Apollo Global Management Inc. (APO - Free Report) came out with quarterly earnings of $2.11 per share, missing the Zacks Consensus Estimate of $2.18 per share. This compares to earnings of $1.92 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -3.21%. A quarter ago, it was expected that this company would post earnings of $1.98 per share when it actually produced earnings of $1.94, delivering a surprise of -2.02%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Apollo Global Management, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $1.34 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.31%. This compares to year-ago revenues of $1.1 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Apollo Global Management shares have lost about 10.6% since the beginning of the year versus the S&P 500's gain of 11%.
What's Next for Apollo Global Management?While Apollo Global Management 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 Apollo Global Management was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.30 on $1.37 billion in revenues for the coming quarter and $8.88 on $5.35 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the top 28% 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.
GCM Grosvenor Inc. (GCMG - 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 10.
This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of +18.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
GCM Grosvenor Inc.'s revenues are expected to be $133.84 million, up 11.9% from the year-ago quarter.
PSEG ve 2. čtvrtletí vykázal čistý zisk 334 mil. USD, tedy 0,67 USD na akcii, a upravený provozní zisk podle ne-GAAP 425 mil. USD, tedy 0,86 USD na akcii. Zároveň potvrdil celoroční výhled upraveného provozního zisku podle ne-GAAP v rozmezí 4,28 až 4,40 USD na akcii.
Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28 - $4.40 Per Share
, /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported the following results for the second quarter and six months ended June 30, 2026:
PSEG Consolidated (unaudited)
Second Quarter Comparative Results
Income
Earnings Per Share
($ millions, except per share amounts)
2026
2025
2026
2025
Net Income
$334
$585
$0.67
$1.17
Reconciling Items
91
(201)
0.19
(0.40)
Non-GAAP Operating Earnings
$425
$384
$0.86
$0.77
Average Shares Outstanding (Diluted)
499
500
See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings.
PSEG Consolidated (unaudited)
Six Months Ended June 30 Comparative Results
Income
Earnings Per Share
($ millions, except per share amounts)
2026
2025
2026
2025
Net Income
$1,075
$1,174
$2.15
$2.35
Reconciling Items
128
(72)
0.26
(0.15)
Non-GAAP Operating Earnings
$1,203
$1,102
$2.41
$2.20
Average Shares Outstanding (Diluted)
499
500
See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings.
"The efficient execution of PSEG's strategic plan continues to benefit our customers with a resilient and reliable electric and gas system. In early July, these systems withstood a series of heatwaves and successive thunderstorms – accompanied by 70 mile per hour winds – that resulted in one of the most damaging storms in our history," said Ralph LaRossa, PSEG's chair, president and CEO.
LaRossa continued, "PSE&G reconnected approximately 380,000 customers with nearly all customers restored within 24 hours of losing power, demonstrating the value of our system-reliability investments as well as our ability to respond quickly and safely. PSE&G's around-the-clock restoration efforts were led by over 330 crews and over 10 million proactive customer communications."
"PSE&G reached a peak summer load of 10,446 MW on July 2, the highest in 14 years, and activated Demand Response – part of our Clean Energy Future programs – during three separate events throughout the early July heatwave. These peak demands amplify the importance of our suite of award-winning Clean Energy Future programs, which now generate more than $1 billion in annual customer savings, helping nearly 525,000 residential and business customers save energy and lower utility bills since the program started in 2020. PSE&G's energy efficiency investments have supported approximately 9,300 jobs statewide, including a network of more than 1,000 trade and union allies."
"During the quarter, PSE&G filed with the New Jersey Board of Public Utilities to lower residential gas bills by 5%, beginning October 1, continuing to benefit our customers with the lowest gas utility bills in New Jersey and the Mid-Atlantic Region."
"PSEG Nuclear also performed well during the quarter, supplying the grid with 7.8 TWh of carbon-free, 24 by 7 baseload generation and achieving a capacity factor of 92.0% that included a second consecutive breaker to breaker run at Salem Unit 2."
"In addition to an exemplary storm response, our teams delivered solid financial and operational results for the second quarter and first half of 2026, enabling us to maintain PSEG's full-year 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share. We are also reaffirming PSEG's five-year, non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements. Importantly, our solid balance sheet enables the funding of PSEG's total five-year capital investment program of $24 billion to $28 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth," LaRossa concluded.
PSEG Results by Segment (unaudited)
Second Quarter and Six Months Ended June 30, Comparative Results
($ millions)
2Q 2026
2Q 2025
YTD 2026
YTD 2025
PSE&G Net Income/Non-GAAP Operating Earnings
$342
$332
$919
$878
PSEG Power & Other Net Income/(Loss)
(8)
253
156
296
Total PSEG Net Income
$334
$585
$1,075
$1,174
PSEG Power & Other Non-GAAP Operating Earnings
$83
$52
$284
$224
Total PSEG Non-GAAP Operating Earnings
$425
$384
$1,203
$1,102
PSE&G's results for the second quarter reflect ongoing investments in Energy Efficiency, Gas System Modernization and Transmission. These results were partially offset by higher operation and maintenance costs as well as higher depreciation and interest expense related to incremental investments and a prior year Transmission true up.
PSEG Power & Other results for the quarter reflect higher realized prices and an increase in nuclear generation, partly offset by the absence of zero emission certificates which ended May 2025, and higher interest expense and taxes.
###
PSEG will host a conference call to review its second quarter 2026 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today. Please register to access this event by visiting: https://investor.pseg.com/investor-news-and-events
About PSEG
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. PSEG aims to power a future where people use energy more efficiently, and it's safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Best in Class North America Index for 18 consecutive years. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Operating Earnings is a non-GAAP financial measure that differs from Net Income. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.
See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.
Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.
Forward-Looking Statements
Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects; significant resource adequacy challenges that present affordability and reliability concerns and that could cause
policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operations, and financial condition and increase regulatory uncertainty for utility investment initiatives and programs; the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits; any equipment failures, gas explosions, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers; any inability to recover the carrying amount of our long-lived assets; disruptions or cost increases in our supply chain, including labor shortages; any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms; the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems; failure to attract and retain a qualified workforce; increases in the costs of equipment, materials, fuel, services and labor; the impact of our covenants in our debt instruments and credit agreements on our business; adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements; any inability to enter into or extend certain significant contracts; development, adoption and use of Artificial Intelligence by us and our third-party vendors; fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units; the ability to obtain adequate nuclear fuel supply; changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns; third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel; any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules; risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to those to which nuclear generation plants that we operate are subject; the impact of changes in state and federal legislation and regulations on our business, including PSE&G's ability to recover costs and earn returns on authorized investments; PSE&G's proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned; our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or production tax credits; adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns; risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks; changes in or violation of federal, state and local environmental laws and regulations and enforcement; delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and changes in tax laws and regulations. All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Attachment 1
Public Service Enterprise Group Incorporated
Consolidating Statements of Operations
(Unaudited, $ millions, except per share data)
Three Months Ended June 30, 2026
PSEG
Eliminations
PSE&G
PSEG Power
& Other(a)
OPERATING REVENUES
$ 2,554
$ (117)
$ 2,137
$ 534
OPERATING EXPENSES
Energy Costs
866
(117)
776
207
Operation and Maintenance
906
-
545
361
Depreciation and Amortization
321
-
286
35
Total Operating Expenses
2,093
(117)
1,607
603
OPERATING INCOME
461
-
530
(69)
Net Gains (Losses) on Trust Investments
144
-
-
144
Net Other Income (Deductions)
41
-
17
24
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)
21
-
20
1
Interest Expense
(269)
-
(174)
(95)
INCOME BEFORE INCOME TAXES
398
-
393
5
Income Tax Expense
(64)
-
(51)
(13)
NET INCOME (LOSS)
$ 334
$ -
$ 342
$ (8)
Reconciling Items Excluded from Net Income (Loss)(b)
91
-
-
91
OPERATING EARNINGS (non-GAAP)
$ 425
$ -
$ 342
$ 83
Earnings Per Share
NET INCOME
$ 0.67
Reconciling Items Excluded from Net Income(b)
0.19
OPERATING EARNINGS (non-GAAP)
$ 0.86
Three Months Ended June 30, 2025
PSEG
Eliminations
PSE&G
PSEG Power
& Other(a)
OPERATING REVENUES
$ 2,805
$ (146)
$ 2,031
$ 920
OPERATING EXPENSES
Energy Costs
826
(146)
760
212
Operation and Maintenance
854
-
504
350
Depreciation and Amortization
308
-
275
33
Total Operating Expenses
1,988
(146)
1,539
595
OPERATING INCOME
817
-
492
325
Net Gains (Losses) on Trust Investments
95
-
-
95
Net Other Income (Deductions)
46
(1)
16
31
Net Non-Operating Pension and OPEB Credits (Costs)
16
-
18
(2)
Interest Expense
(248)
1
(161)
(88)
INCOME BEFORE INCOME TAXES
726
-
365
361
Income Tax Expense
(141)
-
(33)
(108)
NET INCOME
$ 585
$ -
$ 332
$ 253
Reconciling Items Excluded from Net Income(b)
(201)
-
-
(201)
OPERATING EARNINGS (non-GAAP)
$ 384
$ -
$ 332
$ 52
Earnings Per Share
NET INCOME
$ 1.17
Reconciling Items Excluded from Net Income(b)
(0.40)
OPERATING EARNINGS (non-GAAP)
$ 0.77
(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.
(b) See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP).
Attachment 2
Public Service Enterprise Group Incorporated
Consolidating Statements of Operations
(Unaudited, $ millions, except per share data)
Six Months Ended June 30, 2026
PSEG
Eliminations
PSE&G
PSEG Power
& Other(a)
OPERATING REVENUES
$ 6,402
$ (770)
$ 5,222
$ 1,950
OPERATING EXPENSES
Energy Costs
2,373
(770)
2,134
1,009
Operation and Maintenance
1,843
-
1,182
661
Depreciation and Amortization
650
-
581
69
Total Operating Expenses
4,866
(770)
3,897
1,739
OPERATING INCOME
1,536
-
1,325
211
Net Gains (Losses) on Trust Investments
127
-
-
127
Net Other Income (Deductions)
84
-
36
48
Net Non-Operating Pension and OPEB Credits (Costs)
40
-
37
3
Interest Expense
(541)
-
(349)
(192)
INCOME BEFORE INCOME TAXES
1,246
-
1,049
197
Income Tax Expense
(171)
-
(130)
(41)
NET INCOME
$ 1,075
$ -
$ 919
$ 156
Reconciling Items Excluded from Net Income(b)
128
-
-
128
OPERATING EARNINGS (non-GAAP)
$ 1,203
$ -
$ 919
$ 284
Earnings Per Share
NET INCOME
$ 2.15
Reconciling Items Excluded from Net Income(b)
0.26
OPERATING EARNINGS (non-GAAP)
$ 2.41
Six Months Ended June 30, 2025
PSEG
Eliminations
PSE&G
PSEG Power
& Other(a)
OPERATING REVENUES
$ 6,027
$ (680)
$ 4,695
$ 2,012
OPERATING EXPENSES
Energy Costs
2,012
(680)
1,854
838
Operation and Maintenance
1,773
-
1,080
693
Depreciation and Amortization
628
-
555
73
Total Operating Expenses
4,413
(680)
3,489
1,604
OPERATING INCOME
1,614
-
1,206
408
Net Gains (Losses) on Trust Investments
103
-
-
103
Net Other Income (Deductions)
83
(2)
32
53
Net Non-Operating Pension and OPEB Credits (Costs)
32
-
35
(3)
Interest Expense
(489)
2
(318)
(173)
INCOME BEFORE INCOME TAXES
1,343
-
955
388
Income Tax Expense
(169)
-
(77)
(92)
NET INCOME
$ 1,174
$ -
$ 878
$ 296
Reconciling Items Excluded from Net Income(b)
(72)
-
-
(72)
OPERATING EARNINGS (non-GAAP)
$ 1,102
$ -
$ 878
$ 224
Earnings Per Share
NET INCOME
$ 2.35
Reconciling Items Excluded from Net Income(b)
(0.15)
OPERATING EARNINGS (non-GAAP)
$ 2.20
(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.
(b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).
Attachment 3
Public Service Enterprise Group Incorporated
Capitalization Schedule
(Unaudited, $ millions)
June 30,
December 31,
2026
2025
DEBT
Commercial Paper and Loans
$ 950
$ 1,529
Long-Term Debt*
23,591
22,545
Total Debt
24,541
24,074
STOCKHOLDERS' EQUITY
Common Stock
5,026
5,062
Treasury Stock
(1,471)
(1,435)
Retained Earnings
13,853
13,446
Accumulated Other Comprehensive Loss
(79)
(91)
Total Stockholders' Equity
17,329
16,982
Total Capitalization
$ 41,870
$ 41,056
*Includes current portion of Long-Term Debt
Attachment 4
Public Service Enterprise Group Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited, $ millions)
Six Months Ended June 30,
2026
2025
Cash Flows From Operating Activities
Net Income
$ 1,075
$ 1,174
Adjustments to Reconcile Net Income to Net Cash Flows
From Operating Activities
746
353
Net Cash Provided By (Used In) Operating Activities
1,821
1,527
Net Cash Provided By (Used In) Investing Activities
(1,451)
(1,388)
Net Cash Provided By (Used In) Financing Activities
(310)
(78)
Net Change in Cash, Cash Equivalents and Restricted Cash
60
61
Cash, Cash Equivalents and Restricted Cash at Beginning of Period
156
154
Cash, Cash Equivalents and Restricted Cash at End of Period
$ 216
$ 215
Attachment 5
Public Service Electric & Gas Company
Retail Sales
(Unaudited)
June 30, 2026
Electric Sales
Three Months
Change vs.
Six Months
Change vs.
Sales (millions kWh)
Ended
2025
Ended
2025
Residential
3,242
3 %
6,732
5 %
Commercial & Industrial
6,316
1 %
13,100
2 %
Other
71
16 %
168
4 %
Total
9,629
2 %
20,000
3 %
Gas Sold and Transported
Three Months
Change vs.
Six Months
Change vs.
Sales (millions therms)
Ended
2025
Ended
2025
Firm Sales
Residential Sales
188
(4 %)
980
4 %
Commercial & Industrial
163
1 %
674
3 %
Total Firm Sales
351
(1 %)
1,654
4 %
Non-Firm Sales*
Commercial & Industrial
190
(45 %)
351
(26 %)
Total Non-Firm Sales
190
351
Total Sales
541
(23 %)
2,005
(3 %)
*Contract Service Gas rate included in non-firm sales
Weather Data*
Three Months
Change vs.
Six Months
Change vs.
Ended
2025
Ended
2025
THI Hours - Actual
5,477
9 %
5,598
9 %
THI Hours - Normal
4,246
4,267
Degree Days - Actual
457
23 %
3,018
10 %
Degree Days - Normal
468
2,919
*Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. Summer weather is measured by the temperature-humidity index (THI), which takes into account both the temperature and the humidity to measure the need for air conditioning. Both measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data.
Attachment 6
Nuclear Generation Measures
(Unaudited)
GWh Breakdown
GWh Breakdown
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Nuclear - NJ
4,952
4,670
10,044
10,134
Nuclear - PA
2,835
2,841
5,732
5,732
7,787
7,511
15,776
15,866
Attachment 7
Public Service Enterprise Group Incorporated
Statistical Measures
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Weighted Average Common Shares Outstanding (millions)
(Gain) Loss on Nuclear Decommissioning Trust (NDT)
Fund Related Activity, pre-tax
(153)
(108)
(147)
(120)
(Gain) Loss on Mark-to-Market (MTM), pre-tax(a)
258
(190)
299
(2)
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)
(14)
97
(24)
50
Operating Earnings (non-GAAP)
$ 425
$ 384
$ 1,203
$ 1,102
PSEG Fully Diluted Average Shares Outstanding (in millions)
499
500
499
500
($ Per Share Impact - Diluted, Unaudited)
Net Income
$ 0.67
$ 1.17
$ 2.15
$ 2.35
(Gain) Loss on NDT Fund Related Activity, pre-tax
(0.30)
(0.22)
(0.29)
(0.25)
(Gain) Loss on MTM, pre-tax(a)
0.52
(0.38)
0.60
-
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)
(0.03)
0.20
(0.05)
0.10
Operating Earnings (non-GAAP)
$ 0.86
$ 0.77
$ 2.41
$ 2.20
(a) Includes the financial impact from positions with forward delivery months.
(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.
Attachment 9
PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation
Three Months Ended
Six Months Ended
Reconciling Items
June 30,
June 30,
2026
2025
2026
2025
($ millions, Unaudited)
Net Income (Loss)
$ (8)
$ 253
$ 156
$ 296
(Gain) Loss on NDT Fund Related Activity, pre-tax
(153)
(108)
(147)
(120)
(Gain) Loss on MTM, pre-tax(a)
258
(190)
299
(2)
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)
(14)
97
(24)
50
Operating Earnings (non-GAAP)
$ 83
$ 52
$ 284
$ 224
PSEG Fully Diluted Average Shares Outstanding (in millions)
499
500
499
500
(a) Includes the financial impact from positions with forward delivery months.
(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.
Public Service Enterprise ve 2. čtvrtletí překonal odhady zisku díky silnějším výsledkům elektrické a plynárenské divize. Upravený zisk na akcii činil 86 centů oproti očekávaným 80 centům.
CompaniesAug 4 (Reuters) - U.S. utility Public Service Enterprise (PEG.N), opens new tab on Tuesday beat second-quarter profit estimates, helped by strength at its electric and gas unit while higher interest costs weighed on its power-generation business.
Earnings at utility unit Public Service Electric and Gas (PSE&G) rose to $342 million in the quarter from $332 million a year earlier, while PSEG Power and other businesses swung to an $8 million loss from a profit of $253 million.
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Here are some details:
U.S. regulated utilities have largely benefited from stable power demand and continued investments in grid infrastructure, helping balance out higher borrowing costs that continue to pressure power-generation businesses.
PSEG said electricity sales rose 2% in the quarter, while gas volumes sold and transported dropped 23%.
Operating expenses for the April-June quarter rose to $2.09 billion, from $1.99 billion a year ago, while interest expenses stood at $269 million, up from $248 million.
Its nuclear unit generated about 7.8 terawatt hours of carbon-free electricity in the quarter, PSEG added.
The company provides electric and gas services to about 4.3 million customers across New Jersey and operates nuclear-generating assets through its PSEG Power segment.
The Newark, New Jersey-based company posted an adjusted profit of 86 cents per share for the three months ended June 30, compared with analysts' average estimate of 80 cents, according to data compiled by LSEG.
Reporting by Sumit Saha in Bengaluru; Editing by Devika Syamnath
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Hudson Pacific Properties má ve středu před otevřením trhu zveřejnit výsledky za 2Q 2026; analytici čekají ztrátu 0,7233 USD na akcii a tržby 182,03 mil. USD.
Hudson Pacific Properties (NYSE:HPP – Get Free Report) is projected to announce its Q2 2026 results before the market opens on Wednesday, August 5th. Analysts expect the company to announce earnings of ($0.7233) per share and revenue of $182.03 million for the quarter. Hudson Pacific Properties has set its FY 2026 guidance at 1.100-1.180 EPS. Parties can find conference call details on the company’s upcoming Q2 2026 earning results page for the latest details on the call scheduled for Wednesday, August 5, 2026 at 12:00 PM ET.
Hudson Pacific Properties (NYSE:HPP – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The real estate investment trust reported ($0.82) EPS for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.10. Hudson Pacific Properties had a negative return on equity of 19.05% and a negative net margin of 67.89%.The company had revenue of $181.85 million during the quarter, compared to analyst estimates of $175.12 million. On average, analysts expect Hudson Pacific Properties to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.
Hudson Pacific Properties Trading Up 5.9% Shares of HPP stock opened at $14.58 on Tuesday. Hudson Pacific Properties has a 1 year low of $5.26 and a 1 year high of $21.70. The firm’s fifty day simple moving average is $14.64 and its 200 day simple moving average is $10.28. The firm has a market capitalization of $790.76 million, a P/E ratio of -1.44, a price-to-earnings-growth ratio of 1.02 and a beta of 1.90. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 1.28.
Institutional Trading of Hudson Pacific Properties Several large investors have recently made changes to their positions in HPP. Orion Porfolio Solutions LLC acquired a new position in Hudson Pacific Properties during the 3rd quarter worth about $28,000. Evergreen Capital Management LLC bought a new position in shares of Hudson Pacific Properties in the second quarter worth about $28,000. United Capital Financial Advisors LLC acquired a new position in shares of Hudson Pacific Properties during the third quarter worth approximately $30,000. Integrated Wealth Concepts LLC bought a new stake in shares of Hudson Pacific Properties during the third quarter valued at approximately $32,000. Finally, Prelude Capital Management LLC bought a new stake in shares of Hudson Pacific Properties during the third quarter valued at approximately $34,000. Institutional investors own 97.58% of the company’s stock.
Wall Street Analysts Forecast Growth Several research firms have recently issued reports on HPP. Bank of America restated an “underperform” rating and set a $14.00 price objective on shares of Hudson Pacific Properties in a report on Tuesday, June 16th. Citigroup reissued a “neutral” rating and set a $13.00 target price (up from $8.00) on shares of Hudson Pacific Properties in a research report on Thursday, May 14th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Hudson Pacific Properties in a report on Friday, May 29th. Mizuho raised their price objective on Hudson Pacific Properties from $15.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Finally, Zacks Research lowered Hudson Pacific Properties from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Hudson Pacific Properties has a consensus rating of “Hold” and a consensus target price of $14.32.
Check Out Our Latest Stock Report on Hudson Pacific Properties
About Hudson Pacific Properties (Get Free Report)
Hudson Pacific Properties (NYSE: HPP) is a self-managed real estate investment trust focused on the acquisition, development and management of high-quality office and studio properties. The company’s portfolio spans strategic West Coast markets in the United States and key markets in Canada, providing space for technology, media and creative companies as well as major film and television producers. As an owner and operator of both traditional office buildings and specialized production facilities, Hudson Pacific seeks to deliver stable income through long-term leases and strategic property enhancements.
In its office segment, Hudson Pacific targets markets with strong job growth and limited supply, including Los Angeles, Silicon Valley, San Diego and Seattle, as well as Vancouver, British Columbia.
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Intuitive Machines byla společností L3Harris Technologies vybrána k vývoji a výrobě 18 kosmických platforem pro misi AMDT3 agentury Space Development Agency. Projekt má podpořit sledování hypersonických a balistických střel.
HOUSTON, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR) (“Intuitive Machines”, together with its subsidiaries, the “Company”), a leading space technology, infrastructure, and services company, today announced it was selected by L3Harris Technologies (NYSE: LHX) to support the development and production of spacecraft platforms for the Space Development Agency’s Accelerated Missile Defense Tranche 3 (“AMDT3”) mission.
Intuitive Machines will design, build, and deliver 18 advanced spacecraft platforms to enable L3Harris’ advanced missile defense solutions for hypersonic and ballistic missile tracking. The AMDT3 mission supports the Golden Dome for America’s space-based capabilities and will help to advance homeland defense, deterrence, and ensure U.S. space operations remain resilient and responsive.
"AMDT3 builds on a foundation of proven performance and mission trust established through our previous Tracking Layer mission selections. We look forward to continuing to support this important mission with L3Harris and the Space Development Agency," said Intuitive Machines President of Space Systems, Chris Johnson. "We are committed to delivering spacecraft platforms and integrated systems that enable sustained, scalable operations across demanding mission architectures."
AMDT3 will be built on the IM 300 platform, also used for the upcoming Tranche 1, Tranche 2, and Tranche 3 Tracking Layer missions. The IM 300 supports missions ranging from Earth observation, connectivity and defense missions with superior adaptability and efficient manufacturing processes.
About Intuitive Machines
Intuitive Machines is a leading space infrastructure company that builds spacecraft, connects networks, and operates infrastructure-as-a-service for commercial, civil, and national security customers.
With a proven track record across the space domain, the Company, through organic growth and portfolio expansion, has built over 300 spacecraft, delivered over 260 kilograms of payload to the lunar surface, and provided precision navigation expertise that has guided spacecraft across our solar system.
These capabilities form an integrated Build-Connect-Operate infrastructure service company, enabling customers to achieve mission and campaign outcomes through a single prime solution. Intuitive Machines’ technology has been demonstrated across the space domain and is engineered to support the next century of opportunity in space.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by the words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “strategy,” “outlook,” the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our expectations and plans relating to our lunar missions and satellites, including the expected timing of building our satellites and landers, launch and our progress in preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our operations, including our performance on future lunar missions, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; information regarding our expectations on revenue generation and cash. These forward-looking statements reflect the Company’s predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this press release: our factors detailed under the section titled Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), the section titled Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations and the section titled Part II. Item 1A. “Risk Factors” in our most recently filed Quarterly Report on Form 10-Q, and in our subsequent filings with the SEC, which are accessible on the SEC's website at www.sec.gov.
Manulife Financial má po uzavření trhu ve středu zveřejnit výsledky za 2. čtvrtletí 2026; analytici čekají zisk 0,78 USD na akcii a výnosy 7,2825 miliardy USD.
Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) will likely be issuing its Q2 2026 results after the market closes on Wednesday, August 5th. Analysts expect Manulife Financial to announce earnings of $0.78 per share and revenue of $7.2825 billion for the quarter. Individuals may review the information on the company’s upcoming Q2 2026 earning report page for the latest details on the call scheduled for Thursday, August 6, 2026 at 8:00 AM ET.
Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last posted its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). The business had revenue of $8.89 billion during the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.During the same quarter last year, the firm earned $0.99 EPS. On average, analysts expect Manulife Financial to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.
Manulife Financial Trading Up 0.1% Shares of NYSE MFC opened at $44.49 on Tuesday. The stock has a market cap of $73.95 billion, a P/E ratio of 17.66 and a beta of 0.84. Manulife Financial has a 12-month low of $29.70 and a 12-month high of $44.89. The business’s fifty day simple moving average is $41.03 and its 200-day simple moving average is $38.26.
Manulife Financial Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, May 29th were issued a dividend of $0.485 per share. The ex-dividend date was Friday, May 29th. This represents a $1.94 annualized dividend and a yield of 4.4%. Manulife Financial’s dividend payout ratio is 56.75%.
Hedge Funds Weigh In On Manulife Financial Several large investors have recently bought and sold shares of the stock. Sfam LLC purchased a new stake in shares of Manulife Financial in the 4th quarter valued at about $28,000. Heritage Wealth Advisors acquired a new stake in shares of Manulife Financial in the 4th quarter valued at about $30,000. Mcguire Capital Advisors Inc. purchased a new position in Manulife Financial during the 4th quarter worth approximately $36,000. UMB Bank n.a. grew its stake in Manulife Financial by 25.2% during the 4th quarter. UMB Bank n.a. now owns 2,502 shares of the financial services provider’s stock worth $91,000 after buying an additional 503 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in Manulife Financial during the third quarter worth approximately $141,000. Institutional investors and hedge funds own 52.56% of the company’s stock.
Wall Street Analyst Weigh In A number of equities research analysts have issued reports on the company. TD Securities reaffirmed a “buy” rating on shares of Manulife Financial in a research report on Thursday, May 14th. Weiss Ratings downgraded Manulife Financial from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, July 21st. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Wednesday, July 15th. Finally, Zacks Research cut shares of Manulife Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Manulife Financial has a consensus rating of “Moderate Buy” and an average price target of $51.50.
View Our Latest Research Report on Manulife Financial
Manulife Financial Company Profile (Get Free Report)
Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.
In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.
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Hut 8 vykázal za 2. čtvrtletí ztrátu 0,26 USD na akcii, ale tržby ve výši 74,93 milionu USD za odhady zaostaly. Akcie od začátku roku přidaly zhruba 144 %.
Hut 8 (HUT - Free Report) came out with a quarterly loss of $0.26 per share versus the Zacks Consensus Estimate of a loss of $0.5. This compares to a loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +48.00%. A quarter ago, it was expected that this crypto currency mining company would post a loss of $0.28 per share when it actually produced a loss of $0.12, delivering a surprise of +57.14%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Hut 8, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $74.93 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.12%. This compares to year-ago revenues of $41.3 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.
Hut 8 shares have added about 144% since the beginning of the year versus the S&P 500's gain of 11%.
What's Next for Hut 8?While Hut 8 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 Hut 8 was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.95 on $77.31 million in revenues for the coming quarter and -$4.40 on $305.93 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 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 same industry, Oaktree Specialty Lending (OCSL - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This specialty finance company is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of -2.7%. The consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level.
Oaktree Specialty Lending's revenues are expected to be $69.61 million, down 7.5% from the year-ago quarter.
CoreWeave expanduje do Indonésie a otevírá tam tři nová datová centra, svou první přítomnost v Asii a Tichomoří. Celkem přidá 360 megawattů smluvního výkonu.
CoreWeave logo is seen in this illustration taken July 20, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
Aug 4 (Reuters) - AI cloud computing company CoreWeave (CRWV.O), opens new tab said on Tuesday it is expanding into Indonesia and adding three new facilities in the country, marking the firm's first data-center presence in the Asia Pacific region.
CoreWeave has benefited from a surge in demand for AI cloud infrastructure globally, as tech companies rush to secure the hardware and cloud capacity needed to develop and run AI systems. The company has been investing heavily in its data-center footprint to cater to the demand.
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Here are some details on the expansion:
CoreWeave will add a total of 360 megawatts of contracted power through the three data centers, and will own and operate all three sites.
"Across Asia, enterprises, AI-native companies, and governments increasingly need AI compute located close to their data and users, driven by both latency-sensitive workloads and data locality requirements. CoreWeave's move... reflects this shift," the company said.
As part of its Indonesia expansion, CoreWeave will also build and train a local team to operate the new facilities, bolstering the country's AI ambitions.
The facilities add to CoreWeave's growing global data-center footprint, with the company operating 49 data centers worldwide as of March.
In May, CoreWeave raised the lower end of its 2026 capital spending forecast citing higher component prices amid a shortage of memory chips. The company plans to spend between $31 billion and $35 billion this year.
The company has struck several multi-billion-dollar cloud deals this year, including an expanded $21 billion deal with Meta (META.O), opens new tab and multi-year agreement with Claude creator Anthropic.
Reporting by Deborah Sophia in Bengaluru; Editing by Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles., opens new tab
eToro a Papaya Global spouštějí eToro work powered by Banco, které má propojit výplatu přímo s investováním. Nová služba má lidem umožnit začít budovat majetek ve chvíli, kdy dostanou zaplaceno.
NEW YORK, Aug. 04, 2026 (GLOBE NEWSWIRE) -- etoro, the NASDAQ-listed trading and investing platform, and Papaya Global, a leader in global workforce payments, today announced a partnership to advance a simple but powerful idea: that salary should be the beginning not the end of a wealth building journey. Together they are launching etoro work powered by Papaya Global's Banco, a new offering that connects people's earnings directly to investing, meeting workers at the exact moment they are paid.
Commenting on the partnership, Yoni Assia, etoro CEO and Co-founder, said: “etoro’s mission has always been to open the global markets by giving people the tools they need to grow their financial knowledge and wealth. Many people never get a natural moment to start, so what excites me most about working with Papaya Global is the chance to meet workers right where they are, the moment they’re paid, and turn that into a chance to learn, build confidence, and grow their wealth over time.”
For billions of people, pay lands in an account and simply stops there. Access to regulated, easy-to-use investing is not built into the moment people are paid. etoro work powered by Banco is designed to change that: to give people a frictionless, optional path from earnings to investing, paired with the education and community that help them make confident decisions. etoro brings a multi-asset trading and investing platform and a global community built on shared knowledge; Papaya Global brings the workforce payments network that reaches people the moment they are paid.
“Salary should be the beginning not the end of workers’ financial experience. We’ve built Banco to introduce the next generation of workforce payments and to expose global workers to smart wealth management. This partnership takes that further. The moment your pay lands, it can start working for you. Partnering with etoro is the right way to bring this vision to life on a global scale,” comments Eynat Guez, CEO and Co-Founder, Papaya Global.
etoro work powered by Banco intends to cover every form of employment and compensation (salary, bonuses, stock options, RSUs, and benefits) in one place, so workers can see, understand, and grow the full value of what they earn. The vision is a service where every income event becomes an opportunity to build long-term wealth: the next evolution of financial wellness, moving beyond helping people access what they earn to helping them grow what they earn.
About etoro
etoro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So, we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On etoro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors.
About Papaya Global
Papaya Global is a global workforce payments platform that moves workforce money in real time, across currencies and corridors, helping enterprises pay their people quickly, compliantly, and at lower cost than traditional bank rails. Learn more: papayaglobal.com
Disclaimers
etoro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
etoro is a group of companies that are authorised and regulated in their respective jurisdictions. The regulatory authorities overseeing eToro include:
The Financial Conduct Authority (FCA) in the UKThe Cyprus Securities and Exchange Commission (CySEC) in CyprusThe Australian Securities and Investments Commission (ASIC) in AustraliaThe Financial Services Authority (FSA) in the SeychellesThe Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAEThe Monetary Authority of Singapore (MAS) in SingaporeThe United States eToro USA Securities Inc, FINRA Member, Securities and Exchange Commission (SEC) regulated.eToro USA LLC, a money services business holding Money Transmitter Licenses in most states, andeToro NY LLC licensed with NYDFS. This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
Regulation and License numbers
UK
eToro (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (“FCA”). Firm Reference Number: 583263. Registered in England under Company No. 07973792
Europe
eToro (Europe) Ltd, is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 109/10. Registered in Cyprus under Company No. HE 200585.
Middle East
eToro (ME) Limited, is licensed and regulated by the Abu Dhabi Global Market (“ADGM”)’s Financial Services Regulatory Authority (“FSRA“) as an Authorised Person to conduct the Regulated Activities of (a) Dealing in Investments as Principal (Matched), (b) Arranging Deals in Investments, (c) Providing Custody, (d) Arranging Custody and (e) Managing Assets (under Financial Services Permission Number 220073) under the Financial Services and Market Regulations 2015 (“FSMR”). Registered Office and its principal place of business: Office 26 and 27, 25th floor, Al Sila Tower, ADGM Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.
Australia
eToro AUS Capital Limited (AFSL number 491139) and eToro Asset Management Limited (AFSL 319738) (“collectively, eToro Australia”) is regulated by the Australian Securities & Investments Commission (“ASIC”) for the provision of financial services and products.
Spotify ve 2. čtvrtletí překonalo 300 milionů předplatitelů Premium, ale zklamalo slabším ziskem a opatrným výhledem na 3. čtvrtletí. Akcie v premarketu oslabují o 4 %.
Spotify ve druhém kvartále dál rostlo napříč většinou klíčových metrik a poprvé překonalo hranici 300 milionů uživatelů programu Premium. Investory však zklamal pomalejší růst uživatelů, slabší ziskovost a opatrný výhled na třetí kvartál. Akcie v pre-marketu oslabují o 4 %
Hudební gigant za druhý kvartál vykázal meziroční nárůst tržeb o 14 % na 4,8 miliardy eur. Mezikvartálně tržby vzrostly o pět procent. Na celkových tržbách se z naprosté většiny podílely příjmy z prémiového předplatného, které oproti loňskému druhému kvartálu vzrostly o 15 %. Segment podporovaný reklamou vykázal meziročně růst pouze o jedno procento, mezikvartálně však přidal 16 %. Celkově byly tržby Spotify jen těsně pod očekáváním analytiků.
Spotify zvýšilo hrubou marži o dva procentní body na 33,4 %, k čemuž přispěl rychlejší růst tržeb než nákladů. Provozní zisk dosáhl 655 milionů eur, což je sice meziročně o 61 % více, mezikvartálně se však jedná o pokles o 8 %.
Slabší byl také zisk na akcii. Ten ve druhém kvartále dosáhl 2,61 eura, což je o osm centů méně, než očekával trh. Free cash flow meziročně vzrostlo o 14 % na téměř 800 milionů eur. Podobně jako v případě provozního zisku však bylo číslo za první kvartál o nižší jednotky procent vyšší.
Naprosto klíčová jsou v případě byznysových modelů založených na předplatném čísla aktivních uživatelů a jejich růst. Počet platících měsíčně aktivních uživatelů programu Premium vzrostl meziročně o 9 % na rekordních 300 milionů. Bezplatný plán podporovaný reklamou ve druhém kvartále využívalo 494 milionů lidí, což je o 14 % více než před rokem. Celkový počet měsíčně aktivních uživatelů dosáhl 777 milionů a meziročně vzrostl o 12 %. Mezikvartálně pak všechny segmenty rostly o dvě procenta. Průměrná tržba na uživatele činila 4,89 eur.
Audiočlánky, podcastový AI agent a rezervace vstupenek pro věrné posluchače
V USA firma spustila program Reserved, který umožňuje nejvěrnějším posluchačům přednostní přístup k rezervacím vstupenek na koncerty jejich oblíbených interpretů. Jedná se o společný projekt se společností Live Nation, jehož prostřednictvím se zatím prodalo téměř 100 tisíc vstupenek.
Ke dvacátému výročí Spotify spustilo speciální funkci umožňující uživatelům sledovat vývoj jejich hudebního vkusu. Během prvních šesti dní ji využilo zhruba 100 milionů lidí. Podle firmy zároveň pomohla dosáhnout historicky nejvyššího počtu nových předplatitelů získaných během jediného dne.
Spotify dále spustilo na trzích, kde jsou dostupné audioknihy, funkci namluvených článků od magazínů jako Rolling Stone, The Atlantic nebo Vogue a představilo novou desktopovou aplikaci Studio by Spotify Labs.
Nová aplikace dokáže pomocí AI generovat personalizované podcasty na základě dat, ke kterým uživatel poskytne přístup, například kalendáře nebo důležitých e-mailů. Může tak vytvářet například ranní briefing na míru. Jde o další krok ve využívání umělé inteligence podobně jako v případě Personal Podcast, jenž umožňuje generovat podcasty na základě svěřených zdrojů nebo zadaných témat.
Výhled na třetí kvartál
Interní odhady na příští kvartál jsou z pohledu trhu smíšené až mírně negativní. Počet platících uživatelů firma cíluje na 305 milionů, což odpovídá konsenzu. Mírně pod odhady je naopak očekávaný provozní zisk ve výši 670 milionů eur i celkový počet měsíčně aktivních uživatelů. Spotify očekává 788 milionů MAUs, zatímco trh by rád viděl hodnoty nad 793 miliony.
Pozitivním překvapením byl naopak výhled tržeb. Ty by měly dosáhnout pěti miliard eur, což je o 70 milionů více, než očekával trh. Hrubá marže by měla činit 33 %.
Výsledky Spotify tak po silném prvním kvartálu působí spíše rozpačitě. Důvodem je zejména pomalejší růst MAUs, nižší ziskovost a smíšený výhled na třetí kvartál. Na druhou stranu Spotify zůstává dominantním hráčem ve svém oboru se zdravou rozvahou a více než devíti miliardami eur v hotovosti. Z pohledu investora tak bude i nadále klíčové sledovat, jak se firmě daří získávat nové uživatele a převádět neplatící posluchače na předplatitele tarifu Premium.
IREN dokončila akvizici Mirantis za zhruba 12,6 milionu akcií a asi 40 milionů USD v hotovosti, RSU a další protihodnotě. Transakce posiluje softwarovou platformu pro AI cloud, včetně orchestrace, monitoringu a zákaznické podpory.
Strengthening the Software Layer of its Vertically Integrated AI Cloud Platform August 04, 2026 07:01 ET | Source: IREN
NEW YORK, Aug. 04, 2026 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced it has completed the acquisition of Mirantis, Inc. (“Mirantis”), a leading provider of cloud software and services, through the issuance of approximately 12.6m ordinary shares, fixed at signing, plus cash, restricted stock units and other consideration of approximately $40m as of closing.
The acquisition deepens IREN’s capabilities across AI workload orchestration, monitoring and customer support, further strengthening its vertically integrated AI Cloud platform spanning owned and operated data centers, compute and software.
The acquisition also supports IREN’s strategy to serve a large and diverse customer base over time, including hyperscalers, enterprises and AI developers across bare metal and managed cloud services, and has already facilitated several of IREN’s announced and prospective AI Cloud contracts.
Mirantis brings deep software engineering and technical expertise, and a track record of serving more than 1,500 enterprise customers globally. Mirantis is an inaugural partner of the NVIDIA AI Cloud Ready Initiative, and has integrated k0rdent AI with NVIDIA DSX OS software components, supporting current and next-generation NVIDIA architectures. The open-source k0rdent AI platform will continue to be developed and supported for Mirantis’ customers.
The combination brings together IREN’s owned and operated data centers and compute with Mirantis’ flexible, interoperable software layer, giving customers greater choice and control in how they deploy and scale AI workloads.
Daniel Roberts, Co-Founder and Co-CEO of IREN, commented:
“From the beginning our view has been simple: own the land and power, build the data centers, deliver the compute. Mirantis adds the software layer on top, turning infrastructure into a platform. That’s what lets us serve everyone from hyperscalers running bare metal to enterprises who want fully managed AI cloud.”
Alex Freedland, Founder and CEO of Mirantis, commented:
“For more than a decade, Mirantis has helped enterprises deploy and operate mission-critical cloud infrastructure software, and that commitment to our customers remains unchanged. Becoming part of IREN gives us the opportunity to bring those capabilities to an even larger infrastructure platform, accelerating innovation while continuing to invest in the open and infrastructure-agnostic k0rdent AI platform.”
About IREN
IREN is a vertically integrated AI Cloud provider, delivering large-scale data centers and compute for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions across North America, Europe and APAC.
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, revenue targets, anticipated benefits of the Mirantis acquisition, customer utilization and adoption of the k0rdent AI platform, and other trends we expect to affect our business. These statements often include words such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled”. Forward-looking statements may also be made, verbally or in writing, by members of our Board or management team in connection with this news release.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve and are subject to known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to differ materially from any future results performance or achievements expressed or implied by the forward-looking statements, including IREN’s ability to successfully integrate and achieve the anticipated benefits of the acquisition, any unanticipated costs or liabilities associated with the acquisition, any failure to comply with laws, rules, regulations or business practices that IREN may become subject to as a result of any expansion of its business in connection with the acquisition of Mirantis, as well as IREN’s ability to successfully execute on its growth strategies and operating plans, achieve its targeted annualized AI Cloud revenue, continue to develop its existing data center sites, design and deploy direct-to-chip liquid cooling systems, and diversify and expand into the market for high performance computing solutions (including the market for cloud services and potential colocation services), along with other important factors discussed under the caption “Risk Factors” in IREN’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on August 28, 2025 and our other filings with the SEC. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement included in this press release speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Fiserv a Mastercard oznámily globální partnerství, které propojí Mastercard Merchant Cloud s Fiserv Commerce Hub a nabídne obchodníkům integrované služby napříč online, mobilem i prodejnami.
MILWAUKEE and PURCHASE, N.Y., Aug. 04, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, and Mastercard today announced a strategic global partnership to help eligible enterprise merchants simplify commerce through an expanded suite of integrated value-added services. The companies will integrate Mastercard Merchant Cloud into Fiserv Commerce Hub, bringing together their complementary strengths to give merchants a single connection to Mastercard’s advanced services across online, mobile and in-store channels.
For merchants operating across multiple geographies and sales channels, the partnership brings together Fiserv merchant acquiring capabilities with Mastercard advanced merchant services in an integrated platform experience. Merchants, and enterprise platforms may access payment acceptance and value-added services through a single, integrated experience. The combined capabilities are designed to help eligible merchants innovate faster, expand into new markets and support the future of commerce.
“Enterprise merchants are increasingly looking for ways to simplify complex payment ecosystems while delivering consistent experiences across channels and markets,” said Sanjay Saraf, Chief Product and Technology Officer, Merchant Solutions at Fiserv. “By integrating Mastercard Merchant Cloud with Commerce Hub, we are expanding the commerce capabilities available to eligible merchants through an integrated platform designed to help streamline operations, support market expansion and manage payment performance, subject to availability and applicable requirements.”
“Merchants shouldn’t have to choose between leading in today’s market and preparing for tomorrow’s,” said Chiro Aikat, co-president, Americas, Mastercard. “By bringing Mastercard’s advanced merchant services into Fiserv Commerce Hub, including capabilities that will help power the next era of agentic commerce, we’re giving merchants innovation that helps them grow and stay ahead of a rapidly changing digital economy.”
“Together, Fiserv and Mastercard are helping merchants address the growing complexity of commerce,” said Lia Cao, Chief Revenue Officer, Merchant Solutions at Fiserv. “This partnership combines complementary strengths to offer expanded capabilities for eligible enterprise merchants while supporting access to additional markets, customers and commerce opportunities, where available.”
The partnership marks the latest chapter in Mastercard and Fiserv’s broader work to advance the future of commerce. Across merchant acquiring, issuing, digital assets, value-added services and agentic commerce, the companies have collaborated to help businesses and financial institutions deliver more secure, scalable and innovative payment experiences. The companies will continue to explore additional technology integrations and commerce capabilities designed to support evolving merchant and consumer payment needs, subject to product readiness, applicable requirements and implementation timelines.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, is a global leader uniting commerce and finance. The company powers sustained growth and innovation at scale for financial institutions and businesses worldwide across payments, account processing, digital banking, merchant acquiring, network services, e-commerce, and Clover®, the all-in-one business management platform. Fiserv is a member of the S&P 500® Index and one of FORTUNE® America’s Most Innovative Companies. Visit fiserv.com and follow on social media for more information and the latest company news.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
Media Relations:
Torrie Miers
Director, Communications - Merchant Solutions
Fiserv, Inc.
+1-470-669-5181 [email protected]
ams-OSRAM uvedl, že ve 2. čtvrtletí dosáhl tržeb i upraveného EBITDA na horní hraně výhledu. Jádrový polovodičový byznys meziročně vzrostl o 13 % díky automobilovému segmentu a lepší poptávce v průmyslu.
ams-OSRAM AG (AMSSY) Q2 2026 Earnings Call August 4, 2026 3:45 AM EDT
Company Participants
Juergen Rebel - Senior Vice President of Investor Relations
Aldo Kamper - Chairman of the Management Board & CEO
Rainer Irle - CFO & Member of Management Board
Conference Call Participants
Janardan Menon - Jefferies LLC, Research Division
Sébastien Sztabowicz - Kepler Cheuvreux, Research Division
Amelia Banks
Craig Mcdowell - JPMorgan Chase & Co, Research Division
Harry Blaiklock - UBS Investment Bank, Research Division
Robert Sanders - Deutsche Bank AG, Research Division
Presentation
Operator
Ladies and gentlemen, welcome to the ams Osram conference call on second quarter 2026 results and live webcast. I am Sergen, the conference call operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. [Operator Instructions]. At this time, it is my pleasure to hand over to you, Mr. Rebel, Head of Investor Relations. Please go ahead.
Juergen Rebel
Senior Vice President of Investor Relations
Good morning. This is Juergen speaking. Welcome to our second quarter 2026 earnings call. Aldo, our CEO, will comment on business performance and strategic progress, and Rainer, our CFO, will walk you through the financials. Please refer to the Q2 earnings call presentation that is available on our website. With that, Aldo, please take us through the quarter.
Aldo Kamper
Chairman of the Management Board & CEO
Thank you, Juergen, and also good morning from my side. We delivered another strong quarter, with revenue and adjusted EBITDA both landing at the high end of our guidance range, while continuing to execute on our Digital Photonics strategy. Let us turn to slide three. Our semiconductor core business grew 13% year-on-year on a like-for-like basis, driven by automotive strength and improving industrial demand. It is nearly twice the growth implied by our
Opční trh před hospodářskými výsledky SpaceX oceňuje zhruba 15% pohyb akcie v obou směrech, což znamená asi 225 mld. USD změnu tržní hodnoty. Investoři čekají na první čtvrtletní výsledky a obávají se dalšího poklesu.
SpaceX SPCX investors are bracing for one of the biggest earnings-driven moves ever seen for a newly listed company, with options traders pricing a swing of roughly $225 billion in the company's market value ahead of its first quarterly results on Tuesday.
According to Reuters, options imply that SpaceX shares could move about 15% in either direction following the earnings release, although current positioning suggests traders are leaning toward further downside.
The implied move is unusually large for a company of SpaceX's size.
The rocket and satellite company still commands a market capitalization of about $1.5 trillion despite its shares having fallen 43% from the closing peak of $201.80 reached shortly after its record-breaking June 12 market debut.
Analysts said the combination of a sharp post-listing decline, a limited trading history and uncertainty over whether the company's financial performance can justify its lofty valuation has pushed options pricing well above levels typically seen for mature blue-chip companies.
By comparison, options markets had priced in only a 6.6% move for Microsoft ahead of its quarterly earnings last week.
Investors remain cautious ahead of resultsSpaceX is expected to report a quarterly loss before interest and taxes of about $1.6 billion on revenue approaching $7 billion.
"The overall volatility level is massive," Ophir Gottlieb, chief executive of Capital Market Laboratories, told Reuters.
Investor caution extends well beyond the options market.
The company's stock surged to an all-time intraday high of $225.64 just days after its public debut but has since fallen to around $114.53, reflecting concerns about valuation and the pace at which revenue can support its ambitious growth plans.
Adding to the uncertainty, Tuesday's earnings report will clear the way for approximately 911.5 million shares held by insiders, employees and early investors to become eligible for sale after the lock-up period expires on August 6.
That additional supply could weigh further on the stock if early shareholders decide to cash out.
Bearish positioning has also intensified across other parts of the market.
Leveraged exchange-traded funds tracking SpaceX show investors remain optimistic overall, with assets of roughly $401.1 million across seven bullish single-stock ETFs.
However, nearly $296.8 million has flowed into inverse leveraged funds that profit when the stock declines, according to data from VettaFi.
That gap between bullish and bearish positioning is far narrower than is typically seen for stocks that have leveraged ETF products, highlighting growing investor caution.
Short sellers have also increased their bets against the company.
According to Peter Hillerberg, co-founder of Ortex Technologies, roughly 63% of SpaceX's free float is currently on loan to short sellers, close to a record high.
"There is almost no stock left to borrow," Hillerberg said.
Based on SpaceX's July 31 closing price of $108.37, Ortex estimates short sellers are sitting on approximately $18.4 billion in mark-to-market profits.
Meanwhile, investors attempting to hedge their positions have faced rising costs as heightened expectations for earnings volatility have pushed options premiums sharply higher.
Tuesday's earnings report will therefore not only offer Wall Street its first detailed look at SpaceX's financial performance as a public company but could also determine whether the recent slide in its shares deepens or reverses.
Tesla se obchoduje za 140násobek očekávaného zisku příštího roku, což je výrazně nad 21násobkem u indexu S&P 500. Aby tuto valuaci obhájila, musí uspět hlavně s Optimem a robotaxi.
There's no denying Tesla (TSLA +3.49%) is one of the market's most exciting growth companies right now. But, currently priced at 140 times next year's expected earnings of $2.23 per share, there's also no denying Tesla stock is outrageously expensive. For perspective on that figure, the S&P 500's forward-looking price-to-earnings (P/E) ratio right now is only 21.
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Sure, plenty of stocks have been rightfully valued at sky-high levels like this in the past. Think Amazon, or Cisco back in the 1990s. These outfits were positioned to capitalize on the internet's then-budding explosion. Investors were willing to pay a steep price because future growth was likely to be strong enough to justify the premium.
This doesn't hold true every time, though. Sometimes, the assumptions of future growth driving wildly high P/E ratios end up being just plain wrong. Businesses such as Groupon, GoPro, and meal-kit company Blue Apron come to mind. Only in retrospect did the flaws in these companies' business models become evident.
So what must Tesla get right in the foreseeable future to justify its stock's rich valuation right now? Here are the top five things the company must do to justify its stock's present price, but one in particular is a huge must-do.
1. It must lead an EV market that eventually displaces combustion-engine cars Tesla technically isn't the leader of the world's electric-vehicle business anymore. That honor belongs to China's BYD (BYDDY +1.09%), which delivered 557,090 battery-electric vehicles last quarter, versus Tesla's 480,126. But there's arguably room for two (or more) titans in the EV business. Tesla just needs to make sure it's one of them.
Perhaps the more important factor here, rather, is electric vehicles' continued penetration of the global automobile market itself. This is still happening, too; the International Energy Administration reports that worldwide EV sales topped 20 million last year -- about one out of every four cars purchased in 2025, up 20% from 2024's count. But headwinds appear to be blowing. BloombergNEF predicts that global EV demand will only grow 11% year over year to 23 million passenger vehicles in 2026, with most of the demand coming from China, where Tesla is increasingly uncompetitive. Meanwhile, although the U.S. remains Tesla's biggest market, this market isn't growing. Tesla's second-quarter U.S. sales fell 20% year over year to only 114,629 vehicles, according to numbers from Cox Automotive.
Something's got to change with either or both of these trajectories.
2. Lots of Tesla owners must subscribe to full self-driving features Tesla's vehicles come with a range of safety-minded driver assistance features. What many non-Tesla owners might not fully appreciate, however, is that the full self-driving features you hear so much about aren't free. They're now only offered on a subscription basis, at a cost of $99 per month. That's not a fortune, but it's certainly enough of an added cost that many owners might balk at the price.
And most of them have balked. Only about 1.5 million (roughly 15%) of all Tesla owners are currently paying this monthly fee, although to its credit, the company added a record-breaking 200,000 full-self-driving subscribers last quarter alone. That doesn't translate into a ton of revenue yet. It could someday, though, and this is very high-margin revenue.
For reference, a key component of Chief Executive Officer Elon Musk's trillion-dollar compensation package calls for a minimum of 10 million full-self-driving subscribers.
3. Robotaxis must work and gain wide adoption Speaking of self-driving cars, although its growth has been uneven and the underlying technology remains far from perfect, Tesla continues cultivating its robotaxi business, adding Orlando and Tampa, Florida, to its served markets just last month, and bringing its total markets up to seven. That's not nearly as much presence as Musk intimated would be the case when he first unveiled Tesla's new venture back in 2024.
Image source: Tesla.
That could change. Goldman Sachs predicts the worldwide robotaxi market could be worth more than $400 billion by 2035. Even winning a fraction of this business would be a boon for Tesla.
But it's miles away from capturing even a respectable fraction of the current and future robotaxi market.
4. Tesla's clean-energy arm must become a significant profit center Ironically, perhaps one of Tesla's biggest and best opportunities is also currently one of its smallest and least-discussed businesses. That's its solar panels (and solar roofs) and corresponding battery storage. Last quarter's energy revenue of $3.1 billion only accounted for about a tenth of Tesla's total Q2 top line.
The money is there to be made, though. Market research outfit Technavio says the U.S. residential solar market is poised to grow at an average annualized pace of more than 13% through 2030, when it will be worth more than $30 billion, although this outlook still arguably only scratches the surface of what's possible in the long run. Wood Mackenzie believes more than 70 million homes in the U.S. could conceivably install solar panels within the next 25 years.
5. Its AI robot, Optimus, must live up to Elon Musk's hype Last but hardly least, Tesla's artificial intelligence (AI)-controlled humanoid robot, Optimus, must be a smashing success to justify Tesla shares' forward P/E of 140.
This is the biggie. Indeed, it wouldn't be unreasonable to suggest that Tesla is now an AI robot company that also happens to manufacture electric vehicles and solar panels. Musk's certainly painted that picture anyway, suggesting more than once that Optimus will be "the biggest product ever, of any kind." That sort of rhetoric dramatically builds lofty expectations.
And to be fair, it might be possible. Although it's a long-term outlook, Morgan Stanley predicts the number of humanoid robots on the planet could reach 1 billion by 2050, translating into a $5 trillion market opportunity. However. as Morgan Stanley's head of global autos and shared mobility research, Adam Jonas, adds, "Adoption should be relatively slow until the mid-2030s, accelerating in the late 2030s and 2040s."
There's the rub for current and prospective Tesla shareholders. The market might support a premium valuation based on Musk's originally suggested commercial launch of Optimus sometime in 2027. If it takes much longer than that for Optimus to become a meaningful, profitable business, though -- giving competitors time to catch up -- investors may dial back their bullishness.
Jensen Huang prosazuje otevřené AI modely, protože podle něj rozšíří jejich používání, a tím i poptávku po čipech Nvidia. Firma už sama vydává vlastní open modely Nemotron.
Jensen Huang has become a vocal champion of open-weight artificial intelligence (AI) models, the kind anyone can download, customize, and run themselves. He even organized a letter urging Washington not to restrict them, one that quickly gathered dozens of corporate signatories, including OpenAI and Alphabet.
It sounds like a principled stand for open technology. But for Nvidia (NVDA +2.93%), it is also a shrewd business move, one aimed squarely at expanding the company's total addressable market.
Nvidia CEO Jensen Huang. Image source: Nvidia.
Why open models mean more Nvidia chips Here is the logic. Closed AI models keep development bottled up inside a handful of well-funded labs. Open-weight models blow that open, letting millions of companies, start-ups, researchers, and even entire countries build and run their own AI. And every one of those deployments needs computing power, the vast majority of which runs on Nvidia's chips.
Huang has pointed out that roughly 1-in-4 AI tokens generated today already come from an open model, and he wants that share to keep climbing. The more places AI takes root, the more Nvidia hardware the world needs.
Nvidia is not just cheering from the sidelines, either. It builds its own open models, releasing its Nemotron family free to the public along with the training recipes and code. Giving away powerful models seeds demand for the one thing Nvidia actually sells: the silicon to run them.
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The strategic logic Step back, and the strategy is elegant. In my opinion, Nvidia does not care which AI model wins, as long as the world keeps building more of them. Closed models concentrate demand; open models democratize it across the entire economy. By pushing to make AI universal and freely available, Jensen Huang is quietly ensuring that the whole ecosystem, from a solo developer to a national government, runs on Nvidia's platform. His idealism and his order book point in the same direction.
The strategy is not without danger. Open models also let rivals, including China, build competitive AI cheaply, and the gap between the best American and Chinese open models is narrowing. That has stirred real concern about U.S. technological leadership. There is also a subtler risk: Hyper-efficient open models could, in theory, accomplish more with less computing power, softening the very demand Nvidia is counting on.
The takeaway for investors I read Huang's open-weight crusade as a smart strategy wrapped in principle. It is a bet that making AI universal grows the pie for Nvidia far faster than it feeds its rivals. For investors, it signals a company playing the long game to keep the entire AI economy running on its chips, even if the open-model genie cuts both ways.
NVIDIA spouští tři open source knihovny Omniverse na GitHubu, aby dostala simulaci a fyzickou AI přímo do nástrojů, které vývojáři už používají. Firma tím posiluje svůj softwarový ekosystém před výsledky za 2. čtvrtletí fiskálního roku 2027.
NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) just quietly reset how investors should think about its next decade. The chip story is well told. The software story now has a number.
The Number Three. That is how many open-source Omniverse libraries NVIDIA is releasing on GitHub as part of its Agent Toolkit expansion tied to SIGGRAPH 2026: ovrtx, ovphysx and CAD-to-SimReady. Three libraries sound modest. What they actually do is embed NVIDIA’s simulation stack directly inside the 3D and CAD tools engineers already use, letting AI agents handle sensor simulation, physics, and asset validation without leaving Houdini, Onshape, or Blender. That is the anchor: three open-source libraries designed to make NVIDIA the default runtime for physical AI development.
What It Means NVIDIA’s physical AI thesis has always needed a software layer to match the hardware. This is that layer. NVIDIA is meeting developers inside the tools they already run. SideFX is integrating the libraries into Houdini. PTC (NASDAQ:PTC) is integrating them into Onshape. Four Inception startups (ForgeCAD, Lightwheel, Moonlake AI, and Palatial) are building agent-driven workflows on top. Every one of those integrations is a lock-in point.
The financial scale behind this software push is already visible in the reported numbers. Q1 FY27 Data Center revenue reached $75.25 billion, up 92% year over year, with Data Center Networking revenue of $14.8 billion, up 199% year over year. Total revenue landed at $81.61 billion, up 85.2%, with non-GAAP EPS of $1.87 versus a $1.7738 estimate. The company is guiding Q2 FY27 revenue to $91.0 billion plus or minus 2% at a 75% non-GAAP gross margin. Those margins are the tell. Hardware alone rarely runs at that level for long. Software attach does.
Market Reaction The stock has cooled since the Q1 FY27 filing. Shares traded around $206.86 on Aug. 3, down nearly 12% from their year-to-date high. But over the past month, NVIDIA is up 5.78% with a one-year gain of nearly 15%. Longer horizons still tell the compounding story: 916% over five years. Market cap sits near $5.01 trillion against a P/E of 31 and a forward P/E of 23. NVIDIA reports Q2 FY27 financials on Aug. 26, and shares could rally into the company’s earnings call, especially with a renewed focus on the three-library release.
The Bull Case The three-library release matters because it converts NVIDIA’s hardware lead into a developer standard. Jensen Huang framed it directly: “The physical AI era will be built in simulation first.” If that is correct, the company that owns the simulation runtime owns the training ground for every robot, autonomous vehicle, and industrial system that follows.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
The rest of the R&D disclosure reads like an argument for the same thesis. NVIDIA announced NemoClaw for the OpenClaw agent platform, OpenShell with privacy and security controls, and an Agent Toolkit for building autonomous enterprise AI agents. It rolled out Alpamayo 1.5 and Omniverse NuRec for autonomous driving, new Cosmos and Isaac GR00T N models, and the Halos OS unified safety architecture. It expanded partnerships for autonomous driving with Hyundai, Kia, Uber, BYD, Geely, Isuzu, and Nissan. On the compute side, the Vera Rubin platform and BlueField-4 STX anchor the next generation, and NVIDIA Dynamo 1.0 boosts generative and agentic inference on Blackwell GPUs by up to 7x.
Huang’s own framing from the call: “Agentic AI has arrived, doing productive work, generating real value and scaling rapidly across companies and industries. NVIDIA is uniquely positioned at the center of this transformation as the only platform that runs in every cloud, powers every frontier and open source model, and scales everywhere AI is produced, from hyperscale data centers to the edge.”
Capital return backs the operating story. The board approved an additional $80 billion share repurchase authorization, raised the quarterly dividend from $0.01 to $0.25 per share, and returned approximately $20.0 billion to shareholders in Q1. Analyst positioning is lopsidedly constructive, with 48 Buy ratings, 10 Strong Buy ratings, two Hold ratings and one Sell ratings, and an analyst target price of $302.31.
Bottom Line Three libraries do not sound like a moat until you notice where they land: inside Houdini, inside Onshape, inside the tools engineers already trust. That is how software ecosystems compound. Long-term holders should track two catalysts from the input data. First, the RTX Spark systems arriving in fall 2026 from ASUS, Dell, HP, Lenovo, Microsoft Surface and MSI, which put local physical AI compute in developer hands. Second, the Q2 FY27 guidance of $91 billion plus or minus 2%, which is the next reported test of whether agentic and physical AI demand keeps compounding. Three libraries. One thesis. A company that keeps making its ecosystem harder to leave.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
McDonald's jmenoval zkušenou manažerku Skye Andersonovou prezidentkou pro USA, protože v největším trhu zpomaluje růst. Zároveň oznámil, že výsledky za 2. čtvrtletí překonaly odhady, ale tržby za nimi zaostaly.
McDonald's announced that company veteran Skye Anderson will lead its U.S. business, effective Tuesday, as the company tries to win over cost-conscious diners in its largest market.
"I look forward to working closely with her and the U.S. leadership team to help accelerate performance and unlock the significant opportunity in front of us, and I have tremendous confidence that she is the ideal leader for this next phase of our U.S. business," McDonald's CEO Chris Kempczinski said in a statement.
Earlier this year, Anderson was named chief operating officer for McDonald's USA. Prior to that, she led the company's Global Business Services segment, which was created with the aim of making its corporate operations more efficient and using the restaurant giant's scale. She also spent four years in charge of McDonald's U.S. West Zone; in that role, she increased average restaurant unit cash flow by $100,000 and drove same-store sales growth of more than 30%, according to the company.
Anderson has been with the company for 26 years.
"I've had the opportunity to work closely with Skye throughout much of her career, and I've repeatedly turned to her to lead some of our most important businesses and transformation efforts because she's a proven change agent who can act with urgency to mobilize our System," Kempczinski said.
Anderson succeeds Joe Erlinger, who has held the role for more than six years. Erlinger will stay on as an advisor through early 2027.
McDonald's also reported its second-quarter results on Tuesday. The company's earnings topped Wall Street's estimates, but its revenue fell short of analysts' expectations. U.S. same-store sales grew just 0.8%, and traffic to its domestic restaurants fell during the quarter.
Broadly, McDonald's has outperformed U.S. rivals by leaning into value meals and buzzy promotions to attract diners. But a successful marketing move — like its tie-in meal with the "Minecraft" movie during the year-ago period — means that the burger chain has to keep surpassing its own wins to grow same-store sales.
In early June, the company unveiled a new growth strategy as it aims to become diners' first option. The plan includes menu innovation that elevates taste and quality, listening to how consumers interact with brands and a new restaurant design.
Item 1 of 2 A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, U.S. January 9, 2020. REUTERS/George Frey
[1/2]A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, U.S. January 9, 2020. REUTERS/George Frey Purchase Licensing Rights, opens new tab
CompaniesAug 4 (Reuters) - Pfizer (PFE.N), opens new tab on Tuesday reported better-than-expected second-quarter results, boosted by strong demand for blood thinner Eliquis, and unveiled plans for an additional $2.5 billion in savings through its ongoing cost-cutting efforts.
Investors look for signs that Pfizer’s big-ticket deals are paying offPfizer said the additional savings, expected to be realized between 2027 and 2029, will build on existing cost-cutting efforts as it seeks to offset declining COVID-related revenue and restore sustainable growth.
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The company is also counting on newer medicines to lessen its dependence on aging blockbuster drugs, while investors are watching for signs that its $10 billion acquisition of Metsera can help establish a meaningful foothold in the fast-growing obesity market.
Pfizer has said it expects to return to stronger growth after 2028.
CEO Albert Bourla struck an optimistic tone, saying the company's "launched and acquired products performed well ... our obesity program is advancing with meaningful momentum."
Revenue from acquired products rose 25% on an operational basis during the quarter.
Eliquis sales rose 19% on an operational basis, driven by higher U.S. net pricing from lower rebates and a favorable channel mix, along with stronger demand across global markets.
Sales of Eliquis, which Pfizer sells with Bristol Myers Squibb (BMY.N), opens new tab, were $2.43 billion in the quarter, above analysts' estimates of $1.93 billion.
Higher sales of Eliquis and cancer therapy Padcev helped offset weaker demand for the company's COVID products.
The U.S. drugmaker now expects annual sales of $60.5 billion to $62.5 billion, up from $59.5 billion to $62.5 billion forecast previously.
It reaffirmed its annual profit forecast to reflect a $650 million impact related to a licensing deal worth up to $10.5 billion with China's Innovent Biologics (1801.HK), opens new tab.
On an adjusted basis, the company reported a profit of 77 cents per share, compared with analysts' estimates of 68 cents per share, according to data compiled by LSEG.
Shares of the drugmaker were flat in premarket trading.
Reporting by Mariam Sunny and Mrinalika Roy in Bengaluru; Editing by Anil D'Silva
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Pfizer ve 2. čtvrtletí překonal odhady a zvýšil spodní hranici celoročního výhledu tržeb na 60,5–62,5 miliardy USD díky silnějším produktům mimo Covid.
Pfizer on Tuesday reported second-quarter results that topped estimates and hiked the low end of its revenue outlook, citing an added $1.5 billion in sales from its non-Covid products.
The company is now expecting full-year revenue to total $60.5 billion to $62.5 billion, which compares to a previous outlook of $59.5 billion to $62.5 billion. That sales range would still be roughly flat or down slightly compared with 2025 revenue of $62.6 billion.
Pfizer said it cut its full-year revenue expectation for its Covid products – the vaccine and antiviral pill Paxlovid – to $4 billion, down from around $5 billion previously.
The pharmaceutical giant reiterated its full-year adjusted profit outlook of between $2.80 and $3 per share.
Here's what the company reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: 77 cents adjusted vs. 68 cents expectedRevenue: $15.03 billion vs. $14.41 billion expectedPfizer reported revenue of $15.03 billion for the first quarter, up 3% from the same period a year ago. Sales increases for key products, including its blood thinner Eliquis and targeted cancer drug Padcev, helped to counteract struggles in its Covid business.
Eliquis in particular blew past estimates for the quarter, raking in $2.43 billion in sales, up 19%. Analysts were expecting revenue of $2.08 billion, according to StreetAccount.
The company booked a net loss of $248 million, or 4 cents per share, for the period. That compares with net income of $2.91 billion, or 51 cents per share, during the second quarter of 2025.
Excluding certain items, including restructuring charges and costs associated with intangible assets, Pfizer posted earnings per share of 77 cents for the quarter.
The company also announced the second phase of a multi-year initiative to slash costs, which targets around $1.5 billion in savings through 2029. That phase focuses on what the company called product portfolio enhancements, network structure changes and additional operational efficiencies.
The first part of that effort is on track to deliver $1.5 billion in savings by the end of 2027.
Pfizer announced an additional $1 billion in savings from a separate cost-cutting program, which will be achieved from 2027 to 2029. That adds to the previously announced $5.7 billion in cost savings the company will achieve through the program by the end of the year.
The pharmaceutical giant is looking to longer-term investments in its pipeline, including its recent $10 billion acquisition of the obesity biotech Metsera, to counter waning Covid product sales and declines from older drugs. Investors are focused on several crucial data releases from Pfizer this year, including data on a combination regimen that includes its GLP-1 injection and an amylin asset.
Pfizer (PFE - Free Report) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.78 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +13.24%. A quarter ago, it was expected that this drugmaker would post earnings of $0.71 per share when it actually produced earnings of $0.75, delivering a surprise of +5.63%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Pfizer, which belongs to the Zacks Large Cap Pharmaceuticals industry, posted revenues of $15.03 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.04%. This compares to year-ago revenues of $14.65 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Pfizer shares have added about 0.5% since the beginning of the year versus the S&P 500's gain of 11%.
What's Next for Pfizer?While Pfizer 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 Pfizer was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.87 on $16.11 billion in revenues for the coming quarter and $2.96 on $61.87 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, Large Cap Pharmaceuticals is currently in the bottom 7% 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.
Eli Lilly (LLY - 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 5.
This drugmaker is expected to post quarterly earnings of $6.01 per share in its upcoming report, which represents a year-over-year change of -4.8%. The consensus EPS estimate for the quarter has been revised 2.3% lower over the last 30 days to the current level.
Eli Lilly's revenues are expected to be $20.26 billion, up 30.2% from the year-ago quarter.
Merck (MRK - Free Report) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.26. This compares to earnings of $2.13 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +50.00%. A quarter ago, it was expected that this pharmaceutical company would post a loss of $1.51 per share when it actually produced a loss of $1.28, delivering a surprise of +15.23%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Merck, which belongs to the Zacks Large Cap Pharmaceuticals industry, posted revenues of $16.61 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.69%. This compares to year-ago revenues of $15.81 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Merck shares have added about 21.4% since the beginning of the year versus the S&P 500's gain of 11%.
What's Next for Merck?While Merck 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 Merck 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 $2.34 on $17.5 billion in revenues for the coming quarter and $2.74 on $66.77 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, Large Cap Pharmaceuticals is currently in the bottom 7% 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.
Innoviva (INVA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This biopharmaceutical company is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of -27.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Innoviva's revenues are expected to be $113.22 million, up 12.9% from the year-ago quarter.
Caterpillar zvýšil celoroční výhled tržeb a překonal odhady zisku za 2. čtvrtletí, když tržby vzrostly o 24 % na rekordních 20,5 miliardy USD. Upravený zisk činil 8,17 USD na akcii. Akcie v premarketu přidaly přes 9 %.
Caterpillar CAT shares climbed more than 9% in premarket trading on Tuesday after the construction and mining equipment maker raised its full-year revenue forecast, and beat second-quarter earnings estimates as its power segment continues to benefit from rising data center spending.
The company now expects full-year revenue to grow in the mid-to-high teens percentage range, an improvement from its previous outlook for low-double-digit growth.
It also reduced its projected tariff-related costs for the year to about $2.2 billion, compared with its earlier estimate of between $2.2 billion and $2.6 billion.
Adjusted earnings came in at $8.17 per share for the quarter, comfortably ahead of analysts' expectations of $6.20 per share compiled by LSEG.
The company had earned $4.72 per share in the same period a year earlier.
Revenue for the April-June quarter rose 24% year over year to a record $20.5 billion, marking the first time in Caterpillar's history that quarterly sales exceeded the $20 billion mark.
"This is the first time in company history that we have generated over $20 billion in sales and revenues in a single quarter," Chairman and Chief Executive Officer Joe Creed said.
The company's results underscore how the global artificial intelligence boom continues to reshape demand across industrial sectors beyond semiconductor manufacturers.
Power & Energy sales increased 17% year over year to $8.238 billion from $7.037 billion.
Within that segment, the company reported higher sales of large reciprocating engines as well as turbines and related services, primarily for data center applications.
Over recent quarters, Caterpillar has benefited from surging demand for both construction machinery used to build data centers and power-generation equipment needed to support those facilities.
Beyond AI infrastructure, Caterpillar also continued to benefit from increased infrastructure and energy spending in the United States.
The company said strong commercial construction activity, including projects linked to data centers, combined with infrastructure investments under President Donald Trump's administration, helped drive order growth.
Its core construction industries segment posted a 35% increase in revenue during the quarter, led by a 50% jump in North American sales.
During the quarter, Caterpillar booked $9.4 billion in new orders, lifting its order backlog to a record $72.1 billion.
"Strong order rates and a growing backlog reflect broadening momentum across all three of our primary segments," Creed said.
The latest results come despite recent volatility across AI-linked stocks as investors questioned whether the pace of artificial intelligence spending could be sustained.
Caterpillar and other suppliers of power equipment for data centers, including Vertiv Holdings and GE Vernova, have experienced share price weakness in recent weeks amid broader concerns over AI capital expenditure.
However, analysts continue to view Caterpillar as a long-term beneficiary of the AI infrastructure buildout.
Gimme Credit analyst Carol Levenson said earlier that Caterpillar's Power & Energy division "is becoming increasingly dominant as demand for its large reciprocating engines and turbines swells with data-center/AI capital spending."
Analyst Semenuk has also argued that the growth opportunity remains in its early stages and believes Caterpillar could generate at least $10 in quarterly earnings per share by 2029.
The company's shares have already reflected growing optimism around that outlook.
Caterpillar stock crossed the $1,000 mark in June and remains up about 40% so far this year.
JPMorgan too sees the stock as a premier cyclical and industrial play.
JPMorgan experts recently said that CAT’s exceptionally solid balance sheet and pricing power allow the manufacturer to preserve operating margins even during broader macroeconomic uncertainty.
RUA GOLD získala regulační souhlas k zahájení průzkumného vrtání na projektu Glamorgan na Severním ostrově Nového Zélandu. První program má mít asi 9 000 m a začít ve 4. čtvrtletí 2026.
Vancouver, British Columbia--(Newsfile Corp. - August 4, 2026) - Rua Gold Inc. (TSX: RUA) (NZX: RGI) (OTCQX: NZAUF) (FSE: X9R) ("RUA GOLD" or the "Company") is pleased to announce that it has received required regulatory approval to commence exploration drilling at the Glamorgan Project, an epithermal gold project in the Hauraki Goldfield on New Zealand's North Island.
The Hauraki Goldfield is a major epithermal gold province, where more than 50 historic mines have collectively produced over 15 million ounces of gold. The Glamorgan Project is adjacent to OceanaGold's Wharekirauponga deposit, which hosts Indicated Mineral Resources of 1.5Moz at 17.3 g/t Au1. The Wharekirauponga project received final permitting approval in December 2025 following a 112-day review process and is now under construction.
Highlights:
Extensive surface exploration and data analysis completed at the Glamorgan Project over the past 2 years have identified several compelling drill targets.
The Company has received approval for nine drill pads, allowing it to test the three most compelling drill targets.
Construction of protective fencing, the exploration camps and drill pads will commence immediately following ecological checks.
A fully funded initial exploration program of approximately 9,000m has been planned across the targets with drilling expected to commence in Q4 2026.
Simon Henderson, Chief Operating Officer, has more than 30 years of experience in this region of New Zealand and played an integral role in the discovery of Wharekirauponga.
Surface exploration completed to date has identified classic features of a major epithermal gold-silver system, comparable to those observed at the Wharekirauponga project, located just 2.8 km to the south.
Significant gold-arsenic soil anomalies trend north, northeast and north-northwest strike out individually over 4 kms in length. Drill targets were selected where these surface features coincide with strong resistivity anomalies identified through CSAMT surveying, interpreted to represent major quartz systems.
Simon Henderson, Chief Operation Officer of RUA GOLD, commented: "Receiving approval to commence drilling at Glamorgan is a significant milestone for RUA GOLD. Our exploration team has systematically developed a compelling geological model and identified three priority drill targets supported by coincident geophysical, geochemical and geological indicators.
With drilling now set to test this highly prospective epithermal system for the first time, we have an exceptional opportunity to unlock a potentially significant new gold discovery in one of New Zealand's premier gold districts."
Exploration Work Completed to Date
Exploration activities completed to date include extensive geological mapping, geochemical sampling, TerraSpec clay-mineral analysis, and ultra-detailed magnetic and resistivity surveys. This work has focused on three target areas overlapping with major alteration cells. The alteration cells are directly associated with surface quartz veins, platy quartz after calcite, quartz-adularia mineralization and sinter-like textures, which are characteristic of the upper levels of an epithermal gold-silver system.
The principal components of the surface exploration program completed include:
Geological mappingVein morphologies and orientations mapped across the target areas, paralleling regional trendsSoil and rock-chip samplingSoil geochemistry highlights high-grade gold and arsenic enveloping outcropping quartz veins paralleling north-northeast. Rock-chip sampling revealed anomalous Au (>40 g/t) and Ag (>200 g/t) across wide areas of the permit.TerraSpec spectrometrySi-clay mineralization identified through TerraSpec analysis confirms silica-flooding and chalcedony classic features of the upper levels of epithermal systems, overlying gold-in-soil anomalies.UAV magnetic surveyingApproximately 590 line kilometres ("line-km") were flown, identifying two areas of strong alteration, expressed as demagnetization of the host rocks, that are interpreted to represent the footprint of a major epithermal system.Ground resistivity surveyTwo separate CSAMT campaigns totalling >11 km in length identified several deep-rooted resistive features associated with high-grade gold at surface and surrounded by strongly anomalous gold-in-soil geochemistry.
Figure 1: Location map with of Glamorgan with initial drill targets.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/307888_79e5edc124b218a5_022full.jpg
Glamorgan Exploration Overview
Following the grant of a drone concession in May 2024 and approval for minimum-impact exploration in July 2024, RUA GOLD commenced exploration with an ultra-detailed UAV magnetic survey. The survey comprised approximately 590 line-km flown using a Geometrics MagArrow magnetometer suspended beneath a DJI M300 drone.
Interpretation of the magnetic data has helped define key lithological and alteration features within the Whitianga Group rhyolites and Coromandel Group andesites. The data also indicate major structural features aligned with regional mineralization trends.
Soil sampling commenced in July 2024 along cross-lines spaced 250 metres apart, with samples collected at 20-metre intervals. Infill sampling in target areas and further extensions of the grid have brought the total number of soil samples to 4,137 (Figure 2). All samples dried and sieved at RUA GOLD's Waihi facility, then transported to Reefton for portable X-ray fluorescence ("pXRF") analysis. Each sample was also scanned using a TerraSpec 4 Hi-Res mineral analyzer to characterize the clay-alteration system and identify the upper levels of the epithermal system. A 50-gram subsample was then sent to ALS in Brisbane for low-level gold analysis.
Collection of Controlled-Source Audio-Magnetotellurics (CSAMT) data across two campaigns in Q1 2025 and Q1 2026 covered large parts of the Glamorgan permit area not covered by previously collected Induced Polarisation (IP) data. This has led to the identification of several deep resistors across the target areas with narrow spacing between CSAMT lines enabling correlation of resistors across multiple profiles.
Combination of anomalous soil and rock chip results, geological mapping, and anomalies identified in the UAV magnetics and CSAMT results evidencing large alteration cells was used to identify three main targets for the initial drill program: Sutcliff, Wires Ridge, and Tairua (Figure 2).
Figure 2: Gold and Arsenic anomalies and initial drill targets within the RUA GOLD Glamorgan permit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/307888_79e5edc124b218a5_033full.jpg
The Sutcliff anomaly trends northeast for at least 1.3 km and shows high gold, arsenic, and silver in rock chips and soils. Strong alteration is observed at the surface from geological mapping and UAV magnetics and is underlain by a strong resistor visible in CSAMT data, interpreted to represent the footprint of a major epithermal system. It remains open to the southwest. Its orientation is consistent with that of the WKP deposit, located approximately 3 km southeast of the Glamorgan permit.
The Wires Ridge anomaly trends north-northeast for at least 2.1 km, evidenced by anomalous gold and arsenic geochemistry and strong resistors at depth. This target remains open to the north and south. Its southern extent coincides with the historic Wentworth and Auckland mine workings.
The Tairua anomaly trends northeast over at least 1.6 km and is evident in numerous quartz veins with anomalous gold and silver outcropping across a width of >600m. Quartz veins commonly show extensive banding and width exceeding 50 cm. The broad alteration zone is interpreted as stockwork-like veining. The Tairua anomaly remains open to the south.
Figure 3: CSAMT and IP resistivity results as point cloud data. Red indicates areas of high resistivity.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/307888_79e5edc124b218a5_034full.jpg
An initial drill program of approximately 9,000m has been planned across the three targets at Sutcliff, Wires Ridge, and Tairua (Figure 3) with drilling expected to commence in Q4 2026.
ABOUT RUA GOLD
RUA GOLD is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA GOLD's two highly prospective high-grade gold projects.
The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t4.
The Company's Glamorgan Project solidifies RUA GOLD's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver5. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.
TECHNICAL INFORMATION
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects and Chief Operating Officer and a director of RUA GOLD, has reviewed and approved the technical disclosure contained herein. Mr. Henderson has participated in the geophysical, sampling, and mapping programs to verify that they have been conducted in accordance with the standard operating procedures. Mr. Henderson has verified the data disclosed by running checks on the location, analytical, and test data underlying the information in the technical disclosure herein.
RUA GOLD Contact
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding, without limitation: the commencement of the Company's drilling program at the Glamorgan Project; the vegetation and invertebrate checks will clear; and the commencement of the construction of protective fencing, the exploration camps and drill pads . Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war and the war in the Middle East; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.
Forward-looking statements are based on the assumptions, beliefs, estimates and opinions of the Company's management on the date the statements are made, which include but are not limited to: to the accuracy of the Company's current mineral resource estimates; that there will be no material adverse change affecting the Company or its properties; the duration and effect of global and local inflation; geo-political uncertainties on the Company's workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms including for underground mining at Auld Creek; that there will be no significant disruptions affecting the Company's operations and such other assumptions herein. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
1 See OceanaGold's news release dated February 18, 2026.
2 See OceanaGold's news release dated February 18, 2026.
3 See OceanaGold's "NI 43-101 Technical Report Waihi Operations and Wharekirauponga Underground Pre-feasibility Study, New Zealand", dated December 11, 2024.
4 Technical Report on the Reefton Project, New Zealand, with an effective date of February 27, 2026 available under the Company's SEDAR+ profile at www.sedarplus.ca.
5 Christie, A., Simpson, M., Barker, R., and Braithwaite, R. 2019. Exploration for epithermal Au-Ag deposits in New Zealand: history and strategy. New Zealand Journal of Geology and Geophysics, 62:1, 414-441. NI 43-101 Technical Report, Waihi District Pre-feasibility Study, New Zealand. OceanaGold Corporation, Report Date: December 11, 2024.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307888
Source: Rua Gold Inc.
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
Kimberly-Clark snížila celoroční výhled tržeb i zisku kvůli slabším prodejům plen v Číně po virálních nepravdivých tvrzeních o kvalitě Huggies. Firma čeká, že tlak potrvá i v blízkém období.
A package of Huggies brand diapers, made by Kimberly-Clark, is shown in Boca Raton, Florida October 22, 2013. REUTERS/Joe Skipper/ File Photo Purchase Licensing Rights, opens new tab
Aug 4 (Reuters) - Kimberly-Clark (KMB.O), opens new tab cut its annual sales and profit forecasts on Tuesday, citing a significant hit to second-quarter sales in China that stemmed from what it said were false viral claims about the quality of some of its diaper brands.
The Kleenex maker said claims circulating on Chinese social media that its Huggies diapers contained formamide, a substance banned in multiple countries, weighed on demand despite independent testing by a government-certified third party confirming their quality and safety.
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Beijing-based media outlet Economic Times Daily reported in June that Chinese brands Babycare Bibabebe and Kimberly-Clark's Huggies tested positive for formamide, according to the Hong Kong Free Press. The toxic substance can irritate the skin, eyes and breathing if inhaled.
The allegations emerged just ahead of China's annual "618" shopping festival, one of the country's biggest e-commerce events. Kimberly-Clark said the disruption would continue to pressure sales and earnings in the near term.
On June 22, China's market regulator said it had established a joint investigation team to look into "formamide issues in infant diapers", without naming any company or brand. Authorities have not provided an update on the status of the probe.
"We're disappointed but remain confident in the underlying quality of our global innovation and commercial plans," CEO Mike Hsu said in a statement.
The unexpected challenges in a key international market overshadowed cost-saving efforts, resetting expectations for investors who had been guided for stronger growth.
Kimberly-Clark, on track to complete its roughly $40 billion acquisition of Kenvue (KVUE.N), opens new tab by the year-end, now expects 2026 organic sales growth to trail the weighted average growth of its categories and markets by about 100 basis points. Those categories grew about 2% over the last 12 months.
It had previously forecast growth in line with or above the then weighted category average of about 2.5%.
The company expects annual adjusted earnings per share to grow at a high-single-digit rate on a constant-currency basis, compared with its earlier forecast for double-digit growth.
Kimberly-Clark labeled the disruption a "one-time external impact". It will temper organic growth in International Personal Care segment this year by three to four percentage points and hold back operating profit growth by 10 to 12 percentage points, COO Russ Torres said, "as we invest aggressively to defend our franchise".
Last month, Kimberly-Clark finalized the sale of a 51% stake in its international tissue business to Suzano (SUZB3.SA), opens new tab, creating the $3.4 billion Arbex joint venture to compete with rivals Procter & Gamble (PG.N), opens new tab and Essity.
Net sales rose 0.6% to $4.19 billion for the three months ended June 30. Analysts on average expected $4.22 billion, according to data compiled by LSEG.
Adjusted operating profit increased 6.2% to $757 million, helped by tariff refunds, productivity savings and favorable currency effects.
Shares of the company were flat in premarket trading.
Reporting by Neil J Kanatt in Bengaluru and Alexander Marrow in London; Editing by Joyjeet Das
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Kimberly-Clark ve 2. čtvrtletí vykázala téměř beze změny organické čisté tržby, ale snížila celoroční výhled kvůli slabšímu růstu v Číně a vyšším nákladovým tlakům. Upravený zisk na akcii vzrostl meziročně o 10,4 %.
5 Baby Boomer Stock Favorites Now Trading at a DiscountKimberly-Clark NASDAQ: KMB reported broadly flat organic net sales in the second quarter of 2026 as a more cautious consumer environment, retailer inventory changes, a North American distribution-center fire and a social media disruption in China weighed on results. The company maintained its full-year free-cash-flow outlook but lowered several growth expectations, primarily due to the China diaper-business disruption.
Chairman and CEO Mike Hsu said the company delivered its 10th consecutive quarter of volume-plus-mix-led performance, held global weighted market share on a trailing 12-month basis and generated industry-leading gross productivity. However, he described the quarter as one marked by consumer pressure, moderating category growth and several one-time impacts.
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Starbucks Gets a Jolt After Earnings, But Will the Buzz Last?“Despite discrete headwinds, the fundamentals of our business remain strong,” Hsu said, citing innovation, marketing, productivity programs and the company’s operating model.
Second-Quarter Results and Updated Outlook Chief Financial Officer Nelson Urdaneta said second-quarter organic net sales were broadly flat, including an approximately 50-basis-point negative effect from the China social media disruption. For the first half, organic net sales increased 1.2%, supported by growth in South Korea, Indonesia, Vietnam, India and Brazil.
Bullseye Bounce: Toms Capital Takes a Stake in TargetAdjusted operating profit rose 6.2% in the second quarter and 4.9% during the first six months. Results benefited from one-time tariff refunds and productivity savings, though those gains were partially offset by business exits, the China diaper disruption, unfavorable pricing net of input costs and investments intended to improve consumer value propositions.
Adjusted earnings per share from continuing operations increased 10.4% year over year in the quarter, aided by operating-profit growth, lower net interest expense and higher income from equity companies. The company generated approximately $1.1 billion of adjusted free cash flow in the first half and said it remains on track to produce about $2 billion for the full year.
Kimberly-Clark reduced its 2026 outlook as weighted average category growth now appears to be pacing at 2%, compared with its prior estimate of 2.5%. The company also expects its China diaper business disruption to create an approximately 100-basis-point headwind to full-year growth.
Full-year organic growth is now expected to be roughly 100 basis points below weighted average category growth. Constant-currency adjusted operating profit growth is expected in the mid-single digits, down from a previous outlook of mid- to high-single-digit growth. Constant-currency adjusted EPS growth from continuing operations is expected in the high single digits, reduced from a prior double-digit growth outlook. Adjusted EPS attributable to Kimberly-Clark is now expected to decline by a low single-digit percentage on a constant-currency basis, compared with the prior expectation of results in line with 2025. Urdaneta said the company has incorporated an expected $150 million of additional second-half gross input-cost headwinds into its outlook. Kimberly-Clark expects mitigating actions and tariff-refund benefits to offset those costs, leaving pricing net of cost inflation roughly neutral relative to the previously cited input-cost pressures.
China Disruption Pressures International Personal Care Chief Operating Officer Russ Torres said false and misleading allegations regarding the quality of multiple diaper brands appeared on social media in China shortly before the country’s 618 Shopping Festival. The claims spread rapidly, he said, though multiple independent tests from certified third-party labs confirmed the safety of Kimberly-Clark’s products.
The company is cooperating with Chinese authorities and said the matter affected second-quarter results and could continue to affect the full year. Torres said the disruption reduced International Personal Care organic growth by approximately 140 basis points in the second quarter. Segment operating-profit growth still exceeded 2 percentage points, despite a roughly 440-basis-point headwind from the issue.
For the full year, Kimberly-Clark said the China disruption could reduce International Personal Care organic growth by 3 to 4 percentage points and reduce the segment’s operating-profit growth by 10 to 12 percentage points as the company invests to defend its franchise.
Elsewhere in international personal care, Torres highlighted market-share gains in diapers and pants in Indonesia, China and Brazil, as well as gains in Indonesia feminine care and Australia adult care. Vietnam and India posted high-double-digit organic growth in the first half, with e-commerce and premium products contributing to momentum.
North America Faces Temporary Sales Pressures North America organic growth declined 0.7% in the quarter. Torres said retailer inventory changes reduced growth by about 100 basis points year over year, while the Los Angeles distribution-center fire represented an additional 80-basis-point impact. The comparison also included approximately 5% North American volume growth in the second quarter of 2025.
North American consumer tissue delivered volume-plus-mix-led growth, while North America Professional recorded its seventh consecutive quarter of volume growth. Consumer tissue gained 10 basis points of weighted value share from a year earlier and improved volume share by 70 basis points sequentially.
Personal-care share was more muted. A previously disclosed club distribution loss in diapers and training pants reduced diaper share by approximately 240 basis points and training-pants share by approximately 290 basis points during the quarter, according to Torres. The company’s weighted share in North America declined 40 basis points from the prior year, with the distribution loss accounting for substantially all of the decline.
North America operating profit increased approximately 11% in the second quarter, aided by productivity, revenue-growth-management actions and a one-time refund benefit. Operating profit rose about 1% in the first half, and segment operating margin increased 50 basis points.
Transformation Initiatives Advance Kimberly-Clark said it launched Arbex, its joint venture with Suzano, on July 1 as an independent operating company comprising substantially all assets of its former international family care and professional business. Hsu said the transaction sharpens the company’s focus on personal care, enhances its financial profile and is expected to reduce future earnings volatility.
The company also said its pending Kenvue acquisition remains on track for an anticipated fourth-quarter close following regulatory clearance. Kimberly-Clark has approximately 50 teams and 600 employees involved in integration planning. Torres said the company is tracking ahead of expectations in building a three-year pipeline to achieve its $1.9 billion cost-synergy goal, while its four-year revenue-opportunity pipeline has surpassed $1 billion compared with a $1.4 billion target.
In addition, Hsu highlighted a proprietary alternative natural-fiber innovation program, including a pilot plant in Yuma, Arizona. He said the initiative could reduce exposure to natural-forest-fiber cost volatility and support the company’s natural-forest-fiber-free ambitions over the long term.
About Kimberly-Clark (NASDAQ:KMB)Kimberly-Clark Corporation is a U.S.-based multinational manufacturer of personal care and consumer tissue products. The company develops, produces and markets a range of consumer brands and professional products, including facial and bathroom tissues, disposable diapers and training pants, feminine care, incontinence products and workplace hygiene solutions. Known for consumer-facing names such as Kleenex, Huggies, Kotex, Cottonelle and Scott, as well as professional offerings under Kimberly-Clark Professional and KleenGuard, the company supplies goods to retail, healthcare and institutional customers.
Founded in 1872 in Neenah, Wisconsin, Kimberly-Clark has expanded from its 19th-century paper-making roots into a global household and workplace products company.
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Should You Invest $1,000 in Kimberly-Clark Right Now?Before you consider Kimberly-Clark, you'll want to hear this.
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Coca-Cola, Verizon, Altria, Johnson & Johnson a Realty Income zdůrazňují stabilní dividendy a všechny letos zvýšily nebo potvrdily výhled. Johnson & Johnson navíc zvýšila dividendu na 1,34 USD a má 64 let nepřetržitého růstu.
Boomers heading into Fall 2026 are doing what disciplined income investors always do in August: rotating away from summer growth chasers and locking in reliable Q3 and Q4 cash flow. With Core PCE at 130.27 in June 2026, sitting in the 90.9th percentile of its trailing 12-month range, real yield still matters. The five names below share one trait every retiree cares about: multi-decade dividend records backed by durable cash flow. Each pays this quarter, each is US-listed, and each has raised or reaffirmed guidance in the last earnings cycle.
Coca-Cola (KO) Coca-Cola (NYSE:KO | KO Price Prediction) is the classic Boomer anchor, and the 2026 numbers back it up. Shares closed at $87.59 on July 31, 2026, up 26.97% year to date. The quarterly dividend is now $0.53, raised from $0.51 in early 2026, with the next $0.53 payment landing October 1 after the September 15 ex-date.
The bull case tightened in July. Q2 2026 adjusted EPS of $0.97 beat the $0.9323 consensus by 4.04%, revenue of $13.38B rose 6.7% year over year, and management raised FY2026 guidance to organic revenue growth of ~5% and comparable EPS growth of 9% to 10%. Operating margin expanded to 34.9%, and the FIFA World Cup 2026 marketing cycle sits directly in front of the stock.
Risk: Asia Pacific price/mix declined 9%, Q4 has six fewer selling days than Q4 2025, and IRS tax litigation remains unresolved. Analysts still carry a $94.70 average price target.
Verizon (VZ) Verizon (NYSE:VZ) is the yield workhorse of the group. At $46.81 (up 20.71% YTD through July 31), the $0.7075 quarterly dividend, most recently paid August 3, 2026, annualizes to roughly $2.83, putting the running yield in the 6% neighborhood.
The turnaround thesis has teeth now. Q2 2026 delivered 184,000 postpaid phone net adds versus a 9,000 loss the prior year, churn improved to 0.92%, fiber broadband grew 43.3% to 10.9M, and adjusted EBITDA rose 7.2% to $13.72B. Management raised FY2026 adjusted EPS guidance to $4.99-$5.04 and expanded the buyback to as much as $4.5B. CEO Dan Schulman called this the "strongest operating position we have seen in years".
Risk: Total unsecured debt of $136.5B and net unsecured debt/EBITDA at 2.5x keep balance sheet discipline on the watchlist.
Altria (MO) Altria (NYSE:MO) is the highest-yielding name on this list. Shares traded at $68.33 on July 31, up 22.31% YTD, with the dividend yield at 6.24% on a $4.24 annualized payout. The $1.06 quarterly dividend was last increased in Q3 2025 from $1.02.
The income record is the whole point. Altria has delivered 60 dividend increases in the past 56 years and paid out $7.0B in FY2025 dividends. FY2026 guidance was reaffirmed at $5.56-$5.72 in adjusted diluted EPS, with $720M remaining on the $2B buyback.
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Risk: Secular volume decline is real. Domestic cigarette volume fell 5%, Marlboro retail share slipped 1.4 points to 39.7%, and on! nicotine pouch share dropped 4.2 points to 13.4%. Boomers own MO for the check rather than the growth chart.
Johnson & Johnson (JNJ) Johnson & Johnson (NYSE:JNJ) is the Dividend King on the list. The quarterly dividend was raised to $1.34, with the next payment September 8, 2026 following the August 25 ex-date. That marks 64 consecutive years of dividend growth. Shares finished July at $256.35, up 25.25% YTD and 59.5% over the trailing year.
Growth is finally showing up alongside the income. Q1 2026 revenue of $24.06B grew 9.9% year over year, DARZALEX hit $3.96B (+22.5%), TREMFYA jumped 68.3%, and CARVYKTI grew 62.1%. FY2026 guidance was raised to $100.3B-$101.3B in sales and $11.45-$11.65 adjusted EPS.
Risk: STELARA biosimilar erosion of 59.7% created a roughly 920 basis point drag on Innovative Medicine, and litigation charges added $330M in Q1.
Realty Income (O) Realty Income (NYSE:O) is the monthly dividend anchor of the portfolio. Shares closed at $63.87 on July 31, up 16.76% YTD, and the dividend yield sits at 5.04%. The $0.271 monthly dividend pays August 14, 2026, extending a streak of 670 consecutive monthly dividends and 114 consecutive quarterly increases.
Fundamentals held up in Q1. AFFO rose 6.6% to $1.13/share on $1.55B revenue, portfolio occupancy stayed at 98.9%, and management deployed $2.8B at a 7.1% initial weighted average cash yield. FY2026 AFFO/share guidance was raised to $4.41-$4.44 with investment volume lifted to $9.5B.
Risk: Impairment provisions of $129.3M, a non-cash credit loss uptick of $39.1M, and Net Debt/EBITDA at 5.2x mean interest-rate sensitivity still drives the stock day to day. For Boomers building Q3 income, the monthly cadence remains the differentiator.
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CF Industries čeká za 2. čtvrtletí tržby 2 434,7 mil. USD, tedy meziročně o 28,8 % více, díky silné poptávce po dusíkatých hnojivech. Zisk ale může tlumit vyšší cena zemního plynu.
Key Takeaways CF reports Q2 results on Aug. 5 after beating earnings estimates in each of the last four quarters.CF is expected to post higher Q2 sales as strong nitrogen demand and pricing support performance.CF may face pressure from higher natural gas costs despite expected gains in sales volumes and pricing. CF Industries Holdings, Inc. (CF - Free Report) is set to release second-quarter 2026 results after the closing bell on Aug. 5.
The company beat the Zacks Consensus Estimate for earnings in each of the last four quarters at an average of 11.4%. The benefits of healthy nitrogen fertilizer demand in major markets and higher nitrogen prices are expected to reflect on its second quarter performance.
CF’s shares have gained 27.6% in a year, outperforming the Zacks Fertilizers industry’s 47.9% decline.
Image Source: Zacks Investment Research
Let’s see how things are shaping up for this announcement.
What do CF’s Revenue Estimates Indicate?The Zacks Consensus Estimate for CF’s second-quarter consolidated sales is currently pegged at $2,434.7 million, calling for an increase of 28.8% from the year-ago quarter’s tally.
Factors at Play for CF StockCF Industries is expected to have benefited from strong global demand for nitrogen fertilizers fueled by robust agricultural needs. Global nitrogen requirements are expected to have remained strong in the June quarter due to healthy industrial demand and farmer economics.
Demand in North America is being fueled by favorable farm economics. CF Industries is also seeing strong demand for urea from Brazil and India. These two countries are expected to remain significant importers of urea globally, driven by higher domestic requirements.
CF, on its first-quarter call, said the global nitrogen market remains tight in 2026 due to strong demand, geopolitical disruptions and constrained natural gas availability. The Middle East conflict has further tightened the global nitrogen supply-demand balance.
Higher demand is expected to have driven the company’s sales volumes in the second quarter. Our estimate for total sales volumes (thousand tons) is 5,740 for the second quarter, indicating a 14.3% year-over-year rise.
Higher nitrogen prices are also likely to have supported the company’s performance in the second quarter. In the first quarter, net sales rose roughly 19% year over year on pricing strength. The average selling prices for the company’s core products increased compared to the prior year, driven by supply disruptions and strong global nitrogen demand. The favorable pricing trends are expected to have continued in the to-be-reported quarter.
CF is expected to have faced headwinds from higher costs stemming from an uptick in natural gas prices. Higher prices of natural gas, a key feedstock for nitrogen fertilizer, have resulted in increased production costs for CF. It saw higher natural gas costs in the first quarter. The average cost of natural gas increased to $4.57 per MMBtu (million metric British thermal unit) from $3.68 per MMBtu a year ago, leading to a higher cost of sales. Natural gas prices have shot up in Europe and Asia due to constrained supply availability.
What Our Model Unveils for CF StockOur proven model does not conclusively predict an earnings beat for CF this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here.
Earnings ESP: Earnings ESP for CF is -0.18%. The Zacks Consensus Estimate for the second quarter is currently pegged at $5.65. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: CF currently carries a Zacks Rank #3.
Basic Materials Stocks That Warrant a LookHere are some companies in the basic materials space you may want to consider as our model shows they have the right combination of elements to post an earnings beat this quarter:
Avient Corporation (AVNT - Free Report) , scheduled to release earnings on Aug. 6, has an Earnings ESP of +0.87% and carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for AVNT’s earnings for the second quarter is currently pegged at 89 cents.
Materion Corporation (MTRN - Free Report) , slated to release earnings on Aug. 5, has an Earnings ESP of +5.39% and carries a Zacks Rank #2 at present.
The consensus mark for MTRN’s second-quarter earnings is currently pegged at $1.55.
Albemarle Corporation (ALB - Free Report) , scheduled to release earnings on Aug. 5, has an Earnings ESP of +2.21%.
The Zacks Consensus Estimate for ALB's earnings for the second quarter is currently pegged at $3.35. ALB currently carries a Zacks Rank #3.
FDA přijala k přezkumu žádost AbbVie o rozšíření použití BOTOX Cosmetic pro dočasné zlepšení vzhledu výrazně až velmi výrazně prominující žvýkací svaloviny spojené s aktivitou žvýkací svaloviny u dospělých. Pokud bude schválen, bude v USA prvním a jediným neurotoxinem pro tento stav.
If approved, BOTOX® Cosmetic (onabotulinumtoxinA) would be the only neurotoxin with five aesthetic indications and the first and only approved for masseter muscle prominence in the U.S. Submission is supported by two Phase 3 studies (M21-416 and M21-417), demonstrating statistically significant improvements in masseter muscle prominence and patient satisfaction with treatment , /PRNewswire/ -- Allergan Aesthetics, an AbbVie company (NYSE: ABBV), today announced the U.S. Food and Drug Administration (FDA) has accepted for review its supplemental Biologics License Application (sBLA) for BOTOX® Cosmetic (onabotulinumtoxinA) for the temporary improvement in the appearance of marked to very marked masseter muscle prominence (MMP) associated with masseter muscle activity in adults. If approved, BOTOX® Cosmetic would become the first and only neurotoxin indicated for this condition in the U.S. and expand its portfolio to a fifth aesthetic indication.
"This submission builds on the depth and versatility of BOTOX® Cosmetic and reflects our continued investment in advancing aesthetic medicine," said Darin Messina, Ph.D., senior vice president, head of aesthetics research and development, AbbVie. "At Allergan Aesthetics, our approach to innovation includes both developing new treatment options and continuing to expand the potential of established products. The pursuit of a fifth aesthetic indication demonstrates that commitment to addressing evolving patient needs."
MMP can contribute to the appearance of a wider or more square lower face. This submission addresses a growing patient interest in non-surgical facial contouring options, offering a clinically studied approach to achieving improved jawline definition and shape, as well as a more slimming jawline overall. If approved, this indication would provide both patients and aesthetic specialists with a differentiated, science-backed treatment option.
"Patients are increasingly seeking overall facial assessments with non-surgical options to address aesthetic needs for the lower face," said Steve Yoelin, MD, a coordinating clinical investigator with over 25 years of experience in minimally invasive medical aesthetics. "As facial assessment continues to evolve beyond individual treatment areas, this indication would further broaden the clinical utility of BOTOX® Cosmetic, if approved, by providing an important new treatment option."
The sBLA submission is supported by two Phase 3 clinical studies (M21-416 and M21-417), both of which met their primary endpoints and demonstrated statistically significant improvements in the severity of masseter muscle prominence compared with placebo (p=0.0046 and p=0.0014, respectively). The safety profile was consistent with established uses, with no new safety signals identified. Patient satisfaction was also demonstrated, with twice as many patients treated with BOTOX® Cosmetic reporting they were "Very Satisfied" or "Satisfied" compared with placebo.
BOTOX® Cosmetic (onabotulinumtoxinA) Important Information
BOTOX® Cosmetic (onabotulinumtoxinA) is indicated in adult patients for the temporary improvement in the appearance of:
- Moderate to severe glabellar lines associated with corrugator and/or procerus muscle activity
- Moderate to severe lateral canthal lines associated with orbicularis oculi activity
- Moderate to severe forehead lines associated with frontalis activity
- Moderate to severe platysma bands associated with platysma muscle activity
IMPORTANT SAFETY INFORMATION, INCLUDING BOXED WARNING
WARNING: DISTANT SPREAD OF TOXIN EFFECTPostmarketing reports indicate that the effects of BOTOX® Cosmetic and all botulinum toxin products may spread from the area of injection to produce symptoms consistent with botulinum toxin effects. These may include asthenia, generalized muscle weakness, diplopia, ptosis, dysphagia, dysphonia, dysarthria, urinary incontinence, and breathing difficulties. These symptoms have been reported hours to weeks after injection. Swallowing and breathing difficulties can be life threatening and there have been reports of death. The risk of symptoms is probably greatest in children treated for spasticity, but symptoms can also occur in adults treated for spasticity and other conditions, particularly in those patients who have an underlying condition that would predispose them to these symptoms. In unapproved uses and approved indications, cases of spread of effect have been reported at doses comparable to those used to treat cervical dystonia and spasticity and at lower doses.
CONTRAINDICATIONS
BOTOX® Cosmetic is contraindicated in the presence of infection at the proposed injection site(s) and in individuals with known hypersensitivity to any botulinum toxin preparation or to any of the components in the formulation.
WARNINGS AND PRECAUTIONS
Lack of Equivalency Between Botulinum Toxin Products
The potency Units of BOTOX® Cosmetic are specific to the preparation and assay method utilized. BOTOX® Cosmetic is not equivalent to other preparations of botulinum toxin products, and therefore, Units of biological activity of BOTOX® Cosmetic cannot be compared to nor converted into Units of any other botulinum toxin products assessed with any other specific assay method.
Spread of Toxin Effect
Please refer to Boxed Warning for Distant Spread of Toxin Effect.
No definitive serious adverse event reports of distant spread of toxin effect associated with dermatologic use of BOTOX® Cosmetic at the labeled dose of 20 Units (for glabellar lines), 24 Units (for lateral canthal lines), 40 Units (for forehead lines with glabellar lines), 44 Units (for simultaneous treatment of lateral canthal lines and glabellar lines), and 64 Units (for simultaneous treatment of lateral canthal lines, glabellar lines, and forehead lines) have been reported. Patients or caregivers should be advised to seek immediate medical care if swallowing, speech, or respiratory disorders occur.
Serious Adverse Reactions With Unapproved Use
Serious adverse reactions, including excessive weakness, dysphagia, and aspiration pneumonia, with some adverse reactions associated with fatal outcomes, have been reported in patients who received BOTOX® injections for unapproved uses. In these cases, the adverse reactions were not necessarily related to distant spread of toxin, but may have resulted from the administration of BOTOX® to the site of injection and/or adjacent structures. In several of the cases, patients had preexisting dysphagia or other significant disabilities. There is insufficient information to identify factors associated with an increased risk for adverse reactions associated with the unapproved uses of BOTOX®. The safety and effectiveness of BOTOX® for unapproved uses have not been established.
Hypersensitivity Reactions
Serious and/or immediate hypersensitivity reactions have been reported. These reactions include anaphylaxis, serum sickness, urticaria, soft-tissue edema, and dyspnea. If such a reaction occurs, discontinue further injection of BOTOX Cosmetic and immediately institute appropriate medical therapy. One fatal case of anaphylaxis has been reported in which lidocaine was used as the diluent and, consequently, the causal agent cannot be reliably determined.
Cardiovascular System
There have been reports following administration of BOTOX® of adverse events involving the cardiovascular system, including arrhythmia and myocardial infarction, some with fatal outcomes. Some of these patients had risk factors, including preexisting cardiovascular disease. Use caution when administering to patients with preexisting cardiovascular disease.
Increased Risk of Clinically Significant Effects With Preexisting Neuromuscular Disorders
Patients with neuromuscular disorders may be at increased risk of clinically significant effects, including generalized muscle weakness, diplopia, ptosis, dysphonia, dysarthria, severe dysphagia, and respiratory compromise from onabotulinumtoxinA (see Warnings and Precautions). Monitor individuals with peripheral motor neuropathic diseases, amyotrophic lateral sclerosis or neuromuscular junction disorders (eg, myasthenia gravis or Lambert-Eaton syndrome) when given botulinum toxin.
Dysphagia and Breathing Difficulties
Treatment with BOTOX® and other botulinum toxin products can result in swallowing or breathing difficulties. Patients with preexisting swallowing or breathing difficulties may be more susceptible to these complications. In most cases, this is a consequence of weakening of muscles in the area of injection that are involved in breathing or oropharyngeal muscles that control swallowing or breathing (see Boxed Warning).
Preexisting Conditions at the Injection Site
Use caution when BOTOX® Cosmetic treatment is used in the presence of inflammation at the proposed injection site(s) or when excessive weakness or atrophy is present in the target muscle(s).
Dry Eye in Patients Treated With BOTOX® Cosmetic
There have been reports of dry eye associated with BOTOX® Cosmetic injection in or near the orbicularis oculi muscle. If symptoms of dry eye (eg, eye irritation, photophobia, or visual changes) persist, consider referring patients to an ophthalmologist.
Human Albumin and Transmission of Viral Diseases
This product contains albumin, a derivative of human blood. Based on effective donor screening and product manufacturing processes, it carries a remote risk for transmission of viral diseases and variant Creutzfeldt-Jakob disease (vCJD). There is a theoretical risk for transmission of Creutzfeldt-Jakob disease (CJD), which would also be considered remote. No cases of transmission of viral diseases, CJD, or vCJD have ever been identified for licensed albumin or albumin contained in other licensed products.
ADVERSE REACTIONS
The most frequently reported adverse reactions following injection of BOTOX® Cosmetic for glabellar lines were eyelid ptosis (3%), facial pain (1%), facial paresis (1%), and muscular weakness (1%).
The most frequently reported adverse reaction following injection of BOTOX® Cosmetic for lateral canthal lines was eyelid edema (1%).
The most frequently reported adverse reactions following injection of BOTOX® Cosmetic for forehead lines with glabellar lines were headache (9%), brow ptosis (2%), and eyelid ptosis (2%).
The safety profile of BOTOX® Cosmetic treatment of platysma bands is consistent with the known safety profile of BOTOX® Cosmetic for other indications.
DRUG INTERACTIONS
Coadministration of BOTOX® Cosmetic and aminoglycosides or other agents interfering with neuromuscular transmission (eg, curare-like compounds) should only be performed with caution as the effect of the toxin may be potentiated. Use of anticholinergic drugs after administration of BOTOX® Cosmetic may potentiate systemic anticholinergic effects.
The effect of administering different botulinum neurotoxin products at the same time or within several months of each other is unknown. Excessive neuromuscular weakness may be exacerbated by administration of another botulinum toxin prior to the resolution of the effects of a previously administered botulinum toxin.
Excessive weakness may also be exaggerated by administration of a muscle relaxant before or after administration of BOTOX® Cosmetic.
USE IN SPECIFIC POPULATIONS
There are no studies or adequate data from postmarketing surveillance on the developmental risk associated with use of BOTOX® Cosmetic in pregnant women. There are no data on the presence of BOTOX® Cosmetic in human or animal milk, the effects on the breastfed child, or the effects on milk production.
Please see BOTOX® Cosmetic full Prescribing Information, including Boxed Warning and Medication Guide.
About Allergan Aesthetics
At Allergan Aesthetics, an AbbVie company, we develop, manufacture, and market a portfolio of leading aesthetics brands and products. Our aesthetics portfolio includes facial injectables, body contouring, plastics, skin care, and more. Our goal is to consistently provide our customers with innovation, education, exceptional service, and a commitment to excellence, all with a personal touch. For more information, visit www.allerganaesthetics.com.
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.
Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2025 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
Grainger ve 2. čtvrtletí zvýšil tržby o 10,3 % na 5,0 miliardy USD a zisk na akcii o 20,5 % na 12,01 USD. Zároveň zvýšil celoroční výhled pro rok 2026, včetně upraveného EPS na 45,50 až 47,25 USD.
Continued strong results across the business;
Company increases full year 2026 outlook
Second Quarter Highlights
Delivered sales of $5.0 billion, up 10.3%, or 13.7% on a daily, organic constant currency basis Achieved operating margin of 16.1%, up 120 basis points, inclusive of IEEPA tariff refunds Generated diluted EPS of $12.01, up 20.5% Produced $444 million in operating cash flow and returned $341 million to Grainger shareholders through dividends and share repurchases Increasing full year 2026 guidance, including diluted adjusted EPS range of $45.50 to $47.25 , /PRNewswire/ -- Grainger (NYSE: GWW) today reported results for the second quarter of 2026 with sales of $5.0 billion, up 10.3%, or 13.7% on a daily, organic constant currency basis, and diluted EPS of $12.01, up 20.5% compared to the second quarter of 2025.
"Despite ongoing geopolitical uncertainty, we executed well during the second quarter and delivered exceptional service to customers. Sales remained strong and core operating profitability was in line with expectations," said D.G. Macpherson, Chairman and CEO. "Looking ahead, we are increasing our outlook to reflect our strong first half performance and the continued momentum we are seeing across the demand environment."
2026 Second Quarter Financial Summary
($ in millions, except per share amounts)
Q2 2026(1)
Q2 2025(1)
Q2'26 vs. Q2'25
Fav. / (Unfav.)
Net Sales
$5,021
$4,554
10.3 %
Gross Profit
$1,984
$1,755
13.0 %
Operating Earnings
$807
$678
19.0 %
Net Earnings Attributable to W.W. Grainger, Inc.
$570
$482
18.3 %
Diluted Earnings Per Share
$12.01
$9.97
20.5 %
Gross Profit Margin
39.5 %
38.5 %
100 bps
Operating Margin
16.1 %
14.9 %
120 bps
Effective Tax Rate
24.8 %
23.2 %
(160) bps
(1) Results are consistent on a reported and adjusted basis.
Revenue
Sales in the quarter increased 10.3% compared to the second quarter of 2025. When normalizing for the Company's exit from the U.K. market and the impact of foreign currency exchange, sales on a daily, organic constant currency basis increased 13.7% compared to the second quarter of 2025.
In the High-Touch Solutions - N.A. segment, sales were up 11.9%, or 11.7% on a daily, constant currency basis compared to the second quarter of 2025. Results for the segment were driven by volume growth and price inflation as tariff costs are passed. In the Endless Assortment segment, sales were up 13.5% compared to the second quarter of 2025, or up 20.6% on a daily, organic constant currency basis. Growth for the segment was driven by strong performance at both MonotaRO and Zoro.
Gross Profit Margin
Gross profit margin was 39.5% in the second quarter of 2026, up 100 basis points compared to the second quarter of 2025, driven by strength from both segments and a benefit related to the Company's exit from the U.K. market. Results were inclusive of refunds recognized on IEEPA tariffs for products directly imported by Grainger, which reduced cost of goods sold by $43 million.
In the High-Touch Solutions - N.A. segment, gross profit margin was 41.8%, up 80 basis points compared to the prior year quarter as the benefit from the IEEPA tariff refunds and positive mix were partly offset by unfavorable freight and headwinds from certain private label products. In the Endless Assortment segment, gross profit margin increased by 90 basis points from the second quarter of 2025 due to improvement across the segment.
Earnings
For the second quarter of 2026, total Company operating earnings were $807 million, up 19.0% compared to the second quarter of 2025. Operating margin was 16.1%, a 120 basis point increase compared to the second quarter of 2025. This increase in operating margin was driven by gross margin improvement in both segments, sales leverage improvement in Endless Assortment, and a benefit related to the Company's exit from the U.K. market.
Diluted earnings per share for the second quarter of 2026 were $12.01, up 20.5% compared to the second quarter of 2025. The increase was due primarily to strong operating performance and fewer shares outstanding, partly offset by a higher effective tax rate.
Tax Rate
For the second quarter of 2026, the effective tax rate was 24.8%, compared to 23.2% in the second quarter of 2025. The increase in the effective tax rate was primarily due to decreased tax credit activity in the current year period and the impact of tax legislation effective in 2026.
Cash Flow
During the second quarter of 2026, the Company generated $444 million of cash flow from operating activities as net earnings were partly offset by unfavorable working capital. The Company invested $111 million in capital expenditures, resulting in free cash flow of $333 million. During the quarter, the Company returned $341 million to Grainger shareholders through dividends and share repurchases.
Guidance
The Company is updating the following guidance ranges for 2026:
Total Company(1)
Previous 2026 Guidance Range
(as of May 7, 2026)
Updated 2026 Guidance Range
(as of August 4, 2026)
Net Sales
$19.2 - $19.6 billion
$19.4 - $19.7 billion
Sales growth
6.7% - 9.1%
8.4% - 10.0%
Daily, organic constant currency sales growth
9.5% - 12.0%
11.5% - 13.0%
Gross Profit Margin
39.2% - 39.5%
39.3% - 39.6%
Operating Margin
15.6% - 16.0%
15.8% - 16.2%
Diluted Earnings per Share
$44.25 - $46.25
$45.50 - $47.25
Operating Cash Flow
$2.2 - $2.4 billion
$2.25 - $2.4 billion
CapEx (cash basis)
$0.55 - $0.65 billion
$0.575 - $0.65 billion
Share Buyback
$0.95 - $1.05 billion
$0.975 - $1.05 billion
Effective Tax Rate
~25.0%
~25.0%
Segment Operating Margin
High-Touch Solutions - N.A.
17.0% - 17.4%
17.2% - 17.6%
Endless Assortment
10.2% - 10.6%
10.4% - 10.8%
(1) Guidance provided is on an adjusted basis. Daily, organic constant currency sales growth is adjusted for the impact of certain divested or closed businesses in the comparable prior year period post date of divestiture or closure and changes in foreign currency exchange. The Company believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. For further details see the supplemental information of this release.
Webcast
The Company will conduct a live conference call and webcast at 11:00 a.m. ET on Tuesday, August 4, 2026, to discuss the second quarter results. The event will be hosted by D.G. Macpherson, Chairman and CEO, and Deidra Merriwether, Senior Vice President and CFO, and can be accessed at invest.grainger.com. To access the conference call via phone, please send a request to [email protected]. For those unable to participate in the live event, a webcast replay will be available for 90 days at invest.grainger.com.
About Grainger
W.W. Grainger, Inc., is a leading broad line distributor with operations primarily in North America and Japan. At Grainger, We Keep the World Working® by serving more than 4.6 million customers worldwide with maintenance, repair and operating (MRO) products and value-added solutions delivered through innovative technology and deep customer expertise. Known for its commitment to service and purpose-driven culture, the Company reported 2025 revenue of $17.9 billion. For more information, visit www.grainger.com.
Visit invest.grainger.com to view information about the Company, including a supplement regarding 2026 second quarter results and additional Company information.
Safe Harbor Statement
All statements in this communication, other than those relating to historical facts, are "forward-looking statements" under the federal securities laws. Forward-looking statements can generally be identified by their use of terms such as "anticipate," "estimate," "believe," "expect," "could," "forecast," "may," "intend," "plan," "predict," "project," "will," or "would," and similar terms and phrases, including references to assumptions. Grainger cannot guarantee that any forward-looking statement will be realized and achievement of future results is subject to risks and uncertainties, many of which are beyond Grainger's control, which could cause Grainger's results to differ materially from those that are presented. Forward-looking statements include, but are not limited to, statements about future strategic plans and future financial and operating results. Important factors that could cause actual results to differ materially from those presented or implied in the forward-looking statements include, without limitation: inflation, higher product costs or other expenses, including operational and administrative expenses; a major loss of customers; loss or disruption of sources of supply; changes in customer or product mix; increased competitive pricing pressures; changes in third-party practices regarding digital advertising; failure to enter into or sustain contractual arrangements on a satisfactory basis with group purchasing organizations; failure to develop, manage or implement new technology initiatives, acquisitions or business strategies including with respect to Grainger's eCommerce platforms and artificial intelligence; failure to adequately protect our intellectual property or successfully defend against infringement claims; fluctuations or declines in Grainger's gross profit margin; Grainger's responses to market pressures; the outcome of pending and future litigation or governmental or regulatory proceedings, including with respect to wage and hour, anti-bribery and corruption, environmental, regulations related to advertising, marketing and the internet, consumer protection, pricing (including disaster or emergency declaration pricing statutes), product liability, compliance or safety, trade and export compliance, general commercial disputes, or privacy and cybersecurity matters; investigations, inquiries, audits and changes in laws and regulations; failure to comply with laws, regulations and standards, including new or stricter environmental laws or regulations; government contract matters, including new or revised provisions relating to contract compliance or performance; the impact of any government shutdown; disruption or breaches of information technology or data security systems involving Grainger or third parties on which Grainger depends; general industry, economic, market or political conditions; general global economic conditions, including existing, new, or increased tariffs, trade issues and changes in trade policies, inflation, and interest rates; currency exchange rate fluctuations; market volatility, including price and trading volume volatility or price declines of Grainger's common stock; an incident that adversely impacts Grainger's reputation or brand; commodity price volatility; facilities disruptions or shutdowns; higher fuel costs or disruptions in transportation services; effects of outbreaks of pandemic disease or viral contagions, global conflicts, natural or human-induced disasters, extreme weather, and other catastrophes or conditions; effects of climate change; failure to execute on our corporate responsibility efforts; competition for, or failure to attract, retain, train, motivate and develop executives and key team members; loss of key members of management or key team members; loss of operational flexibility and potential for work stoppages or slowdowns if team members unionize or join a collective bargaining arrangement; changes in effective tax rates; changes in credit ratings or outlook; Grainger's incurrence of indebtedness or failure to comply with restrictions and obligations under its debt agreements and instruments and other factors that can be found in our filings with the Securities and Exchange Commission, including our most recent periodic reports filed on Form 10-K and Form 10-Q, which are available on our Investor Relations website. Forward-looking statements are given only as of the date of this communication and we disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Contacts:
Media:
Investors:
Erin Ptacek
Kyle Bland
VP, Communications & Public Affairs
VP, Investor Relations
Robb Kristopher
Kevin Byrne
Director, External Affairs
Director, Investor Relations
[email protected]
[email protected]
W.W. Grainger, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In millions of dollars, except for share and per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net sales
$ 5,021
$ 4,554
$ 9,763
$ 8,860
Cost of goods sold
3,037
2,799
5,883
5,395
Gross profit
1,984
1,755
3,880
3,465
Selling, general and administrative expenses
1,177
1,077
2,280
2,115
Operating earnings
807
678
1,600
1,350
Other (income) expense:
Interest expense – net
20
20
41
41
Other – net
(11)
(3)
(14)
(9)
Total other expense – net
9
17
27
32
Earnings before income taxes
798
661
1,573
1,318
Income tax provision
198
153
392
310
Net earnings
600
508
1,181
1,008
Less net earnings attributable to noncontrolling interest
30
26
56
47
Net earnings attributable to W.W. Grainger, Inc.
$ 570
$ 482
$ 1,125
$ 961
Earnings per share:
Basic
$ 12.02
$ 9.99
$ 23.69
$ 19.87
Diluted
$ 12.01
$ 9.97
$ 23.66
$ 19.83
Weighted average number of shares outstanding:
Basic
47.2
48.0
47.3
48.1
Diluted
47.2
48.1
47.3
48.2
W.W. Grainger, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars)
(Unaudited)
As of
(Unaudited)
Assets
June 30, 2026
December 31, 2025
Current assets
Cash and cash equivalents
$ 589
$ 585
Accounts receivable (less allowance for credit losses of $33 and $32, respectively)
2,825
2,329
Inventories – net
2,371
2,394
Prepaid expenses and other current assets
213
176
Total current assets
5,998
5,484
Property, buildings and equipment – net
2,401
2,268
Goodwill
354
360
Intangibles – net
272
265
Operating lease right-of-use
360
345
Other assets
233
240
Total assets
$ 9,618
$ 8,962
Liabilities and Shareholders' Equity
Current liabilities
Current maturities
$ 2
$ 126
Trade accounts payable
1,280
963
Accrued compensation and benefits
347
343
Operating lease liability
72
73
Accrued expenses
389
386
Income taxes payable
48
49
Total current liabilities
2,138
1,940
Long-term debt
2,406
2,362
Long-term operating lease liability
317
301
Deferred income taxes and tax uncertainties
149
121
Other non-current liabilities
95
97
Shareholders' equity
4,513
4,141
Total liabilities and shareholders' equity
$ 9,618
$ 8,962
W.W. Grainger, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of dollars)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Cash flows from operating activities:
Net earnings
$ 600
$ 508
$ 1,181
$ 1,008
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for credit losses
7
6
13
13
Deferred income taxes and tax uncertainties
23
5
31
1
Depreciation and amortization
66
64
128
125
Non-cash lease expense
20
21
40
41
Stock-based compensation
25
23
39
35
Change in operating assets and liabilities:
Accounts receivable
(207)
(84)
(510)
(212)
Inventories
9
(25)
14
(19)
Prepaid expenses and other assets
18
(14)
(32)
(33)
Trade accounts payable
59
77
312
231
Operating lease liabilities
(24)
(28)
(48)
(53)
Accrued liabilities
26
(18)
21
(60)
Income taxes – net
(177)
(143)
(4)
(37)
Other non-current liabilities
(1)
(15)
(2)
(17)
Net cash provided by operating activities
444
377
1,183
1,023
Cash flows from investing activities:
Capital expenditures
(111)
(175)
(281)
(300)
Proceeds from sale of assets
—
4
—
4
Other – net
(5)
13
(13)
13
Net cash used in investing activities
(116)
(158)
(294)
(283)
Cash flows from financing activities:
Short-term borrowings (repayments), original maturities of 90 days or less, net
—
—
(125)
—
Proceeds from debt
2
62
52
63
Payments of debt
(3)
(1)
(4)
(503)
Proceeds from stock options exercised
2
—
8
2
Payments for employee taxes withheld from stock awards
(25)
(27)
(30)
(30)
Purchases of treasury stock
(224)
(226)
(461)
(507)
Purchases of noncontrolling interests
(45)
—
(70)
—
Cash dividends paid
(145)
(110)
(253)
(225)
Other – net
10
(1)
9
(1)
Net cash used in financing activities
(428)
(303)
(874)
(1,201)
Exchange rate effect on cash and cash equivalents
(6)
15
(11)
22
Net change in cash and cash equivalents
(106)
(69)
4
(439)
Cash and cash equivalents at beginning of period
695
666
585
1,036
Cash and cash equivalents at end of period
$ 589
$ 597
$ 589
$ 597
SUPPLEMENTAL INFORMATION - RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES (Unaudited)
The Company supplements the reporting of financial information determined under U.S. generally accepted accounting principles (GAAP) with the non-GAAP financial measures as defined below. The Company believes these non-GAAP financial measures provide meaningful information to assist investors in understanding financial results and assessing future performance as they provide a better baseline for analyzing the ongoing performance of its business by excluding items that may not be indicative of core operating results.
Basis of presentation
The Company has a controlling ownership interest in MonotaRO, which is part of the Endless Assortment segment. MonotaRO's results are fully consolidated, reflected in U.S. GAAP, and reported one-month in arrears. Results will differ from MonotaRO's externally reported financials which follow Japanese GAAP.
Adjusted gross profit, adjusted SG&A, adjusted operating earnings, adjusted operating margin, adjusted net earnings, adjusted diluted EPS
Exclude certain non-recurring items, like restructuring charges, asset impairments, gains and losses associated with business divestitures or closures and other non-recurring, infrequent or unusual gains and losses (together referred to as "non-GAAP adjustments"), from the Company's most directly comparable reported U.S. GAAP figures (reported gross profit, SG&A, operating earnings, net earnings and EPS). The Company believes these non-GAAP adjustments provide meaningful information to assist investors in understanding financial results and assessing future performance as they provide a better baseline for analyzing the ongoing performance of its business by excluding items that may not be indicative of core operating results.
Free cash flow (FCF)
Calculated using total cash provided by operating activities less capital expenditures. The Company believes the presentation of FCF allows investors to evaluate the capacity of the Company's operations to generate free cash flow.
Daily sales
Refers to sales for the period divided by the number of U.S. selling days for the period.
Daily, constant currency sales
Refers to daily sales adjusted for changes in foreign currency exchange rates.
Daily, organic constant currency sales
Refers to daily sales excluding the sales of certain divested or closed businesses in the comparable prior year period post date of divestiture or closure and changes in foreign currency exchange rates.
Foreign currency exchange
Calculated by dividing current period local currency daily sales by current period average exchange rate and subtracting the current period local currency daily sales divided by the prior period average exchange rate.
As non-GAAP financial measures are not standardized, it may not be possible to compare these measures with other companies' non-GAAP measures having the same or similar names. These non-GAAP measures should not be considered in isolation or as a substitute for reported results. These non-GAAP measures reflect an additional way of viewing aspects of operations that, when viewed with GAAP results, provide a more complete understanding of the business. This press release also includes certain non-GAAP forward-looking information. The Company believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require the Company to predict the timing and likelihood of future restructurings, asset impairments, and other charges. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.
The reconciliations provided below reconcile GAAP financial measures to non-GAAP financial measures used in this release: daily sales; daily, organic constant currency sales; and free cash flow.
Sales growth for the three months ended June 30, 2026
(percent change compared to prior year period)
(unaudited)
Q2 2026
Total Company
High-Touch Solutions - N.A.
Endless Assortment
Reported sales
10.3 %
11.9 %
13.5 %
Daily impact
— %
— %
— %
Daily sales(1)
10.3 %
11.9 %
13.5 %
Foreign currency exchange(2)
1.1 %
(0.2) %
5.9 %
Business divestiture(3)
2.3 %
— %
1.2 %
Daily, organic constant currency sales
13.7 %
11.7 %
20.6 %
(1)
Based on U.S. selling days, there were 64 selling days in Q2 2026 and Q2 2025.
(2)
Excludes the impact of year-over-year foreign currency exchange rate fluctuations.
(3)
Excludes the net sales results of the divested Cromwell business and closed Zoro U.K. business, announced in the third quarter of 2025 and completed in the fourth quarter of 2025, in the prior year period on a daily basis.
Free cash flow (FCF) for the three months ended June 30, 2026
Duke Energy ve 2. čtvrtletí překonala odhady zisku díky vyšší poptávce po elektřině a návratu investic do regulované infrastruktury. Upravený zisk činil 1,43 USD na akcii při očekávání 1,30 USD.
Electric power transmission pylon miniatures and Duke Energy logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
Aug 4 (Reuters) - Utility Duke Energy (DUK.N), opens new tab beat Wall Street estimates for second-quarter profit on Tuesday, as higher electricity demand and recovery of rate-based infrastructure investments offset rising expenses.
The Charlotte, North Carolina-based company posted an adjusted profit of $1.43 per share for the three months ended June 30, compared with analysts' estimates of $1.30, according to data compiled by LSEG.
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Here are more details:
Energy companies are pushing to increase customer electricity rates in 2026 to help pay for infrastructure improvements, as power grids are strained by extreme weather and rising demand from electrification and expanding data centers.
Regulated utilities rely on rate case processes to set how much customers are charged for electricity.
Its electric utilities segment posted quarterly profit of 1.27 billion, compared with $1.19 billion a year ago.
The segment, which serves 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, owns 51,000 megawatts of energy capacity.
However, interest expenses rose 6.6% to $957 million.
The company reaffirmed its full-year adjusted profit guidance of $6.55 to $6.80 per share.
Reporting by Pranav Mathur in Bengaluru
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Palantir oznámil za čtvrtletí tržby 1,9 miliardy USD a čistý zisk 1,1 miliardy USD. Alex Karp uvedl, že růst komerčního byznysu táhne „miniaturní a klesající“ prodejní tým.
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Palantir CEO Alex Karp says the company operates with a "miniscule and shrinking" sales team. John Lamparski/Getty Images Palantir CEO Alex Karp took a victory lap over the company's explosive growth, saying it managed to boost its commercial business using a "miniscule and shrinking" sales team.
In the shareholder letter accompanying Monday's second-quarter results, Karp said it was another case of Palantir ignoring the norms of growing a business.
"On a quarter-by-quarter basis, our US commercial business grew 28%. Such growth — indeed, such acceleration — gives the impression that what others might require a year or even longer to achieve, we can do in 90 days," Karp wrote.
"It must be noted that we have achieved these results with a minuscule and shrinking sales head count, another way in which we have discarded conventional wisdom in favor of our own, unique path," he added.
Palantir posted $1.9 billion in quarterly revenue globally, up 93% year over year, and $1.1 billion in profit. The company earned more in profit last quarter than it booked in total revenue a year earlier, Karp said.
US commercial revenue hit a record $764 million, a 149% jump from a year earlier and 28% growth from the prior quarter alone. Total US revenue reached $1.6 billion, up 115%.
He has put numbers to the sales claim before. On May's first-quarter call, Karp said Palantir had roughly 70 salespeople and that only seven of them really sell, work he said a comparable company would need 7,000 people to do. His May letter put annualized revenue per employee at $1.5 million.
Karp's comments reflect a growing trend in the AI world: the rise of so-called "Tiny Teams" — where companies use AI to do much of the work traditionally done by human employees, cutting both costs and head count.
Palantir's own head count is a more complicated case. Karp told CNBC in 2025 that he wanted Palantir to grow tenfold while reducing staff to about 3,600. The 2025 annual report instead listed 4,429 full-time employees, up 13% on the year.
Karp has distinguished Palantir's approach from outright job cuts. On the tech show TBPN in June, he said executives who boast that AI lets them fire much of their staff might as well sign up for "the Bernie Sanders manifesto."
Karp said the US commercial business, despite the growth, is still "just nascent."
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Georgia Hennessy You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Georgia is a fellow at Business Insider's London office.Before joining Business Insider, she worked at Japan's largest newspaper, The Yomiuri Shimbun, and interned at the Financial Times. She is an NCTJ-qualified journalist with a degree in Philosophy from the University of Birmingham. You can contact her via email at [email protected]
Q2 Net Revenue of $3.5 billion with 21.7 million Active Customers
, /PRNewswire/ -- Wayfair Inc. ("Wayfair," "we," or "our") (NYSE: W), the destination for all things home, today reported financial results for its second quarter ended June 30, 2026.
Second Quarter 2026 Financial Highlights
Total net revenue of $3.5 billion, increased $246 million, up 7.5% year over year U.S. net revenue of $3.1 billion, increased $251 million, up 8.7% year over year International net revenue of $394 million, decreased $5 million, down 1.3% year over year. International Net Revenue Constant Currency Growth was (2.0)% Gross profit was $1,054 million, or 30.0% of total net revenue. Non-GAAP Contribution Profit was $539 million, or 15.3% of net revenue Net loss was $1 million and Non-GAAP Adjusted EBITDA was $242 million Diluted loss per share was $0.01 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.95 Net cash provided by operating activities was $360 million and Non-GAAP Free Cash Flow was $301 million Cash, cash equivalents and short-term investments totaled $1.1 billion and total liquidity was $1.6 billion, including availability under our revolving credit facility "Q2 marked another strong quarter of share capture and top line momentum, with 7.5% net revenue growth fueled by momentum in orders, which were up by 6% for the period. We saw the best sequential growth we've seen in a Q2 since the second quarter of 2020. In fact, revenue growth in the US was the best we've seen in the entire post-COVID period, with nearly 9% year-over-year revenue growth, continuing the high single digit share spread we've held since last fall," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
"We saw noteworthy outperformance from our specialty retail brands, which grew by nearly 20% in the second quarter, and Perigold, which grew by more than 35%. We are excited to see ramping growth in the Wayfair business and complementing that with outsized growth from our specialty and luxury brands, all building to why we expect to see even further acceleration as our numerous initiatives play out."
Other Second Quarter Highlights
Active customers totaled 21.7 million as of June 30, 2026, an increase of 3.3% year over year LTM net revenue per active customer was $596 as of June 30, 2026, an increase of 4.2% year over year Orders per customer, measured as LTM orders delivered divided by active customers, was 1.89 for the second quarter of 2026, compared to 1.86 for the second quarter of 2025 Orders delivered in the second quarter of 2026 were 10.6 million, an increase of 6.0% year over year Repeat customers placed 80.2% of total orders delivered in the second quarter of 2026, compared to 80.7% in the second quarter of 2025 Repeat customers placed 8.5 million orders in the second quarter of 2026, an increase of 4.9% year over year Average order value was $332 in the second quarter of 2026, compared to $328 in the second quarter of 2025 64.1% of total orders delivered were placed via a mobile device in the second quarter of 2026, compared to 62.9% in the second quarter of 2025 Key Financial Statement and Operating Metrics
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in millions, except LTM net revenue per active customer, average order
value and per share data)
Key Financial Statement Metrics:
Net revenue
$ 3,519
$ 3,273
$ 6,450
$ 6,003
Gross profit
$ 1,054
$ 984
$ 1,934
$ 1,821
Income (loss) from operations
$ 104
$ 17
$ 93
$ (105)
Net (loss) income
$ (1)
$ 15
$ (106)
$ (98)
(Loss) earnings per share
Basic
$ (0.01)
$ 0.11
$ (0.81)
$ (0.77)
Diluted
$ (0.01)
$ 0.11
$ (0.81)
$ (0.77)
Net cash provided by operating activities
$ 360
$ 273
$ 308
$ 177
Key Operating Metrics:
Active customers (1)
21.7
21.0
21.7
21.0
LTM net revenue per active customer (2)
$ 596
$ 572
$ 596
$ 572
Orders delivered (3)
10.6
10.0
20.0
19.1
Average order value (4)
$ 332
$ 328
$ 322
$ 315
Non-GAAP Financial Measures:
Adjusted Gross Profit
$ 1,056
$ 986
$ 1,937
$ 1,825
Contribution Profit
$ 539
$ 497
$ 979
$ 888
Adjusted EBITDA
$ 242
$ 205
$ 393
$ 311
Free Cash Flow
$ 301
$ 230
$ 195
$ 91
Adjusted Diluted Earnings per Share
$ 0.95
$ 0.87
$ 1.22
$ 1.02
(1)
The number of active customers represents the total number of individual customers who have purchased at least once directly from our sites during the preceding twelve-month period. The change in active customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the last twelve months. We view the number of active customers as a key indicator of our growth.
(2)
Last twelve months ("LTM") net revenue per active customer represents our total net revenue in the last twelve months divided by our total number of active customers for the same preceding twelve-month period. We view LTM net revenue per active customer as a key indicator of our customers' purchasing patterns, including their initial and repeat purchase behavior.
(3)
Orders delivered represent the total orders delivered in any period, inclusive of orders that may eventually be returned. As we ship a large volume of packages through multiple carriers, actual delivery dates may not always be available; in those cases, we estimate delivery dates using historical data. We recognize net revenue when an order is delivered, and therefore orders delivered, together with average order value, is an indicator of the net revenue we expect to recognize in a given period. We view orders delivered as a key indicator of our growth.
(4)
We define average order value as total net revenue in a given period divided by the orders delivered in that period. We view average order value as a key indicator of the mix of products on our sites, the mix of offers and promotions and the purchasing behavior of our customers.
Webcast and Conference Call
Wayfair will host a conference call and webcast to discuss its second quarter 2026 financial results today at 8 a.m. (ET). Investors and participants should register for the call in advance by visiting https://events.q4inc.com/analyst/622572405?pwd=UaY8U308. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast at https://events.q4inc.com/attendee/622572405. An archive of the webcast conference call will be available shortly after the call ends on Wayfair's Investor website at investor.wayfair.com. Important information may be disseminated initially or exclusively via the Investor website; investors should consult the site to access this information.
About Wayfair
Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you're looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.
The Wayfair family of brands includes:
Wayfair: Every style. Every home. AllModern: Modern made simple. Birch Lane: Classic style for joyful living. Joss & Main: The ultimate style edit for home. Perigold: The destination for luxury home. Wayfair Professional: A one-stop Pro shop. Media Relations Contact:
Tara Lambropoulos
[email protected]
Investor Relations Contact
Ryan Barney
[email protected]
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal and state securities laws. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding our investment plans and anticipated returns on those investments; our plans for growth, including customer and revenue growth and growth rates; our future results of operations and financial position; available liquidity and access to financing sources; performance across our brands and segments; anticipated cost-cutting and liability and dilution management exercises and the expected results of such exercises; our business strategy; anticipated benefits of our strategic initiatives; plans and objectives of management for future operations, including regarding our physical retail stores and omni-channel strategy; investment in our logistics network; consumer activity and behaviors; developments in our technology and systems, including our use of artificial intelligence and machine learning technologies and the anticipated results of those developments; and the impact of macroeconomic events, including interest rates, tariffs and inflation, and our response to such events. In some cases, you can identify forward-looking statements by terms such as "aim," "may," "will," "should," "expects," "plans," "anticipates," "continues," "could," "intends," "goals," "target," "projects," "contemplates," "believes," "estimates," "predicts" or "potential" or the negative of these terms or other similar expressions.
Forward-looking statements are based on current expectations of future events. We cannot guarantee that any forward-looking statement will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. We believe that these risks and uncertainties include, but are not limited to, adverse macroeconomic conditions, including economic instability, changes in laws and regulations and other governmental actions or policies, including those related to taxes and new or increased tariffs, and the uncertainty surrounding potential changes in such laws and regulations or other potential governmental actions or policies; export controls, sustained higher interest rates and inflation, slower growth or the potential for recession, disruptions in the global supply chain and other conditions affecting the retail environment for products we sell, geopolitical disturbances and conflicts, or threats of such actions and related uncertainty, which could exacerbate other risks such as shipment disruptions or fuel shortages, and other matters that influence consumer spending and preferences, as well as our ability to plan for and respond to the impact of these conditions; risks relating to our liability and dilution management exercises; our ability to manage the impacts of our restructurings and workforce reductions; our ability to acquire and retain customers in a cost-effective manner; our ability to increase our net revenue; our ability to curate, market, grow and maintain strong brands; our ability to grow our customer base; and our ability to expand our business and compete successfully, including risks relating to achieving the anticipated benefits of strategic initiatives and investments in our technology and systems, including generative AI. A further list and description of risks, uncertainties and other factors that could cause or contribute to differences in our future results include the cautionary statements herein and in our most recent Annual Report on Form 10-K and in our other filings and reports with the Securities and Exchange Commission. We qualify all of our forward-looking statements by these cautionary statements.
These forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.
WAYFAIR INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30,
December 31,
2026
2025
(in millions, except share and per
share data)
Assets:
Current assets
Cash and cash equivalents
$ 1,065
$ 1,476
Short-term investments
78
66
Accounts receivable, net
184
132
Inventories
84
71
Prepaid expenses and other current assets
274
256
Total current assets
1,685
2,001
Operating lease right-of-use assets
722
862
Property and equipment, net
512
516
Other non-current assets
59
61
Total assets
$ 2,978
$ 3,440
Liabilities and Stockholders' Deficit:
Current liabilities
Accounts payable
$ 1,317
$ 1,202
Other current liabilities
951
927
Total current liabilities
2,268
2,129
Long-term debt
2,797
3,233
Operating lease liabilities, net of current
680
835
Other non-current liabilities
21
25
Total liabilities
5,766
6,222
Commitments and contingencies (Note 5)
Stockholders' deficit:
Convertible preferred stock, $0.001 par value per share: 10,000,000 shares authorized
and none issued at June 30, 2026 and December 31, 2025.
—
—
Class A common stock, par value $0.001 per share, 500,000,000 shares authorized,
115,500,539 and 108,365,428 shares issued and outstanding at June 30, 2026 and
December 31, 2025, respectively.
—
—
Class B common stock, par value $0.001 per share, 164,000,000 shares authorized,
20,977,914 and 21,978,295 shares issued and outstanding at June 30, 2026 and
December 31, 2025, respectively.
—
—
Additional paid-in capital
2,166
2,073
Accumulated deficit
(4,929)
(4,823)
Accumulated other comprehensive loss
(25)
(32)
Total stockholders' deficit
(2,788)
(2,782)
Total liabilities and stockholders' deficit
$ 2,978
$ 3,440
WAYFAIR INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in millions, except per share data)
Net revenue (1)
$ 3,519
$ 3,273
$ 6,450
$ 6,003
Cost of goods sold (2)
2,465
2,289
4,516
4,182
Gross profit
1,054
984
1,934
1,821
Operating expenses:
Customer service and merchant fees (2)
128
121
242
228
Advertising
392
372
721
716
Selling, operations, technology, general and administrative (2)
428
465
852
894
Impairment and other related net charges
2
—
2
23
Restructuring and other charges, net
—
9
24
65
Total operating expenses
950
967
1,841
1,926
Income (loss) from operations
104
17
93
(105)
Interest expense, net
(39)
(29)
(78)
(52)
Other (expense) income, net
(4)
23
(15)
33
(Loss) gain on debt extinguishment
(59)
6
(102)
31
Income (loss) before income taxes
2
17
(102)
(93)
Provision for income taxes, net
3
2
4
5
Net (loss) income
$ (1)
$ 15
$ (106)
$ (98)
(Loss) earnings per share
Basic
$ (0.01)
$ 0.11
$ (0.81)
$ (0.77)
Diluted
$ (0.01)
$ 0.11
$ (0.81)
$ (0.77)
Weighted-average number of shares of common stock
outstanding used in computing per share amounts:
Basic
132
128
131
127
Diluted
132
129
131
127
(1) The following tables present net revenue attributable to our reportable segments for the periods indicated:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in millions)
U.S. net revenue
$ 3,125
$ 2,874
$ 5,737
$ 5,303
International net revenue
394
399
713
700
Net revenue
$ 3,519
$ 3,273
$ 6,450
$ 6,003
(2) Includes equity-based compensation and related taxes as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in millions)
Cost of goods sold
$ 2
$ 2
$ 3
$ 4
Customer service and merchant fees
3
4
5
7
Selling, operations, technology, general and administrative
67
95
135
158
Total equity-based compensation and related taxes
$ 72
$ 101
$ 143
$ 169
WAYFAIR INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
2026
2025
(in millions)
Cash flows from operating activities:
Net loss
$ (106)
$ (98)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
131
159
Equity-based compensation expense
136
164
Amortization of debt discount and issuance costs
4
5
Impairment and other related net charges
2
23
Loss (gain) on debt extinguishment
102
(31)
Other non-cash adjustments
(15)
32
Changes in operating assets and liabilities:
Accounts receivable, net
(52)
49
Inventories
(12)
(11)
Prepaid expenses and other assets
(21)
21
Accounts payable and other liabilities
139
(136)
Net cash provided by operating activities
308
177
Cash flows for investing activities:
Purchase of short- and long-term investments
(43)
(55)
Sale and maturities of short- and long-term investments
31
58
Purchase of property and equipment
(51)
(18)
Site and software development costs
(62)
(68)
Net cash used in investing activities
(125)
(83)
Cash flows for financing activities:
Proceeds from issuance of debt, net of issuance costs
395
691
Payments to extinguish debt
(245)
(742)
Settlement of long-term debt
(701)
—
Payments of taxes related to net share settlement of equity awards
(48)
(9)
Net cash used in financing activities
(599)
(60)
Effect of exchange rate changes on cash and cash equivalents
5
(28)
Net (decrease) increase in cash, cash equivalents and restricted cash
(411)
6
Cash, cash equivalents and restricted cash
Beginning of period
$ 1,476
$ 1,320
End of period
$ 1,065
$ 1,326
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including Adjusted Gross Profit, Adjusted Gross Margin, Contribution Profit, Contribution Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Diluted Earnings or Loss per Share and Net Revenue Constant Currency Growth. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our core operational performance. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in this earnings release.
We calculate Adjusted Gross Profit as gross profit plus equity-based compensation and related taxes included in cost of goods sold. Gross margin is defined as gross profit as a percentage of net revenue for the same period. Adjusted Gross Margin is calculated as Adjusted Gross Profit as a percentage of revenue for the same period. We disclose Adjusted Gross Profit and Adjusted Gross Margin because they are important indicators of our business performance, as they provide visibility into our underlying gross profitability by excluding the impact of non-cash equity-based compensation expense and related taxes. Accordingly, we believe these metrics provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and the board of directors.
We calculate Contribution Profit as Adjusted Gross Profit less customer service and merchant fees and less advertising expense, plus equity-based compensation and related taxes included in customer service and merchant fees. Contribution Margin is calculated as Contribution Profit as a percentage of revenue for the same period. We believe that these adjustments to gross profitability provide a more meaningful understanding of the economic impact of orders fulfilled through our platform, as they incorporate the direct expenses associated with generating and servicing customer demand and isolate key cost drivers. Accordingly, we believe that Contribution Profit and Contribution Margin offer useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and the board of directors.
We calculate Adjusted EBITDA as net income or loss before depreciation and amortization, equity-based compensation and related taxes, interest income or expense, net, other income or expense, net, provision or benefit for income taxes, net, non-recurring items and other items not indicative of our core operating performance. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Net Revenue. We disclose Adjusted EBITDA because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, management uses Adjusted EBITDA as a measure of profitability, and our references in this earnings release and the related earnings conference call to profitability (other than references to GAAP gross profit) are references to Adjusted EBITDA. We believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis as these costs may vary independent of business performance. For instance, we exclude the impact of equity-based compensation and related taxes as we do not consider this item to be indicative of our core operating performance. Investors should, however, understand that equity-based compensation and related taxes will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
We calculate Free Cash Flow as net cash provided by or used in operating activities less net cash used to purchase property and equipment and site and software development costs (collectively, "Capital Expenditures"). We disclose Free Cash Flow because it is an important indicator of our business performance as it measures the amount of cash we generate. Accordingly, we believe that Free Cash Flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.
We calculate Adjusted Diluted Earnings or Loss per Share as net income or loss plus equity-based compensation and related taxes, provision or benefit for income taxes, net, non-recurring items, other items not indicative of our core operating performance, and, if dilutive, interest expense associated with convertible debt instruments under the if-converted method divided by the weighted-average number of shares of common stock used in the computation of diluted earnings or loss per share. Accordingly, we believe that these adjustments to our adjusted diluted net income or loss before calculating per share amounts for all periods presented provide a more meaningful comparison between our operating results from period to period.
We calculate Net Revenue Constant Currency Growth by translating the current period local currency net revenue by the currency exchange rates used to translate the financial statements in the comparable prior-year period. We disclose Net Revenue Constant Currency Growth because it is an important indicator of our operating results. Accordingly, we believe that Net Revenue Constant Currency Growth provides useful information to investors and others in understanding and evaluating trends in our operating results in the same manner as our management.
We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP financial measures. We do not attempt to provide a reconciliation of forward-looking non-GAAP financial measures to forward looking GAAP financial measures because forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
The non-GAAP financial measures have limitations as analytical tools. We do not, nor do we suggest that investors should consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies, including other companies in our industry.
The following table reflects the reconciliation of gross profit to Adjusted Gross Profit and Adjusted Gross Profit Margin for each of the periods indicated:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in millions, except percentages)
Reconciliation of Adjusted Gross Profit:
Gross profit
$ 1,054
$ 984
$ 1,934
$ 1,821
Gross margin
30.0 %
30.1 %
30.0 %
30.3 %
Add: Equity-based compensation and related taxes included in cost of goods sold
2
2
3
4
Adjusted Gross Profit
$ 1,056
$ 986
$ 1,937
$ 1,825
Adjusted Gross Margin
30.0 %
30.1 %
30.0 %
30.4 %
The following table reflects the reconciliation of Adjusted Gross Profit to Contribution Profit and Contribution Profit Margin for each of the periods indicated:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in millions, except percentages)
Reconciliation of Contribution Profit:
Net revenue
$ 3,519
$ 3,273
$ 6,450
$ 6,003
Less: Cost of goods sold
2,465
2,289
4,516
4,182
Gross profit
1,054
984
1,934
1,821
Gross margin
30.0 %
30.1 %
30.0 %
30.3 %
Add: Equity-based compensation and related taxes included in cost of goods sold
2
2
3
4
Adjusted Gross Profit
1,056
986
1,937
1,825
Adjusted Gross Margin
30.0 %
30.1 %
30.0 %
30.4 %
Less: Customer service and merchant fees
128
121
242
228
Less: Advertising
392
372
721
716
Add: Equity-based compensation and related taxes
included in customer service and merchant fees
3
4
5
7
Contribution Profit
$ 539
$ 497
$ 979
$ 888
Contribution Margin
15.3 %
15.2 %
15.2 %
14.8 %
The following table reflects the reconciliation of net (loss) income to Adjusted EBITDA and Adjusted EBITDA margin for each of the periods indicated:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in millions, except percentages)
Reconciliation of Adjusted EBITDA:
Net (loss) income
$ (1)
$ 15
$ (106)
$ (98)
Depreciation and amortization
64
78
131
159
Equity-based compensation and related taxes
72
101
143
169
Interest expense, net
39
29
78
52
Other expense (income), net
4
(23)
15
(33)
Provision for income taxes, net
3
2
4
5
Other:
Impairment and other related net charges (1)
2
—
2
23
Restructuring and other charges, net (2)
—
9
24
65
Loss (gain) on debt extinguishment (3)
59
(6)
102
(31)
Adjusted EBITDA
$ 242
$ 205
$ 393
$ 311
Net revenue
$ 3,519
$ 3,273
$ 6,450
$ 6,003
Net (loss) income margin
— %
0.5 %
(1.6) %
(1.6) %
Adjusted EBITDA Margin
6.9 %
6.3 %
6.1 %
5.2 %
(1)
During the three and six months ended June 30, 2026, we recorded $2 million impairment associated with our decision to exit a customer service center in the U.S. During the six months ended June 30, 2025, we recorded net charges of $23 million, inclusive of $20 million associated with the Germany Restructuring and weakened macroeconomic conditions in connection with our Germany operations and, $3 million related to changes in sublease market conditions for a technology center in the U.S.
(2)
During the six months ended June 30, 2026, we incurred $24 million of charges related to a loss on termination of an operating lease for a logistics facility. During the three and six months ended June 30, 2025, we incurred $9 million and $65 million, respectively, of charges consisting primarily of one-time employee severance, benefits, relocation and transition costs. This is inclusive of $46 million related to the Germany Restructuring and $19 million related to the March 2025 workforce reduction. We do not expect to incur any further material charges related to this workforce reduction.
(3)
During the three and six months ended June 30, 2026, we recorded a $59 million and $102 million, respectively, loss on debt extinguishment upon repurchase of $145 million in aggregate principal amount of the 2028 Notes. During the three and six months ended June 30, 2025, we recorded a $6 million and $31 million, respectively, gain on debt extinguishment upon repurchase of $80 million in aggregate principal amount of the 2025 Notes and $696 million in aggregate principal amount of the 2026 Notes.
The following table presents Adjusted EBITDA attributable to our segments, and the reconciliation of net income or loss to Adjusted EBITDA is presented in the preceding table:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in millions)
Segment Adjusted EBITDA:
US
$ 261
$ 224
$ 422
$ 319
International
(19)
(19)
(29)
(8)
Adjusted EBITDA
$ 242
$ 205
$ 393
$ 311
The following table presents a reconciliation of net cash provided by or used in operating activities to Free Cash Flow for each of the periods indicated:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in millions)
Net cash provided by operating activities
$ 360
$ 273
$ 308
$ 177
Purchase of property and equipment
(26)
(13)
(51)
(18)
Site and software development costs
(33)
(30)
(62)
(68)
Free Cash Flow
$ 301
$ 230
$ 195
$ 91
A reconciliation of the numerator and denominator for diluted earnings or loss per share, the most directly comparable GAAP financial measure, to the numerator and denominator for Adjusted Diluted Earnings or Loss per Share, in order to calculate Adjusted Diluted Earnings or Loss per Share is as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(in millions, except per share data)
Numerator:
Numerator for basic and diluted (loss) earnings per share - net (loss) income
$ (1)
$ 15
$ (106)
$ (98)
Adjustments to net (loss) income
Interest expense associated with convertible debt instruments
4
13
11
27
Equity-based compensation and related taxes
72
101
143
169
Provision for income taxes, net
3
2
4
5
Other:
Impairment and other related net charges
2
—
2
23
Restructuring and other charges, net
—
9
24
65
Loss (gain) on debt extinguishment
59
(6)
102
(31)
Numerator for Adjusted Diluted Earnings
per Share - Adjusted net (loss) income
$ 139
$ 134
$ 180
$ 160
Denominator:
Denominator for basic (loss) earnings per share -
weighted-average number of shares of common stock
outstanding
132
128
131
127
Effect of dilutive securities:
Restricted stock units
—
1
—
—
Denominator for diluted (loss) earnings per share -
weighted-average number of shares of common stock
outstanding after the effect of dilutive securities
132
129
131
127
Adjustments to effect of dilutive securities:
Restricted stock units
1
—
—
—
Convertible debt instruments
14
27
16
30
Denominator for Adjusted Diluted Earnings per
Share - Adjusted weighted-average number of shares
of common stock outstanding after the effect of
dilutive securities
Albemarle má 5. srpna po uzavření trhu oznámit výsledky za 2. čtvrtletí; odhady počítají s EPS 3,35 USD a tržbami 1,59 miliardy USD. Těžit má z vyšších objemů lithia a úspor nákladů, ale tlak vyvíjejí nižší ceny lithia.
Key Takeaways ALB is set to report Q2 2026 earnings on Aug. 5, with estimates pointing to sharp year-over-year growth.Albemarle gains from higher lithium volumes and cost-saving and productivity actions.ALB faces pressure from lower lithium prices despite healthy energy storage demand and expansion efforts. Albemarle Corporation (ALB - Free Report) is slated to report second-quarter 2026 results after the closing bell on Aug. 5. ALB is likely to have benefited from its cost and productivity actions and higher volumes in its Energy Storage unit in the second quarter.
The Zacks Consensus Estimate for second-quarter earnings has been revised upward over the past 60 days. The consensus estimate for earnings is pegged at $3.35 per share, suggesting a 2,945.5% year-over-year rise. The Zacks Consensus Estimate for second-quarter revenues is currently $1.59 billion, indicating a roughly 19.2% increase from the year-ago quarter.
Image Source: Zacks Investment Research
ALB beat the Zacks Consensus Estimate for earnings in three of the last four quarters. It has a trailing four-quarter earnings surprise of 74.5%, on average.
Image Source: Zacks Investment Research
Q2 Earnings Whispers for ALBOur proven model predicts an earnings beat for ALB this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is just the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
ALB has an Earnings ESP of +2.21% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Shaping ALB’s Q2 ResultsALB is expected to have gained from higher lithium volumes in the June quarter. Healthy customer demand, capacity expansion and plant productivity improvements are expected to have supported volumes. ALB saw higher sales volumes (up 14% year over year) in its Energy Storage unit in the first quarter on the strength of its integrated conversion facilities. The consensus estimate for Energy Storage sales for the second quarter is pegged at $1,192 million, suggesting a 66% year-over-year growth.
Cost-saving, pricing and productivity initiatives are also expected to have aided ALB’s performance in the second quarter, supporting margins. Efforts to drive operating efficiency and improve the utilization of raw materials are likely to aid the company’s results.
Albemarle is taking aggressive cost-saving and productivity actions. The company delivered roughly $450 million in cost and productivity improvements in 2025, having surpassed its initial target of $300-$400 million. It expects additional cost and productivity improvements of $100-$150 million in 2026, with $40 million already delivered.
While the Specialties segment faces challenges from the ongoing volatility in petrochemicals and oil & gas markets due to geopolitical tensions, higher bromine prices as well as benefits of cost and productivity actions, are expected to have supported results in the quarter to be reported.
Falling lithium market prices are weighing on ALB stock. Lithium prices have pulled back amid slowing demand for electric vehicles (EVs) in China, an inventory glut and prospects of increased supply from mine restarts and capacity additions. EV orders have slowed in China, the world’s biggest lithium consumer, while demand in energy storage systems remains healthy. Some impacts of the price retreat are expected to reflect on the company’s performance in the June quarter.
Albemarle Stock’s Price Performance and ValuationALB’s shares are down 16.1% year to date, underperforming the Zacks Chemical - Diversified industry’s 17.6% increase and the S&P 500’s rise of 9.5%. Its peers Sociedad Quimica y Minera de Chile S.A. (SQM - Free Report) and Rio Tinto Group (RIO - Free Report) have lost 2.6% and gained 19.8%, respectively, over the same period.
ALB’s YTD Price Performance Image Source: Zacks Investment Research
ALB is currently trading at a forward price-to-sales ratio of 2.17, above the industry. It is trading at a discount to Sociedad Quimica and a premium to Rio Tinto. Albemarle currently has a Value Score of C. Sociedad Quimica and Rio Tinto have a Value Score of B and A, respectively.
ALB’s P/S F12M Vs. Industry, SQM and RIO Image Source: Zacks Investment Research
Investment Thesis for ALB StockAlbemarle is well-positioned to capitalize on the substantial growth opportunity in the battery-grade lithium market, supported by the global transition toward EVs. The market for lithium batteries and energy storage remains strong, especially for EVs, offering significant opportunities for the company to develop innovative products and expand capacity. The company is strategically executing its projects aimed at boosting its global lithium conversion capacity. It remains focused on investing in high-return projects to drive productivity.
ALB also remains committed to driving shareholder value by leveraging healthy cash flows and strong liquidity. However, the pullback in lithium prices casts a pall on its prospects.
Conclusion: Hold Onto ALB Stock for NowAlbemarle is gaining from higher lithium volumes driven by project ramp-ups, as well as initiatives to expand global lithium conversion capacity and enhance productivity. The company is well-placed to gain from long-term growth in the battery-grade lithium market.
Rising earnings estimates and a strong growth outlook are other positives. However, retreating lithium prices could dampen its prospects. Its stretched valuation also might not offer an attractive entry point at this time. Investors who already own ALB shares may consider maintaining their positions while awaiting greater visibility following the company’s upcoming earnings release.
Amplia uzavřela s Eli Lilly dohodu o klinické spolupráci a dodávkách pro testování narmafotinibu s olomorasibem u pokročilého NSCLC. Studie fáze 1b/2b má hodnotit bezpečnost a účinnost této kombinace jako léčby druhé linie.
HIGHLIGHTS Amplia has executed a Clinical Trial Collaboration & Supply Agreement (CTCSA) with Eli Lilly & Company, to evaluate the Company's investigational FAK inhibitor narmafotinib in combination with Lilly's late‑stage investigational next generation KRAS inhibitor olomorasib The collaboration is underpinned by narmafotinib's growing base of clinical evidence and a strong scientific rationale that FAK activation is a key driver of resistance to KRAS G12C inhibitors The collaboration further extends narmafotinib beyond pancreatic and ovarian cancer into NSCLC, broadening Amplia's clinical footprint and addressable opportunity Melbourne, Australia, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Amplia Therapeutics Limited (ASX:ATX; OTCQB:INNMF), (“Amplia” or the “Company”), announces that it has entered into a Clinical Trial Collaboration and Supply Agreement (“CTCSA”) with Eli Lilly & Company (“Lilly”), to evaluate the combination of Amplia's investigational FAK inhibitor, narmafotinib, with Lilly's investigational KRAS G12C inhibitor, olomorasib. The Phase 1b/2b clinical trial will evaluate the safety and efficacy of this novel targeted therapy combination as a second line treatment in patients with advanced stage non-small cell lung cancer (NSCLC).
Spotify (SPOT - Free Report) came out with quarterly earnings of $3.03 per share, missing the Zacks Consensus Estimate of $3.27 per share. This compares to a loss of $0.48 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -7.34%. A quarter ago, it was expected that this music-streaming service operator would post earnings of $3.72 per share when it actually produced earnings of $4.04, delivering a surprise of +8.6%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Spotify, which belongs to the Zacks Internet - Software industry, posted revenues of $5.55 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.01%. This compares to year-ago revenues of $4.76 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Spotify shares have lost about 16.3% since the beginning of the year versus the S&P 500's gain of 11%.
What's Next for Spotify?While Spotify 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 Spotify 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 $3.70 on $5.7 billion in revenues for the coming quarter and $14.45 on $22.51 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, Internet - Software is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Arteris, Inc. (AIP - 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 6.
This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +54.6%. The consensus EPS estimate for the quarter has been revised 7.7% lower over the last 30 days to the current level.
Arteris, Inc.'s revenues are expected to be $23.45 million, up 42.1% from the year-ago quarter.
Sysco ve 4. fiskálním čtvrtletí zvýšila tržby o 4,7 % na 22,1 miliardy USD a upravený zisk na akcii o 3,4 % na 1,53 USD. Pro fiskální rok 2027 čeká růst upraveného EPS o 9 % až 11 %.
HOUSTON, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) (“Sysco” or the “company”) today announced financial results for its 13-week fourth fiscal quarter and its fiscal year ended June 27, 2026.
Key financial results for the fourth quarter of fiscal year 2026 include the following (comparisons are to the same period in fiscal year 2025):
Sales increased 4.7%; U.S. Foodservice volume increased 2.5%, U.S. local volume increased 2.6%;Gross profit increased 3.7% to $4.1 billion;Operating income increased 10.6% to $983 million, and adjusted operating income increased 4.1% to $1.1 billion1;Net earnings increased 3.8% to $551 million, and adjusted net earnings increased 2.5% to $734 million1;EBITDA increased 5.4% to $1.2 billion1, and adjusted EBITDA increased 4.7% to $1.3 billion1;EPS2 increased 4.5% to $1.15, and adjusted EPS1,2 increased 3.4% to $1.53, inclusive of higher incentive compensation costs of $11 million, as previously disclosed, representing a $0.01 impact to EPS;Introduction of fiscal year 2027 guidance of 6%-7% sales growth and 9%-11% adjusted EPS1 growth on a 53-week basis; andIncluded in the 2027 guidance is approximately $100 million of efficiency improvements driven by an artificial intelligence (AI)-powered transformation of business processes and customer engagement. “Sysco delivered strong results in the fourth quarter of fiscal year 2026, including positive case growth across our local, national, and international businesses. This included local volume growth of 2.6% in our USFS segment, as well as local volume growth of 4.5% in our International segment. Continued productivity gains from our supply chain enabled year over year profit growth across each of our four business segments,” said Kevin Hourican, Sysco’s Chair of the Board and Chief Executive Officer. “We have clear positive momentum in our business domestically and internationally. We are excited about the progress and the opportunity to improve further through the AI-driven business process transformation underway at Sysco. These efforts will improve how we serve our customers and expand our operating margins.”
“We exceeded our previously communicated guidance for the quarter and the year, as our company specific initiatives drove tangible results across our business. For the year, we generated robust cash flows and returned $1.2 billion to our shareholders through dividends and share repurchase. We expect positive momentum to continue in FY27 and are introducing guidance on a 53-week basis that includes sales growth of 6%-7% and adjusted EPS growth of 9%-11%. Today, we are also announcing incremental cost out efforts which we expect, when combined with our Q3 update, to deliver a combined $100 million of net cost savings in FY27.” said Brandon Sewell, Sysco’s Interim Chief Financial Officer.
1 Non-GAAP financial measure, refer to the reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure included at the end of this release.
2 Earnings per share (EPS) is shown on a diluted basis, unless otherwise specified.
Key financial results for fiscal year 2026 include the following (comparisons are to the same period in fiscal year 2025):
Sales increased 3.9%; U.S. Foodservice volume increased 1.4%, U.S. local volume increased 1.7%;Gross profit increased 4.5% to $15.6 billion;Operating income increased 0.2% to $3.1 billion, and adjusted operating income increased 2.6% to $3.6 billion1;Net earnings decreased 3.9% to $1.8 billion, and adjusted net earnings increased 1.4% to $2.2 billion1;Cash flow from operations increased 5.1% to $2.6 billion and free cash flow1 increased 16.3% to $2.1 billion on a year-over-year basis;EBITDA decreased 0.7% to $4.0 billion1, and adjusted EBITDA increased 2.2% to $4.4 billion1;EPS2 decreased 1.9% to $3.66, and adjusted EPS1,2 increased 3.4% to $4.61, inclusive of higher incentive compensation costs of $100 million, as previously disclosed, representing a $0.16 impact to EPS; andWe returned approximately $1.2 billion of capital to shareholders via $1.0 billion of dividends and $200 million of share repurchases. Fiscal Year 2027 Productivity and Cost Savings Initiatives
Sysco is also advancing a multi-year AI-enabled business transformation program designed to further improve productivity, operating efficiency, and customer service across the enterprise. In fiscal year 2027, the company expects combined cost-outs of approximately $100 million, including the carry-forward benefit from previously announced actions. Efforts reflect initiatives focused on enhanced inventory management and forecasting accuracy, improved coding efficiency, routing optimization and back-office automation. Together, Sysco expects these AI-related initiatives and previously announced cost-out efforts to deliver bottom line benefits in fiscal year 2027, supporting the company’s outlook for continued profit growth and margin expansion.
Fourth Quarter Fiscal Year 2026 Results (comparisons are to the same period in fiscal year 2025)
Total Sysco
Sales for the fourth quarter increased 4.7% to $22.1 billion.
Gross profit increased 3.7% to $4.1 billion, and gross margin decreased 17 basis points to 18.7%. Product cost inflation was 2.8% at the total enterprise level, as measured by the estimated change in Sysco’s product costs, primarily in the meat and fresh produce categories. The increase in gross profit for the fourth quarter was primarily driven by continued positive momentum in U.S. local volume growth, positive mix shift from improved Sysco Brand penetration, strategic sourcing efficiencies, and effective management of product cost inflation.
Operating expenses increased 1.7%, primarily driven by acquisition-related costs, sales headcount and capacity investments, partially offset by cost-out efficiencies. Adjusted operating expenses increased 3.6%1.
Operating income increased 10.6% to $983 million, and adjusted operating income increased 4.1% to $1.1 billion1.
U.S. Foodservice Operations
The U.S. Foodservice Operations segment results reflected positive case growth across local and national customers, improved mix shift from improved Sysco Brand penetration, and supply chain productivity improvements, partially offset by planned investments in sales headcount and expanded capacity.
Sales for the fourth quarter increased 4.4% to $15.4 billion. Total case volume within U.S. Foodservice increased 2.5% for the fourth quarter, while local case volume within U.S. Foodservice increased 2.6%.
Gross profit increased 3.0% to $3.0 billion, and gross margin decreased 26 basis points to 19.2%.
Operating expenses increased 3.3%, and adjusted operating expenses increased 4.7%1.
Operating income increased 2.4% to $1.0 billion, and adjusted operating income increased 0.1% to $1.1 billion1.
International Foodservice Operations
The International Foodservice Operations segment delivered continued sales growth and volume gains, marking its eleventh consecutive quarter of double-digit adjusted operating income growth.
Sales for the fourth quarter increased 6.7% to $4.2 billion. On a constant currency basis3, sales for the fourth quarter increased 5.6% to $4.1 billion. Foreign exchange rates increased both International Foodservice Operations sales by $46 million and total Sysco sales by $47 million during the quarter.
Gross profit increased 7.3% to $909 million, and gross margin increased 12 basis points to 21.7%. On a constant currency basis3, gross profit increased 6.0% to $898 million. Foreign exchange rates increased both International Foodservice Operations gross profit by 1.3% and total Sysco gross profit by 0.3% during the quarter.
Operating expenses increased 8.4%, and adjusted operating expenses increased 4.8%1. On a constant currency basis3, adjusted operating expenses increased 3.4%. Foreign exchange rates increased both International Foodservice Operations operating expenses by 1.4% and total Sysco operating expenses by 0.3% during the quarter.
Operating income increased 2.1% to $148 million, and adjusted operating income increased 15.7% to $228 million1. On a constant currency basis3, adjusted operating income increased 14.7% to $226 million. Foreign exchange rates increased both International Foodservice Operations operating income by 1.0% and total Sysco operating income by 0.3% during the quarter.
Fiscal Year 2026 Results (comparisons are to fiscal year 2025)
Total Sysco
Sales for fiscal year 2026 increased 3.9% to $84.6 billion.
Gross profit increased 4.5% to $15.6 billion, and gross margin increased 10 basis points to 18.5%. Product cost inflation was 3.0% at the total enterprise level, as measured by the estimated change in Sysco’s product costs, primarily in the meat and seafood categories. The increase in gross profit for the year was primarily driven by positive volumes, strategic sourcing efficiencies, and effective management of product cost inflation.
Operating expenses increased 5.6%, primarily driven by sales headcount and capacity investments, higher incentive compensation, and acquisition-related costs, partially offset by cost-out efficiencies. Adjusted operating expenses increased 5.1%1.
Operating income increased 0.2% to $3.1 billion, and adjusted operating income increased 2.6% to $3.6 billion1.
3 Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results. These adjusted measures are non-GAAP financial measures. Reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure are included at the end of this release.
U.S. Foodservice Operations
Sales for fiscal year 2026 increased 3.2% to $58.8 billion. Total case volume within U.S. Foodservice increased 1.4% for fiscal year 2026, while local case volume within U.S. Foodservice increased 1.7%.
Gross profit increased 3.3% to $11.2 billion, and gross margin increased 2 basis points to 19.1%.
Operating expenses increased 4.9%, and adjusted operating expenses increased 4.7%1.
Operating income increased 0.1% to $3.5 billion, and adjusted operating income increased 0.7% to $3.7 billion1.
International Foodservice Operations
Sales for fiscal year 2026 increased 7.6% to $16.0 billion. On a constant currency basis3, sales for fiscal year 2026 increased 4.1% to $15.5 billion. Foreign exchange rates increased both International Foodservice Operations sales by 3.5% and total Sysco sales by 0.6% during the year.
Gross profit increased 9.4% to $3.4 billion, and gross margin increased 34 basis points to 21.2%. On a constant currency basis3, gross profit increased 5.4% to $3.3 billion. Foreign exchange rates increased both International Foodservice Operations gross profit by 4.0% and total Sysco gross profit by 0.9% during the year.
Operating expenses increased 10.0%, and adjusted operating expenses increased 7.8%1. On a constant currency basis3, adjusted operating expenses increased 3.4%. Foreign exchange rates increased both International Foodservice Operations operating expense by 4.4% and total Sysco operating expense by 1.0% during the year.
Operating income increased 5.9% to $463 million, and adjusted operating income increased 16.4% to $681 million1. On a constant currency basis3, adjusted operating income increased 14.0% to $667 million. Foreign exchange rates increased both International Foodservice Operations operating income by 2.4% and total Sysco operating income by 0.5% during the year.
Balance Sheet, Cash Flow and Capital Spending
As of the end of the quarter, the company had a cash balance of $1.8 billion and total liquidity4 of $4.8 billion.
Debt to net earnings was approximately 7.7 times, and Net Debt to adjusted EBITDA1 was approximately 2.7 times.
During the fiscal year, Sysco returned $1.2 billion to shareholders via $200 million of share repurchases and $1.0 billion of dividends.
Cash flow from operations was $2.6 billion for fiscal year 2026, which was 5.1% higher compared to the prior year. Free cash flow1 for fiscal year 2026 was $2.1 billion, which was 16.3% higher compared to the prior year.
Capital expenditures, net of proceeds from sales of plant and equipment, for fiscal year 2026 were $524 million.
4 Available liquidity includes cash and cash equivalents, available borrowing capacity under our revolving credit facility, less outstanding drawings under our commercial paper program, as of the applicable reporting date.
Conference Call & Webcast
Sysco will host a conference call to review the company’s fourth quarter and full fiscal year 2026 financial results on Tuesday, August 4, 2026, at 10:00 a.m. Eastern Time. A live webcast of the call, accompanying slide presentation and a copy of this news release will be available online at investors.sysco.com.
Key Highlights: 13-Week Period Ended52-Week Period Ended Financial Comparison (1):June 27, 2026ChangeJune 27, 2026ChangeGAAP: Sales$22.1 billion4.7%
$84.6 billion3.9%
Gross Profit$4.1 billion3.7%
$15.6 billion4.5%
Gross Margin18.7%
-17 bps18.5%
10 bpsOperating Expenses$3.2 billion1.7%
$12.5 billion5.6%
Operating Income$983 million10.6%
$3.1 billion0.2%
Operating Margin4.4%
23 bps3.7%
-14 bpsNet Earnings$551 million3.8%
$1.8 billion-3.9%
Diluted Earnings Per Share$1.15
4.5%
$3.66
-1.9%
Non-GAAP (2): Adjusted Operating Expenses$3.0 billion3.6%
$12.0 billion5.1%
Adjusted Operating Income$1.1 billion4.1%
$3.6 billion2.6%
Adjusted Operating Margin5.2%
-3 bps4.3%
-6 bpsEBITDA$1.2 billion5.4%
$4.0 billion-0.7%
Adjusted EBITDA$1.3 billion4.7%
$4.4 billion2.2%
Adjusted Net Earnings$734 million2.5%
$2.2 billion1.4%
Adjusted Diluted Earnings Per Share$1.53
3.4%
$4.61
3.4%
Case Growth: U.S. Foodservice2.5%
1.4%
Local2.6%
1.7%
Sysco Brand Sales as a % of Cases (3): U.S. Broadline35.5%
-4 bps35.4%
-59 bpsLocal46.4%
30 bps45.8%
-45 bps Note:(1) Individual components in the table may not sum to the totals due to rounding.(2) Reconciliations of all non-GAAP financial measures to the nearest respective GAAP financial measures are included at the end of this release.(3) Amounts reflect the impact of current customer classifications; prior period history has been reclassified to match the current period customer classification. Forward-Looking Statements
Statements made in this press release or in our earnings call for the fourth quarter of fiscal year 2026 include statements that are forward-looking or that express management’s beliefs, expectations or hopes and are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, among other things, our future financial performance and results, business strategy, plans, goals and objectives, including certain outlook, business trends, our dividend and share repurchase programs, our expectation of future macroeconomic conditions and other statements that are not historical facts, including our expectations regarding foot traffic and volume growth, and benefits to gross margins; and our expectations regarding our future growth, including growth in sales and earnings per share; as well as statements about the expected timing and completion of the proposed transaction with Jetro Restaurant Depot and the anticipated benefits of such proposed transaction, including estimated synergies, and plans, impact on Sysco and expectations for Sysco after completion of the proposed transaction.
Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions, including those outside of Sysco’s control. Risks and uncertainties include without limitation: the impact of geopolitical, economic and market conditions and developments, including changes in global trade policies and tariffs and foreign conflicts; risks related to our business initiatives; periods of significant or prolonged inflation or deflation and their impact on our product costs, volume, foot traffic, and profitability generally; risks related to our efforts to implement our transformation initiatives and meet our other long-term strategic objectives; risks of interruption of supplies and increase in product costs; risks related to changes in consumer eating habits; and impact of natural disasters or adverse weather conditions, public health crises, adverse publicity or lack of confidence in our products, and product liability claims as well as risks and uncertainties associated with our proposed transaction with Jetro Restaurant Depot, including but not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of either or both parties to terminate the merger agreement; the risk that regulatory approvals may not be obtained or other closing conditions may not be satisfied in a timely manner or at all, as well as the risk that regulatory approvals are obtained subject to conditions that are not anticipated; the risk of other delays in closing the transaction; the possibility that any of the anticipated benefits and projected synergies of the transaction will not be realized or will not be realized within the expected time period; and the risk that the proposed transaction and its announcement could have an adverse effect on the market price of the common stock of Sysco. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Therefore, you should not place undue reliance on any of the forward-looking statements contained herein. For more information on these risks and other concerning factors that could cause actual results to differ from those expressed or forecasted, see our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC. We do not undertake to update our forward-looking statements, except as required by applicable law.
About Sysco
Sysco is the global leader in selling, marketing and distributing food and related products to customers who prepare meals away from home. This includes restaurants, healthcare and educational facilities, lodging establishments, entertainment venues, and more. Sysco operates 333 distribution centers, in 10 countries, with 75,000 colleagues serving approximately 670,000 customer locations. The company generated sales of more than $84 billion in fiscal year 2026 that ended June 27, 2026.
As the world’s largest food-away-from-home distributor, Sysco offers customized supply chain solutions, bespoke specialty product offerings, and culinary support to drive customers to innovate and optimize their operations. We act as a trusted business partner to our customers, helping them grow through our industry-leading portfolio that includes fresh produce, premium proteins, specialty products, sustainably focused items, equipment and supplies, and innovative culinary solutions.
For more information, visit www.sysco.com. For important news and key information for Sysco investors, visit the Investor Relations section of the company’s website at investors.sysco.com.
SYY-INVESTORS
Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED RESULTS OF OPERATIONS
(In Millions, Except for Share and Per Share Data) 13-Week Period Ended 52-Week Period Ended Jun. 27, 2026 Jun. 28, 2025 Jun. 27, 2026 Jun. 28, 2025 (Unaudited) (Unaudited) (Unaudited) Sales$22,124 $21,138 $84,553 $81,370Cost of sales 17,990 17,152 68,914 66,401Gross profit 4,134 3,986 15,639 14,969Operating expenses 3,151 3,097 12,544 11,881Operating income 983 889 3,095 3,088Interest expense 205 166 717 635Other expense (income), net 58 6 102 38Earnings before income taxes 720 717 2,276 2,415Income taxes 169 186 519 587Net earnings$551 $531 $1,757 $1,828 Net earnings: Basic earnings per share$1.15 $1.10 $3.67 $3.74Diluted earnings per share 1.15 1.10 3.66 3.73 Average shares outstanding 479,019,305 482,335,556 479,117,877 488,144,333Diluted shares outstanding 480,232,028 483,381,310 480,612,203 489,825,648 Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In Millions, Except for Share Data) Jun. 27, 2026 Jun. 28, 2025 (Unaudited) ASSETS Current assets Cash and cash equivalents$1,786 $1,071 Accounts receivable, less allowances of $13 and $17 5,865 5,502 Inventories 5,338 5,053 Prepaid expenses and other current assets 427 338 Income tax receivable 21 4 Total current assets 13,437 11,968 Plant and equipment at cost, less accumulated depreciation 5,974 6,084 Other long-term assets Goodwill 5,225 5,231 Intangibles, less amortization 952 1,080 Deferred income taxes 506 497 Operating lease right-of-use assets, net 1,389 1,131 Other assets 914 783 Total other long-term assets 8,986 8,722 Total assets$28,397 $26,774 LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent liabilities Accounts payable$6,640 $6,512 Accrued expenses 2,456 2,268 Accrued income taxes 60 51 Current operating lease liabilities 166 136 Current maturities of long-term debt 1,201 949 Total current liabilities 10,523 9,916 Long-term liabilities Long-term debt 12,315 12,360 Deferred income taxes 456 345 Long-term operating lease liabilities 1,285 1,049 Other long-term liabilities 1,152 1,247 Total long-term liabilities 15,208 15,001 Commitments and contingencies Noncontrolling interest — 27 Shareholders’ equity Preferred stock, par value $1 per share Authorized 1,500,000 shares, issued none — — Common stock, par value $1 per share Authorized 2,000,000,000 shares, issued
765,174,900 shares 765 765 Paid-in capital 2,114 1,986 Retained earnings 13,748 13,061 Accumulated other comprehensive loss (1,014) (1,098)Treasury stock at cost, 286,631,270 and 287,678,658 shares (12,947) (12,884)Total shareholders’ equity 2,666 1,830 Total liabilities and shareholders’ equity$28,397 $26,774 Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED CASH FLOWS
(In Millions) 52-Week Period Ended Jun. 27, 2026 Jun. 28, 2025 (Unaudited) Cash flows from operating activities: Net earnings$1,757 $1,828 Adjustments to reconcile net earnings to cash provided by operating activities: Share-based compensation expense 118 93 Depreciation and amortization 976 945 Operating lease asset amortization 153 141 Amortization of debt issuance and other debt-related costs 46 15 Deferred income taxes 10 (13)Provision for losses on receivables 73 85 Goodwill impairment — 92 Other non-cash items (40) (100)Additional changes in certain assets and liabilities, net of effect of businesses
acquired: Increase in receivables (469) (206)Increase in inventories (293) (330)Increase in prepaid expenses and other current assets (25) (22)Increase in accounts payable 354 143 Increase (decrease) in accrued expenses 214 (14)Decrease in operating lease liabilities (215) (177)Decrease in accrued income taxes (7) (62)(Increase) decrease in other assets (29) 18 Increase in other long-term liabilities 15 74 Net cash provided by operating activities 2,638 2,510 Cash flows from investing activities: Additions to plant and equipment (700) (906)Proceeds from sales of plant and equipment 176 214 Acquisition of businesses, net of cash acquired (189) (40)Purchase of marketable securities (61) (32)Proceeds from sales of marketable securities 54 29 Other investing activities 23 18 Net cash used for investing activities (697) (717)Cash flows from financing activities: Bank and commercial paper borrowings, net (263) 45 Other debt borrowings including senior notes 1,252 1,254 Other debt repayments including senior notes (908) (549)Proceeds from stock option exercises 137 110 Stock repurchases (200) (1,250)Dividends paid (1,037) (1,000)Debt issuance costs (108) — Other financing activities (32) (22)Net cash used for financing activities (1,159) (1,412)Effect of exchange rates on cash, cash equivalents and restricted cash (14) 22 Net increase in cash, cash equivalents and restricted cash 768 403 Cash, cash equivalents and restricted cash at beginning of period 1,349 945 Cash, cash equivalents and restricted cash at end of period$2,117 $1,348 Supplemental disclosures of cash flow information: Cash paid during the period for: Interest$670 $629 Income taxes, net of refunds (1) 477 640 (1) Cash paid for income taxes, net for fiscal year 2026 and 2025 includes $227 million and $190 million, respectively, of cash paid for the purchase of federal tax credits. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items The discussion of our results includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, that we believe provide important perspective with respect to underlying business trends. Other than EBITDA and free cash flow, any non-GAAP financial measures will be denoted as adjusted measures to remove (1) restructuring charges; (2) expenses associated with our various transformation initiatives; (3) severance charges; and (4) acquisition-related costs consisting of: (a) intangible amortization expense and (b) acquisition costs and due diligence costs related to our acquisitions. Adjustments provided herein for fiscal year 2026 results of operations also remove the impact of a charge associated with a legal matter, amortization expense associated with debt issuance costs on a bridge loan facility, and a loss on deal contingent rate lock transactions entered into to mitigate interest rate risk on future permanent debt that could potentially be issued to finance the purchase of Jetro Restaurant Depot. No similar charges were applicable in fiscal year 2025. Adjustments provided herein for fiscal year 2025 results of operations also remove the impact of a goodwill impairment charge. No similar charge was applicable in fiscal year 2026. The results of our operations can be impacted due to changes in exchange rates applicable in converting local currencies to U.S. dollars. We measure our results on a constant currency basis. Constant currency operating results are calculated by translating current-period local currency operating results with the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period. We also measure our sales growth for our International Foodservice Operations excluding the impact of our joint venture in Mexico which was divested in the second quarter of fiscal year 2025. Management believes that adjusting its operating expenses, operating income, operating margin, interest expense, other (income) expense, net earnings and diluted earnings per share to remove these Certain Items, presenting its results on a constant currency basis, and adjusting its sales results to exclude the impact of its joint venture in Mexico provides an important perspective with respect to our underlying business trends and results. It provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations and (2) facilitates comparisons on a year-over-year basis. Sysco has a history of growth through acquisitions and excludes from its non-GAAP financial measures the impact of acquisition-related intangible amortization, acquisition costs and due-diligence costs for those acquisitions. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal year 2026 and fiscal year 2025. Set forth on the following page is a reconciliation of sales, operating expenses, operating income, interest expense, other (income) expense, net earnings and diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings per share may not be equal to the total presented when added due to rounding. Adjusted diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding. The non-GAAP financial measures shown in the following tables should not be used as a substitute for the most comparable GAAP financial measures in assessing the company’s financial performance for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items
(Dollars in Millions, Except for Share and Per Share Data) 13-Week
Period Ended
Jun. 27, 2026 13-Week
Period Ended
Jun. 28, 2025 Change in
Dollars %/bps
ChangeSales (GAAP)$22,124 $21,138 $986 4.7%Impact of currency fluctuations (1) (47) (47) (0.3)Comparable sales using a constant currency basis
(Non-GAAP)$22,077 $21,138 $939 4.4% Cost of sales (GAAP)$17,990 $17,152 $838 4.9% Gross profit (GAAP)$4,134 $3,986 $148 3.7%Impact of currency fluctuations (1) (12) (12) (0.3)Comparable gross profit adjusted for Certain Items
using a constant currency basis (Non-GAAP)$4,122 $3,986 $136 3.4% Gross margin (GAAP) 18.69% 18.86% -17 bpsImpact of currency fluctuations (1) (0.02) -2 bpsComparable gross margin adjusted for Certain Items
using a constant currency basis (Non-GAAP) 18.67% 18.86% -19 bps Operating expenses (GAAP)$3,151 $3,097 $54 1.7%Impact of restructuring and transformational project costs (2) (80) (75) (5) (6.7)Impact of acquisition-related costs (3) (77) (39) (38) (97.4)Impact of goodwill impairment — (92) 92 NMOperating expenses adjusted for Certain Items (Non-GAAP) 2,994 2,891 103 3.6 Impact of currency fluctuations (1) (8) (8) (0.3)Comparable operating expenses adjusted for Certain Items
using a constant currency basis (Non-GAAP)$2,986 $2,891 $95 3.3% Operating expense as a percentage of sales (GAAP) 14.24% 14.65% -41 bpsImpact of certain item adjustments (0.71) (0.97) 26 bpsAdjusted operating expense as a percentage of sales
(Non-GAAP) 13.53% 13.68% -15 bps Operating income (GAAP)$983 $889 $94 10.6%Impact of restructuring and transformational project costs (2) 80 75 5 6.7 Impact of acquisition-related costs (3) 77 39 38 97.4 Impact of goodwill impairment — 92 (92) NMOperating income adjusted for Certain Items (Non-GAAP) 1,140 1,095 45 4.1 Impact of currency fluctuations (1) (3) (3) (0.3)Comparable operating income adjusted for Certain Items
using a constant currency basis (Non-GAAP)$1,137 $1,095 $42 3.8% Operating margin (GAAP) 4.44% 4.21% 23 bpsOperating margin adjusted for Certain Items (Non-GAAP) 5.15% 5.18% -3 bpsOperating margin adjusted for Certain Items
using a constant currency basis (Non-GAAP) 5.15% 5.18% -3 bps Interest expense (GAAP)$205 $166 $39 23.5%Impact of bridge loan amortization (4) (30) — (30) NMInterest expense adjusted for Certain Items (Non-GAAP)$175 $166 $9 5.4% Other expense (GAAP)$58 $6 $52 NMImpact of deal contingent rate lock transactions (4) (54) — (54) NMOther expense adjusted for Certain Items (Non-GAAP)$4 $6 $(2) (33.3)% Net earnings (GAAP)$551 $531 $20 3.8%Impact of restructuring and transformational project costs (2) 80 75 5 6.7 Impact of acquisition-related costs (3) 77 39 38 97.4 Impact of goodwill impairment — 92 (92) NMImpact of bridge loan amortization (4) 30 — 30 NMImpact of deal contingent rate lock transactions (4) 54 — 54 NMTax impact of restructuring and transformational project costs (5) (19) (14) (5) (35.7)Tax impact of acquisition-related costs (5) (19) (7) (12) NMTax impact of goodwill impairment (5) — (10) 10 NMTax impact of bridge loan amortization (5) (7) — (7) NMTax impact of deal contingent rate lock transactions (5) (13) — (13) NMImpact of other non-routine tax adjustments — 10 (10) NMNet earnings adjusted for Certain Items (Non-GAAP)$734 $716 $18 2.5% Diluted earnings per share (GAAP)$1.15 $1.10 $0.05 4.5%Impact of restructuring and transformational project costs (2) 0.17 0.16 0.01 6.3 Impact of acquisition-related costs (3) 0.16 0.08 0.08 100.0 Impact of goodwill impairment — 0.19 (0.19) NMImpact of bridge loan amortization (4) 0.06 — 0.06 NMImpact of deal contingent rate lock transactions (4) 0.11 — 0.11 NMTax impact of restructuring and transformational project costs (5) (0.04) (0.03) (0.01) (33.3)Tax impact of acquisition-related costs (5) (0.04) (0.01) (0.03) NMTax impact of goodwill impairment (5) — (0.02) 0.02 NMTax impact of bridge loan amortization (5) (0.01) — (0.01) NMTax impact of deal contingent rate lock transactions (5) (0.03) — (0.03) NMImpact of other non-routine tax adjustments — 0.02 (0.02) NMDiluted earnings per share adjusted for Certain Items
(Non-GAAP) (6)$1.53 $1.48 $0.05 3.4% Diluted shares outstanding 480,232,028 483,381,310 (1) Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on the current year results.(2) Fiscal year 2026 includes $29 million related to restructuring costs and severance charges, partially offset by the reversal of costs associated with a legal matter and $72 million related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy. Fiscal year 2025 includes $26 million related to restructuring and severance charges and $49 million related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy.(3) Fiscal year 2026 includes $39 million of intangible amortization expense and $38 million in acquisition and due diligence costs. Fiscal year 2025 includes $36 million of intangible amortization expense and $3 million in acquisition and due diligence costs.(4) Fiscal year 2026 includes amortization expense associated with debt issuance costs on a bridge loan facility and a loss on deal contingent rate lock transactions, both of which are related to the planned acquisition of Jetro Restaurant Depot.(5) The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.(6) Individual components of diluted earnings per share may not equal the total presented when added due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.NM Represents that the percentage change is not meaningful. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items
(Dollars in Millions, Except for Share and Per Share Data) 52-Week
Period Ended
Jun. 27, 2026 52-Week
Period Ended
Jun. 28, 2025 Change in
Dollars %/bps
ChangeSales (GAAP)$84,553 $81,370 $3,183 3.9%Impact of Mexico joint venture sales — (207) 207 0.3 Comparable sales excluding Mexico joint venture (Non-GAAP)$84,553 $81,163 $3,390 4.2% Sales (GAAP)$84,553 $81,370 $3,183 3.9%Impact of currency fluctuations (1) (527) (527) (0.6)Comparable sales using a constant currency basis (Non-GAAP)$84,026 $81,370 $2,656 3.3% Cost of sales (GAAP)$68,914 $66,401 $2,513 3.8% Gross profit (GAAP)$15,639 $14,969 $670 4.5%Impact of currency fluctuations (1) (127) (127) (0.9)Comparable gross profit adjusted for Certain Items
using a constant currency basis (Non-GAAP)$15,512 $14,969 $543 3.6% Gross margin (GAAP) 18.50% 18.40% 10 bpsImpact of currency fluctuations (1) (0.04) -4 bpsComparable gross margin adjusted for Certain Items
using a constant currency basis (Non-GAAP) 18.46% 18.40% 6 bps Operating expenses (GAAP)$12,544 $11,881 $663 5.6%Impact of restructuring and transformational project costs (2) (287) (183) (104) (56.8)Impact of acquisition-related costs (3) (232) (160) (72) (45.0)Impact of goodwill impairment — (92) 92 NMOperating expenses adjusted for Certain Items (Non-GAAP) 12,025 11,446 579 5.1 Impact of currency fluctuations (1) (111) (111) (1.0)Comparable operating expenses adjusted for Certain Items
using a constant currency basis (Non-GAAP)$11,914 $11,446 $468 4.1% Operating expense as a percentage of sales (GAAP) 14.84% 14.60% 24 bpsImpact of certain item adjustments (0.62) (0.53) -9 bpsAdjusted operating expense as a percentage of sales
(Non-GAAP) 14.22% 14.07% 15 bps Operating income (GAAP)$3,095 $3,088 $7 0.2%Impact of restructuring and transformational project costs (2) 287 183 104 56.8 Impact of acquisition-related costs (3) 232 160 72 45.0 Impact of goodwill impairment — 92 (92) NMOperating income adjusted for Certain Items (Non-GAAP) 3,614 3,523 91 2.6 Impact of currency fluctuations (1) (16) (16) (0.5)Comparable operating income adjusted for Certain Items
using a constant currency basis (Non-GAAP)$3,598 $3,523 $75 2.1% Operating margin (GAAP) 3.66% 3.80% -14 bpsOperating margin adjusted for Certain Items (Non-GAAP) 4.27% 4.33% -6 bpsOperating margin adjusted for Certain Items using a constant
currency basis (Non-GAAP) 4.28% 4.33% -5 bps Interest expense (GAAP)$717 $635 $82 12.9%Impact of bridge loan amortization (4) (30) — (30) NMInterest expense adjusted for Certain Items (Non-GAAP)$687 $635 $52 8.2% Other expense (GAAP)$102 $38 $64 NMImpact of deal contingent rate lock transactions (4) (54) — (54) NMOther expense adjusted for Certain Items (Non-GAAP)$48 $38 $10 26.3% Net earnings (GAAP)$1,757 $1,828 $(71) (3.9)%Impact of restructuring and transformational project costs (2) 287 183 104 56.8 Impact of acquisition-related costs (3) 232 160 72 45.0 Impact of goodwill impairment — 92 (92) NMImpact of bridge loan amortization (4) 30 — 30 NMImpact of deal contingent rate lock transactions (4) 54 — 54 NMTax impact of restructuring and transformational project costs (5) (69) (42) (27) (64.3)Tax impact of acquisition-related costs (5) (56) (37) (19) (51.4)Tax impact of goodwill impairment (5) — (10) 10 NMTax impact of bridge loan amortization (5) (7) — (7) NMTax impact of deal contingent rate lock transactions (5) (13) — (13) NMImpact of other non-routine tax adjustments — 10 (10) NMNet earnings adjusted for Certain Items (Non-GAAP)$2,215 $2,184 $31 1.4% Diluted earnings per share (GAAP)$3.66 $3.73 $(0.07) (1.9)%Impact of restructuring and transformational project costs (2) 0.60 0.37 0.23 62.2 Impact of acquisition-related costs (3) 0.48 0.33 0.15 45.5 Impact of goodwill impairment — 0.19 (0.19) NMImpact of bridge loan amortization (4) 0.06 — 0.06 NMImpact of deal contingent rate lock transactions (4) 0.11 — 0.11 NMTax impact of restructuring and transformational project costs (5) (0.14) (0.09) (0.05) (55.6)Tax impact of acquisition-related costs (5) (0.12) (0.08) (0.04) (50.0)Tax impact of goodwill impairment (5) — (0.02) 0.02 NMTax impact of bridge loan amortization (5) (0.01) — (0.01) NMTax impact of deal contingent rate lock transactions (5) (0.03) — (0.03) NMImpact of other non-routine tax adjustments — 0.02 (0.02) NMDiluted earnings per share adjusted for Certain Items
(Non-GAAP) (6)$4.61 $4.46 $0.15 3.4% Diluted shares outstanding 480,612,203 489,825,648 (1) Represents a constant currency adjustment which eliminates the impact of foreign currency fluctuations on the current year results.(2) Fiscal year 2026 includes $71 million related to restructuring costs, severance charges, and costs associated with a legal matter and $216 million related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy. Fiscal year 2025 includes $57 million related to restructuring and severance charges and $126 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy.(3) Fiscal year 2026 includes $147 million of intangible amortization expense and $85 million in acquisition and due diligence costs. Fiscal year 2025 includes $133 million of intangible amortization expense and $27 million in acquisition and due diligence costs.(4) Fiscal year 2026 includes amortization expense associated with debt issuance costs on a bridge loan facility and a loss on deal contingent rate lock transactions, both of which are related to the planned acquisition of Jetro Restaurant Depot.(5) The tax impact of adjustments for Certain Items is calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.(6) Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.NM Represents that the percentage change is not meaningful. Sysco Corporation and its Consolidated Subsidiaries
Segment Results
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Applicable Segments
(Dollars in Millions) 13-Week
Period Ended
Jun. 27, 2026 13-Week
Period Ended
Jun. 28, 2025 Change in
Dollars %/bps
ChangeU.S. FOODSERVICE OPERATIONS Sales (GAAP)$15,406 $14,759 $647 4.4%Gross profit (GAAP) 2,958 2,872 86 3.0%Gross margin (GAAP) 19.20% 19.46% -26 bps Operating expenses (GAAP)$1,912 $1,851 $61 3.3%Impact of restructuring and transformational project costs (1) 5 (19) 24 NMImpact of acquisition-related costs (2) (18) (18) — — Operating expenses adjusted for Certain Items (Non-GAAP)$1,899 $1,814 $85 4.7% Operating income (GAAP)$1,046 $1,021 $25 2.4%Impact of restructuring and transformational project costs (1) (5) 19 (24) NMImpact of acquisition-related costs (2) 18 18 — — Operating income adjusted for Certain Items (Non-GAAP)$1,059 $1,058 $1 0.1% INTERNATIONAL FOODSERVICE OPERATIONS Sales (GAAP)$4,191 $3,927 $264 6.7%Impact of currency fluctuations (3) (46) (46) (1.1)Comparable sales using a constant currency basis
(Non-GAAP)$4,145 $3,927 $218 5.6% Gross profit (GAAP)$909 $847 $62 7.3%Impact of currency fluctuations (3) (11) (11) (1.3)Comparable gross profit using a constant currency basis
(Non-GAAP)$898 $847 $51 6.0% Gross margin (GAAP) 21.69% 21.57% 12 bpsImpact of currency fluctuations (3) (0.03) -3 bpsComparable gross margin using a constant currency basis
(Non-GAAP) 21.66% 21.57% 9 bps Operating expenses (GAAP)$761 $702 $59 8.4%Impact of restructuring and transformational project costs (4) (57) (34) (23) (67.6)Impact of acquisition-related costs (2) (23) (18) (5) (27.8)Operating expenses adjusted for Certain Items (Non-GAAP) 681 650 31 4.8 Impact of currency fluctuations (3) (9) (9) (1.4)Comparable operating expenses adjusted for Certain Items
using a constant currency basis (Non-GAAP)$672 $650 $22 3.4% Operating income (GAAP)$148 $145 $3 2.1%Impact of restructuring and transformational project costs (4) 57 34 23 67.6 Impact of acquisition-related costs (2) 23 18 5 27.8 Operating income adjusted for Certain Items (Non-GAAP) 228 197 31 15.7 Impact of currency fluctuations (3) (2) (2) (1.0)Comparable operating income adjusted for Certain Items
using a constant currency basis (Non-GAAP)$226 $197 $29 14.7% SYGMA Sales (GAAP)$2,231 $2,164 $67 3.1%Gross profit (GAAP) 175 170 5 2.9%Gross margin (GAAP) 7.84% 7.86% -2 bps Operating expenses (GAAP)$145 $143 $2 1.4%Operating income (GAAP) 30 27 3 11.1% OTHER Sales (GAAP)$296 $288 $8 2.8%Gross profit (GAAP) 79 69 10 14.5%Gross margin (GAAP) 26.69% 23.96% 273 bps Operating expenses (GAAP)$66 $151 $(85) (56.3)%Impact of goodwill impairment — (92) 92 NMOperating expenses adjusted for Certain Items (Non-GAAP)$66 $59 $7 11.9% Operating income (loss) (GAAP)$13 $(82) $95 NMImpact of goodwill impairment — 92 (92) NMOperating income adjusted for Certain Items (Non-GAAP)$13 $10 $3 30.0% GLOBAL SUPPORT CENTER Gross profit (GAAP)$13 $28 $(15) (53.6)% Operating expenses (GAAP)$267 $250 $17 6.8%Impact of restructuring and transformational project costs (5) (28) (22) (6) (27.3)Impact of acquisition-related costs (6) (36) (3) (33) NMOperating expenses adjusted for Certain Items (Non-GAAP)$203 $225 $(22) (9.8)% Operating loss (GAAP)$(254) $(222) $(32) (14.4)%Impact of restructuring and transformational project costs (5) 28 22 6 27.3 Impact of acquisition-related costs (6) 36 3 33 NMOperating loss adjusted for Certain Items (Non-GAAP)$(190) $(197) $7 3.6% TOTAL SYSCO Sales (GAAP)$22,124 $21,138 $986 4.7%Gross profit (GAAP) 4,134 3,986 148 3.7%Gross margin (GAAP) 18.69% 18.86% -17 bps Operating expenses (GAAP)$3,151 $3,097 $54 1.7%Impact of restructuring and transformational project costs (1) (4) (5) (80) (75) (5) (6.7)Impact of acquisition-related costs (2) (6) (77) (39) (38) (97.4)Impact of goodwill impairment — (92) 92 NMOperating expenses adjusted for Certain Items (Non-GAAP)$2,994 $2,891 $103 3.6% Operating income (GAAP)$983 $889 $94 10.6%Impact of restructuring and transformational project costs (1) (4) (5) 80 75 5 6.7 Impact of acquisition-related costs (2) (6) 77 39 38 97.4 Impact of goodwill impairment — 92 (92) NMOperating income adjusted for Certain Items (Non-GAAP)$1,140 $1,095 $45 4.1% (1) Primarily represents severance charges and transformation initiative costs, partially offset by the reversal of costs associated with a legal matter.(2) Fiscal year 2026 and fiscal year 2025 include intangible amortization expense and acquisition costs.(3) Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.(4) Includes restructuring and transformation costs primarily in Europe.(5) Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.(6) Represents due diligence costs.NM Represents that the percentage change is not meaningful. Sysco Corporation and its Consolidated Subsidiaries
Segment Results
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Applicable Segments
(Dollars in Millions) 52-Week
Period Ended
Jun. 27, 2026 52-Week
Period Ended
Jun. 28, 2025 Change in
Dollars %/bps
ChangeU.S. FOODSERVICE OPERATIONS Sales (GAAP)$58,803 $56,965 $1,838 3.2%Gross profit (GAAP) 11,239 10,875 364 3.3%Gross margin (GAAP) 19.11% 19.09% 2 bps Operating expenses (GAAP)$7,721 $7,359 $362 4.9%Impact of restructuring and transformational project costs (1) (49) (45) (4) 8.9 Impact of acquisition-related costs (2) (90) (71) (19) (26.8)Operating expenses adjusted for Certain Items (Non-GAAP)$7,582 $7,243 $339 4.7% Operating income (GAAP)$3,518 $3,516 $2 0.1%Impact of restructuring and transformational project costs (1) 49 45 4 8.9 Impact of acquisition-related costs (2) 90 71 19 26.8 Operating income adjusted for Certain Items (Non-GAAP)$3,657 $3,632 $25 0.7% INTERNATIONAL FOODSERVICE OPERATIONS Sales (GAAP)$16,042 $14,905 $1,137 7.6%Impact of Mexico joint venture sales — (207) 207 1.5 Comparable sales excluding Mexico joint venture (Non-GAAP)$16,042 $14,698 $1,344 9.1% Sales (GAAP)$16,042 $14,905 $1,137 7.6%Impact of currency fluctuations (3) (523) (523) (3.5)Comparable sales using a constant currency basis
(Non-GAAP)$15,519 $14,905 $614 4.1% Gross profit (GAAP)$3,401 $3,109 $292 9.4%Impact of currency fluctuations (3) (125) (125) (4.0)Comparable gross profit using a constant currency basis (Non-GAAP)$3,276 $3,109 $167 5.4% Gross margin (GAAP) 21.20% 20.86% 34 bpsImpact of currency fluctuations (3) (0.09) -9 bpsComparable gross margin using a constant currency basis
(Non-GAAP) 21.11% 20.86% 25 bps Operating expenses (GAAP)$2,938 $2,672 $266 10.0%Impact of restructuring and transformational project costs (4) (148) (74) (74) (100.0)Impact of acquisition-related costs (2) (70) (74) 4 5.4 Operating expenses adjusted for Certain Items (Non-GAAP) 2,720 2,524 196 7.8 Impact of currency fluctuations (3) (111) (111) (4.4)Comparable operating expenses adjusted for Certain Items
using a constant currency basis (Non-GAAP)$2,609 $2,524 $85 3.4% Operating income (GAAP)$463 $437 $26 5.9%Impact of restructuring and transformational project costs (4) 148 74 74 100.0 Impact of acquisition-related costs (2) 70 74 (4) (5.4)Operating income adjusted for Certain Items (Non-GAAP) 681 585 96 16.4 Impact of currency fluctuations (3) (14) (14) (2.4)Comparable operating income adjusted for Certain Items
using a constant currency basis (Non-GAAP)$667 $585 $82 14.0% SYGMA Sales (GAAP)$8,623 $8,410 $213 2.5%Gross profit (GAAP) 671 662 9 1.4%Gross margin (GAAP) 7.78% 7.87% -9 bps Operating expenses (GAAP)$577 $581 $(4) (0.7)%Operating income (GAAP) 94 81 13 16.0% OTHER Sales (GAAP)$1,085 $1,090 $(5) (0.5)%Gross profit (GAAP) 281 266 15 5.6%Gross margin (GAAP) 25.90% 24.40% 150 bps Operating expenses (GAAP)$251 $339 $(88) (26.0)%Impact of goodwill impairment — (92) 92 NMOperating expenses adjusted for Certain Items (Non-GAAP)$251 $247 $4 1.6% Operating income (loss) (GAAP)$30 $(73) $103 NMImpact of goodwill impairment — (92) 92 NMOperating income adjusted for Certain Items (Non-GAAP)$30 $19 $11 57.9% GLOBAL SUPPORT CENTER Gross profit (GAAP)$47 $57 $(10) (17.5)% Operating expenses (GAAP)$1,057 $930 $127 13.7%Impact of restructuring and transformational project costs (5) (90) (64) (26) (40.6)Impact of acquisition-related costs (6) (72) (15) (57) NMOperating expenses adjusted for Certain Items (Non-GAAP)$895 $851 $44 5.2% Operating loss (GAAP)$(1,010) $(873) $(137) (15.7)%Impact of restructuring and transformational project costs (5) 90 64 26 40.6 Impact of acquisition-related costs (6) 72 15 57 NMOperating loss adjusted for Certain Items (Non-GAAP)$(848) $(794) $(54) (6.8)% TOTAL SYSCO Sales (GAAP)$84,553 $81,370 $3,183 3.9%Gross profit (GAAP) 15,639 14,969 670 4.5%Gross margin (GAAP) 18.50% 18.40% 10 bps Operating expenses (GAAP)$12,544 $11,881 $663 5.6%Impact of restructuring and transformational project costs (1) (4) (5) (287) (183) (104) (56.8)Impact of acquisition-related costs (2) (6) (232) (160) (72) (45.0)Impact of goodwill impairment — (92) 92 NMOperating expenses adjusted for Certain Items (Non-GAAP)$12,025 $11,446 $579 5.1% Operating income (GAAP)$3,095 $3,088 $7 0.2%Impact of restructuring and transformational project costs (1) (4) (5) 287 183 104 56.8 Impact of acquisition-related costs (2) (6) 232 160 72 45.0 Impact of goodwill impairment — 92 (92) NMOperating income adjusted for Certain Items (Non-GAAP)$3,614 $3,523 $91 2.6% (1) Primarily represents severance charges, transformation initiative costs, and costs associated with a legal matter.(2) Fiscal year 2026 and fiscal year 2025 include intangible amortization expense and acquisition costs.(3) Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.(4) Includes restructuring and transformation costs primarily in Europe.(5) Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.(6) Represents due diligence costs.NM Represents that the percentage change is not meaningful. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Free Cash Flow
(In Millions)
Free cash flow represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Sysco considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases and sales of buildings, fleet, equipment and technology, which may potentially be used to pay for, among other things, strategic uses of cash including dividend payments, share repurchases and acquisitions. However, free cash flow may not be available for discretionary expenditures, as it may be necessary that we use it to make mandatory debt service or other payments. Free cash flow should not be used as a substitute for the most comparable GAAP financial measure in assessing the company’s liquidity for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the table that follows, free cash flow for each period presented is reconciled to net cash provided by operating activities.
52-Week
Period Ended
Jun. 27, 2026 52-Week
Period Ended
Jun. 28, 2025 52-Week
Period Change
in DollarsNet cash provided by operating activities (GAAP)$2,638 $2,510 $128 Additions to plant and equipment (700) (906) 206 Proceeds from sales of plant and equipment 176 214 (38)Free Cash Flow (Non-GAAP)$2,114 $1,818 $296 Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
(Dollars in Millions)
EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit, (iii) depreciation and (iv) amortization. The net earnings (loss) component of our EBITDA calculation is impacted by Certain Items that we do not consider representative of our underlying performance. As a result, in the non-GAAP reconciliations below for each period presented, adjusted EBITDA is computed as EBITDA plus the impact of Certain Items, excluding certain items related to interest expense, income taxes, depreciation and amortization. Sysco's management considers growth in this metric to be a measure of overall financial performance that provides useful information to management and investors about the profitability of the business, as it facilitates comparison of performance on a consistent basis from period to period by providing a measurement of recurring factors and trends affecting our business. Additionally, it is a commonly used component metric used to inform on capital structure decisions. Adjusted EBITDA should not be used as a substitute for the most comparable GAAP financial measure in assessing the company’s financial performance for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the tables that follow, adjusted EBITDA for each period presented is reconciled to net earnings.
13-Week
Period Ended
Jun. 27, 2026 13-Week
Period Ended
Jun. 28, 2025 Change in
Dollars % ChangeNet earnings (GAAP)$551 $531 $20 3.8%Interest (GAAP) 205 166 39 23.5 Income taxes (GAAP) 169 186 (17) (9.1)Depreciation and amortization (GAAP) 252 234 18 7.7 EBITDA (Non-GAAP)$1,177 $1,117 $60 5.4%Certain Item adjustments: Impact of restructuring and
transformational project costs (1) 77 74 3 4.1 Impact of acquisition-related costs (2) 38 3 35 NMImpact of deal contingent rate lock
transactions (3) 54 — 54 NMImpact of goodwill impairment — 92 (92) NMEBITDA adjusted for Certain Items
(Non-GAAP) (4)$1,346 $1,286 $60 4.7%Other expense (income), net, as
adjusted (Non-GAAP) (5) 4 6 (2) (33.3)Depreciation and amortization, as
adjusted (Non-GAAP) (6) (210) (197) (13) (6.6)Operating income adjusted for Certain
Items (Non-GAAP)$1,140 $1,095 $45 4.1% (1) Fiscal year 2026 and fiscal year 2025 include charges related to restructuring and severance, as well as various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy, excluding charges related to accelerated depreciation. In addition, fiscal year 2026 includes the reversal of charges associated with a legal matter.(2) Fiscal year 2026 and fiscal year 2025 include acquisition and due diligence costs.(3) Fiscal year 2026 includes a loss on deal contingent rate lock transactions related to the planned acquisition of Jetro Restaurant Depot.(4) In arriving at adjusted EBITDA, Sysco does not adjust out interest income of $8 million and $8 million or non-cash stock compensation expense of $24 million and $19 million in fiscal year 2026 and fiscal year 2025, respectively.(5) Fiscal year 2026 represents $58 million in GAAP other expense (income), net less $54 million in expense from a loss on deal contingent rate lock transactions entered into to mitigate interest rate risk on future permanent debt that could potentially be issued to finance the purchase of Jetro Restaurant Depot. Fiscal year 2025 represents $6 million in GAAP other expense (income), net.(6) Fiscal year 2026 includes $252 million in GAAP depreciation and amortization expense, less $42 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions. Fiscal year 2025 includes $234 million in GAAP depreciation and amortization expense, less $37 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions.NM Represents that the percentage change is not meaningful. 52-Week
Period Ended
Jun. 27, 2026 52-Week
Period Ended
Jun. 28, 2025 Change in
Dollars % ChangeNet earnings (GAAP)$1,757 $1,828 $(71) (3.9)%Interest (GAAP) 717 635 82 12.9 Income taxes (GAAP) 519 587 (68) (11.6)Depreciation and amortization (GAAP) 976 945 31 3.3 EBITDA (Non-GAAP)$3,969 $3,995 $(26) (0.7)%Certain Item adjustments: Impact of restructuring and
transformational project costs (1) 280 179 101 56.4 Impact of acquisition-related costs (2) 84 27 57 NMImpact of deal contingent rate lock
transactions (3) 54 — 54 NMImpact of goodwill impairment — 92 (92) NMEBITDA adjusted for Certain Items
(Non-GAAP) (4)$4,387 $4,293 $94 2.2%Other expense (income), net, as adjusted
(Non-GAAP) (5) 48 38 10 26.3 Depreciation and amortization, as
adjusted (Non-GAAP) (6) (821) (808) (13) (1.6)Operating income adjusted for Certain
Items (Non-GAAP)$3,614 $3,523 $91 2.6% (1) Fiscal year 2026 and fiscal year 2025 include charges related to restructuring and severance, as well as various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy, excluding charges related to accelerated depreciation. In addition, fiscal 2026 includes charges associated with a legal matter.(2) Fiscal year 2026 and fiscal year 2025 include acquisition and due diligence costs.(3) Fiscal year 2026 includes a loss on deal contingent rate lock transactions related to the planned acquisition of Jetro Restaurant Depot.(4) In arriving at adjusted EBITDA, Sysco does not exclude interest income of $27 million and $29 million or non-cash stock compensation expense of $118 million and $93 million for fiscal year 2026 and fiscal year 2025, respectively.(5) Fiscal year 2026 represents $102 million in GAAP other expense (income), net less $54 million in expense from a loss on deal contingent rate lock transactions entered into to mitigate interest rate risk on future permanent debt that could potentially be issued to finance the purchase of Jetro Restaurant Depot. Fiscal year 2025 represents $38 million in GAAP other expense (income), net.(6) Fiscal year 2026 includes $976 million in GAAP depreciation and amortization expense, less $155 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions. Fiscal year 2025 includes $945 million in GAAP depreciation and amortization expense, less $137 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions.NM Represents that the percentage change is not meaningful. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Net Debt to Adjusted EBITDA
(In Millions)
Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating agencies. It is an important measure used by management to evaluate our access to liquidity, and we believe it is a representation of our financial strength. Our Net Debt to Adjusted EBITDA ratio is calculated using a numerator of our debt minus cash and cash equivalents, divided by the sum of the most recent four quarters of Adjusted EBITDA. In the table that follows, we have provided the calculation of our debt and net debt as a ratio of Adjusted EBITDA.
Jun. 27, 2026Current maturities of long-term debt $1,201 Long-term debt 12,315 Total Debt (GAAP) 13,516 Cash & Cash Equivalents (1,786)Net Debt (Non-GAAP) $11,730 Net Earnings for the previous 12 months (GAAP) $1,757 Adjusted EBITDA for the previous 12 months (Non-GAAP) (1) $4,387 Total Debt/Net Earnings Ratio (GAAP) 7.69 Total Debt/Adjusted EBITDA Ratio (Non-GAAP) 3.08 Net Debt/Adjusted EBITDA Ratio (Non-GAAP) 2.67 Note:(1) Refer to non-GAAP reconciliation at the end of this release. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Trailing Twelve Months)
(In Millions)
13-Week
Period Ended
Jun. 27, 2026 13-Week
Period Ended
Mar. 28, 2026 13-Week
Period Ended
Dec. 27, 2025 13-Week
Period Ended
Sep. 27, 2025 TotalNet earnings (GAAP)$551 $340 $389 $477 $1,757Interest (GAAP) 205 168 173 171 717Income taxes (GAAP) 169 105 121 124 519Depreciation and amortization (GAAP) 252 251 240 233 976EBITDA (Non-GAAP)$1,177 $864 $923 $1,005 $3,969Certain Item adjustments: Impact of restructuring and
transformational project costs (1) 77 93 55 55 280Impact of acquisition-related costs (2) 38 13 23 10 84Impact of deal contingent rate lock
transactions (3) 54 — — — 54EBITDA adjusted for Certain Items
(Non-GAAP) (4)$1,346 $970 $1,001 $1,070 $4,387 (1) Includes charges related to restructuring and severance, as well as various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy, excluding charges related to accelerated depreciation. In addition, the 13-week period ended Jun. 27, 2026 includes the reversal of charges associated with a legal matter that were included in the 13-week period ended Mar. 28, 2026.(2) Includes acquisition and due diligence costs.(3) Includes a loss on deal contingent rate lock transactions related to the planned acquisition of Jetro Restaurant Depot.(4) In arriving at adjusted EBITDA, Sysco does not adjust out interest income of $8 million or non-cash stock compensation expense of $24 million in Q4 fiscal year 2026, interest income of $6 million or non-cash stock compensation expense of $31 million in Q3 fiscal year 2026, interest income of $5 million or non-cash stock compensation expense of $33 million in Q2 fiscal year 2026, nor interest income of $6 million or non-cash stock compensation expense of $31 million in Q1 fiscal year 2026. Projected Adjusted EPS Guidance
Adjusted earnings per share is a non-GAAP financial measure; however, we cannot predict with certainty the magnitude or scope of certain items that would be included in the most directly comparable GAAP measure for the relevant future periods, and such items may be significant. Due to these uncertainties, we cannot provide a quantitative reconciliation of projected adjusted EPS to the most directly comparable GAAP financial measure without unreasonable effort. However, we expect to calculate adjusted earnings per share for future periods in the same manner as the reconciliations provided for the historical periods herein.
CoreCivic získala novou pětiletou smlouvu s ICE na využití zařízení Prairie Correctional Facility v Minnesotě s kapacitou 1 600 lůžek. Po plném spuštění očekává roční výnosy kolem 75 milionů USD.
BRENTWOOD, Tenn., Aug. 04, 2026 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) ("CoreCivic") announced today that it has been awarded a new contract with U.S. Immigration and Customs Enforcement ("ICE") to utilize the Company's 1,600-bed Prairie Correctional Facility located in Appleton, Minnesota, a facility that has been idle since 2010.
The new contract commences on August 11, 2026, for a term of five years. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Taking into account start-up activities and the phased commencement of intake operations, we currently expect an immaterial impact to earnings for the remainder of 2026. Once the facility is fully activated, we expect this facility to generate total annual revenue of approximately $75 million. We expect to begin receiving detainees in the fourth quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2027.
Patrick D. Swindle, CoreCivic's Chief Executive Officer, commented, "We are pleased to announce the new contract at our Prairie Correctional Facility. While this facility has been idle since 2010, we have made investments to help ensure an efficient reactivation in the event of a new contract. The geographic location of this facility, similar to our other recent contract awards, improves our ability to support our government partner throughout the United States."
About CoreCivic
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that help build safer, healthier, and more productive communities one person at a time through residential corrections, detention, and reentry management, complementary service offerings to the corrections industry that include pharmaceutical, transportation, and alternatives to incarceration, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest operators of such facilities in the United States. CoreCivic has been a flexible and dependable partner for government for more than 40 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
This press release includes statements as to our beliefs and expectations of the outcome of future events that are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may include such words as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely," and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Such forward-looking statements may be affected by risks and uncertainties in CoreCivic's business and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Important factors that could cause actual results to differ are described in the filings made from time to time by CoreCivic with the Securities and Exchange Commission ("SEC") and include the risk factors described in CoreCivic's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 20, 2026. Except as required by applicable law, CoreCivic undertakes no obligation to update forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
, /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS) today announced that on August 3, 2026, its Board of Directors declared a quarterly dividend of $0.12 per share for each issued and outstanding share of the Company's common stock. The dividend is payable on September 16, 2026, to shareholders of record as of the close of business on August 21, 2026.
About Viatris
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a broad portfolio that spans generics, value-added medicines, established brands, and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai, China, and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.
Forward-Looking Statements
This press release includes statements that constitute "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include statements that the Viatris Board of Directors declared a quarterly dividend of $0.12 per share for each issued and outstanding share of the Company's common stock, payable on September 16, 2026, to shareholders of record as of the close of business on August 21, 2026. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: failure to achieve the intended benefits of our strategic initiatives and priorities; goodwill or impairment charges or other losses; any changes in or difficulties with the Company's manufacturing facilities; failure to achieve expected or targeted future financial and operating performance and results; Viatris' or its partners' ability to develop, manufacture, and commercialize products; any regulatory, legal or other impediments to Viatris' ability to bring new products to market; products in development and/or that receive regulatory approval may not achieve expected levels of market acceptance, efficacy or safety; actions and decisions of healthcare and pharmaceutical regulators; changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; the scope, timing and outcome of any ongoing legal proceedings, and the impact of any such proceedings on Viatris; any significant breach of data security or data privacy or disruptions to our IT systems; risks associated with international operations; changes in third-party relationships; the effect of any changes in Viatris' or its partners' customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of Viatris or its partners; uncertainties regarding future demand, pricing and reimbursement for the Company's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, potential adverse impacts from future tariffs and trade restrictions, inflation rates and global exchange rates; and the other risks described in Viatris' filings with the Securities and Exchange Commission ("SEC"). Viatris routinely uses its website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Viatris undertakes no obligation to update these statements for revisions or changes after the date of this press release other than as required by law.
Shoals Technologies Group ve 2. čtvrtletí zvýšila tržby o 47,4 % na 163,4 milionu USD a vykázala čistý zisk 12,1 milionu USD. Backlog a získané zakázky dosáhly rekordních 801,4 milionu USD.
– Provides Third Quarter and Reaffirms Full-year Outlook –
PORTLAND, Tenn., Aug. 04, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, today announced results for its second quarter ended June 30, 2026.
“The year is progressing well, with second quarter revenue and Adjusted EBITDA within our expected range. The market remains resilient as evidenced by our record backlog and awarded orders of $801.4 million. We have completed the move into our new facility and are steadily making progress towards improving productivity,” said Brandon Moss, CEO of Shoals.
“At Shoals, we’ve stayed focused on strengthening our core business while strategically expanding into high-growth markets that are shaping the future of energy, and that strategy is yielding results. With our market position, manufacturing footprint, and innovation pipeline, we believe we’re exceptionally well positioned for what lies ahead and we’re excited by the opportunities in front of us,” said Mr. Moss.
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1Non-GAAP financial measures referenced in this release are used by management to assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the non-GAAP reconciliation in this release. Non-GAAP measures should not be used as a substitute for the closest comparable GAAP measures.
Second Quarter 2026 Financial Results
Revenue increased 47.4%, to $163.4 million, compared to $110.8 million for the prior-year period, driven by strong underlying demand of products, the impact of market share capture initiatives, and an increase in volume of projects in the current year.
Gross profit was $49.5 million, compared to $41.2 million in the prior-year period. Gross profit as a percentage of revenue was 30.3% compared to 37.2% in the prior-year period. Gross profit as a percentage of revenue declined year over year primarily due to operational inefficiencies associated with the ramp-up and transition into the new manufacturing facility and product mix within the quarter, along with costs incurred to address product quality matters, including rework and corrective actions, as well as material-related inefficiencies and incremental lease accounting amortization.
General and administrative expenses were $28.5 million, compared to $23.1 million during the same period in the prior year. The increase in general and administrative expenses was the result of a $4.4 million increase in cash and share-based incentive compensation expense due to increased headcount in comparison to the prior-year period.
Income from operations was $18.7 million, compared to $16.0 million during the prior-year period.
Net income was $12.1 million compared to $13.9 million during the prior-year period. Earnings per share was $0.07 in the current period and $0.08 in the prior-year period.
Adjusted EBITDA1 was $31.6 million, compared to $24.7 million in the prior-year period.
Adjusted Net Income1 was $19.7 million compared to $17.1 million during the prior-year period. Adjusted Diluted Earnings Per Share1 was $0.12 compared to $0.10 in the prior-year period.
Backlog and Awarded Orders
The Company’s backlog and awarded orders as of June 30, 2026, were $801.4 million, representing a 19.4% increase compared to the prior-year period and a 5.7% sequential increase from March 31, 2026. The increase in backlog and awarded orders as compared to the prior-year period reflects consistent demand for the Company’s innovative products, with growth in emerging battery energy storage markets.
Backlog represents signed purchase orders or contractual minimum purchase commitments with take-or-pay provisions and awarded orders are orders we are in the process of documenting with a contract but for which a contract has not yet been signed.
Third Quarter 2026 Outlook
At this time, the Company is providing an outlook for the third quarter. Based on current business conditions, business trends and other factors, for the quarter ending September 30, 2026, the Company expects:
Revenue in the range of $150 million to $170 million; andAdjusted EBITDA1 in the range of $32 million to $37 million. Full Year 2026 Outlook
Based on current business conditions, business trends and other factors, for the full year 2026, the Company continues to expect:
Revenue in the range of $600 million to $640 million;Adjusted EBITDA1 in the range of $118 million to $132 million;Cash flow from operations in the range of $65 million to $85 million;Capital expenditures in the range of $20 million to $30 million; andInterest expense in the range of $8 million to $12 million. A reconciliation of Adjusted EBITDA1 guidance, which is a forward-looking measure that is a non-GAAP measure, to the most closely comparable GAAP measure is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty in predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measure may include the impact of such items as non-cash share-based compensation, amortization of intangible assets and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted Net Income. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future.
Webcast and Conference Call Information
Company management will host a webcast and conference call on August 4, 2026, at 8:00 a.m. Eastern Time, to discuss the Company’s financial results.
Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at https://investors.shoals.com.
About Shoals Technologies Group, Inc.
Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission-critical applications across utility scale solar, battery storage, and data center power systems. Since its founding in 1996, the Company has designed innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability at scale. Shoals Technologies Group is a recognized leader in the energy transition industry. For additional information, please visit: https://www.shoals.com.
Investor Relations Contact
Shoals Technologies Group, Inc.
Email: [email protected]
Forward-Looking Statements
This report contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations; expectations regarding the utility-scale solar market; project delays; regulatory environment, including changes or potential changes to such environment; the effects of strategic pricing actions, volume discounts and customer mix in our key markets; pipeline and orders; business strategies, plans and expectations, including sales and marketing goals; technology developments; financing and investment plans; warranty and liability accruals and estimates of loss or gains; estimates of potential loss related to the wire insulation shrinkback matter discussed in our public filings; litigation strategy and expected benefits or results from the current intellectual property and wire insulation shrinkback litigation; potential growth opportunities, including opportunities associated with our entry into new markets; and production and capacity at our plants. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Some of the key factors and scenarios that could cause actual results to differ from our expectations include, among others, if demand for solar energy projects diminishes, we may not be able to grow, and our financial results, business and prospects could be materially adversely impacted; if we fail to accurately estimate the potential losses related to the wire insulation shrinkback matter, or fail to recover the costs and expenses incurred by us from the supplier, and our profit margins, financial results, business and prospects could be materially adversely impacted; the interruption of the flow of raw materials from international vendors has disrupted our supply chain, including as a result of the imposition of additional duties, tariffs, and other charges on imports and exports; the imposition of trade restrictions, import tariffs, anti-dumping, and countervailing duties; we have modified, and in the future may modify, our business strategy to abandon lines of business or implement new lines of business, and modifying our business strategy could have an adverse effect on our business and financial results; amounts included in our backlog and awarded orders may not result in actual revenue or translate into profits; defects or performance problems in our products or their parts, whether due to manufacturing, installation, or use, including those related to the wire insulation shrinkback matter, have a high consequence of failure and can lead to equipment and systems failure, physical injury or death, and in the past have, and in the future could, result in loss of customers, reputational damage and decreased revenue, and materially adversely impact our business, financial condition and results of operations; we have experienced, and may experience in the future, delays, disruptions, quality control, or reputational problems in our manufacturing operations in part due to our vendor concentration; if we fail to retain our key personnel and attract additional qualified personnel, our business strategy and prospects could suffer; our products are primarily manufactured and shipped from our production facilities in Tennessee, and any damage or disruption at these facilities may harm our business; we may face difficulties integrating and optimizing our consolidated Tennessee-based manufacturing and distribution operations, and may not fully realize the anticipated benefits thereof; safety issues may subject us to penalties, negatively impact customer relationships, result in higher operating costs, and negatively impact employee morale and turnover; the market for our products is competitive, and we face increased competition as new and existing competitors introduce EBOS system solutions and components, which could negatively affect our results of operations and market share; macroeconomic conditions, including high inflation, high interest rates, and geopolitical instability, impact our business and financial results; we are subject to risks associated with the patent infringement complaints that we filed with the U.S. International Trade Commission and District Courts; if we fail to, or incur significant costs in order to obtain, maintain, protect, defend, or enforce our intellectual property portfolio and other proprietary rights, including the patents we are asserting in ongoing patent infringement litigation; acquisitions, joint ventures, and/or investments and the failure to integrate acquired businesses could disrupt our business and negatively impact revenue, results of operations and cash flow; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment could harm our business, financial condition, results of operations and prospects; a significant drop in the price of electricity may harm our business; the unauthorized access to our information technology systems or the disclosure of personal or sensitive data or confidential information, whether through a breach of our computer system or otherwise, could severely disrupt our business; failure of our information technology systems, including those managed by third parties, whether intentional or inadvertent, could lead to delays in our business operations and, if significant or extreme, affect our results of operations; our expansion outside the U.S. could subject us to additional business, financial, regulatory, and competitive risks; our indebtedness could adversely affect our financial flexibility, restrict our current and future operations, and our competitive position; existing electric utility industry, federal, state, and municipal renewable energy and solar energy policies and regulations, including zoning and siting laws, and any subsequent changes, present technical, regulatory, and economic barriers to the purchase and use of solar energy systems that may significantly reduce demand for our products or harm our ability to compete; changes in tax laws or regulations that are applied adversely to us, or our customers could materially adversely affect our business, financial condition, results of operations, and prospects; and the market price of our Class A common stock may decline and may continue to be subject to significant volatility.
These and other important risk factors are described more fully in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this report with the understanding that our actual future results may be materially different from what we expect.
Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Non-GAAP Financial Measures
Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share (“EPS”)
We define Adjusted Gross Profit as gross profit plus plant optimization expenses. We define Adjusted Gross Profit Percentage as Adjusted Gross Profit divided by revenue. We define Adjusted EBITDA as net income plus/(minus) (i) interest expense, (ii) interest income, (iii) income tax expense/(benefit), (iv) depreciation expense, (v) amortization of intangibles, (vi) equity-based compensation, (vii) gain (loss) on sale of asset (viii) wire insulation shrinkback litigation expenses, (ix) plant optimization expenses, (x) shareholder litigation expenses, and (xi) litigation settlement expense, net of insurance recoveries. We define Adjusted Net Income as net income plus (i) amortization of intangibles, (ii) amortization / write-off of deferred financing costs, (iii) equity-based compensation, (iv) gain (loss) on sale of asset (v) wire insulation shrinkback litigation expenses, (vi) plant optimization expenses, (vii) shareholder litigation expenses, and (viii) litigation settlement expenses, net of insurance recoveries, all net of applicable income taxes. We define Adjusted Diluted EPS as Adjusted Net Income divided by the diluted weighted average shares of Class A common stock outstanding for the applicable period.
Beginning with the three months ended March 31, 2026, we revised our definition of Adjusted EBITDA to exclude shareholder litigation costs, which are reflected in General and Administrative expenses on our consolidated statements of operations. Comparative amounts for prior periods have been recast to conform to the current period presentation. Management believes this revised definition provides a more meaningful representation of the Company’s ongoing operating performance as the costs are not reflective of our core operations.
Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, GAAP. We present Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS: (i) as factors in evaluating management’s performance when determining incentive compensation, as applicable; (ii) to evaluate the effectiveness of our business strategies; and (iii) because our credit agreement uses measures similar to Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS to measure our compliance with certain covenants.
Among other limitations, Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and may be calculated by other companies in our industry differently than we do or not at all, which may limit their usefulness as comparative measures.
Because of these limitations, Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. You should review the reconciliation of gross profit to Adjusted Gross Profit and Adjusted Gross Profit Percentage, net income Adjusted EBITDA, and net income to Adjusted Net Income and Adjusted Diluted EPS below and not rely on any single financial measure to evaluate our business.
Shoals Technologies Group, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except shares and par value) June 30,
2026 December 31,
2025Assets Current Assets Cash and cash equivalents$15,724 $7,320 Accounts receivable, net 134,822 128,793 Unbilled receivables 22,526 22,133 Inventory 184,720 89,878 Insurance receivable 191 — Other current assets 11,475 9,762 Total Current Assets 369,458 257,886 Property, plant and equipment, net 63,265 53,302 Goodwill 69,941 69,941 Other intangible assets, net 29,706 33,499 Deferred tax assets 434,758 438,027 Right-of-use operating lease assets 43,946 46,044 Other assets 5,826 5,402 Total Assets$1,016,900 $904,101 Liabilities and Stockholders’ Equity Current Liabilities Accounts payable$65,981 $64,875 Accrued expenses and other 35,270 22,215 Litigation settlement liability 4,499 — Warranty liability—current portion 3,481 3,202 Deferred revenue 55,245 37,031 Total Current Liabilities 164,476 127,323 Revolving line of credit 196,750 136,750 Right-of-use operating lease liabilities 37,061 38,661 Warranty liability, less current portion 403 403 Other long-term liabilities 991 991 Total Liabilities 399,681 304,128 Commitments and Contingencies Stockholders’ Equity Preferred stock, $0.00001 par value - 5,000,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025 — — Class A common stock, $0.00001 par value - 1,000,000,000 shares authorized; 172,196,879 and 171,358,711 shares issued; 168,288,492 and 167,450,324 outstanding as of June 30, 2026 and December 31, 2025, respectively 2 2 Additional paid-in capital 498,495 493,090 Treasury stock, at cost, 3,908,387 shares as of June 30, 2026 and December 31, 2025 (25,272) (25,272)Retained earnings 143,994 132,153 Total Stockholders' Equity 617,219 599,973 Total Liabilities and Stockholders’ Equity$1,016,900 $904,101 Shoals Technologies Group, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue$163,372 $110,841 $303,929 $191,202 Cost of revenue 113,847 69,639 213,394 121,860 Gross profit 49,525 41,202 90,535 69,342 Operating expenses General and administrative expenses 28,465 23,064 59,479 44,757 Depreciation and amortization 2,338 2,140 4,616 4,275 Total operating expenses 30,803 25,204 64,095 49,032 Income from operations 18,722 15,998 26,440 20,310 Interest expense (3,474) (2,236) (6,377) (4,651)Interest income 268 76 327 194 Litigation settlement expense, net of recoveries — — (5,250) — Gain (loss) on sale of assets — 3,134 (2) 3,134 Foreign currency gain (loss) (20) — (28) — Income before income taxes 15,496 16,972 15,110 18,987 Income tax expense (3,358) (3,117) (3,269) (5,414)Net income$12,138 $13,855 $11,841 $13,573 Earnings per share of Class A common stock: Basic$0.07 $0.08 $0.07 $0.08 Diluted$0.07 $0.08 $0.07 $0.08 Weighted average shares of Class A common stock outstanding: Basic 168,059 167,286 167,808 167,124 Diluted 170,023 167,562 169,893 167,238 Shoals Technologies Group, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands) Six Months Ended June 30, 2026 2025 Cash Flows from Operating Activities Net income$11,841 $13,573 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 8,732 6,622 Amortization/write off of deferred financing costs 311 311 Equity-based compensation 7,698 5,255 Provision for obsolete or slow-moving inventory 2,245 617 Provision for warranty expense 4,369 256 Deferred taxes 3,269 6,592 Other 3,529 (3,134)Changes in assets and liabilities: Accounts receivable (6,029) (25,251)Unbilled receivables (393) 10,973 Inventory (97,087) (1,539)Other assets (2,448) (2,449)Accounts payable 865 6,099 Accrued expenses and other 10,026 3,937 Warranty liability (4,090) (21,463)Litigation receivable and settlement liabilities 4,308 — Deferred revenue 18,214 1,338 Net Cash Provided by (Used in) Operating Activities (34,640) 1,737 Cash Flows from Investing Activities Purchases of property, plant and equipment (14,663) (15,430)Proceeds from sale of property, plant and equipment — 5,088 Net Cash Used in Investing Activities (14,663) (10,342)Cash Flows from Financing Activities Employee withholding taxes related to net settled equity awards (2,293) (279)Proceeds from revolving credit facility 60,000 30,000 Repayments of revolving credit facility — (40,000)Excise taxes on treasury stock transactions — 59 Net Cash Provided by (Used in) Financing Activities 57,707 (10,220)Net Increase (Decrease) in Cash and Cash Equivalents 8,404 (18,825)Cash and Cash Equivalents—Beginning of Period 7,320 23,511 Cash and Cash Equivalents—End of Period$15,724 $4,686 Shoals Technologies Group, Inc.
Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income and
Adjusted Diluted Earnings per Share (“EPS”) (Unaudited) Reconciliation of Gross Profit to Adjusted Gross Profit and Adjusted Gross Profit Percentage (in thousands):
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue$163,372 $110,841 $303,929 $191,202 Cost of revenue 113,847 69,639 213,394 121,860 Gross profit$49,525 $41,202 $90,535 $69,342 Gross profit percentage 30.3% 37.2% 29.8% 36.3% Plant optimization expense$496 $— $1,117 $— Adjusted gross profit$50,021 $41,202 $91,652 $69,342 Adjusted gross profit percentage 30.6% 37.2% 30.2% 36.3% Reconciliation of Net Income to Adjusted EBITDA (in thousands):
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income$12,138 $13,855 $11,841 $13,573 Interest expense 3,474 2,236 6,377 4,651 Interest income (268) (76) (327) (194)Income tax expense 3,358 3,117 3,269 5,414 Depreciation expense 2,740 1,439 4,939 2,830 Amortization of intangibles 1,891 1,896 3,793 3,792 Equity-based compensation 4,381 2,593 7,698 5,254 (Gain) loss on sale of asset — (3,134) 2 (3,134)Wire insulation shrinkback litigation expenses(a) 2,876 2,546 6,583 5,075 Plant optimization expenses(b) 496 — 1,117 — Shareholder litigation expenses(c) 464 197 2,120 913 Litigation settlement expense(c) — — 5,250 — Adjusted EBITDA$31,550 $24,669 $52,662 $38,174 Reconciliation of Net Income to Adjusted Net Income (in thousands):
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income$12,138 $13,855 $11,841 $13,573 Amortization of intangibles 1,891 1,896 3,793 3,792 Amortization / write-off of deferred financing costs 156 156 311 311 Equity-based compensation 4,381 2,593 7,698 5,254 (Gain) loss on sale of asset — (3,134) 2 (3,134)Wire insulation shrinkback litigation expenses(a) 2,876 2,546 6,583 5,075 Plant optimization expenses(b) 496 — 1,117 — Shareholder litigation expenses(c) 464 197 2,120 913 Litigation settlement expense(c) — — 5,250 — Tax impact of adjustments(d) (2,669) (1,021) (6,987) (2,955)Adjusted Net Income$19,733 $17,087 $31,728 $22,829 (a) For the three and six months ended June 30, 2026, represents $2.9 million and $6.6 million, respectively, of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. For the three and six months ended June 30, 2025, represents $2.5 million and $5.1 million, respectively, of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. We consider this litigation distinct from ordinary course legal matters given the expected magnitude of the expenses, the nature of the allegations in the Company’s complaint, the amount of damages sought, and the impact of the matter underlying the litigation on the Company’s financial results. In the future, we also intend to exclude from our non-GAAP measures the benefit of recovery, if any. We believe excluding expenses from these discrete litigation events provides investors with a better view of the operating performance of our business and allows for comparability through periods.
(b) For the three and six months ended June 30, 2026, represents $0.5 million and $1.1 million of expenses incurred in connection with actions taken to consolidate our operations into a newly constructed facility, including items such as professional fees, relocation, facility set-up and other costs. We believe excluding expenses from these events provides investors with a better view of the operating performance of our business and allows for comparability through periods.
(c) For the three and six months ended June 30, 2026, represents $0.5 million and $2.1 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation and for the three months and six months ended June 30, 2026, represents zero and $5.3 million, respectively, in settlement expenses associated with this litigation. For the three and six months ended June 30, 2025, represents $0.2 million and $0.9 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation. We consider expenses incurred in connection with these legal matters distinct from normal matters and expenses within the operation of our business.
(d) Shoals Technologies Group, Inc. is subject to U.S. Federal income taxes, in addition to state and local taxes. Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax. The adjustment to the provision for income tax reflects the effective tax rates below.
Three Months Ended June 30, Six Months Ended June 30, 2026
2025
2026
2025
Statutory U.S. Federal income tax rate21.0% 21.0% 21.0% 21.0%Permanent adjustments2.5% 0.6% 2.5% 0.6%State and local taxes (net of federal benefit)2.5% 2.4% 2.5% 2.6%Effective income tax rate for Adjusted Net Income26.0% 24.0% 26.0% 24.2% Calculation of Adjusted Diluted Earnings per Share (in thousands, except per share amounts):
Three Months Ended June 30, Six Months Ended June 30, 2026
2025
2026
2025
Diluted weighted average shares outstanding 170,023 167,562 169,893 167,238 Adjusted Net Income$19,733 $17,087 $31,728 $22,829Adjusted Diluted EPS$0.12 $0.10 $0.19 $0.14
Průzkum Aflac ukázal, že 76 % příslušníků Gen Z a 63 % mileniálů se nejdřív obrací na AI pro zdravotní radu, než navštíví lékaře. Zároveň častěji odkládají preventivní prohlídky.
Aflac Wellness Matters ® survey reveals wellness paradox:
health confidence up, preventive care down
Gen Z (76%) and millennials (63%) use AI for health support
before seeking professional medical care
Younger generations (43% of Gen Z and 39% of millennials) spend
more on self-care and wellness but are less likely to have a primary care doctor
Growing reliance on emergency room and urgent care suggests shift
from preventive to reactive wellness as more than 2 in 5 Americans
primarily use these services for healthcare needs
, /PRNewswire/ -- August is National Wellness Month, a time to emphasize the importance of healthy routines, sustainable health habits and preventive care. Key findings from the fourth annual Wellness Matters survey1 released by Aflac Incorporated, the leading provider of supplemental health insurance in the U.S.2 and a pioneer in cancer insurance for more than seven decades, reveal younger generations — 76% of Gen Z and 63% of millennials — are turning first to artificial intelligence (AI) for health support in lieu of seeking professional medical care. A wellness paradox is emerging as Americans — particularly younger generations — feel more confident and in control of their health than ever before, yet they have never been less likely to see a doctor.
Primary care shift: digital first, doctor second
Young Americans are taking a digital-first approach to healthcare, with three-quarters of Gen Z and more than half of millennials using AI instead of seeking professional medical support and expertise typically provided by a human physician, therapist, dietician, personal trainer, sleep coach and others, compared to 47% of Americans overall. According to the survey, 18% of Gen Z and 14% of millennials admit that they will only schedule a doctor's appointment after exhausting AI or online tools for answers to health questions or when health concerns escalate, compared to 3% of Gen X and 2% of baby boomers. On-demand access to social media, health influencers and online search is helping Gen Z and millennials feel more informed and confident on health matters, but they are equally passive when it comes to making preventive care appointments. Furthermore, the feeling of being healthy, logistics and frustration associated with doctor's appointments are the biggest barriers to proactive healthcare for young Americans. Gen Z (42%) and millennials (47%) worry frequently or always about increasing healthcare costs, in line with 50% of Americans overall. According to the survey:
Nearly two-thirds of Gen Z (65%) and millennials (61%) admit to delaying or skipping routine checkups and screenings, significantly higher than Gen X (47%) and baby boomers (33%). 35% of Gen Z and 29% of millennials don't get checkups or screenings on time because they feel healthy, compared to 1 in 4 (24%) Americans overall. 2 in 5 (41%) Gen Z canceled or decided not to schedule an appointment because the wait time was too long, compared to 34% overall. 51% of Gen Z and 48% of millennials say the biggest hurdle to preventive care appointments is logistics, driven by scheduling difficulties, the time it takes for the appointment and challenges taking off work — compared to 43% overall. Gen Z and millennials trust influencers and social media at much higher rates than other generations (23% of Gen Z and 17% of millennials say they trust influencers for health information, compared to 4% of Gen X and 1% of baby boomers; 28% of Gen Z and 20% of millennials trust social media, compared to 6% of Gen X and 4% of baby boomers). 45% of Gen Z and 54% of millennials are consulting online search, medical websites (38%, 40%) and social media (32%, 34%) to manage their health at much higher rates than they consult doctors, nurses or other health professionals (22%, 31%). "Young Americans are replacing in-person preventive care with the convenience and speed of digital health support," said Aflac Incorporated Chief Human Resources Officer and Chief Administrative Officer Matthew Owenby. "The use of AI and other digital-first healthcare resources isn't inherently negative, as it ultimately depends on how the information is used. What is alarming is the rate that Gen Z is delaying or forgoing preventive care, greatly lessening the opportunity for early detection or a critical health diagnosis from a medical professional."
Self-care surge
While often bypassing traditional care, ironically, Gen Z and millennials are spending more on self-care than any other generation. In fact, Gen Z (43%) and millennials (39%) are far more likely to spend at least $100 per month across categories than Gen X (10%) and baby boomers (6%). Categories include vitamins and supplements, organic foods, salon services, mental health therapy, wellness retreats and more. They are much less likely to have a primary doctor (48% of Gen Z and 58% of millennials, compared to 79% of Gen X and 87% of baby boomers) but more likely to have a mental health therapist (25% Gen Z and 29% millennials, compared to 17% Gen X and 7% baby boomers). Gen Z and millennials actively invest in health and wellness, with 1 in 4 having a network of three or more health and wellness professionals, compared to 11% of Gen X and 7% of baby boomers. U.S. Hispanics and Asians (34%) and African Americans (30%) are more likely than Caucasians (23%) to spend at least $100 per month across several wellness categories, especially organic foods, salon services and meal delivery. Despite this, they are also more likely to be reactive when it comes to professional healthcare.
Use of emergency rooms and urgent care signals a reactive approach to health
Holding consistent year over year, more than 2 in 5 Americans primarily use emergency and urgent care for their healthcare needs. However, use of emergency and urgent care is up this year for Gen Z, U.S. Hispanics, African Americans and Asian Americans, indicating a significant shift from proactive to reactive healthcare. According to the survey, Gen Z (62%, compared to 51% in 2025), U.S. Hispanics (52%, compared to 44% in 2025), African Americans (57%, compared to 47% in 2025) and Asian Americans (55%, compared to 45% in 2025) seek medical attention from an emergency room or urgent care. Men (48%) seek emergency/urgent care more than women (39%).
Cancer blind spots uncovered
Despite feeling confident in their health, many Americans lack knowledge around long-term health risks, particularly those associated with cancer. Understanding cancer risks and screening guidelines is key to preventive care, yet the survey uncovers alarming statistics:
46% of Americans don't know when they are supposed to begin cancer screenings. 51% of Gen Z feel it's unlikely they will be diagnosed with cancer in their lifetime, compared to 36% of millennials and 26% of Gen X. Nearly 90% of Gen Z diagnosed with cancer admit to avoiding a screening. 15% of Gen Z do not get regular checkups and screenings because they prefer research online and 11% prefer to self-diagnose. "As a leading provider of cancer insurance in the United States, Aflac often sees both the positive impact of early detection and the negative consequences of a delayed diagnosis," said Owenby. "Our policies are designed to help encourage proactive wellness visits, which could lead to a diagnosis or a clean bill of health. Fortunately, early detection can push five-year survival rates above 90% for many cancers, according to the American Cancer Society3."
Personal, human connection endures
Although younger generations are relying on technology, AI and social media for healthcare support and management, they trust healthcare professionals most for definitive, credible health information. Personal relationships are critical to healthcare conversations that drive preventive care and positive long-term care outlooks. Parents are top health advocates for younger generations (43% Gen Z, 35% millennials, compared to 28% overall). A family member or loved one's encouragement is cited as one of the top motivators for getting a cancer screening (20% Gen Z, 19% millennial, compared to 15% overall).
"The bottom line is that wellness does, in fact, matter," said Owenby. "Whether it is logistics, costs or other factors that prevent people from prioritizing their health and preventive care, Aflac wants to be part of solutions that can help lead to a healthier outlook for Americans."
Aflac Wellness Matters® survey results are available to American consumers, healthcare providers, families and health-related stakeholders, at no cost, to educate and inspire a healthier population. To learn more and find tips on how to take charge of your own health and encourage others to prioritize theirs, visit Aflac.com/WellnessMatters.
ABOUT THE 2026 AFLAC WELLNESS MATTERS® SURVEY
The 2026 Aflac Wellness Matters® study was conducted among a nationally representative sample of 2,000 employed U.S. adults ages 18-65 in March 2026 by Kantar Profiles on behalf of Aflac. The survey provides insight into healthcare attitudes, behaviors and influences of U.S. adults. It explores important issues such as preventive care, health screenings and how healthcare is prioritized.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.2 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.4 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."
1 "Aflac. "2026 Wellness Matters Survey overview." Published Aug. 2026.
2 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report.
3 American Cancer Society: "Cancer Facts and Figures 2025."
4 As of March 31, 2025, Aflac estimates based on company data.
Media contact: Jon Sullivan, 706-763-4813 or [email protected]
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]
Aflac | Aflac New York | WWHQ | 1932 Wynnton Road | Columbus, GA 31999
FAQs about the 2026 Aflac Wellness Matters® survey
Why are younger Americans prioritizing AI and digital health tools as their initial sources for health information?
Younger adults are increasingly turning to AI and digital resources because they provide convenient, on-demand access to health information.
According to the 2026 Aflac Wellness Matters® survey, 76% of Gen Z and 63% of millennials use AI before seeking professional medical care, and many report that online resources, health influencers and social media help them feel more informed and confident about health decisions.
What is the "wellness paradox" identified in the 2026 Aflac Wellness Matters® survey?
The "wellness paradox" is the growing disconnect between health confidence and preventive healthcare behaviors.
The 2026 Aflac Wellness Matters® survey found that many Americans, especially Gen Z and millennials, say they feel informed, confident and in control of their health, yet they are also more likely to delay routine checkups, preventive care visits and recommended health screenings.
Why are younger adults using emergency and urgent care more often?
The 2026 Aflac Wellness Matters® survey suggests that younger adults are adopting a more reactive approach to healthcare, often relying on emergency rooms and urgent care centers rather than preventive care and primary care visits. Use of emergency and urgent care increased among Gen Z compared with the previous year (2025), reflecting a broader shift from proactive to reactive healthcare behaviors.
Why are younger Americans delaying preventive care appointments?
Younger Americans are delaying preventive care for several reasons, including:
Feeling healthy Scheduling challenges Long wait times Concerns about healthcare costs According to the 2026 Aflac Wellness Matters® survey, two-thirds of Gen Z (65%) and more than half of millennials (61%) admit to delaying or skipping routine checkups and screenings, with many seeking answers from AI and online resources before consulting a healthcare professional.
Is AI replacing healthcare professionals?
No. The 2026 Aflac Wellness Matters® survey found that while many younger Americans use AI and digital tools as a first step when seeking health information, healthcare professionals remain the most trusted source for definitive, credible health information. The survey suggests that AI is often used before professional care, rather than as a replacement for it.
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TransDigm ve 3. čtvrtletí zvýšil tržby o 23 % na 2,741 miliardy USD a čistý zisk o 10 % na 540 milionů USD. Zároveň zvedl celoroční výhled pro fiskální rok 2026.
, /PRNewswire/ -- TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, today reported results for the third quarter ended June 27, 2026.
Third quarter highlights include:
Net sales of $2,741 million, up 23% from $2,237 million in the prior year's quarter; Net income of $540 million, up 10% from the prior year's quarter; Earnings per share of $9.39, up 11% from the prior year's quarter; EBITDA As Defined of $1,447 million, up 19% from $1,217 million in the prior year's quarter; EBITDA As Defined margin of 52.8%; Adjusted earnings per share of $10.87, up 13% from $9.60 in the prior year's quarter; and Upward revision to fiscal 2026 financial guidance. Quarter-to-Date Results
Net sales for the quarter increased 23%, or $504 million, to $2,741 million from $2,237 million in the comparable quarter a year ago. Organic sales growth as a percentage of net sales was 13%.
Net income for the quarter increased $47 million, or 10%, to $540 million from $493 million in the comparable quarter a year ago. The increase in net income primarily reflects the increase in net sales described above and the application of our value-driven operating strategy. The increase was partially offset by higher selling and administration expense and higher interest expense.
Adjusted net income for the quarter increased 12% to $624 million, or $10.87 per share, from $558 million, or $9.60 per share, in the comparable quarter a year ago.
EBITDA for the quarter increased 20% to $1,345 million from $1,123 million for the comparable quarter a year ago. EBITDA As Defined for the quarter increased 19% to $1,447 million compared with $1,217 million in the comparable quarter a year ago. EBITDA As Defined as a percentage of net sales for the quarter was 52.8% compared with 54.4% in the comparable quarter a year ago.
"Our team executed another strong quarter, and we are very pleased with our results," stated Mike Lisman, TransDigm Group's CEO. "All three of our major market channels again delivered double-digit growth compared to the prior year's third quarter. Commercial aftermarket growth of 17% remained strong this quarter. Commercial OEM grew nicely as well as the aircraft OEMs continue to increase build rates. Meanwhile, Defense saw another quarter of consistent growth and also built sizable backlog. Our reported EBITDA As Defined margin for the quarter was 52.8%. Adjusting for acquisition dilution, our base businesses continued to expand EBITDA margins on a year-over-year basis as the team executes on our value drivers.
After the quarter ended, we announced the acquisition of Prince & Izant for approximately $1.07 billion. Prince & Izant's highly engineered, proprietary products are sold primarily into the aerospace and defense, aeroderivative turbine, and transportation end markets, and we believe the business will be an excellent fit within TransDigm.
Additionally, during the third quarter, we returned capital of approximately $1.0 billion to our shareholders through share repurchases bringing our year-to-date repurchases of our common stock to over $1.8 billion. As we look ahead to the remainder of fiscal 2026, we have significant liquidity and financial flexibility to address any likely range of capital requirements and remain highly focused on our capital allocation.
As always, we remain committed to our operating strategy and the TransDigm value drivers. We look forward to the opportunity to continue creating value for our shareholders as we finish our fiscal 2026."
Acquisition Activity
As previously announced on April 7, 2026, TransDigm completed the acquisition of Jet Parts Engineering and Victor Sierra for approximately $2.2 billion in cash. Jet Parts Engineering is a leading independent designer and manufacturer of aerospace aftermarket solutions, primarily proprietary OEM-alternative parts and repairs. Victor Sierra is a leading designer, manufacturer, and distributor of proprietary PMA and other aftermarket parts serving the commercial aerospace end market — primarily the general aviation and business aviation sectors.
Subsequent to the quarter-end and as previously announced on July 27, 2026, TransDigm entered into a definitive agreement to acquire Prince & Izant ("P&I") from Industrial Growth Partners for approximately $1.07 billion in cash, including certain tax benefits. P&I is a global designer and manufacturer of highly engineered brazing alloys and specialty metal components used across a range of advanced performance and high cost-of-failure applications. P&I primarily supports the aerospace and defense, aeroderivative turbine, and transportation end markets. Additionally, but to a lesser degree, P&I serves the medical and general industrial end markets.
Financing Activity
During the quarter, on April 17, 2026, TransDigm completed an incremental debt offering of $1.5 billion of new debt consisting of an additional $0.5 billion of 6.125% Senior Subordinated Notes maturing July 31, 2034 and $1.0 billion of additional Tranche N term loans maturing February 13, 2033.
Share Repurchase Activity
During the third quarter of fiscal 2026, TransDigm repurchased 809,101 shares of its common stock at an average price per share of $1,208 for a total amount of $1.0 billion. For the thirty-nine week period ended June 27, 2026, TransDigm repurchased 1,496,383 shares of its common stock at an average price per share of $1,207 for a total amount of $1.8 billion.
Year-to-Date Results
Net sales for the thirty-nine week period ended June 27, 2026 increased 18%, or $1,175 million, to $7,569 million from $6,394 million in the comparable period a year ago. Organic sales growth as a percentage of net sales for fiscal 2026 was 10%.
Net income for the thirty-nine week period ended June 27, 2026 increased $56 million, or 4%, to $1,521 million from $1,465 million in the comparable period a year ago. The increase in net income primarily reflects the increase in net sales described above and the application of our value-driven operating strategy. The increase was offset by higher selling and administrative expenses and higher interest expense.
GAAP earnings per share were reduced for the thirty-nine week periods ended June 27, 2026 and June 28, 2025 by $1.02 per share and $0.83 per share, respectively, as a result of dividend equivalent payments made during each year. As a reminder, GAAP earnings per share are reduced when TransDigm makes dividend equivalent payments pursuant to its stock option plans. These dividend equivalent payments are made during TransDigm's first fiscal quarter each year and also upon payment of any special dividends.
Adjusted net income for the thirty-nine week period ended June 27, 2026 increased 9% to $1,677 million, or $28.94 per share, from $1,543 million, or $26.53 per share, in the comparable period a year ago.
EBITDA for the thirty-nine week period ended June 27, 2026 increased 15% to $3,781 million from $3,299 million for the comparable period a year ago. EBITDA As Defined for the period increased 16% to $3,981 million compared with $3,441 million in the comparable period a year ago. EBITDA As Defined as a percentage of net sales for the period was 52.6% compared with 53.8% in the comparable period a year ago.
Please see the attached tables for a reconciliation of net income to EBITDA, EBITDA As Defined, and adjusted net income; a reconciliation of net cash provided by operating activities to EBITDA and EBITDA As Defined; and a reconciliation of earnings per share to adjusted earnings per share for the periods discussed in this press release.
Fiscal 2026 Outlook
Mr. Lisman stated, "Our strong third quarter performance is enabling us to increase our guidance for the full year. Bookings have exceeded expectations, and we see the current momentum continuing. At the mid-point, we are increasing guidance for sales by $150 million, EBITDA As Defined by $100 million, and adjusted EPS by $1.52.
Additionally, we are shifting our market channel guidance upward to reflect our latest market growth expectations." The guidance excludes any contribution from the pending acquisition of P&I.
TransDigm now expects fiscal 2026 financial guidance to be as follows:
Net sales are anticipated to be in the range of $10,470 million to $10,550 million compared with $8,831 million in fiscal 2025, an increase of 19% at the midpoint (an increase of $150 million at the midpoint from prior guidance); Net income is anticipated to be in the range of $2,102 million to $2,150 million compared with $2,074 million in fiscal 2025, an increase of 3% at the midpoint (an increase of $60 million at the midpoint from prior guidance); Earnings per share is expected to be in the range of $35.38 to $36.21 per share based upon weighted average shares outstanding of 57.7 million shares, compared with $32.08 per share in fiscal 2025, which is an increase of 12% at the midpoint (an increase of $1.20 per share at the midpoint from prior guidance); EBITDA As Defined is anticipated to be in the range of $5,490 million to $5,550 million compared with $4,760 million in fiscal 2025, an increase of 16% at the midpoint (an increase of $100 million at the midpoint from prior guidance and corresponding to an EBITDA As Defined margin guide of approximately 52.5% for fiscal 2026); Adjusted earnings per share is expected to be in the range of $40.62 to $41.46 per share compared with $37.33 per share in fiscal 2025, an increase of 10% at the midpoint compared to prior year (and an increase of $1.52 per share at the midpoint from prior guidance); and Fiscal 2026 outlook is based on the following market growth assumptions: Commercial OEM revenue growth in the mid-teens percentage range; Commercial aftermarket revenue growth in the low double-digit percentage range; and Defense revenue growth in the high single-digit to low double-digit percentage range. Please see the attached Table 6 for a reconciliation of EBITDA, EBITDA As Defined to net income and reported earnings per share to adjusted earnings per share guidance midpoint estimated for the fiscal year ending September 30, 2026. Additionally, please see attached Table 7 for comparison of the current fiscal year 2026 guidance versus the previously issued fiscal year 2026 guidance.
Earnings Conference Call
TransDigm Group will host a conference call for investors and security analysts on August 4, 2026, beginning at 11:00 a.m., Eastern Time. To join the call telephonically, please register for the call at https://register-conf.media-server.com/register/BI7977bf81590d469998b139f1d3e8ff9a. Once registered, participants will receive the dial-in information and a unique pin to access the call. The dial-in information and unique pin will be sent to the email used to register for the call. The unique pin is exclusive to the registrant and can only be used by one person at a time. A live audio webcast of the call can also be accessed online at https://www.transdigm.com. A slide presentation will also be available for reference during the conference call; go to the investor relations page of our website and click on "Presentations."
The call will be archived on the website and available for replay at approximately 2:00 p.m., Eastern Time.
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, batteries and chargers, engineered latching and locking devices, engineered rods, engineered connectors and elastomer sealing solutions, databus and power controls, cockpit security components and systems, specialized and advanced cockpit displays, engineered audio, radio and antenna systems, specialized lavatory components, seat belts and safety restraints, engineered and customized interior surfaces and related components, advanced sensor products, switches and relay panels, thermal protection and insulation, lighting and control technology, parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems, specialized flight, wind tunnel and jet engine testing services and equipment, electronic components used in the generation, amplification, transmission and reception of microwave signals, and complex testing and instrumentation solutions.
Non-GAAP Supplemental Information
EBITDA, EBITDA As Defined, EBITDA As Defined margin, adjusted net income and adjusted earnings per share are non-GAAP financial measures presented in this press release as supplemental disclosures to net income and reported results. TransDigm Group defines EBITDA as earnings before interest, taxes, depreciation and amortization and defines EBITDA As Defined as EBITDA plus certain non-operating items recorded as corporate expenses, including non-cash compensation charges incurred in connection with TransDigm Group's stock option or deferred compensation plans, foreign currency gains and losses, acquisition-integration costs, acquisition transaction-related expenses, and refinancing costs. Acquisition transaction and integration-related expenses represent costs incurred to integrate acquired businesses into our operations; facility relocation costs and other acquisition-related costs; transaction and valuation-related costs for acquisitions comprising deal fees, legal, financial and tax due diligence expenses; and amortization expense of inventory step-up recorded in connection with the purchase accounting of acquired businesses. TransDigm Group defines adjusted net income as net income plus purchase accounting backlog amortization expense, effects from the sale on businesses, non-cash compensation charges incurred in connection with TransDigm Group's stock option or deferred compensation plans, foreign currency gains and losses, acquisition-integration costs, acquisition transaction-related expenses, and refinancing costs. EBITDA As Defined margin represents EBITDA As Defined as a percentage of net sales. TransDigm Group defines adjusted diluted earnings per share as adjusted net income divided by the total outstanding shares for basic and diluted earnings per share. For more information regarding the computation of EBITDA, EBITDA As Defined, adjusted net income and adjusted earnings per share, please see the attached financial tables.
TransDigm Group presents these non-GAAP financial measures because it believes that they are useful indicators of its operating performance. TransDigm Group believes that EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties to measure operating performance among companies with different capital structures, effective tax rates and tax attributes, capitalized asset values and employee compensation structures, all of which can vary substantially from company to company. In addition, analysts, rating agencies and others use EBITDA to evaluate a company's ability to incur and service debt. EBITDA As Defined is used to measure TransDigm Inc.'s compliance with the financial covenant contained in its credit facility. TransDigm Group's management also uses EBITDA As Defined to review and assess its operating performance, to prepare its annual budget and financial projections and to review and evaluate its management team in connection with employee incentive programs. Moreover, TransDigm Group's management uses EBITDA As Defined to evaluate acquisitions and as a liquidity measure. In addition, TransDigm Group's management uses adjusted net income as a measure of comparable operating performance between time periods and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance.
None of EBITDA, EBITDA As Defined, EBITDA As Defined margin, adjusted net income or adjusted earnings per share is a measurement of financial performance under U.S. GAAP and such financial measures should not be considered as an alternative to net income, operating income, earnings per share, cash flows from operating activities or other measures of performance determined in accordance with U.S. GAAP. In addition, TransDigm Group's calculation of these non-GAAP financial measures may not be comparable to the calculation of similarly titled measures reported by other companies.
Although we use EBITDA and EBITDA As Defined as measures to assess the performance of our business and for the other purposes set forth above, the use of these non-GAAP financial measures as analytical tools has limitations, and you should not consider any of them in isolation, or as a substitute for analysis of our results of operations as reported in accordance with U.S. GAAP. Some of these limitations are:
neither EBITDA nor EBITDA As Defined reflects the significant interest expense, or the cash requirements, necessary to service interest payments on our indebtedness; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and neither EBITDA nor EBITDA As Defined reflects any cash requirements for such replacements; the omission of the substantial amortization expense associated with our intangible assets further limits the usefulness of EBITDA and EBITDA As Defined; neither EBITDA nor EBITDA As Defined includes the payment of taxes, which is a necessary element of our operations; and EBITDA As Defined excludes the cash expense we have incurred to integrate acquired businesses into our operations, which is a necessary element of certain of our acquisitions. Forward-Looking Statements
Statements in this press release that are not historical facts, including statements under the heading "Fiscal 2026 Outlook," are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "may," "will," "should," "expect," "intend," "plan," "predict," "anticipate," "estimate," or "continue" and other words and terms of similar meaning may identify forward-looking statements.
All forward-looking statements involve risks and uncertainties that could cause TransDigm Group's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, TransDigm Group. These risks and uncertainties include but are not limited to: the sensitivity of our business to the number of flight hours that our customers' planes spend aloft and our customers' profitability, both of which are affected by general economic conditions; supply chain constraints; increases in raw material costs, taxes and labor costs that cannot be recovered in product pricing; failure to complete or successfully integrate acquisitions; our indebtedness; current and future geopolitical or other worldwide events, including, without limitation, wars or conflicts and public health crises; cybersecurity threats; risks related to the transition or physical impacts of climate change and other natural disasters or meeting regulatory requirements; our reliance on certain customers; the United States ("U.S.") defense budget and risks associated with being a government supplier including government audits and investigations; failure to maintain government or industry approvals; risks related to changes in laws and regulations, including increases in compliance costs and potential changes in trade policies and tariffs; potential environmental liabilities; liabilities arising in connection with litigation; risks and costs associated with our international sales and operations; and other factors. Further information regarding the important factors that could cause actual results to differ materially from projected results can be found in TransDigm Group's most recent Annual Report on Form 10-K and other reports that TransDigm Group or its subsidiaries have filed with the Securities and Exchange Commission. Except as required by law, TransDigm Group undertakes no obligation to revise or update the forward-looking statements contained in this press release.
Contact:
Investor Relations
216-706-2945
[email protected]
TRANSDIGM GROUP INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THIRTEEN AND THIRTY-NINE WEEK PERIODS ENDED
Table 1
JUNE 27, 2026 AND JUNE 28, 2025
(Amounts in millions, except per share amounts)
(Unaudited)
Thirteen Week Periods Ended
Thirty-Nine Week Periods Ended
June 27, 2026
June 28, 2025
June 27, 2026
June 28, 2025
NET SALES
$ 2,741
$ 2,237
$ 7,569
$ 6,394
COST OF SALES
1,113
905
3,078
2,553
GROSS PROFIT
1,628
1,332
4,491
3,841
SELLING AND ADMINISTRATIVE EXPENSES
332
242
859
689
AMORTIZATION OF INTANGIBLE ASSETS
69
51
185
148
INCOME FROM OPERATIONS
1,227
1,039
3,447
3,004
INTEREST EXPENSE—NET
514
397
1,472
1,152
OTHER EXPENSE (INCOME)
—
7
(10)
(24)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
713
635
1,985
1,876
INCOME TAX PROVISION
173
142
464
411
NET INCOME
540
493
1,521
1,465
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(1)
(1)
(2)
(1)
NET INCOME ATTRIBUTABLE TO TD GROUP
$ 539
$ 492
$ 1,519
$ 1,464
NET INCOME APPLICABLE TO TD GROUP COMMON STOCKHOLDERS
$ 539
$ 492
$ 1,460
$ 1,415
Earnings per share attributable to TD Group common stockholders:
Earnings per share—Basic and diluted
$ 9.39
$ 8.47
$ 25.20
$ 24.31
Weighted-average shares outstanding:
Basic and diluted
57.4
58.1
57.9
58.2
TRANSDIGM GROUP INCORPORATED
SUPPLEMENTAL INFORMATION - RECONCILIATION OF
EBITDA, EBITDA AS DEFINED TO NET INCOME
FOR THE THIRTEEN AND THIRTY-NINE WEEK PERIODS ENDED
Table 2
JUNE 27, 2026 AND JUNE 28, 2025
(Amounts in millions, except per share amounts)
(Unaudited)
Thirteen Week Periods Ended
Thirty-Nine Week Periods Ended
June 27, 2026
June 28, 2025
June 27, 2026
June 28, 2025
Net Income
$ 540
$ 493
$ 1,521
$ 1,465
Adjustments:
Depreciation and amortization expense
118
91
324
271
Interest expense-net
514
397
1,472
1,152
Income tax provision
173
142
464
411
EBITDA
1,345
$ 1,123
3,781
3,299
Adjustments:
Acquisition transaction and integration-related expenses (1)
35
9
66
32
Non-cash stock and deferred compensation expense (2)
65
51
118
124
Other, net (3)
2
34
16
(14)
Gross Adjustments to EBITDA
102
94
200
142
EBITDA As Defined
$ 1,447
$ 1,217
$ 3,981
$ 3,441
EBITDA As Defined Margin (4)
52.8 %
54.4 %
52.6 %
53.8 %
(1)
Represents costs incurred to integrate acquired businesses into our operations; facility relocation costs and other acquisition-related costs; transaction and valuation-related costs for acquisitions comprising deal fees, legal, financial and tax due diligence expenses; and amortization expense of inventory step-up recorded in connection with the purchase accounting of acquired businesses.
(2)
Represents the compensation expense recognized under our stock option plans and deferred compensation plans.
(3)
Primarily represents foreign currency transaction gains or losses, costs expensed related to debt financing activities, including new issuances, extinguishments, refinancings and amendments to existing agreements, payroll withholding taxes related to dividend equivalent payments and stock option exercises, non-service related pension costs, deferred compensation payments and other miscellaneous income or expense, such as gain on sale of business.
(4)
The EBITDA As Defined Margin represents the amount of EBITDA As Defined as a percentage of net sales.
TRANSDIGM GROUP INCORPORATED
SUPPLEMENTAL INFORMATION - RECONCILIATION OF REPORTED
EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE
FOR THE THIRTEEN AND THIRTY-NINE WEEK PERIODS ENDED
Table 3
JUNE 27, 2026 AND JUNE 28, 2025
(Amounts in millions, except per share amounts)
(Unaudited)
Thirteen Week Periods Ended
Thirty-Nine Week Periods Ended
June 27, 2026
June 28, 2025
June 27, 2026
June 28, 2025
Reported Earnings Per Share
Net income
$ 540
$ 493
$ 1,521
$ 1,465
Less: Net income attributable to noncontrolling interests
(1)
(1)
(2)
(1)
Net income attributable to TD Group
539
492
1,519
1,464
Less: Dividends paid on participating securities
—
—
(59)
(49)
Net income applicable to TD Group common stockholders—basic and diluted
$ 539
$ 492
$ 1,460
$ 1,415
Weighted-average shares outstanding under the two-class method
Weighted-average common shares outstanding
55.7
56.2
56.1
56.2
Vested options deemed participating securities
1.7
1.9
1.8
2.0
Total shares for basic and diluted earnings per share
57.4
58.1
57.9
58.2
Earnings per share—basic and diluted
$ 9.39
$ 8.47
$ 25.20
$ 24.31
Adjusted Earnings Per Share
Net income
$ 540
$ 493
$ 1,521
$ 1,465
Gross Adjustments to EBITDA
102
94
200
142
Purchase Accounting Backlog Amortization
7
6
23
14
Tax adjustment (1)
(25)
(35)
(67)
(78)
Adjusted net income
$ 624
$ 558
$ 1,677
$ 1,543
Adjusted diluted earnings per share under the two-class method
$ 10.87
$ 9.60
$ 28.94
$ 26.53
Diluted Earnings Per Share to Adjusted Earnings Per Share
Diluted earnings per share from net income attributable to TD Group
$ 9.39
$ 8.47
$ 25.20
$ 24.31
Adjustments to diluted earnings per share:
Inclusion of the dividend equivalent payments
—
—
1.02
0.83
Acquisition transaction and integration-related expenses
0.54
0.20
1.16
0.60
Non-cash stock and deferred compensation expense
0.87
0.67
1.55
1.62
Tax adjustment on income from continuing operations before taxes (1)
0.04
(0.19)
(0.20)
(0.67)
Other, net
0.03
0.45
0.21
(0.16)
Adjusted earnings per share
$ 10.87
$ 9.60
$ 28.94
$ 26.53
(1)
For the thirteen and thirty-nine week periods ended June 27, 2026 and June 28, 2025, the Tax adjustment represents the tax effect of the adjustments at the applicable effective tax rate, as well as the impact on the effective tax rate when excluding the excess tax benefits on stock option exercises. Stock compensation expense is excluded from adjusted net income and therefore we have excluded the impact that the excess tax benefits on stock option exercises have on the effective tax rate for determining adjusted net income.
TRANSDIGM GROUP INCORPORATED
SUPPLEMENTAL INFORMATION - RECONCILIATION OF NET CASH
PROVIDED BY OPERATING ACTIVITIES TO EBITDA, EBITDA AS DEFINED
FOR THE THIRTY-NINE WEEK PERIODS ENDED
Table 4
JUNE 27, 2026 AND JUNE 28, 2025
(Amounts in millions)
(Unaudited)
Thirty-Nine Week Periods Ended
June 27, 2026
June 28, 2025
Net cash provided by operating activities
$ 1,691
$ 1,531
Adjustments:
Changes in assets and liabilities, net of effects from acquisitions and sales of businesses
305
337
Interest expense-net (1)
1,437
1,124
Income tax provision-current
466
414
Gain on sale of businesses, net
—
17
Non-cash stock and deferred compensation expense (2)
(118)
(124)
EBITDA
3,781
3,299
Adjustments:
Acquisition transaction and integration-related expenses (3)
66
32
Non-cash stock and deferred compensation expense (2)
118
124
Other, net (4)
16
(14)
EBITDA As Defined
$ 3,981
$ 3,441
(1)
Represents interest expense, net of interest income, excluding the amortization of debt issuance costs and premium and discount on debt.
(2)
Represents the compensation expense recognized under our stock option plans and deferred compensation plans.
(3)
Represents costs incurred to integrate acquired businesses into our operations; facility relocation costs and other acquisition-related costs; transaction and valuation-related costs for acquisitions comprising deal fees, legal, financial and tax due diligence expenses; and amortization expense of inventory step-up recorded in connection with the purchase accounting of acquired businesses.
(4)
Primarily represents foreign currency transaction gains or losses, costs expensed related to debt financing activities, including new issuances, extinguishments, refinancings and amendments to existing agreements, payroll withholding taxes related to dividend equivalent payments and stock option exercises, non-service related pension costs, deferred compensation payments and other miscellaneous income or expense, such as gain on sale of business.
Wix.com (WIX - Free Report) came out with quarterly earnings of $1.39 per share, beating the Zacks Consensus Estimate of $1.13 per share. This compares to earnings of $2.28 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +23.01%. A quarter ago, it was expected that this cloud-based web development company would post earnings of $1.21 per share when it actually produced earnings of $0.68, delivering a surprise of -43.8%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Wix.com, which belongs to the Zacks Computers - IT Services industry, posted revenues of $563.06 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.56%. This compares to year-ago revenues of $489.93 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.
Wix.com shares have lost about 45.3% since the beginning of the year versus the S&P 500's gain of 11%.
What's Next for Wix.com?While Wix.com 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 Wix.com was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.31 on $567.76 million in revenues for the coming quarter and $4.55 on $2.25 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, Computers - IT Services is currently in the bottom 39% 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.
Taboola.com Ltd. (TBLA - 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 5.
This company is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of +30%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Taboola.com Ltd.'s revenues are expected to be $500.4 million, up 7.5% from the year-ago quarter.
McDonald's ve druhém čtvrtletí zvýšil čistý zisk o pět procent a pokračoval v růstu celkových tržeb, výsledky však zastínilo zpomalení na klíčovém americkém trhu. Tržby restaurací otevřených déle než rok v USA rostly podstatně pomaleji než před rokem a zaostaly za očekáváním analytiků. Slabší výkon podle firmy odráží opatrnější chování spotřebitelů, kteří kvůli ekonomické nejistotě a vyšším nákladům omezují výdaje za stravování mimo domov.
Americký řetězec restaurací rychlého občerstvení McDonald's ve druhém čtvrtletí zvýšil čistý zisk meziročně o pět procent na 2,36 miliardy dolarů (téměř 50 miliard Kč). Oznámila to dnes firma. Představila rovněž změnu ve vedení aktivit ve Spojených státech, kde zaznamenala zpomalení růstu tržeb.
Konsolidované tržby společnosti ve druhém čtvrtletí vzrostly o zhruba čtyři procenta na 7,1 miliardy dolarů z 6,8 miliardy před rokem. Tržby restaurací v USA otevřených nejméně rok se zvýšily pouze o 0,8 procenta. Jejich růst tak výrazně zpomalil z 2,5 procenta před rokem a zaostal za očekáváním analytiků.
Firma dnes oznámila, že novou šéfkou aktivit v USA se stane Skye Andersonová, která tak nahradí Joea Erlingera. Spojené státy jsou největším trhem společnosti. Američtí zákazníci se však v poslední době kvůli obavám ohledně vývoje ekonomiky snaží omezovat výdaje na stravování v restauracích, napsala agentura Reuters.
Společnost McDonald's již v květnu varovala, že vyšší ceny benzinu na čerpacích stanicích a obavy spotřebitelů související s konfliktem mezi USA a Íránem by mohly mít negativní dopad na její tržby.
Řetězec McDonald's působí rovněž v České republice, kde provozuje více než 140 restauraci. Předloni do restaurací McDonalds's v Česku zavítalo 53,5 milionu zákazníků.
Tagy: McDonald´s, výsledky, akcie, potravinářství
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04.08.2026 14:34McDonald's zvýšil zisk, Američané ale ztrácejí chuť utrácet 13:52Palantir zasadil medvědům těžkou ránu. Své tržby meziročně téměř zdvojnásobil 12:35Lufthansa zhoršila výhled a akcie prudce padají. Náklady na palivo začínají tvrdě dopadat na aerolinky 11:46Techy fungují, ropa moc nezlobí a výsledky trhům svědčí 10:50Evropské akcie těží z nečekaně silných výsledků. A je tu prostor pro ještě další růst 10:35CSG posiluje výrobu munice. V Německu investuje miliardy do strategických surovin pro evropskou obranu 9:10Rozbřesk: Komunikační revoluce Fedu začíná být nebezpečnou hrou s ohněm 8:53Palantir září díky AI, Lufthansa doplácí na drahá paliva a Evropu mezitím ochromuje historické sucho 6:01Zitron: Celé odvětví datových center je těžce závislé na OpenAI a ta zase na externím přísunu kapitálu 03.08.2026 22:00Americké trhy se vrací do optimistické nálady 17:13Od SSSR přes Brazílii, Japonsko po Čínu. Nebo i USA? 15:54PODCAST Týdenní výhled: V centru pozornosti AMD a Palantir 15:18Korejský výprodej slábne. Investoři AI akciím věří dál, problémem byla hlavně finanční páka 14:28TotalEnergies kupuje od Shellu evropské portfolio a navazuje na partnerství s EPH 12:09Warshovo „ticho“. Je ještě brzy říkat, že se trhům stýská po Powellovi? 11:02Český průmysl dál roste, tempo oživení však v létě zpomalilo 10:31Rozvíjející se trhy čelí zkoušce. AI, drahá ropa a vyšší sazby vytvářejí nebezpečnou kombinaci 9:29Šéf Fedu zvažuje revoluci v měnové politice. Počet zasedání by mohl klesnout 8:50Rozbřesk: Nabitý týden v Česku. Makro data v čele s inflací a zasedání ČNB 8:49ČEZ zahajuje výplatu dividend, trhy sázejí na uklidnění situace s Íránem a Fed zvažuje změnu fungování
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Pentagon v dubnu 2026 požádal o rozpočet ve výši 1,5 bilionu USD, z toho asi 75 miliard USD má jít na drony, protidronové technologie a související systémy. To je největší investice do dronové války v historii USA.
Investors have faded drone stocks in 2026. But many companies in this sector continue to deliver strong results. So why the disconnect with stock prices? In a word, valuation. The drone industry has a long runway for growth, and stock prices have gotten well ahead of that story.
Each of the stocks presented here shares a common theme. Each has climbed in the last five years. However, they are all down sharply from all-time highs made in early 2026. That doesn’t mean investors have lost faith in these companies. It just means that investors have taken profits on stocks that have a bright future but an overvalued present.
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The Pentagon Has Plans to Dramatically Increase Spending on Drone TechnologyOne of the drone industry’s largest customers is the U.S. military. Unmanned, autonomous vehicles will play a key role in the future of warfare. That commitment is outlined in the Pentagon's $1.5 trillion budget request in April 2026.
That request earmarks $53.6 billion for autonomous drone platforms and contested logistics. Another $21 billion is reserved for munitions, counter-drone technologies, and advanced systems like the Collaborative Combat Aircraft and MQ-25. That means approximately $75 billion out of $1.5 trillion is dedicated to this sector. This would represent the largest investment in drone warfare and counter-drone technology in U.S. history.
To put that number in perspective, the three stocks in this article delivered a combined trailing 12-month (TTM) revenue of around $3.4 billion. It’s true that these aren’t the only names in this space, but it does show investors the size of the opportunity.
AeroVironment: A Pure-Play Bet With Room to RecoverAeroVironment NASDAQ: AVAV is probably one of the best pure-play names in the drone sector. AVAV is up more than 50% in the last five years, but it’s down 40% in the last 12 months.
AeroVironment Today
$159.18 +9.81 (+6.57%)
As of 08/3/2026 04:00 PM Eastern
52-Week Range$135.20▼
$417.86Price Target$266.68
The concern isn’t about revenue growth. It's more about how much the company will have to invest to fulfill that growth. Adjusted earnings per share (EPS) growth year-over-year (YOY) in the company’s fiscal year 2027 (FY2027) is projected in a range between $3.02 and $3.34. At the high end of that range, it would be roughly flat YOY.
In addition to a falling stock price, analysts’ price targets have also declined since the company’s fourth-quarter earnings report for FY2026.
However, this seems to be the case of investors setting a lower ceiling, and the consensus price target of $266.68 still leaves an impressive 71% upside.
Kratos: A Direct Line Into the Pentagon's Drone BuildoutLike AeroVironment, Kratos Defense & Security Solutions NASDAQ: KTOS has seen its price targets lowered by analysts since the company’s Q1 2026 earnings report. However, also like AVAV, analysts are still forecasting significant upside. In this case, analysts give KTOS a consensus price target of $101.29, which is over 100% higher than the stock’s price as of this writing.
Kratos Defense & Security Solutions Today
KTOS
Kratos Defense & Security Solutions
$49.21 +2.61 (+5.60%)
As of 08/3/2026 04:00 PM Eastern
52-Week Range$43.09▼
$134.00P/E Ratio289.47
Price Target$101.29
Kratos delivered Q1 2026 revenue of $371 million, up 22.6% year-over-year, alongside a record $2 billion backlog and an opportunity pipeline exceeding $14 billion. Much of that momentum ties directly to the Pentagon's spending priorities outlined above.
Kratos is viewed as a key beneficiary of the Pentagon's $1.1 billion Drone Dominance Program, thanks to its AI-enabled XQ-58A Valkyrie drone and existing defense backlog. The company also successfully completed flight testing of its Firejet target drone, powered by a domestically produced J85 engine, reinforcing its vertically integrated drone-and-propulsion strategy while easing supply-chain risk.
Kratos reports Q2 2026 earnings on Aug. 4, with analysts expecting EPS of 13 cents (up 18.18% YOY) and revenue of $411.7 million (up 17.1% YOY). The company has beaten earnings estimates in each of the last four quarters. Investors should note KTOS trades at a steep premium, so execution on this backlog matters more than headline growth alone.
Red Cat: Small-Cap Exposure to Outsized Revenue GrowthRed Cat Holdings NASDAQ: RCAT is the small-cap name among these three stocks with a market cap of around $990 million as of this writing. It’s also the only name on this list that’s not delivering positive EPS.
Red Cat Today
$8.26 +0.73 (+9.69%)
As of 08/3/2026 04:00 PM Eastern
52-Week Range$5.77▼
$18.78Price Target$21.40
But that’s where the asymmetric opportunity may lie.
The U.S.-based provider of advanced all-domain drone and robotic solutions for defense and national security is starting to take off.
In Q1 2026, Red Cat delivered YOY revenue growth of 849% with a gross margin that grew 199% from the prior quarter. That means that the company should have sufficient revenue to prevent the shareholder dilution that has weighed on earnings.
That could shift the risk-reward of RCAT into investors’ favor. Analysts have a consensus price target on RCAT of $21.40, which would be a gain of over 160% from is price as of this writing.
Should You Invest $1,000 in AeroVironment Right Now?Before you consider AeroVironment, you'll want to hear this.
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The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
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Warren Buffett stepped down as CEO of Berkshire Hathaway (NYSE:BRK-B | BRK-B Price Prediction) on December 31, 2025, after six decades leading the conglomerate he transformed from a struggling textile mill into a $1 trillion empire. The “Oracle of Omaha” left his successor, Greg Abel, with a very concentrated portfolio: almost 70% of Berkshire’s $381 billion portfolio is invested in just six stocks. Abel, who has served as vice chair overseeing non-insurance operations, officially took over as CEO on January 1, 2026. At 95 years old, Buffett isn’t fully retiring—he remains chair of the board and plans to continue coming to the Omaha headquarters as much as before. However, he has stated he will be “going quiet” and leaving all decision-making to Abel.
While Berkshire Hathaway has erased much of its 2026 underperformance against the S&P 500, it still boils down to a few compounding and frustrating headwinds: a $397 billion cash pile earning T-bill yields while the market rallied hard, a deliberate retreat from equities at exactly the wrong time, and a leadership transition that shook investor confidence. Its sheer size makes transformative acquisitions nearly impossible, and its “old economy” tilt toward railroads, insurance, and energy meant it sat out the AI-driven tech surge that powered index returns. Remember, the only reason the S&P 500 and the Nasdaq are up this year is the technology sector’s outperformance. In short, Berkshire got penalized for being cautious and boring, though for patient, long-term investors, that may ultimately prove to be a feature, not a bug.
Here are the five reasons why Berkshire Hathaway is my favorite stock for the rest of 2026 and beyond.
1. Gigantic Pile of Cash Berkshire Hathaway sits on the largest cash pile in its history: $397.4 billion at the end of Q2 2026, equal to roughly 59% of its investable assets. In fact, it’s enough cash to buy 476 of the S&P 500. That massive reserve acts as a powerful safety net in the event of a recession or market downturn, while giving Abel tremendous flexibility to pursue attractive acquisitions or make bold capital investments in businesses Berkshire already owns. When the right deal finally appears—and it always does—this kind of financial firepower is truly exceptional.
2. Earnings Are Strong Berkshire’s operating earnings rose 18% to $11.35 billion in Q1 2026, boosted by a robust 28.5% jump in insurance underwriting profit to $1.72 billion. Net income more than doubled to $10.1 billion. This isn’t accounting noise; it’s a clear reflection of genuine operational strength across Berkshire’s massive portfolio of businesses. Second-quarter earnings are due next week, and Wall Street expects them to come in solidly.
3. Portfolio Built to Withstand Disruption Over the past 60 years, Berkshire has assembled a portfolio of operating businesses and investments that are remarkably resilient to disruption from AI and emerging technologies. Railroads, insurance, energy, and consumer staples form the core. These are classic businesses protected by wide, durable competitive moats that are unlikely to be upended overnight.
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4. Buybacks Have Started Berkshire ended its 21-month buyback moratorium because its shares finally became attractive enough to repurchase. The price-to-book ratio fell to 1.4 in March, well below the 60% to 80% premium range that had kept buybacks on hold for nearly two years. Consistent with Berkshire’s long-standing policy, the company repurchases shares only when management believes the stock is trading below its intrinsic value. The resumption of buybacks is therefore a clear signal that management views the current price as undervalued—and if they do, investors likely will too. Plus, financial analyses, including estimates from Barron’s, indicate that Berkshire repurchased between $5 billion and $11 billion of its stock in the second quarter.
5. Greg Abel Is the Right One to Lead the Way Abel personally purchased $15 million of Berkshire shares. That amount is roughly equal to his entire after-tax annual salary. In addition, he has committed to repeating the buy each year going forward. Given his decades-long tenure at the company, Abel is unlikely to make abrupt changes to Berkshire’s direction. However, his more active management approach could still unlock meaningful growth in the years ahead. Skin in the game and strong cultural continuity send a powerful positive signal. A signal that will likely continue to resonate with investors for decades to come.
A List of Berkshire Hathaway’s Wholly Owned Private Companies When you own the shares, you own a lot more than the 26 companies in the stock portfolio.
Insurance
GEICO (auto insurance) General Re (reinsurance) Berkshire Hathaway Reinsurance Group Alleghany Corporation Kansas Bankers Surety Transportation and Logistics
BNSF Railway (one of the largest freight railroads in North America) FlightSafety International (pilot training) NetJets (fractional aircraft ownership) Energy and Utilities
Berkshire Hathaway Energy (parent of MidAmerican Energy, PacifiCorp, NV Energy, Northern Powergrid) Manufacturing and Industrial
Marmon Holdings (100+ industrial businesses) Precision Castparts (aerospace/industrial components) IMC International Metalworking Companies Acme Brick Company OxyChem (acquired in January 2026 for $9.7 billion—the most recent major addition) Retail and Consumer
Dairy Queen See’s Candies Ben Bridge Jeweler Borsheims Fine Jewelry Nebraska Furniture Mart Building and Home
Benjamin Moore & Co. (paints) Clayton Homes (manufactured housing) Shaw Industries (flooring) Johns Manville (insulation/building products) Taylor Morrison (acquisition recently completed) Finance and Services
Berkshire Hathaway HomeServices (real estate brokerage) CORT Business Services (furniture rental) Berkadia (mortgage financing, 50% JV) Berkshire has a staggering 800 subsidiaries worldwide, but these are the flagship names that drive the bulk of operating earnings.
The Berkshire Hathaway shares are trading roughly 5% off their all-time high, sitting on a record cash pile, with buybacks just resuming and a new CEO who’s eating his own cooking. For long-term investors, that’s a rare combination. That said, always do your own due diligence before investing. With the stock market overbought and the AI/data center trade still driving investor groupthink, this may be the best opportunity to own a legendary company.
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Aehr Test Systems získala navazující výrobní objednávku od klíčového zákazníka pro křemíkovou fotoniku na plně automatizovaný systém FOX-XP. Dodávka se očekává v první polovině kalendářního roku 2027.
FREMONT, CA / ACCESS Newswire / August 4, 2026 / Aehr Test Systems (NASDAQ:AEHR), a leading provider of test and burn-in solutions for semiconductor devices used in artificial intelligence (AI), silicon photonics, data center, automotive, and industrial applications, today announced it has received a follow-on production order from its lead silicon photonics wafer-level burn-in (WLBI) customer for a fully automated FOX-XP® multi-wafer production burn-in system to support the continued expansion of the customer's manufacturing capacity for next-generation silicon photonic integrated circuits.
The AI industry is rapidly transitioning from moving electrons to moving photons, driving a significant expansion in silicon photonics as hyperscale data centers seek higher bandwidth, lower latency, improved power efficiency, and greater scalability. As silicon photonic integrated circuits become increasingly critical to next-generation AI networking, optical switching, co-packaged optics, linear pluggable optics, and chip-to-chip optical I/O architectures, manufacturers are placing greater emphasis on production-scale reliability screening and WLBI to ensure long-term performance while improving manufacturing yields and reducing production costs.
The ordered system is configured with nine independent WaferPak® test blades, each capable of delivering up to 3,500 watts of power for production burn-in and reliability screening of high-performance silicon photonic integrated circuits used in optical transceivers and emerging chip-to-chip optical I/O applications. The system also includes Aehr's fully integrated automated wafer-level handling solution, consisting of the FOX-XP multi-wafer production burn-in system, integrated WaferPak Auto Aligner™, robotic wafer handling, and automated wafer loading and unloading, providing a complete high-volume automated WLBI solution.
The system is expected to ship during the first half of calendar 2027.
Gayn Erickson, President and Chief Executive Officer of Aehr Test Systems, commented:
"This production order is another indication that silicon photonics is moving from technology adoption into manufacturing scale-up, and we believe that transition represents a significant long-term growth opportunity for Aehr. The order reflects our lead silicon photonics customer's continued expansion of manufacturing capacity and represents another important milestone in the industry's transition toward high-volume production of silicon photonic integrated circuits.
"As AI clusters continue to grow in size and performance, silicon photonics is emerging as a key enabling technology for delivering the bandwidth, power efficiency, and scalability required by next-generation AI infrastructure. What began with optical transceivers is now expanding into optical switching, co-packaged optics, linear pluggable optics, and chip-to-chip optical I/O.
"At the same time, the industry is moving toward more highly-integrated optical architectures that integrate or closely co-package laser sources with silicon photonic integrated circuits. These advances improve performance, reduce system cost, simplify manufacturing, and make device reliability even more critical.
"As silicon photonic devices continue to increase in complexity, power density, and production volumes, we believe WLBI is becoming a foundational manufacturing step for many of these next-generation devices. Identifying latent defects and stabilization of the integrated lasers before packaging improves manufacturing yields, lowers overall production costs, and enables the long-term reliability demanded by hyperscale AI infrastructure.
"Over the past year, we've seen a meaningful increase in engagement from silicon photonics companies around the world spanning engineering qualification systems, production capacity planning, and next-generation device roadmaps. These discussions reinforce our belief that the market is approaching an important inflection point.
"As production requirements evolve toward higher power, fully-automated wafer-level manufacturing, and larger production volumes, we believe our FOX-XP platform and integrated automated wafer-level handling solution position Aehr to become the production standard for wafer-level reliability screening of silicon photonic integrated circuits."
Industry analysts project strong growth for silicon photonics through the remainder of the decade as hyperscale AI infrastructure, cloud computing, high-performance computing, and advanced optical networking continue driving demand for higher bandwidth and lower power interconnect technologies. Emerging applications including co-packaged optics, optical switching, linear pluggable optics, and chip-to-chip optical I/O are expected to further expand the adoption of silicon photonics throughout AI infrastructure. Industry research also points to increasing adoption of integrated and co-packaged laser architectures that improve optical performance, manufacturing scalability, and system efficiency while further increasing the importance of production reliability screening.
Aehr's FOX-XP multi-wafer production burn-In system performs full WLBI, stability testing, and production screening of semiconductor devices while enabling customers to test multiple wafers simultaneously in a highly automated manufacturing environment. The FOX-XP platform supports silicon photonics, silicon carbide power semiconductors, AI processors, optical devices, and other semiconductor products requiring production burn-in and reliability screening.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer-level, singulated die, and package-level form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including advanced artificial intelligence (AI) processors, silicon photonics, data and telecommunications infrastructure, electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, and solid-state memory and storage are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr's new line of high-power package-level reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems' website at www.aehr.com.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr's expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, future requirements and orders of Aehr's new and existing customers; Aehr's ability to receive orders and generate revenue in the future, as well as Aehr's beliefs regarding the factors impacting the foregoing, including the growth of the markets referred to herein; Aehr's ability to integrate Incal efficiently; and the timing and extent to which the acquisition is accretive. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr's recent Form 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
KeyCorp dokončila akvizici společnosti Clearwater Corporate Finance LLP, britské poradenské firmy zaměřené na střední trh. Tím posílí svou globální poradenskou platformu.
, /PRNewswire/ -- KeyCorp (NYSE: KEY) announced today that it has completed its previously-announced acquisition of Clearwater Corporate Finance LLP ("Clearwater UK"), a leading UK-based middle market investment banking advisory firm.
"Completing this acquisition marks an important step in expanding our global advisory platform," said Randy Paine, President of Key Institutional Bank. "Clearwater UK's strong middle-market expertise and sector depth will help us better serve clients with more comprehensive, cross-border advice and execution."
About Clearwater UK
Clearwater UK focuses on providing corporate finance advice for mid-market transactions including M&A, private equity and debt advisory. Across its ten sectors covering automotive, business services, consumer, energy and utilities, financial services, food and beverage, healthcare, industrials and chemicals, real estate, and tech, as well as its debt advisory and private equity specialists, the team provides in-depth knowledge and industry experience to every project. The UK business has offices in Birmingham, London, Leeds and Manchester.
About KeyCorp
KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $191 billion at June 30, 2026.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,100 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
Sabre Insurance Group uvedla, že za první pololetí 2026 zvýšila hrubé předepsané pojistné o 15,7 % na 160 milionů GBP a čeká, že celoroční zisk překoná výsledek z roku 2025.
Sabre Insurance Group LON: SBRE reported higher first-half premium income and said it remains confident that full-year profit will exceed the 2025 result, despite a temporary decline in its underwriting margin as new business written during the period has yet to fully earn through.
Gross written premium rose 15.7% year-over-year to £160 million in the first half of 2026, while profit before tax was £23.9 million, slightly below the comparable prior-year period. Chief Financial Officer Adam Westwood said the profit outcome was in line with expectations, reflecting the timing difference between writing insurance policies and recognizing the associated revenue over their duration.
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The insurer said its net insurance margin was 15.7% in the first half, compared with 19.2% in 2025. Sabre expects the measure to return to its 18%-22% target range by year-end as higher 2026 premium volumes earn through and its expense ratio declines.
Margin pressure tied to earned-premium timing Sabre’s net loss ratio was 55.7%, compared with 54.1% for 2025, while its expense ratio rose to 29.9%. Westwood said the higher expense ratio reflected lower earned premium from reduced volumes written during 2025, alongside continued investments in personnel, systems and technology under its Ambition 2030 strategy.
“Because our growth returned strongly in the first half of this year, there’s a natural timing mismatch between writing the business and earning the associated revenue,” Westwood said.
The current-year loss ratio was 66.5%, although the group said this remained within normal volatility and included substantial explicit margins for recently reported claims. Favorable prior-year development contributed a 10.8% prior-year loss ratio, reflecting releases of margins held against older reserves as claims matured.
Chief Actuary Matt Wright said Sabre expects the overall loss ratio to improve in the second half. He said large claims were more prominent in the first quarter than the second, while the company expects the current-year loss ratio to move closer to its target range as business written at target margins earns through.
Motor growth and motorcycle expansion Motor vehicle remained Sabre’s main source of profitability, delivering a 52% net loss ratio. Policy count in the division increased 16.5% year-over-year, while management said the company had maintained underwriting discipline and continued to write new business within its target margins.
Motorcycle premium increased by more than 50% from the first half of 2025, driven largely by the rollout of Sabre Direct Motorcycle. The business had an elevated first-half loss ratio due to individually large claims, seasonal factors and the relatively small size of the portfolio.
Wright noted that motorcycle claims tend to be weighted toward the peak riding season and said the product had shown similar half-year volatility in 2025. He said the loss ratio was above 100% at the 2025 half-year point before improving to roughly 70% by the end of that year.
Taxi underwriting also improved, with its loss ratio falling to 48.2%. However, Sabre said it has deliberately limited volume in parts of the taxi market where pricing does not provide adequate returns.
The company said it expects further growth in the second half, even if the wider market does not experience a significant pricing turn. It added that its core motor mix was broadly in line with expectations, although the increasing contribution from motorcycle and the gradual rollout of Ambition 2030 initiatives could reduce average premiums over time.
Market pricing and claims inflation Management described the motor insurance pricing environment as stabilized but still insufficient to fully cover expected claims inflation across the market. Sabre said it sees forward-looking claims inflation of 6% to 7% from its current rating base and believes its pricing already reflects that outlook.
The company said other market participants may need to raise prices by 10% to 15% over the next two years to remain profitable. Management said Sabre could potentially increase prices by less than the market because of its existing price adequacy.
Claims Director Trevor Webb said claims frequency had recently begun to edge higher after a period of improvement, while personal-injury frequency had remained broadly flat. He said the group was not seeing offsetting improvements in frequency or severity that would lessen the need to account for mid-single-digit claims inflation.
Sabre said it was monitoring potential cost pressures in care claims and had not yet seen clear evidence that current geopolitical conflicts were affecting claims costs through the supply chain.
Capital returns and technology plans The board declared an interim dividend of 4.1 pence per share, up 20% from 3.4 pence a year earlier and in line with its stated dividend policy. Sabre’s £5 million share buyback program is nearing completion.
Its solvency coverage ratio stood at 161.4% after accounting for the interim dividend and buyback, slightly above the group’s preferred 140%-160% operating range. Westwood said the position provides flexibility to support growth and investment while maintaining shareholder returns.
Sabre also outlined plans to use artificial intelligence to support software development, fraud detection, pricing and customer interactions. Management said it did not intend to reduce headcount through the technology program, instead describing AI as a tool to enhance employees’ work as the business grows.
Webb said the insurer is alert to the potential use of AI-generated images and other material in fraudulent claims, but it has not seen large volumes so far. The company continues to use physical vehicle inspections, accident-scene investigations and other established fraud-control measures.
Looking ahead, Sabre reiterated that it expects strong growth, full-year profit above 2025 levels and a return of net insurance margin to its target range by the end of 2026. Management said Ambition 2030 remains on track, with early evidence of progress coming from motorcycle growth and further motor pricing initiatives.
About Sabre Insurance Group (LON:SBRE)Sabre Insurance Group plc, through its subsidiaries, engages in the writing of general insurance for motor vehicles in the United Kingdom. It offers taxi, private car, and motorcycle insurance through a network of insurance brokers, as well as through its Go Girl and Insure 2 Drive brands. The company was founded in 1982 and is based in Dorking, the United Kingdom.
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Main Street Capital oznámila čtvrtletní běžné měsíční dividendy ve výši 0,265 USD na akcii za říjen, listopad a prosinec 2026. V září 2026 vyplatí také mimořádnou dividendu 0,30 USD na akcii.
Regular Monthly Dividends of $0.265 Per Share for each of October, November and December 2026
Supplemental Dividend of $0.30 Per Share Payable in September 2026
, /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that its Board of Directors declared regular monthly cash dividends of $0.265 per share for each of October, November and December 2026. These monthly dividends, which will be payable pursuant to the table below, total $0.795 per share for the fourth quarter of 2026 and are consistent with the regular monthly dividends declared for the third quarter of 2026 and represent a 3.9% increase from the regular monthly dividends paid in the fourth quarter of 2025. Since its October 2007 initial public offering, Main Street has periodically increased the amount of its regular monthly dividends paid per share and has never reduced its regular monthly dividend amount per share.
Summary of Fourth Quarter 2026 Regular Monthly Dividends
Declared
Ex-Dividend Date
Record Date
Payment Date
Amount Per Share
8/3/2026
10/8/2026
10/8/2026
10/15/2026
$0.265
8/3/2026
11/6/2026
11/6/2026
11/13/2026
$0.265
8/3/2026
12/8/2026
12/8/2026
12/15/2026
$0.265
Total for Fourth Quarter 2026:
$0.795
In addition to the regular monthly dividends for the fourth quarter of 2026, the Board of Directors declared a supplemental cash dividend of $0.30 per share payable in September 2026. This supplemental cash dividend, which will be payable as set forth in the table below, will be paid out of Main Street's undistributed taxable income (taxable income in excess of dividends paid) as of June 30, 2026.
Supplemental Cash Dividend Payable in September 2026
Declared
Ex-Dividend Date
Record Date
Payment Date
Amount Per Share
8/3/2026
9/21/2026
9/21/2026
9/28/2026
$0.30
Including all dividends declared to date, including the fourth quarter 2026 regular monthly dividends and the September 2026 supplemental dividend, Main Street will have paid $51.205 per share in cumulative cash dividends since its October 2007 initial public offering at $15.00 per share. Including the fourth quarter 2026 regular monthly dividends and the September 2026 supplemental dividend, these most recent dividend declarations represent total dividends to Main Street shareholders of $1.095 per share, representing an annualized current yield of 7.9% based on the closing price of $55.75 per share on August 3, 2026.
The final determination of the tax attributes for dividends each year are made after the close of the tax year. The final tax attributes for 2026 dividends are currently expected to include a combination of ordinary taxable income and qualified dividends and may include capital gains and return of capital.
Main Street maintains a dividend reinvestment and direct stock purchase plan (the "Plan"). The dividend reinvestment feature of the Plan (the "DRIP") provides for the reinvestment of dividends on behalf of Main Street's registered stockholders who hold their shares with Main Street's transfer agent and registrar, Equiniti Trust Company, LLC, or certain brokerage firms that have elected to participate in the DRIP. Under the DRIP, if Main Street declares a dividend, registered stockholders who have not "opted out" of the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of Main Street common stock. The direct stock purchase feature of the Plan (the "DSPP") provides investors with a convenient and economical method to purchase shares of Main Street common stock. More information about the Plan (including the DSPP prospectus) can be found on the Main Street website (https://ir.mainstcapital.com/dividend-reinvestment-and-direct-stock-purchase-plan).
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.
Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements, including but not limited to the continued payment and growth of future dividends and the potential tax attributes for 2026 dividends, which are based upon Main Street management's current expectations and are inherently uncertain. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Main Street's control, and that Main Street may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance, events and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Main Street's filings with the U.S. Securities and Exchange Commission. Such statements speak only as of the time when made and are based on information available to Main Street as of the date hereof and are qualified in their entirety by this cautionary statement. Main Street assumes no obligation to revise or update any such statement now or in the future.
