The change reflects the transfer of certain customers and their related revenues and expenses among the company's Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. These changes impact the financial results of the company's segments, but do not change its consolidated financial results. The following summarizes the changes to the applicable segment's reported amounts.
Three months ended June 30, 2025
Legal Professionals revenues decreased $5 million to $704 million, adjusted EBITDA was unchanged at $339 million and adjusted EBITDA margin increased 30 basis points to 48.1%; Corporates revenues increased $8 million to $480 million, adjusted EBITDA increased $3 million to $172 million and adjusted EBITDA margin was unchanged at 35.7%; and Tax, Audit & Accounting Professionals revenues decreased $3 million to $274 million, adjusted EBITDA decreased $3 million to $110 million and adjusted EBITDA margin decreased 40 basis points to 38.9%. Six months ended June 30, 2025
Legal Professionals revenues decreased $10 million to $1,392 million, adjusted EBITDA was unchanged at $675 million and adjusted EBITDA margin increased 30 basis points to 48.4%; Corporates revenues increased $15 million to $1,028 million, adjusted EBITDA increased $5 million to $387 million and adjusted EBITDA margin decreased 10 basis points to 37.6%; and Tax, Audit & Accounting Professionals revenues decreased $5 million to $632 million, adjusted EBITDA decreased $5 million to $318 million and adjusted EBITDA margin decreased 20 basis points to 48.9%. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONS
Certain statements in this news release, including, but not limited to, statements in Mr. Hasker's comments, the "2026 Outlook" section, and statements regarding the company's expectations with respect to the Global Print transaction including its current expectation that the transaction will close in the fourth quarter of 2026 are forward looking. The words "will", "expect", "believe", "target", "estimate", "could", "should", "intend", "predict", "project" and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond the company's control and the effects of them can be difficult to predict.
Some of the material risk factors that could cause actual results or events to differ materially from those expressed in or implied by forward-looking statements in this news release include, but are not limited to, those discussed on pages 19-32 in the "Risk Factors" section of the company's 2025 annual report. These and other risk factors are discussed in materials that Thomson Reuters from time-to-time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Thomson Reuters' annual and quarterly reports are also available in the "Investor Relations" section of thomsonreuters.com.
The company's 2026 business outlook is based on information currently available to the company and is based on various external and internal assumptions made by the company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the company believes are appropriate under the circumstances. Material assumptions and material risks may cause actual performance to differ from the company's expectations underlying its 2026 business outlook. In particular, the global economy has experienced substantial disruption due to concerns regarding economic effects associated with the macroeconomic backdrop and ongoing geopolitical risks. The company's 2026 business outlook assumes that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility, however, these conditions may last substantially longer than expected and any worsening of the global economic or business environment could impact the company's ability to achieve its outlook and affect its results and other expectations. For a discussion of material assumptions and material risks related to the company's 2026 outlook see pages 16-17 of the company's first-quarter management's discussion and analysis (MD&A) for the period ended March 31, 2026. The company's quarterly MD&A and annual report were filed with, or furnished to, the Canadian securities regulatory authorities and the U.S. SEC and are also available in the "Investor Relations" section of thomsonreuters.com.
The company has provided an outlook for the purpose of presenting information about current expectations for the period presented. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release.
Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.
CONTACTS
Thomson Reuters will webcast a discussion of its second-quarter 2026 results and its 2026 business outlook today beginning at 8:30 a.m. Eastern Daylight Time (EDT). You can access the webcast by visiting ir.thomsonreuters.com. An archive of the webcast will be available following the presentation.
Thomson Reuters Corporation
Consolidated Income Statement
(millions of U.S. dollars, except per share data)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
CONTINUING OPERATIONS
Revenues
$1,954
$1,785
$4,041
$3,685
Operating expenses
(1,211)
(1,124)
(2,414)
(2,232)
Depreciation
(27)
(28)
(55)
(55)
Amortization of software
(201)
(178)
(394)
(352)
Amortization of other identifiable intangible assets
(25)
(24)
(49)
(49)
Other operating gains, net
68
5
68
2
Operating profit
558
436
1,197
999
Finance costs, net:
Net interest expense
(47)
(35)
(86)
(65)
Other finance income (costs)
8
(48)
17
(58)
Income before tax and equity method investments
519
353
1,128
876
Share of post-tax losses in equity method investments
(4)
(4)
(11)
(10)
Tax expense
(71)
(52)
(196)
(144)
Earnings from continuing operations
444
297
921
722
Earnings (loss) from discontinued operations, net of tax
4
16
(14)
25
Net earnings
$448
$313
$907
$747
Earnings attributable to common shareholders
$448
$313
$907
$747
Earnings per share:
Basic and diluted earnings (loss) per share:
From continuing operations
$1.01
$0.66
$2.08
$1.60
From discontinued operations
0.01
0.03
(0.03)
0.05
Basic and diluted earnings per share
$1.02
$0.69
$2.05
$1.65
Basic weighted-average common shares
438,500,639
450,673,826
441,515,334
450,481,106
Diluted weighted-average common shares
438,611,374
451,204,832
441,709,328
451,025,807
Thomson Reuters Corporation
Consolidated Statement of Financial Position
(millions of U.S. dollars)
(unaudited)
June 30,
December 31,
2026
2025
Assets
Cash and cash equivalents
$577
$511
Trade and other receivables
1,127
1,143
Other financial assets
116
94
Prepaid expenses and other current assets
449
480
Current assets
2,269
2,228
Property and equipment, net
342
361
Software, net
1,711
1,645
Other identifiable intangible assets, net
3,058
3,102
Goodwill
8,094
7,913
Equity method investments
168
202
Other financial assets
469
466
Other non-current assets
705
680
Deferred tax
1,263
1,343
Total assets
$18,079
$17,940
Liabilities and equity
Liabilities
Current indebtedness
$1,618
$795
Payables, accruals and provisions
1,014
1,090
Current tax liabilities
240
224
Deferred revenue
1,256
1,251
Other financial liabilities
318
108
Current liabilities
4,446
3,468
Long-term indebtedness
1,323
1,328
Provisions and other non-current liabilities
597
656
Other financial liabilities
206
210
Deferred tax
382
364
Total liabilities
6,954
6,026
Equity
Capital
3,031
3,597
Retained earnings
9,047
9,220
Accumulated other comprehensive loss
(953)
(903)
Total equity
11,125
11,914
Total liabilities and equity
$18,079
$17,940
Thomson Reuters Corporation
Consolidated Statement of Cash Flow
(millions of U.S. dollars)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Cash provided by (used in):
Operating activities
Earnings from continuing operations
$444
$297
$921
$722
Adjustments for:
Depreciation
27
28
55
55
Amortization of software
201
178
394
352
Amortization of other identifiable intangible assets
25
24
49
49
Share of post-tax losses in equity method investments
4
4
11
10
Deferred tax
12
(1)
48
18
Other
1
105
47
169
Changes in working capital and other items
207
107
(98)
(186)
Operating cash flows from continuing operations
921
742
1,427
1,189
Operating cash flows from discontinued operations
(1)
4
(2)
2
Net cash provided by operating activities
920
746
1,425
1,191
Investing activities
Acquisitions, net of cash acquired
(36)
(24)
(248)
(630)
Proceeds related to disposals of businesses and investments, net of
taxes
7
5
8
5
Capital expenditures
(177)
(163)
(333)
(314)
Other investing activities
-
-
-
1
Net cash used in investing activities
(206)
(182)
(573)
(938)
Financing activities
Repayments of debt
(500)
(999)
(500)
(999)
Net borrowings under short-term loan facilities
983
-
1,305
-
Payments of lease principal
(15)
(16)
(31)
(33)
Payments for return of capital on common shares
(605)
-
(605)
-
Repurchases of common shares
(100)
-
(362)
-
Dividends paid on preference shares
(1)
(1)
(2)
(2)
Dividends paid on common shares
(275)
(260)
(555)
(519)
Other financing activities
(24)
1
(35)
(10)
Net cash used in financing activities
(537)
(1,275)
(785)
(1,563)
Translation adjustments
-
4
(1)
6
Increase (decrease) in cash and cash equivalents
177
(707)
66
(1,304)
Cash and cash equivalents at beginning of period
400
1,371
511
1,968
Cash and cash equivalents at end of period
$577
$664
$577
$664
Thomson Reuters Corporation
Reconciliation of Earnings from Continuing Operations to Adjusted EBITDA(1)
(millions of U.S. dollars)
(unaudited)
Three months ended
June 30,
Six months ended
June 30,
Year ended
December 31,
2026
2025
2026
2025
2025
Earnings from continuing operations
$444
$297
$921
$722
$1,483
Adjustments to remove:
Tax expense
71
52
196
144
423
Other finance (income) costs
(8)
48
(17)
58
55
Net interest expense
47
35
86
65
143
Amortization of other identifiable intangible assets
25
24
49
49
98
Amortization of software
201
178
394
352
721
Depreciation
27
28
55
55
111
EBITDA
$807
$662
$1,684
$1,445
$3,034
Adjustments to remove:
Share of post-tax losses in equity method investments
4
4
11
10
28
Other operating gains, net
(68)
(5)
(68)
(2)
(164)
Fair value adjustments*
2
17
(1)
34
38
Adjusted EBITDA(1)
$745
$678
$1,626
$1,487
$2,936
Adjusted EBITDA margin(1)
38.1 %
37.8 %
40.2 %
40.1 %
39.2 %
* Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.
Thomson Reuters Corporation
Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow(1)
(millions of U.S. dollars)
(unaudited)
Three months ended
June 30,
Six months ended
June 30,
Year ended
December 31,
2026
2025
2026
2025
2025
Net cash provided by operating activities
$920
$746
$1,425
$1,191
$2,651
Capital expenditures
(177)
(163)
(333)
(314)
(634)
Other investing activities
-
-
-
1
1
Payments of lease principal
(15)
(16)
(31)
(33)
(64)
Dividends paid on preference shares
(1)
(1)
(2)
(2)
(4)
Free cash flow(1)
$727
$566
$1,059
$843
$1,950
Thomson Reuters Corporation
Reconciliation of Capital Expenditures to Accrued Capital Expenditures(1)
(millions of U.S. dollars)
(unaudited)
Year ended
December 31,
2025
Capital expenditures
$634
Remove: IFRS adjustment to cash basis
(18)
Accrued capital expenditures(1)
$616
Accrued capital expenditures as a percentage of revenues(1)
8.2 %
(1)
Refer to page 22 for additional information on non-IFRS financial measures.
Thomson Reuters Corporation
Reconciliation of Net Earnings to Adjusted Earnings(1)
Reconciliation of Total Change in Adjusted EPS to Change in Constant Currency(1)
(millions of U.S. dollars, except for share and per share data)
(unaudited)
Three months ended
June 30,
Six months ended
June 30,
Year ended
December 31,
2026
2025
2026
2025
2025
Net earnings
$448
$313
$907
$747
$1,502
Adjustments to remove:
Fair value adjustments*
2
17
(1)
34
38
Amortization of acquired software
60
52
116
101
206
Amortization of other identifiable intangible assets
25
24
49
49
98
Other operating gains, net
(68)
(5)
(68)
(2)
(164)
Other finance (income) costs
(8)
48
(17)
58
55
Share of post-tax losses in equity method investments
4
4
11
10
28
Tax on above items(1)
(20)
(22)
(34)
(46)
(35)
Tax items impacting comparability(1)
(3)
(21)
(4)
(20)
57
(Earnings) loss from discontinued operations, net of tax
(4)
(16)
14
(25)
(19)
Interim period effective tax rate normalization(1)
-
1
11
(4)
-
Dividends declared on preference shares
(1)
(1)
(2)
(2)
(4)
Adjusted earnings(1)
$435
$394
$982
$900
$1,762
Adjusted EPS(1)
$0.99
$0.87
$2.22
$2.00
Total change
14 %
11 %
Foreign currency
1 %
1 %
Constant currency
13 %
11 %
Diluted weighted-average common shares (millions)
438.6
451.2
441.7
451.0
Reconciliation of Full-Year Effective Tax Rate on Adjusted Earnings(1)
Year ended
December 31,
2025
Adjusted earnings
$1,762
Plus: Dividends declared on preference shares
4
Plus: Tax expense on adjusted earnings
401
Pre-tax adjusted earnings
$2,167
IFRS tax expense
$423
Remove tax related to:
Amortization of acquired software
46
Amortization of other identifiable intangible assets
23
Share of post-tax losses in equity method investments
2
Other finance costs
2
Other operating gains, net
(43)
Other items
5
Subtotal - Remove tax benefit on pre-tax items removed from adjusted earnings
35
Remove: Tax items impacting comparability
(57)
Total - Remove all items impacting comparability
(22)
Tax expense on adjusted earnings
$401
Effective tax rate on adjusted earnings
18.5 %
*Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.
(1) Refer to page 22 for additional information on non-IFRS financial measures.
Thomson Reuters Corporation
Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency(1) and Organic Basis(1)
(millions of U.S. dollars)
(unaudited)
Three months ended
June 30,
Change
2026
2025
Total
Foreign
Currency
SUBTOTAL
Constant
Currency
Net
Acquisitions/
(Disposals)
Organic
Total Revenues
Legal Professionals
$772
$704
10 %
0 %
9 %
0 %
10 %
Corporates
537
480
12 %
1 %
11 %
0 %
10 %
Tax, Audit & Accounting Professionals
311
274
14 %
2 %
12 %
4 %
8 %
"Big 3" Segments Combined(1)
1,620
1,458
11 %
1 %
10 %
1 %
10 %
Reuters
229
218
5 %
0 %
5 %
1 %
4 %
Global Print
111
114
-3 %
0 %
-3 %
0 %
-3 %
Eliminations/Rounding
(6)
(5)
Total Revenues
$1,954
$1,785
9 %
1 %
9 %
1 %
8 %
Recurring Revenues
Legal Professionals
$748
$684
10 %
0 %
9 %
0 %
9 %
Corporates
462
421
10 %
1 %
9 %
0 %
9 %
Tax, Audit & Accounting Professionals
209
187
12 %
2 %
9 %
0 %
9 %
"Big 3" Segments Combined(1)
1,419
1,292
10 %
1 %
9 %
0 %
9 %
Reuters
188
176
7 %
0 %
6 %
1 %
6 %
Eliminations/Rounding
(6)
(5)
Total Recurring Revenues
$1,601
$1,463
9 %
1 %
9 %
0 %
9 %
Transactions Revenues
Legal Professionals
$24
$20
16 %
0 %
16 %
-2 %
18 %
Corporates
75
59
27 %
0 %
27 %
3 %
24 %
Tax, Audit & Accounting Professionals
102
87
17 %
0 %
17 %
11 %
6 %
"Big 3" Segments Combined(1)
201
166
21 %
0 %
20 %
7 %
13 %
Reuters
41
42
-2 %
-3 %
1 %
1 %
-1 %
Eliminations/Rounding
-
-
Total Transactions Revenues
$242
$208
16 %
0 %
16 %
6 %
11 %
Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.
Refer to page 22 for additional information on non-IFRS financial measures.
Thomson Reuters Corporation
Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency(1) and Organic Basis(1)
(millions of U.S. dollars)
(unaudited)
Six months ended
June 30,
Change
2026
2025
Total
Foreign
Currency
SUBTOTAL
Constant
Currency
Net
Acquisitions/
(Disposals)
Organic
Total Revenues
Legal Professionals
$1,528
$1,392
10 %
1 %
9 %
0 %
9 %
Corporates
1,145
1,028
11 %
1 %
10 %
0 %
10 %
Tax, Audit & Accounting Professionals
721
632
14 %
1 %
13 %
3 %
9 %
"Big 3" Segments Combined(1)
3,394
3,052
11 %
1 %
10 %
1 %
9 %
Reuters
441
414
6 %
0 %
6 %
1 %
5 %
Global Print
223
230
-3 %
1 %
-4 %
0 %
-4 %
Eliminations/Rounding
(17)
(11)
Total Revenues
$4,041
$3,685
10 %
1 %
9 %
1 %
8 %
Recurring Revenues
Legal Professionals
$1,487
$1,354
10 %
1 %
9 %
0 %
9 %
Corporates
911
828
10 %
1 %
8 %
0 %
8 %
Tax, Audit & Accounting Professionals
438
392
12 %
2 %
10 %
0 %
10 %
"Big 3" Segments Combined(1)
2,836
2,574
10 %
1 %
9 %
0 %
9 %
Reuters
374
351
7 %
1 %
6 %
1 %
5 %
Eliminations/Rounding
(14)
(11)
Total Recurring Revenues
$3,196
$2,914
10 %
1 %
9 %
0 %
8 %
Transactions Revenues
Legal Professionals
$41
$38
8 %
1 %
8 %
-1 %
9 %
Corporates
234
200
17 %
1 %
17 %
1 %
16 %
Tax, Audit & Accounting Professionals
283
240
18 %
0 %
18 %
9 %
9 %
"Big 3" Segments Combined(1)
558
478
17 %
0 %
17 %
5 %
12 %
Reuters
67
63
6 %
-2 %
8 %
2 %
6 %
Eliminations/Rounding
(3)
-
Total Transactions Revenues
$622
$541
15 %
0 %
15 %
4 %
10 %
Year ended
December 31,
Change
2025
2024
Total
Foreign
Currency
SUBTOTAL
Constant
Currency
Net
Acquisitions/
(Disposals)
Organic
Total Revenues
Legal Professionals
$2,843
$2,902
-2 %
0 %
-2 %
-10 %
8 %
Corporates
2,023
1,875
8 %
0 %
7 %
-1 %
9 %
Tax, Audit & Accounting Professionals
1,291
1,154
12 %
-1 %
13 %
3 %
11 %
"Big 3" Segments Combined(1)
6,157
5,931
4 %
0 %
4 %
-5 %
9 %
Reuters
853
832
3 %
1 %
2 %
1 %
1 %
Global Print
490
519
-6 %
0 %
-5 %
0 %
-5 %
Eliminations/Rounding
(24)
(24)
Total Revenues
$7,476
$7,258
3 %
0 %
3 %
-4 %
7 %
Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.
Refer to page 22 for additional information on non-IFRS financial measures.
Thomson Reuters Corporation
Reconciliation of Changes in Adjusted EBITDA (1) and Related Margin(1) to Changes on a Constant Currency Basis(1)
(millions of U.S. dollars)
(unaudited)
Three months ended
June 30,
Change
2026
2025
Total
Foreign
Currency
Constant
Currency
Adjusted EBITDA(1)
Legal Professionals
$371
$339
10 %
0 %
9 %
Corporates
200
172
17 %
2 %
15 %
Tax, Audit & Accounting Professionals
120
110
9 %
2 %
7 %
"Big 3" Segments Combined(1)
691
621
12 %
1 %
10 %
Reuters
48
45
5 %
-5 %
10 %
Global Print
42
41
2 %
1 %
1 %
Corporate costs
(36)
(29)
n/a
n/a
n/a
Total Adjusted EBITDA
$745
$678
10 %
1 %
9 %
Adjusted EBITDA Margin(1)
Legal Professionals
48.1 %
48.1 %
0bp
10bp
-10bp
Corporates
37.2 %
35.7 %
150bp
20bp
130bp
Tax, Audit & Accounting Professionals
38.7 %
38.9 %
-20bp
20bp
-40bp
"Big 3" Segments Combined(1)
42.7 %
42.3 %
40bp
10bp
30bp
Reuters
20.8 %
20.8 %
0bp
-80bp
80bp
Global Print
37.7 %
36.0 %
170bp
20bp
150bp
Total Adjusted EBITDA Margin
38.1 %
37.8 %
30bp
10bp
20bp
Thomson Reuters Corporation
Reconciliation of Changes in Adjusted EBITDA (1) and Related Margin(1) to Changes on a Constant Currency Basis(1)
(millions of U.S. dollars)
(unaudited)
Six months ended
June 30,
Change
2026
2025
Total
Foreign
Currency
Constant
Currency
Adjusted EBITDA(1)
Legal Professionals
$736
$675
9 %
1 %
9 %
Corporates
443
387
15 %
1 %
14 %
Tax, Audit & Accounting Professionals
341
318
7 %
1 %
6 %
"Big 3" Segments Combined(1)
1,520
1,380
10 %
1 %
9 %
Reuters
82
84
-3 %
-7 %
4 %
Global Print
85
85
0 %
1 %
-1 %
Corporate costs
(61)
(62)
n/a
n/a
n/a
Total Adjusted EBITDA
$1,626
$1,487
9 %
0 %
9 %
Adjusted EBITDA Margin(1)
Legal Professionals
48.2 %
48.4 %
-20bp
0bp
-20bp
Corporates
38.7 %
37.6 %
110bp
-20bp
130bp
Tax, Audit & Accounting Professionals
47.3 %
48.9 %
-160bp
-20bp
-140bp
"Big 3" Segments Combined(1)
44.8 %
44.9 %
-10bp
-10bp
0bp
Reuters
18.6 %
20.4 %
-180bp
-130bp
-50bp
Global Print
38.2 %
36.9 %
130bp
10bp
120bp
Total Adjusted EBITDA Margin
40.2 %
40.1 %
10bp
-20bp
30bp
n/a: not applicable
Growth percentages and margins are computed using whole dollars. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.
Refer to page 22 for additional information on non-IFRS financial measures.
Reconciliation of adjusted EBITDA margin(1)
To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue from its IFRS revenues. The charts below reconcile IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.
(millions of U.S. dollars)
(unaudited)
Three months ended June 30, 2026
IFRS
revenues
Remove fair
value
adjustments
to acquired
deferred
revenue
Revenues
excluding
fair value
adjustments
to acquired
deferred
revenue
Adjusted
EBITDA
Adjusted
EBITDA
Margin
Legal Professionals
$772
-
$772
$371
48.1 %
Corporates
537
-
537
200
37.2 %
Tax, Audit & Accounting Professionals
311
-
311
120
38.7 %
"Big 3" Segments Combined(1)
1,620
-
1,620
691
42.7 %
Reuters
229
-
229
48
20.8 %
Global Print
111
-
111
42
37.7 %
Eliminations/Rounding
(6)
-
(6)
-
n/a
Corporate costs
-
-
-
(36)
n/a
Consolidated totals
$1,954
-
$1,954
$745
38.1 %
Six months ended June 30, 2026
Legal Professionals
$1,528
-
$1,528
$736
48.2 %
Corporates
1,145
-
1,145
443
38.7 %
Tax, Audit & Accounting Professionals
721
-
721
341
47.3 %
"Big 3" Segments Combined(1)
3,394
-
3,394
1,520
44.8 %
Reuters
441
-
441
82
18.6 %
Global Print
223
-
223
85
38.2 %
Eliminations/Rounding
(17)
-
(17)
-
n/a
Corporate costs
-
-
-
(61)
n/a
Consolidated totals
$4,041
-
$4,041
$1,626
40.2 %
Three months ended June 30, 2025
Legal Professionals
$704
-
$704
$339
48.1 %
Corporates
480
-
480
172
35.7 %
Tax, Audit & Accounting Professionals
274
$10
284
110
38.9 %
"Big 3" Segments Combined(1)
1,458
10
1,468
621
42.3 %
Reuters
218
-
218
45
20.8 %
Global Print
114
-
114
41
36.0 %
Eliminations/Rounding
(5)
-
(5)
-
n/a
Corporate costs
-
-
-
(29)
n/a
Consolidated totals
$1,785
$10
$1,795
$678
37.8 %
Six months ended June 30, 2025
Legal Professionals
$1,392
-
$1,392
$675
48.4 %
Corporates
1,028
-
1,028
387
37.6 %
Tax, Audit & Accounting Professionals
632
$20
652
318
48.9 %
"Big 3" Segments Combined(1)
3,052
20
3,072
1,380
44.9 %
Reuters
414
-
414
84
20.4 %
Global Print
230
-
230
85
36.9 %
Eliminations/Rounding
(11)
-
(11)
-
n/a
Corporate costs
-
-
-
(62)
n/a
Consolidated totals
$3,685
$20
$3,705
$1,487
40.1 %
n/a: not applicable
Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding.
(1) Refer to page 22 for additional information on non-IFRS financial measures.
Thomson Reuters Corporation
"Big 3" Segments and Consolidated Adjusted EBITDA(1) and the Related Margins(1)
(millions of U.S. dollars)
(unaudited)
Year ended
December 31,
2025
Adjusted EBITDA(1)
Legal Professionals
$1,354
Corporates
727
Tax, Audit & Accounting Professionals
614
"Big 3" Segments Combined(1)
2,695
Reuters
174
Global Print
185
Corporate costs
(118)
Total Adjusted EBITDA
$2,936
"Big 3" Segments Combined(1)
Adjusted EBITDA
$2,695
Revenues, excluding $20 million of fair value adjustments to acquired deferred revenue
$6,177
Adjusted EBITDA margin
43.6 %
Consolidated(1)
Adjusted EBITDA
$2,936
Revenues, excluding $20 million of fair value adjustments to acquired deferred revenue
$7,496
Adjusted EBITDA margin
39.2 %
Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding.
Thomson Reuters Corporation
Reconciliation of Net Debt(1) and Leverage Ratio of Net Debt to Adjusted EBITDA(1)
(millions of U.S. dollars)
(unaudited)
June 30,
December 31,
2026
2025
Current indebtedness
$1,618
$795
Long-term indebtedness
1,323
1,328
Total debt
2,941
2,123
Swaps
23
16
Total debt after swaps
2,964
2,139
Remove fair value adjustments for hedges
(3)
(2)
Total debt after hedging arrangements
2,961
2,137
Collateral assets
(25)
(7)
Remove transaction costs, premiums or discounts, included in the carrying value of debt
28
28
Add: Lease liabilities (current and non-current)
241
249
Less: Cash and cash equivalents
(577)
(511)
Net debt
$2,628
$1,896
Leverage ratio of net debt to adjusted EBITDA
Adjusted EBITDA
$3,075
$2,936
Net debt/adjusted EBITDA
0.9:1
0.6:1
(1) Refer to page 22 for additional information on non-IFRS financial measures.
Non-IFRS Financial Measures
Definition
Why Useful to the Company and Investors
Adjusted EBITDA and the related margin
Represents earnings or losses from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of software and other identifiable intangible assets, Thomson Reuters share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.
Provides a consistent basis to evaluate operating profitability and performance trends by excluding items that the company does not consider to be controllable activities for this purpose. Also, represents a measure commonly reported and widely used by investors as a valuation metric, as well as to assess the company's ability to incur and service debt.
Adjusted earnings and adjusted EPS
Net earnings or loss including dividends declared on preference shares but excluding the post-tax impacts of fair value adjustments, including those related to acquired deferred revenue, amortization of acquired intangible assets (attributable to other identifiable intangible assets and acquired software), other operating gains and losses, certain asset impairment charges, other finance costs or income, Thomson Reuters share of post-tax earnings or losses in equity method investments, discontinued operations and other items affecting comparability. Acquired intangible assets contribute to the generation of revenues from acquired companies, which are included in the company's computation of adjusted earnings.
The post-tax amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates associated with the nature and jurisdiction of each item.
Adjusted EPS is calculated from adjusted earnings using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders.
Provides a more comparable basis to analyze earnings.
These measures are commonly used by shareholders to measure performance.
Effective tax rate on adjusted earnings
Adjusted tax expense divided by pre-tax adjusted earnings. Adjusted tax expense is computed as income tax expense or benefit plus or minus the income tax impacts of all items impacting adjusted earnings (as described above), and other tax items impacting comparability.
In interim periods, the company also makes an adjustment to reflect income taxes based on the estimated full-year effective tax rate. Earnings or losses for interim periods under IFRS reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which Thomson Reuters operates. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods but has no effect on full-year income taxes.
Provides a basis to analyze the effective tax rate associated with adjusted earnings.
The company's effective tax rate computed in accordance with IFRS may be more volatile by quarter because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year. Therefore, the company believes that using the expected full-year effective tax rate provides more comparability among interim periods.
Free cash flow
Net cash provided by operating activities and other investing activities, less capital expenditures, payments of lease principal and dividends paid on the company's preference shares.
Helps assess the company's ability, over the long term, to create value for its shareholders as it represents cash available to repay debt, pay common dividends, fund share repurchases and acquisitions.
Changes before the impact of foreign currency or at constant currency
The changes in revenues, adjusted EBITDA and the related margin, and adjusted EPS before currency (at constant currency or excluding the effects of currency) are determined by converting the current and equivalent prior period's local currency results using the same foreign currency exchange rate.
Provides better comparability of business trends from period to period.
Changes in revenues computed on an organic basis
Represent changes in revenues of the company's existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods.
Provides further insight into the performance of the company's existing businesses by excluding distortive impacts and serves as a better measure of the company's ability to grow its business over the long term.
Accrued capital expenditures as a percentage of revenues
Accrued capital expenditures divided by revenues, where accrued capital expenditures include amounts that remain unpaid at the end of the reporting period. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.
Reflects the basis on which the company manages capital expenditures for internal planning purposes.
"Big 3" segments
The company's combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. All measures reported for the "Big 3" segments are non-IFRS financial measures.
The "Big 3" segments comprised approximately 80% of revenues and represent the core of the company's business information service product offerings.
Net debt and leverage ratio of net debt to adjusted EBITDA
Net debt is total debt, plus related hedging instruments and collateral balances, along with lease liabilities, excluding unamortized transaction costs and any premiums or discounts on debt, minus cash and cash equivalents. We exclude specific hedging components to reflect the net cash outflow upon debt maturity.
Net debt to adjusted EBITDA is net debt divided by adjusted EBITDA for the previous twelve-month period ending with the current fiscal quarter.
Provides a commonly used measure of a company's leverage and its ability to pay its debt. Given that the company hedges some of its debt to manage risk, the company includes hedging instruments as it believes it provides a better measure of the total obligation associated with its outstanding debt. Since the company plans to hold its debt and related hedges until maturity, the net debt calculation is adjusted to reflect the net cash outflow at maturity, after deducting cash and cash equivalents.
The company's non-IFRS measure is aligned with the calculation of its internal target leverage ratio and is more conservative than the maximum ratio allowed under the contractual covenants in its credit facility.
Please refer to reconciliations for the most directly comparable IFRS financial measures.
Akamai uvedla Workforce Protector, novou bezpečnostní vrstvu pro řízení využívání AI a ochranu dat v reálném čase. Řešení funguje bez změny síťové architektury a bez dopadu na uživatelský komfort.
Secure AI acceleration: Organizations can confidently adopt and scale AI technologies safely and prevent data exposure.Zero-disruption protection: The solution secures users across existing browsers, SaaS platforms, and desktop applications, without changing the network architecture or impacting the user experience.Redefining workforce security: Akamai Workforce Protector (formerly LayerX) secures the activities of the modern AI-powered workforce — both humans and AI agents — directly at the point of interaction, in real time, with a comprehensive interaction security platform.
CAMBRIDGE, Mass., Aug. 05, 2026 (GLOBE NEWSWIRE) --
Delivering the dedicated interaction security solution for the AI era, Akamai (NASDAQ: AKAM) today announced Akamai Workforce Protector (formerly LayerX), a security layer of a platform that already secures applications, APIs, and infrastructure. The new offering delivers comprehensive visibility, AI usage control, secure enterprise browser capabilities, and real-time data loss prevention and is also natively integrated with Akamai’s global private access solution.
Akamai Workforce Protector governs how employees engage with AI, SaaS, web, and private applications, as well as enterprise data, at the exact point of interaction. This launch also introduces advanced capabilities that extend visibility into modern desktop AI applications and emerging AI workflows.
Workforce Protector enables organizations to perform critical security functions that were previously too complex or disruptive to deploy:
Real-time AI governance: Discover “shadow AI” usage, govern how employees interact with AI tools, and enforce adaptive policies directly inside browser sessions.Zero-disruption deployment: Deploy immediate controls with no user friction. Users do not have to switch browsers, and organizations do not need to redesign their network architecture.Real-time data protection: Prevent critical data loss at the precise moment of interaction, stopping sensitive data from being uploaded to unauthorized AI models or downloaded from enterprise applications to employee endpoints.
According to the Gartner® Market Guide for Secure Enterprise Browsers, by 2028, “25% of organizations will augment existing secure remote access tools by deploying at least one secure enterprise browser technology, up from approximately 10% today.”1
1 GARTNER is a trademark of Gartner, Inc. and/or its affiliates.
Why interaction security matters
Modern enterprise work is no longer confined to fixed assets or physical locations. Instead, it is a continuous stream of interactions — an employee opening a SaaS app, an AI agent calling an API, or a workload reaching across an internal network. Traditional security models designed around zones and perimeters assume assets stay still.
Interaction security flips this paradigm by ensuring security follows the work, applying protection directly at the point of interaction across three domains: the workforce, applications/APIs, and infrastructure. Organizations can now safely accelerate enterprise-wide AI adoption by mitigating data exposure and governance risks at the point of interaction.
“Work is a nonstop flow of digital connections,” said Ofer Wolf, Senior Vice President, General Manager, Enterprise Security at Akamai. “With Akamai Workforce Protector, we’re making sure security follows your people and the AI agents they use wherever they go, rather than just guarding an office building. We want to give companies the safety net they need to embrace AI confidently, without slowing down their teams or forcing anyone to change how they get things done.”
Workforce Protector complements existing security investments, addressing critical gaps left by traditional Security Service Edge (SSE), Cloud Access Security Broker (CASB), and data loss prevention (DLP) tools. It integrates seamlessly into Akamai’s broader security portfolio, allowing enterprises to manage workforce, application, and infrastructure security under a unified vision with unmatched performance and reliability. It also leverages Akamai’s vast distributed network to allow enterprises and their users to seamlessly connect to their applications and infrastructure from anywhere at any time.
To learn more about Workforce Protector and how to secure your workforce’s AI interactions, visit the Akamai Workforce Protector page.
About Akamai
Akamai is the cybersecurity and cloud computing company that powers and protects business online. Our market-leading security solutions, superior threat intelligence, and global operations team provide defense in depth to safeguard enterprise data and applications everywhere. Akamai’s full-stack cloud computing solutions deliver performance and affordability on the world’s most distributed platform. Global enterprises trust Akamai to provide the industry-leading reliability, scale, and expertise they need to grow their business with confidence. Learn more at akamai.com and akamai.com/blog, or follow Akamai Technologies on X and LinkedIn.
Akamai varuje, že 5 % vysoce rizikových zaměstnanců generuje většinu firemních AI promptů a vytváří velké mezery v přehledu o „shadow AI“. Zpráva také popisuje tři nové AI útoky, které obcházejí tradiční perimetrální obranu.
The rise of the “AI power user”: Although AI has expanded across every business function, risk is heavily concentrated. A highly active group of power users are driving the vast majority of enterprise AI exposure.The dominance of “shadow AI”: Security teams are suffering from a severe visibility gap, focusing heavily on a few approved platforms while a massive “long tail” of unmanaged apps runs silently beneath the surface.The emergence of AI-native attack vectors: The new report details three novel threat methodologies discovered by researchers in 2026 that bypass traditional perimeter defenses entirely.
CAMBRIDGE, Mass., Aug. 05, 2026 (GLOBE NEWSWIRE) --
Akamai (NASDAQ: AKAM) released a new State of the Internet (SOTI) security report today that details how rogue browser extensions and vulnerable autonomous agents are actively expanding the enterprise threat surface. The Enterprise AI Usage Risk Report 2026 reveals how decentralized shadow AI, highly active AI power users, and silent browser extensions are exposing critical corporate assets to entirely new classes of cyber risk.
The report tracks a profound shift in corporate AI adoption. What began in early 2025 as cautious experimentation has solidified into a structural mandate. However, this rapid integration has outpaced traditional security guardrails.
“AI is no longer just a productivity booster; it is a collaborative colleague with direct access to the corporate crown jewels,” said Or Eshed, Vice President, Enterprise Security Product and Engineering of Akamai. “Traditional data loss prevention tools were built for an era of file transfers and emails. Today, sensitive corporate data is being systematically fragmented across millions of fluid prompts, unmanaged personal accounts, and autonomous AI agents. Security leaders must pivot from trying to block AI to continuously governing how it operates at the interaction level.”
Emerging AI-native attack vectors
The report details three novel threat methodologies discovered by researchers in 2026 that bypass traditional perimeter defenses entirely.
Vibe hacking: Attackers covertly manipulate local markdown instruction files within a developer’s environment. This subtle modification tricks frontier coding assistants into generating insecure outputs or executing unauthorized actions — mimicking a developer’s normal workflow.CursorJacking: Rogue browser extensions exploit broad permissions to silently harvest API keys, proprietary codebases, and conversational history directly from the browser environment. This is a high-impact exploit targeting popular AI coding assistants (like Cursor).CometJacking: By embedding malicious instructions on a public web page, attackers use indirect prompt injection to manipulate the user’s local AI agent. The compromised agent can then exfiltrate local files, emails, and session credentials without the user’s knowledge. This threat targets agentic browsers like Perplexity’s Comet AI.
The 2026 CISO roadmap to secure AI
To capture the economic benefits of AI without exposing critical data, Akamai’s report outlines five core mitigation strategies for modern CISOs.
Target AI power users: Target telemetry, monitoring, and tailored coaching toward the 5% of high-risk employees who are driving the majority of interactive AI prompts.Eliminate shadow AI: Force single sign-on (SSO) federation across all platforms and continuously discover the long tail of niche AI software as a service (SaaS) tools.Inspect the interaction layer: Transition from static DLP to real-time, contextual analysis of prompts, copy/paste buffers, and document uploads.Vet browser and IDE extensions: Treat extensions as highly privileged software. Almost 75% of AI extensions demand high or critical permissions, and 16.3% contain known CVEs.Secure AI agents: Establish strict, least-privilege boundaries and behavioral monitoring for autonomous AI agents that act on behalf of employees.
Now in their 12th year, Akamai’s SOTI reports continue to offer critical insights on cybersecurity trends and web performance, drawn from attacks viewed across Akamai’s cybersecurity infrastructure, which handles a significant portion of global web traffic.
About Akamai
Akamai is the cybersecurity and cloud computing company that powers and protects business online. Our market-leading security solutions, superior threat intelligence, and global operations team provide defense in depth to safeguard enterprise data and applications everywhere. Akamai’s full-stack cloud computing solutions deliver performance and affordability on the world’s most distributed platform. Global enterprises trust Akamai to provide the industry-leading reliability, scale, and expertise they need to grow their business with confidence. Learn more at akamai.com and akamai.com/blog, or follow Akamai Technologies on X and LinkedIn.
NRG Energy vykázala ve 2. čtvrtletí upravenou EBITDA 1,2 miliardy USD, meziročně o 34 % vyšší, a oznámila plán na 1,2GW elektrárnu v Texasu pro datové centrum cloudové a AI firmy.
Energy Vault Electrifies Market With Accelerated GrowthNRG Energy NYSE: NRG reported second-quarter 2026 adjusted EBITDA of $1.2 billion, up 34% from a year earlier, while outlining plans for a 1.2-gigawatt Texas power plant intended to support a cloud and artificial intelligence hyperscaler’s data center load.
President and Chief Executive Officer Robert Gaudette said NRG is aligned on principal commercial terms with the unnamed investment-grade customer. The project remains subject to negotiations, land-related matters and customary internal approvals, but the customer has made a financial commitment to advance development, according to the company.
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Hims, Block, and NRG Just Launched Huge Stock Buybacks The proposed combined-cycle natural gas plant would be developed, owned and operated by NRG. It is planned to serve a 1-gigawatt data center load and could eventually expand the customer relationship to as much as 2.4 GW. Commercial operation for the initial 1.2-GW facility is targeted for late 2029.
Capacity-Payment Structure Supports Proposed Texas Project Gaudette described the arrangement as NRG’s first “bring your own power” project, or BYOP, a model under which new power demand is paired with new generation supported by the customer. He said the facility is designed to add more generation to Texas than the data center is expected to require.
Best Utilities Stocks for Stability and Growth in 2025Under the contemplated structure, NRG would receive capacity payments intended to recover its invested capital and provide its targeted return, while separate payments would recover fuel and operating costs. The company said 95% of the project’s free cash flow would be supported by capacity payments independent of the data center’s utilization rate.
“We’re paid for the megawatts we build and make available, not for how much the data center runs,” Gaudette said. The customer’s obligations would be backed by an investment-grade parent guarantee.
NRG expects the 1.2-GW project to require $3.2 billion of investment, or about $2,700 per kilowatt. At full operation, management expects at least $500 million of annual adjusted EBITDA and approximately $375 million of annual free cash flow before growth. Chief Financial Officer Bruce Chung said the anticipated pre-tax unlevered internal rate of return is within NRG’s 12% to 15% target range, implying an approximately 6-times build multiple at projected run-rate EBITDA.
The initial agreement would have a term of at least 15 years from commercial operation, with potential extensions. Chung said capacity payments would begin immediately upon commercial operation rather than ramping as the data center increases usage.
NRG has secured 5.4 GW of turbine and engineering, procurement and construction capacity through 2032 via GE Vernova and Kiewit. Gaudette said the company’s development pipeline exceeds twice that capacity, with each turbine slot tied to active customer discussions. The company also cited roughly 2 GW of upgrade opportunities across its PJM fleet.
Capital Plan Shifts Funds Toward New Build NRG updated its 2026 capital allocation plan to include $721 million of expected spending on the Texas new-build project. Of that amount, $40 million was reclassified from plant and other investments, while $681 million represents incremental spending funded by reducing planned liability management.
The revised approach means less net debt reduction in 2026 than previously planned, but management said its shareholder-return plans remain unchanged. NRG continues to expect at least $1 billion of annual share repurchases and $407 million in common dividends for 2026. During the first half, the company repurchased $921 million of shares and paid $202 million in dividends.
NRG expects cumulative project investment of about $800 million through the end of 2026, including prior reservation payments, followed by $1 billion in 2027, $1.1 billion in 2028 and $300 million in 2029. About 60% of total investment relates to EPC costs, with the remainder allocated to turbine equipment and other project costs.
Chung said NRG’s base case is to fund the project through operating cash flow and balance-sheet capacity. Under that approach, reaching the company’s 3-times net leverage target would shift from 2028 to 2029. The company may also consider financial partners to improve capital efficiency, though no such arrangement has been announced.
Second-Quarter Results Reflect Acquired Assets, Texas Weakness Adjusted EBITDA rose $308 million year over year, driven primarily by the portfolio acquired from LS Power, higher PJM capacity values and Smart Home growth. Adjusted net income fell to $315 million from $339 million, while adjusted earnings per share declined to $1.49 from $1.73, as acquisition-related interest expense and depreciation and amortization offset EBITDA growth.
Free cash flow before growth was $1.025 billion, up $111 million from the prior-year quarter. Texas adjusted EBITDA declined $131 million, reflecting lower load and power prices. East adjusted EBITDA increased $370 million, primarily due to the LS Power portfolio acquisition. West adjusted EBITDA increased $27 million, aided by lower operating expenses after a facility lease expired last year. Smart Home adjusted EBITDA increased $42 million; customer count reached 2.45 million, up 8% year over year. In Texas, ERCOT Houston around-the-clock prices averaged $33 per megawatt-hour during the quarter, down 8% from a year earlier and below NRG’s $52 planning assumption for 2026. Lower prices and limited volatility reduced generation dispatch and portfolio optimization opportunities, Chung said.
In the East, legacy hedges associated with the acquired assets limited NRG’s ability to fully capture higher PJM power prices. The company also cited higher retail supply costs and an estimated $70 million of incremental 2026 costs associated with Virginia’s return to the Regional Greenhouse Gas Initiative, affecting 1.2 GW of acquired Virginia assets.
Guidance Reaffirmed NRG reaffirmed its 2026 guidance ranges, although Chung said first-half results indicate performance is tracking below the midpoint. He said the company has limited unhedged exposure for the remainder of the year and does not depend on a material recovery in commodity prices to remain within its guidance ranges.
Management said the proposed Texas project is not included in NRG’s previously issued long-term framework, which calls for adjusted EPS compound annual growth of more than 14% through 2030 from the base business. Gaudette said the company intends to maintain its return thresholds and credit protections as it evaluates additional large-load generation projects.
About NRG Energy (NYSE:NRG)NRG Energy NYSE: NRG is a U.S.-based integrated power company headquartered in Houston, Texas. The company develops, owns and operates a diversified portfolio of power generation assets and participates in wholesale and retail energy markets. NRG supplies electricity to utilities, commercial and industrial customers, and retail consumers, while also providing energy-related products and services designed to manage consumption and support reliability.
NRG's generation mix includes conventional thermal plants as well as renewable and distributed energy resources.
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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The New York Times ve 2. čtvrtletí přidala asi 280 tisíc čistých digitálních předplatitelů, méně než čekal trh. Firma zároveň zklamala výhledem tržeb z digitálního předplatného.
People walk by The New York Times building in Manhattan, New York City, U.S., September 16, 2025. REUTERS/Kylie Cooper/File Photo Purchase Licensing Rights, opens new tab
Aug 5 (Reuters) - The New York Times (NYT.N), opens new tab reported slower digital subscriber growth for the second quarter on Wednesday and issued a lackluster digital subscription revenue forecast, sending its shares down more than 8% in premarket trading.
Publishers are operating in a crowded market, where big tech firms and AI platforms impact search and referral traffic, while trust in news is shrinking.
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Media outlets such as Axios, CNN and The Verge are jostling to gain more readership in a busy news cycle, putting pressure on publishers such as NYT to gain market share.
NYT has been bundling its news offerings with lifestyle-focused products such as Wirecutter, sports website The Athletic and games including Wordle, as it looks to enhance value for subscribers.
The Times added about 280,000 net digital-only subscribers in the second quarter, compared with analysts' average estimate of 295,300, according to data compiled by Visible Alpha.
NYT had added 310,000 digital-only subscribers in the previous quarter.
The company expects digital-only subscription revenue of 12% to 15%, the mid-point of which was below the estimate of 14.2%.
Total advertising revenue rose by 11.3% to $149.1 million, beating an estimate of $146.4 million.
Reporting by Jaspreet Singh in Bengaluru; Editing by Pooja Desai
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Southwest Gas Holdings oznámila za 2. čtvrtletí zisk z pokračujících činností ve výši 42,1 mil. USD a potvrdila celoroční výhled. Rozhodnutí v Kalifornii přidává asi 40 mil. USD ročních výnosů.
Great Basin Demand Raises 2028 Expansion Project CapEx and Margin Expectations
Constructive CA Rate Case Decision on Items Before Cost of Capital; Final Decision Expected in August
, /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas Holdings" or "Company") today reported results for its second quarter and six-months ended June 30, 2026. This earnings press release should be read in conjunction with the Form 10-Q and earnings slides, which are concurrently being posted at www.swgasholdings.com.
"We're encouraged by the progress our team made this quarter, advancing rate cases in all three states and securing binding commitments for our Great Basin 2028 expansion project," said Justin Brown, President and Chief Executive Officer of Southwest Gas Holdings. "The California Public Utilities Commission's recent decision on the non-cost-of-capital components of our rate case is a constructive step and reflects the kind of collaborative engagement we're working to enhance with regulators to better align cost recovery with the timing of our investments to ensure safe and reliable service to our customers across all three states. We remain focused on executing our growth and regulatory priorities while delivering long-term value creation for all stakeholders."
"We remain optimistic about the opportunity and progress we're seeing on our Great Basin expansion," added Brown. "Contracted demand for the 2028 expansion has grown to roughly 1 billion cubic feet per day, and the project continues to see strong commercial interest, including an additional 1.8 Bcf of expressions of interest which could lead to binding agreements for future phases during the 2029 to 2035 period. That growing interest points to increased capital investment opportunities and enhanced revenue potential for the initial phase of the project. Based on the contracted demand, we now estimate annual margin of $270 to $300 million once in service and a corresponding capital investment for the project of approximately $2.3 billion," added Brown.
SOUTHWEST GAS HOLDINGS, INC. SUMMARY OPERATING RESULTS
Summary Financial Results
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands, except per share items)
2026
2025
2026
2025
Results of Consolidated Operations
Contribution to net income - natural gas distribution
$ 40,757
$ 45,646
$ 178,528
$ 188,588
Contribution to net income - corporate and administrative
1,365
(46,377)
1,968
(55,031)
Income (loss) from continuing operations, net of taxes
42,122
(731)
180,496
133,557
Loss from discontinued operations, net of taxes(1)
—
(39,423)
—
(59,841)
Net income (loss) attributable to Southwest Gas Holdings
$ 42,122
$ (40,154)
$ 180,496
$ 73,716
Non-GAAP adjustments to net income - natural gas distribution(2)
$ (9,723)
$ (11,969)
$ —
$ (11,969)
Adjusted net income - natural gas distribution
$ 31,034
$ 33,677
$ 178,528
$ 176,619
Non-GAAP adjustments to net income - continuing operations(2)
(9,723)
27,271
—
27,271
Adjusted net income - continuing operations
$ 32,399
$ 26,540
$ 180,496
$ 160,828
Consolidated earnings (loss) per diluted share
$ 0.58
$ (0.56)
$ 2.49
$ 1.02
Consolidated earnings (loss) per diluted share from continuing
operations
$ 0.58
$ (0.01)
$ 2.49
$ 1.85
Non-GAAP adjustments - continuing operations(2)
(0.13)
0.38
—
0.38
Adj. consolidated earnings per diluted share from continuing
operations
$ 0.45
$ 0.37
$ 2.49
$ 2.23
Weighted average diluted shares
72,665
72,088
72,617
72,195
(1)
Including the impacts of noncontrolling interests. All items related to the disposition of Centuri Holdings, Inc. are included in discontinued operations.
(2)
For a reconciliation of non-GAAP financial measures to their comparable GAAP measures, see the tables later in this press release.
Recent Operational and Financial Highlights
Delivered significant quarter-over-quarter growth in earnings per share from continuing operations compared with the prior-year period, reflecting constructive regulatory outcomes, continued infrastructure investment recovery, and disciplined operational execution; Maintained a strong balance sheet and financial flexibility, ending the quarter with $270.5 million of cash and cash equivalents and nearly $1.0 billion in available liquidity to support, among other items, organic growth initiatives and infrastructure investment programs; Southwest Gas Corporation ("Southwest Gas", "Utility", "Natural Gas Distribution" segment) delivered Utility return on period-end equity of 8.1% and adjusted Utility return on period-end equity of 8.0% over the 12 months ended June 30, 2026; Achieved a constructive California regulatory outcome providing approximately $40 million of incremental annual revenue, reinforcing regulatory support for infrastructure investments and enhancing earnings visibility. The decision also resulted in the recognition of approximately $9.7 million of incremental net income in the second quarter related to previously deferred first quarter revenue, which had been tracked in a previously authorized memorandum account pending the regulatory decision; remaining cost-of-capital component is proceeding with a final decision expected in August; Southwest Gas' Arizona System Integrity Mechanism rates became effective on April 1, 2026, supporting more timely recovery of eligible safety and reliability investments, subject to an annual capital investment cap of $50 million; Southwest Gas filed Nevada certification materials for the Nevada general rate case, including post-test-year plant adjustments through May 2026, supporting timely recovery of ongoing infrastructure investments and system improvements and increased Southwest Gas' requested annual revenue increase to ~$74 million; Secured approval of the Nevada Triennial Resource Plan, including prudency pre-determinations for approximately $186 million of capital investments, providing enhanced visibility into possible future rate base growth and supporting long-term natural gas infrastructure planning to serve growing customer demand and reliability needs; Continued commercial momentum for the Great Basin 2028 Expansion Project, with binding precedent agreements ("BPAs") now totaling approximately 1 Bcf per day, demonstrating strong customer demand and supporting one of the Company's most significant long-term infrastructure growth opportunities. Invested $520.0 million in infrastructure modernization and expansion during the first six months of 2026 (on an accrual basis), including approximately $115 million toward the Great Basin 2028 Expansion Project, advancing a robust capital investment program designed to drive long-term rate base growth, system reliability, and shareholder value creation; and Southwest Gas achieved gross margin of $158.4 million and operating margin of $319.7 million for the three months ended June 30, 2026. Great Basin 2028 Expansion Project Updates
During the second quarter, Great Basin executed additional BPAs now totaling approximately 1 Bcf per day of currently contracted demand for its 2028 Expansion Project. Efforts to execute additional BPAs are ongoing to convert expressions of interest of an additional ~1.8 Bcf for requested in-service dates ranging from 2029 through 2035. All additional expressions of interest remain subject to the successful negotiation of BPAs and the posting of required surety.
Based on current engineering and design assumptions, the 2028 Expansion Project is now projected to result in:
Approximately 1 Bcf per day of incremental demand; 48" designed pipe size to serve contracted demand and accommodate additional capacity demand with future compression additions; Approximately $2.3 billion of estimated capital investment. Following project in-service, potential annual incremental margin of approximately $270 million to $300 million. The Company plans to incorporate these expected increases into its long-term capital expenditure, rate base, and earnings guidance expectations in conjunction with its annual five-year planning refresh cycle that typically concludes in February. The Company does not expect 2026 capital expenditures guidance to be materially impacted by the above project estimates.
Preparations for the Federal Energy Regulatory Commission (FERC) certificate (CPCN) application, expected to be filed later in 2026, are progressing as planned, including field surveys, public outreach, and engineering and design development. The current FERC filing schedule is not expected to be impacted by the incremental demand received. Project shippers who executed BPAs are required post surety and execute minimum twenty-year Transportation Service Agreements upon FERC approval of the CPCN to maintain the planned project schedule and associated regulatory timeline.
Future demand beyond the 2028 Expansion Project, may support additional expansion opportunities with their own regulatory approvals and construction schedules.
Earnings Reconciliation Table
The table below provides a reconciliation of net income attributable to Southwest Gas Holdings for the three and six months ended June 30, 2026, from the same period in 2025 (items are in millions and are before related income tax impact unless otherwise noted):
Three Months
Six Months
Net income (loss) attributable to Southwest Gas Holdings – June 30, 2025
$ (40.2)
$ 73.7
Increase (decrease) in Southwest Gas net income:
Operating Margin(1)
25.5
40.7
Operations and maintenance expenses
3.7
1.6
Depreciation and amortization
(8.7)
(14.7)
Other income and deductions, net
(9.4)
(13.0)
Interest expense, net
0.8
(0.3)
Other (includes taxes other than income taxes)
(0.6)
(1.8)
Income tax expense
(16.2)
(22.6)
Total decrease in Southwest Gas net income
(4.9)
(10.1)
Improvement in corporate and administrative results(2)
47.8
57.1
Increase in income from continuing operations
42.9
47.0
Decrease in loss from discontinued operations(3)
39.4
59.8
Net income attributable to Southwest Gas Holdings – June 30, 2026
$ 42.1
$ 180.5
Non-GAAP Adjustments - continuing operations(1)
(9.7)
—
Adjusted net income attributable to Southwest Gas Holdings from continuing
operations – June 30, 2026
$ 32.4
$ 180.5
(1)
For a reconciliation of non-GAAP financial measures to their comparable GAAP measures, see the tables later in this press release. Non-GAAP adjustments to three months ended June 30, 2026 adjust for the retroactive impact of California rates that would have been recorded in the first quarter of 2026 had the decision not been delayed.
(2)
Corporate and Administrative improved from a net loss in the three months ended June 30, 2025 to net income in the three months ended June 30, 2026.
(3)
Including the impacts of noncontrolling interests. All items related to the disposition of Centuri are included in discontinued operations.
Southwest Gas Holdings' net income from continuing operations was $42.1 million for the three months ended June 30, 2026, and adjusted net income from continuing operations was $32.4 million for the three months ended June 30, 2026, representing a $42.9 million increase in net income from continuing operations when compared to the three months ended June 30, 2025 and a $5.9 million increase in adjusted net income from continuing operations when compared to the three months ended June 30, 2025.
Southwest Gas Holdings' net income from continuing operations was $180.5 million for the six months ended June 30, 2026, and adjusted net income from continuing operations was $180.5 million for the six months ended June 30, 2026, representing a $47.0 million increase in net income from continuing operations when compared to the six months ended June 30, 2025 and a $19.7 million increase in adjusted net income from continuing operations when compared to the six months ended June 30, 2025.
Southwest Gas / Natural Gas Distribution - Second Quarter 2026
In the three months ended June 30, 2026 compared to the same period in 2025, the decrease in net income of $4.9 million was primarily due to:
$16.2 million higher Income tax expense primarily due to a $12.0 million state income tax benefit recognized in the prior year's quarter related to a change in state apportionment rates that did not reoccur in the current quarter. The increase was also driven by higher pre-tax income differences and lower amortization of excess accumulated deferred income taxes in the current quarter. $9.4 million lower Other income, which is net of other deductions, primarily driven by lower interest income earned on money market accounts of $2.7 million, lower net periodic benefit gain related to pension non-service components of $2.2 million, lower COLI policies gains of $1.9 million largely driven by lower market performance compared to the prior year's quarter, and the absence of a prior year gain on the sale of certain miscellaneous assets of $1.6 million. Additionally, contributions to the Southwest Gas Foundation were $1.6 million higher in the current period, primarily due to timing of the contributions. These decreases were partially offset by an increase in Equity AFUDC of $0.9 million related to the commencement of the Great Basin 2028 Expansion Project. $8.7 million, or 13%, higher Depreciation and amortization expense reflecting a $726.7 million, or 7%, increase in gas plant in service since the corresponding second quarter of 2025, in addition to $4.9 million in higher amortization related to regulatory account balances noted below. The increase in plant was attributable to pipeline capacity reinforcement work, franchise requirements, scheduled pipe replacement activities, and new infrastructure. Partially offset by:
$25.5 million higher Operating margin primarily driven by updated rates that better align with Southwest Gas' cost of service and capital investments across California adding approximately $19.5 million of incremental margin, the majority of which was attributable to the revenue recognized in connection with final approval of the All-Party Settlement, before adjustments to cost of capital, associated with the California general rate case, and $1.4 million attributable to customer growth for all territories. Also contributing to the increase was $4.9 million related to the combined impacts of increases in recovery/return, offset by a comparable increase in depreciation and amortization expense in regulatory account balances noted above. $3.7 million lower Operations and maintenance expense primarily due to lower net insurance cost of $2.5 million, outside services costs of $1.7 million, and bad debt expenses. These decreases were partially offset by increases in employee-related labor costs and leak survey and line locating expense. Southwest Gas / Natural Gas Distribution - Year-To-Date 2026
In the six months ended June 30, 2026 compared to the same period in 2025, the decrease in net income of $10.1 million was primarily due to:
$22.6 million higher Income tax expense due to a $12.0 million state income tax benefit recognized in the prior year's period related to a change in state apportionment rates that did not reoccur in the current period. The increase was also driven by higher pre-tax income differences, lower amortization of excess accumulated deferred income taxes, and lower nondeductible executive compensation in the current period when compared to the prior year's period. $14.7 million, or 9%, higher Depreciation and amortization expense reflecting a $726.7 million, or 7%, increase in gas plant in service since the corresponding period of 2025, in addition to $6.0 million in higher amortization related to regulatory account balances noted below. The increase in plant was attributable to pipeline capacity reinforcement work, franchise requirements, scheduled pipe replacement activities, and new infrastructure. $13.0 million lower Other income, which is net of other deductions, primarily driven by lower interest income earned on money market accounts of $5.9 million, lower net periodic benefit gain related to pension non-service components of $4.3 million, the absence of a prior year gain on the sale of certain miscellaneous assets of $1.6 million, and higher contributions to the Southwest Gas Foundation of $1.9 million primarily due to timing differences. These decreases were partially offset by an increase in Equity AFUDC of $1.6 million related to the commencement of the Great Basin 2028 expansion project. $1.8 million higher Taxes other than income taxes due primarily to increase in property taxes across all of Southwest Gas' jurisdictions. Partially offset by:
$40.7 million higher Operating margin primarily driven by updated rates that better align with Southwest Gas' cost of service and capital investments across all territories adding approximately $32.7 million of incremental margin, approximately $20.2 million of which was attributable to the revenue recognized in connection with final approval of the All-Party Settlement, before adjustments to cost of capital, associated with the California general rate case, and $4.5 million attributable to customer growth for all territories, which is reflective of 1% net customer growth during the twelve months ended June 30, 2026. Also contributing to the increase were $4.9 million attributable to nondecoupled billed margin across Arizona and Nevada and $6.0 million related to the combined impacts of increases in recovery/return, offset by a comparable increase in depreciation and amortization expense in regulatory account balances noted above. Partially offsetting the increase is $4.7 million attributable to the absence of recovery in the current period, as recovery under the Vintage Steel Pipeline Program was concluded during the first quarter of 2025. $1.6 million lower Operations and maintenance expense primarily due to lower net insurance cost and bad debt expense. These decreases were partially offset by increases in employee-related labor costs, including incentive compensation costs and leak survey and line locating expense. Corporate and Administrative - Second Quarter 2026
In the three months ended June 30, 2026, net income improved by $47.7 million compared to a net loss in the same period in 2025; the improvement was primarily due to:
$36.7 million lower Income tax expense due to a $39.2 million state income tax expense recognized in the prior year's quarter related to a change in state apportionment rates that did not reoccur in the current quarter. The decrease was partially offset by higher pre-tax income differences in the current quarter when compared to the prior year's quarter and changes to state net operating losses to reflect expected utilization. $8.6 million lower Net interest deductions primarily driven by the repayment of the $550.0 million term loan in the summer of 2025 as well as the decrease in the balance that was previously outstanding on the revolving credit facility. $2.6 million higher Other income, which is net of other deductions, primarily driven by an increase in interest income earned on money market accounts. Corporate and Administrative - Year-To-Date 2026
In the six months ended June 30, 2026, net income improved by $57.0 million compared to a net loss in the same period in 2025; the improvement was primarily due to:
$31.1 million lower Income tax expense due to a $39.2 million state income tax expense recognized in the prior year's period related to a change in state apportionment rates that did not recur in the current period. The decrease was partially offset by higher pre-tax income differences in the current period when compared to the prior year's period and changes to state net operating losses to reflect expected utilization; $18.3 million lower Net interest deductions primarily driven by the repayment of the $550.0 million term loan in the summer of 2025 as well as the decrease in the balance that was previously outstanding on the revolving credit facility; and $8.0 million higher Other income, which is net of other deductions, primarily driven by an increase in interest income earned on money market accounts. Discontinued Operations - Second Quarter 2026
In the three months ended June 30, 2026 compared to the same period in 2025, the decrease in net loss of $39.4 million reflects the absence of Centuri's operating results in the current period following the completion of its disposition, compared to a full quarter of Centuri's results included in the prior year period.
Discontinued Operations - Year-To-Date 2026
In the six months ended June 30, 2026 compared to the same period in 2025, the decrease in net loss of $59.8 million reflects the absence of Centuri's operating results in the current period following the completion of its disposition, compared to a full six months of Centuri's results included in the prior year period.
Southwest Gas Holdings Guidance and Outlook:
The Company reaffirms the following 2026 and forward-looking guidance ranges, as follows:
(in millions, except percentages)
Reaffirmed Estimates3
2026 Earnings per share from continuing operations
$4.17 - $4.32 / share
2026 Capital expenditures(1)
~$1.25 billion
2026 - 2030 Adjusted Earnings per share from continuing operations CAGR(2)
12.0% - 14.0%
2026- 2030 Capital expenditures(1)
$6.3 billion
2026 - 2030 Rate base CAGR(2)
9.5% - 11.5%
(1)
Includes approximately $30 million and $190 million for 2026 and 2026-2030, respectively, that would be recorded in Deferred charges and other assets.
(2)
2025 compound annual growth rate ("CAGR") base year: adjusted 2025 earnings per share from continuing operations of $3.65 per share and 2025 rate base of $6.7 billion
(3)
Long-term guidance metrics are based on $1.7 billion of incremental capital related to the Great Basin 2028 Expansion Project over the five-year period and do not reflect the updated $2.3 billion capital estimate
Conference Call and Webcast
Southwest Gas Holdings will host a conference call on Tuesday, August 5, 2026, at 11:00 a.m. ET to discuss its second quarter 2026 results. The associated press release and presentation slides are available at https://investors.swgasholdings.com.
The call will be webcast live on the Company's website at www.swgasholdings.com. The telephone dial-in numbers in the U.S. and Canada are toll free: (800) 836-8184 or international (646) 357-8785. The webcast will be archived on the Southwest Gas Holdings website.
About Southwest Gas Holdings
Southwest Gas Holdings, Inc., through its primary operating subsidiary Southwest Gas Corporation, engages in the business of purchasing, distributing and transporting natural gas. Southwest Gas Corporation is a dynamic energy company committed to exceeding the expectations of over 2 million customers throughout Arizona, Nevada, and California by providing safe, reliable, and affordable service while innovating sustainable energy solutions to fuel the growth in its communities.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding Southwest Gas Holdings and Southwest Gas and their expectations or intentions regarding the future and underlying assumptions. These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "potential", "could", "target", "project", "intend", "plan", "seek", "pursue", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2026 and the future, 2026 guidance and outlook, the expected timing, impact and outcome of recent and ongoing general rate cases or other regulatory proceedings, earnings per share, capital expenditure and rate base CAGR guidance, and statements regarding the Great Basin 2028 Expansion Project, including projected demand, capacity, capital expenditures, impacts and investment opportunity. In addition, the statements that are not historic constitute forward-looking statements. A number of important factors affecting the business and financial results of the Company and the Utility could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, the timing and amount of rate case filings, approvals and rate relief, changes in rate design, net customer growth rates, the effects of regulation/deregulation, tax reform and similar changes and related regulatory decisions, the potential for, and the impact of, a credit rating downgrade, future earnings trends, inflation, sufficiency of labor markets and similar resources, seasonal patterns, current and future litigation, regulatory approvals for the Great Basin 2028 Expansion Project along with capital construction costs, and the impacts of stock market volatility. In addition, the Company can provide no assurance that its discussions about future earnings per share from continuing operations or operating margin, operating income, COLI earnings, interest expense, and capital expenditures of the Company will occur. Likewise, the Company can provide no assurance regarding segment revenues, margin or growth rates, that projects expected to be undertaken with results as stated will occur, nor that interest expense patterns will transpire as expected. Factors that could cause actual results to differ also include (without limitation) those discussed under the heading "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosure about Market Risk" in Southwest Gas Holdings, Inc.'s most recent Annual Report on Form 10-K and in the Company's, and Southwest Gas Corporation's current and periodic reports, including its Quarterly Reports on Form 10-Q, filed from time to time with the Securities and Exchange Commission. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
Non-GAAP Measures. This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Non-GAAP measures include (i) Southwest Gas Holdings adjusted earnings (loss) per share from continuing operations, (ii) Southwest Gas Holdings adjusted net income (loss) from continuing operations, (iii) Natural Gas Distribution segment adjusted earnings (loss) per share, and (iv) Natural Gas Distribution segment adjusted net income (loss) for the three and six months ended June 30, 2026 and June 30, 2025. Also included in this press release, Natural Gas Distribution segment adjusted ROE for the twelve-months-ended June 30, 2026. Management uses these non-GAAP measures internally to evaluate performance and in making financial and operational decisions. Management believes that its presentation of these measures provides investors greater transparency with respect to its results of operations and that these measures are useful for a period-to-period comparison of results. Management also believes that providing these non-GAAP financial measures helps investors evaluate the Company's operating performance, profitability, and business trends in a way that is consistent with how management evaluates such performance.
Management also uses the non-GAAP measure, operating margin, related to its natural gas distribution operations. Southwest Gas recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers. Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest Gas' profitability. Therefore, management routinely uses operating margin, defined by management as regulated operations revenues less the net cost of gas sold, in its analysis of Southwest Gas' financial performance. Operating margin also forms a basis for Southwest Gas' various regulatory decoupling mechanisms. Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest Gas' financial performance in a rate-regulated environment.
The tables included below provide a reconciliation for these non-GAAP measures.
We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.
SOUTHWEST GAS HOLDINGS, INC. CONSOLIDATED EARNINGS RESULTS
(In thousands, except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Consolidated Operating Revenues
$ 358,154
$ 396,318
$ 943,273
$ 1,142,734
Net Income (Loss):
Continuing operations
$ 42,122
$ (731)
$ 180,496
$ 133,557
Discontinued operations(1)
—
(39,423)
—
(59,841)
Net income (loss) applicable to Southwest Gas Holdings
$ 42,122
$ (40,154)
$ 180,496
$ 73,716
Weighted Average Common Shares - Basic
72,516
72,088
72,479
72,050
Weighted Average Common Shares - Diluted
72,665
72,088
72,617
72,195
Basic earnings (loss) per share:
Continuing operations
$ 0.58
$ (0.01)
$ 2.49
$ 1.85
Discontinued operations
—
(0.55)
—
(0.83)
Net earnings (loss) per share - basic
$ 0.58
$ (0.56)
$ 2.49
$ 1.02
Diluted earnings (loss) per share:
Continuing operations
$ 0.58
$ (0.01)
$ 2.49
$ 1.85
Discontinued operations
—
(0.55)
—
(0.83)
Net earnings (loss) per share - diluted
$ 0.58
$ (0.56)
$ 2.49
$ 1.02
Reconciliation of Gross Margin to Operating Margin
(non-GAAP measure)
Utility Gross Margin
$ 158,398
$ 140,480
$ 457,288
$ 427,864
Plus:
Operations and maintenance (excluding Admin &
General) expense
83,629
84,764
162,101
165,527
Depreciation and amortization expense
77,685
68,940
177,288
162,630
Operating Margin
$ 319,712
$ 294,184
$ 796,677
$ 756,021
(1)
Including the impacts of noncontrolling interests. All items related to the disposition of Centuri are included in discontinued operations.
Reconciliation of non-GAAP financial measure of Adjusted net income (loss) and Adjusted diluted earnings (loss) per share and their comparable GAAP measure of Net income (loss) and Diluted earnings (loss) per share is presented below. Amounts in thousands, except per share amounts and percentages.
Three Months
Ended
June 30,
Six Months
Ended
June 30,
Twelve
Months Ended
June 30,
2026
2025
2026
2025
2026
Reconciliation of Net income (loss) to non-GAAP measure of
Adjusted net income (loss)
Net income applicable to Natural Gas Distribution (GAAP)
$ 40,757
$ 45,646
$ 178,528
$ 188,588
$ 290,248
Plus:
State income tax apportionment associated with certain
one-time events(1)
—
(11,969)
—
(11,969)
(4,393)
Retroactive impact of 2025 California General Rate Case
(12,794)
—
—
—
—
Income tax effect of adjustment above
3,071
—
—
—
—
Adjusted net income applicable to Natural Gas Distribution
$ 31,034
$ 33,677
$ 178,528
$ 176,619
$ 285,855
Natural Gas Distribution Average Equity (GAAP)(2)
$ 3,577,180
Natural Gas Distribution Return on Equity (GAAP)
8.1 %
Adjusted Natural Gas Distribution Average Equity(2)
$ 3,568,955
Adjusted Natural Gas Distribution Return on Equity
8.0 %
Net loss - Corporate and administrative (GAAP)
$ 1,365
$ (46,377)
$ 1,968
$ (55,031)
Plus:
State income tax apportionment associated with certain
one-time events(1)
—
39,240
—
39,240
Adjusted net income (loss) applicable to Corporate and
administrative
$ 1,365
$ (7,137)
$ 1,968
$ (15,791)
Income (loss) from continuing operations, net of taxes (GAAP)
$ 42,122
$ (731)
$ 180,496
$ 133,557
Plus:
State income tax apportionment associated with certain
one-time events(1)
—
27,271
—
27,271
Retroactive impact of 2025 California General Rate Case
(12,794)
—
—
—
Income tax effect of adjustment above
3,071
—
—
—
Adjusted net income applicable to Southwest Gas Holdings
$ 32,399
$ 26,540
$ 180,496
$ 160,828
Weighted average shares - diluted
72,665
72,088
72,617
72,195
Earnings (loss) per share from continuing operations:
Diluted earnings (loss) per share
$ 0.58
$ (0.01)
$ 2.49
$ 1.85
Adjusted consolidated earnings per diluted share
$ 0.45
$ 0.37
$ 2.49
$ 2.23
(1) Represents the non-recurring impact of remeasuring state deferred taxes, primarily related to the tax deconsolidation of Centuri and the inclusion of the 2028 Great Basin Expansion Project.
(2) Natural Gas Distribution Equity represents a trailing five quarter average.
FINANCIAL STATISTICS
Market value to book value per share at quarter end
156 %
Twelve months to date return on equity
-- gas segment
8.1 %
Twelve months to date adjusted return on equity(1)
-- gas segment
8.0 %
Common stock dividend yield at quarter end
2.9 %
Customer to employee ratio at quarter end (gas segment)
942 to 1
(1)
For a reconciliation of non-GAAP financial measures to their comparable GAAP measures, see the tables earlier in this press release.
GAS DISTRIBUTION SEGMENT
Authorized Rate Base
(In thousands)
Authorized Rate of
Return
Authorized Return on
Common Equity
Rate Jurisdiction
Arizona(1)
$ 3,175,484
7.03 %
9.84 %
Southern Nevada(2)
1,780,757
7.02
9.50
Northern Nevada(3)
227,060
7.01
9.50
Southern California(4)
285,691
8.02
11.16
Northern California(4)
92,983
7.91
11.16
South Lake Tahoe(4)
56,818
7.91
11.16
Great Basin Gas Transmission Company(5)
190,988
8.17
11.95
Total/Weighted Average
$ 5,809,781
7.14 %
9.89 %
(1)
Effective March 2025.
(2)
Effective July 2025.
(3)
Effective April 2024.
(4)
Authorized returns updated effective January 1, 2024, due to an Automatic Rate of Return Trigger Mechanism.
(5)
Estimated amounts based on 2024 rate case settlement.
, /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the second quarter of 2026.
Second Quarter 2026 Highlights:
Quarterly GAAP revenues of $95.6 million, consistent with the second quarter of 2025. Quarterly revenues from consumables and service of $22.3 million, an increase of 13% compared to the second quarter of 2025. GAAP operating income of $12.3 million and *non-GAAP operating income of $16.0 million. Total cash position of $501.1 million as of June 30, 2026, including cash and cash equivalents, marketable securities and short-term bank deposits. Completed the repurchase of 6.38 million ordinary shares for an aggregate purchase price of $87.8 million through the previously announced share repurchase program. U.S. GAAP Results
(U.S. dollars in thousands, except for per share data)
Q2 2026
Q2 2025
$95,589
$95,602
75 %
80 %
13 %
24 %
$17,064
$26,742
$0.29
$0.42
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
Q2 2026
Q2 2025
75 %
80 %
17 %
28 %
$20,812
$30,139
$0.35
$0.47
*Please refer to "Use of non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements included in this release. Non-GAAP results exclude share-based compensation, expenses related to independent transaction committee review (representing non-recurring cost) and related income tax adjustments where applicable.
Management Comments
"Overall revenue was consistent with the prior-year period, and we saw continued stability in our U.S. capital equipment business, reflecting steady customer demand. This performance is consistent with the stabilization we anticipate will continue through the remainder of the year. We remain focused on investing in opportunities that support long-term growth," said Moshik Itzkovich, Chief Financial Officer of InMode.
Second Quarter 2026 Financial Results
Total GAAP revenues for the second quarter of 2026 were $95.6 million, consistent with the second quarter of 2025. Revenue from Asia reached a quarterly record, reflecting continued strength across key markets in the region. Quarterly revenues from consumables and service grew 13% compared to the second quarter of 2025, to $22.3 million, derived primarily from international sales.
GAAP gross margin for the second quarter of 2026 was 75%, compared to 80% for the second quarter of 2025.
*Non-GAAP gross margin for the second quarter of 2026 was 75%, compared to 80% for the second quarter of 2025.
GAAP operating margin for the second quarter of 2026 was 13%, compared to 24% for the second quarter of 2025. *Non-GAAP operating margin for the second quarter of 2026 was 17%, compared to 28% for the second quarter of 2025. These decreases were primarily attributable to higher cost of goods sold, product mix, the restructuring of the North America sales team implemented toward the end of 2025, additional marketing and sales investments to retain talent and maintain market share, and higher general and administrative expenses driven by increased professional services costs. We expect these trends to continue for the foreseeable future.
InMode reported GAAP net income of $17.1 million, or $0.29 per diluted share, in the second quarter of 2026, compared to $26.7 million, or $0.42 per diluted share, in the second quarter of 2025. On a *non-GAAP basis, InMode reported net income of $20.8 million, or $0.35 per diluted share, in the second quarter of 2026, compared to $30.1 million, or $0.47 per diluted share, in the second quarter of 2025.
As of June 30, 2026, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $501.1 million.
Appointed New Chief Financial Officer and New Board Director
On May 20, 2026, the Company announced the appointment of Dr. Shlomo Nass as its new Chairman of the Company's Board of Directors, effective May 19, 2026. The Company also announced the appointment of Moshe (Moshik) Itzkovich as the Company's new Chief Financial Officer, effective May 19, 2026, while former Chief Financial Officer Yair Malca continues to be engaged with the Company as a consultant.
2026 Financial Outlook
Management provided an outlook for the full fiscal year ending December 31, 2026. Based on current estimates, management expects:
Revenues between $365 million and $375 million *Non-GAAP gross margin between 74% and 76% *Non-GAAP income from operations to be between $68 million and $73 million *Non-GAAP earnings per diluted share between $1.29 and $1.34 However, these expectations are based on management's current estimates, which may be updated.
This outlook is not a guarantee of future performance, and shareholders should not rely on such forward-looking statements. See "Forward-Looking Statements" for additional information.
*Please refer to "Use of non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation, expenses related to independent transaction committee review (representing non-recurring cost) and related income tax adjustments where applicable.
Conference Call and Webcast Update
As previously announced, while the Company's Special Committee continues its evaluation of unsolicited proposals, the Company will not host an investor conference call or webcast in connection with this earnings release and will not be conducting investor meetings at this time.
The Current Situation in Israel
The scope and severity of ongoing conflicts in Gaza, Northern Israel, Lebanon, Iran, and the broader region are unpredictable and could escalate at any time. To date, our operations have not been materially affected. We continue to monitor political and military developments closely and examine the consequences for our operations and assets.
Use of Non-GAAP Financial Measures
In addition to InMode's operating results presented in accordance with GAAP, this release contains certain non-GAAP financial measures including non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating margin, non-GAAP gross margin and non-GAAP income from operations. Because these measures are used in InMode's internal analysis of financial and operating performance, management believes they provide investors with greater transparency into its view of InMode's economic performance. Management also believes the presentation of these measures, when analyzed in conjunction with InMode's GAAP operating results, allows investors to more effectively evaluate and compare InMode's performance to that of its peers, although InMode's presentation of its non-GAAP measures may not be strictly comparable to the similarly titled measures of other companies. Schedules reconciling each of these non-GAAP financial measures are provided as a supplement to this release. Reconciliations of non-GAAP gross margin, non-GAAP income from operations, and non-GAAP earnings per diluted share for management's projections of such non-GAAP financials for the 2026 fiscal year are not available without unreasonable effort due to the variability, complexity and limited visibility of certain reconciling items. These reconciling items could have a significant and unpredictable impact on our future GAAP results.
About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio frequency ("RF") technology. InMode strives to enable emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode, please visit www.inmodemd.com.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the actual amount of share repurchases made by the Company, if any. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 10, 2026, and our subsequent public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.
Company Contact:
Moshik Itzkovich
Chief Financial Officer
Email: [email protected]
Reinforces Ongoing Commitment to Delivering Value to Stockholders
VERNON HILLS, Ill.--(BUSINESS WIRE)--CDW Corporation (Nasdaq: CDW) announced today that its Board of Directors declared a quarterly cash dividend of $0.630 per common share to be paid on September 10, 2026, to all stockholders of record as of the close of business on August 25, 2026.
"Dividends represent an important component of our capital allocation priorities, along with share repurchases, strategic M&A, and managing our capital structure," said Albert J. Miralles, chief financial officer, CDW. "Since our IPO in June 2013, our dividend has increased nearly fifteen-fold, with twelve consecutive years of increases, and we have returned approximately $8.8 billion to stockholders through share repurchases and dividends. Our capital allocation strategy has enabled us to deliver value to our stockholders, just as we have delivered value to our customers and partners for over 40 years."
Future dividends and share repurchase authorizations will be at the discretion of and subject to approval by CDW's Board of Directors. The payment of any future dividends will be at the discretion of our Board of Directors and will depend upon our results of operations, financial condition, business prospects, capital requirements, contractual restrictions (including in current or future agreements governing our indebtedness), restrictions imposed by applicable law, tax considerations, and other factors that our Board of Directors deems relevant. Share repurchases under the program will be made from time to time in private transactions, open market purchases, or other transactions as permitted by securities laws and other legal requirements. The timing and amounts of any purchases will be based on market conditions and other factors including but not limited to price, regulatory requirements, and capital availability. The program does not require the purchase of any minimum dollar amount or number of shares and the program may be modified, suspended, or discontinued at any time. As of June 30, 2026, the Company has approximately $1,138 million remaining under the program.
About CDW
CDW Corporation (Nasdaq: CDW) is a leading multi-brand provider of information technology solutions to business, government, education, and healthcare customers in the United States, the United Kingdom, and Canada. CDW helps its customers to navigate an increasingly complex IT market and maximize return on their technology investments. For more information about CDW, please visit www.CDW.com.
Forward-Looking Statements
Statements in this release that are not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the future dividends, share repurchases, earnings growth, capital allocation, leverage ratio, stockholder returns, and other strategic plans of CDW. These forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those described in such statements. Although CDW believes that its plans, intentions, and other expectations reflected in or suggested by such forward-looking statements are reasonable, it can give no assurance that it will achieve those plans, intentions, or expectations. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Forward-Looking Statements" and "Risk Factors" in CDW's Annual Report on Form 10-K for the year ended December 31, 2025, and in CDW's subsequent filings with the Securities and Exchange Commission. CDW undertakes no obligation to update or revise any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
