All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario--(Newsfile Corp. - August 6, 2026) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") today reported its financial and operating results for the second quarter ended June 30, 2026.
"IAMGOLD delivered another strong and safe quarter, producing 188,100 ounces of gold and generating $507.3 million of adjusted EBITDA, keeping us firmly on track to achieve our full-year guidance of 720,000 to 820,000 ounces," said Renaud Adams, President and CEO. "At Côté Gold, the replacement of the conveyor belt in May and the commissioning of our second cone crusher allowed the plant to operate at near full capacity in June, and with contracted crushing now behind us, we expect production to increase and unit costs to decline through the second half of the year. Westwood and Essakane again delivered solid results. Our balance sheet has never been stronger, with a net cash position and $1.3 billion in liquidity, while returning nearly $150 million to shareholders in the quarter through our buyback program."
"Beyond this near-term progress, the scale of Côté's long-term potential continues to grow. As we advanced our technical work this year, the consolidation of the Côté and Gosselin Mineral Resources, now exceeding 20 million ounces of Measured and Indicated, materially expanded the opportunity set in front of us - and we have chosen to take the time to thoroughly evaluate rather than constrain it to a single scenario. As a result, the details of the updated technical report which are expected in the fourth quarter will outline a clear, near-term path to increase processing rates toward 40,000 tonnes per day through targeted debottlenecking, supported by a significantly larger reserve base, extended mine life and further cost optimization. Concurrently, we will continue to advance trade-off studies on a further expansion of the project, reflecting our growing conviction in the size and quality of this world-class asset and its ability to support a larger operation over the long term. With a strengthened balance sheet and a compelling pipeline of growth across Côté, Essakane, Westwood and Nelligan, IAMGOLD is exceptionally well positioned to create lasting value for our shareholders."
HIGHLIGHTS:
Operating and Financial
Attributable gold production was 188,100 ounces in the second quarter and 371,700 ounces year-to-date ("YTD"), with the Company on track to achieve its 2026 production guidance of 720,000 to 820,000 ounces.
Côté produced 67,300 attributable ounces (96,200 ounces | 100%) in the second quarter and 119,600 attributable ounces YTD (170,900 ounces | 100%). Production at Côté is expected to be higher in the second half of the year driven by increased processing rates as the impact from recent operational improvements continue to be realized;
Westwood produced 32,400 ounces in the second quarter and 68,600 ounces YTD; and
Essakane produced 88,400 attributable ounces (104,000 ounces | 100%) in the second quarter and 183,500 attributable ounces (215,900 ounces | 100%) YTD.
Revenues in the second quarter totaled $856.9 million from sales of 195,100 ounces at an average realized gold price1 of $4,384 per ounce and $1,887.0 million YTD from sales of 406,600 ounces at an average realized gold price of $4,631 per ounce.
Cost of sales per ounce sold was $1,651 ($1,635 YTD), cash cost1 per ounce sold, excluding royalties was $1,289 ($1,244 YTD), cash cost1 per ounce sold, including royalties was $1,642 ($1,624 YTD), and all-in sustaining cost1 ("AISC")1 per ounce sold was $2,271 ($2,195 YTD).
Net earnings and adjusted net earnings attributable to equity holders1 for the second quarter was $230.5 million ($610.2 million YTD) and $241.6 million ($632.7 million YTD), respectively.
Net earnings and adjusted net earnings per share attributable to equity holders1 for the second quarter of $0.40 ($1.05 YTD) and $0.42 ($1.09 YTD), respectively.
Net cash from operating activities was $445.1 million for the second quarter ($1,015.0 million YTD). Net cash from operating activities, before movements in working capital and non-current ore stockpiles1, was $442.9 million for the second quarter ($1,072.4 million YTD).
Earnings before interest, income taxes, depreciation and amortization ("EBITDA")1 was $495.3 million for the second quarter ($1,152.3 million YTD), and adjusted EBITDA1 was $507.3 million ($1,173.6 million YTD).
Mine-site free cash flow1 was $368.9 million during the second quarter ($893.5 million YTD).
The Company has available liquidity1 of $1,348.1 million as at June 30, 2026. Cash and cash equivalents was $501.4 million and the available balance of the revolving credit facility ("Credit Facility") was $845.7 million. Net cash, excluding leases and letters of credit1, was $52.2 million.
In health and safety, for the quarter ended June 30, 2026, the Company reported a total recordable injuries frequency rate ("TRIFR") of 0.70 and is tracking at 0.56 for the year. IAMGOLD is continuing to advance its critical risk management program and visible leadership to improve safety and reduce high-potential incidents.
Corporate
Continued cash flow generation in the second quarter allowed the Company to: purchase $147.9 million IAMGOLD shares (8.6 million shares) as part of the share buyback program and repay the remaining $100 million balance of its Credit Facility. Subsequent to quarter end and up to August 5, 2026, the Company has purchased an additional 3.5 million shares for $52.5 million and has purchased 27.9 million shares for $510.4 million since the inception of the program in December 2025. The Company intends to continue to use cash flow from Essakane to repurchase shares under its share buyback program as the cash is generated and repatriated from Essakane over the course of 2026.
In June 2026, the Company completed the repatriation of $680.7 million from Essakane that represented its portion, net of withholding taxes, of the record $855 million dividend declared in 2025 payable to the Government of Burkina Faso and IAMGOLD. Total cash repatriated in the second quarter was $197.1 million, and $409.8 million year-to-date.
In June 2026, Essakane declared its 2026 dividend of approximately $500 million from its 2025 profits. The Company's portion, net of the Government of Burkina Faso portion and withholding taxes, is approximately $400 million. The Company received $44 million subsequent to quarter end as a first dividend installment and expects to receive a further $45 million in August. The remaining balance is expected to be distributed at regular intervals based on the cash generated in excess of working capital requirements by Essakane.
On June 17, 2026, the Company announced the strengthening of its financial position and flexibility by amending its revolving Credit Facility, increasing total capacity from $650 million to $850 million, extending maturity to June 2030, decreasing costs and improved covenants. The facility also includes an additional $250 million accordion feature, offering further liquidity potential. The Credit Facility remains undrawn.
On June 1, 2026, the Company announced an updated Mineral Resource estimate for the Côté Gold Mine, reflecting the integration of the Côté and Gosselin zones in a consolidated block model. Measured and Indicated Mineral Resources for Côté Gold on a consolidated basis increased to 20.3 million ounces, with an additional 3.5 million ounces of Inferred Mineral Resources. The updated Mineral Resource estimate will inform the upcoming Côté Gold Technical Report and mine plan, with the results to be announced in the fourth quarter 2026.
On August 6, 2026, the Company announced that Ms. Catherine McLeod-Seltzer has been appointed to the Company's Board of Directors effective September 1, 2026. Ms. McLeod-Seltzer, who was inducted into the Canadian Mining Hall of Fame in 2026, brings more than four decades of mining industry experience as both a senior executive and public-company director.
QUARTERLY REVIEW
For more details and the Company's overall outlook for 2026, see "Outlook", and for individual mines performance, see "Operations". The following table summarizes certain operating and financial results for the three months ended June 30, 2026 (Q2 2026), June 30, 2025 (Q2 2025) and the six months ended June 30 (H1 or YTD) 2026 and 2025, and certain measures of the Company's financial position as at December 31, 2025.
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Key Operating Statistics ($ millions)
Gold production - attributable (000s oz)
188.1
173.0
371.7
334.0
- Côté Gold1
67.3
67.0
119.6
118.1
- Westwood
32.4
29.4
68.6
53.3
- Essakane2
88.4
76.6
183.5
162.6
Gold sales - attributable (000s oz)
180.2
173.4
373.9
338.1
- Côté Gold1
66.9
68.4
122.0
120.0
- Westwood
29.2
28.6
66.7
55.8
- Essakane2
84.1
76.4
185.2
162.3
Cost of sales3 ($/oz sold) $1,651
$1,561
$1,635
$1,514
- Côté Gold1$1,562
$1,222
$1,630
$1,240
- Westwood$1,624
$1,577
$1,440
$1,562
- Essakane2$1,730
$1,858
$1,707
$1,700
Cash costs4 - excluding royalties ($/oz sold) $1,289
$1,340
$1,244
$1,311
- Côté Gold1$1,245
$997
$1,301
$1,030
- Westwood$1,606
$1,562
$1,417
$1,545
- Essakane2$1,214
$1,565
$1,143
$1,437
Cash costs4 ($/oz sold) $1,642
$1,556
$1,624
$1,509
- Côté Gold1$1,554
$1,219
$1,622
$1,237
- Westwood$1,606
$1,562
$1,417
$1,545
- Essakane2$1,724
$1,855
$1,700
$1,697
AISC4 - excluding royalties ($/oz sold) $1,918
$1,825
$1,815
$1,778
- Côté Gold1$1,773
$1,389
$1,773
$1,418
- Westwood$2,163
$2,140
$1,921
$2,132
- Essakane2$1,691
$1,934
$1,602
$1,764
AISC4 ($/oz sold) $2,271
$2,041
$2,195
$1,976
- Côté Gold1$2,082
$1,611
$2,094
$1,625
- Westwood$2,163
$2,140
$1,921
$2,132
- Essakane2$2,201
$2,224
$2,159
$2,024
Average realized gold price ($/oz)$4,384
$3,182
$4,631
$2,961
Attributable portion for Côté Gold is based on IAMGOLD's ownership of 70%. See "Operations - Côté Gold, Canada" for more details.IAMGOLD's Essakane ownership interest decreased from 90% to 85% effective June 20, 2025. See "Operations - Essakane, Burkina Faso" for more details. The attributable portion for Essakane is presented as 90% for the first half of 2025 and 85% for the second half of 2025 throughout this news release.Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures.
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Financial Results ($ millions)
Revenues$856.9
$580.9
$1,887.0
$1,058.0
Gross profit$415.1
$198.8
$985.8
$340.0
EBITDA1$495.3
$283.8
$1,152.3
$479.0
Adjusted EBITDA1$507.3
$276.4
$1,173.6
$480.9
Net earnings attributable to equity holders$230.5
$78.7
$610.2
$118.4
Adjusted net earnings attributable to equity holders1$241.6
$77.3
$632.7
$132.5
Net earnings per share attributable to equity holders $0.40
$0.14
$1.05
$0.21
Adjusted net earnings per share attributable to equity holders1 $0.42
$0.13
$1.09
$0.23
Net cash from operating activities before changes in working capital1 $442.9
$127.3
$1,072.4
$232.2
Basic weighted average number of common shares outstanding (in millions)
578.0
575.1
582.7
573.8
Net cash from operating activities$445.1
$85.8
$1,015.0
$160.1
Mine-site free cash flow1$368.9
$140.5
$893.5
$280.1
Capital expenditures1 - sustaining $96.3
$78.4
$184.9
$140.1
Capital expenditures1 - expansion$22.0
$8.9
$34.8
$14.2
June 30
December 31
2026
2025
Financial Position ($ millions)
Cash and cash equivalents$501.4
$421.9
Long-term debt$449.3
$649.8
Net cash (debt) excluding lease liabilities and letters of credit$52.2
$(228.1)Net cash (debt)1$(42.6)$(344.4)Available Credit Facility$845.7
$445.7
Refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release for a description and calculation of these measures. OUTLOOK
Production (000 oz)
YTD 2026Full Year
Guidance 2026Côté Gold - (70%)119.6270 - 310Westwood - (100%)68.6110 - 130Essakane - (85%)183.5340 - 380Total attributable production (000s oz)371.7720 - 820Total attributable production for IAMGOLD in 2026 is expected to be in the range of 720,000 to 820,000 ounces. Production at Côté is expected to be higher in the second half of the year, driven by increased processing rates as recent operational improvements continue to be realized. For further details, refer to the "Operations" section of each mine below.
Cost of sales1 ($/oz sold)$1,635$1,425 - $1,575 Cash costs1,2 - excluding royalties ($/oz sold)$1,244$1,100 - $1,250 Cash costs1,2 - including royalties3 ($/oz sold) $1,624$1,425 - $1,575 AISC1,2 - excluding royalties3 ($/oz sold)$1,815$1,675 - $1,825 AISC1,2 - including royalties3 ($/oz sold)$2,195$2,000 - $2,150Consists of Côté Gold, Westwood and Essakane on an attributable basis of 70%, 100%, and 85%, respectively.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Guidance for cash costs and AISC, including royalties, assumes a $4,000 per ounce gold price in the estimate of royalties per ounce. Cash costs on a consolidated basis, excluding royalties, are expected to be in the upper half of the range of $1,100 to $1,250 per ounce sold. Cash costs are expected to be lower in the second half of the year, reflecting the expected increase in Côté Gold's production over the second half of the year. AISC on a consolidated basis, excluding royalties, are expected to be in the upper range of $1,675 to $1,825 per ounce sold.
The guidance for cash costs and AISC, including royalties, was established using a gold price assumption of $4,000 per ounce for the year. The amount of royalties included in cash costs and AISC was $380 per ounce year-to-date, $55 per ounce higher than guidance, as the average realized price of gold sold in the first half was $4,631, or $631 per ounce above the gold price assumption used in guidance estimates. Refer to the table below for the sensitivity of royalties based on gold price.
Royalty Sensitivities
$ per ounce soldGold PriceConsolidatedCôté GoldEssakane$3,500$270$245$350$4,000 (guidance price)$325$300$450$4,500$390$340$540$5,000$440$385$600The realized gold price in the first half of the year averaged $4,631 per ounce. The full year guidance for 2026 is based on the following assumptions (before the impact of hedging): an average realized gold price of $4,000 per ounce, USD/CAD exchange rate of 1.35, EUR/USD exchange rate of 1.18, average Brent oil price of $65 per barrel and West Texas Intermediate (WTI) price of $65 per barrel. On oil price, the Company estimates that for a $10 per barrel increase, the impact on the direct cost of fuel would increase costs by approximately $12 per ounce, exclusive of broader indirect inflationary pressures on input costs and the supply chain.
During the first half of 2026 price escalation of approximately 3% has been observed across certain commodity inputs, which remained within the Company's inflation expectations. The Company continuously evaluates key commodity indices and forward supplier pricing guidance to proactively identify areas of potential cost inflation to inform any price mitigation measures that may be warranted. For further information on the expected impacts from fluctuation in guidance assumptions, refer to the Sensitivity Impact table included in the "Financial Condition" section.
Capital Expenditures
YTD 2026
Full Year Guidance 20261
($ millions)Sustaining
Expansion
Total
Sustaining
Expansion
Total
Côté Gold (70%)$55.4
$27.1
$82.5
$160
$85
$245
Westwood (100%)
33.3
6.7
40.0
55
30
85
Essakane (100%)
96.2
1.0
97.2
165
5
170
Total2$184.9
$34.8
$219.7
$380
$120
$500
Capital expenditures guidance (±5%).Includes $7 million of capitalized exploration and evaluation expenditures also included in the Exploration Outlook guidance table.Sustaining capital expenditures are expected to be approximately $380 million ±5%. Sustaining capital at Côté Gold, on an attributable basis, is expected to total $160 million ±5%, an increase from the prior year due to additional non-recurring plant and infrastructure design changes and improvements identified during the ramp-up to optimize operations and operating costs. Côté Gold's capital expenditures are expected to be higher in the second half of the year due to the timing of equipment deliveries and the scheduling of projects.
Expansion capital expenditures are expected to total $120 million ±5% in 2026. The expansion capital at Côté Gold is to de-risk the contemplated Côté expansion; early works include basic mill infrastructure and a significant pushback to expand the operating area of the pit. Additional expansion capital is associated with development works at Westwood to support the study of options to increase mining volumes including the potential for bulk mining in the eastern parts of Westwood underground.
$14.6
$14.3
$28.9
$18
$36
$54
Exploration expenditures for 2026 are expected to be approximately $54 million, the majority of which will be expensed. The Nelligan Mining Complex is the primary focus for exploration in 2026, with an estimated spend of approximately $24 million (including the construction of certain infrastructure to support an expanding program), followed by Côté Gold at approximately $5 million attributed to IAMGOLD, and Essakane at approximately $6 million.
Income Taxes Paid and Depreciation Outlook
($ millions)YTD 2026Full Year
Guidance 2026Depreciation expense $234.3$480 (±5%)Income taxes paid $100.9$205 - $215The Company expects to pay cash taxes in the range of $205 to $215 million during 2026. Cash tax payments do not occur evenly by quarter, as amounts paid in a quarter can include payments of the final balance of the prior year taxes and payments of instalments for the current year, both required to be made at times as prescribed by different countries. There are no significant cash taxes expected in respect of the new global minimum top-up taxes ("GloBE").
Depreciation expense for 2026 is expected to be $480 million (±5%) corresponding with production levels and depletion of certain pit phases for which waste stripping costs have been capitalized.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
The Company released its 2025 Sustainability Report on April 27, 2026. The report draws upon various ESG frameworks and standards and internationally recognized methodologies such as the Global Reporting Initiative and Sustainability Accounting Standards Board. In June 2026, the Company was named one of Canada's Best 50 Corporate Citizens by Corporate Knights for 2026.
Health and Safety
The TRIFR in the second quarter was 0.70 as of June 30, 2026, compared to 0.41 as of June 30, 2025, and tracking at 0.56 for the year. IAMGOLD is continuing to advance its critical risk management program and visible leadership to improve safety and reduce high-potential incidents.
Environmental
There were zero significant environmental incidents reported for the quarter. Essakane updated its 2019 Closure Plan and submitted the revised plan to the Burkina Faso authorities in June 2026, as required by regulation.
Social Performance
During the second quarter 2026, IAMGOLD continued its strong relationship with local communities at each of our sites, including supporting community-based and wellness-focused initiatives. Notable investments included the donation of medical equipment to healthcare facilities servicing the local communities near Essakane early this spring; Westwood's participation in the Social Investment Fund of the Mining Industry (FISM) of Abitibi-Témiscamingue, launched in April 2026; and Côté Gold's funding for Dynamic Earth Sudbury and Timmins Hospital.
Indigenous Relations
As a Canadian business committed to responding to the Truth and Reconciliation Commission of Canada's Calls to Action, IAMGOLD is continuing to advance a company-wide initiative to articulate how it works with Indigenous peoples beyond reconciliation, towards a future that builds upon the Company's experiences and reflects its values. This work is intended to support the creation of a coherent vision for reconciliation and a roadmap to help guide the Company's actions as an organization, embedding reconciliation more intentionally across the organization, and defining actions to guide respectful, mutually beneficial relationships with Indigenous communities.
In the second quarter 2026, IAMGOLD launched a 5-pathway reconciliation plan, along with new mandatory awareness training for all its Canada-based employees titled "Indigenous Peoples of Canada: An Introduction to History and Relationship".
Culture and Inclusion
IAMGOLD includes annual objectives to support its efforts in integrating culture and inclusion into the strategy and corporate scorecard, for the annual objectives, and tracks metrics in site and corporate reports for visibility and measurement. As of June 30, 2026, women accounted for 33% of the Company's executive leadership team.
OPERATIONS
Côté Gold Mine (IAMGOLD interest - 70%) | Ontario, Canada
120.0
Average realized gold price2 ($/oz)$4,379
$3,336
$4,584
$3,160
Financial Results ($ millions - attributable interest)
Revenues$293.2
$229.2
$560.3
$380.4
Cost of sales3
104.3
83.9
198.8
149.1
Production costs
82.8
68.0
160.2
124.4
(Increase)/decrease in finished goods
0.9
0.7
(0.5)
(0.1)Royalties4
20.6
15.2
39.1
24.8
Cash costs2
103.9
83.6
197.9
148.7
Sustaining capital expenditures2
36.6
27.2
55.4
45.4
Expansion capital expenditures2
18.0
6.6
27.1
9.7
Total sustaining and expansion capital expenditures2
54.6
33.8
82.5
55.1
Earnings from operations
141.6
101.5
272.6
151.2
Mine-site free cash flow2
150.3
93.9
262.2
151.5
Unit costs per tonne2
Mine costs per operating tonne mined2$4.49
$3.88
$4.83
$3.69
Mill costs per tonne milled2$20.85
$16.94
$22.54
$18.30
G&A costs per tonne milled2$8.36
$5.80
$8.72
$7.09
Operating costs per ounce5
Cost of sales excluding depreciation ($/oz sold)$1,562
$1,222
$1,630
$1,240
Cash costs2 - excluding royalties ($/oz sold)$1,245
$997
$1,301
$1,030
Cash costs2 ($/oz sold)$1,554
$1,219
$1,622
$1,237
AISC2 - excluding royalties ($/oz sold)$1,773
$1,389
$1,773
$1,418
AISC2 - including royalties ($/oz sold)$2,082
$1,611
$2,094
$1,625
Strip ratio is calculated as waste mined divided by ore mined.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures". Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Includes the 7.5% gross margin royalty and various net smelter return royalties.Cost of sales, cash costs excluding royalties cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Operations
Côté Gold attributable gold production in the second quarter 2026 was 67,300 ounces (96,200 ounces | 100%), in line with the prior year period, as the processing plant operated at near full capacity in June following the successful replacement of the conveyor belt in May and commissioning of the second cone crusher to start the year.
Mining activity totaled 11.7 million tonnes in the second quarter 2026, in line with the same prior year period. Ore tonnes mined were 3.1 million tonnes, or 3% lower than the prior year period, due to a slightly higher strip ratio of 2.8:1 as mining activities progressed in pushback areas. The average grade mined was 0.86 g/t in the second quarter 2026, a decrease of 9% over the prior year period, in line with expectations as mining was focused on opening up a new bench for the second half of the year.
Mill throughput in the second quarter 2026 totaled 2.9 million tonnes, substantially in line with the prior year period. Throughput was being managed early in the quarter prior to the conveyor belt replacement in late May. Following the new belt installation, plant capacity was ramped up to nameplate, with over 1.0 million tonnes processed in June. Head grades averaged 1.12 g/t, in line with the prior year period, at average recoveries of 93%. The reconciliation between the reserve models, grade control models, mill feed and production continue to be well within expected tolerances.
The Company discontinued the use of external contractor crushing by the end of June 2026. This supplemental crushing had originally been contracted in 2025 to support operational targets due to constraints in the crushing circuit which were addressed through the installation of a second cone crusher at the beginning of the year. Processing cost improvements were realized in June as contracted crushing was reduced, with average processing costs in June of $17.72 per tonne, down from an average of $22.50 per tonne over the prior three quarters. Additional operational benefits from the debottlenecked crushing circuit have been realized downstream with improved wear rates on the high pressure grinding rolls (HPGR) rollers with better sized material now feeding the HPGR. A longer HPGR lifespan is expected to translate into reduced maintenance costs and improved crushing circuit availability. Improvements to mining unit costs are expected to be realized in the coming quarters as the mining fleet previously required to support the external contractor crushing is redeployed on mining activities.
Production costs of $82.8 million during the three months ended June 30, 2026, were $14.8 million or 22% higher than the same prior year period primarily from higher use of external contractor crushing services, contractor costs to support the conveyor repairs and scheduled maintenance described above, higher mine maintenance as the mining fleet commenced the first series of rebuilds, as well as increased diesel prices resulting from the conflict in the Middle East and higher electricity prices.
While mining and milling costs remained elevated in the second quarter 2026, the Company continues to execute its plans to reduce mining and milling costs towards 2026 year-end targets of $4/t and $15/t respectively and realize further reductions in 2027 onwards.
Mining costs averaged $4.49 per tonne mined during the three months ended June 30, 2026. Mining costs were impacted by higher diesel costs, increased cost of tires consumed, the continued operation of the external contractor crusher that increases rehandling and utilization of haul trucks, as well as increased maintenance efforts as the hauling fleet approaches mid-life. The impact from the contracted crushing is expected to reduce as the contractor was phased out by the end of June.
Milling costs were $20.85 per tonne milled during the three months ended June 30, 2026. Unit costs remained higher in the second quarter due to the utilization of the external contractor crusher, the scheduled maintenance shutdowns and repair works described above, in addition to higher electricity prices. Unit cost improvements were realized in June, averaging $17.72 per tonne over the month, as external contractor crushing was phased out by the end of the month. Further milling cost improvements are expected through the second half of the year on increased volumes and maintenance cycle improvements.
G&A costs were $8.36 per tonne milled during the three months ended June 30, 2026
Cost of sales, excluding depreciation, of $104.3 million was $20.4 million or 24% higher than the prior year period, primarily due to higher production costs and higher royalties. Cost of sales per ounce sold, excluding depreciation, of $1,562 was $340 or 28% higher due to higher cost of sales and lower sales volume.
Cash costs, excluding royalties, of $83.3 million were $14.9 million or 22% higher than the prior year period, primarily due to higher production costs. Cash cost per ounce sold, excluding royalties, of $1,245, was higher by $248 or 25%, due to higher cash costs and lower sales volume.
Royalties during the three months ended June 30, 2026, were $20.6 million or $309 per ounce (20% of cash costs), 36% higher compared to the prior year period due to higher gold prices.
Cash costs, including royalties, of $103.9 million were $20.3 million or 24% higher than the prior year period, primarily due to higher production costs and royalties. Cash cost per ounce sold of $1,554 was higher by $335 or 27% due to higher cash costs and lower sales volume.
AISC per ounce sold of $2,082 was higher by $471 or 29%, primarily due to higher cash costs per ounce sold and higher capital expenditure.
Capital expenditures totaled $54.6 million ($77.9 million | 100%) in the second quarter 2026. Sustaining capital expenditures totaled $36.6 million ($52.2 million | 100%), including $16.0 million of mobile equipment and critical spares, $10.4 million of tailings infrastructure and related earthworks, $8.5 million of capital projects related to operational improvements and ramp-up, and $1.7 million of capital waste stripping. Expansion capital of $18.0 million ($25.7 million | 100%) included $14.1 million capital waste stripping for the Phase 2 pit expansion along the periphery of the current pit and $3.9 million of related infrastructure improvements.
Mine-site free cash flow, on an attributable basis, was $150.3 million ($214.7 million | 100%) for the three months ended June 30, 2026, with revenues of $293.2 million from gold sales of 66,900 ounces at the realized gold price of $4,379 per ounce, resulting in operating cash flows of $204.0 million ($291.4 million | 100%) offset by capital expenditures totaling $53.7 million ($76.7 million | 100%).
2026 Outlook
Côté Gold attributable production in 2026 is expected to be in the range of 270,000 to 310,000 ounces (390,000 to 440,000 ounces | 100%). The focus in 2026 is on stabilization, optimization, improving the cost structure, and preparing for the contemplated expansion of Côte. Short to medium term capital investment is planned to improve the operating efficiency and cost structure while also systematically investing to derisk future expansions.
Mining activities in 2026 are planning a total of approximately 48 million tonnes of material mined, which includes the pushback to open up the pit to improve mine efficiency and prepare for the contemplated expansion. Mining rates are expected to increase in the second half of the year as the mining fleet supporting the external contractor crusher becomes available and with the commissioning of three new haul trucks. Mill throughput is expected to total approximately 12 million tonnes, with the plant averaging 36,000 tpd (nameplate) over the course of the year. Plant head grades are expected to average between 1.05 g/t and 1.15 g/t. Gold production is expected to be higher in the second half of the year based on increased throughput following the first quarter and higher grades in the second half of the year.
Cash costs, excluding royalties, at Côté Gold are expected to be near the top end of the guidance range of $900 to $1,050 per ounce sold. Cash costs are expected to improve in the second half on increased volumes, higher production and improved unit costs. Côté Gold relies on diesel to operate the haul trucks, while the shovels and processing plant are connected to the grid. The cost estimates for 2026 used an oil price assumption of $65 per barrel for WTI. It is estimated that a $10 increase in the price of oil per barrel would approximately equate to a $7 per ounce increase in costs, exclusive of broader indirect inflationary pressures on input costs and the supply chain. AISC, excluding royalties, are expected to be at the top end of the guidance range of $1,475 to $1,625 per ounce sold. See "Outlook" for guidance and sensitivities on royalties.
Sustaining capital expenditures guidance for Côté Gold is approximately $160 million ±5% ($230 million | 100%) that includes $50 million ($70 million | 100%) of non-recurring capital to improve the operating efficiency and the long-term operating cost structure.
Expansion capital of $85 million ±5% ($120 million | 100%) mainly relates to the planned strategic pit pushback that will provide both operational flexibility in the near term and optionality for an expansion of operations, including the acceleration of certain activities that could provide near-term increases in throughput capacity, including an additional Vertimill in early 2027.
Expansion Opportunities
The Company is planning to announce an updated Côté Gold mine plan and Mineral Reserve estimate in the fourth quarter of 2026, which will be included in a subsequent Technical Report shortly thereafter. The study will incorporate the recently consolidated Côté and Gosselin Mineral Resources and operating assumptions based on production experience to date.
The updated mine plan is expected to demonstrate a significant expansion of Mineral Reserves and life of mine, while outlining near-term opportunities to progressively increase processing capacity beyond the current nameplate, through further debottlenecking and targeted plant improvements, to support sustained processing rates of approximately 40,000 tpd. In parallel, the Company is continuing to evaluate opportunities for a larger-scale expansion of the processing plant, supported by the size and quality of the consolidated Côté-Gosselin resource base and the potential to support a substantially larger operation over the long term. Technical, infrastructure and permitting studies are ongoing to determine the optimal scale, configuration and development path to maximize the long-term value of the operation.
Exploration
On June 1, 2026, the Company announced an updated Mineral Resource estimate for the Côté Gold Mine that reflects the integration of the Côté and Gosselin zones into a consolidated block model with updated economic assumptions, ahead of the upcoming Côté updated mine plan and technical report discussed above.
This updated estimate is with an effective date of March 31, 2026, and highlights include:
Côté Gold Measured and Indicated ("M&I") Mineral Resources (100% basis) on a consolidated basis of 20.3 million ounces of gold, an increase of approximately 2.2 million ounces, or 12%, compared with the December 31, 2025, statement.
Côté Gold Inferred Mineral Resources (100% basis) on a consolidated basis of 3.5 million ounces of gold, an increase of approximately 1.3 million ounces, or 61%, compared with the December 31, 2025, statement.
The exploration program at Côté Gold is ongoing with a focus on the Côté, Gosselin and saddle area. The 2026 Gosselin zone exploration program includes approximately 10,000 metres of diamond drilling to test the north and north-east extensions of the Gosselin zone. Approximately 4,400 metres were drilled YTD with none completed in the second quarter and drilling will resume in the third quarter using the most recent drilling results obtained.
An infill drilling program of 20,000 metres is ongoing on the Côté zone. Approximately 6,200 metres of surface diamond drilling were completed in the second quarter 2026 (10,400 metres YTD including approximately 1,200 metres of geological drilling completed in the first quarter). The infill drilling program was planned to improve resource confidence within the northeastern extension of the Côté deposit and convert Inferred Resources into the Indicated Resources category.
-
Total sustaining and expansion capital expenditures1
20.3
16.0
40.0
31.1
Earnings from operations
68.0
35.0
185.3
56.1
Mine-site free cash flow1
56.5
36.6
166.5
53.2
Unit costs per tonne1
Underground mining cost per tonne mined $313.99
$302.08
$300.48
$289.11
Open pit mining cost per operating tonne mined$11.86
$6.80
$10.30
$7.02
Milling cost per tonne milled$37.02
$25.46
$32.13
$24.43
G&A cost per tonne milled$16.83
$13.98
$18.40
$18.04
Operating costs per ounce3
Cost of sales excluding depreciation ($/oz sold)$1,624
$1,577
$1,440
$1,562
Cash costs1 - excluding royalties ($/oz sold)$1,606
$1,562
$1,417
$1,545
Cash costs1 ($/oz sold)$1,606
$1,562
$1,417
$1,545
AISC1 ($/oz sold)$2,163
$2,140
$1,921
$2,132
This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Cost of sales, cash costs excluding royalties, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Operations
Westwood gold production in the second quarter 2026 was 32,400 ounces, higher by 3,000 ounces or 10% compared with the same prior year period.
Underground mining activity in the second quarter 2026 of 104,000 tonnes of ore was higher by 6,000 tonnes or 6% than the same prior year period, due to improved stope mucking procedures and hoisting performance. The grade of 8.34 g/t Au was higher than the prior period mainly due to mine sequencing.
Open pit mining activity in the second quarter 2026 of 109,000 tonnes of ore was lower by 206,000 tonnes than the same prior year period primarily due to a focus on waste stripping activities as part of the mining sequence to open up access to ore and a transition to a new contract miner during the quarter.
Mill throughput in the second quarter 2026 was 287,000 tonnes, 36,000 tonnes lower than the prior year period due to a planned mill shutdown early in the second quarter 2026. The average grade of 3.75 g/t was 22% higher than the same prior year period due to higher grade and volume processed from the underground mine.
The mill achieved recoveries of 94% in the second quarter 2026, 2% higher than the same prior year period.
Financial Performance - Q2 2026 Compared to Q2 2025
Production costs of $54.0 million were higher by $7.6 million or 16% than the same prior year period, primarily due to increased extraction activities in the underground mine, the transition to a new contract miner at the Grand Duc satellite pit, and increased milling costs. Underground mining costs per tonne mined were $313.99, higher by $11.91 per tonne or 4% than the same prior year period, resulting from increased labour costs and higher maintenance activities. Milling costs of $37.02 per tonne were slightly higher due to increased rental cost for the portable crushing unit supporting the supplemental Grand Duc ore feed and a mill shutdown occurring in the second quarter relative to the first quarter in the prior year.
Cost of sales, excluding depreciation, of $47.5 million was higher by $2.4 million or 5% compared to the same prior year period due to higher production costs, partially offset by an increase in gold in circuit. Cost of sales per ounce sold, excluding depreciation, of $1,624 was higher by $47 or 3%, due to higher production costs, partially offset by an increase in gold in circuit.
Cash costs of $47.0 million were higher by $2.4 million or 5% compared to the prior year period due to higher production costs. Cash costs per ounce sold of $1,606 were higher by $44 per ounce or 3%, due to higher production costs, partially offset by an increase in gold in circuit.
AISC per ounce sold of $2,163 was higher by $23 per ounce or 1%, primarily due to higher cash costs per ounce, partially offset by lower sustaining capital spend and an increase in gold in circuit.
Sustaining capital expenditures of $16.7 million included mill and mobile equipment of $8.0 million and underground development and rehabilitation of $6.5 million, capitalized stripping at Grand Duc of $0.4 million, and other sustaining capital projects of $1.8 million. During the quarter a work program progressed on the adjacent Eastwood deposit, with $3.6 million incurred in the period, to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining and resulted increase in underground throughput.
Mine-site free cash flow was $56.5 million for the three months ended June 30, 2026, based on revenues of $129.6 million from gold sales of 29,200 ounces at a realized gold price of $4,412 per ounce, generating operating cash flows of $75.9 million offset by capital expenditures totaling $19.4 million.
2026 Outlook
Westwood production is expected to be in the range of 110,000 to 130,000 ounces in 2026. Underground mining is planned for between 900 to 1,000 tonnes per day, and the Grand Duc open pit life was extended into 2027 based on the improved economics in the current gold price environment. Mill throughput is expected to total 1.2 million tonnes in 2026 with blended head grades expected to average 3.5 g/t over the course of the year.
Cash costs at Westwood are expected to be in the range of $1,500 to $1,650 per ounce sold and AISC in the range of $1,950 to $2,100 per ounce sold.
Sustaining capital expenditures guidance is $55 million (±5%), primarily consisting of underground development in support of the mine plan, the continued renewal of the mobile fleet and fixed equipment, and certain asset integrity projects at the Westwood mill. Expansion capital of $30 million is primarily associated with development works to support the study of options to expand the mine in the eastern parts of Westwood underground that could be amenable to bulk mining. Additional extensions to the Grand Duc pit will also be investigated this year.
Expansion Opportunities
The Company plans to publish an updated technical report for Westwood in the second half of 2027 which is expected to highlight the potential for bulk mining in the eastern zone at depth in Westwood. This approach could potentially support higher overall underground throughput which conceptually would allow for increased gold production at improved mining costs. Increasing the proportion of underground ore processed through the plant would also help offset the expected decline in open-pit feed once the low-grade Grand Duc open pit is depleted.
Essakane Mine (IAMGOLD interest - 85% for YTD 2026, 90% for YTD 2025) | Burkina Faso
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Key Operating Statistics1
Ore mined (000s t)
2,470
2,168
4,701
4,615
Grade mined (g/t)
1.01
1.06
1.05
1.14
Operating waste mined (000s t)
3,534
6,419
5,519
12,086
Capital waste mined (000s t)
5,967
2,154
13,693
4,901
Total material mined (000s t)
11,971
10,741
23,913
21,602
Strip ratio2
3.8
4.0
4.1
3.7
Ore milled (000s t)
3,236
3,113
6,377
6,225
Head grade (g/t)
1.13
0.93
1.19
1.01
Recovery (%)
88
91
89
90
Gold production (000s oz) - 100%
104.0
86.1
215.9
180.7
Gold production (000s oz) - attributable
88.4
Revenues$434.1
$279.6
$1,012.8
$556.5
Cost of sales4
171.4
158.1
372.1
307.0
Production costs
127.6
139.7
253.7
264.6
(Increase)/decrease in finished goods
(6.7)
(6.3)
(3.0)
(4.5)Royalties5
50.5
24.7
121.4
46.9
Cash costs3
170.6
157.8
370.4
306.4
Sustaining capital expenditures3
43.0
35.0
96.2
62.9
Expansion capital expenditures3
0.4
2.3
1.0
4.5
Total sustaining and expansion capital expenditures3
43.4
37.3
97.2
67.4
Earnings from operations
206.5
81.6
525.1
176.4
Mine-site free cash flow3
162.1
10.0
464.8
75.4
Unit costs per tonne3
Open pit mining cost per operating tonne mined$4.79
$6.02
$4.76
$5.80
Milling cost per tonne milled$18.88
$20.12
$19.66
$18.84
G&A cost per tonne milled$10.47
$8.46
$10.43
$8.93
Operating costs per ounce6
Cost of sales excluding depreciation ($/oz sold)$1,730
$1,858
$1,707
$1,700
Cash costs3 - excluding royalties ($/oz sold)$1,214
$1,565
$1,143
$1,437
Cash costs3 ($/oz sold)$1,724
$1,855
$1,700
$1,697
AISC3 - excluding royalties ($/oz sold)$1,691
$1,934
$1,602
$1,764
AISC3 - including royalties ($/oz sold)$2,201
$2,224
$2,159
$2,024
100% basis, unless otherwise stated.Strip ratio is calculated as waste mined divided by ore mined.This is a non-GAAP financial measure. See "Non-GAAP Financial Measures".Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Includes contributions made by the Essakane mine to the development fund for local communities, equating to 1% of total revenues.Cost of sales, cash costs excluding royalties, cash costs and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Operations
Essakane attributable gold production in the second quarter 2026 was 88,400 ounces (104,000 ounces | 100%), an increase of 11,800 ounces or 15% from the prior year:
Mining in the second quarter 2026 totaled 12.0 million tonnes, higher by 1.2 million tonnes or 11% compared to the same prior year period. Ore mined totaled 2.5 million tonnes in the quarter at an average grade of 1.01 g/t, an increase of 14% and a decrease of 5%, respectively over the same year prior period. The Company is seeing continued positive reconciliation from the lower benches of Phase 7, in line with results from the lower section of prior phases where positive reconciliation offset negative reconciliation from the upper benches. Capital waste mined increased from the prior period as mining progressed to open up the Lao pit as per the mine plan.
Mill throughput in the second quarter 2026 was 3.2 million tonnes at an average head grade of 1.13 g/t, 4% higher and 22% higher than the same prior year period, respectively.
The mill achieved recoveries of 88% in the second quarter 2026, slightly lower than the same prior year period, due to ore complexity from deeper benches of Phase 7 which include higher concentrations of graphitic carbon and sulfur.
The security situation in Burkina Faso continues to be a focus for the Company. Security-related incidents are still occurring in the country, and more broadly, the West African region, which has put pressure on supply chains. The Company continues to take proactive measures to ensure the safety and security of in-country personnel and is constantly adjusting its protocols and activity levels at the site in response to the security environment. The Company continues to invest in the security and supply chain infrastructure in the region and at the mine site. It is also incurring additional costs to bring employees, contractors, supplies, and inventory to the mine. See "Risks and Uncertainties".
In June 2026, Essakane declared a dividend of approximately $500 million representing the full distribution of its 2025 earnings. IAMGOLD's 85% portion of the dividend, net of taxes, is approximately $400 million. As at June 30, 2026, the entire $680.7 million of IAMGOLD's portion of the dividend declared in 2025 has been successfully repatriated, including interest payments of $14.4 million. See "Financial Condition - Dividend Payments from Essakane".
On April 7, 2025, the Government of Burkina Faso enacted an update to the royalty decree increasing the minimum royalty rate applicable to gold prices above $3,000/oz to 8%, with the rate increasing by an additional 1% for each $500/oz thereafter. The previous rate was 7% on all gold sold at or above $2,000/oz. The average royalty rate was 12% in the second quarter 2026 compared to 9% in the same prior year period, in addition to the contributions to the development fund for local communities equating to 1% of total revenues.
Financial Performance - Q2 2026 Compared to Q2 2025
Production costs of $127.6 million were lower by $12.1 million or 9%, due to a decrease in mining costs, a higher proportion of capitalized waste in the period, offset by an increase in the funding of community development programs in the local communities. Mining costs were lower due to free digging of the initial saprolite benches of the Lao pit resulting in reduced explosives consumption and reduced energy consumption, partially offset by increased drilling activity during the quarter. Milling costs were lower as liner replacement occurred during the first quarter of 2026, compared to the second quarter in the prior year. USD equivalent labour, contractor and facility costs increased compared to the same prior year period due to the appreciation of the local XOF currency, which is pegged to the Euro.
Cost of sales, excluding depreciation, of $171.4 million was higher by $13.3 million or 8%, primarily due to a 104% increase in royalties, partially offset by lower production costs. Cost of sales per ounce sold, excluding depreciation, of $1,730 was lower by $128 per ounce or 7% due to higher royalties offset by lower production costs and higher production and sales volumes.
Royalties were $50.5 million or $510 per ounce (30% of cash costs), an increase of $220 per ounce compared to the prior year period resulting from higher gold prices under the new royalty decree.
Cash costs, excluding royalties, of $120.1 million were lower by $13.0 million or 10%, primarily due to lower production costs. Cash costs per ounce sold, excluding royalties, of $1,214 per ounce were lower by $351 per ounce or 22%, primarily due to higher production and sales volumes and lower production costs.
Cash costs, including royalties, of $170.6 million were higher by $12.8 million or 8% mainly due to higher royalties, partially offset by lower production costs, and total cash costs per ounce sold, including royalties, of $1,724 per ounce were lower by $131 or 7%, primarily due to higher production and sales volumes and lower production costs, partially offset by higher royalties.
AISC per ounce sold of $2,201 was lower by $23 per ounce or 1% due to lower cash costs and higher production and sales volumes, partially offset by higher royalties compared to the prior period, combined with higher sustaining capital expenditures.
Total capitalized stripping of $28.7 million was higher by $15.7 million or 121%, due to the initial pushbacks of a pit expansion in the adjacent Lao pit, resulting in higher overall waste tonnes mined in the period decreasing the proportion of waste tonnes classified as operating waste consistent with the 2026 mine plan.
Sustaining capital expenditures, excluding capitalized stripping, of $14.3 million included capital spares of $4.4 million, mobile and mill equipment of $4.3 million, resource development of $2.1 million, tailings management of $1.5 million, generator overhaul of $0.1 million and other sustaining projects of $1.9 million.
Mine-site free cash flow, on a 100% basis, was $162.1 million for the three months ended June 30, 2026, with revenues of $434.1 million resulting from gold sales of 99,000 ounces at a realized gold price of $4,379 per ounce, producing operating cash flows of $208.2 million, inclusive of a $60.0 million tax payment, offset by capital expenditures totaling $46.1 million.
2026 Outlook
Essakane attributable production is expected to be in the range of 340,000 to 380,000 ounces (400,000 to 440,000 ounces | 100%). Mining activities will predominantly target Phase 7 of the Essakane Main Zone and the adjacent Lao pit, with an estimated target of 43 to 46 million tonnes of material mined at a strip ratio between 3:1 to 4:1 with increased volumes of waste mining at the Lao pit. Mill throughput is expected to total near 13 million tonnes with head grades averaging 1.10 g/t Au.
Cash costs, excluding royalties, are expected to be in the range of $1,150 to $1,300 per ounce sold. AISC, excluding royalties, are expected at the top end of the guidance range of $1,550 to $1,700 per ounce sold. Costs at Essakane are impacted by the Burkinabe royalty structure described above which are uncapped and linked to gold prices. See "Outlook" for guidance and sensitivities on royalties.
Essakane mainly relies on diesel and heavy fuel oil to power the processing plant and operate the mining fleet. The cost estimates for 2026 used an oil price assumption of $65 per barrel for Brent. Fuel cost and supply have not been impacted by the conflict in the Middle East up to date, though risks to price and supply have increased. Based on the usage between milling and mining, it is estimated that a $10 increase in the price of oil per barrel would approximately equate to a $20 per ounce increase in cash costs and all-in sustaining cost, respectively, exclusive of broader indirect inflationary pressures on input costs and the supply chain. The Company is actively monitoring the situation and implementing measures that are within its control.
Sustaining capital expenditures guidance is approximately $165 million (±5%), including approximately $90 million of capitalized waste stripping to progress Phase 6 and into the Lao pit, as well as the ongoing replacement of certain equipment to improve efficiency and maintenance costs at Essakane, and the annual tailings dam program. The capitalized waste stripping is higher than estimated in the December 2023 technical report due to inclusion of the Lao pit and extension of estimated mine life into 2029.
Continued security incidents or related concerns could have a material adverse impact on future operating performance. The Company continues to actively work with authorities and suppliers to mitigate potential impacts and manage supply continuity, while also investing in additional infrastructure and supply inventory levels designed to secure operational continuity. See "Risks and Uncertainties."
Mine Life Extension Opportunities
The Company plans to issue an updated technical report in the first half of 2027. The report is expected to illustrate the potential extension of Essakane's mine life up to 2035 with additional phases in the Essakane pit and adjacent open pits.
PROJECTS
Nelligan Mining Complex | Quebec, Canada
On December 19, 2025, and December 22, 2025, the Company acquired all of the issued and outstanding shares of each of Northern Superior and Orbec, respectively, by way of court-approved plan of arrangement for consideration of approximately $329.0 million and $14.2 million, respectively, in shares of the Company and cash. The Northern Superior acquisition consolidated the Philibert, Chevrier, Lac Surprise, and Croteau projects with Orbec's early-stage Muus project, and IAMGOLD's Nelligan, Monster Lake and Anik projects.
The combined assets, together the "Nelligan Mining Complex", consolidates the Chibougamau region with a dominant land position of approximately 134,000 hectares. The Nelligan Mining Complex is now positioned as one of the largest pre-production gold camps in Canada. The close proximity of the primary deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometre radius.
On February 17, 2026, the Company announced its updated Mineral Resources for the Nelligan Mining Complex. On a consolidated basis, the Nelligan Mining Complex reported a significant increase in Indicated and Inferred Mineral Resources. Indicated Resources increased 1.1 million ounces to a total of 4.3 million ounces at an average grade of 0.99 g/t Au. Inferred ounces increased 1.9 million ounces to a total of 7.5 million ounces at an average grade of 1.08 g/t Au.
The Company plans to issue an inaugural technical report for the Nelligan Mining Complex in mid-2027.
IAMGOLD has budgeted approximately $24 million for exploration activities within the Nelligan Mining Complex for 2026. The goal of the program will be to conduct thorough testing of Philibert, expand Nelligan and continue to test Monster Lake at depth, all in support of a conceptual preliminary economic assessment in 2027. The Company is planning to test high-priority targets within the region.
In January 2026, the Company exercised the option to acquire the remaining 25% interest in the Philibert property held by SOQUEM for the payment totaling C$3.5 million, completing the consolidation of 100% of the Philibert property.
Nelligan
The Company holds a 100% interest in Nelligan located approximately 45 kilometres south of the Chapais Chibougamau area in Québec.
On February 17, 2026, the Company announced its updated Mineral Resources for Nelligan of 3.7 million Indicated gold ounces in 122.0 million tonnes ("Mt") at 0.95 grams per tonne gold ("g/t Au"), and 4.6 million Inferred ounces (151.0 Mt at 0.96 g/t Au). This represents an 18% increase in Indicated ounces, or 575,000 ounces at the same grade; as well as it represents a 10% decrease in Inferred ounces, or 514,000 ounces, at the same grade. This result is due in part to the infill program conducted last year to increase the confidence in ounces from Inferred Mineral Resources. Mineralization remains open along strike and at depth as demonstrated by encouraging results obtained from the depth exploration program conducted in 2025 (see news release dated September 15, 2025).
A diamond drilling program of 18,000 metres of expansion and delineation drilling is planned for 2026, of which approximately 5,700 metres were completed in the second quarter (15,100 metres YTD). This program will be expanded to a total of 24,000 metres for year 2026.
Monster Lake
The Company holds a 100% interest in the Monster Lake Gold Project, which is located approximately 15 kilometres north of Nelligan in the Chapais Chibougamau area in Québec.
On February 17, 2026, the Company announced its updated Mineral Resources for Monster Lake of 243,000 tonnes of Indicated Mineral Resources averaging 13.0 g/t Au for 102,000 ounces of gold, and 1,046,000 tonnes of Inferred Mineral Resources averaging 14.8 g/t Au for 499,000 ounces of gold. A slight increase in Indicated ounces and Inferred ounces is noted.
A diamond drilling program of 15,000 metres is planned in 2026 to increase confidence in the existing resource and test at depth the Megane zone following positive results obtained from the 2025 drilling. The depth extension requires further drilling to add to the current resource (see news release dated September 15, 2025). Approximately 3,800 metres were completed in the second quarter (11,100 metres YTD).
Philibert
Following the acquisition of the remaining 25% interest in the Philibert property held by SOQUEM during the quarter, the Company holds a 100% interest in the Philibert Project which is located approximately 10 kilometres north-east of Nelligan in the Chapais Chibougamau area in Québec.
A diamond drilling program of a minimum of 20,000 metres is planned and may be increased to 30,000 metres depending on ground conditions during the summer season. The drilling program aims primarily to convert a significant portion of the Inferred Resource to the Indicated Resource category, and where possible, exploration drilling could test other prospective targets on the project area. Approximately 5,300 metres were completed in the second quarter (19,300 metres YTD).
Anik
The Anik Gold Project is owned at 75% by IAMGOLD after the Company elected to exercise its first option to acquire an undivided interest of 75% in the project in May 2025 pursuant to an option agreement signed on May 20, 2020, with Auriginal Mining, successor to Kintavar Exploration Inc. The project is contiguous with the Nelligan Gold project to the north and east. The Company holds an option to earn up to 80% interest in the project by meeting certain commitments.
A 1,600 metres diamond drilling program was planned in 2026 for testing different targets in the eastern continuation of the Nelligan Deformation Zone. The program was completed in the first quarter 2026, and results are pending (see Auriginal Mining news release dated January 26, 2026).
Exploration
In the second quarter 2026, drilling activities on active projects and mine sites totaled approximately 44,000 metres (105,000 metres YTD). For additional information regarding the brownfield and greenfield exploration projects, see "Operations". The Company's exploration expenditures guidance for 2026 is $54 million.
7.0
Total - all operations$14.8
$10.6
$28.9
$18.8
Exploration projects - brownfield for the second quarter 2026 included near-mine exploration and resource development of $1.5 million (second quarter 2025 - $3.5 million), and $3.8 million for YTD 2026 (YTD 2025 - $6.0 million), which are capitalized.FINANCIAL REVIEW
Liquidity and Capital Resources
The Company's capital allocation strategy is to maximize value through the allocation of internally generated cashflows to support its operations, fund growth opportunities, return capital to its shareholders, and strengthen its balance sheet.
As at June 30, 2026, the Company had $501.4 million in cash and cash equivalents and net debt of $42.6 million. The Company has $nil drawn on the Credit Facility and approximately $845.7 million remains available, resulting in liquidity at June 30, 2026, of approximately $1,348.1 million.
Within cash and cash equivalents,
$68.3 million (70% basis) was held by the Côté Gold UJV. The Côté Gold UJV requires its joint venture partners to fund, in advance, two months of future expenditures and cash calls are made at the beginning of each month, resulting in the month end cash balance approximating the following month's expenditure.
$171.0 million was held by Essakane in Burkina Faso.
Restricted cash totaled $69.0 million and relates to deposits required for environmental closure costs obligations related to Essakane and Westwood.
The Company's liquidity position and capital allocation decisions will ultimately be determined by the performance of the Company's operations, the price of gold, inflation expectations, currency exchange rates and the Company's ability to successfully repatriate excess cash from Burkina Faso.
The Company's liquidity position, comprised of cash and cash equivalents, short-term investments, and availability under the Credit Facility, together with expected cash flows from operations, is expected to be sufficient to support the Company's normal operating requirements, capital commitments, and service the debt obligations as they become due. The Company's ability to draw down on the Credit Facility is dependent on its ability to meet net debt to EBITDA and interest ratio covenants.
Readers are encouraged to read the "Caution Regarding Forward Looking Statements" and the "Risk Factors" sections contained in the Company's 2025 Annual Information Form, which is available on SEDAR+ at www.sedarplus.ca and the "Caution Regarding Forward Looking Statements" and "Risk and Uncertainties" section of this news release.
Dividend Payments from Essakane
Excess cash at Essakane is repatriated through dividend and shareholder account payments, of which the Company will receive its share based on its ownership, net of withholding taxes. The shareholder account structure functions like an inter-company loan and allows for the Company's portion of the dividend to be repaid using cash in excess of working capital requirements and aligns the interests of both IAMGOLD and the Government of Burkina Faso, including a preference for increased and/or more regular cash flow movements from Essakane.
Essakane declared a record dividend of approximately $855 million in June 2025, which represented the full distribution of past undistributed retained earnings up to and including 2024. IAMGOLD's 85% portion of the dividend, net of taxes, was approximately $680.7 million and had been fully repatriated as at June 30, 2026. $197.1 million was received in the second quarter 2026 and $409.8 million was received as of June 30, 2026. During the second quarter 2026, IAMGOLD received $1.9 million of interest related to the outstanding shareholder account, $6.2 million YTD and $14.4 million since conversion of IAMGOLD's dividend into a shareholder account.
In June 2026, Essakane declared its 2025 dividend of approximately $500 million. The Government of Burkina Faso received its portion of the dividend totaling $74.0 million in June 2026. IAMGOLD's 85% portion of the dividend, net of taxes, is approximately $400 million. The Company received $44 million subsequent to quarter end as a dividend installment and expects to receive a further $45 million in August. The remaining balance will be repatriated through a combination of dividend installments and the shareholder account structure, as needed. The payments will be funded using cash generated in excess of working capital requirements.
Share Buyback Program
During the second quarter 2026, the Company repurchased and cancelled approximately 8.6 million shares for approximately $147.9 million at an average price of $17.24 per share through its share buyback program under a normal course issuer bid ("NCIB") that was approved by the Company's Board of Directors and the TSX. Year to date, the Company repurchased and cancelled approximately 21.5 million shares for approximately $407.9 million at an average price of $19.00 per share. Subsequent to quarter end and up to August 5, 2026, the Company has purchased an additional 3.5 million shares for $52.5 million. Total repurchases since inception in December 2025 up to August 5, 2026, are approximately 27.9 million shares for approximately $510.4 million at an average price of $18.28 per share.
The NCIB allows for the purchase of up to 57 million of its common shares over a twelve-month period, representing approximately 9.92% of IAMGOLD's public float as at November 30, 2025, through the facilities of the TSX, the NYSE, or any other eligible Canadian alternative trading system on which the common shares are listed. All common shares purchased under the NCIB will be either cancelled or placed under trust to satisfy future obligations under the Company's share incentive plan. This initiative reflects management's confidence in the Company's long-term value and its commitment to disciplined capital allocation. The program is expected to continue to be funded from operating cash flows.
The Company has established an automatic share purchase plan in connection with its NCIB to facilitate the purchase of common shares during times when IAMGOLD would ordinarily not be permitted to purchase common shares due to regulatory restrictions or self-imposed black-out periods. Before entering a black-out period, IAMGOLD may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by IAMGOLD in accordance with the automatic share purchase plan, applicable securities laws and stock exchange rules. The actual number of common shares that may be purchased, if any, and the timing of such purchases, will be determined by the Company based on a number of factors, including the Company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.
The following table summarizes the carrying value of the Company's long-term debt:
June 30
December 31
($ millions)1
2026
2025
Credit Facility$-
$200.0
5.75% senior notes ($450 million principal outstanding)
449.1
448.8
Equipment loans
0.2
1.0
$449.3
$649.8
Long-term debt does not include leases in place of $90.5 million as at June 30, 2026 (December 31, 2025 - $112.0 million).Credit Facility
The Company has a $850 million secured revolving Credit Facility, which was originally entered into in December 2017 and subsequently increased and extended. The Credit Facility matures on June 17, 2030, and supports the Company's requirements for a senior revolving facility for its overall business.
On June 17, 2026, the Company announced the strengthening of its financial position by amending its revolving Credit Facility, increasing total capacity from $650 million to $850 million, and extending maturity to June 17, 2030. The facility also includes an additional $250 million accordion feature, offering further liquidity potential, and remains fully undrawn as of the date hereof.
Key terms have improved, with lower interest margins (1.875%-2.875% vs. 2.75%-3.75%), reduced standby fees, and more flexible covenant limits, including an increase of the net debt to EBITDA ratio to 4.0x from 3.5x.
Overall, the amendments reduce borrowing costs, enhance financial flexibility, and expand liquidity, positioning the Company to better support capital allocation and growth initiatives while reflecting a stronger balance sheet.
As at June 30, 2026, the Credit Facility was undrawn and the Company issued letters of credit under the Credit Facility in the amount of $3.9 million as a supplier payment guarantee and $0.4 million as guarantees for certain environmental indemnities to government agencies, with $845.7 million remaining available under the Credit Facility.
The Credit Facility provides for an interest rate margin above the secured overnight financing rate (SOFR), banker's acceptance prime rate and base rate advances which vary, together with fees related thereto, according to the total net debt to EBITDA ratio of the Company. The Credit Facility is secured by certain of the Company's real assets, guarantees by certain of the Company's subsidiaries and pledges of shares of certain of the Company's subsidiaries. The key terms of the Credit Facility include certain limitations on incremental debt, certain restrictions on distributions and financial covenants, including net debt to EBITDA, Interest Coverage and a minimum liquidity requirement from October 15, 2027, to October 15, 2028. The Company was in compliance with its Credit Facility covenants as at June 30, 2026.
5.75% Senior notes
In September 2020, the Company completed the issuance of $450 million of senior notes at face value with an interest rate of 5.75% per annum (the "Notes"). The Notes are denominated in U.S. dollars and mature on October 15, 2028. The redemption price for the Notes during the 12-month period beginning October 15, 2025, is 101.4% and October 15, 2026, and thereafter is 100%. Interest is payable in arrears in equal semi-annual installments on April 15 and October 15 of each year, beginning on April 15, 2021, in the amount of approximately $12.9 million for each payment. The Notes are guaranteed by certain of the Company's subsidiaries.
Term Loan
In May 2023, the Company entered into a $400 million Term Loan. The Term Loan had a 3% original issue discount, bearing interest at a floating interest rate of either one month or three-month SOFR + 8.25% per annum. The Company repaid the full facility in 2025. With the repayment completed, the Term Loan has been fully extinguished and is no longer in effect, including all associated covenants and obligations.
Leases
At June 30, 2026, the Company had lease obligations of $90.5 million at a weighted average borrowing rate of 7.25%.
On April 29, 2022, the Company, on behalf of the Côté Gold UJV, entered into a master lease agreement with Caterpillar Financial Services Limited for $125 million, which was subsequently amended to increase the facility to $175 million for the leasing of certain mobile equipment at Côté Gold. The final pieces of equipment were delivered during the first quarter 2025.
On April 10, 2026, the lease agreement was converted to an uncommitted facility.
Equipment loan
At June 30, 2026, the Company had an equipment loan with a carrying value of $0.2 million secured by certain mobile equipment, with an interest rate of 5.3% which matures in 2026. The equipment loan is carried at amortized cost on the consolidated balance sheet.
Gold prepay arrangements
In December 2023 and April 2024, the Company entered into gold sale prepay arrangements and amendments to certain pre-existing prepay arrangements. In H1 2025, the Company delivered 75,000 ounces in equal monthly instalments thereby extinguishing the delivery obligations gold into the prepay arrangements. In the settlement of these obligations, the Company received proceeds totaling $59.9 million in Q1 2025 and $59.4 million in Q2 2025, respectively.
Surety bonds and performance bonds
As at June 30, 2026, the Company had (i) C$276.9 million ($194.9 million) of surety bonds, issued pursuant to arrangements with insurance companies, in support of environmental closure costs obligations related to Westwood and Côté Gold and (ii) C$32.1 million ($22.6 million) of performance bonds in support of certain obligations primarily related to the construction of fish habitat at Côté Gold.
As at June 30, 2026, there is no collateral required to be in place for surety and performance bonds, and the balance of $217.5 million remains uncollateralized.
During the third quarter 2025, the Company increased the bonds required by C$16.9 million ($12.2 million). During the second quarter 2026, the Company increased the bonds required by C$2.1 million ($1.5 million) and will be required to increase bonds required further by C$17.0 million ($12.0 million) during the third quarter of 2026.
Income Statement
Revenues – Revenues were $856.9 million in the second quarter 2026 from sale of 195,100 ounces at an average realized gold price of $4,384 per ounce, higher by $276.0 million or 48% than the prior year period, due primarily to the $1,202 per ounce increase in the realized gold price and higher gold sales volume. The revenues in the second quarter of 2025 included 37,500 ounces delivered into the gold prepay arrangements at $2,722 per ounce.
Cost of sales – Cost of sales excluding depreciation was $323.2 million in the second quarter 2026, higher by $36.1 million or 13% than the prior year period, primarily due to higher royalties at Côté and Essakane due to the higher gold price, and increased production and sales and increased production costs at Côté and Westwood compared to the prior year period, partially offset by decreased production costs at Essakane.
Depreciation expense – Depreciation expense was $118.6 million in the second quarter 2026, higher by $23.6 million or 25% than the prior year period primarily due to the higher sales volume and amortization of deferred stripping assets at Côté and Essakane compared to the prior year period.
Exploration expense – Exploration expense was $7.8 million in the second quarter 2026, higher by $1.8 million or 30% than the prior year period due to increased exploration expenditures at the Nelligan Mining Complex and Côté Gold.
General and administrative expense – General and administrative expense was $21.8 million in the second quarter 2026, higher by $9.3 million or 74% than the prior year period, primarily due to $5.2 million in planned technology implementation and consulting fees, $1.7 million in increased share-based compensation, and $2.4 million higher labour and other administrative costs.
Income tax expense – Income tax expense was $109.3 million in the second quarter 2026, higher by $30.4 million or 39% than the prior year period. It is comprised of a current income tax expense of $74.2 million and a deferred income tax expense of $35.1 million, lower than the prior year period for current income tax expense by $1.3 million or 2% and higher for deferred income tax expense by $31.7 million or 932%, respectively. The current income tax expense in the second quarter of 2026 was lower primarily due to higher income in Essakane offset by lower withholding taxes from lower intercompany dividends. The deferred income tax expense in the second quarter of 2026 was higher primarily due to changes in the withholding tax on expected intercompany dividends and the non-recognition of tax assets.
Operating Activities
In the second quarter 2026, operating activities generated cash flow of $445.1 million, higher by $359.3 million compared to the same prior year period. Cash flow from operations increased significantly due to higher revenues driven by an increased realized gold price as compared to the prior year period. Cash flow provided by operations before working capital and taxes paid was $515.3 million in the second quarter, compared to $189.5 million in the prior year period.
Investing Activities
Net cash used in investing activities for the second quarter 2026 was $145.3 million, an increase of $80.5 million from the same prior year period. Capital expenditures of $115.6 million increased by $36.1 million compared to the prior year period, with proceeds from other investing activities decreasing by $44.4 million.
Financing Activities
Net cash used in financing activities for the second quarter 2026 was $340.4 million, an increase of $214.3 million from the same prior year period consistent with the Company's capital allocation strategy which included a $100.0 million repayment of the Credit Facility and share repurchases of $147.9 million.
CONFERENCE CALL
A conference call will be held on Friday, August 7, 2026, at 8:30 a.m. (Eastern Time) hosted by IAMGOLD senior management for a discussion on the Company's second quarter 2026 operating and financial results. Listeners may access the conference call via webcast from the events section of the Company's website at www.iamgold.com (webcast link below), or through the following dial-in numbers:
Pre-register via: Chorus Call IAMGOLD Q2 2026 Registration (recommended). Upon registering, you will receive a calendar booking by email with dial-in details and unique PIN. This process will bypass the operator and avoid the queue.
An online archive of the webcast will be available by accessing the Company's website at www.iamgold.com. A telephone replay will be available for one month following the call by dialing toll free 1 (855) 669-9658 within North America or +1 (412) 317-0088 from international locations and entering the passcode: 7277160.
For more information, refer to the Management Discussion and Analysis ("MD&A") and the unaudited consolidated Financial Statements for the three and six months ended June 30, 2026, that are available on the Company's website at www.iamgold.com and on SEDAR+ at www.sedarplus.ca. The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the "Non-GAAP Financial Performance Measures" section of this news release and the MD&A for more information.
ABOUT IAMGOLD
IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Côté Gold Mine ("Côté" or "Côté Gold") is among the largest gold mines in production in Canada, which IAMGOLD operates in a 70|30 partnership with Sumitomo Metal Mining Co. Ltd. ("SMM"). In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts, including the large-scale Nelligan Mining Complex located in Quebec, Canada.
IAMGOLD employs approximately 3,800 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance ("ESG") practices. IAMGOLD is listed on the New York Stock Exchange (NYSE:IAG) and the Toronto Stock Exchange (TSX:IMG)
End Notes (excluding tables) This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" section below. Further information on these non-GAAP financial measures is included on pages 32 to 43 of the Company's Q2 2026 MD&A filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
NON-GAAP FINANCIAL MEASURES
The Company has included certain non-GAAP financial measures to supplement its consolidated interim financial statements, which are presented in accordance with IFRS, including the following:
Average realized gold price per ounce soldUnderground mining cost per ore tonne mined, open pit net mining cost per operating tonne mined, milling cost per tonne milled, and G&A cost per tonne milledCash costs excluding royalties, cash costs, cash costs per ounce sold, all in sustaining cost excluding royalties, all in sustaining cost and all in sustaining cost per ounce soldNet earnings attributable to shareholders and adjusted net earnings attributable to shareholdersNet cash from operating activities, before movements in working capital and non-current ore stockpilesEarnings before interest, income taxes, depreciation and amortization ("EBITDA")Mine-site free cash flow Sustaining and expansion capital expendituresThe Company believes that, in addition to conventional financial measures prepared in accordance with IFRS, these non-GAAP financial measures will provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS, may not be comparable to similar measures presented by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Average Realized Gold Price per Ounce Sold
Average realized gold price per ounce sold is intended to enable management to understand the average realized price of gold sold in each reporting period after removing the impact of non-gold revenues and by-product credits, which, in the Company's case, are not significant, and to provide investors a clearer view of the Company's financial performance based on the average realized proceeds from gold sales in the reporting period.
356.3
Average realized gold price per ounce1,2,3 ($/oz)$4,384
$3,182
$4,631
$2,961
Average realized gold price per ounce sold may not be calculated based on amounts presented in this table due to rounding.Average realized gold price per ounce sold is calculated based on sales from the Company's Côté Gold mine at 70% and Westwood and Essakane mines at 100%.Average realized gold price per ounce sold for the second quarter 2025 includes 37,500 ounces at $2,722 per ounce (75,000 ounces at $2,305 per ounce YTD) as delivered into the Q1 2024 and Q2 2024 Prepay Arrangements. No deliveries were required in H1 2026 as the delivery obligations were fulfilled in H1 2025. .Underground Mining Cost per Ore Tonne Mined, Open Pit Net Mining Cost per Operating Tonne Mined, Milling Cost per Tonne Milled, and G&A Cost per Tonne Milled
Underground mining cost per ore tonne mined and open pit net mining cost per operating tonne mined are defined as:
Mining costs (as included in production costs), that exclude capitalized waste stripping for open pit mines, less changes in stockpile balances and non-production costs as these costs are not directly related to tonnes mined, divided by
the sum of the tonnage of ore and operating waste mined.
Milling cost per tonne milled and general and administrative cost per tonne milled are defined as:
Mill and general and administrative costs (as included in production costs), excluding selling costs and non-production costs as these costs are not directly related to tonnes milled, divided by
the tonnage of ore milled.
IAMGOLD believes these non-GAAP financial performance measures provide further transparency and assist analysts, investors and other stakeholders of the Company in assessing the performance of mining operations by eliminating the impact of varying production levels. Management is aware, and investors should note, that these per tonne measures of performance can be affected by fluctuations in mining and/or processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures presented by other mining companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Côté Gold (100% basis)
($ millions, except where noted)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Production cost$118.7
$97.1
$229.8
$177.8
Adjust for:
Increase/decrease in stockpiles
0.8
4.3
12.5
15.3
Adj. operating cost$119.5
$101.4
$242.3
$193.1
Included in adjusted operating cost:
Open pit net mining cost [A]
35.6
34.9
79.3
65.6
Milling cost [B], net of capitalized operating cost
59.9
49.7
117.5
92.0
G&A cost [C]
24.0
16.8
45.5
35.5
Open pit ore tonnes mined (000s t)
3,072
3,170
6,625
6,285
Open pit operating waste tonnes mined (000s t)
4,856
5,838
9,803
11,505
Open pit ore and operating waste tonnes mined (000s t) [D]
7,928
9,008
16,428
17,790
Ore milled (000s t) [E]
2,873
2,930
5,214
5,027
Open pit net mining cost per operating tonne mined ($/tonne) [A/D]$4.49
$3.88
$4.83
$3.69
Milling cost per tonne milled ($/tonne) [B/E]$20.85
$16.94
$22.54
$18.30
G&A cost per tonne milled ($/tonne) [C/E]$8.36
$5.80
$8.72
$7.09
$/tonne may not re-calculate based on amounts presented in this table due to rounding.
Westwood
($ millions, except where noted)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Production cost$54.0
$46.4
$101.5
$87.4
Adjust for:
812
Open pit ore and operating waste tonnes mined (000s t) [F]
413
646
727
1,319
Ore milled (000s t) [G]
287
323
590
605
Underground mining cost per ore tonne mined ($/tonne) [A/E]$313.99
$302.08
$300.48
$289.11
Open pit net mining cost per operating tonne mined ($/tonne) [B/F]$11.86
$6.80
$10.30
$7.02
Milling cost per tonne milled ($/tonne) [C/G]$37.02
$25.46
$32.13
$24.43
G&A cost per tonne milled ($/tonne) [D/G]$16.83
$13.98
$18.40
$18.04
$/tonne may not re-calculate based on amounts presented in this table due to rounding.
Essakane
($ millions, except where noted)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Production cost$127.6
$139.7
$253.7
$264.6
Adjust for:
4,615
Open pit operating waste tonnes mined (000s t)
3,534
6,419
5,519
12,086
Open pit ore and operating waste tonnes mined (000s t) [D]
6,004
8,587
10,220
16,701
Ore milled (000s t) [E]
3,236
3,113
6,377
6,225
Open pit net mining cost per operating tonne mined ($/tonne) [A/D]$4.79
$6.02
$4.76
$5.80
Milling cost per tonne milled ($/tonne) [B/E]$18.88
$20.12
$19.66
$18.84
G&A cost per tonne milled ($/tonne) [C/E]$10.47
$8.46
$10.43
$8.93
$/tonne may not re-calculate based on amounts presented in this table due to rounding.
Cash Costs Excluding Royalties, Cash Costs, Cash Costs per Ounce Sold, AISC and AISC per Ounce Sold
The Company reports cash costs excluding royalties, cash costs excluding royalties per ounce sold, cash costs, cash costs per ounce sold, AISC and AISC per ounce sold in order to provide investors with information about key measures used by management to monitor performance of mine sites in commercial production and its ability to generate positive cash flow.
Cash costs include mine-site operating costs such as mining, processing, administration, royalties, production taxes and realized derivative gains or losses, exclusive of depreciation, reclamation, capital expenditures and exploration and evaluation costs. AISC include cost of sales exclusive of depreciation expense, sustaining capital expenditures, which are required to maintain existing operations, capitalized exploration, sustaining lease principal payments, environmental rehabilitation accretion and amortization, by-product credits and corporate general and administrative costs. These costs are then divided by the Company's attributable gold ounces sold by mine sites in commercial production in the period to arrive at the cash costs excluding royalties per ounce sold, cash costs per ounce sold, and the AISC per ounce sold.
The following tables provide a reconciliation of cash costs excluding royalties, cash costs, AISC, cost of sales excluding depreciation per ounce sold, cash costs excluding royalties per ounce sold, cash costs per ounce sold and AISC per ounce sold on an attributable basis to cost of sales as per the consolidated interim financial statements.
Three months ended June 30, 2026
($ millions, except where noted)
Côté Gold
Westwood
Essakane
Corporate
Total
Cost of sales1$151.3
$62.5
$227.6
$0.4
$441.8
Depreciation expense
(47.0)
(15.0)
(56.2)
(0.4)
(118.6)Cost of sales, excluding depreciation expense$104.3
$47.5
$171.4
$-
$323.2
Royalties2
(20.6)
-
(50.5)
-
(71.1)Cost of sales, excluding depreciation expense and royalties$83.7
$47.5
$120.9
$-
$252.1
Adjust for:
By-product credit
(0.4)
(0.5)
(0.8)
-
(1.7)Cost attributed to non-controlling interests3
-
180.2
Cost of sales excluding depreciation7($/oz sold) - attributable$1,562
$1,624
$1,730
$-
$1,651
Cash costs - excluding royalties7 ($/oz sold) - attributable$1,245
$1,606
$1,214
$-
$1,289
Cash costs7 ($/oz sold) - attributable$1,554
$1,606
$1,724
$-
$1,642
AISC7 - excluding royalties ($/oz sold) - attributable$1,773
$2,163
$1,691
$121
$1,918
AISC7 all operations ($/oz sold) - attributable$2,082
$2,163
$2,201
$121
$2,271
Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.Adjustments for the consolidation of Essakane (85%) to its attributable portion of cost of sales.Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below.Corporate general and administrative costs exclude one-time material severance charges.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.Cost of sales excluding depreciation per ounce sold, cash costs per ounce sold, and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Three months ended June 30, 2025
($ millions, except where noted)
Côté Gold
Westwood
Essakane
Corporate
Total
Cost of sales1$125.4
$58.5
$197.7
$0.5
$382.1
Depreciation expense
(41.5)
(13.4)
(39.6)
(0.5)
(95.0)Cost of sales, excluding depreciation expense$83.9
$45.1
$158.1
$-
$287.1
Royalties2
(15.2)
-
(24.7)
-
(39.9)Cost of sales, excluding depreciation expense and royalties$68.7
$45.1
$133.4
$-
$247.2
Adjust for:
By-product credit
(0.3)
(0.5)
(0.3)
-
(1.1)Cost attributed to non-controlling interests3
-
173.4
Cost of sales excluding depreciation7 ($/oz sold) - attributable$1,222
$1,577
$1,858
$-
$1,561
Cash costs7 - excluding royalties ($/oz sold) - attributable$997
$1,562
$1,565
$-
$1,340
Cash costs7 ($/oz sold) - attributable$1,219
$1,562
$1,855
$-
$1,556
AISC7 - excluding royalties ($/oz sold) - attributable$1,389
$2,140
$1,934
$73
$1,825
AISC7 all operations ($/oz sold) - attributable$1,611
$2,140
$2,224
$73
$2,041
Excludes depreciation - as disclosed in the segment note in the consolidated interim financial statements.Includes contributions made by the Essakane mine to the development fund for local communities equating to 1% of total revenues.Adjustments for the consolidation of Essakane (90%) to its attributable portion of cost of sales.Sustaining capital expenditures are expenditures required to support current production levels at a mine site as further described below.Corporate general and administrative costs exclude depreciation expense and one-time material severance charges.Other costs include sustaining lease principal payments and environmental rehabilitation accretion and amortization, partially offset by by-product credits.Cost of sales excluding depreciation per ounce sold, cash costs per ounce sold, and AISC per ounce sold may not be calculated based on amounts presented in this table due to rounding.Sustaining and Expansion Capital Expenditures
Sustaining capital expenditures are expenditures required to support current production levels at a mine site and exclude all expenditures at the Company's development projects as well as certain expenditures at the Company's operating sites that are deemed expansionary in nature which result in a material increase in annual or life of mine gold ounce production, net present value, or reserves. The distinctions between sustaining and expansion capital used by the Company align with the guidelines set out by the World Gold Council. Expansion capital is capital expenditures incurred at new projects and capital expenditures related to major projects or expansion at existing operations where these projects will materially benefit the operations. This non-GAAP financial measure provides investors with transparency regarding the capital expenditures required to support the ongoing operations at its mines, relative to its total capital expenditures.
Reconciliation of incurred capital expenditure per the segmented note in the financial statements to incurred sustaining and expansion capital for the three months ended June 30, 2026, and June 30, 2025:
($ millions, except where noted)Sustaining
Expansion
Q2 2026
Sustaining
Expansion
Q2 2025
Capital expenditures for property, plant and equipment$96.3
$22.0
$118.3
$78.4
$8.9
$87.3
Côté Gold (IMG basis)
36.6
18.0
54.6
27.2
6.6
33.8
Westwood
16.7
3.6
20.3
16.0
-
16.0
Essakane
43.0
0.4
43.4
35.0
2.3
37.3
Corporate
-
-
-
0.2
-
0.2
Reconciliation of capital expenditure and exploration and evaluation expenditures per cash flow statement in the financial statements to cash payments for sustaining and expansion capital for the three months ended June 30, 2026, and June 30, 2025:
($ millions, except where noted)Sustaining
Expansion
Q2 2026
Sustaining
Expansion
Q2 2025
Capital expenditures for property, plant and equipment$96.3
$22.0
$118.3
$78.4
$8.9
$87.3
Working capital adjustments
0.1
0.8
0.9
(6.5)
(1.3)
(7.8)Capital expenditures per statement of cash flows$96.4
$22.8
$119.2
$71.9
$7.6
$79.5
Côté Gold (IMG basis)
34.9
18.8
53.7
26.2
5.3
31.5
Westwood
15.9
3.5
19.4
15.7
-
15.7
Essakane
45.6
0.5
46.1
29.9
2.3
32.2
Corporate
-
-
-
0.1
-
0.1
EBITDA and Adjusted EBITDA
EBITDA (earnings before income taxes, depreciation and amortization and finance costs) is an indicator of the Company's ability to produce operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures.
Adjusted EBITDA represents EBITDA excluding certain impacts such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. Management believes this additional information is useful to investors in understanding the Company's ability to generate operating cash flow by excluding from the calculation these non-cash amounts and cash amounts that are not indicative of the recurring performance of the underlying operations for the periods presented.
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the consolidated interim financial statements:
($ millions, except where noted)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Earnings before income taxes $365.1
$164.8
$898.9
$250.5
Add:
0.2
Changes in estimates of asset retirement obligations at closed sites
(2.0)
1.3
(0.7)
6.2
Fair value of deferred consideration from sale of Sadiola
(0.2)
(0.5)
(3.2)
(1.0)Gain on sale of royalties
-
(4.9)
-
(4.9)Severance costs
-
-
0.1
3.8
Other
10.0
-
14.2
(0.2)Adjusted EBITDA $507.3
$276.4
$1,173.6
$480.9
Adjusted Net Earnings Attributable to Equity Holders
Adjusted net earnings attributable to equity holders represents net earnings attributable to equity holders excluding certain impacts, net of taxes, such as changes in estimates of asset retirement obligations at closed sites, unrealized (gain) loss on non-hedge derivatives and warrants, impairment charges and reversal of impairment charges, write-down of assets and foreign exchange (gain) loss which are non-cash items and certain cash items that are non-recurring or temporary in nature as such items are not indicative of recurring operating performance. This measure is not necessarily indicative of net earnings (loss) or cash flows as determined under IFRS. Management believes this measure better reflects the Company's performance for the current period and is a better indication of its expected performance in future periods. As such, the Company believes that this measure is useful to investors in assessing the Company's underlying performance.
The following table provides a reconciliation of earnings before income taxes and non-controlling interests as per the consolidated statements of earnings to adjusted net earnings attributable to equity holders of the Company.
($ millions, except where noted)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Earnings before income taxes and non-controlling interests$365.1
$164.8
$898.9
$250.5
Adjusting items:
Unrealized gain/(loss) on non-hedge derivatives
-
(1.7)
-
1.1
Other finance costs
4.0
2.1
5.8
7.2
Foreign exchange (gain)/loss
(4.1)
(1.7)
1.3
(3.3)Write-down of assets
8.3
0.1
9.6
0.2
Changes in estimates of asset retirement obligations at closed sites
(2.0)
1.3
(0.7)
6.2
Fair value of deferred consideration from sale of Sadiola
(0.2)
(0.5)
(3.2)
(1.0)Gain on sale of royalties
-
(4.9)
-
(4.9)Severance costs
-
-
0.1
3.8
Other
10.0
-
14.2
(0.2)Adjusted earnings before income taxes and non-controlling interests$381.1
$159.5
$926.0
$259.6
Income taxes
(109.3)
(78.9)
(225.7)
(118.1)Tax on foreign exchange translation of deferred income tax balances
(0.2)
5.7
0.6
8.0
Tax impact of adjusting items
(4.7)
(1.8)
(5.2)
(3.0)Non-controlling interests
(25.3)
(7.2)
(63.0)
(14.0)Adjusted net earnings attributable to equity holders $241.6
$77.3
$632.7
$132.5
Adjusted net earnings per share attributable to equity holders $0.42
$0.13
$1.09
$0.23
Basic weighted average number of common shares outstanding (millions)
578.0
575.1
582.7
573.8
Net Cash from Operating Activities before Changes in Working Capital
The Company makes reference to net cash from operating activities before changes in working capital which is calculated as net cash from operating activities less working capital items and non-current ore stockpiles. Working capital can be volatile due to numerous factors, including a build-up or reduction of inventories. Management believes that this non-GAAP measure, which excludes these non-cash items, provides investors with the ability to better evaluate the operating cash flow performance of the Company.
The following table provides a reconciliation of net cash from operating activities before changes in working capital to net cash from operating activities:
($ millions, except where noted)
Q2 2026
Q2 2025
YTD 2026
YTD 2025
Net cash from operating activities$445.1
$85.8
$1,015.0
$160.1
Adjusting items from working capital items and non-current ore stockpiles:
Receivables and other current assets
(4.4)
29.3
8.5
47.6
Inventories and non-current ore stockpiles
11.5
19.6
18.0
42.1
Accounts payable and accrued liabilities
(9.3)
(7.4)
30.9
(17.6)Net cash from operating activities before changes in working capital$442.9
$127.3
$1,072.4
$232.2
Mine-Site Free Cash Flow
Mine-site free cash flow is calculated as cash flow from mine-site operating activities less capital expenditures from operating mine sites. The Company believes this measure is useful to investors in assessing the Company's ability to operate its mine sites without reliance on additional borrowing or usage of existing cash.
Three months ended June 30, 2026
($ millions, except where noted)
Côté Gold
Westwood
Essakane
Corporate & other
Total
Net cash from operating activities$204.0
$75.9
$208.2
$(43.0)$445.1
Add:
Operating cash flow used by non-mine site activities
-
-
-
43.0
43.0
Cash flow from operating mine-sites$204.0
$75.9
$208.2
$-
$488.1
Capital expenditures
53.7
19.4
46.1
-
119.2
Less:
Capital expenditures from corporate and development projects
-
-
-
-
-
Capital expenditures from operating mine-sites
53.7
19.4
46.1
-
119.2
Mine-site cash flow$150.3
$56.5
$162.1
$-
$368.9
Three months ended June 30, 2025
($ millions, except where noted)
Côté Gold
Westwood
Essakane
Corporate & Other
Total
Net cash from operating activities$125.4
$52.3
$42.2
$(134.1)$85.8
Add:
Operating cash flow used by non-mine site activities
-
-
-
134.1
134.1
Cash flow from operating mine-sites$125.4
$52.3
$42.2
$-
$219.9
Capital expenditures
31.5
15.7
32.2
0.1
79.5
Less:
Capital expenditures from construction and development projects and corporate
-
-
-
(0.1)
(0.1)Capital expenditures from operating mine-sites
31.5
15.7
32.2
-
79.4
Mine-site cash flow$93.9
$36.6
$10.0
$-
$140.5
Liquidity and Net Cash (Debt)
Liquidity is defined as cash and cash equivalents, short-term investments and the credit available under the Credit Facility. Net cash (debt) is calculated as cash, cash equivalents and short-term investments less long-term debt, lease liabilities and the drawn portion of the Credit Facility. The Company believes this measure provides investors with additional information regarding the liquidity position of the Company.
June 30
December 31
($ millions, except where noted)
2026
2025
Cash and cash equivalents$501.4
$421.9
Short-term investments
1.0
1.0
Available Credit Facility
845.7
445.7
Available Liquidity$1,348.1
$868.6
June 30
December 31
($ millions, except where noted)
2026
2025
Cash and cash equivalents$501.4
$421.9
Short-term investments
1.0
1.0
Long-term debt1
(450.2)
(651.0)Net cash (debt) excluding lease liabilities and letters of credit
52.2
(228.1)Lease liabilities
(90.5)
(112.0)Drawn letters of credit issued under Credit Facility
(4.3)
(4.3)Net cash (debt)$(42.6)$(344.4)Includes principal amount of the Notes of $450.0 million, Credit Facility of $nil and equipment loan of $0.2 million (December 31, 2025 - $450.0 million, $200.0 million, and $1.0 million, respectively). Excludes deferred transaction costs and embedded derivatives on the Notes.CONSOLIDATED BALANCE SHEETS
(Unaudited )
(In millions of U.S. dollars)
June 30,
2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents$501.4
$421.9
Receivables and other current assets
54.9
79.6
Inventories
366.2
377.0
Assets held for sale
17.5
25.2
940.0
903.7
Non-current assets
Property, plant and equipment
4,152.6
4,162.8
Exploration and evaluation assets
408.9
396.1
Restricted cash
69.0
71.0
Inventories
221.6
194.8
Deferred income tax assets
21.6
-
Other assets
139.5
124.1
5,013.2
4,948.8
$5,953.2
$5,852.5
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities$299.6
$329.1
Income taxes payable
144.3
Weighted average number of common shares outstanding (in millions)
Basic
578.0
575.1
582.7
573.8
Diluted
582.8
580.7
589.3
580.2
Basic earnings per share$0.40
$0.14
$1.05
$0.21
Diluted earnings per share$0.40
$0.14
$1.04
$0.20
Refer to Q2 2026 Financial Statements for accompanying notes.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended June 30,
Six months ended June 30,
(In millions of U.S. dollars)
2026
2025
2026
2025
Operating activities
Net earnings$255.8
$85.9
$673.2
$132.4
Adjustments for:
Depreciation expense
118.6
95.0
234.3
174.7
Deferred revenue recognized
-
(76.6)
-
(154.3)Income tax expense
109.3
78.9
225.7
118.1
Derivative loss (gain)
3.4
(1.4)
6.1
3.1
Finance costs
11.6
24.0
19.1
53.8
Other non-cash items
24.9
(9.8)
26.7
(6.3)Adjustments for cash items:
Settlement of derivatives
(3.4)
(0.3)
(6.1)
(2.0)Disbursements related to asset retirement obligations
(1.0)
(6.2)
(1.8)
(9.9)Other
(3.9)
-
(3.9)
-
Movements in non-cash working capital items and non-current ore stockpiles
2.2
(41.5)
(57.4)
(72.1)Cash from operating activities, before income taxes paid
517.5
148.0
1,115.9
237.5
Income taxes paid
(72.4)
(62.2)
(100.9)
(77.4)Net cash from operating activities
445.1
85.8
1,015.0
160.1
Investing activities
Capital expenditures for property, plant and equipment
(115.6)
(79.5)
(217.2)
(144.2)Capitalized borrowing costs
(8.9)
(10.8)
(12.1)
(16.4)Other investing activities
(20.8)
25.5
3.0
9.2
Net cash used in investing activities
(145.3)
(64.8)
(226.3)
(151.4)Financing activities
Repurchase of shares under the Normal Course Issuer Bid ("NCIB")
(147.9)
-
(407.9)
-
Proceeds from credit facility
-
40.0
-
120.0
Repayment of credit facility
(100.0)
-
(200.0)
(90.0)Dividends paid to non-controlling interests
(74.0)
(128.3)
(74.0)
(128.3)Interest paid
(5.7)
(25.9)
(7.6)
(39.9)Other financing activities
(12.8)
(11.9)
(7.4)
(13.0)Net cash used in financing activities
(340.4)
(126.1)
(696.9)
(151.2)Effects of exchange rate fluctuation on cash and cash equivalents
(8.2)
12.3
(12.3)
18.8
Increase (decrease) in cash and cash equivalents
(48.8)
(92.8)
79.5
(123.7)Cash and cash equivalents, beginning of the period
550.2
316.6
421.9
347.5
Cash and cash equivalents, end of the period$501.4
$223.8
$501.4
$223.8
Refer to Q2 2026 Financial Statements for accompanying notes.
QUALIFIED PERSON AND TECHNICAL INFORMATION
The technical and scientific information relating to exploration activities disclosed in this document was prepared under the supervision of and verified and reviewed by Marie-France Bugnon, P.Geo., Vice President, Exploration, IAMGOLD. Ms. Bugnon is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Data verification involves data input and review by senior project geologists at site, scheduled weekly and monthly reporting to senior exploration management and the completion of project site visits by senior exploration management to review the status of ongoing project activities and data underlying reported results. All drilling results for exploration projects or supporting resource and reserve estimates referenced in this news release have been previously reported in news release disclosures either by the Company or the project operator as the case may be (see referenced news releases) and have been prepared in accordance with NI 43-101. The sampling and assay data from drilling programs are monitored through the implementation of a quality assurance - quality control (QA-QC) program designed to follow industry best practices. Drill core (HQ and NQ size) samples are selected by the project geologists and sawn in half with a diamond saw at the project site. Half of the core is typically retained at the site for reference purposes. Generally, sample intervals are 1.0 to 1.5 metres in length, and reverse circulation holes are sampled at 1.0 metre intervals at the drill rig. Samples are prepared and analyzed at site for the Company's producing mines and at accredited regional laboratories for the Company's exploration projects, using analysis techniques such as standard fire assay with a 50 gram charge, fire assay with gravimetric finish, or LeachWELL rapid cyanide leach with fire assay with a 50 gram charge.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
All information included or incorporated by reference in this news release, including any information as to the Company's vision, strategy, future financial or operating performance and other statements that express management's expectations or estimates of future performance or impact, including statements in respect of the prospects and/or development of the Company's projects, other than statements of historical fact, constitutes forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements") and such forward-looking statements are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements are generally identifiable by the use of words such as "may", "will", "should", "would", "could", "continue", "expect", "budget", "aim", "can", "focus", "forecast", "anticipate", "estimate", "maintain", "believe", "intend", "plan", "schedule", "guidance", "outlook", "potential", "seek", "targets", "cover", "strategy", "during", "ongoing", "subject to", "future", "objectives", "opportunities", "committed", "prospective", "likely", "progress", "strive", "sustain", "effort", "extend", "remain", "pursue", "predict", or "project" or the negative of these words or other variations on these words or comparable terminology.
In particular, forward-looking statements in this MD&A include, without limitation, those under the headings "About IAMGOLD", "Highlights", "Outlook", "Environmental, Social and Governance", "Operations", "Financial Condition" and "Quarterly Financial Review" and include, but are not limited to, statements with respect to: the estimation of mineral reserves and mineral resources and the realization of such estimates; operational and financial performance including the Company's guidance for and actual results of production, ESG performance, costs and capital and other expenditures such as exploration and including depreciation expense and effective tax rate; long-term value and capital allocation; the updated life-of-mine plan, ramp-up assumptions and other project metrics including operating costs, processing rates, throughput and operational optimization initiatives in respect of the Côté Gold Mine; expected production of the Côté Gold Mine; expected benefits from the operational improvements and de-risking strategies implemented or to be implemented by the Company; mine development activities; the Company's capital allocation and liquidity, including potential returns of capital to shareholders; the timing and ability to repatriate excess cash from Essakane; the composition of the Company's portfolio of assets including its operating mines, development and exploration projects; the advancement and potential development of the Company's exploration and development projects, including the Nelligan Mining Complex; the sale of its Malian asset; permitting timelines and the expected receipt of permits; inflation, including global inflation and inflationary pressures; global supply chain constraints; environmental verification, biodiversity, including commitments related thereto and social development projects; plans, targets, proposals and strategies with respect to sustainability, including third party data on which the Company relies, and their implementation; commitments with respect to sustainability and the impact thereof; commitments with respect to greenhouse gas emissions and energy transition; commitments related to social performance, including commitments in furtherance of Indigenous relations; the ability to secure alternative sources of consumables of comparable quality and on reasonable terms; workforce and contractor availability, labour costs and other labour impacts; the future price of gold and other commodities; equity financings, foreign exchange rates and currency fluctuations; financial instruments; hedging strategies; impairment assessments and assets carrying values estimates; safety and security concerns in the jurisdictions in which the Company operates and the impact thereof on the Company's operational and financial performance and financial condition; and government regulation of mining operations.
The Company cautions the reader that forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and assumptions, including as described in this news release with respect to: the Company's present and future business strategies; operations performance within expected ranges; anticipated future production and cash flows; local and global economic conditions and the environment in which the Company will operate in the future; the price of precious metals, other minerals and key commodities; projected mineral grades; international exchanges rates; anticipated capital and operating costs; the availability and timing of required governmental and other approvals for the construction of the Company's projects.
Risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements include, without limitation: the Company's business strategies and its ability to execute thereon; the development and execution of implementing strategies to meet the Company's sustainability vision and targets; security risks, including civil unrest, war or terrorism and disruptions to the Company's supply chain and transit routes as a result of such security risks, particularly in Burkina Faso and the Sahel region surrounding the Company's Essakane mine; the availability of labour and qualified contractors; the availability of key inputs for the Company's operations and disruptions in global supply chains; tariffs and increase costs of supplies and equipment; the volatility of the Company's securities; litigation; contests over title to properties, particularly title to undeveloped properties; mine closure and rehabilitation risks; management of certain of the Company's assets by other companies or joint venture partners; the lack of availability of insurance covering all of the risks associated with a mining company's operations; unexpected geological conditions; competition and consolidation in the mining sector; the profitability of the Company being highly dependent on the condition and results of the mining industry as a whole, and the gold mining industry in particular; changes in the global prices for gold, and commodities used in the operation of the Company's business (including, but not limited to diesel, fuel oil and electricity); legal, litigation, legislative, political or economic risks and new developments in the jurisdictions in which the Company carries on business, including the imposition of tariffs by the United States on Canadian products; changes in taxes, including mining tax regimes; the failure to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for transactions, exploration, development or operation, operating or technical difficulties in connection with mining or development activities, including geotechnical difficulties and major equipment failure; the availability of capital; the level of liquidity and capital resources; access to capital markets and financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its credit facilities; changes in interest rates; adverse changes in the Company's credit rating; the Company's choices in capital allocation; effectiveness of the Company's ongoing cost containment efforts; the Company's ability to execute on de-risking activities and measures to improve operations; availability of specific assets to meet contractual obligations; risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the failure and/or the effectiveness of contractors to perform; risks relating to acquisitions and divestitures; risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates or gold lease rates; capital and currency controls in foreign jurisdictions; assessment of carrying values for the Company's assets, including the ongoing potential for material impairment and/or write-downs of such assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision; the presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of mine plans; failure to meet operational targets; equipment malfunctions; information systems security threats and cybersecurity; laws and regulations governing the protection of the environment (including greenhouse gas emission reduction and other energy transition requirements; the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); employee relations and labour disputes; the maintenance of tailings storage facilities and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, lack of reliable infrastructure, including access to roads, bridges, power sources and water supplies; physical and regulatory risks related to climate change; unpredictable weather patterns and challenging weather conditions at mine sites; disruptions from weather related events resulting in limited or no productivity such as forest fires, severe storms, flooding, drought, heavy snowfall, poor air quality, and extreme heat or cold; attraction and retention of key employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour, negotiations with respect to new, reasonable collective labour agreements and/or collective bargaining agreements may not be agreed to; the ability of contractors to timely complete projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indigenous rights or claims; illegal mining; the potential direct or indirect operational impacts resulting from external factors, including infectious diseases, pandemics, or other public health emergencies; and the inherent risks involved in the exploration, development and mining business generally. Please see the Company's AIF available on SEDAR+ at www.sedarplus.ca or Form 40-F available on EDGAR at www.sec.gov/edgar for a comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by forward-looking statements.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308480
Source: IAMGOLD Corporation
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Petrobras ve 2. čtvrtletí téměř zdvojnásobila čistý zisk na 52,4 miliardy reais, což je o 96,8 % více než ve stejném období loni. Výsledek překonal odhad 44,7 miliardy reais.
A view shows the logo of Brazilian state-run oil firm Petrobras in Rio de Janeiro, Brazil June 5, 2025. REUTERS/Ricardo Moraes Purchase Licensing Rights, opens new tab
CompaniesSAO PAULO, Aug 6 (Reuters) - Brazilian state-run oil firm Petrobras posted on Thursday a 96.8% jump in its second-quarter net profit from a year earlier.
Petrobras reported a 52.4 billion reais ($10.25 billion) in net profit for the April-June quarter, above the 44.7 billion reais expected in an LSEG poll.
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Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 79.6% year over year to 93.8 billion reais, beating analysts' estimates of 90.1 billion reais.
The firm's net revenue grew 42.3% in the same period to 169.5 billion reais, above the 160.4 billion reais forecast by analysts.
($1 = 5.1101 reais)
Reporting by Fabio Teixeira and Marta Nogueira in Rio de Janeiro; additional reporting by Andre Romani in Sao Paulo; Editing by Chris Reese and Kylie Madry
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Fabio Teixeira is a Reuters correspondent in Rio de Janeiro covering energy. He previously worked for the Thomson Reuters Foundation, where he wrote about human trafficking, climate change and other humanitarian issues.
Marta Nogueira is a correspondent in Rio de Janeiro, covering Brazil’s oil and mining sectors and their impact on the economy, the environment, and people’s lives. She has been with Reuters since 2014, reporting on major developments in energy and natural resources, including Brazil’s energy policy, commodity markets, and environmental challenges tied to resource extraction. Previously, she worked at Brazilian newspapers Valor Economico and Jornal do Brasil.
Rigetti Computing ve 2. čtvrtletí vykázala tržby 5,1 mil. USD, což mírně zaostalo za odhadem 5,15 mil. USD. Ztráta 5 centů na akcii byla v souladu s očekáváním.
Rigetti Computing Inc. (NASDAQ:RGTI) posted its second-quarter results after Thursday’s closing bell, missing analysts’ revenue estimates. Here’s a look at the details inside the report.
RGTI stock is moving. Watch the price action here. Rigetti Q2 Details Rigetti reported quarterly losses of five cents per share, in line with the analyst consensus estimate, according to Benzinga Pro data.
Quarterly revenue came in at $5.1 million, which missed the Street estimate of $5.15 million.
“In the second quarter, we continued to execute on our strategy by focusing on our system performance, progressing our core technology roadmap and broadening on-premises system deployments,” said Dr. Subodh Kulkarni, CEO of Rigetti.
“We are seeing broadening engagement across government, academic and commercial customers, and we believe our open modular approach, superconducting gate-based architecture, and chiplet-based scaling strategy continue to differentiate Rigetti in the market,” Kulkarni added.
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RGTI Stock Price Activity: According to data from Benzinga Pro, Rigetti stock was down 4.6% to $15.77 in Thursday’s extended trading.
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IREN Limited v červenci klesla o 19,50 % poté, co trh znepokojila akciová odměna vedení v hodnotě 832 milionů USD. Firma zároveň dál investuje do datacenter pro AI, ale čelí silné konkurenci a napjaté likviditě.
Shares of IREN Limited (IREN -2.47%) slipped 19.50% in July, according to data from S&P Global Market Intelligence. The neo-cloud provider for artificial intelligence (AI) fell along with many other thematic stocks this month and came under pressure after management awarded itself massive executive compensation.
The company is trying to build a data center business for AI compute, a hot stock market theme at the moment, but faces significant competition. Here's why the stock fell in July and whether it looks like a buy right now.
Today's Change
(
-2.47
%) $
-0.96
Current Price
$
37.93
Transitioning from crypto mining to cloud computing IREN began operations as a cryptocurrency miner, which involved buying up a bunch of advanced computer chips for processing. It turns out those chips can be repurposed for AI compute, which is facing a massive shortage at the moment. IREN management decided to pivot its business toward building data centers for the AI market and recently won a $3.4 billion contract from Nvidia, which plans to start early next year.
The company has not seen soaring revenue yet, but it is in the middle of building a massive number of data centers to serve partnerships like Nvidia. It plans to deploy 5 gigawatts of computing power across the globe for AI infrastructure, which, at today's prices, could translate into tens of billions in revenue.
Investors are not so certain this will happen, and if the company is focused closely on this matter. Shares of the stock fell in July when management was granted restricted stock units (RSUs) valued at $832 million at the time of the grant. IREN currently has a market cap of just $14 billion, meaning this is a sizable portion of its outstanding shares.
What's more, the company signed a deal to become a jersey sponsor of the Golden State Warriors. This is coming at an inopportune time, when the company needs to spend billions on capital expenditures to build its data centers.
Image source: Getty Images.
Should you buy IREN stock? You might think it is smart to buy IREN stock at a market cap of $14 billion when its revenue could soar to tens of billions in the years ahead.
However, it is hard to see how the company gets the funding to do this. It is currently burning $2.2 billion in free cash flow per year, which will wipe out its cash balance in about 12 months. To build all this infrastructure, the company will need far more cash than this, and it is already taking on significant debt to do so.
This looks like a tough liquidity situation that may prevent a management team -- already with one eye off the ball -- from executing on its stated vision. Stay away from buying the dip on IREN Limited stock.
Perpetua Resources oznámila nové vysoce kvalitní nálezy zlata, antimonu a wolframu v projektu Stibnite v Idahu. V jednom vrtu zachytila 21,3 metru s obsahem 3,2 g/t zlata a 0,9 % wolframu.
First exploratory drilling in nearly a decade at Perpetua's Idaho properties returned significant, high-grade gold, antimony & tungsten results, including intercepts of 21.3 meters @ 3.2 g/t gold & 0.9% tungsten and 6.4 meters @ 16.2 g/t gold & 1.7% antimony at Yellow-Pine and 3.0 meters @ 14.5 g/t gold at Hangar Flats
New gold-tungsten intercepts, alongside historic tungsten drill results and past production at Stibnite, establish tungsten as a new exploration focus and a potential second critical mineral at the Project
Company submits tungsten exploration funding proposal to U.S. Government Agencies to supplement its current 10,000-meter drilling program focused on growing gold, antimony and tungsten
, /PRNewswire/ -- Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") is pleased to report drilling results and provide an update on its 2026 exploration program in Valley County, Idaho. The exploration plan was approved by the U.S. Forest Service in 2025.
Plan view map of existing and newly reported drill holes from Perpetua Resouces' Stibnite Gold Project in Idaho, USA
Long Section of existing reserve pits and new drilling from Perpetua Resources' Yellow-Pine and West End open pits, as well as new Clark Tunnel Fault Zone (CTFZ) and Huckleberry Fault Zone (HFZ) targets
Long Section of existing reserve pit and new drilling from Perpetua Resources' Hangar Flats deposit, including NDMEA zone, in Idaho, USA
Historical photos depicting previous tungsten mining operations at the Stibnite Gold Project during the Second World War and Korean War.
Appendix summary of highlight gold, antimony and tungsten drill results from recent and historical drill programs at Perpetua Resources' Stibnite Gold Project in Idaho, USA.
"Our focus is on drilling areas that align with our currently planned mining sequence with potential to directly add value," said Jon Cherry, President and CEO of Perpetua. "Our priority is testing higher-grade gold and antimony targets within our three permitted pits that could supplement our existing Stibnite Gold Project (the "Project") mine plan with the aim of sustaining or exceeding our estimated annual average production level of 463,0001 gold ounces beyond our first four years of production. We have also identified gold and antimony exploration targets with the potential to allow for extensions of the existing permitted pits within the Project and are evaluating opportunities to expand our overall resource base beyond the existing Project scope. This includes identifying potential sources of tungsten that could enhance the value of Perpetua's broader land package. These targets are based on previous drilling, historic mining activities and recently defined prospects across the broader, highly prospective land package. Any activity outside the scope of the currently permitted project may require additional regulatory review."
Recent drilling between the currently permitted Yellow Pine and West End reserve pits continues to reveal compelling new mineralization, including multiple high-grade gold intervals and a new gold-tungsten discovery. Significant high-grade gold intercepts, including a gold-tungsten intercept, have been identified in the Clark Tunnel Fault Zone ("CTFZ") located along the southeastern edge of the proposed Yellow Pine pit. Additional occurrences of scheelite, a tungsten-bearing mineral, have been observed in ongoing drilling in the CTFZ. In addition, widely spaced drilling and surface sampling at the Huckleberry Fault Zone ("HFZ") returned broad intervals of gold mineralization. Lying immediately adjacent to the Yellow Pine reserve pit limits, the HFZ spans over 100 meters in width and has been traced across 0.5km of strike length, with historic data indicating higher-grade lenses can occur. At the Hangar Flats deposit, drilling at the NDMEA zone encountered additional high-grade gold, while critical mineral-focused drilling at Hangar Flats returned significant antimony-tungsten intercepts. These results collectively demonstrate further opportunities to grow and unlock the 3.1 million ounces of indicated and inferred gold resources and 99.8 million pounds of antimony resources that are located outside current reserves.
Exploration drilling is currently underway with 4 rigs and approximately 5,800 meters of new drilling complete to date. The results presented below are from recently completed drill programs totaling 8,340 meters, which was split between geotechnical drilling and exploration. Notable new intercepts include:
Yellow Pine Clark Tunnel Fault Zone (CTFZ) Discovery2
Hole SB597: 21.3 meters of 3.2 g/t gold and 0.9% tungsten from 24 meter depth, incl. 7.0 meters grading 7.1 g/t gold and 0.3% tungsten from 34 meter depth Hole SB580: 6.4 meters of 16.2 g/t gold and 1.7% antimony from surface Hole SB582: 15.0 meters of 6.3 g/t gold and 0.8% antimony from 11 meter depth Hole SB581: 5.5 meters of 14.2 g/t gold and 1.2% antimony from 8 meter depth Hole SB579: 4.6 meters of 10.0 g/t gold and 0.6% antimony from 9 meter depth Hole SB578: 4.9 meters of 9.3 g/t gold and 0.7% antimony from 7 meter depth Hole SB576: 3.4 meters of 9.6 g/t gold and 0.4% antimony from 7 meter depth Hole SB577: 3.0 meters of 9.4 g/t gold and 0.9% antimony from 9 meter depth Yellow Pine Huckleberry Fault Zone (HFZ)2
Hole SB588: 69.6 meters of 0.8 g/t gold from 61 meter depth (Lower Huckleberry) Hole SB595: 41.6 meters of 0.8 g/t gold from 131 meter depth (Upper Huckleberry), including 21.8 meters of 1.2 g/t gold from 148 meters depth Hangar Flats Extensions (NDMEA zone)2
Hole SB584: 3.0 meters of 14.5 g/t gold from 82 meter depth Hole SB585: 5.5 meters of 1.1 g/t gold and 0.3% antimony from 108 meter depth Hangar Flats Antimony and Tungsten Results (excluding gold assays)2,3
Hole SB519: 22.9 meters of 3.2% antimony and 1.2% tungsten from 330 meter depth, incl. 4.4 meters of 4.3% antimony and 3.3% tungsten from 334 meter depth and 1.8 meters of 8.3% antimony and 4.6% tungsten from 351 meter depth Hole SB522: 9.8 meters of 8.3% antimony and 4.6% tungsten from 260 meter depth Hole SB527: 3.4 meters of 10.6% antimony and 1.5% tungsten from 247 meter depth Hole SB524: 1.7 meters of 10.5% antimony and 1.8% tungsten from 256 meter depth 2026 Drilling Program Highlights:
A minimum of 10,000 meters of core drilling is planned for 2026 using 4 drill rigs with the ability to expand the program if warranted, based on results. Perpetua estimates approximately 5,800 meters of the 2026 core drilling program have been completed and are in preparation for assay. Initial drilling was planned for potential expansion of the gold and antimony pits in the currently approved mine plan will test along strike and at depth within the Yellow Pine and Hangar Flats deposits. This includes follow-up drilling on the Clark Tunnel Fault Zone and Huckleberry Fault Zone Definition drilling within existing approved footprints is planned with the goal of upgrading inferred resources to measured and indicated categories. Additional testing is also planned for several known high-grade targets near the current pits and located close to planned future milling infrastructure Any future development of target exploration areas that are not approved for mining in the current plan of operations will require additional environmental review and permitting to be completed before mining could commence in these areas Tungsten Emerges as Additional Strategic Opportunity at Stibnite
During the first half of 2026, Perpetua became aware of U.S. government-sponsored initiatives focused on tungsten. Based on the historical production of both antimony and tungsten at Stibnite and given that recent drilling confirmed areas in the Hangar Flats deposit host a combination of high-grade antimony (5-13%) and tungsten (1-6%) at varying widths of 1-10 meters, the Company has submitted proposals seeking U.S. grant funding to undertake drilling, sampling, metallurgical analysis, and resource evaluation. While there can be no assurance that the Company will obtain such grant funding or that economically accessible quantities of tungsten will be identified, Perpetua believes its broader claim package is uniquely positioned to help the U.S. government potentially secure a second critical mineral, in addition to antimony, from the Stibnite mining district. Any tungsten development will require separate public & environmental review and permitting outside the scope of the currently permitted project.
In its grant proposal, Perpetua proposed to embark on a program focused on drilling and metallurgical sampling beneath the Hangar Flats pit. This work would serve a dual strategic purpose of enabling drilling to test known high-grade antimony-tungsten mineralization at depth while simultaneously providing additional testing of significant gold and antimony resources previously identified but not included in Perpetua's current mine plan. Previously reported drill holes (listed below) indicate the promising potential for recovery of tungsten near areas in the existing mine plan.
Hangar Flats Previously Released Gold, Antimony and Tungsten Intercepts
Hole SB21: 65.2 meters of 3.0 g/t gold, 2.9% antimony, 0.04% tungsten from 244 meter depth Hole SB134: 2.4 meters of 1.4 g/t gold, 0.2% antimony, 1.52% tungsten from 216 meter depth Hole SB165: 4.6 meters of 1.6 g/t gold, 1.8% antimony, 1.17% tungsten from 258 meter depth Hole SB192: 32.3 meters of 1.4 g/t gold, 4.7% antimony, 2.66% tungsten from 316 meter depth Hole SB193: 75.0 meters of 1.6 g/t gold, 2.6% antimony, 0.88% tungsten from 281 meter depth Hole SB203: 17.5 meters of 1.5 g/t gold, 7.6% antimony, 0.71% tungsten from 309 meter depth Global Export Restrictions Have Made Tungsten High Priority Once Again
Historically, the Stibnite district was not only a major producer of antimony, but also one of America's most significant historical tungsten-producing regions. Following the discovery of tungsten at Yellow Pine by the U.S. Bureau of Mines and U.S. Geological Survey in the spring of 1941, production at Stibnite commenced just months later in August of that year. From 1941 to 1945, the Stibnite deposit produced more tungsten than any other mine in the United States with an estimated 611,284 short tons of ore produced averaging 1.645% WO₃. In total, this represented approximately 50% of all tungsten consumed by the United States during the Second World War and the Korean War.
Following the war, the U.S. relied on Chinese imports with China producing an estimated 80% of global tungsten production in recent years4. However, increasing trade tensions resulted in the imposition of Chinese export restrictions of certain critical minerals in February 2025. These restrictions impacted both tungsten and antimony. Given the absence of substitutes, these restrictions pushed tungsten APT (Ammonium Paratungstate) prices up more than 500% from their lows in 2024. Both antimony and tungsten are designated as U.S. government critical minerals due to their importance in national defense applications and domestic manufacturing. Tungsten's ability to retain strength at high temperatures and extreme hardness make it irreplaceable for military applications, though most tungsten consumption (60%) is for use in cemented carbide parts for other key industries including construction, metal working, mining and oil & gas exploration.
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration, and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. The Stibnite Gold Project is one of the highest grade, open pit gold deposits in the United States and holds the only identified domestic reserve of the critical mineral antimony, which is essential to the defense, energy, and manufacturing sectors. The Project is designed to apply a modern, responsible mining approach to restore an abandoned mine site and provide uplift to water quality, improve fish habitat access, and invest in river restoration while supporting local economic development in rural Idaho.
Cautionary Statement Regarding Technical Information
The technical information in this news release has been prepared in accordance with the mining property disclosure rules specified in Regulation S-K subpart 1300 ("S-K 1300") promulgated by the Securities and Exchange Commission and Canadian regulatory requirements set out in National Instrument 43-101 ("NI 43-101"), and has been reviewed and approved by Christopher Dail, CPG, Director, Exploration, and a Qualified Person as defined in NI 43-101 and in S-K 1300. Mr. Dail is not independent of the issuer.
Except for the exploration results presented herein, the technical and reserves information in respect of the Stibnite Gold Project in this news release is based upon information contained in the technical report titled "Stibnite Gold Project, S-K 1300 Technical Report Summary, Valley County, Idaho, USA," dated as of December 31, 2025 (the "TRS"), developed for the Stibnite Gold Project in accordance with S-K 1300 and published on March 31, 2026. Such information is as of December 31, 2025 and is subject to the assumptions, exclusions and qualifications set forth in the TRS. For additional information regarding the TRS, investors are encouraged to refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026.
There can be no assurance that exploration activities will result in the discovery of additional resources or reserves and isolated exploration results may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. Exploration results are inherently uncertain and subject to numerous risks and uncertainties, including geological factors, market conditions, and regulatory changes. Furthermore, development of any additional resources and reserves discovered would be subject to any applicable NEPA and permitting requirements.
Data regarding domestic antimony and tungsten reserves are based on U.S. Geological Survey, Mineral Commodity Summaries, dated as of January 2026.
Quality Assurance
The exploration activities at the Stibnite Gold Project site were carried out under the supervision of Richard Moses, C.P.G., Christopher Dail, C.P.G., Austin Zinsser, SME-R.M., and Kent Turner, SME-R.M., all Qualified Persons as defined in NI 43-101 and in S-K 1300.
All gold assays are by a 30g Fire Assay charge followed by an atomic absorption finish (with a 0.005g/t lower reporting limit). Samples reporting values > 6g/t gold are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 0.5g/t lower reporting limit). Samples reporting values > 10g/t silver are reanalyzed using a 50g Fire Assay charge followed by a gravimetric finish. Antimony is analyzed via a 4-Acid digestion with ICP finish with a 5g/t lower reporting limit. Samples reporting values >500g/t antimony are reanalyzed using XRF fusion. Some intervals may not add or subtract correctly due to rounding, but differences are deemed insignificant.
Samples were handled, shipped via Chain of Custody Procedures. Analyses were carried out by ALS Global Laboratories in their Reno and Elko, Nevada and Vancouver, British Columbia laboratories. Umpire samples are routinely submitted to third party labs and blank and standard samples are inserted at appropriate intervals for quality assurance and quality control. A review of the results of analyses of blanks, standards and duplicates by the Company's Qualified Person indicates values are within normal and acceptable ranges.
Antimony and tungsten analysis for Hangar Flats drill holes SB519-SB527 were performed with a Vanta Portable XRF in the field. Multiple readings were collected and averaged. The XRF protocol entailed analysis of reference standards and a blank sample throughout the use of the instrument. Overall, 99 non-duplicate analyses with appropriate data formatting were collected from QA/QC samples, representing approximately 5% of total analyses. Generally, the XRF QA data is considered sufficient for the objectives of the program.
Forward-Looking Information
Investors should be aware that no funding has been committed in connection with the Company's application for grant funding for tungsten exploration. There is no assurance that the application will be successful and, if successful, whether any funding awarded will be sufficient to conduct the proposed exploration activities or that such exploration will produce positive results.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". Forward-Looking Information includes, but is not limited to, planned exploration and development for the project, including with respect to antimony and tungsten; the Company's application for a grant related to tungsten exploration; the expected outcomes and benefits of the Project, including production rates and mineral reserves and mineral resources; and the potential for development of any additional resources and reserves and the permitting requirements with respect to any such additional resources and reserves. In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that the Company's other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting, construction and operations costs will not materially increase; that the Company will satisfy or will continue to satisfy the requirements of applicable permits and the requirements of various governmental approvals; and assumptions made in the interpretation of drill results, the geology, grade and continuity of mineral deposits. Forward-Looking Information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to increased or unexpected costs in development, construction, operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedarplus.ca. Except as required by law, the Company expressly disclaims any obligation to update the Forward-Looking Information herein.
__________________________________
1 Based on average annual recovered gold for Years 1-4 as reported in the Technical Report Summary for the Project, dated as of December 31, 2025. See "Cautionary Statement Regarding Technical Information" below.
2 True widths are estimated to be approximately 85-95% of the reported interval lengths based on the current interpretation of drill hole orientation relative to the mineralized zone.
3 Antimony and tungsten drilling in the Hangar Flats deposit was designed to collect bulk samples for metallurgical testing. Drill core was analyzed on-site using portable XRF equipment, after which samples were composited and submitted to SVL Analytical (Kellogg, Idaho) for XRF and wet chemical titration analysis of antimony and tungsten. Gold grades were not assessed as part of this program.
4 "Stibnite Historic District," National Register of Historic Places Nomination Form, NPS Ref. No. 87001186 (listed July 19, 1987).
Liberty Media Corporation - Liberty Formula One Series C vykázala zisk 0,02 USD na akcii, což bylo pod odhadem 0,16 USD. Tržby činily 934 milionů USD a také zaostaly za očekáváním.
Liberty Media Corporation - Liberty Formula One Series C (FWONK - Free Report) came out with quarterly earnings of $0.02 per share, missing the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $1.52 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -87.50%. A quarter ago, it was expected that this company would post a loss of $0.06 per share when it actually produced earnings of $0.03, delivering a surprise of +150%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Liberty Media Corporation - Liberty Formula One Series C, which belongs to the Zacks Media Conglomerates industry, posted revenues of $934 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.27%. This compares to year-ago revenues of $1.2 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.
Liberty Media Corporation - Liberty Formula One Series C shares have lost about 2.5% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for Liberty Media Corporation - Liberty Formula One Series C?While Liberty Media Corporation - Liberty Formula One Series C 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 Liberty Media Corporation - Liberty Formula One Series C 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 $0.64 on $1.26 billion in revenues for the coming quarter and $1.93 on $4.74 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, Media Conglomerates is currently in the bottom 26% 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.
ACCESS Newswire Inc. (ACCS - 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 11.
This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of -21.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
ACCESS Newswire Inc.'s revenues are expected to be $5.63 million, up 0.2% from the year-ago quarter.
AerSale ve 2. čtvrtletí vykázala tržby 70,9 mil. USD a upravenou EBITDA 2,2 mil. USD, obojí výrazně níže než před rokem kvůli absenci prodejů letadlové techniky. Firma čeká silnější druhou polovinu roku díky leasingu, zásobám a údržbě.
AerSale NASDAQ: ASLE reported second-quarter revenue and adjusted EBITDA that declined from a year earlier, primarily because the company did not record any flight equipment sales during the period. Management said it expects a stronger second half as it monetizes inventory, expands leasing activity and increases utilization at its maintenance facilities.
Revenue for the quarter totaled $70.9 million, compared with $107.4 million in the prior-year period. Adjusted EBITDA was $2.2 million, or 3.1% of revenue, versus $18.3 million, or 17% of revenue, a year earlier. Net loss was $5.6 million, compared with net income of $8.6 million in the second quarter of 2025.
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Chief Executive Officer Nick Finazzo said the results reflected “timing, not trajectory,” pointing to the absence of flight equipment sales that contributed $33.4 million of revenue in the year-earlier quarter through the sale of eight engines. Excluding flight equipment sales, revenue declined 4.2% year over year, as lower used serviceable material, or USM, sales outweighed growth in leasing and maintenance operations.
Leasing Growth Offsets Lower USM Sales Asset management solutions revenue fell 51.3% to $37.1 million. Excluding flight equipment sales, however, segment revenue declined 13.6%, reflecting lower USM sales. The company said it acquired $5.6 million of feedstock during the second quarter, down from $27.1 million a year earlier, as it maintained pricing discipline in what Finazzo described as a highly competitive acquisition market.
Leasing revenue rose about 50% to $12.4 million, supported by a larger engine and converted freighter portfolio. AerSale ended the quarter with 18 engines and three Boeing 757 freighters on lease, compared with 16 engines and one freighter a year earlier.
In July, AerSale placed its fourth converted 757 freighter on lease and signed a lease for a fifth freighter expected to be delivered in August. The company has two remaining freighters from its passenger-to-freighter conversion program to monetize.
Finazzo also said AerSale was awarded a $35 million sale of a Boeing 737 aircraft to the U.S. Marshals Service. The company expects the transaction to close in the third quarter or early in the fourth quarter. Management also cited several engine transactions expected to close in late third quarter or early fourth quarter.
During the question-and-answer session, Finazzo said AerSale had 17 engines in work and expects many to emerge from repair facilities in the coming months. Depending on market conditions, the company may place those engines into its lease portfolio or sell them to customers offering better economic returns.
Management said it is increasingly using USM inventory to restore aircraft engines and other flight equipment for sale or lease, rather than selling all material as individual piece parts. Chief Financial Officer Martin Garmendia said USM margins have typically been around 25%, while flight equipment transactions have at times generated higher margins and faster capital recovery.
Maintenance Operations Expand, but Ramp-Up Costs Weigh on Margins Tech Ops revenue increased 8.7% to $33.8 million. Growth was led by the ramp-up of AerSale’s CRJ700 and CRJ900 multi-line maintenance program in Millington, Tennessee, additional aircraft storage at its Goodyear, Arizona, operation, and higher landing gear and aerostructures activity.
However, gross margin declined to 22.9% from 32.9% a year earlier. Garmendia said margins were affected by the lack of higher-margin flight equipment sales, lower USM gross profit, and the cost of staffing and building capacity ahead of expected work at Goodyear and Millington.
At Millington, AerSale has two maintenance lines in operation and capacity to add two additional lines, Garmendia said. The company has seen improvements in labor efficiency and aircraft turnaround times as the program progresses.
Goodyear was operating at less than 20% of available capacity during the quarter, according to Garmendia. But AerSale has been carrying additional labor in anticipation of heavy maintenance work related largely to aircraft formerly operated by Spirit Airlines.
Finazzo said AerSale had 84 former Spirit aircraft in storage at Goodyear. The aircraft are now owned by banks or leasing companies, and each will require some level of maintenance before returning to service. Some aircraft may instead be dismantled for parts, particularly where engines have greater value as standalone leased assets.
Management said it expects the maintenance demand associated with those aircraft, along with work from other customers, to help fill Goodyear’s capacity over the coming year. Garmendia said AerSale’s on-airport MRO operations have historically generated margins in the 20% to 30% range when operating at fuller utilization.
AerSale’s landing gear facility was operating at about 80% capacity on one shift after receiving gear from customer programs involving Boeing 737 MAX and 787 aircraft. The company expects to add a second shift as volumes increase.
Liquidity and Product Outlook Cash used in operating activities totaled $33.5 million year to date, driven largely by investments in feedstock and make-ready costs for equipment intended for lease or sale. AerSale ended the quarter with $376 million of inventory and $133 million of aircraft and engines held for lease.
Available liquidity was $34 million, including $2.2 million of cash and cash equivalents and $31.8 million available under its $180 million revolving credit facility. The facility may be expanded to $200 million, subject to conditions and borrowing-base availability.
Management said demand remains strong for its AerSafe product and expects activity to peak in the third quarter ahead of a November 2026 Federal Aviation Administration compliance deadline related to a fuel-tank flammability airworthiness directive.
Regarding its AerAware enhanced flight vision product, Finazzo said the company continues to engage with regulators and industry participants but did not identify new customer commitments. He said AerSale is evaluating other parts-manufacturing-approval and repair opportunities, though it does not currently expect those efforts to make a substantial contribution in the near term.
For the rest of 2026, AerSale said its priorities remain expanding its lease pool, strategically monetizing inventory, increasing MRO capacity and improving operational profitability as recent expansion investments gain scale.
About AerSale (NASDAQ:ASLE)AerSale Inc is an integrated aftermarket solutions provider serving the global commercial, defense and business aviation markets. The company specializes in aircraft and engine maintenance, repair and overhaul (MRO), asset leasing and aviation parts distribution. Its key offerings include airframe heavy maintenance, engine tear‐down and component overhaul, used serviceable material programs and end‐of‐life aircraft disassembly. Through these services, AerSale supports operators seeking to optimize fleet availability, extend asset life cycles and reduce maintenance costs.
Founded in 2009 and headquartered in Coral Gables, Florida, AerSale has grown through strategic acquisitions and organic expansion.
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BioMarin Pharmaceutical (BMRN - Free Report) came out with quarterly earnings of $1.2 per share, beating the Zacks Consensus Estimate of $0.96 per share. This compares to earnings of $1.44 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +25.00%. A quarter ago, it was expected that this rare disease biopharmaceutical would post earnings of $0.94 per share when it actually produced earnings of $0.76, delivering a surprise of -19.15%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
BioMarin, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $989.71 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 7.31%. This compares to year-ago revenues of $825.41 million. 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.
BioMarin shares have added about 0.8% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for BioMarin?While BioMarin 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 BioMarin 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 $1.49 on $1.04 billion in revenues for the coming quarter and $4.95 on $3.86 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, Medical - Biomedical and Genetics is currently in the top 44% 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.
BioXcel Therapeutics, Inc. (BTAI - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly loss of $0.51 per share in its upcoming report, which represents a year-over-year change of +79.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
BioXcel Therapeutics, Inc.'s revenues are expected to be $0.34 million, up 183.3% from the year-ago quarter.
Elon Musk posunul interní cíl SpaceX na roční tržby 1 bilion USD z roku 2031 na 2030. Firma ve 2. čtvrtletí zvýšila tržby o 92 % meziročně na 7,8 miliardy USD.
SpaceX (SPCX +6.14%) held its first earnings call as a public company on Tuesday, and CEO Elon Musk used it to make an already ambitious goal more ambitious.
The company's internal target for reaching $1 trillion in annual revenue, he said, has moved up a year, from 2031 to 2030. And he put what he called a "non-zero chance" on getting there in 2029.
That is a striking thing to say about a company that produced $7.8 billion of revenue in the quarter it was reporting. It was a strong quarter, to be sure. Revenue grew 92% year over year, and the rocket and satellite company's net loss narrowed to $541 million from $1.0 billion a year earlier.
A target, of course, isn't guidance. But I think this one is specific enough to check against the company's own numbers. So, what growth rate does $1 trillion by 2030 actually require?
Elon Musk. Image source: The White House.
The quarter the new target landed on The second quarter gave the bulls plenty to work with. All three segments grew, led by the artificial intelligence (AI) business, where revenue rose 247% year over year to $2.6 billion on new cloud computing agreements -- the company signed $14.1 billion of contracted cloud sales during the quarter alone. The connectivity segment, home of the Starlink satellite internet service, grew revenue 66% year over year to $4.3 billion and stayed the company's profit center, with operating income climbing 79% to $1.7 billion. Even the space segment, the launch business itself, grew 29% year over year to $962 million.
Starlink ended the second quarter with 12 million subscribers, double the year-ago count and up 1.7 million in three months.
Average Starlink revenue per user, though, was $66 per month, down from $85 a year earlier. Subscriber growth is outrunning pricing, not riding it.
The spending is enormous, too. Capital expenditures totaled $18.4 billion in the quarter (nearly double the prior quarter, and about 6.5 times the year-ago level), with $15.8 billion of that going to AI infrastructure.
The company can afford it, for now. "We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog," chief financial officer Bret Johnsen said in the commentary accompanying the second-quarter release, adding that the balance sheet gives the company capacity to keep investing in Starship, Starlink satellites, and its AI platform.
Over the past 12 months, SpaceX generated about $23 billion of revenue. A $1 trillion year in 2030 is about 43 times that figure.
The friendlier starting point is the one management offered. Johnsen said on the call that the company is on pace to reach $100 billion in annualized revenue run-rate by the end of this year.
Take that at face value, and $1 trillion of annual revenue in 2030 still means growing roughly tenfold in about four years. That works out to about 78% compounded annually.
Compare that with what the business is doing today. The company grew 92% in the second quarter, so the required rate is arguably not absurd on its face. But the segment carrying most of the revenue, Starlink's connectivity business, grew 66%.
The only piece growing faster than the target requires is AI. And that growth is running on $15.8 billion of quarterly capital spending against $2.6 billion of segment revenue, with the segment posting a $1.3 billion operating loss.
Today's Change
(
6.14
%) $
6.65
Current Price
$
114.92
Zoom out, and growth rates tend to fall as companies get bigger. SpaceX would need the opposite. It would have to hold a near-80% pace through 2030, while its largest segment grows more slowly than that and its average Starlink customer pays less than a year ago.
Sure, the bull case has hard dollars behind it. The backlog is contracted money, the cloud agreements are signed, and Musk said Starlink could deliver a majority of the world's internet within a decade. If Starship cuts launch costs, the ceiling is hard to estimate.
However, a ceiling isn't a schedule. I think the moved-up date is a stretch goal for Musk's own teams more than a forecast for shareholders. The target only holds if that pace holds companywide -- carried by the one segment that spends far more than it takes in.
I'd watch one number instead: whether annualized revenue run-rate actually approaches $100 billion by year-end, as Johnsen says it should. Hit that, and the 2030 conversation gets more interesting.
Manažeři Nokie v posledních měsících nakoupili desítky tisíc akcií, zatímco firma rozšiřuje AI partnerství s Nvidií. Nvidia do projektu vložila 1 miliardu USD jako strategickou investici za upisovací cenu 6,01 USD za akcii.
When senior leaders at Nokia (NOK -1.57%) start writing six-figure checks for their own stock, I pay attention. Over the past few months, a handful of Nokia executives and board members have quietly accumulated tens of thousands of shares, even as the stock has already enjoyed a strong run on the back of its artificial intelligence ambitions. Given who sits on the other side of those AI plans -- Nvidia (NVDA -0.10%) with a billion-dollar strategic investment -- this feels more like a deliberate bet than a casual perk.
Today's Change
(
-1.57
%) $
-0.15
Current Price
$
9.43
In late May, Nokia disclosed that Victoria Hanrahan, chief of staff to the CEO, bought 44,682 Nokia shares in two New York Stock Exchange transactions at an average price of about $15.81 per share, a purchase worth just over $700,000. Then, on July 24, the company filed a managers' transaction report showing three more insiders buying: senior manager Patrik Hammarén acquired 43,293 shares in Helsinki at around 8.44 euros, board member Timo Ihamuotila picked up 60,000 shares across multiple European venues at roughly 8.45 euros, and senior manager Pallavi Mahajan bought 62,000 shares on the NYSE at about $9.55. These are not token purchases. They are meaningful personal commitments at prices that reflect the new, AI-focused Nokia rather than a turnaround bargain.
Image source: Getty Images.
The backdrop for that buying spree is Nokia's decision to tie its future networks directly to Nvidia's AI hardware. In October 2025, Nokia and Nvidia announced a strategic partnership to pioneer an AI platform for 6G, with Nvidia committing a $1 billion equity investment at a subscription price of $6.01 per share. The collaboration does two important things. First, it adds Nvidia-powered, commercial-grade AI RAN products to Nokia's existing radio access network portfolio, giving carriers a way to launch AI native 5G Advanced and 6G networks on Nvidia's new Aerial RAN Computer platforms. Second, it expands the partnership into data center switching and AI networking, combining Nokia's SR Linux software with Nvidia's Spectrum X Ethernet platform to optimize traffic inside AI clusters.
Today's Change
(
-0.10
%) $
-0.23
Current Price
$
218.99
Nokia is integrating AI into its process Nokia is not just licensing a logo here. It is rearchitecting its base stations around Nvidia silicon. In a detailed announcement, Nokia laid out plans for AI RAN base stations that run all RAN processing on Nvidia GPUs, with no separate accelerator, and for Cloud RAN solutions that use the Grace CPU Superchip for higher-layer processing, while Nokia's in-line Layer 1 accelerator handles the physical layer. T-Mobile U.S. (TMUS +3.75%) has already agreed to trial these AI RAN designs in its networks, starting in 2026, which gives Nokia a real-world proving ground rather than a purely lab-based story.
Behind the hardware, Nokia is building an AI RAN ecosystem. At Mobile World Congress 2025, it announced an AI RAN center in Dallas that will enable partners like KDDI, SoftBank, and T-Mobile to develop and test AI-powered radio networks under realistic conditions, with the goal of shaping a platform-as-a-service model for operators. The idea is that carriers will eventually be able to host AI workloads at the edge of their networks, using Nokia's anyRAN architecture to share compute between radio and AI applications, cutting costs and opening new revenue streams.
For me, this is where the insider buying starts to make sense. Nokia is positioning itself as the glue between mobile networks and the AI infrastructure that Nvidia is building. It is not trying to compete with Nvidia's GPUs or large language models. Instead, it is trying to become the default way those models reach phones, cars, and factories over 5G and 6G. If that strategy works, Nokia's AI story will be less about selling boxes and more about selling intelligent, programmable network platforms.
First Solar podpořila zásah administrativy USA proti dovozu polysilikonu a jeho derivátů podle oddílu 232. Firma tvrdí, že krok má omezit závislost na Číně a vyrovnat podmínky pro americkou výrobu solárních technologií.
Company backs enforcement to enable a level playing field for American solar manufacturing, workers
PHOENIX--(BUSINESS WIRE)--First Solar, Inc. (Nasdaq: FSLR) ("First Solar" or "the Company") today voiced strong support for the Trump Administration’s action on imports of polysilicon and its derivatives under Section 232 of the Trade Expansion Act, a move aimed at loosening China's grip on a critical supply chain.
Polysilicon is a foundational input for crystalline silicon solar modules, and Chinese producers control more than 90 percent of the global supply, a concentration that is itself a security risk. That control has given a single government outsized sway over the cost and availability of the material and its derivatives, created opaque supply chains that carry forced labor exposure, and enabled anti-competitive measures at a cost to American solar manufacturers and their workers.
“First Solar strongly commends the Trump Administration's Section 232 national security action on polysilicon and its derivatives, one of the most strategically significant trade measures in decades,” said Mark Widmar, chief executive officer, First Solar. “For years, China-linked supply chains dumped below cost and circumvented US laws to undercut American workers and their livelihoods, while creating a strategic vulnerability. This action closes that loophole, and it is built to be enforced, with a minimum import price, an ad valorem tariff behind it, and real consequences for violators. That is the fair shot at a level playing field that American manufacturers and workers have earned.”
Widmar said, “As we built the largest solar manufacturing and supply chain footprint in the country, we've long argued that how and where solar technology is made matters, and the Administration's actions recognize that. In particular, the incentive structure, coupled with a hard-to-game framework, is a clear signal that the Administration is committed to ending America's dependence on China for critical solar energy technology and building the jobs, investment, and manufacturing capacity to match.”
First Solar operates the largest solar technology manufacturing and research and development (R&D) footprint in the Western Hemisphere with five operational manufacturing facilities in Alabama, Louisiana, and Ohio, and a sixth plant under construction in South Carolina, the first phase of which is expected to begin operations in the second half of 2026. By the end of 2026, the Company expects to have invested over $5 billion in American manufacturing and R&D infrastructure since 2019, and by 2027 it forecasts approximately 17 gigawatts (GW) of US module manufacturing capacity, none of which has any dependence on Chinese crystalline silicon supply chains.
A study commissioned by First Solar and conducted by the University of Louisiana at Lafayette, released earlier this year, estimated that the Company supported nearly 30,000 American jobs and $3.0 billion in labor income in 2025, while contributing approximately $5.8 billion to US gross domestic product (GDP). The analysis projects that by 2027 the Company will support more than 39,000 jobs and $4.0 billion in labor income and contribute approximately $7.8 billion to US GDP.
About First Solar, Inc.
First Solar, Inc. is America's leading PV solar technology and manufacturing company. The only US-headquartered company among the world's largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with its advanced, uniquely American thin film PV technology. Developed at research and development (R&D) labs in California and Ohio, the Company's technology represents the next generation of solar power generation, providing a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV modules. For more information, please visit www.firstsolar.com.
This press release contains various “forward-looking statements” which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning: (i) plans to establish a new production facility in South Carolina; (ii) expectations that the first phase of the facility will begin production in the second half of 2026; (iii) expectations that First Solar will have a total US nameplate capacity of approximately 17 GW by 2027; and (iv) our expectation that First Solar will have invested over $5 billion in American manufacturing and R&D infrastructure from 2019 to 2026. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on First Solar’s current expectations and First Solar’s projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. First Solar undertakes no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause First Solar’s actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the results of our investigation of potential infringers, the costs and other impacts arising from any subsequent litigation, the results of which are unpredictable; the validity and scope of claims relating to the patents; the potential for companies to develop and patent technology designed to exclude our patented technology; and the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of First Solar’s most recent Annual Report on Form 10-K, as supplemented by First Solar’s other filings with the Securities and Exchange Commission.
This press release contains references to data and information generated by economic studies conducted by the Kathleen Babineaux Blanco Public Policy Center at the University of Louisiana at Lafayette, and commissioned by the Iberia Economic Development Authority and First Solar. The study commissioned by First Solar is based on numerous assumptions, estimates and other data as more fully described in the report summarizing the study’s findings, which is available at www.firstsolar.com/USeconomy.
Airbnb reported second-quarter results that topped analysts' estimates and issued a better-than-expected forecast for the current period, citing strong demand "across all regions." The stock jumped 9% in extended trading on Thursday.
Here's how the company did compared with LSEG's consensus of analyst estimates:
Earnings per share: $1.37 vs. $1.25 expectedRevenue: $3.61 billion vs. $3.58 billion expectedRevenue climbed 17% from $3.1 billion a year earlier, Airbnb said in a statement. Net income increased to $816 million from $642 million, or $1.03 per share, a year ago.
For the current period, Airbnb said it expects revenue of between $4.69 billion and $4.77 billion, while analysts had been projecting sales of $4.61 billion, according to LSEG. At the midpoint of the range, year-over-year revenue growth would be about 14%.
Airbnb said that in the U.S. and Canada region and in the area that includes Europe and the Middle East, bookings growth was in the high single digits. For Asia-Pacific, growth was in the high teens, while the Latin America business saw bookings growth of about 20%.
The company highlighted particular strength in Brazil and Mexico, but said, "Overall, we continue to observe market share gains broadly across Latin America, demonstrating the success of our expansion strategy within this region."
Free cash flow jumped 30% to $1.25 billion from $962 million a year earlier, Airbnb said.
NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today reported financial results for the second quarter ended June 30, 2026.
“AIG delivered another strong quarter, marking an exceptional first half of the year and underscoring the benefits of our diversified global portfolio and continued momentum from organic growth and our recent strategic transactions,” said Eric Andersen, AIG President & Chief Executive Officer.
“Adjusted after-tax income per diluted share was $2.00, increasing 10% year-over-year, and Core Operating ROE was 11.1%. Net premiums written grew 9% year-over-year on a constant dollar basis, or 11%* excluding North America Property, supported by top-line growth across all three business segments. We produced another solid quarter of underwriting profitability, with General Insurance underwriting income of $686 million, a calendar year combined ratio of 89.0% and an accident year combined ratio, as adjusted, of 88.1%.
“Our strong quarterly results demonstrate our ability to perform well in the current market, which has transitioned from an extended phase of broad positive pricing into a more selective environment, where profitability and growth are increasingly dependent on line-specific dynamics. The breadth of our underwriting expertise and the diversity of our global portfolio remain important competitive advantages, allowing us to continue to pursue targeted growth in the segments where we expect to achieve the most attractive risk-adjusted returns.
“We are building on our strong foundation as a market leader and best-in-class underwriting company. Our progress reflects the outstanding execution and commitment of our talented global team. We remain confident in our ability to meet our 2025 Investor Day financial objectives and see significant opportunity to leverage our global scale, strong brand and technical expertise to bring the full capabilities of AIG together to support our clients and stakeholders, while driving sustainable, profitable growth.”
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this press release under the heading Comment on Regulation G and Non-GAAP Financial Measures.
FINANCIAL SUMMARY
Three Months Ended
June 30,
($ and shares in millions, except per share amounts)
2025
2026
Net income attributable to AIG common shareholders
$
1,144
$
948
Net income per diluted share attributable to AIG common shareholders
$
1.98
$
1.78
Net investment income
$
1,466
$
1,127
Net investment income, APTI basis
955
908
Adjusted pre-tax income (loss)
$
1,391
$
1,404
General Insurance
1,492
1,546
Other Operations
(101)
(142)
Adjusted after-tax income attributable to AIG common shareholders
$
1,044
$
1,069
Adjusted after-tax income per diluted share attributable to AIG common shareholders
$
1.81
$
2.00
Weighted average common shares outstanding - diluted
577.9
533.5
Return on equity
11.0
%
9.4
%
Adjusted return on equity
9.7
%
10.2
%
Core operating return on equity
11.7
%
11.1
%
Book value per share
$
74.14
$
77.39
Adjusted book value per share
$
76.62
$
79.98
Adjusted tangible book value per share
$
69.81
$
72.18
Core operating book value per share
$
63.71
$
74.43
Common shares outstanding (in millions)
559.8
524.7
For the second quarter of 2026, Net income attributable to AIG common shareholders was $948 million, or $1.78 per diluted common share, compared to net income of $1.1 billion, or $1.98 per diluted common share, in the prior year quarter. The year-over-year decrease was primarily due to changes in the fair value of AIG's investment in Corebridge and equity securities, partially offset by higher underwriting income.
AATI was $1.1 billion, or $2.00 per diluted common share, compared to $1.0 billion, or $1.81 per diluted common share in the prior year quarter, reflecting higher underwriting income, partially offset by lower Other Operations Net investment income.
Total Net investment income for the second quarter of 2026 was $1.1 billion, compared to $1.5 billion in the prior year quarter, primarily due to changes in the fair value of AIG's investment in Corebridge and equity securities.
Total Net investment income on an APTI basis was $908 million, compared to $955 million in the prior year quarter, due to lower Net investment income in Other Operations, while General Insurance Net investment income was flat year-over-year.
AIG returned $904 million to shareholders in the second quarter of 2026 through $641 million of common stock repurchases, representing approximately 8 million shares, and $263 million of common stock dividends. At June 30, 2026, the total debt to total capital ratio was 18.1% and the total debt to total adjusted capital* ratio was 17.6%. During the quarter, AIG sold approximately 25 million shares of Corebridge common stock, representing our remaining interest in Corebridge, for aggregate proceeds of approximately $710 million.
ROE and Core Operating ROE* were 9.4% and 11.1%, respectively, in the second quarter of 2026. Book value per share was $77.39 as of June 30, 2026, an increase of 4% from June 30, 2025. Adjusted tangible book value per share* was $72.18, an increase of 3% from June 30, 2025.
On August 6, 2026, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.50 per share. The dividend is payable on September 30, 2026 to shareholders of record at the close of business on September 16, 2026.
GENERAL INSURANCE
Three Months Ended June 30,
($ in millions)
2025
2026
Change
Gross premiums written
$
10,056
$
10,943
9
%
Net premiums written
$
6,880
$
7,516
9
%
Net premiums written, on constant dollar basis
9
%
Underwriting income (loss)
$
626
$
686
10
%
Net investment income
$
871
$
871
—
%
Adjusted pre-tax income(a)
$
1,492
$
1,546
4
%
Underwriting ratios:
General Insurance (GI) CR
89.3
89.0
(0.3)
pts
GI Loss ratio
58.3
58.2
(0.1)
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums
(2.9)
(3.4)
(0.5)
Prior year development, net of prior year premiums
2.0
2.5
0.5
GI Accident year loss ratio, as adjusted
57.4
57.3
(0.1)
GI Expense ratio
31.0
30.8
(0.2)
GI Accident year combined ratio, as adjusted
88.4
88.1
(0.3)
pts
Second quarter NPW of $7.5 billion increased 9% from the prior year quarter both on a reported basis and a constant dollar basis. The growth was primarily driven by continued organic growth in select high-performing segments and contributions from AIG’s recent strategic transactions, partially offset by North America Property lines. Excluding North America Property lines, General Insurance NPW growth was 11%* in the second quarter. Underwriting income was $686 million, increasing 10% from the prior year quarter. Total catastrophe-related charges were $210 million, representing 3.4 loss ratio points, compared to $170 million, representing 2.9 loss ratio points, in the prior year quarter. Second quarter 2026 included $75 million of net losses related to the Middle East conflict. Second quarter 2026 included favorable prior year development (PYD), net of reinsurance and prior year premiums, of $145 million, compared to $112 million in the prior year quarter, primarily due to favorable development in U.S. Workers’ Compensation and U.S. Property and Special Risks, partially offset by slight strengthening in U.S. Excess Casualty. The combined ratio was 89.0%, improving 30 basis points from 89.3% in the prior year quarter, largely due to higher favorable PYD and an improved expense ratio, partially offset by higher catastrophe-related charges. The AYCR was 88.1%, improving 30 basis points from 88.4% in the prior year quarter, driven by a lower accident year loss ratio, as adjusted* (AYLR) as well as a lower expense ratio. General Insurance APTI was $1.5 billion, increasing 4% from the prior year quarter, driven by higher underwriting income. GENERAL INSURANCE - NORTH AMERICA COMMERCIAL
Three Months Ended June 30,
($ in millions)
2025
2026
Change
Net premiums written
$
2,863
$
3,125
9
%
Net premiums written, on constant dollar basis
9
%
Underwriting income (loss)
$
301
$
372
24
%
Underwriting ratios:
CR
85.9
84.0
(1.9)
pts
AYCR, as adjusted
86.2
86.7
0.5
pts
Second quarter NPW of $3.1 billion increased 9% from the prior year quarter, primarily driven by Retail Casualty and Financial Lines, partially offset by declines in Lexington, driven by Property. The combined ratio was 84.0%, improving 190 basis points from 85.9% in the prior year quarter, driven by higher favorable PYD, lower catastrophe-related charges and lower general operating expense (GOE) ratio, partially offset by higher acquisition ratio and AYLR due to changes in business mix, in addition to rate pressure, particularly in Property. The AYCR was 86.7%, increasing 50 basis points from 86.2% in the prior year quarter, primarily driven by higher acquisition ratio and AYLR, partially offset by lower GOE ratio. GENERAL INSURANCE - INTERNATIONAL COMMERCIAL
Three Months Ended June 30,
($ in millions)
2025
2026
Change
Net premiums written
$
2,325
$
2,588
11
%
Net premiums written, on constant dollar basis
10
%
Underwriting income (loss)
$
300
$
200
(33)
%
Underwriting ratios:
CR
85.9
91.3
5.4
pts
AYCR, as adjusted
85.0
87.3
2.3
pts
Second quarter NPW of $2.6 billion increased 11% from the prior year quarter, or 10% on a constant dollar basis, primarily driven by Property and Marine, partially offset by Financial Lines due to continued rate pressure. The combined ratio was 91.3%, increasing 540 basis points from 85.9% in the prior year quarter, driven by higher catastrophe-related charges, primarily due to losses related to the Middle East conflict, higher AYLR, reflecting rate pressure, and higher acquisition ratio, reflecting a combination of strong new business growth and changes in business mix. The AYCR was 87.3%, increasing 230 basis points from 85.0% in the prior year quarter, driven by higher AYLR and acquisition ratio. GENERAL INSURANCE - GLOBAL PERSONAL
Three Months Ended June 30,
($ in millions)
2025
2026
Change
Net premiums written
$
1,692
$
1,803
7
%
Net premiums written, on constant dollar basis
8
%
Underwriting income (loss)
$
25
$
114
356
%
Underwriting ratios:
CR
98.5
92.9
(5.6)
pts
AYCR, as adjusted
96.1
91.2
(4.9)
pts
Second quarter NPW of $1.8 billion increased 7% from the prior year quarter, or 8% on a constant dollar basis, primarily driven by strong growth momentum in Accident & Health and continued organic growth in the High Net Worth business. The combined ratio was 92.9%, improving 560 basis points from 98.5% in the prior year quarter, primarily due to lower AYLR and acquisition ratio reflecting earn-in of improved High Net Worth business commission terms, lower GOE ratio and reduced catastrophe-related charges. The AYCR was 91.2%, improving 490 basis points from 96.1% in the prior year quarter. OTHER OPERATIONS
Three Months Ended June 30,
($ in millions)
2025
2026
Change
Net investment income and other
$
92
$
39
(58)
%
Corporate and other general operating expenses
(90)
(82)
9
Interest expense
(101)
(99)
2
Adjusted pre-tax loss before consolidation and eliminations
$
(99)
$
(142)
(43)
Total consolidation and eliminations
(2)
—
NM
Adjusted pre-tax loss(a)
$
(101)
$
(142)
(41)
%
(a) In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.
Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate GOE, and Interest expense. Net Investment Income and Other was $39 million, compared to $92 million in the prior year quarter, which included $27 million of Corebridge dividends. In addition, the current quarter has lower Short-term Investment income. Corporate and other GOE improved $8 million from the prior year quarter. Interest expense increased $2 million from the prior year quarter. CONFERENCE CALL
AIG will host a conference call tomorrow, Friday, August 7, 2026 at 8:30 a.m. ET to review these results. The call is open to the public and can be accessed via a live, listen-only webcast in the Investors section of www.aig.com. A replay will be available after the call at the same location.
# # #
Additional supplementary financial data is available in the Investors section at www.aig.com.
Cautionary Note on Forward-Looking Statements
Certain statements in this press release and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” “strive,” “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.
All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:
the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, a U.S. federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, pandemics, and geopolitical events or conflicts; the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change; disruptions in the availability or accessibility of our or a third party’s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches or infrastructure vulnerabilities; our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives; our ability to successfully complete strategic transactions, including to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof; the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and other countries in which we operate; concentrations in our investment portfolios; changes in the valuation of our investments; our reliance on third-party investment managers; nonperformance or defaults by counterparties; our reliance on third parties to provide certain business and administrative services; our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures; changes in judgments or assumptions concerning insurance underwriting and insurance liabilities; concentrations of our insurance, reinsurance and other risk exposures; availability of adequate reinsurance or access to reinsurance on acceptable terms; changes to tax laws in the countries in which we operate; the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans; the effects of sanctions and the failure to comply with those sanctions; difficulty in marketing and distributing products through current and future distribution channels; actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries; changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill; our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters and to effectively execute on sustainability targets and standards; our ability to effectively implement restructuring initiatives and potential cost-savings opportunities; changes to sources of or access to liquidity; changes in accounting principles and financial reporting requirements or their applicability to us; the outcome of significant legal, regulatory or governmental proceedings; and such other factors discussed in: Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (which will be filed with the Securities and Exchange Commission (SEC); Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A in our Annual Report on Form 10-K for the year ended December 31, 2025; and our other filings with the SEC. Forward-looking statements speak only as of the date of this press release, or in the case of any document incorporated by reference, the date of that document. AIG is not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in our filings with the SEC.
# # #
COMMENT ON REGULATION G AND NON-GAAP FINANCIAL MEASURES
Throughout this press release, including the financial highlights, AIG presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements AIG uses are “Non-GAAP financial measures” under SEC rules and regulations. GAAP is the acronym for generally accepted accounting principles in the United States. The non-GAAP financial measures AIG presents are listed below and may not be comparable to similarly-named measures reported by other companies. The reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this press release or in the Second Quarter 2026 Financial Supplement available in the Investors section of AIG’s website, www.aig.com.
Unless otherwise mentioned or unless the context indicates otherwise, we use the terms “AIG,” “we,” “us” and “our” to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries.
AIG uses the following operating performance measures because AIG believes they enhance the understanding of the underlying profitability of operations and trends of AIG’s segments. AIG believes they also allow for more meaningful comparisons with AIG’s insurance competitors. When AIG uses these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis.
Adjusted Pre-tax Income (APTI) is derived by excluding the items set forth below from income before income tax:
changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares; net investment income on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets); net realized gains and losses on Fortitude Re funds withheld assets; loss (gain) on extinguishment of debt; all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income); income or loss from discontinued operations; net loss reserve discount benefit (charge); net results of businesses in run-off; non-operating pension expenses; net gain or loss on divestitures and other; non-operating litigation reserves and settlements; restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization; the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain; integration and transaction costs associated with acquiring or divesting businesses; losses from the impairment of goodwill; and non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles. Adjusted After-tax Income attributable to AIG common shareholders (adjusted after-tax income or AATI) is derived by excluding the tax effected APTI adjustments described above, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:
deferred income tax valuation allowance releases and charges; and changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance. See page 14 for the reconciliation of Net income attributable to AIG to Adjusted After-tax Income attributable to AIG common shareholders.
Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.
Book Value per share, excluding Investments AOCI, Goodwill, Value of business acquired (VOBA), Value of distribution channel acquired (VODA) and Other intangible assets (Adjusted tangible book value per share) is used to provide a useful measure of the realizable shareholder value on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions and Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted tangible book value per share is derived by dividing AIG adjusted common equity, excluding intangible assets, (AIG adjusted tangible common shareholders’ equity) by total common shares outstanding.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
Total debt to total adjusted capital ratio is used to show the AIG’s debt leverage adjusted for Investments AOCI and is derived by dividing total debt by total capital excluding Investments AOCI (Total adjusted capital). We believe this measure is useful to investors because it eliminates items that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric provides investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.
Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.
Accident year loss and Accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses (CATs) and related reinstatement premiums, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results.
Underwriting ratios are computed net of reinsurance and as follows:
Loss ratio = Loss and loss adjustment expenses incurred ÷ Net premiums earned (NPE) Acquisition ratio = Total acquisition expenses ÷ NPE General operating expense ratio = General operating expenses ÷ NPE Expense ratio = Acquisition ratio + General operating expense ratio Combined ratio = Loss ratio + Expense ratio CATs and reinstatement premiums ratio = [Loss and loss adjustment expenses incurred – (CATs)] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes] – Loss ratio Accident year loss ratio, as adjusted (AYLR, ex-CAT) = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] Accident year combined ratio, as adjusted (AYCR, ex-CAT) = AYLR ex-CAT + Expense ratio Prior year development, net of prior year premiums ratio = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] – Loss ratio – CATs and reinstatement premiums ratio. Results from discontinued operations are excluded from all of these measures.
# # #
American International Group, Inc. (NYSE: AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners.
AIG is the marketing name for the worldwide operations of American International Group, Inc. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation
($ in millions, except per common share data)
Reconciliations of Adjusted Pre-tax and After-tax Income
Three Months Ended June 30,
2025
2026
Pre-tax
Total Tax
(Benefit)
Charge
After
Tax
Pre-tax
Total Tax
(Benefits)
Charge
After
Tax
Pre-tax income/net income, including noncontrolling interests
$
1,544
$
400
$
1,144
$
1,264
$
316
$
948
Noncontrolling interests
—
—
Pre-tax income/Net income attributable to AIG common shareholders
1,544
400
1,144
1,264
316
948
Adjustments:
Changes in uncertain tax positions and other tax adjustments
(2
)
2
(7
)
7
Deferred income tax valuation allowance (releases) charges
(11
)
11
2
(2
)
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
(464
)
(97
)
(367
)
(173
)
(37
)
(136
)
Gain on extinguishment of debt
(5
)
(1
)
(4
)
—
—
—
Net investment income on Fortitude Re funds withheld assets
(39
)
(9
)
(30
)
(36
)
(7
)
(29
)
Net realized losses on Fortitude Re funds withheld assets
52
11
41
6
1
5
Net realized gains on Fortitude Re funds withheld embedded derivative
14
3
11
51
11
40
Net realized losses(a)
191
33
158
208
38
170
Net (gain) loss on divestitures and other(b)
(50
)
(10
)
(40
)
6
1
5
Non-operating litigation reserves and settlements
(2
)
(1
)
(1
)
—
—
—
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements
53
11
42
(67
)
(14
)
(53
)
Net loss reserve discount charge
12
3
9
28
6
22
Net results of businesses in run-off(c)
(2
)
—
(2
)
1
—
1
Non-operating pension expenses
5
1
4
(1
)
—
(1
)
Integration and transaction costs associated with acquiring or divesting businesses
1
—
1
41
9
32
Restructuring and other costs
78
16
62
71
15
56
Non-recurring costs related to regulatory or accounting changes
3
—
3
5
1
4
Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders
$
1,391
$
347
$
1,044
$
1,404
$
335
$
1,069
Reconciliations of Adjusted Pre-tax and After-tax Income
Six Months Ended June 30,
2025
2026
Pre-tax
Total Tax
(Benefits)
Charge
After
Tax
Pre-tax
Total Tax
(Benefits)
Charge
After
Tax
Pre-tax income/Net income, including noncontrolling interests
$
2,504
$
662
$
1,842
$
2,251
$
540
$
1,711
Noncontrolling interests
—
—
Pre-tax income/Net income attributable to AIG common shareholders
2,504
662
1,842
2,251
540
1,711
Adjustments:
Changes in uncertain tax positions and other tax adjustments
4
(4
)
86
(86
)
Deferred income tax valuation allowance charges
(9
)
9
(81
)
81
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
(681
)
(143
)
(538
)
64
13
51
Gain on extinguishment of debt
(5
)
(1
)
(4
)
—
—
—
Net investment income on Fortitude Re funds withheld assets
(79
)
(17
)
(62
)
(59
)
(12
)
(47
)
Net realized losses on Fortitude Re funds withheld assets
54
11
43
19
4
15
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative
55
12
43
41
9
32
Net realized losses(a)
257
(5
)
262
344
81
263
Net (gain) loss on divestitures and other(b)
(53
)
(11
)
(42
)
133
28
105
Non-operating litigation reserves and settlements
(13
)
(3
)
(10
)
—
—
—
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements
62
13
49
(75
)
(16
)
(59
)
Net loss reserve discount (benefit) charge
29
6
23
(20
)
(4
)
(16
)
Net results of businesses in run-off(c)
(7
)
(1
)
(6
)
6
1
5
Non-operating pension expenses
10
2
8
(2
)
—
(2
)
Integration and transaction costs associated with acquiring or divesting businesses
6
1
5
48
10
38
Restructuring and other costs
154
32
122
147
31
116
Non-recurring costs related to regulatory or accounting changes
7
1
6
10
2
8
Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders
$
2,300
$
554
$
1,746
$
2,907
$
692
$
2,215
Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets. In the six months ended June 30, 2026, Net loss on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and global personal travel and assistance business. In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income. Reconciliations of General Insurance Net Investment Income and Other and Adjusted Pre-tax Income
Three Months Ended June 30,
Six Months Ended June 30,
2025
2026
2025
2026
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net investment income and other/Pre-tax income (loss)(a)
$
872
$
1,137
$
942
$
(522
)
$
1,628
$
1,986
$
1,726
$
819
Other income (expense) - net
—
—
(1
)
—
—
—
(3
)
—
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
(4
)
(4
)
(70
)
(70
)
(24
)
(24
)
12
12
Net investment income on Fortitude Re funds withheld assets
—
—
—
—
1
1
—
—
Net realized (gains) losses on Fortitude Re funds withheld assets
—
5
—
(1
)
—
7
—
(1
)
Net realized losses
3
270
—
2,067
2
323
—
2,223
Net (gain) loss on divestitures and other
—
(43
)
—
14
—
(37
)
—
11
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements
—
60
—
(57
)
—
74
—
(52
)
Net loss reserve discount (benefit) charge
—
12
—
28
—
29
—
(20
)
Non-operating pension expenses
—
5
—
1
—
9
—
2
Integration and transaction costs associated with acquiring or divesting businesses
—
—
—
33
—
—
—
65
Restructuring and other costs
—
47
—
48
—
92
—
105
Non-recurring costs related to regulatory or accounting changes
—
3
—
5
—
7
—
10
Net investment income and other, APTI basis/Adjusted pre-tax income (loss)
$
871
$
1,492
$
871
$
1,546
$
1,607
$
2,467
$
1,735
$
3,174
Reconciliations of Other Operations Net Investment Income and Other and Adjusted Pre-tax Income
Three Months Ended June 30,
Six Months Ended June 30,
2025
2026
2025
2026
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net investment income and other/Pre-tax income (loss)(a)
$
600
$
407
$
186
$
1,786
$
960
$
518
$
115
$
1,432
Consolidation and Eliminations
4
—
(1
)
—
3
—
—
—
Other income (expense) - net
(2
)
—
2
—
(11
)
—
3
—
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
(460
)
(460
)
(103
)
(103
)
(657
)
(657
)
52
52
Gain on extinguishment of debt
—
(5
)
—
—
—
(5
)
—
—
Net investment income on Fortitude Re funds withheld assets
(39
)
(39
)
(36
)
(36
)
(80
)
(80
)
(59
)
(59
)
Net realized (gains) losses on Fortitude Re funds withheld assets
—
47
—
7
—
47
—
20
Net realized losses on Fortitude Re funds withheld embedded derivative
—
14
—
51
—
55
—
41
Net realized gains
(3
)
(79
)
—
(1,859
)
—
(66
)
—
(1,879
)
Net (gain) loss on divestitures and other
—
(7
)
—
(8
)
—
(16
)
—
122
Non-operating litigation reserves and settlements
—
(2
)
—
—
—
(13
)
—
—
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements
—
(7
)
—
(10
)
—
(12
)
—
(23
)
Net results of businesses in run-off
(8
)
(2
)
(9
)
1
(13
)
(7
)
(18
)
6
Non-operating pension expenses
—
—
—
(2
)
—
1
—
(4
)
Integration and transaction costs associated with acquiring or divesting businesses
—
1
—
8
—
6
—
(17
)
Restructuring and other costs
—
31
—
23
—
62
—
42
Net investment income and other, APTI basis/Adjusted pre-tax income (loss)
$
92
$
(101
)
$
39
$
(142
)
$
202
$
(167
)
$
93
$
(267
)
In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes. Summary of Key Financial Metrics
Three Months Ended June 30,
Six Months Ended June 30,
Earnings per common share:
2025
2026
% Inc. (Dec.)
2025
2026
% Inc. (Dec.)
Basic
$
2.00
$
1.79
(10.5
)
%
$
3.16
$
3.21
1.6
%
Diluted
$
1.98
$
1.78
(10.1
)
%
$
3.13
$
3.18
1.6
%
Adjusted after-tax income attributable to AIG common shareholders per diluted share
$
1.81
$
2.00
10.5
%
$
2.97
$
4.12
38.7
%
Weighted average shares outstanding:
Basic
572.8
529.5
583.3
533.8
Diluted
577.9
533.5
588.5
537.8
Reconciliation of Net Investment Income
Three Months Ended
June 30,
2025
2026
Net Investment Income per Consolidated Statements of Operations
$
1,466
$
1,127
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
(464
)
(173
)
Net investment income on Fortitude Re funds withheld assets
(39
)
(36
)
Net realized gains (losses) related to economic hedges and other
—
(1
)
Net investment income of businesses in run-off
(8
)
(9
)
Total Net Investment Income - APTI Basis
$
955
$
908
Reconciliation of Total Debt to Total Capital
Three Months Ended
June 30, 2026
Total financial and hybrid debt
$
8,963
Total capital
$
49,589
Less non-redeemable noncontrolling interests
20
Less Investments AOCI
(1,362
)
Total adjusted capital
$
50,931
Hybrid - debt securities / Total capital
1.0
%
Financial debt / Total capital
17.1
Total debt / Total capital
18.1
Adjusted capital impact
(0.5
)
Total debt / Total adjusted capital
17.6
%
Reconciliation of Book Value per Share
As of period end:
June 30,
2025
March 31,
2026
June 30,
2026
Total AIG common shareholders' equity (a)
$
41,501
$
40,405
$
40,606
Less: Investments AOCI
(1,957
)
(1,993
)
(1,884
)
Add: Cumulative unrealized gains and losses related to Fortitude Re Funds withheld assets
(567
)
(537
)
(522
)
Subtotal Investments AOCI
(1,390
)
(1,456
)
(1,362
)
Total adjusted common shareholders' equity (b)
$
42,891
$
41,861
$
41,968
Total adjusted common shareholders' equity (b)
$
42,891
$
41,861
$
41,968
Total intangible assets
3,814
4,103
4,095
AIG adjusted tangible common shareholders' equity (d)
$
39,077
$
37,758
$
37,873
Total AIG common shareholders' equity (a)
$
41,501
$
40,405
$
40,606
Less: AIG's ownership interest in Corebridge
4,043
607
—
Less: Investments related AOCI - AIG
(1,957
)
(1,993
)
(1,884
)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG
(567
)
(537
)
(522
)
Subtotal Investments AOCI - AIG
(1,390
)
(1,456
)
(1,362
)
Less: Deferred tax assets
3,183
3,132
2,912
AIG core operating shareholders' equity (e)
$
35,665
$
38,122
$
39,056
Total common shares outstanding (f)
559.8
532.9
524.7
As of period end:
June 30, 2025
% Inc. (Dec.)
March 31, 2026
% Inc. (Dec.)
June 30, 2026
Book value per share (a÷f)
$
74.14
4.4 %
$
75.82
2.1 %
$
77.39
Adjusted book value per share (b÷f)
76.62
4.4
78.55
1.8
79.98
Adjusted tangible book value per share (d÷f)
69.81
3.4
70.85
1.9
72.18
Core operating book value per share (e÷f)
63.71
16.8
71.54
4.0
74.43
Reconciliation of Return On Equity
Three Months Ended
June 30,
2025
2026
Actual or annualized net income (loss) attributable to AIG common shareholders (a)
$
4,576
$
3,792
Actual or annualized adjusted after-tax income attributable to AIG common shareholders (b)
$
4,176
$
4,276
Average AIG adjusted common shareholders' equity
Average AIG Common Shareholders' equity (c)
$
41,466
$
40,506
Less: Average investments AOCI
(1,585
)
(1,409
)
Average adjusted common shareholders' equity (d)
$
43,051
$
41,915
Average AIG core operating shareholders' equity
Average AIG common shareholders' equity
$
41,466
$
40,506
Less: Average AIG's ownership interest in Corebridge
4,031
304
Less: Average investments AOCI - AIG
(1,585
)
(1,409
)
Less: Average deferred tax assets
3,277
3,022
Average AIG core operating shareholders' equity (f)
$
35,743
$
38,589
ROE (a÷c)
11.0
%
9.4
%
Adjusted return on equity (b÷d)
9.7
%
10.2
%
Core operating ROE (b÷f)
11.7
%
11.1
%
Reconciliation of Net Premiums Written - Change on Constant Dollar Basis
Three Months Ended June 30, 2026
General
Insurance
Increase (decrease) as reported in U.S. dollars
9
%
Property lines
2
Increase (decrease) on constant dollar basis, excluding Property lines
11
%
Reconciliations of Accident Year Loss and Accident Year Combined Ratios, as Adjusted
Three Months Ended June 30,
2025
2026
North America Commercial
Combined ratio
85.9
84.0
Catastrophe losses and reinstatement premiums
(4.7
)
(4.1
)
Prior year development, net of prior year premiums
5.0
6.8
Accident year combined ratio, as adjusted
86.2
86.7
International Commercial
Combined ratio
85.9
91.3
Catastrophe losses and reinstatement premiums
(1.4
)
(3.9
)
Prior year development, net of prior year premiums
0.5
(0.1
)
Accident year combined ratio, as adjusted
85.0
87.3
Global Personal
Combined ratio
98.5
92.9
Catastrophe losses and reinstatement premiums
(2.4
)
(1.7
)
Prior year development, net of prior year premiums
Lyft Inc. (NASDAQ:LYFT) posted mixed second-quarter results after Thursday’s closing bell. Here’s a look at the details inside the report.
LYFT stock is moving. Watch the price action here. Lyft Q2 Details Lyft reported quarterly earnings of 13 cents per share, which missed the consensus estimate of 15 cents, according to Benzinga Pro data.
Quarterly revenue came in at $1.84 billion, which beat the analyst consensus estimate of $1.81 billion and was up from $1.59 billion in the same period last year.
Gross Bookings of $5.5 billion were up 23% year-over-year.
Lyft reported the following second-quarter operational highlights:
Record Active Rider was up 17% year over year to 30.5 million, the seventh consecutive quarter of double-digit growth Rides accelerated sequentially to record levels, up 12% year-over-year to 262 million. Approximately 30% of North American rideshare rides were linked to a partnership, an all-time high. “The business delivered acceleration in the second quarter, with growth in Rides and Gross Bookings reaching record levels, alongside continued strong cash generation of over $1 billion for the trailing twelve months,” said CFO Erin Brewer.
“These results reflect the strength of our foundation and give us confidence in the road ahead,” Brewer added.
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LYFT Stock Price Activity: According to data from Benzinga Pro, Lyft stock was up 1.23% to $16.50 in Thursday’s extended trading.
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Roku ve 2. čtvrtletí překonala odhady Wall Street: EPS dosáhl 1,08 USD a tržby vzrostly o 22 % na 1,35 miliardy USD. Tahounem byl 25% růst tržeb z platformy.
Roku surged past Wall Street expectations in the second quarter, with revenue and earnings ahead of analysts’ expectations.
Earnings per share hit $1.08 on a diluted basis, up from 7 cents a share in the year-earlier period. Total revenue climbed 22% to $1.35 billion, paced by a 25% rise in platform revenue driven equally by gains in advertising and subscriptions.
The report is the company’s first since agreeing to be acquired by Fox Corp. in June in a proposed $22 billion deal. The companies expect the transaction to close in the first half of 2027. Citing the deal, Roku elected not to convene an earnings conference call.
In their quarterly shareholder letter, CEO Anthony Wood and CFO and COO Dan Jedda said the platform revenue increase was largely due to the first major overhaul of the Roku home screen in more than a decade. Unveiled last May, the new interface completed its rollout in the third quarter, with international markets set to unveil it in the coming months.
The new experience “is designed to maximize content discovery and personalization for our viewers,” the execs wrote, “while simultaneously delivering benefits to our content partners and advertisers, and growing platform monetization.”
Results thus far have been “encouraging,” the letter said. “For example, our new home screen improved our ability to retain households in the U.S., resulting in more users we can serve and thus reducing overall costs to grow streaming households.”
While advertising continues to be one of the bedrock elements of Roku’s business model, the company has been ramping up its ability to make money by enabling subscriptions to dozens of streaming services in the U.S. During the quarter, it added Peacock’s ad-free tier to its premium subscriptions hub, where Apple TV debuted earlier in the year.
Wood and Jedda in the letter called the Fox acquisition “an extraordinary opportunity to accelerate our vision, allowing us to scale faster and innovate more aggressively for viewers, partners, and advertisers.”
Micron za posledních 12 měsíců vzrostl téměř o 720 % díky boomu AI, který zvedá poptávku po pamětech HBM a NAND. Analytici čekají, že tržby do fiskálního roku 2028 stoupnou z 37,4 miliardy USD na 263,8 miliardy USD.
Micron (MU -1.31%), one of the world's largest producers of DRAM and NAND memory chips, was once considered a cyclical chip stock. Its growth was tethered to the memory chip market's boom-and-bust cycles, which usually occurred every few years.
But over the past 12 months, Micron's stock surged nearly 720%. What's driving that sudden momentum, and can it head even higher?
Image source: Getty Images.
Why is Micron's stock skyrocketing? In the past, Micron's growth was largely driven by the smartphone and PC markets. But over the past two years, the AI market's rapid expansion boosted its sales of high-bandwidth memory (HBM) DRAM chips and NAND (flash) memory chips for enterprise solid-state drives (SSDs).
Both types of memory chips directly feed data to the processors (including Nvidia's (NVDA -0.10%) GPUs) that power AI accelerator clusters in data centers. HBM chips handle the active GPU compute, while NAND chips expand the pipeline for bulk data transfers.
Today's Change
(
-1.31
%) $
-11.72
Current Price
$
881.47
As Micron pivots more of its production toward AI-driven memory chips, its fabs are running out of bandwidth to manufacture conventional PC, smartphone, and server chips. That shortage, which its industry peers also face, is driving up the prices of conventional DRAM and NAND chips. At the same time, demand for HBM and SSD chips continues to outstrip supply. That crunch is driving up the prices of all of its memory chips.
Micron's stock is soaring because the bulls believe this AI-driven supercycle will last much longer than its prior growth cycles. From fiscal 2025 (which ended last September) to fiscal 2028, analysts expect its revenue to surge more than sevenfold from $37.4 billion to $263.8 billion, while its net income soars from $8.5 billion to $182.0 billion.
Does Micron's stock still have more upside potential? Micron's growth potential is incredible, and its stock still looks undervalued at 12 times this year's earnings. By comparison, Nvidia -- which is expected to grow its revenue and earnings at a slower rate than Micron -- trades at 23 times this year's earnings. That lower multiple indicates the market hasn't fully revalued Micron as a high-growth AI stock.
Yet it still has plenty of irons in the fire. It's increasing its manufacturing capacity in the U.S., Taiwan, and Singapore, and it's locking its major enterprise customers into long-term strategic agreements through 2030 that feature fixed pricing bands with a high price floor. Those deals should shield its bottom line from any abrupt declines in memory chip prices. I believe these catalysts could drive Micron's stock even higher over the next 12 months.
SummaryMercadoLibre delivered 50% YoY revenue growth to $10.2B, with GAAP EPS of $9.19, reinforcing my Buy rating.MELI’s margin contraction is a deliberate, strategic reinvestment into growth initiatives like free shipping, first-party inventory, and card issuance.Advertising revenue surged 73% YoY, funding user growth and enabling MELI’s push into lower-end markets, despite a 550bps margin decline.Asset quality in Mercado Pago is improving, with NIMAL recovering to 20.7% and NPL ratios at historical lows, supporting long-term profitability. Leila Melhado/iStock Editorial via Getty Images
Post-Earnings Review I recently covered MercadoLibre, Inc. (MELI) with a Buy rating, based on the fact that recent margin contraction is a willing result of management's strategy to establish a walled garden
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Occidental Petroleum čeká v roce 2027 stabilní produkci i kapitálové výdaje a dál upřednostňuje snižování dluhu. Firma cílí na hlavní dluh na 10 miliard USD.
The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab
CompaniesAug 6 (Reuters) - U.S. oil producer Occidental Petroleum (OXY.N), opens new tab said on Thursday it expects flat production and capital spending in 2027, adding that it would continue to prioritize debt-reduction efforts.
Speaking on a post-earnings conference call, Chief Financial Officer Sunil Mathew said the company expects the starting point for capital spending to be $5.9 billion in 2027, including investments in mid-cycle projects.
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"At that level of investment, you can assume relatively flat production in line with 2026," he added.
For the full-year 2026, Occidental expects its production to be up to 1.45 million barrels of oil equivalent per day on capital spending of $5.5 billion to $5.9 billion.
Occidental also expects sustaining capital — a measure of capital spending that excludes multi-year projects, exploration and growth projects — of up to $5.1 billion in 2027.
Mathew said continued investment in mid-cycle projects will help reduce Occidental's base decline and ultimately reduce its sustaining capital.
The oil producer is targeting sustaining capital of $4.5 billion in 2030.
KEEPING EYE ON DEBT REDUCTIONOccidental CEO Richard Jackson said the company is on track to increase its free cash flow this year by more than $1.2 billion and that a "clear pathway" exists to add more than $4 billion in annual cash flow by 2030 even before considering the benefit of higher oil prices.
That additional cash will be used to reduce debt and strengthen the balance sheet ahead of Occidental's planned redemption of Berkshire Hathaway's (BRKa.N), opens new tab preferred equity stake beginning in 2029, Mathew said.
Share buybacks will be a lower priority until the company reduces the preferred equity, he added.
Berkshire's investment requires Occidental to pay an 8% annual dividend, a higher payout than the typical junk bond now offers. Investors have said that the expensive equity has been a drag on Occidental's stock compared with its peers.
Occidental, which reported its biggest quarterly profit since 2022 on Wednesday, said its immediate cash flow priority remains to reduce principal debt to $10 billion.
The company will continue to focus on further reducing net debt once it achieves the $10 billion principal debt milestone, Mathew said.
Occidental shares closed 4.1% higher at $56.04 on Thursday.
Reporting by Vallari Srivastava in Bengaluru and Sheila Dang in Houston; Editing by Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Ryman Hospitality Properties oznámila rekordní čtvrtletní tržby ve výši 749,0 mil. USD a čistý zisk 102,1 mil. USD. Zároveň zvýšila celoroční výhled po silném výkonu segmentů hospitality i entertainment.
NASHVILLE, Tenn., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, today reported financial results for the three and six months ended June 30, 2026.
Second Quarter 2026 Highlights and Recent Developments:
The Company reported all-time quarterly record consolidated revenue of $749.0 million, driven by record second quarter same-store Hospitality(1) segment revenue of $544.3 million and all-time quarterly record Entertainment segment revenue of $144.0 million. The Company generated consolidated net income of $102.1 million and consolidated Adjusted EBITDAre of $258.3 million.During the quarter, the Company booked over 768,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $310, an increase of 8.6% compared to the prior year quarter estimated ADR for future bookings and an all-time quarterly record. The Company is raising its full year outlook due to strong second quarter performance for the Hospitality portfolio and a modest increase in its expectations for the same-store Hospitality business for the second half of 2026. Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We delivered record quarterly consolidated revenue and Adjusted EBITDAre, reflecting the continued success of our premium group customer strategy and strong execution in our Entertainment business. In our same-store Hospitality business, higher ADR across all customer segments and strong ancillary spending trends drove results above our expectations, while healthy booking pace and record estimated ADR for future bookings reinforce our confidence in the durability of demand for our differentiated group-focused hotel assets. Our revised outlook incorporates the second quarter outperformance and a modest increase in our expectations for the second half of 2026.”
___________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Second Quarter 2026 Results (as compared to Second Quarter 2025):
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except per share amounts) % % 2026 2025 Change 2026 2025 ChangeTotal revenue $748,978 $659,515 13.6% $1,413,550 $1,246,795 13.4% Operating income $174,545 $139,425 25.2% $312,341 $255,546 22.2%Operating income margin 23.3% 21.1% 2.2pts 22.1% 20.5% 1.6 pts Net income $102,079 $75,875 34.5% $171,481 $138,889 23.5%Net income margin 13.6% 11.5% 2.1 pts 12.1% 11.1% 1.0 pts Net income available to common stockholders $92,750 $71,753 29.3% $163,225 $134,714 21.2%Net income available to common stockholders margin 12.4% 10.9% 1.5 pts 11.5% 10.8% 0.7 ptsNet income available to common stockholders per diluted share (1) $1.42 $1.12 26.8% $2.46 $2.13 15.5% Adjusted EBITDAre $258,311 $211,856 21.9% $477,604 $397,358 20.2%Adjusted EBITDAre margin 34.5% 32.1% 2.4 pts 33.8% 31.9% 1.9 ptsAdjusted EBITDAre, excluding noncontrolling interest $241,921 $200,561 20.6% $457,057 $380,437 20.1%Adjusted EBITDAre, excluding noncontrolling interest margin 32.3% 30.4% 1.9 pts 32.3% 30.5% 1.8 pts Funds From Operations (FFO) available to common stockholders and unit holders $167,229 $137,145 21.9% $310,701 $260,047 19.5%FFO available to common stockholders and unit holders per diluted share/unit (1) $2.54 $2.14 18.7% $4.69 $4.13 13.6% Adjusted FFO available to common stockholders and unit holders $181,399 $148,845 21.9% $337,477 $278,668 21.1%Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.77 $2.35 17.9% $5.11 $4.44 15.1% ___________________
(1) Diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below.
Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for the applicable period are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.
Hospitality Segment Highlights
The same-store Hospitality portfolio generated all-time quarterly record RevPAR of approximately $202 in the second quarter, an increase of 5.2% from the prior year quarter, and record second quarter Total RevPAR of approximately $524, an increase of 6.5% from the prior year quarter. The same-store Hospitality portfolio generated second quarter operating income of $141.7 million and Adjusted EBITDAre of $202.3 million.Second quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 12.9% year over year, driven by our premium group customer strategy. Second quarter same-store attrition and cancellation fee revenue was approximately $9.0 million, a decrease of $0.4 million compared to the prior year quarter.JW Marriott Desert Ridge performance benefited from continued strong demand and the ongoing realization of portfolio-driven synergies. Subsequent to quarter-end, Marriott launched the marketing of 2026 ice! holiday programming to be featured across the Gaylord Hotels portfolio, JW Marriott Hill Country and JW Marriott Desert Ridge, including three new themes. Early customer engagement has been encouraging. Gaylord Opryland
Three Months Ended Six Months Ended Period Ended June 30, June 30, June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR) 2026 2026 2025Revenue $60,649 $134,517 $5,349 Operating income (loss) $11,932 $36,187 $(2,583) Operating income (loss) margin 19.7% 26.9% (48.3)%Adjusted EBITDAre $20,764 $53,078 $(582) Adjusted EBITDAre margin 34.2% 39.5% (10.9)% Performance metrics: Occupancy 72.2% 72.6% 39.3 %ADR $367.08 $428.43 $228.50 RevPAR $264.85 $310.88 $89.76 Total RevPAR $701.55 $782.30 $268.11 ___________________
(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.
Entertainment Segment
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) % % 2026 2025 Change 2026 2025 ChangeRevenue $144,014 $143,304 0.5% $223,197 $232,854 (4.1)% Operating income $32,404 $23,495 37.9% $36,657 $33,811 8.4 %Operating income margin 22.5% 16.4% 6.1pts 16.4% 14.5% 1.9 ptsAdjusted EBITDAre $43,918 $33,908 29.5% $59,599 $54,847 8.7 %Adjusted EBITDAre margin 30.5% 23.7% 6.8pts 26.7% 23.6% 3.1 pts Fioravanti continued, “Our Entertainment business delivered record quarterly Adjusted EBITDAre driven by a successful festivals season and continued strong demand for our artist-centered venues. The continued strength in demand for these experiences underscores the opportunities ahead within our multi-year development pipeline.”
Corporate and Other Segment
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) % % 2026 2025 Change 2026 2025 ChangeOperating loss $(11,502) $(10,990) (4.7)% $(23,046) $(21,994) (4.8)%Adjusted EBITDAre $(8,649) $(8,487) (1.9)% $(17,607) $(16,898) (4.2)% Capital Expenditures
In 2026, the Company expects to spend approximately $400 to $500 million on capital expenditures, an increase from the previous estimate of $350 to $450 million. The increase reflects the timing of cash flows and the acceleration of a portion of projected spending previously expected in 2027, now expected to occur in 2026, and does not reflect a change in overall project scope. Capital expenditures for the first half of 2026 were approximately $241 million.
In the second quarter, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.
Additional capital expenditure activity in 2026 includes:
Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed by mid-year 2027;Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed in August 2026;Renovation of the rooms at JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;The development of Category 10 Las Vegas, which is expected to be completed in October 2026;The development of Category 10 in Orlando, which is expected to begin in fall 2026 and is expected to be completed in early 2028; andThe development of Ole Red Indianapolis, which is expected to be completed by our development partner Pacer Sports & Entertainment in early 2028. 2026 Guidance
The Company is updating its 2026 business performance outlook based on current information as of August 6, 2026. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason.
Fioravanti concluded, “We are pleased to raise the midpoints of our 2026 guidance ranges to reflect the stronger second quarter results in our Hospitality portfolio, including JW Marriott Desert Ridge. Our outlook also incorporates a more constructive view on second-half group business trends, supported by the business we have on the books.”
Guidance Range Prior Guidance Range (in millions, except per share figures) For Full Year 2026 (1) Full Year 2026 (1) Change to Low High Midpoint Low High Midpoint MidpointSame-store Hospitality RevPAR growth(2) 3.50 % 4.50 % 4.00 % 2.25 % 3.75 % 3.00 % 1.00%Same-store Hospitality Total RevPAR growth(2) 3.50 % 4.50 % 4.00 % 2.25 % 3.75 % 3.00 % 1.00% Operating income: Hospitality (same-store) (2) $484.5 $489.5 $487.0 $475.5 $485.5 $480.5 $6.5 JW Marriott Desert Ridge 35.0 37.0 36.0 33.5 35.0 34.3 1.8 Entertainment 74.8 79.5 77.1 74.8 79.5 77.1 - Corporate and Other (50.5) (49.0) (49.8) (50.5) (49.0) (49.8) - Consolidated operating income $ 543.8 $ 557.0 $ 550.4 $ 533.3 $ 551.0 $ 542.1 $ 8.3 Adjusted EBITDAre: Hospitality (same-store) (2) $728.0 $742.0 $735.0 $715.0 $735.0 $725.0 $10.0 JW Marriott Desert Ridge 69.0 73.0 71.0 68.0 72.0 70.0 1.0 Entertainment 120.0 130.0 125.0 120.0 130.0 125.0 - Corporate and Other (39.0) (35.0) (37.0) (39.0) (35.0) (37.0) - Consolidated Adjusted EBITDAre $ 878.0 $ 910.0 $ 894.0 $ 864.0 $ 902.0 $ 883.0 $ 11.0 Net income $280.5 $285.5 $283.0 $271.0 $279.0 $275.0 $8.0 Net income available to common stockholders $270.5 $273.5 $272.0 $261.0 $267.0 $264.0 $8.0 FFO available to common stockholders and unit holders $565.5 $582.0 $573.8 $552.0 $572.5 $562.3 $11.5 Adjusted FFO available to common stockholders and unit holders $592.3 $616.8 $604.5 $577.3 $607.0 $592.1 $12.4 Net income available to common stockholders per diluted share (3) $4.10 $4.11 $4.11 $3.96 $4.02 $3.99 $0.12 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3) $8.98 $9.28 $9.13 $8.77 $9.14 $8.96 $0.17 Weighted average shares outstanding - diluted (3) 68.4 68.4 68.4 68.4 68.4 68.4 - Weighted average shares and OP units outstanding - diluted (3) 68.8 68.8 68.8 68.8 68.8 68.8 - ___________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(3) Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unit holders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.”
Dividend Update
On July 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of June 30, 2026.
The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing.
Balance Sheet/Liquidity Update
As of June 30, 2026, the Company had unrestricted cash of $366.1 million and total debt outstanding of $3,969.5 million, net of unamortized deferred financing costs. As of June 30, 2026, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $930.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.
Opry Entertainment Group Update
The Company continues to evaluate a path to greater independence for Opry Entertainment Group (“OEG”), and discussions continue with select potential investors related to an investment in or partnership with OEG. The Company has not entered into any agreements with respect to a potential investment by a third party in OEG, and there can be no assurance that any definitive agreement will ultimately be reached.
As a result of this ongoing process, Atairos’ liquidity request rights, including its put right, are currently unexercisable under the Company’s agreement with Atairos.
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 7, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company’s Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, geopolitical uncertainty and the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.
Calculation of GAAP Margin Figures
We calculate net income available to common stockholders margin by dividing GAAP consolidated net income available to common stockholders by GAAP consolidated total revenue. We calculate consolidated, segment or property-level operating income margin by dividing consolidated, segment or property-level GAAP operating income by consolidated, segment or property-level GAAP revenue.
Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:
EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition
We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:
preopening costs;non-cash lease expense;equity-based compensation expense;impairment charges that do not meet the NAREIT definition above;credit losses on held-to-maturity securities;transaction costs of acquisitions;interest income on bonds;loss on extinguishment of debt;pension settlement charges;pro rata Adjusted EBITDAre from unconsolidated joint ventures; andany other adjustments we have identified herein. We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest.
We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics.
Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest and GAAP consolidated total revenue or segment or property-level GAAP revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.
To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:
right-of-use asset amortization;impairment charges that do not meet the NAREIT definition above;write-offs of deferred financing costs;amortization of debt discounts or premiums and amortization of deferred financing costs;loss on extinguishment of debt;non-cash lease expense;credit loss on held-to-maturity securities;pension settlement charges;additional pro rata adjustments from unconsolidated joint ventures;(gains) losses on other assets;transaction costs of acquisitions;deferred income tax expense (benefit); andany other adjustments we have identified herein. FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.
We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.
We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.
We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations.
Investor Relations Contacts:
Mark Fioravanti, President and Chief Executive Officer
(615) 316-6588 [email protected] Jennifer Hutcheson, Chief Financial Officer
(615) 316-6320 [email protected]
Sarah Martin, Vice President, Investor Relations
(615) 316-6011 [email protected]
Media Contact:
Shannon Sullivan, Vice President, Corporate and Brand Communications
(615) 316-6725 [email protected] Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(In thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025Revenues: Rooms $232,366 $200,900 $456,124 $390,132 Food and beverage 296,437 250,391 585,784 503,654 Other hotel revenue 76,161 64,920 148,445 120,155 Entertainment 144,014 143,304 223,197 232,854 Total revenues 748,978 659,515 1,413,550 1,246,795 Operating expenses: Rooms 52,581 47,238 103,175 93,527 Food and beverage 159,120 136,152 317,283 274,291 Other hotel expenses 150,260 130,588 294,882 254,512 Management fees, net 22,142 17,916 43,057 36,379 Total hotel operating expenses 384,103 331,894 758,397 658,709 Entertainment 101,563 110,376 166,672 180,146 Corporate 11,245 10,759 22,530 21,529 Preopening costs 438 98 825 185 Depreciation and amortization 77,084 66,963 152,785 130,680 Total operating expenses 574,433 520,090 1,101,209 991,249 Operating income 174,545 139,425 312,341 255,546 Interest expense, net of amounts capitalized (63,875) (58,534) (127,994) (112,817)Interest income 3,727 5,583 8,913 11,042 Loss on extinguishment of debt – (2,542) (2,200) (2,542)Income (loss) from unconsolidated joint ventures 4 (13) 4 (29)Other gains and (losses), net (259) (196) (621) (304)Income before income taxes 114,142 83,723 190,443 150,896 Provision for income taxes (12,063) (7,848) (18,962) (12,007)Net income 102,079 75,875 171,481 138,889 Net income attributable to noncontrolling interest in OEG (4,050) (2,094) (3,462) (2,805)Net income attributable to other noncontrolling interests (5,279) (2,028) (4,794) (1,370)Net income available to common stockholders $92,750 $71,753 $163,225 $134,714 Basic income per share available to common stockholders(1) $1.47 $1.17 $2.59 $2.22 Diluted income per share available to common stockholders(1) $1.42 $1.12 $2.46 $2.13 Weighted average common shares for the period: Basic(1) 63,114 61,352 63,069 60,639 Diluted(1) 68,143 65,732 67,799 64,577 ___________________
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Unaudited
(In thousands) June 30, December 31, 2026 2025ASSETS: Property and equipment, net of accumulated depreciation $5,078,259 $4,970,429Cash and cash equivalents - unrestricted 366,125 471,421Cash and cash equivalents - restricted 31,695 28,759Notes receivable, net 53,634 53,503Trade receivables, net 122,120 105,903Deferred income tax assets, net 51,150 67,669Prepaid expenses and other assets 211,266 196,798Intangible assets and goodwill, net 277,587 286,701Total assets $6,191,836 $6,181,183 LIABILITIES AND EQUITY: Debt and finance lease obligations $3,969,453 $3,976,913Accounts payable and accrued liabilities 505,529 517,708Distributions payable 78,229 78,819Deferred management rights proceeds 162,541 162,901Operating lease liabilities 163,143 158,815Other liabilities 77,745 74,251Noncontrolling interest in OEG 444,096 422,691Total equity 791,100 789,085Total liabilities and equity $6,191,836 $6,181,183 Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDAre Reconciliation
Unaudited
(In thousands) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ Margin $ Margin $ Margin $ MarginConsolidated: Revenue $748,978 $659,515 $1,413,550 $1,246,795 Net income $102,079 13.6% $75,875 11.5% $171,481 12.1% $138,889 11.1%Interest expense, net 60,148 52,951 119,081 101,775 Provision for income taxes 12,063 7,848 18,962 12,007 Depreciation and amortization 77,084 66,963 152,785 130,680 Pro rata EBITDAre from unconsolidated joint ventures 1 1 2 2 EBITDAre 251,375 33.6% 203,638 30.9% 462,311 32.7% 383,353 30.7%Preopening costs 438 98 825 185 Non-cash lease expense 1,649 945 2,592 1,834 Equity-based compensation expense 3,827 3,495 7,629 7,117 Interest income on Gaylord National bonds 1,026 1,113 2,051 2,227 Loss on extinguishment of debt – 2,542 2,200 2,542 Transaction costs of acquisitions – 25 – 100 Pro rata adjusted EBITDAre from unconsolidated joint ventures (4) – (4) – Adjusted EBITDAre 258,311 34.5% 211,856 32.1% 477,604 33.8% 397,358 31.9%Adjusted EBITDAre of noncontrolling interest (16,390) (11,295) (20,547) (16,921) Adjusted EBITDAre, excluding noncontrolling interest $241,921 32.3% $200,561 30.4% $457,057 32.3% $380,437 30.5% Hospitality segment: Revenue $604,964 $516,211 $1,190,353 $1,013,941 Operating income $153,643 25.4% $126,920 24.6% $298,730 25.1% $243,729 24.0%Depreciation and amortization 67,218 57,397 133,226 111,503 Non-cash lease expense 1,163 1,005 1,613 1,950 Interest income on Gaylord National bonds 1,026 1,113 2,051 2,227 Other gains and (losses), net (8) – (8) – Adjusted EBITDAre $223,042 36.9% $186,435 36.1% $435,612 36.6% $359,409 35.4% Same-store Hospitality segment: (1) Revenue $544,315 $510,862 $1,055,836 $1,008,592 Operating income $141,711 26.0% $129,503 25.3% $262,543 24.9% $246,312 24.4%Depreciation and amortization 58,640 55,454 116,132 109,560 Non-cash lease expense 909 947 1,816 1,892 Interest income on Gaylord National bonds 1,026 1,113 2,051 2,227 Other gains and (losses), net (8) – (8) – Adjusted EBITDAre $202,278 37.2% $187,017 36.6% $382,534 36.2% $359,991 35.7% Entertainment segment: Revenue $144,014 $143,304 $223,197 $232,854 Operating income $32,404 22.5% $23,495 16.4% $36,657 16.4% $33,811 14.5%Depreciation and amortization 9,609 9,335 19,043 18,712 Preopening costs 438 98 825 185 Non-cash lease (revenue) expense 486 (60) 979 (116) Equity-based compensation 981 1,028 2,095 2,048 Other gains and (losses), net – – – 136 Transaction costs of acquisitions – 25 – 100 Pro rata adjusted EBITDAre from unconsolidated joint ventures – (13) – (29) Adjusted EBITDAre $43,918 30.5% $33,908 23.7% $59,599 26.7% $54,847 23.6% Corporate and Other segment: Operating loss $(11,502) $(10,990) $(23,046) $(21,994) Depreciation and amortization 257 231 516 465 Other gains and (losses), net (250) (195) (611) (438) Equity-based compensation 2,846 2,467 5,534 5,069 Adjusted EBITDAre $(8,649) $(8,487) $(17,607) $(16,898) ___________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
Unaudited
(In thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025Net income available to common stockholders $92,750 $71,753 $163,225 $134,714 Noncontrolling interest in OP Units 581 1,532 1,022 874 Net income available to common stockholders and unit holders 93,331 73,285 164,247 135,588 Depreciation and amortization 76,974 66,906 152,554 130,582 Adjustments for noncontrolling interest (3,076) (3,046) (6,100) (6,123)FFO available to common stockholders and unit holders 167,229 137,145 310,701 260,047 Right-of-use asset amortization 110 57 231 98 Non-cash lease expense 1,649 945 2,592 1,834 Pro rata adjustments from joint ventures (4) – (4) – Amortization of deferred financing costs 3,105 2,900 6,352 5,607 Amortization of debt discounts and premiums 476 430 859 988 Loss on extinguishment of debt – 2,542 2,200 2,542 Adjustments for noncontrolling interest (2,023) (1,736) (2,065) (2,018)Transaction costs of acquisitions – 25 – 100 Deferred tax provision 10,857 6,537 16,611 9,470 Adjusted FFO available to common stockholders and unit holders $181,399 $148,845 $337,477 $278,668 Basic net income per share(1) $1.47 $1.17 $2.59 $2.22 Diluted net income per share(1) $1.42 $1.12 $2.46 $2.13 FFO available to common stockholders and unit holders per basic share/unit(1) $2.63 $2.22 $4.90 $4.26 Adjusted FFO available to common stockholders and unit holders per basic share/unit(1) $2.86 $2.41 $5.32 $4.57 FFO available to common stockholders and unit holders per diluted share/unit (1) $2.54 $2.14 $4.69 $4.13 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.77 $2.35 $5.11 $4.44 Weighted average common shares and OP units for the period: Basic(1) 63,509 61,747 63,464 61,034 Diluted (1) 68,538 66,127 68,194 64,972 ___________________
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ Margin $ Margin $ Margin $ MarginGaylord Texan: Revenue $82,259 $82,494 $165,630 $168,871 Operating income $23,528 28.6% $25,002 30.3% $47,333 28.6% $52,697 31.2%Depreciation and amortization 7,681 6,157 15,006 12,086 Adjusted EBITDAre $31,209 37.9% $31,159 37.8% $62,339 37.6% $64,783 38.4% Performance metrics: Occupancy 69.9 % 72.0% 67.7 % 72.5% ADR $268.51 $253.06 $266.01 $255.16 RevPAR $187.60 $182.32 $179.96 $185.04 OtherPAR $310.72 $317.42 $324.50 $329.29 Total RevPAR $498.32 $499.74 $504.46 $514.33 Gaylord National: Revenue $90,422 $83,413 $164,649 $164,242 Operating income $19,550 21.6% $15,818 19.0% $25,775 15.7% $25,292 15.4%Depreciation and amortization 8,495 8,489 16,987 16,932 Interest income on Gaylord National bonds 1,026 1,113 2,051 2,227 Other gains and (losses), net (8) – (8) – Adjusted EBITDAre $29,063 32.1% $25,420 30.5% $44,805 27.2% $44,451 27.1% Performance metrics: Occupancy 71.3 % 67.8% 67.2 % 70.1% ADR $280.70 $263.97 $274.10 $256.29 RevPAR $200.10 $178.85 $184.16 $179.59 OtherPAR $297.72 $280.38 $271.59 $275.03 Total RevPAR $497.82 $459.23 $455.74 $454.62 Gaylord Rockies: Revenue $84,735 $81,722 $156,984 $152,670 Operating income $23,792 28.1% $21,798 26.7% $38,237 24.4% $36,621 24.0%Depreciation and amortization 15,141 14,897 30,329 29,749 Adjusted EBITDAre $38,933 45.9% $36,695 44.9% $68,566 43.7% $66,370 43.5% Performance metrics: Occupancy 79.4 % 80.3% 77.4 % 76.3% ADR $275.43 $259.78 $267.28 $258.52 RevPAR $218.64 $208.62 $206.93 $197.21 OtherPAR $401.71 $389.67 $370.90 $364.73 Total RevPAR $620.35 $598.29 $577.82 $561.94 JW Marriott Hill Country: Revenue $65,762 $66,573 $116,057 $121,849 Operating income $15,982 24.3% $17,250 25.9% $23,190 20.0% $28,099 23.1%Depreciation and amortization 8,193 7,919 16,355 15,750 Adjusted EBITDAre $24,175 36.8% $25,169 37.8% $39,545 34.1% $43,849 36.0% Performance metrics: Occupancy 70.9 % 75.6% 64.8 % 71.8% ADR $344.31 $342.79 $341.31 $332.79 RevPAR $244.21 $259.31 $221.24 $238.96 OtherPAR $477.00 $470.80 $418.68 $432.89 Total RevPAR $721.22 $730.11 $639.92 $671.85 Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ Margin $ Margin $ Margin $ MarginJW Marriott Desert Ridge: (1) Revenue $60,649 $5,349 $134,517 $5,349 Operating income (loss) $11,932 19.7 % $(2,583) (48.3)% $36,187 26.9 % $(2,583) (48.3)%Depreciation and amortization 8,578 1,943 17,094 1,943 Non-cash lease (revenue) expense 254 58 (203) 58 Adjusted EBITDAre $20,764 34.2 % $(582) (10.9)% $53,078 39.5 % $(582) (10.9)% Performance metrics: Occupancy 72.2 % 39.3 % 72.6 % 39.3 % ADR $367.08 $228.50 $428.43 $228.50 RevPAR $264.85 $89.76 $310.88 $89.76 OtherPAR $436.70 $178.35 $471.42 $178.35 Total RevPAR $701.55 $268.11 $782.30 $268.11 The AC Hotel at National Harbor: Revenue $4,220 $3,562 $6,556 $6,260 Operating income $1,250 29.6 % $757 21.3 % $1,033 15.8 % $871 13.9 %Depreciation and amortization 230 223 451 445 Adjusted EBITDAre $1,480 35.1 % $980 27.5 % $1,484 22.6 % $1,316 21.0 % Performance metrics: Occupancy 72.9 % 59.8 % 59.3 % 57.3 % ADR $300.09 $286.90 $280.12 $271.75 RevPAR $218.68 $171.54 $166.24 $155.71 OtherPAR $22.77 $32.33 $22.40 $24.43 Total RevPAR $241.45 $203.87 $188.64 $180.14 The Inn at Opryland: (2) Revenue $3,236 $3,520 $6,254 $6,551 Operating income (loss) $(76) (2.3)% $63 1.8 % $(275) (4.4)% $37 0.6 %Depreciation and amortization 592 585 1,178 1,144 Adjusted EBITDAre $516 15.9 % $648 18.4 % $903 14.4 % $1,181 18.0 % Performance metrics: Occupancy 46.1 % 58.1 % 45.2 % 51.0 % ADR $193.63 $168.74 $195.93 $177.02 RevPAR $89.27 $98.04 $88.48 $90.29 OtherPAR $28.10 $29.63 $25.57 $29.15 Total RevPAR $117.37 $127.67 $114.05 $119.44 ___________________
(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.
(2) Includes other hospitality revenue and expense.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations
Unaudited
(in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025Earnings per share: Numerator: Net income available to common stockholders $92,750 $71,753 $163,225 $134,714Net income attributable to noncontrolling interest in OEG 4,050 2,094 3,462 2,805Net income available to common stockholders - if-converted method $96,800 $73,847 $166,687 $137,519 Denominator: Weighted average shares outstanding - basic 63,114 61,352 63,069 60,639Effect of dilutive equity-based compensation 169 147 187 194Effect of dilutive put rights (1) 4,860 4,233 4,543 3,744Weighted average shares outstanding - diluted 68,143 65,732 67,799 64,577 Basic income per share available to common stockholders $1.47 $1.17 $2.59 $2.22Diluted income per share available to common stockholders (1) $1.42 $1.12 $2.46 $2.13 FFO per share/unit: Numerator: FFO available to common stockholders and unit holders $167,229 $137,145 $310,701 $260,047Net income attributable to noncontrolling interest in OEG 4,050 2,094 3,462 2,805FFO adjustments for noncontrolling interest in OEG 2,703 2,601 5,354 5,234FFO available to common stockholders and unit holders - if-converted method $173,982 $141,840 $319,517 $268,086 Denominator: Weighted average shares and OP units outstanding - basic 63,509 61,747 63,464 61,034Effect of dilutive equity-based compensation 169 147 187 194Effect of dilutive put rights (1) 4,860 4,233 4,543 3,744Weighted average shares and OP units outstanding - diluted 68,538 66,127 68,194 64,972 FFO available to common stockholders and unit holders per basic share/unit $2.63 $2.22 $4.90 $4.26FFO available to common stockholders and unit holders per diluted share/unit (1) $2.54 $2.14 $4.69 $4.13 Adjusted FFO per share/unit: Numerator: Adjusted FFO available to common stockholders and unit holders $181,399 $148,845 $337,477 $278,668Net income attributable to noncontrolling interest in OEG 4,050 2,094 3,462 2,805FFO adjustments for noncontrolling interest in OEG 2,703 2,601 5,354 5,234Adjusted FFO adjustments for noncontrolling interest in OEG 2,023 1,736 2,065 2,018Adjusted FFO available to common stockholders and unit holders - if-converted method $190,175 $155,276 $348,358 $288,725 Denominator: Weighted average shares and OP units outstanding - basic 63,509 61,747 63,464 61,034Effect of dilutive equity-based compensation 169 147 187 194Effect of dilutive put rights (1) 4,860 4,233 4,543 3,744Weighted average shares and OP units outstanding - diluted 68,538 66,127 68,194 64,972 Adjusted FFO available to common stockholders and unit holders per basic share/unit $2.86 $2.41 $5.32 $4.57Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.77 $2.35 $5.11 $4.44 ___________________
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Unaudited
($ in thousands, except per share data) Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income $ 280,500 $ 285,500 $ 283,000 Provision for income taxes 13,000 14,500 13,750 Interest expense, net 246,250 253,500 249,875 Depreciation and amortization 306,500 318,000 312,250 EBITDAre $ 846,250 $ 871,500 $ 858,875 Non-cash lease expense 2,750 4,000 3,375 Preopening costs 4,500 5,500 5,000 Equity-based compensation expense 15,000 17,000 16,000 Pension settlement charge 4,000 4,500 4,250 Interest income on Gaylord National bonds 3,500 4,500 4,000 Loss on extinguishment of debt 2,000 3,000 2,500 Adjusted EBITDAre $ 878,000 $ 910,000 $ 894,000 Hospitality segment: Operating income $ 519,500 $ 526,500 $ 523,000 Depreciation and amortization 268,000 276,000 272,000 Non-cash lease expense 3,000 4,000 3,500 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $ 797,000 $ 815,000 $ 806,000 Hospitality segment (same-store)(2) Operating income $ 484,500 $ 489,500 $ 487,000 Depreciation and amortization 234,000 240,000 237,000 Non-cash lease expense 3,000 4,000 3,500 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $ 728,000 $ 742,000 $ 735,000 JW Marriott Desert Ridge Operating income $ 35,000 $ 37,000 $ 36,000 Depreciation and amortization 34,000 36,000 35,000 Non-cash lease expense – – – Adjusted EBITDAre $ 69,000 $ 73,000 $ 71,000 Entertainment segment: Operating income $ 74,750 $ 79,500 $ 77,125 Depreciation and amortization 36,500 39,500 38,000 Non-cash lease revenue (250) – (125)Preopening costs 4,500 5,500 5,000 Equity-based compensation 4,500 5,500 5,000 Adjusted EBITDAre $ 120,000 $ 130,000 $ 125,000 Corporate and Other segment: Operating loss $ (50,500) $ (49,000) $ (49,750)Depreciation and amortization 2,000 2,500 2,250 Equity-based compensation 10,500 11,500 11,000 Pension settlement charge 4,000 4,500 4,250 Other gains and (losses), net (5,000) (4,500) (4,750)Adjusted EBITDAre $ (39,000) $ (35,000) $ (37,000) ___________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data) Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income available to common stockholders $ 270,500 $ 273,500 $ 272,000 Noncontrolling interest in OP units 1,000 2,000 1,500 Net income available to common stockholders and unit holders $ 271,500 $ 275,500 $ 273,500 Depreciation and amortization 306,500 318,000 312,250 Adjustments for noncontrolling interest (12,500) (11,500) (12,000)FFO available to common stockholders and unit holders $ 565,500 $ 582,000 $ 573,750 Right-of-use asset amortization – 500 250 Non-cash lease expense 2,750 4,000 3,375 Pension settlement charge 4,000 4,500 4,250 Loss on extinguishment of debt 2,000 3,000 2,500 Adjustments for noncontrolling interest (5,000) (4,000) (4,500)Amortization of deferred financing costs 12,500 14,000 13,250 Amortization of debt discounts and premiums 1,500 2,500 2,000 Deferred tax provision 9,000 10,250 9,625 Adjusted FFO available to common stockholders and unit holders $ 592,250 $ 616,750 $ 604,500 Net income available to common stockholders per diluted share (2) $ 4.10 $ 4.11 $ 4.11 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $ 8.98 $ 9.28 $ 9.13 Estimated weighted average shares outstanding - diluted (in millions) (2) 68.4 68.4 68.4 Estimated weighted average shares and OP units outstanding - diluted (in millions) (2) 68.8 68.8 68.8 ___________________
(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.
(2) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
($ in thousands, except per share data) Guidance Range For Full Year 2026 Low High MidpointEarnings per share: Numerator: Net income available to common stockholders $270,500 $273,500 $272,000Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000Net income available to common stockholders - if-converted method $280,500 $281,500 $281,000 Denominator: Estimated weighted average shares outstanding - diluted (in millions) (1) 68.4 68.4 68.4 Diluted income per share available to common stockholders $ 4.10 $ 4.11 $ 4.11 Adjusted FFO per share: Numerator: Adjusted FFO available to common stockholders and unit holders $592,250 $616,750 $604,500Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000FFO adjustments for noncontrolling interest in OEG 11,000 10,000 10,500Adjusted FFO Adjustments for noncontrolling interest in OEG 5,000 4,000 4,500Adjusted FFO available to common stockholders and unit holders - if-converted method $618,250 $638,750 $628,500 Denominator: Estimated weighted average shares and OP units outstanding - diluted (in millions) (1) 68.8 68.8 68.8 Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 8.98 $ 9.28 $ 9.13 ___________________
(1) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Unaudited
($ in thousands, except per share data) Prior Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income $ 271,000 $ 279,000 $ 275,000 Provision for income taxes 11,500 13,000 12,250 Interest expense, net 246,750 255,500 251,125 Depreciation and amortization 302,500 315,000 308,750 EBITDAre $ 831,750 $ 862,500 $ 847,125 Non-cash lease expense 3,250 5,000 4,125 Preopening costs 4,500 5,500 5,000 Equity-based compensation expense 15,000 17,000 16,000 Pension settlement charge 4,000 4,500 4,250 Interest income on Gaylord National bonds 3,500 4,500 4,000 Loss on extinguishment of debt 2,000 3,000 2,500 Adjusted EBITDAre $ 864,000 $ 902,000 $ 883,000 Hospitality segment: Operating income $ 509,000 $ 520,500 $ 514,750 Depreciation and amortization 264,000 273,000 268,500 Non-cash lease expense 3,500 5,000 4,250 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $ 783,000 $ 807,000 $ 795,000 Hospitality segment (same-store)(2) Operating income $ 475,500 $ 485,500 $ 480,500 Depreciation and amortization 230,000 237,000 233,500 Non-cash lease expense 3,000 4,000 3,500 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $ 715,000 $ 735,000 $ 725,000 JW Marriott Desert Ridge Operating income $ 33,500 $ 35,000 $ 34,250 Depreciation and amortization 34,000 36,000 35,000 Non-cash lease expense 500 1,000 750 Adjusted EBITDAre $ 68,000 $ 72,000 $ 70,000 Entertainment segment: Operating income $ 74,750 $ 79,500 $ 77,125 Depreciation and amortization 36,500 39,500 38,000 Non-cash lease revenue (250) – (125)Preopening costs 4,500 5,500 5,000 Equity-based compensation 4,500 5,500 5,000 Adjusted EBITDAre $ 120,000 $ 130,000 $ 125,000 Corporate and Other segment: Operating loss $ (50,500) $ (49,000) $ (49,750)Depreciation and amortization 2,000 2,500 2,250 Equity-based compensation 10,500 11,500 11,000 Pension settlement charge 4,000 4,500 4,250 Other gains and (losses), net (5,000) (4,500) (4,750)Adjusted EBITDAre $ (39,000) $ (35,000) $ (37,000) ___________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data) Prior Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income available to common stockholders $ 261,000 $ 267,000 $ 264,000 Noncontrolling interest in OP units 1,000 2,000 1,500 Net income available to common stockholders and unit holders $ 262,000 $ 269,000 $ 265,500 Depreciation and amortization 302,500 315,000 308,750 Adjustments for noncontrolling interest (12,500) (11,500) (12,000)FFO available to common stockholders and unit holders $ 552,000 $ 572,500 $ 562,250 Right-of-use asset amortization – 500 250 Non-cash lease expense 3,250 5,000 4,125 Pension settlement charge 4,000 4,500 4,250 Loss on extinguishment of debt 2,000 3,000 2,500 Adjustments for noncontrolling interest (5,000) (4,000) (4,500)Amortization of deferred financing costs 12,500 14,000 13,250 Amortization of debt discounts and premiums 1,500 2,500 2,000 Deferred tax provision 7,000 9,000 8,000 Adjusted FFO available to common stockholders and unit holders $ 577,250 $ 607,000 $ 592,125 Net income available to common stockholders per diluted share (2) $ 3.96 $ 4.02 $ 3.99 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $ 8.77 $ 9.14 $ 8.96 Estimated weighted average shares outstanding - diluted (in millions) (2) 68.4 68.4 68.4 Estimated weighted average shares and OP units outstanding - diluted (in millions) (2) 68.8 68.8 68.8 ___________________
(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.
(2) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
($ in thousands, except per share data) Prior Guidance Range For Full Year 2026 Low High MidpointEarnings per share: Numerator: Net income available to common stockholders $261,000 $267,000 $264,000Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000Net income available to common stockholders - if-converted method $271,000 $275,000 $273,000 Denominator: Estimated weighted average shares outstanding - diluted (in millions) (1) 68.4 68.4 68.4 Diluted income per share available to common stockholders $ 3.96 $ 4.02 $ 3.99 Adjusted FFO per share: Numerator: Adjusted FFO available to common stockholders and unit holders $577,250 $607,000 $592,125Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000FFO adjustments for noncontrolling interest in OEG 11,000 10,000 10,500Adjusted FFO Adjustments for noncontrolling interest in OEG 5,000 4,000 4,500Adjusted FFO available to common stockholders and unit holders - if-converted method $603,250 $629,000 $616,125 Denominator: Estimated weighted average shares and OP units outstanding - diluted (in millions) (1) 68.8 68.8 68.8 Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 8.77 $ 9.14 $ 8.96 ___________________
(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Gregory Baszucki, a member of the Board of Directors at Roblox Corporation (RBLX -0.41%), sold 16,666 shares of Class A Common Stock on August 4, 2026, for approximately $624,308, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueShares sold (indirectly held)16,666Transaction value~$624,308Post-transaction shares (directly held)5,185Post-transaction shares (indirectly held)~12.0 millionPost-transaction value$442.8 millionTransaction value based on SEC Form 4 weighted average sale price ($37.46); post-transaction value based on August 4, 2026 market close ($37.00).
Key questionsWhat is the significance of this transaction relative to the insider's total position?
The sale of 16,666 shares represents a 0.14% reduction in the insider's total equity holdings, leaving a substantial remaining position of approximately 12 million shares held primarily through various trust entities.How does the execution price compare to recent market performance?
The shares were sold at a weighted average price of $37.46, occurring as the stock has experienced a one-year return of -72% as of the August 4, 2026 transaction date.What does the use of a Rule 10b5-1 plan imply about the sale?
The use of a Rule 10b5-1 plan, adopted on November 28, 2025, indicates that this disposition was scheduled well in advance, which standardizes the timing of the sale regardless of subsequent market volatility or non-public company developments.What is the composition of the insider's remaining equity interest?
The reporting owner maintains a complex ownership structure with 5,185 shares held directly and the vast majority of the position held indirectly through family trusts and a Roth IRA. The insider also holds derivative securities in the form of restricted stock units.Company OverviewMetricValueShare Price (as of market close 2026-08-04)$37.00Market Capitalization$26.4 billionRevenue (TTM)$5.7 billionNet Income (TTM)-$1.0 billionCompany SnapshotRoblox Corporation operates a leading digital entertainment ecosystem that enables users to create, discover, and engage with interactive 3D experiences through its Roblox Studio development tools and Roblox Client application, generating revenue through user engagement, virtual currency transactions, and developer monetization.The company employs a user-generated content model where developers and creators build and monetize experiences on the platform, with Roblox capturing a portion of transaction revenues while providing tools, infrastructure, and educational resources to support creator communities.The platform primarily serves a global audience of users ranging from children to adults seeking immersive entertainment experiences, while also targeting educators and institutions through its Roblox Education initiative designed for classroom and learning applications.Roblox Corporation operates one of the world's largest user-generated content platforms for interactive 3D entertainment, with a substantial user base and ecosystem of millions of developers. The company's business model leverages network effects and creator monetization to drive revenue growth, though the platform faces competitive pressures from established gaming companies and emerging metaverse platforms.
Roblox's strategic focus on expanding educational applications and international markets positions it to capture emerging opportunities in digital learning and global entertainment consumption.
What this transaction means for investorsDirector Gregory Baszucki’s August 4 sale of Roblox shares for a weighted average price of $37.46 occurred at a time when the stock was down significantly from its 52-week high of $142 reached in 2025. Even so, Baszucki’s disposition doesn’t reflect a change in investment stance, since the sale was a non-discretionary transaction carried out under a Rule 10b5-1 trading plan.
In addition, while Baszucki’s direct holdings were a little over 5,000 shares, he maintained a sizable equity position through indirect holdings, totaling about 12 million shares. This sum ensures Baszucki’s continued alignment with shareholder interests.
Roblox’s massive drop was due to a number of factors. Revenue rose a strong 36% year over year to $1.5 billion in the second quarter. However, the company’s bookings are trending downward, and Roblox expects the drop to extend into Q3, resulting in a year-over-year decline in the range of 14% to 18%. Consequently, Roblox decided to pull its 2026 full-year forecast, which is not a good sign for investors.
MARA Holdings ve 2. čtvrtletí vykázala tržby ve výši 174,88 milionu USD a upravenou ztrátu 1,60 USD na akcii, obojí pod odhady. Zároveň vytěžila 2 422 Bitcoinů a dál sází na AI infrastrukturu.
Bitcoin (CRYPTO:BTC) mining company MARA Holdings (NASDAQ:MARA) reported second-quarter financial results Thursday after market close.
• MARA Holdings stock is showing downward pressure. What’s ahead for MARA stock?
Here are the key highlights.
MARA Holdings Q2 EarningsMARA Holdings reported second-quarter revenue of $174.88 million, down 27% year-over-year. The revenue total missed a Street estimate of $203.67 million, according to data from Benzinga Pro.
The company reported an adjusted loss of $1.60 per share, missing a Street consensus estimate of a profit of 26 cents per share.
MARA Holdings mined 2,422 Bitcoin in the quarter with no additional Bitcoin purchased.
The company ended the quarter with 35,577 Bitcoin, down 29% year-over-year.
What’s Next for MARA HoldingsThe company’s shareholder letter focused heavily on a transitioned focus on artificial intelligence, with power-ready sites being scarce and the company having infrastructure in place to help power the "next generation of compute."
"This is the business MARA is building," the company said.
MARA Holdings has 19 data centers across four continents.
The company’s portfolio is growing with the recently acquired rights to a 2 GW powered land site in Texas.
"Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses. They are complementary applications of the same underlying asset: power."
MARA Holdings said it believes the companies that control power will define the next generation of AI infrastructure.
MARA Stock Price ActionMARA Holdings stock is up 0.4% to $10.70 in after-hours trading Thursday versus a 52-week trading range of $6.66 to $23.45.
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The GEO Group, Inc. (GEO) Q2 2026 Earnings Call August 6, 2026 1:00 PM EDT
Company Participants
Pablo Paez - Executive Vice President of Corporate Relations
George Zoley - Founder, Chairman & CEO
Shayn March - Senior VP & CFO
Conference Call Participants
Joseph Gomes - NOBLE Capital Markets, Inc., Research Division
Brendan Michael McCarthy - Sidoti & Company, LLC
Gregory Gibas - Northland Capital Markets, Research Division
Kirk Ludtke - Imperial Capital, LLC, Research Division
Presentation
Operator
Good day, and welcome to the GEO Group Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Pablo Paez, Executive Vice President of Corporate Relations. Please go ahead.
Pablo Paez
Executive Vice President of Corporate Relations
Thank you, operator. Good afternoon, everyone, and thank you for joining us for today's discussion of the GEO Group's Second Quarter 2026 Earnings Results. With us today are George Zoley, Chairman, Chief Executive Officer and Founder; and Shayn March, Senior Vice President and Chief Financial Officer. This afternoon, we will discuss our second quarter results as well as our outlook, and we will conclude the call with a question-and-answer session. This conference call is also being webcast live on our investor website at investors.geogroup.com.
Today, we will discuss non-GAAP basis information. A reconciliation from non-GAAP basis information to GAAP basis results is included in the press release and supplemental disclosure we issued this morning. Additionally, much of the information we will discuss today, including the answers we give in response to your questions, may include forward-looking statements regarding our beliefs and current expectations with respect to various matters. These forward-looking statements are intended to fall within the safe harbor provisions of the securities laws. Our actual results may differ materially from those in the forward-looking statements as a result of various
PubMatic ve 2. čtvrtletí zvýšil tržby o 11 % na 78,6 mil. USD, upravenou EBITDA o 38 % na 19,6 mil. USD a volný cash flow na 13,7 mil. USD, obojí nad výhledem.
Delivered revenue and adjusted EBITDA well ahead of guidance;
AI customer adoption more than doubled sequentially, delivering 80+ agentic campaigns and 4,000+ AI-powered deals;
Total Revenues Grew 11%, adjusted EBITDA increased 38% and free cash flow increased 47% year-over-year;
CTV, Mobile App and Emerging Revenues represented ~60% of total revenue;
Repurchased 2.1 million shares in Q2 2026, representing 4.2% of fully diluted shares1 as of June 30, 2026.
NO-HEADQUARTERS/REDWOOD CITY, Calif.--(BUSINESS WIRE)--PubMatic, Inc. (Nasdaq: PUBM), the leading AI-powered ad tech company delivering digital advertising performance, today reported financial results for the quarter ended June 30, 2026.
"The second quarter marked an important inflection point for PubMatic. We delivered double-digit revenue growth earlier than anticipated, expanded profitability and strengthened our competitive position across AgenticOS, CTV, and mobile app," said Rajeev Goel, co-founder and CEO at PubMatic. "AI is transforming how digital advertising is planned, activated and optimized, increasing the emphasis on performance advertising. Our AI-native infrastructure and proprietary intelligence consistently deliver better performance, faster execution and greater efficiency for customers. Every interaction strengthens that intelligence, creating a compounding advantage that is difficult to replicate. Further, we’re bringing new forms of advertising, new sources of demand and new intelligence onto our platform that will significantly expand our long-term market opportunities.”
Second Quarter 2026 Financial Highlights
Revenue in the second quarter of 2026 was $78.6 million, up 11% compared to the same period of 2025; GAAP net loss was $(1.2) million with a margin of (1)%, or $(0.03) per diluted share in the second quarter, compared to GAAP net loss of $(5.2) million with a margin of (7)%, or $(0.11) per diluted share in the same period of 2025; Adjusted EBITDA was $19.6 million, or 25% margin, an increase over $14.2 million, or 20% margin in the same period of 2025; Non-GAAP net income was $5.9 million, or $0.12 per non-GAAP diluted share in the second quarter, compared to non-GAAP net income of $2.5 million, or $0.05 per non-GAAP diluted share in the same period of 2025; Net cash provided by operating activities was $20.2 million, a 36% increase over $14.9 million in the same period of 2025; Free cash flow was $13.7 million, a 47% increase over $9.3 million in the same period of 2025; Ended the quarter with total cash, cash equivalents, and marketable securities of $137.5 million with no debt; and Through June 30, 2026, used $211.4 million in cash to repurchase 15.5 million shares of Class A common stock with $63.6 million available from the 2023 Repurchase Program. The section titled “Non-GAAP Financial Measures” below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.
"We delivered a remarkable quarter, exceeding our guidance on revenue and adjusted EBITDA. We returned to double-digit year-over-year revenue growth ahead of schedule: revenue grew 11%, adjusted EBITDA increased 38% and free cash flow increased 47%," said Steve Pantelick, CFO at PubMatic. “Over the past three years, targeted investment and innovation in the fastest-growing areas of digital advertising have fundamentally changed our business. Today, approximately 60% of our revenue comes from CTV, mobile app and emerging revenue streams, roughly double the level of three years ago. Based on this momentum and the strength of our AI-powered products, we anticipate continued double-digit year-over-year revenue growth and meaningful full-year margin expansion.”
Business Highlights
AgenticOS Drives Superior Open Internet Performance and Customer Adoption
Since launching in January 2026, PubMatic has delivered measurable performance gains for customers across more than 80 fully autonomous, end-to-end campaigns globally. This is up from over 30 campaigns a quarter ago, and now includes all five global agency holding companies. Over 4,000 AI-powered deals transacted to date, up from just over 1,000 deals a quarter ago. Level Agency increased ad spend with PubMatic after AgenticOS delivered more than 2x reach per dollar versus its incumbent DSP, while significantly accelerating campaign setup and activation time. Additionally, AgenticOS delivered retargeting at scale within days compared to the 1-2 months ramp typically required by DSP-led campaigns. Havas Media and Telefónica launched Spain's first fully agentic CTV campaign, achieving 18% lower CPM than target while exceeding impression goals by 23% using AgenticOS. Launched advanced guardrail architecture for AgenticOS, giving enterprise buyers configurable control over autonomous campaign execution with human approval workflows, presence-based controls, and full audit trails built directly into the execution layer, reducing barriers to scaling agentic advertising budgets across the platform. New Partnerships Fuel Our Intelligence Advantage
Recently partnered with Gracenote to bring real-time content intelligence, including contextual signals and live sports schedules, directly into the PubMatic platform. By embedding this data at the point of auction, coupled with our rich signal data and proprietary bidstream data, our AI-native infrastructure can make increasingly sophisticated decisions within the milliseconds available before every impression is served. Added premium inventory from marquee broadcaster Channel 4 in the UK to expand its access to advertising buyers. New AI-Powered Solutions Launched
Launched Decision Fabric, a containerization solution bringing buyer intelligence directly into the auction to improve advertising performance. Launch partners include MiQ, Chalice AI, SWYM.ai and InPowered, who can now run proprietary decision models natively within PubMatic's infrastructure. Expanded Into New Markets, Creating Incremental Growth Opportunities
Launched Creator Marketplace, enabling advertisers on PubMatic to connect to premium inventory and reach highly engaged audiences while giving creators new ways to monetize across the open internet. Programmatic trading desk Klever used AgenticOS to help a well-known direct-to-consumer brand expand beyond social channels into premium CTV, and delivered a 5x return on ad spend, which was double the client’s original objective. Diversified Revenue Mix and Expanded Reach On The Buy Side
Revenues in Q2 2026 from CTV, mobile app and emerging revenues represented approximately 60% of total revenue, roughly double the share of three years ago. Strength in CTV was led by the Americas, where revenue grew 25% year over year. Global CTV revenue grew 13% year-over-year and represented approximately 20% of total revenue. Q2 2026 revenue from mobile app grew over 40% year-over-year and accounted for approximately 25% of total revenue. Emerging revenues2 in Q2 2026 grew approximately 100% year over year and represented approximately 15% of total revenues in the quarter, which includes revenue from newly launched AI solutions. Ad spend from Activate grew more than 2X over Q2 2025, as buyers and publishers prioritized performance, control and transparency. Ad spend from mid-market focused DSPs grew over 25% year-over-year in Q2 2026. Supply Path Optimization represented over 55% of total activity on our platform in Q2 2026. Operating Priorities Drove Profitable Growth
Infrastructure optimization initiatives and investments drove nearly 92 trillion impressions processed in Q2 2026, an increase of 18% over Q2 2025. Cost of revenue per million impressions processed decreased 20% on a trailing twelve month period, as compared to the prior period. Financial Outlook
Our outlook assumes that general market conditions do not significantly deteriorate as it relates to current macroeconomic and geopolitical conditions.
For the third quarter of 2026, we expect the following:
Revenue to be in the range of $75 million to $77 million. Adjusted EBITDA to be in the range of $17.0 million to $19.0 million. Adjusted EBITDA expectation assumes a negative foreign currency exchange impact predominantly from Euro and Pound Sterling. Although we provide guidance for adjusted EBITDA, we are not able to provide guidance for net income (loss), the most directly comparable GAAP measure. Certain elements of the composition of GAAP net income (loss), including stock-based compensation expenses, are not predictable, making it impractical for us to provide guidance on net income or to reconcile our adjusted EBITDA guidance to net income without unreasonable efforts. For the same reason, we are unable to address the probable significance of the unavailable information.
Chief Financial Officer Planned Retirement Announced
In a separate release issued today, the Company announced that Steve Pantelick, Chief Financial Officer, plans to retire after fifteen years in the role. He will continue to serve as CFO into the first quarter of 2027, and then as a senior adviser through July 1, 2027, to support continuity and a smooth transition. The Company has initiated a search for his successor.
Conference Call and Webcast details
PubMatic will host a conference call to discuss its financial results on Thursday, August 6, 2026 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). A live webcast of the call can be accessed from PubMatic’s Investor Relations website at https://investors.pubmatic.com. An archived version of the webcast will be available from the same website after the call.
Non-GAAP Financial Measures
In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), including, in particular operating income (loss), net cash provided by operating activities, and net loss, we believe that adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP earnings per share and free cash flow, each a non-GAAP measure, are useful in evaluating our operating performance. We define adjusted EBITDA as net loss adjusted for stock-based compensation expense, depreciation and amortization, litigation related expenses, interest income, and provision for (benefit from) income taxes. Adjusted EBITDA margin represents adjusted EBITDA calculated as a percentage of revenue. We define non-GAAP net income as net loss adjusted for stock-based compensation expense, litigation related expenses, and adjustments for income taxes. We define non-GAAP free cash flow as net cash provided by operating activities reduced by purchases of property and equipment and capitalized software development costs.
In addition to operating income (loss) and net loss, we use adjusted EBITDA and non-GAAP net income as measures of operational efficiency. We believe that these non-GAAP financial measures are useful to investors for period to period comparisons of our business and in understanding and evaluating our operating results for the following reasons:
Adjusted EBITDA and non-GAAP net income are widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization, litigation related expenses, interest expense, and provision for (benefit from) income taxes that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired; and, Our management uses adjusted EBITDA and non-GAAP net income in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:
Adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; (b) the potentially dilutive impact of stock-based compensation; or (c) tax payments that may represent a reduction in cash available to us; Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; and Non-GAAP net income does not include: (a) the potentially dilutive impact of stock-based compensation; (b) non-ordinary course litigation related expenses; or (c) income tax effects for stock-based compensation Because of these and other limitations, you should consider adjusted EBITDA and non-GAAP net income along with other GAAP-based financial performance measures, including net income and our GAAP financial results.
Forward Looking Statements
This press release contains “forward-looking statements” regarding our future business expectations, including our guidance relating to our revenue and adjusted EBITDA for the third quarter of 2026, our expectations regarding our adjusted EBITDA, free cash flow, free cash flow margin, capital expenditures, future adoption and deployment of our AI-enabled products, future market growth, and our long-term revenue growth. These forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions and may differ materially from actual results due to a variety of factors including: our dependency on the overall demand for advertising and the channels we rely on; our existing customers not expanding their usage of our platform, or our failure to attract new publishers and buyers; our ability to maintain and expand access to spend from buyers and valuable ad impressions from publishers; the rejection of the use of digital advertising by consumers through opt-in, opt-out or ad-blocking technologies or other means; our failure to innovate and develop new solutions that are adopted by publishers; geopolitical tensions and uncertainty, including the conflicts in Ukraine and the Middle East, and the related measures taken in response by the global community and disruptions to the international supply chain and global commerce; the impacts of inflation and tariffs as well as fiscal tightening; changes in currency exchange environments and continuing volatility in global capital markets; volatile interest rates; public health crises, including the resulting global economic uncertainty; limitations imposed on our collection, use or disclosure of data about advertisements, including as it may impact our use of Artificial Intelligence and additional AI laws and regulations are enacted globally; the lack of similar or better alternatives to the use of third-party cookies, mobile device IDs or other tracking technologies if such uses are restricted; any failure to scale our platform infrastructure to support anticipated growth and transaction volume; liabilities or fines due to publishers, buyers, and data providers not obtaining consents from consumers for us to process their personal data; any failure to comply with laws and regulations related to data privacy, data protection, information security, and consumer protection; and our ability to manage our growth. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. For more information about risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which are available on our investor relations website at https://investors.pubmatic.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. All information in this press release is as of August 6, 2026. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
About PubMatic
PubMatic is the leading AI-powered ad tech company delivering digital advertising performance. Through an intelligent, unified platform that connects buyers, publishers, data partners, and commerce media networks, PubMatic delivers superior performance with greater transparency, control, and efficiency. Since 2006, PubMatic has pioneered major advances in programmatic advertising, from enabling the first OpenRTB transactions to embedding AI-driven optimization and privacy-focused innovation across its platform. With omnichannel scale, proven reliability, and a track record of continuous innovation, PubMatic is building a more intelligent, profitable, and sustainable open internet. Built to Connect. Powered to Perform.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
June 30,
2026
December 31,
2025
ASSETS
Current assets
Cash and cash equivalents
$
119,971
$
145,518
Marketable securities
17,536
—
Accounts receivable, net
383,197
358,240
Prepaid expenses and other current assets
17,162
18,889
Total current assets
537,866
522,647
Property, equipment and software, net
58,528
52,657
Operating lease right-of-use assets
34,518
38,149
Acquisition-related intangible assets, net
1,914
2,704
Goodwill
29,577
29,577
Deferred tax assets
32,128
30,986
Other assets, non-current
5,511
3,475
TOTAL ASSETS
$
700,042
$
680,195
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$
390,046
$
343,619
Accrued liabilities
24,230
25,278
Operating lease liabilities, current
7,842
6,953
Total current liabilities
422,118
375,850
Operating lease liabilities, non-current
32,795
36,910
Other liabilities, non-current
6,401
4,846
TOTAL LIABILITIES
461,314
417,606
Stockholders' Equity
Common stock
7
7
Treasury stock
(223,977
)
(193,471
)
Additional paid-in capital
341,643
321,062
Accumulated other comprehensive income (loss)
(156
)
68
Retained earnings
121,211
134,923
TOTAL STOCKHOLDERS’ EQUITY
238,728
262,589
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
700,042
$
680,195
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenue
$
78,593
$
71,095
$
141,160
$
134,920
Cost of revenue(1)
25,877
26,612
51,971
52,200
Gross profit
52,716
44,483
89,189
82,720
Operating expenses:(1)
Technology and development
9,148
9,116
17,134
17,888
Sales and marketing
26,130
25,200
55,095
51,999
General and administrative
16,859
15,628
31,654
30,197
Total operating expenses
52,137
49,944
103,883
100,084
Operating income (loss)
579
(5,461
)
(14,694
)
(17,364
)
Total other income (expense), net
1,302
(609
)
1,464
(30
)
Income (loss) before income taxes
1,881
(6,070
)
(13,230
)
(17,394
)
Provision for (benefit from) income taxes
3,083
(862
)
482
(2,700
)
Net loss
$
(1,202
)
$
(5,208
)
$
(13,712
)
$
(14,694
)
Net income (loss) per share attributable to common stockholders:
Basic
$
(0.03
)
$
(0.11
)
$
(0.29
)
$
(0.31
)
Diluted
$
(0.03
)
$
(0.11
)
$
(0.29
)
$
(0.31
)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic
46,106
47,185
46,611
47,763
Diluted
46,106
47,185
46,611
47,763
STOCK BASED COMPENSATION EXPENSE
(In thousands)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Cost of revenue
$
357
$
474
$
741
$
948
Technology and development
1,055
1,628
2,084
3,213
Sales and marketing
2,605
3,465
5,662
6,928
General and administrative
4,330
4,234
8,348
8,410
Total stock-based compensation
$
8,347
$
9,801
$
16,835
$
19,499
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(unaudited)
Six Months Ended June 30,
2026
2025
OPERATING ACTIVITIES:
Net loss
$
(13,712
)
$
(14,694
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
19,995
23,537
Stock-based compensation
16,835
19,499
Deferred income taxes
(1,143
)
(9,024
)
Accretion of discount on marketable securities
(110
)
(819
)
Non-cash lease expense
3,591
3,710
Other
(305
)
(278
)
Changes in operating assets and liabilities:
Accounts receivable
(24,957
)
41,412
Prepaid expenses and other current assets
4,046
(340
)
Accounts payable
36,558
(25,865
)
Accrued liabilities
(1,738
)
(5,559
)
Operating lease liabilities
(3,188
)
(1,328
)
Other liabilities, non-current
1,633
275
Net cash provided by operating activities
37,505
30,526
INVESTING ACTIVITIES:
Purchases of and deposits on property and equipment
(2,966
)
(2,781
)
Capitalized software development costs
(10,171
)
(11,180
)
Purchases of marketable securities
(17,429
)
(26,026
)
Proceeds from maturities of marketable securities
—
39,859
Purchase of equity investment
(3,500
)
—
Net cash used in investing activities
(34,066
)
(128
)
FINANCING ACTIVITIES:
Proceeds from issuance of common stock for employee stock purchase plan
1,054
1,357
Proceeds from exercise of stock options
884
1,174
Principal payments on finance lease obligations
(75
)
(70
)
Payments to acquire treasury stock
(30,500
)
(43,649
)
Net cash used in financing activities
(28,637
)
(41,188
)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(25,198
)
(10,790
)
Effect of foreign currency on cash
(349
)
814
CASH AND CASH EQUIVALENTS - Beginning of year
145,518
100,452
CASH AND CASH EQUIVALENTS - End of year
$
119,971
$
90,476
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA AND NON-GAAP NET INCOME
(In thousands, except per share amounts)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Reconciliation of net loss:
Net loss
$
(1,202
)
$
(5,208
)
$
(13,712
)
$
(14,694
)
Add back (deduct):
Stock-based compensation
8,347
9,801
16,835
19,499
Depreciation and amortization
10,007
11,861
19,995
23,537
Litigation related expenses(2)
594
—
1,032
—
Interest income
(1,213
)
(1,379
)
(2,428
)
(2,972
)
Provision for (benefit from) income taxes
3,083
(862
)
482
(2,700
)
Adjusted EBITDA
$
19,616
$
14,213
$
22,204
$
22,670
Revenue
$
78,593
$
71,095
$
141,160
$
134,920
Adjusted EBITDA margin
25
%
20
%
16
%
17
%
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Reconciliation of net loss per share:
Net loss
$
(1,202
)
$
(5,208
)
$
(13,712
)
$
(14,694
)
Add back (deduct):
Stock-based compensation
8,347
9,801
16,835
19,499
Litigation related expenses(2)
594
—
1,032
—
Adjustment for income taxes
(1,883
)
(2,068
)
(3,714
)
(4,123
)
Non-GAAP net income
$
5,856
$
2,525
$
441
$
682
GAAP diluted EPS
$
(0.03
)
$
(0.11
)
$
(0.29
)
$
(0.31
)
Non-GAAP diluted EPS
$
0.12
$
0.05
$
0.01
$
0.01
GAAP weighted average shares outstanding—diluted
46,106
47,185
46,611
47,763
Non-GAAP weighted average shares outstanding—diluted
49,936
50,539
49,809
51,498
Reported GAAP diluted loss per share for the three and six months ended June 30, 2026 and 2025 were calculated using basic share count. Non-GAAP diluted earnings per share for the three and six months ended June 30, 2026 and three and six months ended June 30, 2025 were calculated using diluted share count which includes approximately 4 million, 3 million, 3 million, and 4 million, respectively, of dilutive securities related to employee stock awards.
SUPPLEMENTAL CASH FLOW INFORMATION
COMPUTATION OF FREE CASH FLOW, A NON-GAAP MEASURE
(In thousands)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Reconciliation of cash provided by operating activities:
SAN FRANCISCO--(BUSINESS WIRE)--Affirm Holdings, Inc. (NASDAQ: AFRM) today announced it will publish its fourth quarter fiscal year 2026 shareholder letter, including its financial results, on its investor relations website at https://investors.affirm.com/ on Thursday, August 27, 2026, after market close. The Company will host a conference call and webcast at 2:00pm PT that same day. Hosting the call will be Max Levchin (Founder and Chief Executive Officer), Michael Linford (Chief Operating Officer), and Rob O'Hare (Chief Financial Officer).
A replay will be available on the investor relations website following the call.
About Affirm
Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network—one based on trust, transparency, and putting people first—we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X.
SAN FRANCISCO--(BUSINESS WIRE)--Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced financial results for its second quarter ended June 30, 2026.
“We delivered a stellar second quarter, highlighted by revenue accelerating to $696.1 million, up 36% year-over-year, and record growth in total paying customers, large customers, and developers on our platform,” said Matthew Prince, co-founder & CEO of Cloudflare. “As the web shifts to AI answer engines and agent-driven commerce, we are seeing a fundamental rewrite of the Internet for machine-to-machine traffic. Cloudflare sits at the center of this paradigm shift—building the infrastructure, controls, developer tools, and payment rails for the Agentic Internet. The business model of the web is changing, and no company is better positioned than Cloudflare to help define its future.”
Second Quarter Fiscal 2026 Financial Highlights
Revenue: Total revenue of $696.1 million, representing an increase of 36% year-over-year. Gross Profit: GAAP gross profit was $499.5 million, or 71.8% gross margin, compared to $383.6 million, or 74.9%, in the second quarter of 2025. Non-GAAP gross profit was $508.9 million, or 73.1% gross margin, compared to $390.7 million, or 76.3%, in the second quarter of 2025. Operating Income (Loss): GAAP loss from operations was $205.7 million, or 29.6% of revenue, compared to $67.3 million, or 13.1% of revenue, in the second quarter of 2025. Non-GAAP income from operations was $96.1 million, or 13.8% of revenue, compared to $72.3 million, or 14.1% of revenue, in the second quarter of 2025. Net Income (Loss): GAAP net loss was $170.0 million, compared to $50.4 million in the second quarter of 2025. GAAP net loss per basic and diluted share was $0.48, compared to $0.15 in the second quarter of 2025. Non-GAAP net income was $107.8 million, compared to $75.1 million in the second quarter of 2025. Non-GAAP net income per diluted share was $0.29, compared to $0.21 in the second quarter of 2025. Cash Flow: Net cash flow from operating activities was $117.6 million, compared to $99.8 million for the second quarter of 2025. Free cash flow was $56.4 million, or 8% of revenue, compared to $33.3 million, or 6% of revenue, in the second quarter of 2025. Cash, cash equivalents, and available-for-sale securities were $4,162.8 million as of June 30, 2026. The section titled "Non-GAAP Financial Information" below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.
Financial Outlook
For the third quarter of fiscal 2026, we expect:
Total revenue of $736.0 to $737.0 million Non-GAAP income from operations of $129.0 to $130.0 million Non-GAAP net income per share of $0.34, utilizing weighted average common shares outstanding of approximately 374 million For the full year fiscal 2026, we expect:
Total revenue of $2,864.0 to $2,870.0 million Non-GAAP income from operations of $443.0 to $445.0 million Non-GAAP net income per share of $1.25 to $1.26, utilizing weighted average common shares outstanding of approximately 374 million These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Conference Call Information
Cloudflare will host an investor conference call to discuss its second quarter ended June 30, 2026 earnings results today at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). Interested parties can access the call by dialing (646) 968-2727 or toll-free at (888) 596-4244 with conference ID 3723782. A live webcast of the conference call will be accessible from the investor relations website at https://cloudflare.NET. A replay will be available approximately two hours after the conclusion of the live event and will remain available for approximately one year.
Supplemental Financial and Other Information
Supplemental financial and other information can be accessed through the Company’s investor relations website at https://cloudflare.NET.
Non-GAAP Financial Information
Cloudflare believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. For further information regarding why Cloudflare believes that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section at the end of this press release.
Available Information
Cloudflare intends to use its press releases, website, investor relations website, news site, blog, X account, Facebook account, and Instagram account, in addition to filings made with the Securities and Exchange Commission (SEC) and public conference calls, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “explore,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding our future financial and operating performance, our reputation and performance in the market, general market trends, our estimated and projected revenue, non-GAAP income from operations and non-GAAP net income per share, shares outstanding, the benefits to customers from using our products, the expected functionality and performance of our products, the demand by customers for our products, our plans and objectives for future operations, growth, initiatives, or strategies, our market opportunity, the plan to further accelerate our evolution to an agentic AI-first operating model and the intent for the plan to align our organizational structure with this new operating model, the estimated reduction of our current workforce, the estimated charges in connection with this plan, including the primary components of such charges, the anticipated timing of the implementation of this plan and the timing of such charges, the expected benefits from this plan and related actions, and comments made by our CEO and others. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: the impact of adverse macroeconomic conditions on our and our customers’, vendors’, and partners’ operations and future financial performance; the impact of conflicts and geopolitical tension around the world, particularly in Eastern Europe or the Middle East, or any worsening or expansion of those conflicts or tensions, as well as other geopolitical events such as elections and other governmental changes, threats of tariffs and other impediments to cross-border trade; our history of net losses; risks associated with managing our growth; our ability to attract and retain new customers (including new large customers); our ability to retain and upgrade paying customers and convert free customers to paying customers; our ability to expand the number of products we sell to paying customers; our ability to effectively increase sales to large customers; our ability to incorporate AI tools and automation to increase productivity and maintain operational efficiency; our ability to increase brand awareness; our ability to continue to innovate and develop new products and product features; our ability to generate demand for our products; our ability to effectively attract, train, and retain our sales force to be able to sell our existing and new products and product features; our sales team’s productivity; our ability to effectively attract, integrate and retain key personnel; problems with our internal systems, network, or data, including actual or perceived breaches or failures; rapidly evolving technological developments in the market, including advancements in AI; length of our sales cycles and the timing of payments by our customers; activities of our paying and free customers or the content of their websites and other Internet properties that use our network and products; foreign currency fluctuations; changes in the legal, tax, and regulatory environment applicable to our business; and other general market, political, economic, and business conditions. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the SEC, including our Quarterly Report on Form 10-Q filed on May 8, 2026, as well as other filings that we may make from time to time with the SEC.
The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
About Cloudflare
Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company on a mission to help build a better Internet. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.
Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.
Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at radar.cloudflare.com.
CLOUDFLARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenue
$
696,061
$
512,316
$
1,335,816
$
991,403
Cost of revenue(1)(2)
196,544
128,677
380,702
244,253
Gross profit
499,517
383,639
955,114
747,150
Operating expenses:
Sales and marketing(1)(2)(3)
276,122
219,359
547,722
433,370
Research and development(1)
159,486
134,557
310,458
249,646
General and administrative(1)(3)(5)(6)
118,912
96,987
213,931
184,645
Restructuring and other charges
150,693
—
150,693
—
Total operating expenses
705,213
450,903
1,222,804
867,661
Loss from operations
(205,696
)
(67,264
)
(267,690
)
(120,511
)
Non-operating income (expense):
Interest income
39,932
25,406
80,098
46,805
Interest expense(4)
(3,089
)
(1,524
)
(5,652
)
(2,967
)
Other income (expense), net
913
(3,907
)
3,903
(7,375
)
Total non-operating income, net
37,756
19,975
78,349
36,463
Loss before income taxes
(167,940
)
(47,289
)
(189,341
)
(84,048
)
Provision for income taxes
2,041
3,157
3,567
4,852
Net loss
$
(169,981
)
$
(50,446
)
$
(192,908
)
$
(88,900
)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.48
)
$
(0.15
)
$
(0.55
)
$
(0.26
)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
354,334
347,489
353,485
346,605
____________
(1) Includes stock-based compensation and related employer payroll taxes as follows:
Cost of revenue
$
4,311
$
3,693
$
8,455
$
6,599
Sales and marketing
41,246
36,818
84,070
67,023
Research and development
55,435
50,956
104,936
89,225
General and administrative
39,601
40,526
70,589
75,041
Total stock-based compensation and related employer payroll taxes
$
140,593
$
131,993
$
268,050
$
237,888
(2) Includes amortization of acquired intangible assets as follows:
Cost of revenue
$
5,050
$
3,329
$
11,011
$
6,182
Sales and marketing
2,391
417
3,641
805
Total amortization of acquired intangible assets
$
7,441
$
3,746
$
14,652
$
6,987
(3) Includes acquisition-related and other expenses as follows:
Sales and marketing
$
33
$
—
$
33
$
—
General and administrative
2,047
—
2,470
112
Total acquisition-related and other expenses
$
2,080
$
—
$
2,503
$
112
(4) Includes amortization of debt issuance costs as follows:
Interest expense
$
2,439
$
1,199
$
4,865
$
2,189
Total amortization of debt issuance costs
$
2,439
$
1,199
$
4,865
$
2,189
(5) Includes lease impairment charges as follows:
General and administrative
$
—
$
3,840
$
—
$
3,840
Total lease impairment charges
$
—
$
3,840
$
—
$
3,840
(6) Includes legal reserve and settlements as follows:
General and administrative
$
1,000
$
—
$
1,000
$
—
Total legal reserve and settlements
$
1,000
$
—
$
1,000
$
—
CLOUDFLARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
(unaudited)
June 30,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$
1,663,773
$
943,536
Available-for-sale securities
2,499,025
3,157,715
Accounts receivable, net
422,945
382,488
Contract assets
27,187
23,531
Restricted cash short-term
12,163
9,364
Prepaid expenses and other current assets
153,282
128,203
Total current assets
4,778,375
4,644,837
Property and equipment, net
703,209
618,691
Goodwill
376,204
226,563
Acquired intangible assets, net
57,369
41,799
Operating lease right-of-use assets
247,675
237,646
Deferred contract acquisition costs, noncurrent
240,523
219,499
Restricted cash
—
1,457
Other noncurrent assets
70,772
45,764
Total assets
$
6,474,127
$
6,036,256
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
127,032
$
84,115
Accrued expenses and other current liabilities
165,788
109,054
Accrued compensation
151,528
111,005
Operating lease liabilities
78,239
70,901
Deferred revenue
812,187
684,207
Current portion of convertible senior notes, net
1,293,260
1,291,281
Total current liabilities
2,628,034
2,350,563
Convertible senior notes, net
1,977,006
1,974,120
Operating lease liabilities, noncurrent
180,845
182,025
Deferred revenue, noncurrent
40,252
41,088
Other noncurrent liabilities
27,970
29,337
Total liabilities
4,854,107
4,577,133
Stockholders’ Equity
Class A common stock; $0.001 par value; 2,250,000 shares authorized as of June 30, 2026 and December 31, 2025; 322,176 and 317,319 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
322
317
Class B common stock; $0.001 par value; 315,000 shares authorized as of June 30, 2026 and December 31, 2025; 33,755 and 34,568 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
33
34
Additional paid-in capital
3,027,713
2,651,420
Accumulated deficit
(1,397,815
)
(1,204,907
)
Accumulated other comprehensive income (loss)
(10,233
)
12,259
Total stockholders’ equity
1,620,020
1,459,123
Total liabilities and stockholders’ equity
$
6,474,127
$
6,036,256
CLOUDFLARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended June 30,
2026
2025
Cash Flows from Operating Activities
Net loss
$
(192,908
)
$
(88,900
)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense
123,170
87,688
Non-cash operating lease costs
41,696
29,872
Amortization of deferred contract acquisition costs
63,486
47,296
Stock-based compensation expense
274,113
217,912
Amortization of debt issuance costs
4,865
2,189
Net accretion of discounts and amortization of premiums on available-for-sale securities
(13,233
)
(11,987
)
Deferred income taxes
(7,013
)
(480
)
Provision for bad debt
5,157
7,815
Other
(6,814
)
3,227
Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations:
Accounts receivable, net
(45,614
)
1,431
Contract assets
(3,656
)
(4,707
)
Deferred contract acquisition costs
(84,510
)
(58,998
)
Prepaid expenses and other current assets
(60,612
)
(46,339
)
Other noncurrent assets
7,142
4,312
Accounts payable
1,205
(247
)
Accrued expenses and other current liabilities
48,699
758
Accrued compensation
40,523
(2,914
)
Operating lease liabilities
(45,567
)
(24,973
)
Deferred revenue
127,144
82,643
Other noncurrent liabilities
(1,379
)
(18
)
Net cash provided by operating activities
275,894
245,580
Cash Flows from Investing Activities
Purchases of property and equipment
(115,192
)
(145,786
)
Capitalized internal-use software
(20,244
)
(13,647
)
Asset acquisitions and business combinations, net of cash acquired
(75,098
)
(6,462
)
Purchases of available-for-sale securities
(783,933
)
(1,530,775
)
Maturities of available-for-sale securities
1,442,199
810,825
Other investing activities
1,636
382
Net cash provided by (used in) investing activities
449,368
(885,463
)
Cash Flows from Financing Activities
Proceeds from settlement of the 2025 capped calls
—
309,616
Gross proceeds from issuance of 2030 convertible senior notes
—
2,000,000
Purchases of capped calls related to the 2030 convertible senior notes
—
(283,400
)
Cash paid for issuance costs on 2030 convertible senior notes
—
(27,873
)
Proceeds from the exercise of stock options
9,815
17,942
Proceeds from the issuance of common stock for employee stock purchase plan
16,075
13,057
Payment of tax withholding obligation on RSU and PSU settlement
(29,473
)
(18,217
)
Payment of indemnity holdback
(100
)
—
Net cash provided by (used in) financing activities
(3,683
)
2,011,125
Net increase in cash, cash equivalents, and restricted cash
721,579
1,371,242
Cash, cash equivalents, and restricted cash, beginning of period
954,357
154,214
Cash, cash equivalents, and restricted cash, end of period
$
1,675,936
$
1,525,456
CLOUDFLARE, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Reconciliation of cost of revenue:
GAAP cost of revenue
$
196,544
$
128,677
$
380,702
$
244,253
Less: Stock-based compensation and related employer payroll taxes
(4,311
)
(3,693
)
(8,455
)
(6,599
)
Less: Amortization of acquired intangible assets
(5,050
)
(3,329
)
(11,011
)
(6,182
)
Non-GAAP cost of revenue
$
187,183
$
121,655
$
361,236
$
231,472
Reconciliation of gross profit:
GAAP gross profit
$
499,517
$
383,639
$
955,114
$
747,150
Add: Stock-based compensation and related employer payroll taxes
4,311
3,693
8,455
6,599
Add: Amortization of acquired intangible assets
5,050
3,329
11,011
6,182
Non-GAAP gross profit
$
508,878
$
390,661
$
974,580
$
759,931
GAAP gross margin
71.8
%
74.9
%
71.5
%
75.4
%
Non-GAAP gross margin
73.1
%
76.3
%
73.0
%
76.7
%
Reconciliation of operating expenses:
GAAP sales and marketing
$
276,122
$
219,359
$
547,722
$
433,370
Less: Stock-based compensation and related employer payroll taxes
(41,246
)
(36,818
)
(84,070
)
(67,023
)
Less: Amortization of acquired intangible assets
(2,391
)
(417
)
(3,641
)
(805
)
Less: Acquisition-related and other expenses
(33
)
—
(33
)
—
Non-GAAP sales and marketing
$
232,452
$
182,124
$
459,978
$
365,542
GAAP research and development
$
159,486
$
134,557
$
310,458
$
249,646
Less: Stock-based compensation and related employer payroll taxes
(55,435
)
(50,956
)
(104,936
)
(89,225
)
Non-GAAP research and development
$
104,051
$
83,601
$
205,522
$
160,421
GAAP general and administrative
$
118,912
$
96,987
$
213,931
$
184,645
Less: Stock-based compensation and related employer payroll taxes
(39,601
)
(40,526
)
(70,589
)
(75,041
)
Less: Acquisition-related and other expenses
(2,047
)
—
(2,470
)
(112
)
Less: Lease impairment charges
—
(3,840
)
—
(3,840
)
Less: Legal reserve and settlements
(1,000
)
—
(1,000
)
—
Non-GAAP general and administrative
$
76,264
$
52,621
$
139,872
$
105,652
GAAP restructuring and other charges
$
150,693
$
—
$
150,693
$
—
Less: Restructuring and other charges
(150,693
)
—
(150,693
)
—
Non-GAAP restructuring and other charges
$
—
$
—
$
—
$
—
Reconciliation of income (loss) from operations:
GAAP loss from operations
$
(205,696
)
$
(67,264
)
$
(267,690
)
$
(120,511
)
Add: Stock-based compensation and related employer payroll taxes
140,593
131,993
268,050
237,888
Add: Amortization of acquired intangible assets
7,441
3,746
14,652
6,987
Add: Acquisition-related and other expenses
2,080
—
2,503
112
Add: Lease impairment charges
—
3,840
—
3,840
Add: Legal reserve and settlements
1,000
—
1,000
—
Add: Restructuring and other charges
150,693
—
150,693
—
Non-GAAP income from operations
$
96,111
$
72,315
$
169,208
$
128,316
GAAP operating margin
(29.6
)%
(13.1
)%
(20.0
)%
(12.2
)%
Non-GAAP operating margin
13.8
%
14.1
%
12.7
%
12.9
%
CLOUDFLARE, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Reconciliation of interest expense:
GAAP interest expense
$
(3,089
)
$
(1,524
)
$
(5,652
)
$
(2,967
)
Add: Amortization of debt issuance costs
2,439
1,199
4,865
2,189
Non-GAAP interest expense
$
(650
)
$
(325
)
$
(787
)
$
(778
)
Reconciliation of provision for income taxes:
GAAP provision for income taxes
$
2,041
$
3,157
$
3,567
$
4,852
Income tax effect of non-GAAP adjustments
26,485
15,275
47,059
28,644
Non-GAAP provision for income taxes
$
28,526
$
18,432
$
50,626
$
33,496
Reconciliation of net income (loss) and net income (loss) per share:
GAAP net loss attributable to common stockholders
$
(169,981
)
$
(50,446
)
$
(192,908
)
$
(88,900
)
Add: Stock-based compensation and related employer payroll taxes
140,593
131,993
268,050
237,888
Add: Amortization of acquired intangible assets
7,441
3,746
14,652
6,987
Add: Acquisition-related and other expenses
2,080
—
2,503
112
Add: Amortization of debt issuance costs
2,439
1,199
4,865
2,189
Add: Lease impairment charges
—
3,840
—
3,840
Add: Legal reserve and settlements
1,000
—
1,000
—
Add: Restructuring and other charges
150,693
—
150,693
—
Income tax effect of non-GAAP adjustments
(26,485
)
(15,275
)
(47,059
)
(28,644
)
Non-GAAP net income
$
107,780
$
75,057
$
201,796
$
133,472
GAAP net loss per share, basic
$
(0.48
)
$
(0.15
)
$
(0.55
)
$
(0.26
)
GAAP net loss per share, diluted
$
(0.48
)
$
(0.15
)
$
(0.55
)
$
(0.26
)
Add: Stock-based compensation and related employer payroll taxes
0.40
0.38
0.76
0.69
Add: Amortization of acquired intangible assets
0.02
0.01
0.04
0.02
Add: Acquisition-related and other expenses
0.01
—
0.01
—
Add: Amortization of debt issuance costs
0.01
—
0.01
0.01
Add: Lease impairment charges
—
0.01
—
0.01
Add: Legal reserve and settlements
—
—
—
—
Add: Restructuring and other charges
0.43
—
0.43
—
Income tax effect of non-GAAP adjustments
(0.07
)
(0.04
)
(0.13
)
(0.08
)
Effect of dilutive shares
(0.03
)
—
(0.03
)
(0.02
)
Non-GAAP net income per share, diluted(1)
$
0.29
$
0.21
$
0.54
$
0.37
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic
354,334
347,489
353,485
346,605
Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted
373,683
365,264
374,672
363,962
____________
(1) Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data.
CLOUDFLARE, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Free cash flow
Net cash provided by operating activities
$
117,564
$
99,796
$
275,894
$
245,580
Less: Purchases of property and equipment
(49,961
)
(59,897
)
(115,192
)
(145,786
)
Less: Capitalized internal-use software
(11,219
)
(6,619
)
(20,244
)
(13,647
)
Free cash flow
$
56,384
$
33,280
$
140,458
$
86,147
Net cash provided by (used in) investing activities
$
608,174
$
(793,025
)
$
449,368
$
(885,463
)
Net cash provided by (used in) financing activities
$
5,785
$
2,007,603
$
(3,683
)
$
2,011,125
Net cash provided by operating activities
(percentage of revenue)
17
%
19
%
21
%
25
%
Less: Purchases of property and equipment
(percentage of revenue)
(7
)%
(12
)%
(9
)%
(15
)%
Less: Capitalized internal-use software
(percentage of revenue)
(2
)%
(1
)%
(1
)%
(1
)%
Free cash flow margin(1)
8
%
6
%
11
%
9
%
____________
(1) Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data.
Explanation of Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the United States (U.S. GAAP), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation is provided above for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures, and not to rely on any single financial measure to evaluate our business.
Items Excluded from Non-GAAP Measures. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. We exclude employer payroll tax expenses related to stock-based compensation, which is a cash expense, from certain of our non-GAAP financial measures because such expenses are dependent upon the price of our Class A common stock and other factors that are beyond our control and do not correlate to the operation of our business. We exclude amortization of acquired intangible assets, which is a non-cash expense, related to business combinations from certain of our non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of our business. We exclude acquisition-related and other expenses from certain of our non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of our business. Acquisition-related and other expenses can be cash or non-cash expenses and include third-party transaction costs and compensation expense for key acquired personnel. We exclude lease impairment charges related to real estate leases, which is a non-cash expense, from certain of our non-GAAP financial measures because they are not indicative of our ongoing cost structure and core business performance. We exclude amortization of debt issuance costs, which is a non-cash expense, from certain of our non-GAAP financial measures because such expenses have no direct correlation to the operation of our business. We exclude legal reserve and settlements, which can be cash or non-cash expenses, from certain of our non-GAAP financial measures because they are not indicative of our ongoing cost structure and core business performance. We exclude restructuring and other charges, which can be cash or non-cash expenses, from certain of our non-GAAP financial measures because they are not indicative of our ongoing cost structure and core business performance.
Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define non-GAAP gross profit and non-GAAP gross margin as U.S. GAAP gross profit and U.S. GAAP gross margin, respectively, excluding stock-based compensation and related employer payroll taxes and amortization of acquired intangible assets.
Non-GAAP Income from Operations and Non-GAAP Operating Margin. We define non-GAAP income from operations and non-GAAP operating margin as U.S. GAAP loss from operations and U.S. GAAP operating margin, respectively, excluding stock-based compensation expense and its related employer payroll taxes, amortization of acquired intangible assets, acquisition-related and other expenses, lease impairment charges, legal reserve and settlements, and restructuring and other charges.
Non-GAAP Net Income and Non-GAAP Net Income per Share, Diluted. We define non-GAAP net income as GAAP net loss adjusted for stock-based compensation expense and its related employer payroll taxes, amortization of acquired intangible assets, acquisition-related and other expenses, amortization of issuance costs, lease impairment charges, legal reserve and settlements, restructuring and other charges, and a non-GAAP provision for (benefit from) income taxes. Generally, the difference between our GAAP and non-GAAP income tax expense (benefit) is primarily due to adjustments in stock-based compensation and related employer payroll taxes, amortization of acquired intangibles associated with business combinations, acquisition-related and other expenses, amortization of issuance costs, lease impairment charges, legal reserve and settlements, and restructuring and other charges. We define non-GAAP net income per share, diluted, as non-GAAP net income divided by the weighted-average common shares outstanding, adjusted for dilutive potential shares that were assumed outstanding during period. Currently, potential dilutive effect mainly consists of employee equity incentive plans and convertible senior notes. We believe that excluding these items from non-GAAP net income per share, diluted, provides management and investors with greater visibility into the underlying performance of our core business operating results.
Free Cash Flow and Free Cash Flow Margin. Free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Free cash flow margin is calculated as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in our business, and strengthening our financial position. We believe that historical and future trends in free cash flow and free cash flow margin, even if negative, provide useful information about the amount of cash generated by our operating activities that is available (or not available) to be used for strategic initiatives. For example, if free cash flow is negative, we may need to access cash reserves or other sources of capital to invest in strategic initiatives. One limitation of free cash flow and free cash flow margin is that they do not reflect our future contractual commitments. Additionally, free cash flow does not represent the total increase or decrease in our cash balance for a given period.
Aflac za 2. čtvrtletí nesplnil odhad zisku, když upravený zisk na akcii činil 1,75 USD oproti očekávaným 1,77 USD. Na výsledky dopadl silnější dolar a slabost v japonské divizi.
The company logo for Aflac is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 3, 2019. REUTERS/Brendan McDermid Purchase Licensing Rights, opens new tab
CompaniesAug 6 (Reuters) - Health and life insurer Aflac (AFL.N), opens new tab missed analysts' estimates for second-quarter profit on Thursday, hurt by a stronger dollar as well as weakness in its Japan unit.
The company posted an adjusted profit of $1.75 per share, compared with analysts' average estimate of $1.77, according to data compiled by LSEG.
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Here are more details:
The weaker yen/dollar exchange rate had a negative 5-cent impact on adjusted profit, the company said.
The Columbus, Georgia-based company reported total revenue of $4.1 billion for the quarter, compared with analysts' estimate of $4.16 billion.
Aflac provides accident and pet insurance plans through its units in the U.S. and Japan.
It also offers supplemental insurance to help cover out-of-pocket costs, including specialized coverage for critical illnesses, dental care and ophthalmological requirements.
Quarterly net premiums earned by its Japan unit fell 12.7% to $1.5 billion.
The company's U.S. unit earned net premiums of $1.5 billion for the second quarter, up 2.3% from a year earlier.
Aflac's U.S. sales rose 2.6% in the quarter to $349 million, primarily benefiting from sales of group voluntary products and network dental and vision products.
Reporting by Sneha S K in Bengaluru; Editing by Diti Pujara
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Con Edison ve 2. čtvrtletí zvýšil čistý zisk pro běžné akcionáře na 308 mil. USD, tedy 0,83 USD na akcii, z 246 mil. USD před rokem. Zároveň potvrdil celoroční upravený zisk na akcii v pásmu 6,00 až 6,20 USD.
, /PRNewswire/ -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2026 second quarter net income for common stock of $308 million or $0.83 a share compared with $246 million or $0.68 a share in the 2025 second quarter. Adjusted earnings (non-GAAP) were $308 million or $0.83 a share in the 2026 period compared with $240 million or $0.67 a share in the 2025 period. Adjusted earnings and adjusted earnings per share in the 2026 period exclude transaction costs associated with the strategic alternatives review of Con Edison's equity interests in Mountain Valley Pipeline, LLC (MVP) and Honeoye Storage Corporation (Honeoye). Adjusted earnings and adjusted earnings per share in the 2026 and 2025 periods exclude the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments. Adjusted earnings and adjusted earnings per share in the 2025 period exclude accretion of the basis difference of Con Edison's equity interest in MVP, adjustments to the gain and other impacts related to the sale of all of the stock of its former subsidiary, Con Edison Clean Energy Businesses, Inc. (the Clean Energy Businesses) in 2023.
For the first six months of 2026, net income for common stock was $1,232 million or $3.37 a share compared with $1,038 million or $2.93 a share in the first six months of 2025. Adjusted earnings were $1,098 million or $3.00 a share in the 2026 period compared with $1,032 million or $2.91 a share in the 2025 period. Adjusted earnings and adjusted earnings per share in the 2026 period exclude transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye, the gain on the sale of Con Edison's equity interest in MVP and the effects of HLBV accounting for tax equity investments. Adjusted earnings and adjusted earnings per share in the 2026 and 2025 periods exclude accretion of the basis difference of Con Edison's equity interest in MVP. Adjusted earnings and adjusted earnings per share in the 2025 period exclude adjustments to the gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses in 2023.
"Con Edison continues to deliver nation-leading electric service reliability, reflecting the strength of our business model, disciplined infrastructure investments, and the dedication and expertise of our workforce," said Tim Cawley, Chairman and CEO of Con Edison. "We are investing to further strengthen reliability and system resilience, including preparing our network for periods of extreme heat, and redoubling our efforts to keep our service affordable for all customers while continuing to support New York's clean energy transition. Our targeted investments benefit our customers, support economic growth, and provide a foundation for stable, long-term returns for investors."
"Our second-quarter results reflect the strength and resilience of our business and reinforce confidence in our long-term strategy," said Kirk Andrews, Senior Vice President and CFO of Con Edison. "Year-to-date results continue to be in line with expectations. Our vibrant market and the growing momentum for the electrification of buildings and transportation support our confidence that we will provide solid shareholder value for years to come. We expect to have 28 new substations in service by 2035, along with tens of billions of dollars in other capital investments we plan to make to meet our customers' need for energy."
For the year of 2026, Con Edison reaffirmed its adjusted earnings per share (non-GAAP) to be in the range of $6.00 to $6.20 per share. Adjusted earnings per share excludes the gain on the sale of Con Edison's equity interest in MVP ($(0.37) a share after-tax), accretion of the basis difference of Con Edison's equity interest in MVP ($(0.01) a share after-tax), transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye and the effects of HLBV accounting for tax equity investments, the amounts of which will not be determinable until year-end. Accordingly, the company is unable to provide equivalent measures determined in accordance with generally accepted accounting principles in the United States of America (GAAP).
See Attachment A to this press release for a reconciliation of Con Edison's reported earnings per share to adjusted earnings per share and reported net income for common stock to adjusted earnings for the three and six months ended June 30, 2026 and 2025. See Attachments B and C for the estimated effect of major factors resulting in variations in earnings per share and net income for common stock for the three and six months ended June 30, 2026 compared to the respective 2025 periods.
The company's 2026 Second Quarter Form 10-Q is being filed with the Securities and Exchange Commission. A second quarter 2026 earnings release presentation will be available at www.conedison.com. (Select "For Investors" and then select "Press Releases.")
This press release contains forward-looking statements that 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. Forward-looking statements are statements of future expectations and not facts. Words such as "forecasts," "expects," "estimates," "anticipates," "intends," "believes," "plans," "will," "target," "guidance," "potential," "goal," "consider" and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time.
Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; artificial intelligence is an emerging area of technology that has the potential to impact various aspects of its and its subsidiaries' business operations and customer interactions; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This press release also contains financial measures, adjusted earnings and adjusted earnings per share, that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as the gain on the sale of Con Edison's equity interest in MVP, accretion of the basis difference of Con Edison's equity interest in MVP, transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye and the effects of HLBV accounting for tax equity investments. Management uses these non-GAAP financial measures to facilitate the analysis of Con Edison's financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others Con Edison's expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of Con Edison's financial performance.
Consolidated Edison, Inc. is a holding company that provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility providing electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey; and Con Edison Transmission, Inc., a regulated company primarily under the oversight of the Federal Energy Regulatory Commission, that develops and invests in electric transmission projects and owns interests in electric assets.
Attachment A
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
Earnings
per Share
Net Income for
Common Stock
(Millions of
Dollars)
Earnings
per Share
Net Income for
Common Stock
(Millions of
Dollars)
2026
2025
2026
2025
2026
2025
2026
2025
Reported earnings per share (basic) and net income for common stock (GAAP basis)
$0.83
$0.68
$308
$246
$3.37
$2.93
$1,232
$1,038
Loss and other impacts related to the sale of the Clean Energy Businesses in 2025 (pre-tax)
—
—
—
—
—
—
—
—
Income taxes
—
—
—
(1)
—
—
—
(1)
Loss and other impacts related to the sale of the Clean Energy Businesses in 2025 (net of tax)
—
—
—
(1)
—
—
—
(1)
Accretion of the basis difference of Con Edison's equity interest in MVP (pre-tax)
—
(0.01)
—
(3)
(0.01)
(0.02)
(3)
(6)
Income taxes (a)
—
—
—
1
—
—
1
1
Accretion of the basis difference of Con Edison's equity interest in MVP (net of tax)
—
(0.01)
—
(2)
(0.01)
(0.02)
(2)
(5)
Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye (pre-tax)
—
—
1
—
0.01
—
4
—
Income taxes (b)
—
—
—
—
—
—
(1)
—
Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye (net of tax)
—
—
1
—
0.01
—
3
—
Gain on the sale of Con Edison's equity interest in MVP (pre-tax)
—
—
—
—
(0.52)
—
(189)
—
Income taxes (c)
—
—
—
—
0.15
—
55
—
Gain on the sale of Con Edison's equity interest in MVP (net of tax)
—
—
—
—
(0.37)
—
(134)
—
HLBV effects (pre-tax)
—
—
(1)
(4)
—
—
(1)
—
Income taxes (d)
—
—
—
1
—
—
—
—
HLBV effects (net of tax)
—
—
(1)
(3)
—
—
(1)
—
Adjusted earnings per share and adjusted earnings (non-GAAP basis)
$0.83
$0.67
$308
$240
$3.00
$2.91
$1,098
$1,032
(a)
The amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the six months ended June 30, 2026 and 21% for the three and six months ended June 30, 2025.
(b)
The amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the three and six months ended June 30, 2026.
(c)
The amount of income taxes was calculated using a combined federal and state income tax rate of 29% for the six months ended June 30, 2026.
(d)
The amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the three and six months ended June 30, 2026 and 23% for the three months ended June 30, 2025.
Attachment B
Variation for the Three Months Ended June 30, 2026 vs. 2025
Net Income for
Common Stock
(Net of Tax)
(Millions of
Dollars)
Earnings
per Share
CECONY (a)
Higher electric rate base and timing of billing of rate increase
$25
$0.07
Higher gas rate base and timing of billing of rate increase
23
0.06
Lower other interest expense
9
0.03
Lower electric operations and maintenance expense
9
0.02
Higher income from allowance for funds used during construction
4
0.01
Dilutive effect of issuance of common shares
—
(0.02)
Other
4
0.01
Total CECONY
74
0.18
O&R (a)
Electric base rate increase
3
0.01
Gas base rate increase
2
—
Higher interest expense on long-term debt
(3)
(0.01)
Other
(2)
—
Total O&R
—
—
Con Edison Transmission
Accretion of the basis difference of Con Edison's equity interest in MVP
(2)
(0.01)
Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye
(1)
—
Total Con Edison Transmission
(3)
(0.01)
Other, including parent company expenses (b)
Higher other interest expense
(2)
(0.01)
HLBV effects
(2)
—
Loss and other impacts related to the sale of the Clean Energy Businesses in 2025
(1)
—
Higher income tax expense
(1)
—
Other
(3)
(0.01)
Total Other, including parent company expenses
(9)
(0.02)
Total Reported (GAAP basis)
$62
$0.15
Accretion of the basis difference of Con Edison's equity interest in MVP
2
0.01
HLBV effects
2
—
Loss and other impacts related to the sale of the Clean Energy Businesses in 2025
1
—
Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye
1
—
Total Adjusted (Non-GAAP basis)
$68
$0.16
(a)
Under the revenue decoupling mechanisms in the Utilities' New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY's steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison's results of operations.
(b)
Other includes the parent company, Con Edison's tax equity investments and consolidation adjustments.
Attachment C
Variation for the Six Months Ended June 30, 2026 vs. 2025
Net Income for
Common Stock
(Net of Tax)
(Millions of
Dollars)
Earnings
per Share
CECONY (a)
Higher electric rate base
33
0.09
Higher gas rate base
26
0.07
Higher income from allowance for funds used during construction
6
0.02
Dilutive effect of issuance of common shares
—
(0.09)
Other
(3)
(0.01)
Total CECONY
62
0.08
O&R (a)
Electric base rate increase
8
0.02
Gas base rate increase
4
0.01
Higher interest expense on long-term debt
(6)
(0.02)
Total O&R
6
0.01
Con Edison Transmission
Gain on the sale of Con Edison's equity interest in MVP
134
0.37
Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye
(3)
(0.01)
Accretion of the basis difference of Con Edison's equity interest in MVP
(3)
(0.01)
Other
2
0.01
Total Con Edison Transmission
130
0.36
Other, including parent company expenses (b)
Higher income tax expense
(3)
(0.01)
Higher other interest expense
(2)
(0.01)
Loss and other impacts related to the sale of the Clean Energy Businesses in 2025
(1)
—
HLBV effects
1
—
Other
1
0.01
Total Other, including parent company expenses
(4)
(0.01)
Total Reported (GAAP basis)
$194
$0.44
Gain on the sale of Con Edison's equity interest in MVP
(134)
(0.37)
HLBV effects
(1)
—
Accretion of the basis difference of Con Edison's equity interest in MVP
3
0.01
Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye
3
0.01
Loss and other impacts related to the sale of the Clean Energy Businesses in 2025
1
—
Total Adjusted (Non-GAAP basis)
$66
$0.09
(a)
Under the revenue decoupling mechanisms in the Utilities' New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY's steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison's results of operations.
(b)
Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025.
DraftKings ve 2. čtvrtletí zvýšil Sports Consumer Volume na 13,1 mld. USD, ale tržby klesly o 5 % na 1,443 mld. USD. Firma zároveň potvrdila celoroční výhled tržeb v rozmezí 6,5 až 6,9 mld. USD.
BOSTON--(BUSINESS WIRE)--DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today announced its second quarter 2026 financial results. The Company also posted a second quarter 2026 business update and a slide presentation on the Financials section of its website at ir.aboutdraftkings.com.
Second Quarter 2026 Highlights
For the three months ended June 30, 2026, DraftKings reported Sports Consumer Volume of $13.1 billion, an increase of $1.7 billion, or 15%, compared to $11.5 billion during the same period in 2025. The increase reflects strong customer acquisition and engagement. DraftKings reported revenue of $1,443 million, a decrease of $69 million, or 5%, compared to $1,513 million during the same period in 2025. The decrease in the Company's second quarter 2026 revenue was driven primarily by customer-friendly sport outcomes and increased promotional reinvestment associated with new customer acquisition on our Sportsbook and Predictions offerings.
“We delivered a strong second quarter and enter the back half of the year with real momentum, as our core business grew across handle, users, and engagement,” said Jason Robins, DraftKings' Chief Executive Officer and Co-founder. “Our Super App is now live nationwide, and Predictions is already growing faster than we anticipated. The similarity of Predictions customer metrics to Sportsbook customer metrics, our advantaged LTV position, and our playbook to innovate on a leading Predictions offering all underpin our confidence that we can win the category this NFL season and beyond.”
“Our core business remains on track to generate approximately $1 billion of Adjusted EBITDA this year, providing us with financial flexibility to invest behind the significant opportunity that we are seeing in Predictions,” said Alan Ellingson, DraftKings’ Chief Financial Officer. “Therefore, we are maintaining our fiscal year 2026 guidance for revenue of $6.5 billion to $6.9 billion and Adjusted EBITDA of $700 million to $900 million.”
Continued Strong Customer Acquisition, Retention, and Engagement
Monthly Unique Payers (“MUPs”) increased approximately 9% to 3.6 million in the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase reflects strong unique payer retention and new customer acquisition across our Sportsbook offering and Predictions offering, which launched in December 2025. Average Revenue per MUP (“ARPMUP”) decreased approximately 13%, or $19, to $132 for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to customer-friendly sport outcomes and new customer promotions impacting revenue across our Sportsbook offering and Predictions offering. Detailed financial data and other information for the second quarter of 2026 is available in the financial statements set forth below under the caption “Financial and Operational Results.” Fiscal Year 2026 Guidance
DraftKings is maintaining its fiscal year 2026 revenue guidance range of $6.5 billion to $6.9 billion and fiscal year 2026 Adjusted EBITDA guidance range of $700 million to $900 million, which the Company previously announced on May 7, 2026. Mobile Sports Betting and iGaming Footprint
DraftKings is live with mobile sports betting in 27 states, Washington, D.C., and Puerto Rico representing approximately 53% of the U.S. population. DraftKings is also live with iGaming in 5 states, representing approximately 11% of the U.S. population. Following the launch of our Sportsbook and iGaming offerings in Alberta, Canada, DraftKings is now live with its Sportsbook and iGaming offerings in provinces representing approximately 51% of the Canadian population. Webcast and Conference Call Details
As previously announced, DraftKings will host a conference call and audio webcast tomorrow, Friday, August 7, 2026, from 8:30 a.m. to 9:15 a.m. ET, during which management will discuss the Company’s results and provide commentary on business performance. A question-and-answer session will follow the prepared remarks.
To listen to the audio webcast and live question and answer session, please visit DraftKings’ Financials section of its website at ir.aboutdraftkings.com. A live audio webcast of the earnings conference call will be available on the Company’s website at ir.aboutdraftkings.com, along with a copy of this earnings press release, the Company’s Quarterly Report on Form 10-Q, a second quarter 2026 business update and a slide presentation. The audio webcast will be available on the Company’s investor relations website until 11:59 p.m. ET on September 30, 2026.
Financial and Operational Results
DraftKings’ second quarter 2026 financial results, as well as the financial results for each comparative period, and certain operational results are presented below:
DRAFTKINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except par value)
June 30, 2026
(Unaudited)
December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$
983,882
$
1,127,545
Restricted cash
8,596
7,601
Cash reserved for users
395,030
469,449
Accounts receivable
82,079
105,577
Prepaid expenses and other current assets
107,436
104,837
Total current assets
1,577,023
1,815,009
Property and equipment, net
52,726
51,081
Intangible assets, net
837,441
889,201
Goodwill
1,597,647
1,597,647
Operating lease right-of-use assets
76,760
49,810
Equity method investments
30,312
18,938
Deposits and other non-current assets
105,470
109,098
Total assets
$
4,277,379
$
4,530,784
Liabilities and Stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses
$
689,247
$
785,441
Liabilities to users
840,261
935,001
Operating lease liabilities, current portion
9,735
9,795
Other current liabilities
11,445
25,234
Total current liabilities
1,550,688
1,755,471
Convertible notes, net of issuance costs
1,260,421
1,259,096
Term B Loan, net of issuance costs
574,574
576,544
Operating lease liabilities
71,279
44,391
Long-term income tax liabilities
100,959
91,618
Other long-term liabilities
150,030
172,203
Total liabilities
$
3,707,951
$
3,899,323
Stockholders’ equity:
Class A common stock, $0.0001 par value; 900,000 shares authorized as of June 30, 2026 and December 31, 2025; 541,503 and 533,296 shares issued and 495,978 and 495,053 outstanding as of June 30, 2026 and December 31, 2025, respectively
$
53
$
52
Class B common stock, $0.0001 par value; 900,000 shares authorized as of June 30, 2026 and December 31, 2025; 393,014 shares issued and outstanding as of June 30, 2026 and December 31, 2025
39
39
Treasury stock, at cost; 45,525 and 38,243 shares as of June 30, 2026 and December 31, 2025, respectively
(1,590,131
)
(1,392,433
)
Additional paid-in capital
8,607,037
8,424,833
Accumulated deficit
(6,484,058
)
(6,437,518
)
Accumulated other comprehensive income
36,488
36,488
Total stockholders’ equity
$
569,428
$
631,461
Total liabilities and stockholders’ equity
$
4,277,379
$
4,530,784
DRAFTKINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenue
$
1,443,235
$
1,512,507
$
3,089,311
$
2,921,313
Cost of revenue
891,782
854,559
1,841,167
1,698,362
Sales and marketing
322,536
233,187
724,270
576,867
Product and technology
127,649
108,417
250,825
211,677
General and administrative
169,442
165,700
335,376
330,094
Income (loss) from operations
(68,174
)
150,644
(62,327
)
104,313
Other income (expense):
Interest income (expense), net
(7,434
)
665
(13,173
)
5,060
Gain (loss) on remeasurement of warrant liabilities
—
(5,851
)
—
(3,356
)
Other gain (loss), net
3,750
24,459
26,564
24,481
Income (loss) before income tax and equity method investments
(71,858
)
169,917
(48,936
)
130,498
Income tax provision (benefit)
(1,797
)
11,790
4,572
6,190
(Gain) loss from equity method investments
(2,451
)
191
(6,968
)
236
Net income (loss) attributable to common stockholders
$
(67,610
)
$
157,936
$
(46,540
)
$
124,072
Earnings (loss) per share attributable to common stockholders:
Basic
$
(0.14
)
$
0.32
$
(0.09
)
$
0.25
Diluted
$
(0.14
)
$
0.30
$
(0.09
)
$
0.23
DRAFTKINGS INC.
NON-GAAP FINANCIAL MEASURES
(Unaudited)
(Amounts in thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Adjusted EBITDA
$
114,597
$
300,644
$
282,450
$
403,273
Adjusted Diluted Earnings (Loss) Per Share
$
0.09
$
0.38
$
0.29
$
0.50
DRAFTKINGS INC.
REVENUE DISAGGREGATION
(Unaudited)
(Amounts in thousands, except percentages)
Three Months Ended June 30,
(amounts in thousands)
2026
2025
$ Change
% Change
Sports Consumer Volume
$
13,140,417
$
11,474,841
$
1,665,576
14.5
%
Sports Revenue
891,883
997,872
(105,989
)
(10.6
)%
Sports Net Revenue Margin
6.8
%
8.7
%
N/A
N/A
Sports Revenue
$
891,883
$
997,872
$
(105,989
)
(10.6
)%
iGaming Revenue
461,930
429,660
32,270
7.5
%
Other Revenue
89,422
84,975
4,447
5.2
%
Total Revenue
$
1,443,235
$
1,512,507
$
(69,272
)
(4.6
)%
Six Months Ended June 30,
(amounts in thousands)
2026
2025
$ Change
% Change
Sports Consumer Volume
$
27,342,115
$
25,355,232
$
1,986,883
7.8
%
Sports Revenue
1,986,436
1,879,829
106,607
5.7
%
Sports Net Revenue Margin
7.3
%
7.4
%
N/A
N/A
Sports Revenue
$
1,986,436
$
1,879,829
$
106,607
5.7
%
iGaming Revenue
923,230
853,131
70,099
8.2
%
Other Revenue
179,645
188,353
(8,708
)
(4.6
)%
Total Revenue
$
3,089,311
$
2,921,313
$
167,998
5.8
%
Sports Revenue. We define Sports Revenue as the total amount of online sportsbook, retail sportsbook, and Prediction Markets revenue.
Sports Consumer Volume. We define Sports Consumer Volume as the total amount of settled customer wagers or trades on our Sportsbook and Prediction Markets offerings.
Sports Net Revenue Margin. We define Sports Net Revenue Margin as Sports revenue as a percentage of Sports Consumer Volume.
DRAFTKINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in thousands)
Six Months Ended June 30,
2026
2025
Cash Flows from Operating Activities:
Net income (loss) attributable to common stockholders
$
(46,540
)
$
124,072
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization
152,003
135,415
Non-cash interest (income) expense, net
2,451
939
Stock-based compensation
147,769
163,547
(Gain) loss on remeasurement of warrant liabilities
—
3,356
(Gain) loss from equity method investments
(6,968
)
236
Deferred income taxes
(215
)
96
Other non-cash (gain) loss, net
(26,303
)
(16,422
)
Change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable
23,498
(11,111
)
Prepaid expenses and other current assets
(4,009
)
(7,625
)
Deposits and other non-current assets
2,220
2,759
Accounts payable and accrued expenses
(95,746
)
(98,441
)
Liabilities to users
(94,740
)
(254,484
)
Long-term income tax liability
9,341
7,953
Other long-term liabilities
240
4,615
Net cash flows provided by (used in) operating activities
$
63,001
$
54,905
Cash Flows from Investing Activities:
Purchases of property and equipment
$
(11,671
)
$
(6,963
)
Cash paid for internally developed software costs
(75,064
)
(60,414
)
Cash paid for gaming market access and licenses
(1,992
)
(2,234
)
Other investing activities
(4,717
)
(4,667
)
Net cash flows provided by (used in) investing activities
$
(93,444
)
$
(74,278
)
Cash Flows from Financing Activities:
Proceeds from Term B Loan, net
$
—
$
588,116
Repayment of Term B Loan principal
(3,000
)
(1,500
)
Purchase of treasury stock for RSU withholding
(43,480
)
(101,852
)
Purchase of treasury stock under Stock Repurchase Program
(154,218
)
(242,741
)
Proceeds from exercise of stock options
4,067
6,304
Proceeds from shares issued under Employee Stock Purchase Plan
9,987
6,900
Other financing activities
—
(2,093
)
Net cash flows provided by (used in) financing activities
$
(186,644
)
$
253,134
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash reserved for users
(217,087
)
233,761
Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period
1,604,595
1,330,193
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period
$
1,387,508
$
1,563,954
Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users
Cash and cash equivalents
$
983,882
$
1,261,969
Restricted cash
8,596
4,616
Cash reserved for users
395,030
297,369
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period
$
1,387,508
$
1,563,954
Supplemental Disclosure of Noncash Investing and Financing Activities:
Decrease in warrant liabilities from cashless exercise of warrants
$
—
$
11,185
Shares issued for contingent consideration
9,420
4,962
Stock-based compensation capitalized to internally developed software costs
13,553
11,955
Supplemental Disclosure of Cash Activities:
(Decrease) increase in cash reserved for users
$
(74,419
)
$
(228,038
)
Cash paid for interest
17,624
9,421
Cash paid for income taxes, net of refunds
2,440
8,186
Non-GAAP Financial Measures
This press release includes Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share, which are non-GAAP financial measures that DraftKings uses to supplement its results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share are useful in evaluating its operating performance, similar to measures reported by its publicly-listed U.S. competitors, and regularly used by security analysts, institutional investors and other interested parties in analyzing operating performance and prospects. Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share are not intended to be substitutes for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
DraftKings defines and calculates Adjusted EBITDA as net income (loss) before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization, and further adjusted for the following items: stock-based compensation; transaction-related costs; litigation, settlement and related costs; advocacy and other related legal expenses; gain or loss on remeasurement of warrant liabilities; and other non-recurring and non-operating costs or income, as described in the reconciliation below.
DraftKings defines and calculates Adjusted Diluted Earnings (Loss) Per Share as diluted earnings (loss) per share attributable to common stockholders adjusted for the impact of amortization of acquired intangible assets; discrete tax benefits attributed to acquisitions; stock-based compensation; transaction-related costs; litigation, settlement and related costs; advocacy and other related legal expenses; gain or loss on remeasurement of warrant liabilities; other non-recurring and non-operating costs or income; and the tax impact of adjusting items, as described in the reconciliation below. The weighted-average shares outstanding used in the calculation of diluted earnings (loss) per share are the GAAP weighted-average diluted shares reported in the consolidated financial statements and are not adjusted.
DraftKings includes these non-GAAP financial measures because they are used by management to evaluate the Company’s core operating performance and trends and to make decisions regarding the allocation of capital and new investments. Adjusted EBITDA and Adjusted Diluted Earnings (Loss) Per Share exclude certain expenses that are required in accordance with GAAP because they are non-recurring items (for example, in the case of transaction-related costs and advocacy and other related legal expenses), non-cash expenditures (for example, in the case of depreciation and amortization, remeasurement of warrant liabilities and stock-based compensation), or non-operating items which are not related to the Company’s underlying business performance (for example, in the case of interest income and expense and litigation, settlement and related costs).
The unaudited table below presents the Company’s Adjusted EBITDA reconciled to its net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, for the periods indicated:
Three Months Ended June 30,
Six Months Ended June 30,
(amounts in thousands)
2026
2025
2026
2025
Net income (loss)
$
(67,610
)
$
157,936
$
(46,540
)
$
124,072
Adjusted for:
Depreciation and amortization (1)
80,342
65,299
152,003
135,415
Interest (income) expense, net
7,434
(665
)
13,173
(5,060
)
Income tax (benefit) provision
(1,797
)
11,790
4,572
6,190
Stock-based compensation (2)
82,554
84,701
147,769
163,547
Transaction-related costs (3)
—
—
—
—
Litigation, settlement, and related costs (4)
—
—
—
—
Advocacy and other related legal expenses (5)
19,875
—
46,238
—
Loss (gain) on remeasurement of warrant liabilities
—
5,851
—
3,356
Other non-recurring costs and non-operating costs (income) (6)
(6,201
)
(24,268
)
(34,765
)
(24,247
)
Adjusted EBITDA
$
114,597
$
300,644
$
282,450
$
403,273
(1)
The amounts include the amortization of acquired intangible assets of $37.6 million and $36.4 million for the three months ended June 30, 2026 and 2025, respectively, and $75.1 million and $79.1 million for the six months ended June 30, 2026 and 2025, respectively. (2)
Reflects stock-based compensation expenses resulting from the issuance of awards under incentive plans. (3)
Includes capital markets advisory, consulting, accounting and legal expenses related to the evaluation, negotiation, and consummation of transactions and offerings that are under consideration, pending, or completed, as well as integration costs related to acquisitions. (4)
Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to our ordinary-course business operations. (5)
Reflects non-recurring and non-ordinary course costs relating to advocacy efforts primarily in pursuit of legalization of DraftKings offerings. For the three and six months ended June 30, 2026, this spend primarily relates to legislative efforts for legalizing iGaming, supporting a ballot measure for legalizing Sportsbook, and other advocacy activities related to certain states. Advocacy and legal expenses incurred in the ordinary course of business have not been adjusted in this measure. (6)
Primarily includes the change in fair value of certain assets and liabilities, including contingent consideration, as well as our equity method share of investee’s gains and losses and other costs relating to non-recurring and non-operating items. The unaudited table below presents the Company’s Adjusted Diluted Earnings (Loss) Per Share reconciled to its diluted earnings (loss) per share attributable to common stockholders, which is the most directly comparable financial measure calculated in accordance with GAAP, for the periods indicated:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Diluted earnings (loss) per share attributable to common stockholders
$
(0.14
)
$
0.30
$
(0.09
)
$
0.23
Adjusted for:
Amortization of acquired intangible assets (1)
0.08
0.07
0.15
0.15
Stock-based compensation (2)
0.17
0.16
0.30
0.31
Transaction-related costs (3)
—
—
—
—
Litigation, settlement, and related costs (4)
—
—
—
—
Advocacy and other related legal expenses (5)
0.04
—
0.09
—
Loss (gain) on remeasurement of warrant liabilities
—
0.00
—
0.00
Other non-recurring and non-operating costs (income)
(0.01
)
(0.04
)
(0.05
)
(0.04
)
Tax impact of adjusting items (6)
(0.05
)
(0.11
)
(0.10
)
(0.16
)
Adjusted Diluted Earnings (Loss) Per Share*
$
0.09
$
0.38
$
0.29
$
0.50
*
Weighted average diluted number of shares used to calculate Adjusted Diluted Earnings (Loss) Per Share for the three months ended June 30, 2026 and 2025 was 496.1 million and 529.5 million, respectively, and for the six months ended June 30, 2026 and 2025 was 495.2 million and 529.6 million, respectively; totals may not add due to rounding. (1)
The amounts include the amortization of acquired intangible assets of $37.6 million and $36.4 million for the three months ended June 30, 2026 and 2025, respectively, and $75.1 million and $79.1 million for the six months ended June 30, 2026 and 2025, respectively. (2)
Reflects stock-based compensation expenses resulting from the issuance of awards under incentive plans. (3)
Includes capital markets advisory, consulting, accounting and legal expenses related to the evaluation, negotiation, and consummation of transactions and offerings that are under consideration, pending, or completed, as well as integration costs related to acquisitions. (4)
Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to our ordinary-course business operations. (5)
Reflects non-recurring and non-ordinary course costs relating to advocacy efforts primarily in pursuit of legalization of DraftKings offerings. For the three and six months ended June 30, 2026, this spend primarily relates to legislative efforts for legalizing iGaming, supporting a ballot measure for legalizing Sportsbook, and other advocacy activities related to certain states. Advocacy and legal expenses incurred in the ordinary course of business have not been adjusted in this measure. (6)
Beginning in the first quarter of 2025, the Company began applying an estimated non-GAAP effective tax rate, which was 23% in 2025 and is 28% as of the second quarter of 2026. The non-GAAP effective tax rate reflects the non-GAAP tax provision commensurate with the Company's level of non-GAAP profitability, which was determined after adjusting for the non-GAAP adjustments presented above and excluding the impact of changes in the valuation allowance. Information reconciling forward-looking fiscal year 2026 Adjusted EBITDA guidance to its most directly comparable GAAP financial measure, net income (loss), is unavailable to DraftKings without unreasonable effort due to, among other things, certain items required for such reconciliation being outside of DraftKings’ control and/or not being able to be reasonably predicted. Preparation of such reconciliation would require a forward-looking balance sheet, statement of income, and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. DraftKings provides a range for its Adjusted EBITDA forecast that it believes will be achieved; however, the Company cannot provide any assurance that it can predict all of the components of the Adjusted EBITDA calculation. DraftKings provides a forecast for Adjusted EBITDA because it believes that Adjusted EBITDA, when viewed with DraftKings’ results calculated in accordance with GAAP, provides useful information for the reasons noted above. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income (loss) or cash flow from operating activities or as an indicator of operating performance or liquidity.
About DraftKings
DraftKings Inc. is a digital sports and gaming company created to be the Ultimate Host and fuel the competitive spirit of sports fans with platforms that range across daily fantasy, regulated gaming, prediction markets and digital media. Headquartered in Boston and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings’ mission is to make life more exciting by responsibly creating the world’s favorite real-money games, betting experiences and event contracts trading. DraftKings Sportsbook is live with mobile and/or retail sports betting operations pursuant to regulations in 30 states, Washington, D.C., Puerto Rico, and Alberta and Ontario, Canada. The Company operates iGaming pursuant to regulations in five states and in Alberta and Ontario, Canada under its DraftKings brand and pursuant to regulations in four states and in Ontario, Canada, under its Golden Nugget Online Gaming brand. DraftKings also owns Jackpocket, the leading digital lottery courier app in the United States. DraftKings’ daily fantasy sports platform is available in 44 states, Washington, D.C., and certain Canadian provinces. DraftKings' wholly-owned subsidiary GUS III LLC (d/b/a DraftKings Predictions) also operates DraftKings Predictions, offering federally regulated event contracts under CFTC oversight. DraftKings is both an official sports betting and daily fantasy partner of the NHL, PGA TOUR and WNBA, as well as an official daily fantasy partner of NASCAR, an official sports betting partner of the NBA and an authorized gaming operator of MLB. In addition, DraftKings owns and operates DraftKings Network, a multi-platform content ecosystem. DraftKings is committed to delivering responsible engagement tools and resources, while focusing on integrity and customer education.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements about the Company and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release, including statements regarding guidance, DraftKings’ future results of operations or financial condition, strategic plans and focus, customer growth and engagement, offering initiatives, and the objectives and expectations of management for future operations (including launches in new jurisdictions and the expected timing thereof), are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “confident,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “going to,” “intend,” “may,” “plan,” “poised,” “potential,” “predict,” “project,” “propose,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions, or by statements of vision, strategy or outlook. DraftKings cautions you that the foregoing may not include all of the forward-looking statements made in this press release.
You should not rely on forward-looking statements as predictions of future events. DraftKings has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends, including the current macroeconomic environment, that it believes may affect its business, financial condition, results of operations, and prospects. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control and that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to, DraftKings’ ability to manage growth; DraftKings’ ability to execute its business plan and meet its projections, including growth and execution in the emerging prediction markets category; potential litigation involving DraftKings; changes in applicable laws or regulations, particularly with respect to gaming and the regulatory status of prediction markets and event contracts; general economic and market conditions impacting demand for DraftKings’ offerings and services; economic and market conditions in the media, gaming, and software industries in the markets in which DraftKings operates; market and global conditions and economic factors, as well as the potential impact of general economic conditions, and the potential impact of new and existing laws, regulations, or policies, including those relating to tariffs, import/export, or trade restrictions, inflation, rising interest rates and instability in the banking system, on DraftKings’ liquidity, operations and personnel, as well as the risks, uncertainties, and other factors described in “Risk Factors” in DraftKings’ filings with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov. Additional information will be made available in other filings that DraftKings makes from time to time with the SEC. The forward-looking statements contained herein are based on management’s current expectations and beliefs and speak only as of the date hereof, and DraftKings makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations, except as required by law.
Corteva spustila nabídku na výměnu dluhopisů EIDP za nové dluhopisy Vylor v souvislosti s plánovaným oddělením firmy. Nabídka závisí na dokončení oddělení a na souhlasu držitelů většiny dluhu.
, /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) announced today that Vylor Inc., a Delaware corporation and its wholly owned subsidiary ("Vylor"), has commenced private offers to exchange (with respect to each series, an "Exchange Offer" and together, the "Exchange Offers") any and all of the outstanding senior notes of the series listed in the table below issued by EIDP, Inc., a Delaware corporation and a wholly owned subsidiary of Corteva ("EIDP" and such notes, collectively, the "EIDP Notes"), to the extent held by eligible holders, for a corresponding series of notes to be newly issued by Vylor (collectively, the "Vylor Notes"). As previously disclosed, Corteva's Board of Directors is pursuing a plan to separate Corteva into two independent, publicly traded companies, one comprising its current crop protection business and the other comprising its current seed business to be owned and conducted, directly or indirectly, by Vylor (the "Separation"). The Exchange Offers and Consent Solicitations (as defined below) are being made in connection with the planned Separation. Each Exchange Offer and Consent Solicitation is conditioned upon, among other things, consummation of the Separation and the receipt, by the applicable Early Tender Deadline (as defined below), of the Requisite Consents (as defined below) to the Proposed EIDP Base Indenture Amendments (as defined below). The Separation is subject to the satisfaction or waiver of certain customary conditions, and Corteva's Board of Directors has the discretion to abandon or to alter the terms of the planned Separation. As publicly announced by Corteva on July 30, 2026, the Separation is currently expected to be consummated on or about October 1, 2026, subject to satisfaction or waiver of the conditions thereto.
The Exchange Offers and Consent Solicitations are being made upon the terms and conditions set forth in an exchange offer memorandum and consent solicitation statement, dated August 6, 2026 (the "Offering Memorandum"), copies of which will be made available to holders of the EIDP Notes eligible to participate in the Exchange Offers and Consent Solicitations.
The Vylor Notes will have the same interest payment dates, maturity date and interest rate as the EIDP Notes of the corresponding series. In addition to the Vylor Notes, eligible holders of EIDP Notes tendered by the applicable Early Tender Deadline and not validly withdrawn before the applicable Withdrawal Deadline (as defined below) will also receive the applicable Cash Consideration (as defined below). The following table sets forth the applicable Total Exchange Consideration (as defined below), which includes the Cash Consideration, and the applicable Exchange Consideration (as defined below) being offered for a series of EIDP Notes:
Total Exchange
Consideration for
EIDP Notes Validly
Tendered by the
Early Tender
Deadline and Not
Validly Withdrawn by
the Withdrawal
Deadline
Exchange
Consideration
for EIDP Notes
Validly
Tendered After
the Early
Tender
Deadline
Title of
Series of
EIDP
Notes
CUSIP No.
and ISIN of
EIDP Notes
Aggregate
Principal
Amount of
EIDP Notes
Outstanding
Vylor Notes
to be
Issued in
Exchange
for EIDP
Notes
Principal
Amount
of Vylor
Notes (1)
Cash
Consideration
(2)
Principal
Amount of
Vylor Notes
(3)
2.300% Senior Notes due 2030
263534CP2 US263534CP24
$
500,000,000
2.300% Senior Notes due 2030
$1,000
$2.50 to $5.00
$970
5.125% Senior Notes due 2032
263534CS6 US263534CS62
$
500,000,000
5.125% Senior Notes due 2032
$1,000
$2.50 to $5.00
$970
4.800% Senior Notes due 2033
263534CR8 US263534CR89
$
600,000,000
4.800% Senior Notes due 2033
$1,000
$2.50 to $5.00
$970
Principal amount of the applicable series of Vylor Notes issued in exchange for each $1,000 principal amount of EIDP Notes of the corresponding series validly tendered by the applicable Early Tender Deadline and not validly withdrawn by the applicable Withdrawal Deadline and accepted for exchange. Per $1,000 principal amount of the applicable series of EIDP Notes validly tendered by the applicable Early Tender Deadline and not validly withdrawn by the applicable Withdrawal Deadline and accepted for exchange, the applicable Cash Consideration will be an amount equal to the product of $2.50 multiplied by a fraction, the numerator of which is the aggregate principal amount of such series of EIDP Notes outstanding as of such Early Tender Deadline and the denominator of which is the aggregate principal amount of such series of EIDP Notes validly tendered by such Early Tender Deadline and not validly withdrawn by the applicable Withdrawal Deadline. As a result, the applicable Cash Consideration for a series of EIDP Notes will range from $2.50 per $1,000 principal amount (if all eligible holders of such series of EIDP Notes tender) to approximately $5.00 per $1,000 principal amount (if eligible holders of a simple majority of the aggregate principal amount of such series of EIDP Notes tender). The applicable Exchange Consideration does not include, and eligible holders tendering after the applicable Early Tender Deadline will not be eligible to receive, any Cash Consideration. The applicable Exchange Consideration involves the issuance of $970 principal amount of the applicable series of Vylor Notes, as opposed to $1,000 principal amount of such Vylor Notes, for each $1,000 principal amount of EIDP Notes of the corresponding series validly tendered after the applicable Early Tender Deadline and accepted for exchange. Concurrently with the Exchange Offers, Vylor is soliciting consents (with respect to the EIDP Base Indenture (as defined below) and the applicable EIDP Supplemental Indenture (as defined below) governing a series of EIDP Notes, a "Consent Solicitation" and together, the "Consent Solicitations") from eligible holders of EIDP Notes, on behalf of EIDP, to adopt certain proposed amendments to the base indenture (the "EIDP Base Indenture") and the supplemental indentures thereto (each, an "EIDP Supplemental Indenture") governing the EIDP Notes. The proposed amendments to the EIDP Base Indenture (the "Proposed EIDP Base Indenture Amendments") would eliminate substantially all of the restrictive covenants and events of default (other than payment-related and bankruptcy-related events of default) from the EIDP Base Indenture. Approval of the Proposed EIDP Base Indenture Amendments requires consents from the holders of at least a majority of the aggregate principal amount of all the EIDP Notes, voting as a single class (the "Requisite Consents"). The Exchange Offers are conditioned upon, among other things, receipt, by the applicable Early Tender Deadline, of the Requisite Consents to the Proposed EIDP Base Indenture Amendments. The proposed amendments with respect to each EIDP Supplemental Indenture (the "Proposed EIDP Supplemental Indenture Amendments" and, together with the Proposed EIDP Base Amendments, the "Proposed Amendments") would eliminate the offer to repurchase upon change of control provisions from the applicable EIDP Supplemental Indenture. Approval of the Proposed EIDP Supplemental Indenture Amendments requires consents from the holders of at least a majority of the aggregate principal amount of the applicable series of EIDP Notes (the "Majority Consents"). The Exchange Offers are not conditioned upon the receipt of the Majority Consents with respect to any EIDP Supplemental Indenture. When an eligible holder validly tenders their EIDP Notes in the applicable Exchange Offer, they are automatically treated as having validly delivered the related consents to the Proposed Amendments with respect to such EIDP Notes. Eligible holders will not be permitted to tender their EIDP Notes without delivering related consents or to deliver related consents without tendering their EIDP Notes.
Each Exchange Offer and Consent Solicitation will expire at 5:00 p.m., New York City time, on September 3, 2026, unless extended or earlier terminated (such date and time, as they may be extended, the "Expiration Date"). Tenders of a series of EIDP Notes may be validly withdrawn at or prior to 5:00 p.m., New York City time, on August 19, 2026, unless extended or earlier terminated with respect to the applicable Exchange Offer (such date and time, as they may be extended, the "Withdrawal Deadline"), but tenders of such EIDP Notes not so validly withdrawn will thereafter be irrevocable, except in certain limited circumstances where additional withdrawal rights are required by law. A valid withdrawal of the applicable series of EIDP Notes at or prior to 5:00 p.m., New York City time, on August 19, 2026 (such date and time, as they may be extended to any date and time that is no later than the Withdrawal Deadline, the "Consent Revocation Deadline") will also constitute the revocation of the related consents. With respect to a series of EIDP Notes, consents may not be revoked after the applicable Consent Revocation Deadline. Vylor reserves the right to terminate, withdraw, amend or extend an Exchange Offer and Consent Solicitation in its sole discretion, subject to the terms and conditions set forth in the Offering Memorandum.
Subject to the terms and conditions set forth in the Offering Memorandum, for each $1,000 principal amount of the applicable series of EIDP Notes validly tendered in the applicable Exchange Offer by 5:00 p.m., New York City time, on August 19, 2026, unless extended or earlier terminated with respect to the applicable Exchange Offer and Consent Solicitation (such date and time, as they may be extended, the "Early Tender Deadline"), and not validly withdrawn by the applicable Withdrawal Deadline, each eligible holder of EIDP Notes will be eligible to receive (i) Vylor Notes of the corresponding series in an equal principal amount as such series of EIDP Notes tendered and accepted for exchange and (ii) a cash payment of an amount equal to the product of $2.50 multiplied by a fraction, the numerator of which is the aggregate principal amount of such series of EIDP Notes outstanding as of the applicable Early Tender Deadline and the denominator of which is the aggregate principal amount of such series of EIDP Notes validly tendered by such Early Tender Deadline and not validly withdrawn by the applicable Withdrawal Deadline (the "Cash Consideration" and, together with such amount of Vylor Notes, the "Total Exchange Consideration"). As a result, the applicable Cash Consideration for a series of EIDP Notes will range from $2.50 per $1,000 principal amount (if all eligible holders of such series of EIDP Notes tender) to approximately $5.00 per $1,000 principal amount (if eligible holders of a simple majority of the aggregate principal amount of such series of EIDP Notes tender).
Eligible holders who validly tender their EIDP Notes after the applicable Early Tender Deadline but on or prior to the Expiration Date will be eligible to receive $970 principal amount of the applicable series of Vylor Notes per $1,000 principal amount of the corresponding series of EIDP Notes validly tendered (the "Exchange Consideration") but no Cash Consideration.
In addition, all eligible holders whose EIDP Notes are validly tendered and accepted for exchange in the Exchange Offers and Consent Solicitations will receive a cash payment equal to the accrued and unpaid interest on their EIDP Notes accepted for exchange from the last interest payment date of the applicable EIDP Notes preceding the Settlement Date up to, but excluding, the Settlement Date.
Assuming the conditions to the Exchange Offers and Consent Solicitations are satisfied or (to the extent permitted) waived, settlement of the Exchange Offers is expected to occur on or about the second business day following the Expiration Date and substantially simultaneously with the consummation of the Separation, unless Vylor extends or terminates the Exchange Offers (such date and time, as the same may be extended, the "Settlement Date"). Accordingly, Vylor may, in its discretion, extend each of the Expiration Date and the Settlement Date as necessary to maintain such sequencing. Interest on the applicable series of Vylor Notes issued in the related Exchange Offer will accrue from (and including) the Issue Date (the date on which such Vylor Notes are issued in exchange for the corresponding series of EIDP Notes).
The Vylor Notes to be issued in the Exchange Offers will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. No tender of EIDP Notes of any series will be accepted if it would result in the issuance of less than $2,000 principal amount of the corresponding series of Vylor Notes. If the principal amount of the applicable series of Vylor Notes that would otherwise be required to be delivered in exchange for a tender of the corresponding series of EIDP Notes would not equal $2,000 or an integral multiple of $1,000 in excess thereof, then the principal amount of such Vylor Notes will be rounded down to $2,000 or the nearest integral multiple of $1,000 in excess thereof, and Vylor will pay cash (in lieu of such Vylor Notes not delivered) equal to the remaining portion of the applicable Exchange Consideration for such corresponding series of EIDP Notes plus accrued and unpaid interest with respect to that portion to, but not including, the Settlement Date.
Vylor's obligation to accept and exchange any EIDP Notes validly tendered pursuant to the applicable Exchange Offer is subject to, and conditioned upon, the satisfaction or (to the extent permitted) waiver of certain conditions as set forth in the Offering Memorandum. Each Exchange Offer and Consent Solicitation is conditioned upon, among other things, (i) the consummation of the Separation and (ii) the receipt, by the applicable Early Tender Deadline, of the Requisite Consents to adopt the Proposed EIDP Base Indenture Amendments. Receipt of the Majority Consents to adopt the Proposed EIDP Supplemental Indenture Amendments is not a condition to the consummation of any of the Exchange Offers and Consent Solicitations. Other than the Separation (without the consummation of which the Exchange Offers and Consent Solicitations will not be consummated, neither the applicable Exchange Consideration nor the applicable Total Exchange Consideration will be delivered, and the Proposed Amendments contemplated by the Consent Solicitations will not become effective), Vylor may generally waive any condition with respect to the Exchange Offers and Consent Solicitations, in its sole discretion, at any time prior to the Expiration Date.
The Exchange Offers and Consent Solicitations are being made only to holders of EIDP Notes who satisfy the eligibility conditions described under "Disclaimer" below. Holders of EIDP Notes who desire a copy of the eligibility letter should contact D.F. King & Co., Inc., the information agent and exchange agent for the Exchange Offers and Consent Solicitations, by phone at (800) 283-9185 or by email at [email protected]. Banks and brokers should call (646) 461-2610. The eligibility letter may also be found here: www.dfking.com/vylor. D.F. King & Co., Inc. will also provide copies of the Offering Memorandum to eligible holders of EIDP Notes.
Holders of EIDP Notes are advised to check with any bank, securities broker or other intermediary through which they hold EIDP Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in, the Exchange Offers and Consent Solicitations before the deadlines specified herein and in the Offering Memorandum. The deadlines set by each clearing system for the submission and withdrawal of exchange instructions will also be earlier than the relevant deadlines specified herein and in the Offering Memorandum.
Disclaimer
This press release is issued pursuant to Rule 135c under the Securities Act of 1933, as amended (the "Securities Act"). This press release is neither an offer to sell nor the solicitation of an offer to buy the Vylor Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. The Exchange Offers and Consent Solicitations have not been and will not be registered under the Securities Act, or the securities laws of any other jurisdiction, and, accordingly, the Vylor Notes will be subject to transfer restrictions unless and until the Vylor Notes are registered or exchanged for registered notes. The Vylor Notes will be issued in reliance upon exemptions from, or in transactions not subject to, registration under the Securities Act. The Exchange Offers and Consent Solicitations are being made only to, and the Vylor Notes will be offered for exchange only to, holders of EIDP Notes who are (i) reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, and (ii) outside the United States, persons who are not, and who are not acting for the account or benefit of, "U.S. persons" (as defined in Rule 902 under the Securities Act) in compliance with Regulation S under the Securities Act. The Vylor Notes will not be offered or sold in the United States or to U.S. persons (as defined in Rule 902 under the Securities Act) unless the transaction is registered under the Securities Act, an exemption from the registration requirements of the Securities Act is available or the transaction is not subject to registration under the Securities Act.
The Exchange Offers and Consent Solicitations are being made only pursuant to the Offering Memorandum. The Offering Memorandum and other documents relating to the Exchange Offers and Consent Solicitations will be distributed only to holders of EIDP Notes who confirm that they are within the categories of eligible participants in the Exchange Offers and Consent Solicitations. None of Vylor, its directors or officers, the dealer managers and solicitation agents, the exchange agent, the information agent, the trustees for the Vylor Notes or the EIDP Notes, their respective affiliates, or any other person is making any recommendation as to whether holders should tender their EIDP Notes in the Exchange Offers or deliver related consents to the Proposed Amendments in the Consent Solicitations.
The complete terms and conditions of the Exchange Offers and Consent Solicitations are set forth in the Offering Memorandum. The Exchange Offers and Consent Solicitations are only being made pursuant to the Offering Memorandum. The Exchange Offers and Consent Solicitations are not being made to holders of EIDP Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER REGULATORY BODY HAS REGISTERED, RECOMMENDED OR APPROVED OF THE VYLOR NOTES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THE OFFERING MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
About Corteva
Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com.
Cautionary Statement on Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the U.S. federal securities laws about the Company, Vylor, EIDP, the Exchange Offers and Consent Solicitations and the Separation, including but not limited to all statements about the timing and consummation of the Exchange Offers and Consent Solicitations and the Separation, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current assumptions regarding future business and financial performance and, by their nature, address matters that are uncertain to different degrees. You can identify forward-looking statements by the use of words such as "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates," "outlook" or other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those set forth in such forward-looking statements, including but not limited to, the risk: (i) that general economic and capital markets conditions may adversely affect the Exchange Offers and Consent Solicitations or the Separation; (ii) that the conditions to the Exchange Offers and Consent Solicitations or the Separation, including the receipt of the Requisite Consents, may not be satisfied or waived; (iii) that any event, change or other circumstance could give rise to the termination of the Exchange Offers and Consent Solicitations and/or the Separation; (iv) of the effects that any termination of the Separation may have on the Company or its subsidiaries; (v) that legal proceedings may be instituted related to the Separation or otherwise; (vi) of unexpected costs, charges or expenses; and (vii) of other risks and uncertainties described in the Company's and EIDP's filings with the U.S. Securities and Exchange Commission (the "SEC"), including under the heading "Risk Factors" (Item 1A) in the Company's most recently filed Annual Report on Form 10-K and in the Company's subsequent Quarterly Reports on Form 10-Q, and in other documents that the Company or EIDP files or furnishes with the SEC. Neither the Company nor EIDP undertakes any obligation to update or revise any forward-looking statement, except as required by applicable law.
Šéf Lionsgate Jon Feltheimer podpořil zadrženou fúzi Paramount a Warner Bros. Discovery a řekl, že nejhorší je pro podnikání nejistota a zdržování. Uvedl také, že věří, že David Ellison bude výrazně investovat do obsahu, ať už půjde o 30filmovou nabídku, nebo o silněji financovaný Paramount+.
Lionsgate CEO Jon Feltheimer went to bat Thursday for Paramount CEO David Ellison and the company’s hung-up merger with Warner Bros. Discovery.
“Uncertainty is the worst thing for our business, and uncertainty and delay is not good for anybody,” the exec said in response to a Wall Street analyst’s question during Lionsgate’s quarterly earnings call. “I’m in favor of this transaction, but most importantly, I’m in favor of certainty and I’m getting all of the delay out of it.”
The $110 billion mega-deal breezed through regulatory review before hitting a major barrier in July, when the Writers Guild of America and 12 state attorneys general filed an antitrust lawsuit. Following a judge’s initial rulings siding with the plaintiffs, a full trial has now been scheduled for next March. The months-long delay, barring a settlement, has added to industry angst given how rapidly the marketplace keeps changing due to tech and audience shifts.
Feltheimer joins fellow deal supporters TKO CEO Ari Emanuel and the CEOs of major theater chains AMC and Regal, who have recently made public comments on it. On the other side, a number of A-listers have added their names to an anti-merger petition that has drawn more than 5,000 signatures, citing fears about potential layoffs and sensitivity around combining two major studios.
The Lionsgate exec added a personal endorsement of Ellison along with addressing the importance of the deal on a broader industry level.
“We know David Ellison well,” he said. “We did his first series, Manhattan, some years ago, I can tell you that I was super impressed with him. He loves content. I have no reason not to believe that he will be investing very heavily in content, whether it’s a 30-film slate or whether it’s at a bolstered Paramount+.”
Feltheimer said he has held recent discussions with the companies about potential film co-financing opportunities. Also, as a supplier to Netflix and other major streamers, he sees the potential boost to Paramount+ as a draw.
“For us, a better-financed streamer, a competitive streamer, would be better for us, better for us in terms of original programming, better for us in terms of selling library,” he said.
Doing more business with a bulked-up Paramount “would be good for us, and would be good for the industry,” Feltheimer added. “Overall, the more movies that are in the marketplace – while it’s competitive – is good. As you know, the rising tide lifts all boats.”
Groupon ve 2. čtvrtletí vykázal pokles globálních tržeb i billings o 1 %, zatímco upravená EBITDA dosáhla 14,8 mil. USD, na horní hraně výhledu. Ztráta z pokračujících operací činila 1,5 mil. USD.
Loss from continuing operations was $1.5 million and Adjusted EBITDA was $14.8 million, at the high end of guidance
Project Foundry, our AI-native transformation, is beginning to deliver better outcomes for customers and faster execution across the company
Chicago, Illinois--(Newsfile Corp. - August 6, 2026) - Groupon, Inc. (NASDAQ: GRPN) today announced its financial results for the second quarter ended June 30, 2026. Results and a shareholder letter for the second quarter are posted on Groupon's Investor Relations site (investor.groupon.com). The Company has also filed its Form 10-Q with the Securities and Exchange Commission.
"Project Foundry, our AI-native redesign of how Groupon operates, remains the most consequential work underway at the company, and just over four months in we are extremely pleased with the progress we have made," said Dusan Senkypl, Chief Executive Officer of Groupon. "While Q2 fell slightly short on the top line, we entered the third quarter with momentum and expect growth to accelerate in the second half. We continue to make meaningful progress across our strategic bets, with organic channels returning to growth, managed channels continuing to improve and personalization scaling across our consumer platform, giving us confidence in our outlook for the second half of 2026."
Second Quarter 2026 Highlights
Global Revenue down 1% and Billings down 1% (down 1% FX-neutral) year-over-year.
North America Local Revenue down 2% and Local Billings down 1%, reflecting softness in Health, Beauty & Wellness, partially offset by strength in Things to Do and recovery within our organic and managed channels.
International Local Revenue up 8% and Local Billings up 2% (down 1% FX-neutral). Excluding Giftcloud, International Local Revenue up 9% and International Local Billings up 5%, driven by improved organic performance from our new consumer platform and an expansion of seasonally relevant supply across major International cities, led by our Health, Beauty & Wellness and Things to Do offerings.
Active customers grew 2% to 16.1 million, with growth in both North America and International Local categories.
Unit sales were 8.5 million, down 7% year-over-year, reflecting lower transaction volume in North America and International, partially offset by an increase in average order value as customers purchased higher-value local inventory.
Loss from continuing operations was $1.5 million, compared with income from continuing operations of $20.6 million in the prior year period.
Adjusted EBITDA, a non-GAAP financial measure, was positive $14.8 million, compared with positive $15.6 million in the prior year period.
Operating cash inflow from continuing operations was $18.1 million and free cash flow, a non-GAAP financial measure, was positive $15.0 million.
Cash and cash equivalents as of June 30, 2026 were $226.3 million.
The restructuring plan we announced in May is underway and on track. The payroll actions are estimated to result in $20.0 million to $25.0 million in annualized cost savings. We recorded $3.2 million of restructuring charges in the second quarter under our 2026 Restructuring Plan. The Company estimates total pre-tax charges of $7.0 million to $13.0 million, with a majority of the related headcount reductions expected by the end of the third quarter.
Made progress across Project Foundry and our strategic bets to deepen customer engagement and drive durable growth: the rollout of our new consumer platform nears completion with conversion improving on nearly every surface, organic channels returned to growth, managed channels continued to improve, and we scaled new personalization and trust and quality capabilities.
Definitions and reconciliations of all non-GAAP financial measures and additional information regarding operating measures are included below in the section titled "Non-GAAP Financial Measures and Operating Metrics" and in the accompanying tables.
2026 Outlook1
For the third quarter and full year 2026, the Company expects:
As of August 6, 2026Q3 2026 Guidance
2026 GuidanceLow-end
High-end
Low-end
High-endBillings+4%
+6%
+3%
+5%Revenue$128M
$130M
$513M
$523M+4%
+6%
+3%
+5%Adjusted EBITDA$19M
$21M
$75M
$80MFree Cash FlowNegative
At least $60M1 We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures. Reconciling items to the amounts above include foreign currency gains and losses, restructuring and other cost savings-related charges, investment-related activity such as observable price changes, gains and losses on discrete transactions, certain income tax items, and impairment or other charges.
The outlook above reflects management's current expectations for 2026 and includes forward-looking statements regarding the Company's anticipated financial performance and operating priorities. Actual results may differ materially as a result of risks and uncertainties described in Groupon's filings with the Securities and Exchange Commission, including its most recent Form 10-Q and Form 10-K.
For information about our guidance, refer to our earnings commentary that is posted on our investor relations website (investor.groupon.com).
Conference Call
A conference call will be webcast Friday, August 7, 2026 at 7:00 a.m. CT / 8:00 a.m. ET and will be available on Groupon's investor relations website at https://investor.groupon.com. This call will contain forward-looking statements and other material information regarding our financial and operating results.
Groupon encourages investors to use its investor relations website as a way of easily finding information about the Company. Groupon promptly makes available on this website, free of charge, the reports that the Company files or furnishes with the SEC, corporate governance information (including Groupon's Global Code of Conduct), and select press releases and social media postings. Groupon uses its investor relations website (investor.groupon.com) as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Groupon
Groupon (NASDAQ: GRPN) (www.groupon.com) is a trusted local marketplace where consumers go to buy services and experiences that make life more interesting and deliver boundless value. To find out more about Groupon, please visit press.groupon.com.
Non-GAAP Financial Measures and Operating Metrics
In addition to financial results reported in accordance with U.S. GAAP, we have provided the following non-GAAP financial measures: Foreign currency exchange rate neutral operating results, Adjusted EBITDA, and free cash flow. These non-GAAP financial measures, which are presented on a continuing operations basis, are intended to aid investors in better understanding our current financial performance and prospects for the future as seen through the eyes of management. We believe that these non-GAAP financial measures facilitate comparisons with our historical results and with the results of peer companies who present similar measures (although other companies may define non-GAAP measures differently than we define them, even when similar terms are used to identify such measures). However, these non-GAAP financial measures are not intended to be a substitute for those reported in accordance with U.S. GAAP. For reconciliations of these measures to the most applicable financial measures under U.S. GAAP, see "Non-GAAP Reconciliation Schedules" included in the tables accompanying this release.
We exclude the following items from one or more of our non-GAAP financial measures:
Stock-based compensation. We exclude stock-based compensation because it is primarily non-cash in nature and we believe that non-GAAP financial measures excluding this item provide meaningful supplemental information about our operating performance and liquidity.
Depreciation and amortization. We exclude depreciation and amortization expenses because they are non-cash in nature and we believe that non-GAAP financial measures excluding these items provide meaningful supplemental information about our operating performance and liquidity.
Income taxes, interest, and other non-operating items. Income taxes, interest, and other non-operating items include: income taxes, foreign currency gains and losses, loss on extinguishment of debt, interest income and interest expense. We exclude interest and other non-operating items from certain of our non-GAAP financial measures because we believe that excluding these items provides meaningful supplemental information about our core operating performance and facilitates comparisons to our historical operating results.
Special charges and credits. We exclude special charges and credits related to our 2026 Restructuring Plan, Italy Restructuring Plan, 2022 Restructuring Plan and 2020 Restructuring Plan, as well as gain on sale of assets, and gain on sale of business. We exclude special charges and credits from Adjusted EBITDA because we believe that excluding those items provides meaningful supplemental information about our core operating performance and facilitates comparisons with our historical results.
Descriptions of the non-GAAP financial measures included in this release and the accompanying tables are as follows:
Foreign currency exchange rate neutral operating results show current period operating results as if foreign currency exchange rates had remained the same as those in effect in the prior year period. Those measures are intended to facilitate comparisons to our historical performance.
Adjusted EBITDA is a non-GAAP performance measure that we define as Income (loss) from continuing operations excluding income taxes, interest and other non-operating items, depreciation and amortization, stock-based compensation and other special charges and credits, including items that are unusual in nature or infrequently occurring. Our definition of Adjusted EBITDA may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Adjusted EBITDA is a key measure used by our management and Board to evaluate operating performance, generate future operating plans and make strategic decisions. 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. However, Adjusted EBITDA is not intended to be a substitute for Income (loss) from continuing operations.
Free cash flow is a non-GAAP liquidity measure that comprises Net cash provided by (used in) operating activities from continuing operations less purchases of property and equipment and capitalized software. We use free cash flow to conduct and evaluate our business because, although it is similar to Net cash provided by (used in) operating activities from continuing operations, we believe that it typically represents a more useful measure of cash flows because purchases of fixed assets, software developed for internal use and website development costs are necessary components of our ongoing operations. Free cash flow is not intended to represent the total increase or decrease in our cash balance for the applicable period.
Descriptions of the operating metrics included in this release and the accompanying tables are as follows:
Gross billings is the total dollar value of customer purchases of goods and services. Gross billings is presented net of customer refunds, order discounts and sales and related taxes. The substantial majority of our revenue transactions are comprised of sales of vouchers and similar transactions in which we collect the transaction price from the customer and remit a portion of the transaction price to the third-party merchant who will provide the related goods or services. For these transactions, gross billings differs from Revenue reported in our Condensed Consolidated Statements of Operations, which is presented net of the merchant's share of the transaction price. Gross billings is an indicator of our growth and business performance as it measures the dollar volume of transactions generated through our marketplaces. Tracking gross billings also allows us to monitor the percentage of gross billings that we are able to retain after payments to merchants.
Active customers are unique user accounts, identified by a distinct email address, that have made a purchase during the trailing twelve months ("TTM") either through one of our online marketplaces or directly with a merchant for which we earned a commission. We consider this metric to be an important indicator of our business performance as it helps us to understand how the number of customers actively purchasing our offerings is trending. Some customers could establish and make purchases from more than one account, so it is possible that our active customer metric may count certain customers more than once in a given period. We do not include consumers who solely make purchases with retailers using digital coupons accessed through our websites or mobile applications in our active customer metric, nor do we include consumers who solely make purchases of our inventory through third-party marketplaces with which we partner.
Units are the number of purchases during the reporting period, before refunds and cancellations, made either through one of our online marketplaces, a third-party marketplace, or directly with a merchant for which we earn a commission. We do not include purchases with retailers using digital coupons accessed through our websites or mobile applications in our units metric. We consider units to be an important indicator of the total volume of business conducted through our marketplaces.
Note on Forward-Looking Statements
The statements contained in this release that refer to plans and expectations for the next quarter, the full year or the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations and future liquidity. The words "may," "will," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "continue" and other similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include, but are not limited to, our ability to execute and achieve the expected benefits of our go-forward strategy, including our broader AI-native transformation; the risk that the anticipated benefits of our AI strategy may not be realized in the time frame we expect or at all and may have adverse effects on our operations, merchants and customers; the risk that our public statements regarding our AI strategy and deployment of AI agents are not adequately substantiated or are later viewed as inconsistent with our actual capabilities or results; execution of our business and marketing strategies; volatility in our operating results; challenges arising from our international operations, including fluctuations in currency exchange rates, tax, legal and regulatory developments in the jurisdictions in which we operate and geopolitical instability; global economic uncertainty, including as a result of inflationary pressures; any impact from U.S. and international financial reform legislation and regulations, and any potential trade protection measures, such as new or incremental tariffs and other trade policies; retaining and adding high quality merchants and third-party business partners; retaining existing customers and adding new customers; competing successfully in our industry; providing a strong mobile experience for our customers; managing refund risks; retaining and attracting members of our executive and management teams and other qualified employees and personnel; customer and merchant fraud; payment-related risks; our reliance on email, Internet search engines and mobile application marketplaces to drive traffic to our marketplace; cybersecurity breaches; maintaining and improving our information technology infrastructure; reliance on cloud-based computing platforms; the risks associated with our use and integration of AI and machine learning technologies; completing and realizing the anticipated benefits from acquisitions, dispositions, joint ventures and strategic investments; lack of control over minority investments; managing inventory and order fulfillment risks; claims related to product and service offerings; protecting our intellectual property; maintaining a strong brand; the impact of future and pending litigation; compliance with domestic and foreign laws and regulations, including the CARD Act, GDPR, CPRA, and other privacy-related laws and regulations of the Internet and e-commerce; classification of our independent contractors, agency workers, or employees; risks relating to information or content published or made available on our websites or service offerings we make available; exposure to greater than anticipated tax liabilities; adoption of tax laws; our ability to use our tax attributes; impacts if we become subject to the Bank Secrecy Act or other anti-money laundering or money transmission laws or regulations; our ability to raise capital if necessary; risks related to our access to capital and outstanding indebtedness, including our 2027 Notes and 2030 Notes; our Common Stock, including volatility in our stock price and financial markets; a potential economic slowdown; and those risks and other factors discussed in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025 and Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment, including with respect to emerging technologies such as AI, machine learning, and data analytics. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we make. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
As used herein, "Groupon," "the Company," "we," "our," "us" and similar terms include Groupon, Inc. and its subsidiaries, unless the context indicates otherwise.
Groupon, Inc.
Non-GAAP Reconciliation Schedules
(in thousands)
(unaudited)
The following is a quarterly reconciliation of Adjusted EBITDA to the most comparable U.S. GAAP performance measure, Income (loss) from continuing operations:
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Income (loss) from continuing operations$20,593
$(117,782) $8,081
$(12,589) $(1,456)Adjustments:
Stock-based compensation
8,782
11,109
10,189
11,911
8,330
Depreciation and amortization
4,423
4,301
4,267
4,191
4,060
Restructuring and related charges (credits)
(46)
(64)
(61)
7
3,161
(Gain) on sale of business
(10,650)
-
-
-
-
Loss on extinguishment of debt
-
99,925
-
-
-
Other (income) expense, net
(18,466)
(1,197)
(3,595)
4,371
3,275
Provision (benefit) for income taxes
10,927
21,248
2,022
4,899
(2,536)Total adjustments
(5,030)
135,322
12,822
25,379
16,290
Adjusted EBITDA$15,563
$17,540
$20,903
$12,790
$14,834
Free cash flow is a non-GAAP liquidity measure. The following is a reconciliation of free cash flow to the most comparable U.S. GAAP liquidity measure, Net cash provided by (used in) operating activities from continuing operations.
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Net cash provided by (used in) operating activities from continuing operations$28,419
$(20,506) $56,607
$(9,958) $18,127
Purchases of property and equipment and capitalized software from continuing operations
(3,230)
(4,082)
(3,575)
(3,559)
(3,105)Free cash flow$25,189
$(24,588) $53,032
$(13,517) $15,022
Net cash provided by (used in) investing activities from continuing operations$10,761
$(3,024) $2,423
$(3,559) $(3,105)Net cash provided by (used in) financing activities$(2,684) $(3,275) $(1,097) $(55,669) $(13,827)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308088
Source: Groupon
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Targa Resources oznámila zisk na akcii 3,54 USD, nad odhadem 2,83 USD. Výnosy 4,44 miliardy USD ale za čtvrtletí končící v červnu 2026 skončily pod očekáváním.
Targa Resources, Inc. (TRGP - Free Report) came out with quarterly earnings of $3.54 per share, beating the Zacks Consensus Estimate of $2.83 per share. This compares to earnings of $2.87 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +25.09%. A quarter ago, it was expected that this company would post earnings of $2.55 per share when it actually produced earnings of $2.21, delivering a surprise of -13.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Targa Resources, which belongs to the Zacks Oil and Gas - Refining and Marketing - Master Limited Partnerships industry, posted revenues of $4.44 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 10.35%. This compares to year-ago revenues of $4.26 billion. The company has not been able to beat consensus revenue estimates 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.
Targa Resources shares have added about 41% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for Targa Resources?While Targa Resources 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 Targa Resources 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 $2.79 on $4.93 billion in revenues for the coming quarter and $10.83 on $19.4 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing - Master Limited Partnerships is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Borr Drilling (BORR - Free Report) , another stock in the broader Zacks Oils-Energy sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11.
This oilfield services company is expected to post quarterly loss of $0.11 per share in its upcoming report, which represents a year-over-year change of -178.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Borr Drilling's revenues are expected to be $249 million, down 7% from the year-ago quarter.
ACRES Commercial Realty Corp. dokončila akvizici ACRES Capital Corp. za akcie a přešla na interně řízený REIT. Zároveň uzavřela soukromou emisi zajištěných seniorních dluhopisů za 200 milionů USD s kupónem 8,625 % a splatností 31. července 2031.
, /PRNewswire/ -- ACRES Commercial Realty Corp. (NYSE: ACR) (the "ACR" or "Company") announced today that it has completed its previously disclosed acquisition of ACRES Capital Corp. ("ACC") in an all-stock transaction (the "Merger") and transitioned from an externally-managed REIT to an internally-managed REIT (the "Internalization"). Upon closing of the Merger and Internalization, the Company issued approximately 7.5 million shares of ACR common stock to ACC stockholders as merger consideration and terminated the existing Management Agreement. The net increase in ACR common shares outstanding is approximately 6.3 million shares after giving effect to the elimination of ACR shares held by ACC in consolidation.
"The entire ACRES team is excited to have completed this transaction. Collectively, we will own over forty percent of ACR common shares and are highly motivated to drive value for all stakeholders. We believe this combination will enable the company to continue to meet the needs of our customers as they turn to ACRES for capital and service. We look forward to the next phase of growth for the company," said Andrew Fentress Chairman of the Board and Mark Fogel President of ACRES Commercial Realty Corp.
Private Offering of Senior Secured Notes
The Company also announced today that it has completed a private placement of $200 million of 8.625% Senior Secured Notes due 2031 (the "Notes"), pursuant to a Note Purchase Agreement between the Company, the Purchasers party thereto and UMB Bank, N.A. (the "Collateral Agent"). The Company intends to use a portion of the proceeds from the sale of the Notes to repay in full its $150 million of 5.75% Senior Unsecured Notes upon their maturity in August 2026, with the remaining portion used for general corporate purposes.
The Notes will mature on July 31, 2031 and will be secured on a first lien basis by the pledge of certain capital stock in its subsidiaries, residual equity interests in securitized financing vehicles and certain other CRE assets (the "Collateral"), and guaranteed by certain subsidiaries of the Company that granted security interests in the Collateral in favor of the Collateral Agent.
"We are pleased to announce the successful completion of this refinancing with Raymond James who has been a trusted advisor and partner since our acquisition of the ACR contract six years ago," said Andrew Fentress Chairman of the Board and Mark Fogel President of ACRES Commercial Realty Corp.
About ACRES Commercial Realty Corp.
ACRES Commercial Realty Corp. is a public commercial mortgage REIT that is primarily focused on originating, holding and managing commercial real estate mortgage loans and equity investments in commercial real estate properties through direct ownership and joint ventures. The Company is dedicated to nationwide middle market lending with a focus on multifamily, student housing, hospitality, industrial and office properties in top U.S. markets. For more information, please visit the Company's website at www.acresreit.com or contact investor relations at [email protected].
Forward-Looking Statements
This press release contains certain 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. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "trend," "will," "continue," "expect," "intend," "anticipate," "estimate," "believe," "look forward" or other similar words or terms. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Factors that can affect future results are discussed in the documents filed by the Company from time to time with U.S. Securities and Exchange Commission (the "SEC"). These risks and uncertainties include, but are not limited to, risks and uncertainties relating to the Company's ability to successfully manage the transition to self-management and the ability to achieve expected cost savings or other benefits of the Internalization and the timing thereof; unanticipated expenditures relating to or liabilities arising from the internalization; litigation or regulatory issues relating to the Internalization; the impact of the Internalization on the Company's common stock dividend, and the impact of the Internalization on relationships with, and potential difficulties retaining, the Company's executive officers, employees and directors on a go-forward basis. The foregoing list of factors is not exhaustive. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, please refer to the Company's most recent annual and quarterly reports and other filings filed with the SEC, which are available on the Company's website (www.acresreit.com). The Company undertakes no obligation to update or revise any forward-looking statement to reflect new or changing information or events after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
OSC vydala LNG Energy Group druhý částečný revokační příkaz, který umožňuje pokračovat v dříve oznámené soukromé emisi až do výše 2 000 000 USD. Emise je oceněna na 0,05 USD za jednotku.
Not for distribution to United States newswire services or for dissemination in the United States
TORONTO, ON / ACCESS Newswire / August 6, 2026 / LNG Energy Group Corp. (TSXV:LNGE)(TSXV:LNGE.WT)(OTC PINK:LNGNF)(FWB:E26) (the "Company" or "LNG Energy Group") announces that the Ontario Securities Commission (the "OSC") has issued a second partial revocation order on August 6, 2026 (the "Second Order"), partially revoking the failure-to-file cease trade order issued against the Company on May 7, 2025 (the "FFCTO") for failing to file certain outstanding continuous disclosure documents. The Second Order replaces the first partial revocation order previously issued by the OSC on April 23, 2026, which was deemed to be terminated on July 22, 2026 (the "First Order"). The Second Order permits the Company to continue its previously announced private placement financing (the "Private Placement"), as announced on May 1, 2026, for the purposes of: (i) filing its outstanding continuous disclosure documents, (ii) paying accounting, audit and legal fees associated with the preparation and filing of the relevant continuous disclosure documents, (iii) paying costs and fees associated with the Private Placement, (iv) paying legacy accounts payable, (iv) paying filing fees, including for the application for a full revocation of the FFCTO, and (v) funding working capital and general and administrative expenses until a full revocation of the FFCTO is obtained.
The Second Order of the FFCTO was pursued to permit the Company to continue its Private Placement of units of the Company ("Units") for aggregate gross proceeds of up to $2,000,000. Each Unit will continue to be priced at $0.05 and will comprise one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant") with each Warrant being exercisable to acquire one Common Share at a price of $0.10 per share for a period of 36 months following the closing date of the Private Placement. The Private Placement will be conducted on a prospectus exempt basis with investors: (i) resident in Canada in reliance on, and in accordance with, the accredited investor exemption in section 73.3 of the Securities Act (Ontario) or section 2.3 of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), as applicable; (ii) in the United States pursuant to available exemptions from United States registration requirements and in accordance with OSC Rule 72-503 - Distributions Outside Canada; and (iii) in such offshore jurisdictions pursuant to available prospectus or registration exemptions in accordance with applicable laws. The Company also intends to issue Units to certain arm's length creditors in settlement of bona fide debts in reliance upon the securities for debt exemption contained in section 2.14 of NI 45-106.
Prior to completion of the Private Placement, each participant will receive a copy of the FFCTO, the First Order and the Second Order, and will be required to provide an acknowledgement to the Company that all of the Company's securities, including the securities issued in connection with the Private Placement, will remain subject to the FFCTO until such order is fully revoked, and that the granting of a partial revocation of the FFCTO does not guarantee the issuance of a full revocation order in the future. In addition, all securities issued pursuant to the Private Placement will be subject to a hold period of four months and a day from the closing date of the Private Placement.
The Second Order will terminate on the earlier of: (i) the completion of the Private Placement, and (ii) November 4, 2026, being 90 days from the date on which the Second Order was issued. There can be no assurances that the Private Placement will be completed on the terms set out herein, or at all, or that the proceeds of the Private Placement will be sufficient for the purposes of the Company. The Company will also issue appropriate press releases and file material change reports on SEDAR+, as applicable, upon completion of the Private Placement.
The securities being referred to in this news release have not been, nor will they be, registered under the United States (U.S.) Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About LNG Energy Group
The Company is focused on the acquisition and development of natural gas production and exploration assets in Latin America. For more information, please visit www.lngenergygroup.com.
For more information please contact:
Angel Roa, Chief Financial Officer LNG Energy Group Corp.
Website: www.lngenergygroup.com
Email: [email protected]
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release that reflect the current views and/or expectations of management of LNG Energy Group with respect to performance, business and future events. Forward-looking information can often be identified by words such as "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "intends", "anticipates", "targeted", "continues", "forecasts", "designed", "goal", or the negative of those words or other similar or comparable words. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which LNG Energy Group operates, in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances, and that while considered reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking information. There can be no assurance that such statements will prove to be accurate, and accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release. LNG Energy Group does not undertake any obligation to release publicly any revisions or updating any voluntary forward-looking statements, except as required by applicable securities law, whether they change as a result of new information, future events or otherwise.
This news release includes, but is not limited to, forward-looking statements relating to: the timing, terms and completion of the Private Placement, the use of funds from the Private Placement, the Company preparing and filing all outstanding continuous disclosure documents, and the Company applying for and receiving full revocation of the FFCTO. Forward-looking statements in this press release are based on certain assumptions, namely: the ability of the Company to continue as a going concern, the ability of the Company to complete the Private Placement, the ability of the Company to use the funds from the Private Placement as intended, the ability of the Company to prepare and file all outstanding continuous disclosure documents and the Company's ability to apply for and receive full revocation of the FFCTO. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties, including, but not limited to: the inability of the Company to complete the Private Placement, the inability of the Company to obtain approval from the TSX Venture Exchange, the inability of the Company to use the funds from the Private Placement for the intended purposes, the inability of the Company to prepare and file all outstanding continuous disclosure documents and the inability of the Company to have the FFCTO fully revoked. The Company's actual decisions, activities, results, performance, or achievement could differ materially from those expressed in, or implied by, such forward- looking statements and accordingly, no assurances can be given that any of the events anticipated by the forward- looking statements will transpire or occur or, if any of them do, what benefits that the Company will derive from them.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ziff Davis ve 2. čtvrtletí prodal divizi Connectivity za zhruba 1,2161 miliardy USD a dosáhl volného cash flow 54,0 milionu USD. Tržby klesly na 286,7 milionu USD a firma vykázala provozní ztrátu 44,7 milionu USD.
NEW YORK--(BUSINESS WIRE)--Ziff Davis, Inc. (NASDAQ: ZD) (“Ziff Davis” or “the Company”) today reported unaudited financial results for the second quarter ended June 30, 2026.
“With the successful sale of our Connectivity business, our significant share repurchases, and our robust free cash flow, Ziff Davis is in a very strong financial position,” said Vivek Shah, CEO of Ziff Davis. “We are focused on deploying capital strategically to maximize long-term shareholder returns.”
SECOND QUARTER 2026 RESULTS
During the second quarter of 2026, the Company completed the sale of its Connectivity business. The results of the Connectivity business are classified as discontinued operations for all periods presented in this press release. Unless otherwise noted, all amounts, percentages, and any discussion in this press release reflect the results from continuing operations, except for the Statements of Cash Flows and Free cash flow, which are presented on a combined continuing and discontinued operations basis. Furthermore, upon the classification of Connectivity as a discontinued operation, the Company determined that Connectivity was no longer a reportable segment.
Revenues (1) decreased to $286.7 million compared to $294.8 million for Q2 2025. Operating (loss) income decreased to an operating loss of $(44.7) million compared to operating income of $13.8 million for Q2 2025. This includes a $54.8 million goodwill impairment recognized in Q2 2026 compared to none in Q2 2025. Net (loss) income from continuing operations (2) decreased to $(52.2) million compared to $14.3 million for Q2 2025. Net (loss) income per diluted share from continuing operations (2) decreased to $(1.43) compared to $0.34 for Q2 2025. Adjusted EBITDA (3) decreased to $76.8 million compared to $79.8 million for Q2 2025. Adjusted net income (2) (3) decreased to $37.8 million compared to $38.1 million for Q2 2025. Adjusted net income per diluted share (2) (3) (or “Adjusted diluted EPS”) increased 13.2% to $1.03 compared to $0.91 for Q2 2025. Net cash provided by operating activities from continuing and discontinued operations increased 55.9% to $89.0 million compared to $57.1 million in Q2 2025. Free cash flow from continuing and discontinued operations (3) increased 100.3% to $54.0 million compared to $26.9 million in Q2 2025. Ziff Davis completed the sale of its Connectivity division for total proceeds of approximately $1,216.1 million, consisting of approximately $1,179.1 million cash received at closing, or $1,134.1 million net of cash divested, and $37.0 million held in escrow. Ziff Davis deployed approximately $9.2 million for current and prior year acquisitions during the quarter and $121.5 million related to share repurchases in Q2 2026. The following table reflects results from continuing operations, except for Net cash provided by operating activities and Free cash flow which are on combined basis of continuing and discontinued operations, for the three and six months ended June 30, 2026 and 2025, respectively (in millions, except per share amounts).
(Unaudited)
Three months ended June 30,
% Change
Six months ended June 30,
% Change
2026
2025
2026
2025
Revenues (1)
Technology & Shopping
$
76.7
$
80.8
(5.0
)%
$
147.9
$
162.4
(9.0
)%
Gaming & Entertainment
$
46.6
$
46.2
0.9
%
$
87.4
$
84.3
3.7
%
Health & Wellness
$
94.7
$
99.5
(4.8
)%
$
180.6
$
185.2
(2.5
)%
Cybersecurity & Martech
$
68.7
$
68.3
0.5
%
$
138.5
$
135.7
2.1
%
Total revenues (1)
$
286.7
$
294.8
(2.7
)%
$
554.4
$
567.6
(2.3
)%
Operating (loss) income
$
(44.7
)
$
13.8
NM (4)
$
(41.8
)
$
28.2
NM (4)
Operating (loss) income margin
(15.6
)%
4.7
%
(20.3
)%
(7.5
)%
5.0
%
(12.5
)%
Net (loss) income from continuing operations (2)
$
(52.2
)
$
14.3
NM (4)
$
(52.9
)
$
24.1
NM (4)
Net (loss) income per diluted share from continuing operations (2)
$
(1.43
)
$
0.34
NM (4)
$
(1.43
)
$
0.57
NM (4)
Adjusted EBITDA (3)
$
76.8
$
79.8
(3.7
)%
$
140.2
$
151.2
(7.3
)%
Adjusted EBITDA margin (3)
26.8
%
27.1
%
(0.3
)%
25.3
%
26.6
%
(1.3
)%
Adjusted net income (2)(3)
$
37.8
$
38.1
(0.6
)%
$
65.4
$
71.1
(8.0
)%
Adjusted diluted EPS (2)(3)
$
1.03
$
0.91
13.2
%
$
1.75
$
1.68
4.2
%
Net cash provided by operating activities from continuing and discontinued operations
$
89.0
$
57.1
55.9
%
$
118.9
$
77.7
53.1
%
Free cash flow from continuing and discontinued operations (3)
$
54.0
$
26.9
100.3
%
$
50.8
$
21.9
131.5
%
Notes:
(1)
The revenues associated with each of the reportable segments may have been rounded when presented independently so they foot precisely to Total Revenues.
(2)
GAAP effective tax rates were approximately (1.8)% and (0.8)% for the three months ended June 30, 2026 and 2025, respectively, and (6.6)% and 22.3% for the six months ended June 30, 2026 and 2025, respectively. Adjusted effective tax rates were approximately 23.9% and 24.2% for the three months ended June 30, 2026 and 2025, respectively, and 23.9% and 23.9% for the six months ended June 30, 2026 and 2025, respectively.
(3)
For definitions of non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures refer to section “Non-GAAP Financial Measures” further in this release.
(4)
NM: Not meaningful.
EARNINGS CONFERENCE CALL AND AUDIO WEBCAST
Ziff Davis will host a live audio webcast and conference call discussing its second quarter 2026 financial results on Friday, August 7, 2026, at 8:30AM ET. The live webcast and call will be accessible by phone by dialing (844) 985-2014 or via www.ziffdavis.com. Following the event, the audio recording and presentation materials will be archived and made available at www.ziffdavis.com.
ABOUT ZIFF DAVIS
Ziff Davis, Inc. (NASDAQ: ZD) is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, shopping, gaming and entertainment, health and wellness, cybersecurity, and martech. For more information, visit www.ziffdavis.com.
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including those contained in Vivek Shah’s quote. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks, and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: the Company’s ability to grow advertising, licensing, and subscription revenues, profitability, and cash flows, particularly in light of an uncertain U.S. or worldwide economy, including the possibility of economic downturn or recession; the Company’s ability to make interest and debt payments; the Company’s ability to identify, close, and successfully transition acquisitions or divestitures; the Company’s ability to realize the anticipated benefits from the divestiture of the Connectivity business; customer growth and retention; the Company’s ability to create compelling content; our reliance on third-party platforms; the threat of content piracy and developments related to artificial intelligence; increased competition and rapid technological changes; variability of the Company’s revenue based on changing conditions in particular industries and the economy generally; protection of the Company’s proprietary technology; the risk of alleged infringement by the Company of intellectual property of others; the risk of losing critical third-party vendors or key personnel; the risks associated with fraudulent activity, system failure, or a security breach; risks related to our ability to adhere to our internal controls and procedures; the risk of adverse changes in the U.S. or international regulatory environments, including but not limited to the imposition or increase of taxes or regulatory-related fees; the risks related to supply chain disruptions, increased tariffs and trade protection measures, inflationary conditions, and rising interest rates; the risk of liability for legal and other claims; our ability to consummate a sale of one or more of our business lines pursuant to our announced review of potential value-creating opportunities; and the numerous other factors set forth in the Company’ filings with the Securities and Exchange Commission (“SEC”). For a more detailed description of the risk factors and uncertainties affecting the Company, refer to our most recent Annual Report on Form 10-K and the other reports filed by the Company from time-to-time with the SEC, each of which is available at www.sec.gov. The forward-looking statements provided in this press release, including those contained in Vivek Shah’s quote are based on limited information available to the Company at this time, which is subject to change. Although management’s expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements.
ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
June 30, 2026
December 31, 2025
ASSETS
Cash and cash equivalents
$
1,606,112
$
573,777
Accounts receivable, net of allowances of $6,343 and $8,141, respectively
418,846
623,441
Prepaid expenses and other current assets
59,804
81,964
Current assets - discontinued operations
—
91,217
Total current assets
2,084,762
1,370,399
Long-term investments
99,936
93,228
Property and equipment, net of accumulated depreciation of $419,396 and $382,187, respectively
171,481
162,130
Intangible assets, net
293,773
338,178
Goodwill
1,291,002
1,346,964
Deferred income taxes
5,444
5,107
Other assets
51,629
24,523
Noncurrent assets - discontinued operations
—
322,777
TOTAL ASSETS
$
3,998,027
$
3,663,306
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued expenses
$
489,554
$
696,918
Income taxes payable, current
185,637
7,345
Deferred revenue, current
126,974
129,700
Current portion of long-term debt
148,937
148,685
Other current liabilities
12,228
16,089
Current liabilities - discontinued operations
—
76,216
Total current liabilities
963,330
1,074,953
Long-term debt
718,703
717,815
Deferred revenue, noncurrent
5,903
6,518
Liability for uncertain tax positions
19,619
19,733
Deferred income taxes
20,773
41,116
Other noncurrent liabilities
32,241
33,055
Noncurrent liabilities - discontinued operations
—
16,541
TOTAL LIABILITIES
1,760,569
1,909,731
Common stock
350
384
Additional paid-in capital
436,450
472,723
Retained earnings
1,867,704
1,337,542
Accumulated other comprehensive loss
(67,046
)
(57,074
)
TOTAL STOCKHOLDERS’ EQUITY
2,237,458
1,753,575
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
3,998,027
$
3,663,306
ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Total revenues
$
286,738
$
294,803
$
554,379
$
567,619
Operating costs and expenses:
Direct costs
45,711
40,663
90,028
81,064
Sales and marketing
122,172
127,044
237,405
239,455
Research, development, and engineering
14,369
14,197
28,006
28,117
General, administrative, and other related costs
47,496
48,794
94,140
91,957
Depreciation and amortization
46,874
50,335
91,752
98,787
Goodwill impairment
54,839
—
54,839
—
Total operating costs and expenses
331,461
281,033
596,170
539,380
Operating (loss) income
(44,723
)
13,770
(41,791
)
28,239
Interest expense, net
(5,770
)
(6,584
)
(12,666
)
(12,778
)
Gain on investments, net
—
4,340
—
4,340
Other (loss) income, net
(586
)
(2,402
)
102
(3,877
)
(Loss) income from continuing operations before income tax expense and income from equity method investment
(51,079
)
9,124
(54,355
)
15,924
Income tax (expense) benefit
(941
)
69
(3,578
)
(3,549
)
(Loss) income from equity method investment, net of tax
(133
)
5,115
5,005
11,745
Net (loss) income from continuing operations
(52,153
)
14,308
(52,928
)
24,120
Net income from discontinued operations, net of tax
676,614
12,035
699,650
26,462
Net income
$
624,461
$
26,343
$
646,722
$
50,582
Net (loss) income per common share from continuing operations:
Basic
$
(1.43
)
$
0.34
$
(1.43
)
$
0.57
Diluted
$
(1.43
)
$
0.34
$
(1.43
)
$
0.57
Net income per common share from discontinued operations:
Basic
$
18.60
$
0.29
$
18.92
$
0.63
Diluted
$
18.60
$
0.29
$
18.92
$
0.63
Net income per common share:
Basic
$
17.16
$
0.63
$
17.49
$
1.20
Diluted
$
17.16
$
0.63
$
17.49
$
1.20
Weighted average shares outstanding:
Basic
36,381,271
41,732,800
36,985,872
42,143,165
Diluted
36,381,271
41,750,114
36,985,872
42,257,116
ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED, IN THOUSANDS)
Six months ended June 30,
2026
2025
Cash flows from operating activities:
Net income
$
646,722
$
50,582
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
96,656
113,438
Non-cash operating lease costs
3
4,325
Share-based compensation
23,897
21,479
Provision for credit losses on accounts receivable
1,994
1,012
Deferred income taxes, net
(22,542
)
(7,320
)
Gain on sale of businesses
(860,597
)
—
Goodwill impairment
54,839
—
Changes in fair value of contingent consideration
124
(2,318
)
Income from equity method investments, net of tax
(5,005
)
(11,745
)
Gain on investments, net
—
(4,340
)
Other
3,826
1,701
Decrease (increase) in:
Accounts receivable
204,820
147,417
Prepaid expenses and other current assets
(2,972
)
(523
)
Other assets
3,480
1,900
Increase (decrease) in:
Accounts payable and accrued expenses
(230,206
)
(209,583
)
Income taxes payable
204,345
(21,482
)
Deferred revenue
7,402
464
Other current liabilities
(7,870
)
(7,320
)
Net cash provided by operating activities
118,916
77,687
Cash flows from investing activities:
Purchases of property and equipment
(68,126
)
(55,752
)
Acquisitions, net of cash received
(8,030
)
(50,345
)
Distribution from equity method investment
—
9,196
Proceeds from sale of equity investments
—
25,250
Proceeds from sale of businesses, net of cash divested
1,134,081
—
Other
(209
)
51
Net cash provided by (used in) investing activities
1,057,716
(71,600
)
Cash flows from financing activities:
Repurchase of common stock
(173,058
)
(68,834
)
Issuance of common stock under employee stock purchase plan
3,477
3,751
Deferred payments for acquisitions
(1,162
)
(213
)
Other
(3,041
)
(1,592
)
Net cash used in financing activities
(173,784
)
(66,888
)
Effect of exchange rate changes on cash and cash equivalents
(3,747
)
12,180
Net change in cash and cash equivalents
999,101
(48,621
)
Cash and cash equivalents at beginning of period
607,011
505,880
Cash and cash equivalents at beginning of period associated with discontinued operations
33,234
18,380
Cash and cash equivalents at beginning of period associated with continuing operations
573,777
487,500
Cash and cash equivalents at end of period
1,606,112
457,259
Cash and cash equivalents at end of period associated with discontinued operations
—
18,141
Cash and cash equivalents at end of period associated with continuing operations
$
1,606,112
$
439,118
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income (loss), Adjusted net income (loss) per diluted share, Free cash flow from continuing and discontinued operations, and Adjusted effective tax rate (collectively the “non-GAAP financial measures”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision making and as means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results or, in certain cases, may be non-cash in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, (2) certain measures are used to determine the amount of annual incentive compensation paid to our named executive officers, and (3) they are used by the analyst community to help them analyze the health of our business.
These non-GAAP financial measures are not measures presented in accordance with GAAP, and our use of these terms may vary from that of other companies, limiting their usefulness for comparison purposes. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.
Non-GAAP financial measures exclude the certain items listed below. We believe that excluding these items from the non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which exclude similar items. We believe that non-GAAP financial measures provide meaningful supplemental information regarding operational performance. We further believe these measures are useful to investors in that they allow for greater transparency of certain line items in the Company’s financial statements.
Adjusted EBITDA is defined as Net income (loss) from continuing operations with adjustments to reflect the addition or elimination of certain items including, but not limited to:
Interest expense, net. Interest expense is generated primarily from interest due on outstanding debt, partially offset by interest income generated from the interest earned on cash, cash equivalents, and investments; (Gain) loss on debt extinguishment, net. This is a non-cash expense that relates to extinguishments of long-term debt obligations. We believe this (gain) loss does not represent recurring core business operating results of the Company; (Gain) loss on sale of businesses. This gain or loss relates to the sales of businesses and does not represent recurring core business operating results of the Company; (Gain) loss on investments, net. This item includes realized gains and losses, unrealized gains and losses, and impairment charges on debt and equity investments. The amount of gain or loss depends on the share price for investments with readily determinable fair value and on observable price changes for investments without a readily determinable fair value, and does not represent core business operating results of the Company; Provision for credit losses on investments. This is a non-cash expense that includes changes in the provision for credit losses on investments of the Company in debt and equity instruments and does not represent recurring core business operating results of the Company; Other (income) loss, net. This income or expense relates to other non-operating items and does not represent recurring core business operating results of the Company; Income tax (benefit) expense. This benefit or expense depends on the pre-tax loss or income of the Company, statutory tax rates, tax regulations, and different tax rates in various jurisdictions in which the Company operates and which the Company does not have the control over; (Income) loss from equity method investment, net of tax. This is a non-cash income or expense as it relates primarily to our investment in OCV Fund I, LP (the “OCV Fund”). We believe that gain or loss resulting from our equity method investment does not represent core business operating results of the Company; Depreciation and amortization. This is a non-cash expense at it relates to use and associated reduction in value of certain assets including equipment, fixtures, and certain capitalized internal-use software and website development costs, and identifiable definite-lived intangible assets of the acquired businesses; Share-based compensation. This is a non-cash expense as it relates to awards granted under the various share-based incentive plans of the Company. We view the economic cost of share-based awards to be the dilution to our share base; Transaction, integration, and other charges. This includes expenses associated with the acquisition or disposal of certain businesses, lease agreement terminations, retention bonuses, and other transaction-specific items, as well as certain other items, such as severance, adjustments to contingent consideration, third-party debt modification costs, litigation costs from discrete, complex, or unusual proceedings, and legal settlements. These expenses do not represent core business operating results of the Company; Long-lived asset impairments and other charges. These expenses are incurred in connection with impaired long-lived assets, including right-of-use (“ROU”) assets of the Company. Associated expenses are comprised of insurance, utility, and other charges related to assets that are no longer in use, and partially offset by the sublease income earned. These expenses do not represent core business operating results of the Company; and Goodwill impairment. This is a non-cash expense that is recorded when the carrying value of the reporting unit exceeds its fair value and does not represent core business operating results of the Company. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Total Revenues.
Adjusted net income (loss) is defined as Net income (loss) from continuing operations with adjustments to reflect the addition or elimination of certain statement of operations items including, but not limited to:
Interest, net. This reflects the difference between the imputed and coupon interest expense associated with the 4.625% Senior Notes and a charge that the Company determined to be penalty interest associated with the 1.75% Convertible Notes, offset in part by a certain interest income earned by the Company. These net expenses do not represent core business operating results of the Company; (Gain) loss on debt extinguishment, net. This is a non-cash expense that relates to extinguishments of long-term debt obligations. We believe this gain or loss does not represent recurring core business operating results of the Company; (Gain) loss on sale of businesses. This gain or loss relates to the sales of businesses and does not represent recurring core business operating results of the Company; (Gain) loss on investments, net. This item includes realized gains and losses, unrealized gains and losses, and impairment charges on debt and equity investments. The amount of gain or loss depends on the share price for investments with readily determinable fair value and on observable price changes for investments without a readily determinable fair value, and does not represent core business operating results of the Company; Provision for credit losses on investments. This is a non-cash expense that includes changes in the provision for credit losses on investments of the Company in debt and equity instruments and does not represent recurring core business operating results of the Company; (Income) loss from equity method investment, net of tax. This is a non-cash income or expense as it relates primarily to our investment in the OCV Fund. We believe that gains or losses resulting from our equity method investment do not represent core business operating results of the Company; Amortization. Includes the amortization of patents and intangible assets that we acquired. This is a non-cash expense as it primarily relates to identifiable definite-lived intangible assets of the acquired businesses. We believe that acquired intangible assets represent cost incurred by the acquiree to build value prior to the acquisition and the amortization of this cost does not represent core business operating results of the Company; Share-based compensation. This is a non-cash expense as it relates to awards granted under the various share-based incentive plans of the Company. We view the economic cost of share-based awards to be the dilution to our share base; Transaction, integration, and other charges. This includes expenses associated with the acquisition or disposal of certain businesses, lease agreement terminations, retention bonuses, and other transaction-specific items, as well as certain other items, such as severance, adjustments to contingent consideration, third-party debt modification costs, litigation costs from discrete, complex, or unusual proceedings, and legal settlements. These expenses do not represent core business operating results of the Company; Long-lived asset impairments and other charges. These expenses are incurred in connection with impaired long-lived assets, including ROU assets of the Company. Associated expenses are comprised of insurance, utility, and other charges related to assets that are no longer in use, and partially offset by the sublease income earned. These expenses do not represent core business operating results of the Company; and Goodwill impairment. This is a non-cash expense that is recorded when the carrying value of the reporting unit exceeds its fair value and does not represent core business operating results of the Company. Adjusted net income (loss) per diluted share is calculated by dividing Adjusted net income (loss) from continuing operations by the diluted weighted average shares of common stock outstanding excluding the effect of convertible debt dilution.
Free cash flow from continuing and discontinued operations is defined as Net cash provided by operating activities, which includes both continuing and discontinued operations, less purchases of property and equipment, plus changes in contingent consideration (if any).
Adjusted effective tax rate is calculated based upon the GAAP effective tax rate with adjustments for the tax applicable to non-GAAP adjustments to Net income (loss) from continuing operations, generally based upon the effective marginal tax rate of each adjustment.
ZIFF DAVIS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN THOUSANDS)
The following table sets forth a reconciliation of Net (loss) income from continuing operations to Adjusted EBITDA:
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Net (loss) income from continuing operations
$
(52,153
)
$
14,308
$
(52,928
)
$
24,120
Interest expense, net
5,770
6,584
12,666
12,778
Gain on investment, net
—
(4,340
)
—
(4,340
)
Other loss (income), net
586
2,402
(102
)
3,877
Income tax (benefit) expense
941
(69
)
3,578
3,549
Income (loss) from equity method investment, net of tax
133
(5,115
)
(5,005
)
(11,745
)
Depreciation and amortization
46,874
50,334
91,752
98,787
Share-based compensation
11,520
10,848
20,068
19,930
Transaction, integration, and other charges
5,092
3,980
11,724
3,339
Long-lived asset impairments and other charges
3,242
851
3,609
871
Goodwill impairment
54,839
—
54,839
—
Adjusted EBITDA
$
76,844
$
79,783
$
140,201
$
151,166
ZIFF DAVIS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN THOUSANDS)
The following tables set forth Revenues and a reconciliation of Operating (loss) income to Adjusted EBITDA by segment:
Three months ended June 30, 2026
Technology &
Shopping
Gaming &
Entertainment
Health &
Wellness
Cybersecurity &
Martech
Corporate
Total
Revenues
$
76,757
$
46,619
$
94,658
$
68,704
$
—
$
286,738
Operating (loss) income
$
(3,306
)
$
9,017
$
(42,291
)
$
13,378
$
(21,521
)
$
(44,723
)
Depreciation and amortization
20,500
3,385
13,440
9,372
177
46,874
Share-based compensation
1,681
658
2,095
1,366
5,720
11,520
Transaction, integration, and other charges
897
177
378
(656
)
4,296
5,092
Long-lived asset impairments and other charges
66
1,302
1,734
140
—
3,242
Goodwill impairment
—
—
54,839
—
—
54,839
Adjusted EBITDA
$
19,838
$
14,539
$
30,195
$
23,600
$
(11,328
)
$
76,844
Three months ended June 30, 2025
Technology &
Shopping
Gaming &
Entertainment
Health &
Wellness
Cybersecurity &
Martech
Corporate (1)
Total
Revenues
$
80,776
$
46,226
$
99,452
$
68,349
$
—
$
294,803
Operating (loss) income
$
(7,944
)
$
11,255
$
16,018
$
12,235
$
(17,794
)
$
13,770
Depreciation and amortization
23,049
3,054
14,371
9,821
39
50,334
Share-based compensation
1,437
449
1,626
1,135
6,201
10,848
Transaction, integration, and other charges
1,720
331
771
79
1,079
3,980
Long-lived asset impairments and other charges
4
100
653
99
(5
)
851
Adjusted EBITDA
$
18,266
$
15,189
$
33,439
$
23,369
$
(10,480
)
$
79,783
ZIFF DAVIS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
The following tables set forth a reconciliation of Net (loss) income from continuing operations to Adjusted net income with adjustments presented on after-tax basis:
Three months ended June 30,
2026
Per diluted
share (1)
2025
Per diluted
share (1)
Net (loss) income from continuing operations
$
(52,153
)
$
(1.43
)
$
14,308
$
0.34
Interest, net
75
—
61
—
Gain on investments, net
—
—
(4,340
)
(0.10
)
Income from equity method investment, net
133
—
(5,115
)
(0.13
)
Amortization
19,249
0.52
22,397
0.54
Share-based compensation
9,120
0.25
7,051
0.17
Transaction, integration, and other charges
4,116
0.11
3,045
0.07
Long-lived asset impairment and other charges
2,468
0.07
676
0.02
Goodwill impairment
54,839
1.49
—
—
Adjusted net income
$
37,847
$
1.03
$
38,083
$
0.91
Six months ended June 30,
2026
Per diluted
share (1)
2025
Per diluted
share (1)
Net (loss) income from continuing operations
$
(52,928
)
$
(1.43
)
$
24,120
$
0.57
Interest, net
170
—
122
—
Gain on investments, net
—
—
(4,340
)
(0.10
)
Income from equity method investment, net
(5,005
)
(0.13
)
(11,745
)
(0.29
)
Amortization
38,812
1.04
43,504
1.03
Share-based compensation
16,710
0.45
16,277
0.39
Transaction, integration, and other charges
10,021
0.27
2,438
0.06
Long-lived asset impairment and other charges
2,774
0.07
703
0.02
Goodwill impairment
54,839
1.47
—
—
Adjusted net income
$
65,393
$
1.75
$
71,079
$
1.68
ZIFF DAVIS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN THOUSANDS)
The following are the adjustments to certain statement of operations items used to derive Adjusted net income, which we believe provide useful information about our operating results and enhance the overall understanding of past financial performance and future prospects of the Company.
Three months ended June 30, 2026
GAAP amount
Adjustments
Adjusted
non-GAAP
amount
Interest, net
(Income) loss
from equity
method
investments, net
Amortization
Share-based
compensation
Transaction,
integration, and
other
charges
Long-lived asset
impairments and
other charges
Goodwill
impairment
Direct costs
$
(45,711
)
$
—
$
—
$
—
$
81
$
122
$
—
$
—
$
(45,508
)
Sales and marketing
$
(122,172
)
—
—
—
1,444
771
—
—
$
(119,957
)
Research, development, and engineering
$
(14,369
)
—
—
—
980
479
—
—
$
(12,910
)
General, administrative, and other related costs
$
(47,496
)
—
—
—
9,015
3,722
3,242
—
$
(31,517
)
Depreciation and amortization
$
(46,874
)
—
—
25,769
—
—
—
—
$
(21,105
)
Goodwill impairment
$
(54,839
)
—
—
—
—
—
—
54,839
$
—
Interest expense, net
$
(5,770
)
100
—
—
—
—
—
—
$
(5,670
)
Other loss, net
$
(586
)
—
—
—
—
281
—
—
$
(305
)
Income tax expense (1)
$
(941
)
(25
)
—
(6,520
)
(2,400
)
(1,259
)
(774
)
—
$
(11,919
)
Income from equity method investment, net of tax
$
(133
)
—
133
—
—
—
—
—
$
—
Total non-GAAP adjustments
$
75
$
133
$
19,249
$
9,120
$
4,116
$
2,468
$
54,839
ZIFF DAVIS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN THOUSANDS)
Three months ended June 30, 2025
GAAP amount
Adjustments
Adjusted
non-GAAP
amount
Interest, net
(Gain) loss
on investments, net
(Income) loss
from equity
method
investments, net
Amortization
Share-based
compensation
Transaction,
integration, and
other charges
Long-lived asset
impairments and
other charges
Direct costs
$
(40,663
)
$
—
$
—
$
—
$
—
$
46
$
(3
)
$
—
$
(40,620
)
Sales and marketing
$
(127,044
)
—
—
—
—
1,062
1,240
—
$
(124,742
)
Research, development, and engineering
$
(14,197
)
—
—
—
—
810
288
—
$
(13,099
)
General, administrative, and other related costs
$
(48,794
)
—
—
—
—
8,930
2,455
851
$
(36,558
)
Depreciation and amortization
$
(50,335
)
—
—
—
29,727
—
—
—
$
(20,608
)
Interest expense, net
$
(6,584
)
82
—
—
—
—
—
—
$
(6,502
)
Gain on investments, net
$
4,340
—
(4,340
)
—
—
—
—
—
$
—
Other loss, net
$
(2,402
)
—
—
—
—
—
—
—
$
(2,402
)
Income tax expense (1)
$
69
(21
)
—
—
(7,330
)
(3,797
)
(935
)
(175
)
$
(12,189
)
Income from equity method investment, net of tax
$
5,115
—
—
(5,115
)
—
—
—
—
$
—
Total non-GAAP adjustments
$
61
$
(4,340
)
$
(5,115
)
$
22,397
$
7,051
$
3,045
$
676
ZIFF DAVIS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN THOUSANDS)
Six months ended June 30, 2026
GAAP amount
Adjustments
Adjusted non-
GAAP amount
Interest, net
(Income) loss
from equity
method
investments, net
Amortization
Share-based
compensation
Transaction,
integration, and
other charges
Long-lived asset
impairments and
other charges
Goodwill
impairment
Direct costs
$
(90,028
)
$
—
$
—
$
—
$
133
$
212
$
—
$
—
$
(89,683
)
Sales and marketing
$
(237,405
)
—
—
—
2,433
2,246
—
—
$
(232,726
)
Research, development, and engineering
$
(28,006
)
—
—
—
1,658
1,310
—
—
$
(25,038
)
General, administrative, and other related costs
$
(94,140
)
—
—
—
15,844
7,961
3,609
—
$
(66,726
)
Depreciation and amortization
$
(91,752
)
—
—
49,316
—
—
—
—
$
(42,436
)
Goodwill impairment
$
(54,839
)
—
—
—
—
—
—
54,839
$
—
Interest expense, net
$
(12,666
)
226
—
—
—
—
—
—
$
(12,440
)
Other income, net
$
102
—
—
—
—
515
—
—
$
617
Income tax expense (1)
$
(3,578
)
(56
)
—
(10,504
)
(3,358
)
(2,223
)
(835
)
—
$
(20,554
)
Loss from equity method investment, net
$
5,005
—
(5,005
)
—
—
—
—
—
$
—
Total non-GAAP adjustments
$
170
$
(5,005
)
$
38,812
$
16,710
$
10,021
$
2,774
$
54,839
ZIFF DAVIS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN THOUSANDS)
Six months ended June 30, 2025
GAAP amount
Adjustments
Adjusted non-GAAP amount
Interest, net
(Gain) loss on investments, net
(Income) loss from equity method investments, net
Amortization
Share-based compensation
Transaction, integration, and other charges
Long-lived asset impairments and other charges
Direct costs
$
(81,064
)
$
—
$
—
$
—
$
—
$
98
$
57
$
—
$
(80,909
)
Sales and marketing
$
(239,455
)
—
—
—
—
1,860
2,143
—
$
(235,452
)
Research, development, and engineering
$
(28,117
)
—
—
—
—
1,491
223
—
$
(26,403
)
General, administrative, and other related costs
$
(91,957
)
—
—
—
—
16,481
915
871
$
(73,690
)
Depreciation and amortization
$
(98,787
)
—
—
—
57,504
—
—
—
$
(41,283
)
Interest expense, net
$
(12,778
)
163
—
—
—
—
—
—
$
(12,615
)
Gain on investments, net
$
4,340
—
(4,340
)
—
—
—
—
—
$
—
Other loss, net
$
(3,877
)
—
—
—
—
—
—
—
$
(3,877
)
Income tax expense (1)
$
(3,549
)
(41
)
—
—
(14,000
)
(3,653
)
(900
)
(168
)
$
(22,311
)
Income from equity method investment, net
$
11,745
—
—
(11,745
)
—
—
—
—
$
—
Total non-GAAP adjustments
$
122
$
(4,340
)
$
(11,745
)
$
43,504
$
16,277
$
2,438
$
703
ZIFF DAVIS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN THOUSANDS)
The following tables set forth a reconciliation of Net cash provided by operating activities from continuing and discontinued operations to Free cash flow from continuing and discontinued operations:
2026
Q1
Q2
Q3
Q4
Full Year
Net cash provided by operating activities from continuing and discontinued operations
$
29,953
$
88,963
$
—
$
—
$
118,916
Less: Purchases of property and equipment
(33,127
)
(34,999
)
—
—
(68,126
)
Free cash flow from continuing and discontinued operations
$
(3,174
)
$
53,964
$
—
$
—
$
50,790
2025
Q1
Q2
Q3
Q4
Full Year
Net cash provided by operating activities from continuing and discontinued operations
$
20,613
$
57,074
$
138,299
$
191,082
$
407,068
Less: Purchases of property and equipment
(25,619
)
(30,133
)
(30,136
)
(33,310
)
(119,198
)
Free cash flow from continuing and discontinued operations
Main Street ve 2. čtvrtletí zvýšila čistý investiční výnos na 0,97 USD na akcii a čistá hodnota aktiv na akcii vzrostla na 33,92 USD. Firma zároveň vyhlásila mimořádnou dividendu ve výši 0,30 USD na akcii.
Second Quarter 2026 Net Investment Income of $0.97 Per Share
Second Quarter 2026 Distributable Net Investment Income(1) of $1.04 Per Share
Second Quarter 2026 Distributable Net Investment Income Before Taxes(2) of $1.08 Per Share
Net Asset Value of $33.92 Per Share
, /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce its financial results for the second quarter ended June 30, 2026. Unless otherwise noted or the context otherwise indicates, the terms "we," "us," "our" and the "Company" refer to Main Street and its consolidated subsidiaries.
Second Quarter 2026 Highlights
Net investment income ("NII") of $90.3 million, or $0.97 per share Distributable net investment income ("DNII")(1) of $97.4 million, or $1.04 per share DNII before taxes(2) of $100.9 million, or $1.08 per share Total investment income of $149.6 million An industry leading position in cost efficiency, with a ratio of total non-interest operating expenses as a percentage of quarterly average total assets ("Operating Expenses to Assets Ratio") of 1.3% on both an annualized basis for the quarter and for the trailing twelve-month ("TTM") period ended June 30, 2026 Net increase in net assets resulting from operations of $147.6 million, or $1.58 per share Return on equity(3) of 18.9% on an annualized basis for the quarter and 15.0% for the TTM period ended June 30, 2026 Net asset value of $33.92 per share as of June 30, 2026, representing an increase of $0.46 per share, or 1.4%, compared to $33.46 per share as of March 31, 2026 and $0.59 per share, or 1.8%, compared to $33.33 per share as of December 31, 2025 Declared regular monthly dividends totaling $0.795 per share for the third quarter of 2026, or $0.265 per share for each of July, August and September 2026, representing a 3.9% increase from the regular monthly dividends paid in the third quarter of 2025 Declared and paid a supplemental dividend of $0.30 per share, resulting in total dividends paid in the second quarter of 2026 of $1.08 per share and representing a 2.9% increase from the total dividends paid in the second quarter of 2025 Completed $99.7 million in total lower middle market ("LMM") portfolio investments, including investments totaling $45.8 million in two new portfolio companies, which after aggregate repayments and return of invested equity capital resulted in a net decrease of $30.6 million in the total cost basis of the LMM investment portfolio Completed $238.9 million in total private loan portfolio investments, which after aggregate repayments, return of invested equity capital and a decrease in cost basis due to a realized loss resulted in a net increase of $60.2 million in the total cost basis of the private loan investment portfolio Fully exited investments in Centre Technologies Holdings, LLC, realizing a gain of $46.4 million, which in addition to the total dividends received over the life of the equity investment, resulted in an annual internal rate of return and times money invested return of 40.1% and 8.8 times, respectively, on the equity investment, and 23.2% and 2.4 times, respectively, including all debt and equity investments in the company on a cumulative basis since Main Street's initial investment in 2019 Further enhanced our liquidity position and strengthened our capital structure by (i) amending the Corporate Facility to increase the total commitments by $65.0 million to $1.240 billion and extend the maturity date to June 2031 and (ii) issuing a principal amount of $150.0 million of the April 2031 Notes (with the Corporate Facility and the April 2031 Notes each as defined in the Liquidity and Capital Resources section below) In commenting on the Company's operating results for the second quarter of 2026, Dwayne L. Hyzak, Main Street's Chief Executive Officer, stated, "We are very pleased with our performance in the second quarter, which resulted in strong quarterly operating results highlighted by an annualized return on equity of 18.9%. The results included favorable levels of net investment income per share and distributable net investment income before taxes per share and a significant increase in net asset value per share, primarily driven by significant net fair value appreciation on our lower middle market and private loan investment portfolios, including the benefit of another material realized gain in our lower middle market investment portfolio. We believe that these results continue to demonstrate the sustainable strength of our overall platform, the benefits of our differentiated and diversified investment strategies and the continued underlying strength and quality of our portfolio companies."
Mr. Hyzak continued, "Our strong second quarter results and continued positive outlook for the future resulted in the declaration of another $0.30 per share supplemental dividend to be paid in September 2026, representing our twentieth consecutive quarterly supplemental dividend, to go with the 12 increases to our regular monthly dividends declared since the fourth quarter of 2021. Additionally, with the continued support from our long-term lender relationships as evidenced by the recent expansion and extension of our Corporate Facility and our recent investment grade notes offering in April 2026, we continue to maintain strong liquidity and a conservative leverage profile, which we believe is important in the current economic environment. We remain confident that our diversified lower middle market and private loan investment strategies, together with the benefits of our asset management business, cost efficient operating structure and conservative capital structure, will allow us to continue to deliver superior results for our shareholders."
Second Quarter 2026 Operating Results
The following table provides a summary of our operating results for the second quarter of 2026:
Three Months Ended June 30,
2026
2025
Change
Change (%)
(dollars in thousands, except per share amounts)
Interest income
$ 112,633
$ 100,857
$ 11,776
12 %
Dividend income
27,398
37,845
(10,447)
(28) %
Fee income
9,541
5,271
4,270
81 %
Total investment income
$ 149,572
$ 143,973
$ 5,599
4 %
Net investment income
$ 90,324
$ 88,183
$ 2,141
2 %
Net investment income per share
$ 0.97
$ 0.99
$ (0.02)
(2) %
Distributable net investment income (1)
$ 97,392
$ 94,344
$ 3,048
3 %
Distributable net investment income per share (1)
$ 1.04
$ 1.06
$ (0.02)
(2) %
Distributable net investment income before taxes (2)
$ 100,865
$ 99,495
$ 1,370
1 %
Distributable net investment income before taxes per share (2)
$ 1.08
$ 1.11
$ (0.03)
(3) %
Net increase in net assets resulting from operations
$ 147,577
$ 122,534
$ 25,043
20 %
Net increase in net assets resulting from operations per share
$ 1.58
$ 1.37
$ 0.21
15 %
Return on equity - quarter annualized (3)
18.9 %
17.1 %
1.8 %
11 %
The $5.6 million increase in total investment income in the second quarter of 2026 from the comparable period of the prior year was principally attributable to (i) an $11.8 million increase in interest income, primarily due to higher average levels of income producing investment portfolio debt investments, partially offset by a decrease in interest rates, primarily resulting from decreases in benchmark index rates on floating rate investment portfolio debt investments, and the negative impact from investment portfolio debt investments on non-accrual status and (ii) a $4.3 million increase in fee income, primarily due to a $2.8 million increase in fee income from the refinancing and prepayment of investment portfolio debt investments and a $1.5 million increase in fee income related to increased investment activity. These increases were partially offset by a $10.4 million decrease in dividend income, primarily due to an $8.8 million decrease in dividend income from our LMM portfolio companies, a $0.8 million decrease in dividend income from our External Investment Manager (as defined in the External Investment Manager section below) and a $0.5 million decrease in dividend income from our other portfolio investments. The $5.6 million increase in total investment income in the second quarter of 2026 includes the impact of an increase of $1.4 million in certain income considered less consistent or non-recurring, primarily related to increases of (i) $3.1 million in such fee income and (ii) $0.8 million in such interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt investments, partially offset by a decrease of $2.5 million in such dividend income, in each case when compared to the same period in 2025.
Total cash expenses(4) increased $4.2 million, or 9.5%, to $48.7 million in the second quarter of 2026 from $44.5 million for the same period in 2025. This increase in total cash expenses was principally attributable to (i) a $4.1 million increase in interest expense and (ii) a $1.0 million increase in cash compensation expenses,(4) partially offset by a $0.7 million increase in expenses allocated to our External Investment Manager. The increase in interest expense was primarily related to an increase in average borrowings outstanding used to fund a portion of the growth of our investment portfolio, partially offset by a decreased weighted-average interest rate on our Credit Facilities due to decreases in benchmark index rates. The increase in cash compensation expenses(4) is primarily related to increases in employee headcount to support our growing investment portfolio and asset management activities, base compensation rates and other compensation related accruals. The increase in expenses allocated to the External Investment Manager was primarily driven by the increased compensation expenses.
Non-cash compensation expenses(4) increased $0.9 million in the second quarter of 2026 from the comparable period of the prior year, primarily driven by a $0.5 million increase in deferred compensation expense.
Our Operating Expenses to Assets Ratio (which includes non-cash compensation expenses(4)) on an annualized basis was 1.3% for the second quarter of 2026, a decrease from 1.4% for the second quarter of 2025.
Excise tax expense decreased $0.2 million and NII related federal and state income and other tax expenses decreased $1.5 million in the second quarter of 2026 compared to the same period in 2025, resulting in a decrease in tax expenses included in NII of $1.7 million. The decrease in excise tax was due to a decrease in undistributed taxable income as of June 30, 2026 and the decrease in NII related federal and state income and other tax expenses was due to a decrease in taxable NII between the comparable periods.
The $2.1 million increase in NII and the $3.0 million increase in DNII(1) in the second quarter of 2026 from the comparable period of the prior year were both principally attributable to (i) the increase in total investment income and (ii) the decrease in NII related tax expenses, partially offset by an increase in total cash expenses, each as discussed above. NII and DNII(1) on a per share basis each decreased by $0.02 per share for the second quarter of 2026 as compared to the second quarter of 2025, to $0.97 per share and $1.04 per share, respectively. These decreases include the impact of a 4.5% increase in the weighted-average shares outstanding compared to the second quarter of 2025, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) at-the-market ("ATM") equity issuance program, (ii) dividend reinvestment plan and (iii) equity incentive compensation plans. The decreases in NII and DNII(1) on a per share basis in the second quarter of 2026 are after a net increase of $0.01 per share resulting from an increase in investment income considered less consistent or non-recurring in nature compared to the second quarter of 2025, as discussed above.
The $147.6 million net increase in net assets resulting from operations in the second quarter of 2026 represents a $25.0 million increase from the second quarter of 2025. This increase was primarily the result of (i) a $31.6 million increase in the net fair value change of our portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the increase resulting from a net fair value increase of $65.0 million in the second quarter of 2026 compared to a net fair value increase of $33.5 million in the prior year and (ii) a $2.1 million increase in NII as discussed above, with these increases partially offset by an $8.7 million increase in the net tax provision on the net fair value change of our portfolio investments, resulting from a net tax provision of $7.8 million in the second quarter of 2026 compared to a net tax benefit of $0.9 million in the comparable period of the prior year. The $65.0 million net fair value increase in the second quarter of 2026 was the result of a net realized gain of $32.8 million and net unrealized appreciation (including the reversal of net fair value appreciation recognized in prior periods due to the net realized gain in the quarter) of $32.2 million. The $33.5 million net fair value increase in the second quarter of 2025 was the result of a net realized gain of $52.4 million, partially offset by net unrealized depreciation of $19.0 million. The $32.8 million net realized gain from investments for the second quarter of 2026 was primarily the result of a $46.4 million realized gain on the full exit of a LMM portfolio investment, partially offset by a $13.3 million realized loss on the restructure of a private loan portfolio investment.
The following table provides a summary of the total net unrealized appreciation of $32.2 million for the second quarter of 2026:
Three Months Ended June 30, 2026
LMM (a)
Private Loan
Middle Market
Other
Total
(in millions)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period
$ (47.2)
$ 11.0
$ —
$ 0.5
$ (35.7)
Net unrealized appreciation (depreciation) relating to portfolio investments
54.8
20.2
(0.5)
(6.6)
(b)
67.9
Total net unrealized appreciation (depreciation) relating to portfolio investments
$ 7.6
$ 31.2
$ (0.5)
$ (6.1)
$ 32.2
___________________________
(a)
Includes unrealized appreciation on 38 LMM portfolio investments and unrealized depreciation on 28 LMM portfolio investments.
(b)
Includes $7.9 million of unrealized depreciation related to the External Investment Manager.
Liquidity and Capital Resources
As of June 30, 2026, we had aggregate liquidity of $1.153 billion, including (i) $58.3 million in cash and cash equivalents and (ii) $1.095 billion of aggregate unused capacity, which is after a reduction of $500.0 million to provide for the scheduled repayment of the July 2026 Notes (as defined below) at maturity, under our corporate revolving credit facility (the "Corporate Facility") and our special purpose vehicle revolving credit facility (the "SPV Facility" and, together with the Corporate Facility, the "Credit Facilities"), which we maintain to support our investment and operating activities.
Several details regarding our capital structure as of June 30, 2026 are as follows:
The Corporate Facility included $1.240 billion in total commitments from a diversified group of 18 participating lenders, plus an accordion feature that allows us to request an increase in the total commitments under the facility to up to $1.860 billion. $26.0 million in outstanding borrowings under the Corporate Facility, with an interest rate of 5.5% based on the applicable Secured Overnight Financing Rate ("SOFR") effective for the contractual reset date of July 1, 2026. The SPV Facility included $600.0 million in total commitments from a diversified group of six participating lenders, plus an accordion feature that allows us to request an increase in the total commitments under the facility to up to $800.0 million. $215.0 million in outstanding borrowings under the SPV Facility, with an interest rate of 5.6% based on the applicable SOFR effective for the contractual reset date of July 1, 2026. $550.0 million of unsecured notes outstanding that bear interest at a rate of 6.95% per year (the "March 2029 Notes") with a yield-to-maturity of 6.68%. The March 2029 Notes mature on March 1, 2029 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. $500.0 million of unsecured notes outstanding that bear interest at a rate of 3.00% per year (the "July 2026 Notes"). The July 2026 Notes mature on July 14, 2026 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. $400.0 million of unsecured notes outstanding that bear interest at a rate of 6.50% per year with a yield-to-maturity of 6.34% (the "June 2027 Notes"). The June 2027 Notes mature on June 4, 2027 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. $350.0 million of unsecured notes outstanding that bear interest at a rate of 5.40% per year (the "August 2028 Notes"). The August 2028 Notes mature on August 15, 2028 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. $350.0 million of outstanding Small Business Investment Company ("SBIC") debentures through our wholly-owned SBIC subsidiaries. These debentures, which are guaranteed by the U.S. Small Business Administration (the "SBA"), had a weighted-average annual fixed interest rate of 3.26% and mature ten years from original issuance. The first maturity related to our existing SBIC debentures occurs in the first quarter of 2027, and the weighted-average remaining duration was 4.1 years. $150.0 million of unsecured notes outstanding that bear interest at a rate of 6.93% per year (the "April 2031 Notes"). The April 2031 Notes mature on April 15, 2031 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. We maintain investment grade credit ratings from each of Fitch Ratings and S&P Global Ratings, both of which have assigned us investment grade credit ratings of BBB- with a stable outlook. Our net asset value totaled $3.2 billion, or $33.92 per share. Investment Portfolio Information as of June 30, 2026(5)
The following table provides a summary of the investments in our LMM portfolio and private loan portfolio as of June 30, 2026:
June 30, 2026
LMM (a)
Private Loan
(dollars in millions)
Number of portfolio companies
94
86
Fair value
$ 3,205.6
$ 2,090.9
Cost
$ 2,547.7
$ 2,123.5
Debt investments as a % of portfolio (at cost)
71.1 %
94.3 %
Equity investments as a % of portfolio (at cost)
28.9 %
5.7 %
% of debt investments at cost secured by first priority lien
99.4 %
99.3 %
Weighted-average annual effective yield (b)
12.6 %
10.2 %
Average EBITDA (c)
$ 11.8
$ 39.3
___________________________
(a)
We had equity ownership in all of our LMM portfolio companies, and our average fully diluted equity ownership in those portfolio companies was 36%.
(b)
The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of June 30, 2026, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of June 30, 2026.
(c)
The average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated using a simple average for the LMM portfolio companies and a weighted-average for the private loan portfolio companies. These calculations exclude certain portfolio companies, including six LMM portfolio companies and five private loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.
The fair value of our LMM portfolio company equity investments was 196% of the related cost basis of such equity investments, and our LMM portfolio companies had a median net senior debt (senior interest-bearing debt through our debt position less cash and cash equivalents) to EBITDA ratio of 2.7 to 1.0 and a median total EBITDA to senior interest expense ratio of 2.9 to 1.0. Including all debt that is junior in priority to our debt position, these median ratios were 2.7 to 1.0 and 2.8 to 1.0, respectively.(5)(6)
As of June 30, 2026, our investment portfolio also included:
Other portfolio investments in 34 entities, spread across 13 investment managers, collectively totaling $141.3 million in fair value and $150.8 million in cost basis, which comprised 2.5% and 3.0% of our investment portfolio at fair value and cost, respectively; Middle market portfolio investments in 11 portfolio companies, collectively totaling $83.1 million in fair value and $123.1 million in cost basis, which comprised 1.4% and 2.5% of our investment portfolio at fair value and cost, respectively; and Our investment in the External Investment Manager, with a fair value of $225.2 million and a cost basis of $29.5 million, which comprised 3.9% and 0.6% of our investment portfolio at fair value and cost, respectively. As of June 30, 2026, investments on non-accrual status comprised 1.1% of the total investment portfolio at fair value and 4.0% at cost, and our total portfolio investments at fair value were 116% of the related cost basis.
External Investment Manager
MSC Adviser I, LLC is our wholly-owned portfolio company and registered investment adviser that provides investment management services to external parties (the "External Investment Manager"). We share employees with the External Investment Manager and allocate costs related to such shared employees and other operating expenses to the External Investment Manager. The total contribution of the External Investment Manager to our NII consists of the combination of the expenses we allocate to the External Investment Manager and the dividend income we earn from the External Investment Manager. During the second quarter of 2026, the External Investment Manager earned $9.6 million of total fee income, and waived $0.3 million of incentive fees, resulting in total fee income, net of waivers, of $9.4 million, a decrease of $0.2 million from the second quarter of 2025. The fee income earned by the External Investment Manager in the second quarter of 2026 included (i) $6.2 million of management fee income, an increase of $0.5 million from the second quarter of 2025, and (ii) incentive fees, net of waivers, of $3.0 million, a decrease of $0.7 million from the second quarter of 2025. As discussed above, we allocated $6.6 million of total expenses to the External Investment Manager during the second quarter of 2026, an increase of $0.7 million from the second quarter of 2025. The increase in management fee income was primarily attributable to an increase in total assets managed for clients. The decrease in incentive fees, net of waivers, is the result of (i) a decrease in gross incentive fees of $0.5 million and (ii) the $0.3 million incentive fee waiver. The decrease in gross incentive fees was attributable to changes in the performance and operating results from the assets managed for clients in the second quarter of 2026 relative to the second quarter of 2025. The combination of the dividend income we earned from the External Investment Manager and expenses we allocated to it resulted in a total contribution to our NII of $8.7 million, which is consistent with the total contribution to our NII from the second quarter of 2025.
The External Investment Manager ended the second quarter of 2026 with total assets under management of $1.8 billion.
Second Quarter 2026 Financial Results Conference Call / Webcast
Main Street has scheduled a conference call for Friday, August 7, 2026 at 10:00 a.m. Eastern time to discuss the second quarter 2026 financial results.(7)
You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of the Main Street website at https://www.mainstcapital.com.
A telephonic replay of the conference call will be available through Friday, August 14, 2026 and may be accessed by dialing 201-612-7415 and using the passcode 13761583#. An audio archive of the conference call will also be available on the investor relations section of the Company's website at https://www.mainstcapital.com shortly after the call and will be accessible until the date of Main Street's earnings release for the next quarter.
For a more detailed discussion of the financial and other information included in this press release, please refer to the Main Street Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 to be filed with the U.S. Securities and Exchange Commission (the "SEC") (www.sec.gov) and Main Street's Second Quarter 2026 Investor Presentation to be posted on the investor relations section of the Main Street website at https://www.mainstcapital.com.
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
Main Street cautions that statements in this press release which are forward‑looking and provide other than historical information, including but not limited to Main Street's ability to successfully source and execute on new portfolio investments and deliver future financial performance and results, are based on current conditions and information available to Main Street as of the date hereof and include statements regarding Main Street's goals, beliefs, strategies and future operating results and cash flows. Although its management believes that the expectations reflected in those forward‑looking statements are reasonable, Main Street can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: Main Street's continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which Main Street's portfolio companies operate; the impacts of macroeconomic factors on Main Street and its portfolio companies' businesses and operations, liquidity and access to capital, and on the U.S. and global economies, including impacts related to pandemics and other public health crises, global conflicts, risk of recession, tariffs and trade disputes, inflation, supply chain constraints or disruptions and changes in market index interest rates; changes in laws and regulations or business, political and/or regulatory conditions that may adversely impact Main Street's operations or the operations of its portfolio companies; the operating and financial performance of Main Street's portfolio companies and their access to capital; retention of key investment personnel; competitive factors; and such other factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in Main Street's filings with the SEC (www.sec.gov). Main Street undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
INVESTMENT INCOME:
Interest, dividend and fee income:
Control investments
$ 58,182
$ 60,212
$ 119,846
$ 116,454
Affiliate investments
32,236
25,767
58,417
49,501
Non‑Control/Non‑Affiliate investments
59,154
57,994
111,415
115,064
Total investment income
149,572
143,973
289,678
281,019
EXPENSES:
Interest
(36,637)
(32,519)
(70,680)
(63,687)
Compensation
(14,239)
(12,677)
(27,424)
(24,153)
General and administrative
(5,718)
(5,919)
(11,114)
(11,005)
Share-based compensation
(5,807)
(5,416)
(10,912)
(10,258)
Expenses allocated to the External Investment Manager
6,626
5,892
12,092
11,228
Total expenses
(55,775)
(50,639)
(108,038)
(97,875)
NET INVESTMENT INCOME BEFORE TAXES
93,797
93,334
181,640
183,144
Excise tax expense
(659)
(818)
(1,040)
(2,159)
Federal and state income and other tax expenses
(2,814)
(4,333)
(5,697)
(6,905)
NET INVESTMENT INCOME
90,324
88,183
174,903
174,080
NET REALIZED GAIN (LOSS):
Control investments
46,326
(2,998)
56,361
(2,976)
Affiliate investments
—
55,647
—
57,711
Non‑Control/Non‑Affiliate investments
(13,498)
(229)
(5,560)
(31,860)
Total net realized gain
32,828
52,420
50,801
22,875
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments
(13,398)
33,154
(60,606)
33,555
Affiliate investments
12,046
(47,745)
17,227
(8,742)
Non‑Control/Non‑Affiliate investments
33,572
(4,360)
25,000
19,426
Total net unrealized appreciation (depreciation)
32,220
(18,951)
(18,379)
44,239
Income tax benefit (provision) on net realized gain and net unrealized appreciation (depreciation)
(7,795)
882
(10,767)
(2,578)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$ 147,577
$ 122,534
$ 196,558
$ 238,616
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED
$ 0.97
$ 0.99
$ 1.90
$ 1.96
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED
$ 1.58
$ 1.37
$ 2.14
$ 2.68
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED
93,253,619
89,258,390
91,961,399
88,986,215
MAIN STREET CAPITAL CORPORATION
Consolidated Balance Sheets
(in thousands, except per share amounts)
June 30,
December 31,
2026
2025
(Unaudited)
ASSETS
Investments at fair value:
Control investments
$ 2,587,784
$ 2,569,626
Affiliate investments
1,005,158
965,179
Non‑Control/Non‑Affiliate investments
2,153,102
1,983,312
Total investments
5,746,044
5,518,117
Cash and cash equivalents
58,306
41,959
Interest and dividend receivable
51,541
48,719
Prepaids and other assets
70,147
59,186
Deferred financing costs, net
15,003
13,720
Total assets
$ 5,941,041
$ 5,681,701
LIABILITIES
Credit Facilities
$ 241,000
$ 518,000
March 2029 Notes
550,612
347,721
July 2026 Notes
499,978
499,715
June 2027 Notes
399,713
399,569
August 2028 Notes
348,378
347,996
SBIC debentures
345,181
344,593
April 2031 Notes
148,991
—
Accounts payable and other liabilities
54,941
67,799
Interest payable
36,711
30,094
Dividend payable
24,740
23,358
Deferred tax liability, net
124,258
108,963
Total liabilities
2,774,503
2,687,808
NET ASSETS
Common stock
934
898
Additional paid‑in capital
2,633,935
2,457,660
Total undistributed earnings
531,669
535,335
Total net assets
3,166,538
2,993,893
Total liabilities and net assets
$ 5,941,041
$ 5,681,701
NET ASSET VALUE PER SHARE
$ 33.92
$ 33.33
MAIN STREET CAPITAL CORPORATION
Reconciliation of Distributable Net Investment Income, Distributable Net Investment Income Before Taxes,
Total Non-Cash Compensation Expenses, Total Cash Expenses
and Total Cash Compensation Expenses
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net investment income
$ 90,324
$ 88,183
$ 174,903
$ 174,080
Non-cash compensation expenses (4)
7,068
6,161
13,275
11,183
Distributable net investment income (1)
$ 97,392
$ 94,344
$ 188,178
$ 185,263
Excise tax expense
659
818
1,040
2,159
Federal and state income and other tax expenses
2,814
4,333
5,697
6,905
Distributable net investment income before taxes (2)
$ 100,865
$ 99,495
$ 194,915
$ 194,327
Per share amounts:
Net investment income per share -
Basic and diluted
$ 0.97
$ 0.99
$ 1.90
$ 1.96
Distributable net investment income per share -
Basic and diluted (1)
$ 1.04
$ 1.06
$ 2.05
$ 2.08
Distributable net investment income before taxes per share -
Basic and diluted (2)
$ 1.08
$ 1.11
$ 2.12
$ 2.18
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Share‑based compensation
$ (5,807)
$ (5,416)
$ (10,912)
$ (10,258)
Deferred compensation expense
(1,261)
(745)
(2,363)
(925)
Total non-cash compensation expenses (4)
(7,068)
(6,161)
(13,275)
(11,183)
Total expenses
(55,775)
(50,639)
(108,038)
(97,875)
Less non-cash compensation expenses (4)
7,068
6,161
13,275
11,183
Total cash expenses (4)
$ (48,707)
$ (44,478)
$ (94,763)
$ (86,692)
Compensation
$ (14,239)
$ (12,677)
$ (27,424)
$ (24,153)
Share-based compensation
(5,807)
(5,416)
(10,912)
(10,258)
Total compensation expenses
(20,046)
(18,093)
(38,336)
(34,411)
Non-cash compensation expenses (4)
7,068
6,161
13,275
11,183
Total cash compensation expenses (4)
$ (12,978)
$ (11,932)
$ (25,061)
$ (23,228)
MAIN STREET CAPITAL CORPORATION
Endnotes
(1)
DNII is NII as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of non-cash compensation expenses.(4) Main Street believes presenting DNII and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance since non-cash compensation expenses(4) do not result in a net cash impact to Main Street upon settlement. However, DNII is a non-U.S. GAAP measure and should not be considered as a replacement for NII or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of NII in accordance with U.S. GAAP to DNII is detailed in the financial tables included with this press release.
(2)
DNII before taxes is NII as determined in accordance with U.S. GAAP, excluding the impact of non-cash compensation expenses(4) and any tax expenses included in NII. Main Street believes presenting DNII before taxes and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance since (i) non-cash compensation expenses(4) do not result in a net cash impact to Main Street upon settlement and (ii) tax expenses included in NII may include (a) excise tax expense, which is not solely attributable to NII, and (b) deferred taxes, which are not payable in the current period. However, DNII before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for NII, NII before taxes or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of NII in accordance with U.S. GAAP to DNII before taxes is detailed in the financial tables included with this press release.
(3)
Return on equity equals the net increase in net assets resulting from operations divided by the average quarterly total net assets.
(4)
Non-cash compensation expenses consist of (i) share-based compensation and (ii) deferred compensation expense or benefit, both of which are non-cash in nature. Share-based compensation does not require settlement in cash. Deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. The appreciation (depreciation) in the fair value of deferred compensation plan assets is reflected in Main Street's Consolidated Statements of Operations as unrealized appreciation (depreciation) and an increase (decrease) in compensation expenses, respectively. Cash compensation expenses are total compensation expenses as determined in accordance with U.S. GAAP, less non-cash compensation expenses. Total cash expenses are total expenses, as determined in accordance with U.S. GAAP, excluding non-cash compensation expenses. Main Street believes presenting cash compensation expenses, non-cash compensation expenses and total cash expenses is useful and appropriate supplemental disclosure for analyzing its financial performance since non-cash compensation expenses do not result in a net cash impact to Main Street upon settlement. However, cash compensation expenses, non-cash compensation expenses and total cash expenses are non-U.S. GAAP measures and should not be considered as a replacement for compensation expenses, total expenses or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of compensation expenses and total expenses in accordance with U.S. GAAP to cash compensation expenses, non-cash compensation expenses and total cash expenses is detailed in the financial tables included with this press release.
(5)
Portfolio company financial information has not been independently verified by Main Street.
(6)
These credit statistics exclude portfolio companies on non-accrual status and portfolio companies for which EBITDA is not a meaningful metric.
(7)
No information contained on the Company's website or disclosed on the August 7, 2026 conference call, including the webcast and the archived versions, is incorporated by reference in this press release or any of the Company's filings with the SEC, and you should not consider that information to be part of this press release or any other such filing.
MSC Income Fund za 2. čtvrtletí vykázal čistý investiční výnos 0,26 USD na akcii a NAV 16,51 USD na akcii. Čistý nárůst čistých aktiv z operací stoupl na 29,3 mil. USD díky realizovanému zisku 11,6 mil. USD.
Second Quarter 2026 Net Investment Income of $0.26 Per Share
Second Quarter 2026 Adjusted Net Investment Income(1) of $0.33 Per Share
Second Quarter 2026 Adjusted Net Investment Income Before Taxes(2) of $0.36 Per Share
Net Asset Value of $16.51 Per Share
, /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) ("MSC Income" or the "Fund") is pleased to announce its financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
Net investment income ("NII") of $12.0 million, or $0.26 per share Adjusted net investment income ("ANII")(1) of $14.9 million, or $0.33 per share ANII before taxes(2) of $16.3 million, or $0.36 per share Total investment income of $35.7 million Net increase in net assets resulting from operations of $29.3 million, or $0.65 per share Return on equity(4) of 15.9% on an annualized basis for the quarter and 13.5% for the trailing twelve-month period ended June 30, 2026 Net asset value of $16.51 per share as of June 30, 2026, representing an increase of $0.64 per share, or 4.0%, compared to $15.87 per share as of March 31, 2026 and $0.66 per share, or 4.2%, compared to $15.85 per share as of December 31, 2025 Announced a change to the Fund's regular dividend payment frequency from quarterly to monthly, beginning in July 2026, and declared regular monthly dividends totaling $0.33 per share for the third quarter of 2026, or $0.11 per share for each of July, August and September 2026 Declared a supplemental dividend of $0.03 per share, payable in September 2026, resulting in total dividends declared in the second quarter of 2026 of $0.36 per share Completed $62.2 million in total private loan portfolio investments, which after aggregate repayments, return of invested equity capital and a decrease in cost basis due to a realized loss resulted in a net increase of $9.7 million in the total cost basis of the private loan investment portfolio Completed $13.1 million in total lower middle market ("LMM") portfolio follow-on investments, which after aggregate repayments and return of invested equity capital resulted in a net decrease of $2.2 million in the total cost basis of the LMM investment portfolio Realized a gain of $11.6 million on the exit of investments in Centre Technologies Holdings, LLC, a LMM portfolio company In commenting on the Fund's operating results for the second quarter of 2026, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, "We are pleased with the Fund's performance in the second quarter, which resulted in an annualized return on equity of 15.9%. The positive results included significant net fair value appreciation of the Fund's investment portfolio, including net fair value appreciation of both the private loan and lower middle market investment portfolios and including the benefit of a material realized gain in the Fund's lower middle market investment portfolio. Based upon the quality of the Fund's existing investment portfolio, together with the favorable liquidity position and the current investment pipeline, we remain excited about our future expectations for the Fund."
Second Quarter 2026 Operating Results
The following table provides a summary of the Fund's operating results for the second quarter of 2026:
Three Months Ended June 30,
2026
2025
Change
Change (%)
(dollars in thousands, except per share amounts)
Interest income
$ 30,040
$ 29,349
$ 691
2 %
Dividend income
3,829
4,956
(1,127)
(23) %
Fee income
1,831
1,338
493
37 %
Total investment income
$ 35,700
$ 35,643
$ 57
— %
Net investment income
$ 11,999
$ 16,307
$ (4,308)
(26) %
Net investment income per share
$ 0.26
$ 0.35
$ (0.09)
(26) %
Adjusted net investment income (1)
$ 14,948
$ 16,307
$ (1,359)
(8) %
Adjusted net investment income per share (1)
$ 0.33
$ 0.35
$ (0.02)
(6) %
Adjusted net investment income before taxes (2)
$ 16,323
$ 17,306
$ (983)
(6) %
Adjusted net investment income before taxes per share (2)
$ 0.36
$ 0.37
$ (0.01)
(3) %
Net increase in net assets resulting from operations
$ 29,272
$ 16,289
$ 12,983
80 %
Net increase in net assets resulting from operations per share
$ 0.65
$ 0.35
$ 0.30
86 %
Return on equity - quarter annualized (4)
15.9 %
9.0 %
6.9 %
77 %
The $0.1 million increase in total investment income in the second quarter of 2026 from the comparable period of the prior year was principally attributable to (i) a $0.7 million increase in interest income, primarily due to higher average levels of income producing investment portfolio debt investments, partially offset by a decrease in interest rates, primarily resulting from decreases in benchmark index rates on floating rate investment portfolio debt investments, and the negative impact from investment portfolio debt investments on non-accrual status and (ii) a $0.5 million increase in fee income, primarily due to an increase in fee income from the refinancing and prepayment of investment portfolio debt investments. These increases were partially offset by a $1.1 million decrease in dividend income, primarily due to a $0.9 million decrease in dividend income from the Fund's LMM portfolio companies. The $0.1 million increase in total investment income in the second quarter of 2026 includes the impact of an increase of $1.4 million in certain income considered less consistent or non-recurring, primarily related to increases of (i) $0.7 million in such fee income and (ii) $0.5 million in such dividend income, in each case when compared to the same period in 2025.
Total expenses, net of waivers, increased by $4.0 million, or 21.8%, to $22.3 million in the second quarter of 2026 from $18.3 million for the same period in 2025. This increase was principally attributable to (i) a $2.9 million increase in the ending accrual for the accrued capital gains incentive fee(3) as of June 30, 2026, (ii) a $1.2 million increase in interest expense and (iii) a $0.4 million increase in base management fees, partially offset by a $0.6 million decrease in incentive fee on income, net of waivers. The increase in the capital gains incentive fee accrual(3) was due to the net fair value appreciation of the Fund's investments in the second quarter of 2026. The increase in interest expense was primarily related to (i) an increase in average borrowings outstanding used to fund a portion of the growth of the Fund's investment portfolio and (ii) an increased weighted-average interest rate on the Fund's unsecured debt obligations, driven by the issuance of the May 2029 Notes in the first quarter of 2026, partially offset by a decreased weighted-average interest rate on the Credit Facilities due to decreases in benchmark floating index interest rates (with the May 2029 Notes and the Credit Facilities each defined in the Liquidity and Capital Resources section below). The increase in base management fees was primarily the result of the Fund's increased average total assets. The decrease in incentive fee on income, net of waivers, was the result of (a) a decrease in the gross calculated incentive fee on income of $0.3 million, primarily driven by a decrease in pre-incentive NII, and (b) a $0.3 million voluntary waiver of incentive fee on income by the Adviser (defined below).
The Fund's ratio of total non-interest operating expenses, excluding incentive fees, net of waivers, as a percentage of quarterly average total assets, or the Operating Expenses to Assets Ratio, was 1.9% on an annualized basis for the second quarter of 2026, consistent with the second quarter of 2025.
The $4.3 million decrease in NII in the second quarter of 2026 from the comparable period of the prior year was principally attributable to an increase in total expenses, net of waivers, partially offset by an increase in total investment income, each as discussed above. NII on a per share basis decreased by $0.09 per share for the second quarter of 2026 as compared to the second quarter of 2025, to $0.26 per share, reflecting the impact of the $0.07 per share capital gains incentive fee accrual(3) in the second quarter of 2026.
The $1.4 million, or $0.02 per share, decrease in ANII(1) in the second quarter of 2026 to $14.9 million, or $0.33 per share, from $16.3 million, or $0.35 per share, in the second quarter of 2025 was principally attributable to the same factors noted above for the change in NII, but excluding the impact of the $2.9 million increase in the capital gains incentive fee accrual.(3)
The per share changes in NII and ANII(1) in the second quarter of 2026 from the comparable period of the prior year include the impact of a 3.6% decrease in the weighted-average shares outstanding, primarily due to shares repurchased by the Fund, partially offset by shares issued through the dividend reinvestment plan, in each case since the beginning of the comparable period of the prior year. NII and ANII(1) on a per share basis in the second quarter of 2026 each include an increase of $0.03 per share resulting from an increase in investment income considered less consistent or non-recurring in nature compared to the second quarter of 2025, as discussed above.
The $29.3 million net increase in net assets resulting from operations in the second quarter of 2026 represents a $13.0 million increase from the second quarter of 2025. This increase was primarily the result of an $18.1 million increase in the net fair value change of the Fund's portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the increase resulting from a net fair value increase of $19.0 million in the second quarter of 2026 compared to a net fair value increase of $0.9 million in the comparable period of the prior year, partially offset by (i) a $4.3 million decrease in NII as discussed above and (ii) a $0.8 million increase in the net tax provision on the net fair value change of the portfolio investments, resulting from a net tax provision of $1.7 million in the second quarter of 2026 compared to a net tax provision of $0.9 million in the comparable period of the prior year. The $19.0 million net fair value increase in the second quarter of 2026 was the result of a net realized gain of $9.9 million and net unrealized appreciation (including the reversal of net fair value appreciation recognized in prior periods due to the net realized gain in the quarter) of $9.1 million. The $0.9 million net fair value increase in the second quarter of 2025 was the result of a net realized gain of $4.8 million, partially offset by net unrealized depreciation of $3.9 million. The $9.9 million net realized gain from investments for the second quarter of 2026 was primarily the result of an $11.6 million realized gain on the full exit of a LMM portfolio investment, partially offset by a $1.9 million realized loss on the restructure of a private loan portfolio investment.
The following table provides a summary of the total net unrealized appreciation of $9.1 million for the second quarter of 2026:
Three Months Ended June 30, 2026
Private
Loan
LMM (a)
Middle
Market
Other
Total
(in millions)
Accounting reversals of net unrealized (appreciation)
depreciation recognized in prior periods due to net realized
(gains / income) losses recognized during the current period
$ 1.3
$ (11.9)
$ —
$ —
$ (10.6)
Net unrealized appreciation (depreciation) relating to portfolio
investments
11.2
10.3
(1.6)
(0.2)
19.7
Total net unrealized appreciation (depreciation) relating to
portfolio investments
$ 12.5
$ (1.6)
$ (1.6)
$ (0.2)
$ 9.1
(a)
Includes unrealized appreciation on 27 LMM portfolio investments and unrealized depreciation on 17 LMM portfolio investments.
Liquidity and Capital Resources
As of June 30, 2026, the Fund had aggregate liquidity of $210.5 million, including (i) $28.1 million in cash and cash equivalents and (ii) $182.4 million of aggregate unused capacity under the Fund's corporate revolving credit facility (the "Corporate Facility") and the Fund's special purpose vehicle revolving credit facility (the "SPV Facility" and, together with the Corporate Facility, the "Credit Facilities"), which the Fund maintains to support its investment and operating activities.
Several details regarding the Fund's capital structure as of June 30, 2026 are as follows:
The SPV Facility included $300.0 million in total commitments plus an accordion feature that allows the Fund to request an increase in the total commitments under the facility to up to $450.0 million. $249.0 million in outstanding borrowings under the SPV Facility, with an interest rate of 5.9% based on the applicable Secured Overnight Financing Rate ("SOFR") effective for the contractual reset date of July 1, 2026. The Corporate Facility included $245.0 million in total commitments from a diversified group of seven participating lenders, plus an accordion feature that allows the Fund to request an increase in the total commitments under the facility to up to $300.0 million. $113.0 million in outstanding borrowings under the Corporate Facility, with an interest rate of 5.7% based on the applicable SOFR effective for the contractual reset date of July 1, 2026. $150.0 million of unsecured notes outstanding that bear interest at a rate of 4.04% per year (the "October 2026 Notes"). The October 2026 Notes mature on October 30, 2026 and may be redeemed in whole or in part at any time at the Fund's option subject to certain make-whole provisions. $150.0 million of May 2029 Notes outstanding that bear interest at a rate of 6.34% per year. The May 2029 Notes mature on May 31, 2029 and may be redeemed in whole or in part at any time at the Fund's option subject to certain make-whole provisions. The Fund maintains an investment grade rating from Kroll Bond Rating Agency, LLC ("KBRA") of BBB- with a stable outlook. The Fund's net asset value totaled $748.8 million, or $16.51 per share. The Fund's debt-to-equity ratio was 0.88x as of June 30, 2026. Share Purchase Plan
In August 2026, the Fund's board of directors authorized a share repurchase plan pursuant to which the Fund may repurchase up to $20.0 million of shares of its common stock for a period beginning in September 2026 and ending in February 2027, at times when the market price per share of the common stock is trading below the most recently reported net asset value per share of the common stock by certain pre-determined levels. Pursuant to such authorization, the Fund intends to enter into a share repurchase plan (the "Fund Rule 10b5-1 Stock Repurchase Plan") to facilitate the repurchase of up to the full $20.0 million of shares of its common stock authorized under the share repurchase program. The repurchases of any shares pursuant to the Fund Rule 10b5-1 Stock Repurchase Plan will be implemented in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934 (the "Exchange Act").
In August 2026, Main Street Capital Corporation (NYSE: MAIN) ("Main Street"), parent company of the Adviser, authorized a plan pursuant to which Main Street may purchase up to $20.0 million of shares of the Fund's common stock in the open market during the same time period, pursuant to the terms of a share purchase plan (the "Main Street Rule 10b5-1 Stock Purchase Plan") that Main Street intends to enter into in connection with the Fund Rule 10b5-1 Stock Repurchase Plan. The purchases of any shares pursuant to the Main Street Rule 10b5-1 Stock Purchase Plan will be implemented in accordance with Rule 10b5-1 and Rule 10b-18 under the Exchange Act.
The terms and conditions of the Fund Rule 10b5-1 Stock Repurchase Plan and of the Main Street Rule 10b5-1 Purchase Plan will be substantially similar. Subject to the limitations under Rule 10b-18 under the Exchange Act and market conditions, the Fund expects that the aggregate amount of shares (i) repurchased under the Fund Rule 10b5-1 Stock Repurchase Plan and (ii) purchased under the Main Street Rule 10b5-1 Purchase Plan on any single trading day will be split among the Fund and Main Street on a pro rata basis (or as close thereto as reasonably possible) based upon the proportion of the aggregate $40.0 million repurchase/purchase commitment represented by the respective share repurchase/purchase program. There is no assurance that the Fund will repurchase or Main Street will purchase any shares of the Fund's common stock at any specific discount levels or in any specific amounts under the Fund Rule 10b5-1 Stock Repurchase Plan or the Main Street Rule 10b5-1 Purchase Plan, as applicable. There is also no assurance that the market price of the Fund's shares of common stock, either absolutely or relative to net asset value per share, will increase as a result of any share repurchases/purchases, or that the Fund Rule 10b5-1 Stock Repurchase Plan or the Main Street Rule 10b5-1 Purchase Plan will enhance stockholder value over the long term.
Investment Portfolio Information as of June 30, 2026(5)
The following table provides a summary of the investments in the Fund's private loan portfolio and LMM portfolio as of June 30, 2026:
June 30, 2026
Private Loan
LMM (a)
(dollars in millions)
Number of portfolio companies
81
55
Fair value
$ 848.5
$ 503.9
Cost
$ 856.3
$ 397.6
Debt investments as a % of portfolio (at cost)
92.9 %
71.1 %
Equity investments as a % of portfolio (at cost)
7.1 %
28.9 %
% of debt investments at cost secured by first priority lien
99.5 %
99.9 %
Weighted-average annual effective yield (b)
10.4 %
12.7 %
Average EBITDA (c)
$ 32.9
$ 13.1
(a)
The Fund had equity ownership in all of its LMM portfolio companies, and the Fund's average fully diluted equity ownership in those portfolio companies was 8%.
(b)
The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of June 30, 2026, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of June 30, 2026.
(c)
The average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated using a weighted-average for the private loan portfolio companies and a simple average for the LMM portfolio companies. These calculations exclude certain portfolio companies, including three private loan portfolio companies and four LMM portfolio companies, as EBITDA is not a meaningful valuation metric for the Fund's investments in these portfolio companies, and those portfolio companies whose primary operations have ceased and only residual value remains.
The Fund's total investment portfolio at fair value consists of approximately 61% private loan, 36% LMM, 2% middle market and 1% other portfolio investments.
The fair value of the Fund's LMM portfolio company equity investments was 202% of the related cost basis of such equity investments, and the Fund's LMM portfolio companies had a median net senior debt (senior interest-bearing debt through the Fund's debt position less cash and cash equivalents) to EBITDA ratio of 2.7 to 1.0 and a median total EBITDA to senior interest expense ratio of 3.0 to 1.0. Including all debt that is junior in priority to the Fund's debt position, these median ratios were 2.7 to 1.0 and 2.9 to 1.0, respectively.(5)(6)
As of June 30, 2026, the Fund's investment portfolio also included:
Middle market portfolio investments in eight portfolio companies, collectively totaling $21.9 million in fair value and $40.8 million in cost basis, which comprised 1.6% and 3.1% of the Fund's investment portfolio at fair value and cost, respectively; and Other portfolio investments in seven entities, spread across four investment managers, collectively totaling $15.2 million in fair value and $13.2 million in cost basis, which comprised 1.1% and 1.0% of the Fund's investment portfolio at fair value and cost, respectively. As of June 30, 2026, investments on non-accrual status comprised 1.9% of the total investment portfolio at fair value and 5.8% at cost, and the Fund's total portfolio investments at fair value were 106% of the related cost basis.
Second Quarter 2026 Financial Results Conference Call / Webcast
MSC Income has scheduled a conference call for Friday, August 7, 2026 at 11:00 a.m. Eastern time to discuss the second quarter 2026 financial results.(7)
You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of the Fund's website at https://www.mscincomefund.com.
A telephonic replay of the conference call will be available through Friday, August 14, 2026 and may be accessed by dialing 201-612-7415 and using the passcode 13761585#. An audio archive of the conference call will also be available on the investor relations section of the Fund's website at https://www.mscincomefund.com shortly after the call and will be accessible until the date of MSC Income's earnings release for the next quarter.
For a more detailed discussion of the financial and other information included in this press release, please refer to the MSC Income Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 to be filed with the U.S. Securities and Exchange Commission (the "SEC") (www.sec.gov) and MSC Income's Second Quarter 2026 Investor Presentation to be posted on the investor relations section of the MSC Income website at https://www.mscincomefund.com.
ABOUT MSC INCOME FUND, INC.
The Fund (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. The Fund's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. The Fund also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, the Fund has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) ("Main Street") utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. The Fund's private loan portfolio companies generally have annual revenues between $25 million and $500 million. The Fund's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.
ABOUT MSC ADVISER I, LLC
MSC Adviser I, LLC (the "Adviser") is a wholly-owned subsidiary of Main Street that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser serves as the investment adviser and administrator of the Fund in addition to several other advisory clients.
FORWARD-LOOKING STATEMENTS
MSC Income cautions that statements in this press release which are forward‑looking and provide other than historical information, including but not limited to MSC Income's ability to successfully source and execute on new portfolio investments and deliver future financial performance and results, are based on current conditions and information available to MSC Income as of the date hereof and include statements regarding MSC Income's goals, beliefs, strategies and future operating results and cash flows. Although its management believes that the expectations reflected in those forward‑looking statements are reasonable, MSC Income can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: MSC Income's continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which MSC Income's portfolio companies operate; the impacts of macroeconomic factors on MSC Income and its portfolio companies' businesses and operations, liquidity and access to capital, and on the U.S. and global economies, including impacts related to pandemics and other public health crises, global conflicts, risk of recession, tariffs and trade disputes, inflation, supply chain constraints or disruptions and changes in market index interest rates; changes in laws and regulations or business, political and/or regulatory conditions that may adversely impact MSC Income's operations or the operations of its portfolio companies; the operating and financial performance of MSC Income's portfolio companies and their access to capital; retention of key investment personnel by the Adviser; competitive factors; and such other factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in MSC Income's filings with the SEC (www.sec.gov). MSC Income undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.
MSC INCOME FUND, INC.
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
INVESTMENT INCOME:
Interest, dividend and fee income:
Control investments
$ 1,032
$ 1,514
$ 2,227
$ 2,956
Affiliate investments
9,602
9,617
18,849
18,952
Non-Control/Non-Affiliate investments
25,066
24,512
48,711
46,962
Total investment income
35,700
35,643
69,787
68,870
EXPENSES:
Interest
(9,865)
(8,678)
(18,785)
(16,921)
Base management fee
(5,341)
(4,907)
(10,566)
(9,879)
Incentive fee on income
(3,117)
(3,431)
(6,216)
(5,454)
Incentive fee on capital gains (3)
(2,949)
—
(2,311)
—
General and administrative
(1,124)
(1,149)
(2,163)
(2,176)
Internal administrative services expenses
(188)
(172)
(374)
(346)
Total expenses before expense waivers
(22,584)
(18,337)
(40,415)
(34,776)
Waiver of incentive fee on income
258
—
1,243
—
Total expenses, net of expense waivers
(22,326)
(18,337)
(39,172)
(34,776)
NET INVESTMENT INCOME BEFORE TAXES
13,374
17,306
30,615
34,094
Excise tax expense
(239)
(87)
(289)
(279)
Federal and state income and other tax expenses
(1,136)
(912)
(2,092)
(1,761)
NET INVESTMENT INCOME
11,999
16,307
28,234
32,054
NET REALIZED GAIN (LOSS):
Control investments
—
5,296
—
5,305
Affiliate investments
11,595
2
9,939
2
Non‑Control/Non‑Affiliate investments
(1,738)
(519)
(323)
(21,594)
Total net realized gain (loss)
9,857
4,779
9,616
(16,287)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments
(1,529)
(5,068)
(5,981)
(5,901)
Affiliate investments
(1,459)
(69)
6,964
2,767
Non‑Control/Non‑Affiliate investments
12,092
1,233
5,478
18,013
Total net unrealized appreciation (depreciation)
9,104
(3,904)
6,461
14,879
Income tax benefit (provision) on net realized gain (loss) and net
unrealized appreciation (depreciation)
(1,688)
(893)
(1,816)
1,518
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS
$ 29,272
$ 16,289
$ 42,495
$ 32,164
NET INVESTMENT INCOME BEFORE TAXES PER
SHARE—BASIC AND DILUTED
$ 0.29
$ 0.37
$ 0.67
$ 0.74
NET INVESTMENT INCOME PER SHARE—BASIC AND
DILUTED
$ 0.26
$ 0.35
$ 0.62
$ 0.70
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS PER SHARE—BASIC AND DILUTED
$ 0.65
$ 0.35
$ 0.93
$ 0.70
WEIGHTED-AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED
45,345,229
47,047,888
45,728,932
45,870,527
MSC INCOME FUND, INC.
Consolidated Balance Sheets
(in thousands, except per share amounts)
June 30,
2026
December 31,
2025
(Unaudited)
ASSETS
Investments at fair value:
Control investments
$ 52,620
$ 58,372
Affiliate investments
418,827
406,771
Non‑Control/Non‑Affiliate investments
917,956
870,244
Total investments
1,389,403
1,335,387
Cash and cash equivalents
28,055
20,635
Interest and dividend receivable
11,722
12,273
Prepaids and other assets
11,740
9,546
Deferred financing costs
2,909
3,190
Total assets
$ 1,443,829
$ 1,381,031
LIABILITIES
Credit Facilities
$ 362,000
$ 453,000
October 2026 Notes
149,901
149,751
May 2029 Notes
149,279
—
Accounts payable and other liabilities
2,428
786
Interest payable
8,295
5,946
Dividend payable
—
16,772
Base management and incentive fees payable
8,198
8,388
Capital gains incentive fee accrual (3)
5,074
2,763
Deferred tax liability, net
9,854
4,966
Total liabilities
695,029
642,372
NET ASSETS
Common stock
45
47
Additional paid-in capital
765,979
782,007
Total overdistributed earnings
(17,224)
(43,395)
Total net assets
748,800
738,659
Total liabilities and net assets
$ 1,443,829
$ 1,381,031
NET ASSET VALUE PER SHARE
$ 16.51
$ 15.85
MSC INCOME FUND, INC.
Reconciliation of Adjusted Net Investment Income and Adjusted Net Investment Income Before Taxes
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net investment income
$ 11,999
$ 16,307
$ 28,234
$ 32,054
Incentive fee on capital gains (3)
2,949
—
2,311
—
Adjusted net investment income (1)
14,948
16,307
30,545
32,054
Excise tax expense
239
87
289
279
Federal and state income and other tax expenses
1,136
912
2,092
1,761
Adjusted net investment income before taxes (2)
$ 16,323
$ 17,306
$ 32,926
$ 34,094
Per share amounts:
Net investment income per share -
Basic and diluted
$ 0.26
$ 0.35
$ 0.62
$ 0.70
Adjusted net investment income per share -
Basic and diluted (1)
$ 0.33
$ 0.35
$ 0.67
$ 0.70
Adjusted net investment income before taxes per share -
Basic and diluted (2)
$ 0.36
$ 0.37
$ 0.72
$ 0.74
MSC INCOME FUND, INC.
Endnotes
(1)
ANII is NII as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of the capital gains incentive fee(3). MSC Income believes presenting ANII and the related per share amount is useful and appropriate supplemental disclosure for analyzing the Fund's financial performance since the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in NII. However, ANII is a non-U.S. GAAP measure and should not be considered as a replacement for NII or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSC Income's financial performance. A reconciliation of NII in accordance with U.S. GAAP to ANII is detailed in the financial tables included with this press release.
(2)
ANII before taxes is NII as determined in accordance with U.S. GAAP, excluding the impact of any tax expenses included in NII and the capital gains incentive fee(3). MSC Income believes presenting ANII before taxes and the related per share amount is useful and appropriate supplemental disclosure for analyzing the Fund's financial performance since (i) the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in NII, and (ii) tax expenses included in NII may include (a) excise tax expense, which is not solely attributable to NII, and (b) deferred taxes, which are not payable in the current period. However, ANII before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for NII, NII before taxes or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSC Income's financial performance. A reconciliation of NII in accordance with U.S. GAAP to ANII before taxes is detailed in the financial tables included with this press release.
(3)
Pursuant to the Fund's amended advisory agreement, the incentive fee on capital gains is determined and payable to the Adviser in arrears, if any, as of the end of each calendar year. This fee equals (a) 17.5% of the Fund's incentive fee capital gain, which is calculated as the Fund's (i) cumulative net realized gains (net of any related net income tax expense), minus (ii) cumulative unrealized depreciation (net of any related income tax benefit, and excluding any unrealized appreciation), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable calendar year ended. In accordance with U.S. GAAP, at the end of each reporting period, the Fund estimates the capital gains incentive fee and adjusts the accrual for the fee based upon a hypothetical liquidation of its investment portfolio at the then current fair value. Therefore, the calculation of the accrual equals (a) 17.5% of the Fund's cumulative change in net fair value, including both (i) the cumulative net realized gain/loss and (ii) the cumulative net unrealized appreciation/depreciation (in both cases, net of any related cumulative net income tax expense or benefit), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the date of the listing of the Fund's common stock on the New York Stock Exchange on January 29, 2025 through the applicable period ended. However, any capital gains incentive fee accrued related to the unrealized appreciation is neither earned nor payable to the Adviser until such time that it is realized, and assuming at the end of a calendar year such incentive fee capital gain exists excluding any cumulative unrealized appreciation (in each case, net of any related net income tax expense or benefits). If the calculation results in an increase in the accrual compared to the previous quarter, the Fund records an increase to the capital gains incentive fee accrual. If the calculation results in a decrease to the estimated incentive fee on capital gains when compared to the previous quarter, the accrual for the incentive fee on capital gains is reduced to the extent of such decrease. For the second quarter of 2026, the Fund increased the accrual on the capital gains incentive fee by $2.9 million. For further discussion, see Note I — Related Party Transactions and Arrangements in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements and Supplementary Data of the Fund's Quarterly Report on Form 10-Q to be filed with the SEC on August 7, 2026.
(4)
Return on equity equals the net increase in net assets resulting from operations divided by the average quarterly total net assets.
(5)
Portfolio company financial information has not been independently verified by MSC Income.
(6)
These credit statistics exclude portfolio companies on non-accrual status and portfolio companies for which EBITDA is not a meaningful metric.
(7)
No information contained on the Fund's website or disclosed on the August 7, 2026 conference call, including the webcast and the archived versions, is incorporated by reference in this press release or any of the Fund's filings with the SEC, and you should not consider that information to be part of this press release or any other such filing.
Contacts:
MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, [email protected]
Cory E. Gilbert, CFO, [email protected]
713-350-6000
Gladstone Investment Corporation za 1. fiskální čtvrtletí vykázala čistý investiční výnos ve výši 15,9 mil. USD, po ztrátě 10,6 mil. USD v předchozím čtvrtletí. Čistá hodnota aktiv na akcii klesla na 16,24 USD z 16,78 USD.
Earnings MCLEAN, VA / ACCESS Newswire / August 6, 2026 / Gladstone Investment Corporation (Nasdaq:GAIN) (the "Company") today announced earnings for its first fiscal quarter ended June 30, 2026. Please read the Company's Quarterly Report on Form 10-Q, filed today with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website at www.sec.gov or the investors section of the Company's website at www.gladstoneinvestment.com.
Summary Information: (dollars in thousands, except per share data (unaudited)):
June 30,
2026
March 31,
2026
Change
%
Change
For the quarter ended:
Total investment income
$
28,355
$
25,192
$
3,163
12.6
%
Total expenses, net(A)
12,428
35,802
(23,374
)
(65.3
)%
Net investment income (loss) (A)
15,927
(10,610
)
26,537
NM
Net realized (loss) gain
(9,000
)
163
(9,163
)
NM
Net unrealized (depreciation) appreciation
(18,782
)
92,821
(111,603
)
NM
Net (decrease) increase in net assets resulting from operations(A)
$
(11,855
)
$
82,374
$
(94,229
)
NM
Net investment income (loss) per weighted-average common share(A)
$
0.40
$
(0.27
)
$
0.67
NM
Adjusted net investment income per weighted-average common share(B)
$
0.26
$
0.20
$
0.06
30.0
%
Net (decrease) increase in net assets resulting from operations per weighted-average common share(A)
$
(0.30
)
$
2.07
$
(2.37
)
NM
Cash distribution per common share from net investment income(C)
$
0.24
$
0.24
$
-
-
%
Cash distribution per common share from net realized gains(C)
$
-
$
-
$
-
-
%
Weighted-average yield on interest-bearing investments
12.9
%
12.9
%
-
%
-
%
Total dollars invested
$
600
$
2,300
$
(1,700
)
(73.9
)%
Total dollars repaid and collected from sales and recapitalization of investments
$
-
$
8,513
$
(8,513
)
(100.0
)%
Weighted-average shares of common stock outstanding - basic and diluted
39,821,967
39,821,967
-
-
%
Total shares of common stock outstanding
39,821,967
39,821,967
-
-
%
As of:
Total investments, at fair value
$
1,282,020
$
1,309,248
$
(27,228
)
(2.1
)%
Fair value, as a percent of cost
122.7
%
124.4
%
(1.7
)%
(1.4
)%
Number of portfolio companies
29
29
-
-
%
Net assets
$
646,813
$
668,225
$
(21,412
)
(3.2
)%
Net asset value per common share
$
16.24
$
16.78
$
(0.54
)
(3.2
)%
Total distributable earnings
$
160,359
$
181,468
$
(21,109
)
(11.6
)%
Total distributable earnings per common share
$
4.03
$
4.56
$
(0.53
)
(11.6
)%
Estimated spillover
$
22,472
$
21,283
$
1,189
5.6
%
Estimated spillover per common share
$
0.56
$
0.53
$
0.03
5.7
%
NM = Not Meaningful
(A)
Inclusive of $5.6 million, or $0.14 per weighted-average common share, of capital gains-based incentive fees reversed during the three months ended June 30, 2026 and an accrual of $18.5 million, or $0.47 per weighted-average common share, of capital gains-based incentive fees accrued during the three months ended March 31, 2026, respectively. These fees were accrued in accordance with United States generally accepted accounting principles ("U.S. GAAP"), where such amounts were not contractually due under the terms of the investment advisory agreement for the respective periods. Also see discussion under Non-GAAP Financial Measure - Adjusted Net Investment Income below.
(B)
See Non-GAAP Financial Measure - Adjusted Net Investment Income, below, for a description of this non-GAAP measure and a reconciliation from Net investment income (loss) to Adjusted net investment income, including on a weighted-average per share basis. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes it is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.
(C)
Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date.
Highlights for the Quarter: During the quarter ended June 30, 2026, the following significant events occurred:
Portfolio Activity:
In June 2026, we entered into a new $3.0 million secured first lien term loan with Home Concepts Acquisition, Inc., restructuring our previously outstanding secured first lien term loan with a cost basis of $12.0 million, which resulted in a realized loss of $9.0 million.
In June 2026, we entered into a definitive agreement to acquire Extrude Hone LLC, a provider of precision surface-finishing solutions used in mission-critical applications, which is expected to close in the second fiscal quarter.
Distributions and Dividends:
Paid an $0.08 per common share distribution to common stockholders in each of April, May and June 2026, totaling $0.24 for the quarter.
Financing activity:
Repaid the 5.00% Notes due 2026 with an aggregate principal amount outstanding of $127.9 million at maturity.
Amended our credit facility, including extending the maturity date to June 8, 2031, increasing the total facility size from $300.0 million to $405.0 million, and reducing the base spread rate.
First Quarter Results: Net investment income for the quarter ended June 30, 2026 was $15.9 million, or $0.40 per weighted-average common share, compared to net investment loss of $10.6 million, or $0.27 per weighted-average common share, for the quarter ended March 31, 2026. This increase was a result of a decrease in total expenses, net of credits, primarily due to a decrease in accruals for capital gains-based incentive fees, partially offset by an increase in total investment income in the current quarter.
Total investment income for the quarters ended June 30, 2026 and March 31, 2026 was $28.4 million and $25.2 million, respectively. The increase quarter over quarter was primarily due to a $3.0 million increase in dividend and success fee income, the timing of which can be variable.
Total expenses, net of credits, for the quarters ended June 30, 2026 and March 31, 2026 was $12.4 million and $35.8 million, respectively. The decrease quarter over quarter was primarily due to a $24.1 million decrease in accruals for capital gains-based incentive fees in the current quarter, as a result of the net impact of realized and unrealized gains and losses and a $0.3 million decrease in professional fees. The decrease was partially offset by a $0.6 million increase in other expenses, a $0.3 million increase in interest expense, related to increased borrowings on the credit facility, partially offset by the redemption of the 5.00% 2026 Notes in May 2026, and a $0.2 million increase in base management fee.
Net asset value per common share as of June 30, 2026 was $16.24, compared to $16.78 as of March 31, 2026. The decrease quarter over quarter was primarily due to net unrealized depreciation of investments of $18.8 million, or $0.47 per common share, $9.6 million, or $0.24 per common share, of distributions paid to common shareholders, and $9.0 million, or $0.23 per common share, of net realized loss on investments. These decreases were partially offset by $15.9 million, or $0.40 per common share, of net investment income.
The following table provides relevant information related to our notes payable and Credit Facility as of June 30, 2026:
Interest Rate
Aggregate Principal Amount
Notes Payable
4.875% 2028 Notes
4.875%
$
134,550
7.875% 2030 Notes
7.875%
126,500
6.875% 2028 Notes
6.875%
60,000
7.125% 2031 Notes
7.125%
100,000
Total Notes payable
$
421,050
Credit Facility (A)
Commitment amount
SOFR + 2.85%
$
405,000
Borrowings outstanding at cost
$
157,600
Availability(B)
$
247,400
Percentage of borrowings at:(C)
Fixed rate
72.8
%
Floating rate
27.2
%
(A)
The Credit Facility bears interest at 30-day Term Secured Overnight Financing Rate ("SOFR").
(B)
Availability is subject to various constraints, characteristics and applicable advance rates based on collateral quality under our Credit Facility, which equated to an adjusted availability of $163.2 million as of June 30, 2026.
(C)
The percentage uses the Credit Facility borrowings outstanding at cost as of June 30, 2026. The fixed rate borrowings consist of the outstanding notes payable. The floating rate borrowings consist of the Credit Facility borrowings outstanding at cost.
The following table presents certain selected information regarding the debt investments of our portfolio companies as of June 30, 2026:
June 30, 2026(A)(B)
Weighted average interest rate of debt investments
12.9
%
Weighted average interest rate floor of debt investments
12.1
%
Current percentage of debt investments at interest rate floor
51.8
%
Weighted average interest rate of debt investments assuming:
50 basis points increase in SOFR
13.2
%
25 basis points increase in SOFR
13.1
%
25 basis points decrease in SOFR
12.8
%
50 basis points decrease in SOFR
12.7
%
(A)
Debt investments presented exclude line of credit commitments and all debt investments on non-accrual status as of June 30, 2026. The weighted average interest rate is based on the cost balance of the debt investments.
(B)
As of June 30, 2026, 100.0% of our debt investments are variable rates with a floor and are indexed to 30-day SOFR. The interest rate is the greater of the floor or the total of SOFR plus a spread. As of June 30, 2026, we did not have any loans with a paid-in-kind interest component.
Subsequent Events: After June 30, 2026, the following significant events occurred:
Significant Investment Activity:
In July 2026, we invested $56.5 million in a new portfolio company, DHE Computer Systems Acquisition, Inc. ("DHE"), in the form of $40.3 million of secured first lien debt and $16.1 million of preferred equity. DHE, headquartered in Centennial, Colorado, is a full-service technology solutions provider serving the education, state and local government, and commercial markets.
In July 2026, we invested an additional $5.1 million, in the form of $1.5 million of secured first lien debt and $3.6 million of preferred equity, in Global GRAB Technologies, Inc. to fund an add-on acquisition.
In July 2026, our portfolio company SFEG Holdings, Inc. ("SFEG") agreed to the sale of its subsidiary Specialized Fabrication Equipment Group LLC, which is expected to close in the third or fourth quarter of the calendar year. We expect to receive full repayment of our debt investment and realize a significant capital gain on our equity interest in SFEG.
Distributions and Dividends:
In July 2026, our Board of Directors declared the following monthly distributions to common stockholders:
Record Date
Payment Date
Distribution per Common Share
July 24, 2026
July 31, 2026
$ 0.08
August 18, 2026
August 31, 2026
0.08
September 21, 2026
September 30, 2026
0.08
Total for the Quarter:
$ 0.24
Non-GAAP Financial Measure - Adjusted Net Investment Income: On a supplemental basis, the Company discloses Adjusted net investment income, including on a weighted-average per share basis, which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with GAAP. Adjusted net investment income represents net investment income (loss), excluding capital gains-based incentive fees. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The Company's investment advisory agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized depreciation on investments for such year. However, under GAAP, a capital gains-based incentive fee is accrued if realized capital gains and unrealized appreciation of investments exceed realized capital losses and unrealized depreciation of investments. Refer to Note 4 - Related Party Transactions in our Quarterly Report on Form 10-Q for further discussion. The Company believes that Adjusted net investment income is a useful indicator of operations exclusive of any capital gains-based incentive fees, as net investment (loss) income does not include realized or unrealized investment activity associated with the capital gains-based incentive fee.
The following table provides a reconciliation of net investment (loss) income (the most comparable GAAP measure) to Adjusted net investment income for the periods presented (dollars in thousands, except per share amounts; unaudited):
For the quarter ended
June 30, 2026
March 31, 2026
Amount
Per Share
Amount
Amount
Per Share
Amount
Net investment income (loss)
$
15,927
$
0.40
$
(10,610
)
$
(0.27
)
Capital gains-based incentive fee
(5,566
)
(0.14
)
18,533
0.47
Adjusted net investment income
$
10,361
$
0.26
$
7,923
$
0.20
Weighted-average shares of common stock outstanding - basic and diluted
39,821,967
39,821,967
Adjusted net investment income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted net investment income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP.
Conference Call: The Company will hold its earnings release conference call on Friday, August 7, 2026, at 8:30 a.m. Eastern Time. Please call (866) 373-3416 to enter the conference call. An operator will monitor the call and set a queue for any questions. A replay of the conference call will be available through August 14, 2026. To hear the replay, please dial (877) 660-6853 and use the playback conference number 13760772. The replay will be available after the call concludes. The live audio broadcast of the Company's quarterly conference call will also be available online at www.gladstoneinvestment.com. The event will be archived and available for replay on the Company's website.
About Gladstone Investment Corporation: Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com.
To obtain a paper copy of our Quarterly Report on Form 10-Q, filed today with the SEC, please contact the Company at 1521 Westbranch Drive, Suite 100, McLean, VA 22102, ATTN: Investor Relations. The financial information above is not comprehensive and is without notes, so readers should obtain and carefully review the Company's Form 10-Q for the quarter ended June 30, 2026, including the notes to the consolidated financial statements contained therein.
Investor Relations Inquiries: Please visit ir.gladstoneinvestment.com or call (703) 287-5893.
Forward-looking Statements:
The statements in this press release regarding potential future distributions, earnings and operations of the Company are "forward-looking statements." These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on the Company's current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or otherwise, except as required by law.
Microchip Technology schválila čtvrtletní hotovostní dividendu 45,5 centu na akcii. Vyplacena bude 9. září 2026 akcionářům, kteří budou držiteli akcií k 24. srpnu 2026.
August 06, 2026 16:15 ET | Source: Microchip Technology Inc.
CHANDLER, Ariz., Aug. 06, 2026 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that its Board of Directors declared a quarterly cash dividend on its common stock of 45.5 cents per share. The dividend is payable on September 9, 2026, to stockholders of record on August 24, 2026. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003.
About Microchip:
Microchip Technology Inc. is a broadline supplier of semiconductors committed to making innovative design easier through total system solutions that address critical challenges at the intersection of emerging technologies and durable end markets. Its easy-to-use development tools and comprehensive product portfolio support customers throughout the design process, from concept to completion. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support and delivers solutions across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. For more information, visit the Microchip website at www.microchip.com.
INVESTOR RELATIONS CONTACT:
Sajid Daudi -- Head of investor Relations..... (480) 792-7385
The Microchip logo and name are registered trademarks of Microchip Technology Incorporated.
Microchip Technology čeká ve 2. čtvrtletí tržby 1,59 až 1,62 miliardy USD a upravený zisk na akcii 0,91 až 0,95 USD, obojí nad odhady. Tahá ji silná poptávka po čipech pro AI datová centra, průmysl, automobilový i letecký sektor.
A Microchip logo appears in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
Aug 6 (Reuters) - Microchip Technology (MCHP.O), opens new tab forecast second-quarter revenue and profit above Wall Street estimates on Thursday, on strengthening demand for its chips used in AI data centers as well as the industrial, automotive and aerospace sectors.
The company has benefited from a cyclical recovery in key end-markets, including industrial and automotive, as well as surging demand from AI-related data centers, with robust aerospace- and defense-related spending fueled by geopolitical tensions.
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Here are some details:
For the second quarter, Microchip forecast revenue of $1.59 billion to $1.62 billion, above analysts' average estimate of $1.55 billion, according to data compiled by LSEG.
Its adjusted earnings per share forecast of $0.91 to $0.95 was also above analysts' average estimate of $0.79.
The company reported first-quarter revenue of $1.49 billion, topping analysts' estimate of $1.46 billion, while its adjusted profit of $0.76 per share also beat estimates of $0.69.
However, the Chandler, Arizona-based company's shares were down 4% after the bell.
Peer Onsemi (ON.O), opens new tab on Monday forecast third-quarter revenue above Wall Street expectations, betting on surging demand for power management chips used in AI data centers.
Reporting by Nithyashree R B in Bengaluru; Editing by Savio D'Souza
Our Standards: The Thomson Reuters Trust Principles., opens new tab
QuidelOrtho ve 2. čtvrtletí zvýšila tržby o 3 % na 631 milionů USD, ale kvůli slabší Číně a globálnímu respiračnímu prostředí snížila celoroční výhled tržeb i zisku. Zároveň stáhla výhled volného peněžního toku.
― Total revenue grew 3% reported and 2% constant currency, primarily driven by Labs and Point of Care growth ―
― Excluding China, total revenue grew 6% both as reported and in constant currency ―
― Company updates full-year 2026 financial guidance ―
, /PRNewswire/ -- QuidelOrtho Corporation (Nasdaq: QDEL) (the "Company" or "QuidelOrtho"), a leading global provider of diagnostic solutions, today announced financial results for the second quarter ended June 28, 2026.
Key Second Quarter 2026 Results:
(all comparisons are to the prior year period)
Total revenue was $631 million, an increase of 3% as reported and 2% in constant currency. Excluding China, total revenue grew 6% both as reported and in constant currency. Labs revenue of $383 million grew by 4% as reported and 2% in constant currency. Growth was driven by continued strength across the core business and partially offset by slower sales in China, which the Company believes is primarily related to recently announced changes to In Vitro Diagnostics pricing. Outside of China, Labs revenue grew 9% both as reported and in constant currency. Immunohematology revenue of $134 million grew 1% both as reported and in constant currency. Outside of China, Immunohematology revenue grew 5% both as reported and in constant currency. Point of Care revenue of $108 million grew 16% both as reported and in constant currency, including Triage revenue growth of 10% as reported and 9% in constant currency. GAAP net loss was $93 million; GAAP operating loss was $22 million; adjusted EBITDA was $129 million. GAAP net loss margin was 14.7%; GAAP operating loss margin was 3.5%; adjusted EBITDA margin was 20.5%, an improvement of 310 basis points. GAAP diluted loss per share was $1.36; adjusted diluted earnings per share ("EPS") was $0.13. "Our second quarter performance demonstrated QuidelOrtho's underlying strength and the benefits of our diversified portfolio, with solid results across our core franchises and regions, with the exception of China. Demand headwinds in China related to the proposed IVD pricing guidelines and a softer global respiratory environment are continuing to impact our business," said Brian J. Blaser, President and Chief Executive Officer of QuidelOrtho. "As a result, we are revising our full-year 2026 revenue and earnings guidance to reflect these evolving market dynamics. In addition, we have decided to withdraw free cash flow guidance as we work through the associated impacts on working capital and our mitigation efforts. This decision does not change our commitment to improving cash conversion, which remains our top priority. We remain focused on serving our customers, executing our strategy, strengthening our balance sheet, and building a stronger, more resilient QuidelOrtho."
Full-year 2026 Financial Guidance
Based on its current business outlook, the Company is updating its full-year financial guidance below:
Full-year 2026 Financial Guidance
Updated
(as of 8/6/2026)
Previous
(as of 5/5/2026)
Total revenues (reported)
$2.52 - $2.60 billion
$2.70 - $2.75 billion
Adjusted EBITDA
$540 - $560 million
$615 - $630 million
Adjusted EBITDA margin
21% - 22%
23 %
Adjusted diluted EPS
$0.65 - $0.90
$1.80 - $2.00
Free cash flow
Withdrawn
$100 - $120 million
Please see page 8 of the Second Quarter 2026 Financial Results presentation on the "Investor Relations" page of the Company's website for the full list of assumptions on which the Company's current 2026 financial guidance is based.
A reconciliation of forward-looking non-GAAP measures, including adjusted EBITDA, adjusted EBITDA margin and adjusted diluted EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. We are not, without unreasonable effort, able to reliably predict the impact of impairment charges and related tax benefits and other non-recurring adjustments. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. In addition, the Company believes any such reconciliation would imply a degree of precision and certainty that could be confusing to investors. See "Forward-Looking Statements" and "Non-GAAP Financial Measures."
Conference Call Information
Following the release of financial results, QuidelOrtho will hold a conference call today beginning at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results. Interested parties can access the call from the "Events & Presentations" section of the "Investor Relations" page of the Company's website at https://ir.quidelortho.com. Presentation materials will also be posted to the "Events & Presentations" section of the "Investor Relations" page of the Company's website at the time of the call. A replay of the conference call will be available shortly after the event on the "Investor Relations" page of the Company's website under the "Events & Presentations" section.
QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.
About QuidelOrtho Corporation
With expertise spanning clinical chemistry, immunoassay, immunohematology and molecular testing, QuidelOrtho Corporation (Nasdaq: QDEL) is a leading global provider of diagnostic solutions, dedicated to advancing fast, accurate and reliable results that help improve patient outcomes – from the point of care to hospital, lab to clinic. Building on a legacy of innovation, QuidelOrtho works with healthcare providers to advance diagnostics that connect insights with solutions, defining a clearer path for informed decisions and better care.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly historical, including, but not limited to, QuidelOrtho's commercial and other strategic goals, financial guidance for 2026 and related assumptions and other future financial condition and operating results, including growth expectations and expected results of operations, financial position or cost-savings and operational improvement initiatives, and other future plans, objectives, strategies, expectations and intentions. Without limiting the foregoing, the words "may," "will," "could," "would," "should," "might," "expect," "anticipate," "believe," "estimate," "plan," "intend," "goal," "project," "strategy," "future," "continue," "aim," "strive," "seek" or similar words, expressions or the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Such statements are based on the beliefs and expectations of QuidelOrtho's management as of the date of this press release and are subject to significant known and unknown risks and uncertainties. Actual results or outcomes may differ significantly from those set forth or implied in the forward-looking statements. The following factors, among others, could cause actual results or outcomes to differ from those set forth or implied in the forward-looking statements: fluctuations in demand for QuidelOrtho's non-respiratory and respiratory products; supply chain, production, logistics, distribution and labor disruptions and challenges; inability to successfully identify, consummate or realize the anticipated benefits of strategic transactions, strategic restructurings, divestitures, spin-offs or discontinuances of certain business operations, or debt financings, on the anticipated timelines, or at all; delays in the development of or failures or delays in the receipt of approvals for new or enhanced products; failure of new products and services to be commercially viable or accepted; changes in reimbursement rates for our products, including reimbursement rate reductions proposed by the China National Health Security Administration; and other macroeconomic, geopolitical, market, business, competitive and/or regulatory factors affecting the business of QuidelOrtho generally, including those arising from the effects of announced or future or amended tariffs, trade policies, investigations, global trade relations and other tariff-related developments, as well as those discussed in QuidelOrtho's Annual Report on Form 10-K for the fiscal year ended December 28, 2025 and subsequent reports filed with the Securities and Exchange Commission (the "Commission"), including under Part I, Item 1A, "Risk Factors" of the Form 10-K. You should not rely on forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. All forward-looking statements are based on information currently available to QuidelOrtho and speak only as of the date of this press release. QuidelOrtho undertakes no obligation to update any of the forward-looking information or time-sensitive information included in this press release, whether as a result of new information, future events, changed expectations or otherwise, except as required by law.
Non-GAAP Financial Measures
This press release contains financial measures that are considered non-GAAP financial measures under applicable rules and regulations of the Commission, including but not limited to "constant currency total revenue changes," "constant currency total revenue changes, excluding China," "constant currency Labs revenue changes," "constant currency Labs revenue changes, excluding China," "constant currency Immunohematology revenue changes," "constant currency Immunohematology revenue changes, excluding China," "constant currency Point of Care revenue changes," "constant currency Triage revenue changes," "adjusted EBITDA," "adjusted EBITDA margin," "adjusted diluted EPS" and other non-GAAP financial measures included in the reconciliation tables accompanying this press release. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures eliminate impacts of certain non-cash, unusual or other items that the Company does not consider indicative of its ongoing operating performance, and the Company generally uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company's historical operating results and comparison to competitors' operating results. The Company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and reports filed with the Commission in their entirety. Reconciliations of the historical non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this press release.
Media Contact:
Stephanie Kleewein
Senior Corporate Communications and PR Manager
[email protected]
QuidelOrtho
Consolidated Statements of Loss
(Unaudited)
(In millions, except per share data)
Three Months Ended
Six Months Ended
June 28, 2026
June 29, 2025
June 28, 2026
June 29, 2025
Total revenues
$ 630.9
$ 613.9
$ 1,250.7
$ 1,306.7
Cost of sales, excluding amortization of intangibles
358.0
339.0
714.0
688.5
Selling, marketing and administrative
189.7
178.0
389.0
365.0
Research and development
48.7
45.7
93.6
98.9
Amortization of intangible assets
49.0
47.9
95.8
95.9
Restructuring, integration and other charges
6.5
178.9
10.9
195.0
Other operating expenses
0.8
5.1
1.0
11.5
Operating loss
(21.8)
(180.7)
(53.6)
(148.1)
Interest expense, net
54.7
40.5
105.8
80.5
Other expense, net
4.7
8.4
1.3
9.8
Loss before income taxes
(81.2)
(229.6)
(160.7)
(238.4)
Provision for income taxes
11.7
25.8
24.0
29.7
Net loss
$ (92.9)
$ (255.4)
$ (184.7)
$ (268.1)
Basic loss per share
$ (1.36)
$ (3.77)
$ (2.71)
$ (3.97)
Diluted loss per share
$ (1.36)
$ (3.77)
$ (2.71)
$ (3.97)
Weighted-average shares outstanding - basic
68.3
67.7
68.2
67.6
Weighted-average shares outstanding - diluted
68.3
67.7
68.2
67.6
QuidelOrtho
Condensed Consolidated Balance Sheets
(Unaudited)
(In millions)
June 28, 2026
December 28, 2025
ASSETS
Current assets:
Cash and cash equivalents
$ 123.4
$ 169.8
Accounts receivable, net
352.0
417.0
Inventories
618.9
577.6
Prepaid expenses and other current assets
249.9
250.5
Assets held for sale
32.4
32.4
Total current assets
1,376.6
1,447.3
Property, plant and equipment, net
1,338.6
1,358.3
Right-of-use assets
155.8
155.5
Intangible assets, net
2,678.4
2,563.8
Other assets
165.9
244.4
Total assets
$ 5,715.3
$ 5,769.3
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 236.5
$ 279.4
Accrued payroll and related expenses
76.8
120.3
Income tax payable
14.0
11.5
Current portion of borrowings
355.7
178.3
Other current liabilities
310.4
376.6
Total current liabilities
993.4
966.1
Operating lease liabilities
152.5
154.4
Long-term borrowings
2,535.4
2,471.9
Deferred tax liabilities
122.1
90.0
Other liabilities
137.0
166.4
Total liabilities
3,940.4
3,848.8
Total stockholders' equity
1,774.9
1,920.5
Total liabilities and stockholders' equity
$ 5,715.3
$ 5,769.3
QuidelOrtho
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
Six Months Ended
June 28, 2026
June 29, 2025
Cash (used for) provided by operating activities
$ (143.6)
$ 18.8
Cash used for investing activities
(141.3)
(89.2)
Cash provided by financing activities
238.2
120.9
Effect of exchange rates on cash
0.3
2.7
Net (decrease) increase in cash, cash equivalents and restricted cash
(46.4)
53.2
Cash, cash equivalents and restricted cash at beginning of period
169.8
98.5
Cash, cash equivalents and restricted cash at end of period
$ 123.4
$ 151.7
QuidelOrtho
Reconciliation of Non-GAAP Financial Information - Adjusted Net Income
(In millions, except per share data; unaudited)
Three Months Ended
Six Months Ended
June 28, 2026
Diluted EPS
June 29, 2025
Diluted EPS
June 28, 2026
Diluted EPS
June 29, 2025
Diluted EPS
Net loss
$ (92.9)
$ (1.36)
$ (255.4)
$ (3.77)
$ (184.7)
$ (2.71)
$ (268.1)
$ (3.97)
Adjustments:
Amortization of intangibles
49.0
47.9
95.8
95.9
Restructuring, integration and other charges
6.5
178.9
10.9
195.0
Amortization of deferred cloud computing implementation costs
9.2
6.8
17.2
11.1
Employee compensation charges
4.5
—
10.0
—
Tax indemnification expense
3.3
—
3.3
—
Incremental depreciation on PP&E fair value adjustment
3.2
5.4
6.5
10.6
Accelerated depreciation
2.1
1.0
4.1
1.0
EU medical device regulation transition costs
0.7
0.1
1.4
0.3
Loss (gain) on investments
8.1
(1.0)
9.0
(1.3)
Other adjustments
6.8
0.8
11.5
2.0
Income tax impact of adjustments
8.7
23.4
21.8
11.6
Adjusted net income
$ 9.2
$ 0.13
$ 7.9
$ 0.12
$ 6.8
$ 0.10
$ 58.1
$ 0.86
Weighted-average shares outstanding - diluted
68.6
67.9
68.5
67.9
QuidelOrtho
Reconciliation of Non-GAAP Financial Information - Adjusted EBITDA
(In millions, unaudited)
Three Months Ended
Six Months Ended
June 28, 2026
June 29, 2025
June 28, 2026
June 29, 2025
Net loss
$ (92.9)
$ (255.4)
$ (184.7)
$ (268.1)
Depreciation and amortization
116.7
110.3
229.6
217.4
Interest expense, net
54.7
40.5
105.8
80.5
Provision for income taxes
11.7
25.8
24.0
29.7
Restructuring, integration and other charges
6.5
178.9
10.9
195.0
Amortization of deferred cloud computing implementation costs
9.2
6.8
17.2
11.1
Employee compensation charges
4.5
—
10.0
—
Tax indemnification expense
3.3
—
3.3
—
EU medical device regulation transition costs
0.7
0.1
1.4
0.3
Loss (gain) on investments
8.1
(1.0)
9.0
(1.3)
Other adjustments
6.8
0.8
11.5
2.0
Adjusted EBITDA
$ 129.3
$ 106.8
$ 238.0
$ 266.6
Total revenues
$ 630.9
$ 613.9
$ 1,250.7
$ 1,306.7
Adjusted EBITDA margin
20.5 %
17.4 %
19.0 %
20.4 %
QuidelOrtho
Reconciliation of Non-GAAP Financial Information - Revenues
(In millions, unaudited)
Three Months Ended
June 28, 2026
June 29, 2025
% Change
Currency
Impact
Constant
Currency (a)
Labs
$ 382.9
$ 369.7
3.6 %
1.2 %
2.4 %
Immunohematology
134.2
132.3
1.4 %
0.7 %
0.7 %
Donor Screening
4.0
13.3
(69.9) %
(0.4) %
(69.5) %
Point of Care
108.2
93.0
16.3 %
0.6 %
15.7 %
Molecular Diagnostics
1.6
5.6
(71.4) %
0.6 %
(72.0) %
Total revenues
$ 630.9
$ 613.9
2.8 %
0.9 %
1.9 %
Three Months Ended
June 28, 2026
June 29, 2025
% Change
Currency
Impact
Constant
Currency (a)
Total revenues
$ 630.9
$ 613.9
2.8 %
0.9 %
1.9 %
China revenue
67.8
83.4
(18.7) %
4.6 %
(23.3) %
Total revenues excluding China
$ 563.1
$ 530.5
6.1 %
0.2 %
5.9 %
Three Months Ended
June 28, 2026
June 29, 2025
% Change
Currency
Impact
Constant
Currency (a)
Labs
$ 382.9
$ 369.7
3.6 %
1.2 %
2.4 %
China Labs
56.1
69.8
(19.6) %
4.6 %
(24.2) %
Total Labs revenues excluding China
$ 326.8
$ 299.9
9.0 %
0.2 %
8.8 %
(a)
The term "constant currency" means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.
Three Months Ended
June 28, 2026
June 29, 2025
% Change
Currency
Impact
Constant
Currency (a)
Immunohematology
$ 134.2
$ 132.3
1.4 %
0.7 %
0.7 %
China Immunohematology
6.7
10.8
(38.0) %
3.8 %
(41.8) %
Total Immunohematology revenues excluding China
$ 127.5
$ 121.5
4.9 %
0.3 %
4.6 %
Three Months Ended
June 28, 2026
June 29, 2025
% Change
Currency
Impact
Constant
Currency (a)
Triage
$ 32.9
$ 29.8
10.4 %
1.5 %
8.9 %
All other
75.3
63.2
Point of Care revenue
$ 108.2
$ 93.0
16.3 %
0.6 %
15.7 %
(a)
The term "constant currency" means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.
Akamai Technologies ve 2. čtvrtletí 2026 zvýšila tržby o 5 % na 1,1 miliardy USD a oznámila kontrakt v hodnotě více než 600 milionů USD na cloudovou infrastrukturu pro robotiku. Veškerá dostupná GPU kapacita je vyprodaná.
Forget The Chips? Cloud Stocks Are The New Hardware Akamai Technologies NASDAQ: AKAM reported second-quarter 2026 revenue growth of 5% and highlighted expanding demand for its cloud infrastructure services and security offerings as enterprises deploy artificial intelligence workloads.
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Chief Executive Officer Tom Leighton said the company signed a four-year commitment worth more than $600 million with a U.S.-based technology company to provide cloud infrastructure services for robotics development. The deal brought Akamai’s total volume of multi-year cloud infrastructure commitments signed so far in 2026 to more than $2.8 billion.
Cybersecurity Demand Is High—Yet This ETF Is on Sale“Akamai continues to build momentum and gain wide industry recognition as a key infrastructure provider for the AI-driven economy,” Leighton said. The company expects the new robotics customer to have no material revenue effect in 2026, with revenue expected to ramp fully during 2027.
Second-Quarter Results Chief Financial Officer Ed McGowan said second-quarter revenue was $1.1 billion, up 5% year over year on both a reported and constant-currency basis.
Cloud infrastructure services revenue was $99 million, rising 39% year over year. Security revenue totaled $604 million, up 10% as reported and 9% in constant currency. Delivery and other cloud applications revenue was $396 million, down 6% as reported and 5% in constant currency. International revenue was $549 million, up 6% as reported and representing about half of total quarterly revenue. Akamai: AI Tailwinds Drive Edge Computing and Security GrowthNon-GAAP net income was $236 million, or $1.59 per diluted share, down 8% from a year earlier. Akamai’s non-GAAP operating margin was 25% for the quarter. McGowan said earnings reflected increased co-location investments, depreciation and headcount expenses intended to support growth in cloud infrastructure services.
Capital expenditures were $347 million, or 32% of revenue, below the company’s prior expectations because certain GPU shipments arrived several weeks after the quarter ended. The delayed equipment spending shifted principally into the third quarter.
Cloud Capacity, AI Demand and Investment Akamai said all of its available GPU capacity is sold out. McGowan said the company plans to invest up to $500 million to replenish and expand GPU capacity, including roughly $60 million during 2026 and the remainder in early 2027.
The company said customers increasingly seek to reserve capacity months in advance under arrangements comparable to cloud reserved instances. Management said large cloud infrastructure contracts generally take six to nine months from signing to revenue recognition, as equipment is procured, data-center capacity is prepared and systems are deployed.
McGowan said Akamai expects cloud infrastructure services revenue to accelerate meaningfully in the fourth quarter and continue accelerating in 2027. The company expects its overall revenue growth rate to move from single digits in 2026 to the low teens in 2027, supported by signed commitments and its pipeline.
Management said the company’s distributed network, which spans more than 700 cities in 130 countries, supports AI inference workloads that require lower latency or proximity to data and users. Leighton cited robotics as an example where video processing and rapid response times can make edge-based inference useful. He said Akamai is not focused on training giant foundation models, but can support the usage of models and training of medium or smaller models.
Akamai said large-scale cloud infrastructure contracts in its signed business and active pipeline have non-GAAP cash gross margins ranging from the mid-60% range to the mid-70% range. After hardware depreciation and other operating expenses, management said such contracts typically produce non-GAAP operating margins from the low-to-mid-20% range through the low 30% range.
Security Business and LayerX Acquisition Security growth was driven by demand for Akamai’s Web Application Firewall, API Security and Guardicore Segmentation products, according to Leighton. He said customers are seeking protection against vulnerabilities and larger attacks associated with greater adoption of AI tools and models.
The company cited a $14 million upgrade from one of the world’s largest banks to secure all of its applications, as well as a security and cloud infrastructure services renewal upgrade worth more than $20 million over two years with a large telecommunications provider.
Akamai also said CrowdStrike switched to Akamai for web security and content delivery. Leighton said CrowdStrike had been dissatisfied with inconsistent service from its prior provider.
On July 2, Akamai completed its acquisition of LayerX for approximately $205 million. The business has been rebranded as Akamai Workforce Protector and is intended to provide visibility and controls for enterprise browser activity, SaaS usage, file uploads and AI prompts. McGowan said the acquisition is not expected to have a material effect on 2026 revenue but is expected to reduce non-GAAP earnings per share by about $0.12 for the year, split evenly between the third and fourth quarters.
Akamai expects its security portfolio to generate more than $2.4 billion in revenue during 2026, Leighton said.
Guidance and Capital Allocation For the third quarter, Akamai forecast revenue of $1.105 billion to $1.13 billion, representing reported growth of 5% to 7%. The company projected non-GAAP earnings per share of $1.60 to $1.80 and a non-GAAP operating margin of approximately 24% to 26%.
Third-quarter capital expenditures are expected to range from $475 million to $525 million, or about 43% to 46% of revenue, as the company absorbs delayed GPU shipments and builds capacity for recently announced contracts.
For full-year 2026, Akamai forecast revenue of $4.445 billion to $4.53 billion, up 6% to 8% as reported. It maintained expectations for cloud infrastructure services growth of at least 50% in constant currency, high-single-digit constant-currency security growth, and a mid-single-digit decline in delivery and other cloud applications revenue. Full-year non-GAAP earnings per share are expected to be $6.40 to $7.05.
In May, Akamai raised $3.5 billion through two tranches of zero-coupon convertible debt due in 2030 and 2032. The company ended the quarter with approximately $4.6 billion in cash equivalents and marketable securities. It repurchased roughly 3 million shares for approximately $410 million during the quarter, but said it is temporarily pausing share repurchases to direct capital toward cloud infrastructure growth.
About Akamai Technologies (NASDAQ:AKAM)Akamai Technologies, Inc is a leading provider of content delivery network (CDN) services and cloud security solutions designed to optimize and safeguard digital experiences. Leveraging a globally distributed platform, the company accelerates web and mobile content delivery for enterprises, media companies, e-commerce platforms and government agencies. Its edge computing architecture brings processing power closer to end users, reducing latency and improving application performance across geographies.
The company's core offerings include content acceleration, web and mobile performance optimization, media delivery, and a suite of cybersecurity solutions that protect against DDoS attacks, application-layer threats and bot-driven fraud.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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StepStone Group oznámila za 1. fiskální čtvrtletí čistou ztrátu 170,4 mil. USD, zatímco výnosy vzrostly na 378,9 mil. USD. AUM stoupla na 245,4 mld. USD.
NEW YORK, Aug. 06, 2026 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm focused on providing customized investment solutions and advisory and data services, today reported results for the quarter ended June 30, 2026. This represents results for the first quarter of the fiscal year ending March 31, 2027. The Board of Directors of the Company has declared a quarterly cash dividend of $0.33 per share of Class A common stock, payable on September 15, 2026, to the holders of record as of the close of business on August 31, 2026.
StepStone issued a full detailed presentation of its first quarter fiscal 2027 results, which can be accessed by visiting the Company’s website at https://shareholders.stepstonegroup.com.
Webcast and Earnings Conference Call
Management will host a webcast and conference call today, Thursday, August 6, 2026, at 5:00 pm ET to discuss the Company’s results for the first quarter of the fiscal year ending March 31, 2027. The webcast will be made available on the Shareholders section of the Company’s website at https://shareholders.stepstonegroup.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register. A replay will also be available on the Shareholders section of the Company’s website approximately two hours after the conclusion of the event.
To join as a live participant in the question and answer portion of the call, participants must register at https://register-conf.media-server.com/register/BIb7358a7075e744b1b4ef2e638196914a. Upon registering you will receive the dial-in number and a PIN to join the call as well as an email confirmation with the details.
About StepStone Group
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2026, StepStone was responsible for approximately $913 billion of total capital, including $245 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.
Forward-Looking Statements
Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions identify forward-looking statements. Forward-looking statements reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under the “Risk Factors” section of our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 27, 2026, and in our subsequent reports filed with the SEC, as such factors may be updated from time to time. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use the following non-GAAP financial measures: fee revenues, adjusted revenues, adjusted net income (on both a pre-tax and after-tax basis), adjusted net income per share, adjusted weighted-average shares, fee-related earnings, fee-related earnings margin, gross realized performance fees and performance fee-related earnings. We have provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures in this earnings release may not be comparable to similarly titled measures used by other companies in our industry or across different industries. For definitions of these non-GAAP measures and reconciliations to applicable GAAP measures, please see the section titled “Non-GAAP Financial Measures: Definitions and Reconciliations.”
Financial Highlights and Key Business Drivers/Operating Metrics Three Months Ended Percentage Change(in thousands, except share and per share amounts and where noted)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026 vs. FQ1'26Financial Highlights GAAP Results Management and advisory fees, net$211,173 $215,489 $239,932 $259,871 $269,171 27%Total revenues 364,287 454,225 586,511 588,580 378,889 4%Total performance fees 153,114 238,736 346,579 328,709 109,718 (28)%Net income (loss) (12,011) (575,490) (162,435) 6,660 (170,366) naNet loss per share of Class A common stock: Basic$(0.49)$(4.66)$(1.55)$(0.10)$(1.41) 186%Diluted$(0.49)$(4.66)$(1.55)$(0.10)$(1.41) 186%Weighted-average shares of Class A common stock: Basic 77,846,710 78,561,587 79,465,039 80,297,984 81,995,674 5%Diluted 77,846,710 78,561,587 79,465,039 80,297,984 81,995,674 5%Quarterly dividend per share of Class A common stock(1)$0.24 $0.28 $0.28 $0.28 $0.28 17%Supplemental dividend per share of Class A common stock(2)$0.40 $— $— $— $0.55 38%Accrued carried interest allocations 1,585,209 1,733,922 1,835,862 2,036,892 2,080,443 31% Non-GAAP Results(3) Fee revenues$212,740 $217,461 $241,133 $260,285 $270,934 27%Adjusted revenues 237,467 282,342 494,500 305,841 300,595 27%Fee-related earnings (“FRE”) 81,246 78,633 89,236 105,334 105,609 30%FRE margin 38% 36% 37% 40% 39% Gross realized performance fees 24,727 64,881 253,367 45,556 29,661 20%Performance fee-related earnings (“PRE”) 13,022 33,886 131,152 17,894 15,799 21%Adjusted net income (“ANI”) 48,534 66,709 79,858 69,459 60,295 24%Adjusted weighted-average shares 122,292,943 122,462,594 122,590,230 122,481,335 125,893,054 3%ANI per share$0.40 $0.54 $0.65 $0.57 $0.48 20% Key Business Drivers/Operating Metrics(in billions) Assets under management (“AUM”)(4)$199.3 $209.1 $219.8 $233.3 $245.4 23%Assets under advisement (“AUA”)(4) 524.2 561.6 591.3 651.8 667.9 27%Fee-earning AUM (“FEAUM”) 127.2 132.8 138.6 144.0 153.6 21%Undeployed fee-earning capital (“UFEC”) 28.7 29.8 32.7 40.1 39.3 37% _______________________________
(1) Dividends paid, as reported in this table, relate to the preceding quarterly period in which they were earned.
(2) The supplemental cash dividend relates to earnings in respect of our full fiscal years 2025 and 2026, respectively.
(3) Fee revenues, adjusted revenues, FRE, FRE margin, gross realized performance fees, PRE, ANI, adjusted weighted-average shares and ANI per share are non-GAAP measures. See the definitions of these measures and reconciliations to the respective, most comparable GAAP measures under “Non-GAAP Financial Measures: Definitions and Reconciliations.”
(4) AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented. Does not include post-period investment valuation or cash activity. Net asset value (“NAV”) data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.
StepStone Group Inc.
GAAP Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts) As of June 30, 2026 March 31, 2026Assets Cash and cash equivalents$201,167 $213,065 Restricted cash 581 579 Fees and accounts receivable 109,711 133,287 Due from affiliates 153,019 113,150 Investments: Investments in funds 264,450 249,447 Accrued carried interest allocations 2,080,443 2,036,892 Legacy Greenspring investments in funds and accrued carried interest allocations(1) 783,847 752,776 Deferred income tax assets 663,333 614,788 Lease right-of-use assets, net 95,222 81,565 Other assets and receivables 59,861 58,946 Intangibles, net 212,855 223,044 Goodwill 580,542 580,542 Assets of Consolidated Funds 2,562,643 1,704,621 Total assets$7,767,674 $6,762,702 Liabilities and stockholders’ equity Accounts payable, accrued expenses and other liabilities$84,915 $102,685 Accrued compensation and benefits 2,681,305 2,360,770 Accrued carried interest-related compensation 1,145,080 1,100,604 Legacy Greenspring accrued carried interest-related compensation(1) 656,035 619,186 Due to affiliates 366,798 362,833 Lease liabilities 116,465 103,600 Debt obligations 270,898 270,572 Liabilities of Consolidated Funds 1,206,522 956,426 Total liabilities 6,528,018 5,876,676 Redeemable non-controlling interests in Consolidated Funds 259,913 186,236 Redeemable non-controlling interests in subsidiaries 9,214 8,777 Stockholders’ equity: Class A common stock, $0.001 par value, 650,000,000 authorized; 82,340,884 and 80,703,553 issued and outstanding as of June 30, 2026 and March 31, 2026, respectively 82 81 Class B common stock, $0.001 par value, 125,000,000 authorized; 38,387,761 and 38,637,761 issued and outstanding as of June 30, 2026 and March 31, 2026, respectively 38 39 Additional paid-in capital 541,815 482,057 Accumulated deficit (1,082,511) (896,879)Accumulated other comprehensive income 1,376 1,143 Total StepStone Group Inc. stockholders’ equity (539,200) (413,559)Non-controlling interests in subsidiaries 1,867,651 1,373,242 Non-controlling interests in legacy Greenspring entities(1) 127,812 133,590 Non-controlling interests in the Partnership (485,734) (402,260)Total stockholders’ equity 970,529 691,013 Total liabilities and stockholders’ equity$7,767,674 $6,762,702 (1) Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.
StepStone Group Inc.
GAAP Condensed Consolidated Statements of Loss (Unaudited)
(in thousands, except share and per share amounts) Three Months Ended June 30, 2026 2025 Revenues Management and advisory fees, net$269,171 $211,173 Performance fees: Incentive fees — 190 Carried interest allocations: Realized 28,572 24,404 Unrealized 43,975 88,883 Total carried interest allocations 72,547 113,287 Legacy Greenspring carried interest allocations(1) 37,171 39,637 Total performance fees 109,718 153,114 Total revenues 378,889 364,287 Expenses Compensation and benefits: Cash-based compensation 117,234 95,985 Equity-based compensation 317,277 188,718 Performance fee-related compensation: Realized 13,862 11,705 Unrealized 44,686 44,357 Total performance fee-related compensation 58,548 56,062 Legacy Greenspring performance fee-related compensation(1) 37,171 39,637 Total compensation and benefits 530,230 380,402 General, administrative and other 53,469 42,914 Total expenses 583,699 423,316 Other income (expense) Investment income 10,823 10,512 Legacy Greenspring investment income (loss)(1) (5,247) 3,382 Investment income of Consolidated Funds 2,844 21,671 Interest income 4,721 2,496 Interest expense (4,338) (4,534)Other income (loss) (4,243) 5,152 Total other income 4,560 38,679 Loss before income tax (200,250) (20,350)Income tax benefit (29,884) (8,339)Net loss (170,366) (12,011)Less: Net income attributable to non-controlling interests in subsidiaries 22,731 28,617 Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1) (5,247) 3,382 Less: Net loss attributable to non-controlling interests in the Partnership (76,134) (27,122)Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds 3,663 20,957 Less: Net income attributable to redeemable non-controlling interests in subsidiaries 437 579 Net loss attributable to StepStone Group Inc.$(115,816) $(38,424)Net loss per share of Class A common stock: Basic$(1.41) $(0.49)Diluted$(1.41) $(0.49)Weighted-average shares of Class A common stock: Basic 81,995,674 77,846,710 Diluted 81,995,674 77,846,710 (1) Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.
Non-GAAP Financial Measures: Definitions and Reconciliations
Fee Revenues
Fee revenues represents management and advisory fees, net, including amounts earned from the Consolidated Funds which are eliminated in consolidation. We believe fee revenues is useful to investors because it presents the net amount of management and advisory fee revenues attributable to us.
The table below presents the components of fee revenues.
Three Months Ended(in thousands)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026Focused commingled funds(1)(2)$120,036$127,085$144,277$160,769$172,483Separately managed accounts 70,379 71,685 75,226 76,339 75,278Advisory and other services 19,939 16,259 18,395 19,998 19,476Fund reimbursement revenues(1) 2,386 2,432 3,235 3,179 3,697Fee revenues$212,740$217,461$241,133$260,285$270,934 _______________________________
(1) Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(2) Includes income-based incentive fees from certain funds:
Adjusted revenues represents the components of revenues used in the determination of ANI and comprise fee revenues, adjusted incentive fees and realized carried interest allocations. We believe adjusted revenues is useful to investors because it presents a measure of realized revenues.
The table below shows a reconciliation of revenues to adjusted revenues.
Three Months Ended(in thousands)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026Total revenues$364,287 $454,225 $586,511 $588,580 $378,889 Unrealized carried interest allocations (88,883) (147,813) (101,985) (201,031) (43,975)Deferred incentive fees — 671 (1,544) (282) — Legacy Greenspring carried interest allocations (39,637) (27,143) 10,063 (81,994) (37,171)Management and advisory fee revenues for the Consolidated Funds(1) 1,567 1,972 1,201 414 1,763 Incentive fees for the Consolidated Funds(2) 133 430 254 154 1,089 Adjusted revenues$237,467 $282,342 $494,500 $305,841 $300,595 _______________________________
(1) Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(2) Reflects the add-back of incentive fees for the Consolidated Funds, which have been eliminated in consolidation.
Adjusted Net Income
Adjusted net income, or “ANI,” is a non-GAAP performance measure that we present before the consolidation of StepStone Funds on a pre-tax and after-tax basis used to evaluate profitability. ANI represents the after-tax net realized income attributable to us. ANI does not reflect legacy Greenspring carried interest allocation revenues, legacy Greenspring carried interest-related compensation and legacy Greenspring investment income (loss) as none of the economics are attributable to us. The components of revenues used in the determination of ANI (“adjusted revenues”) comprise fee revenues, adjusted incentive fees and realized carried interest allocations. In addition, ANI excludes: (a) unrealized carried interest allocation revenues and related compensation, (b) unrealized investment income (loss), (c) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (d) amortization of intangibles, (e) net income (loss) attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary, (f) charges associated with acquisitions and corporate transactions, and (g) certain other items that we believe are not indicative of our core operating performance (as listed in the table below). ANI is fully taxed at our blended statutory rate. We believe ANI and adjusted revenues are useful to investors because they enable investors to evaluate the performance of our business across reporting periods.
Fee-Related Earnings
Fee-related earnings, or “FRE,” is a non-GAAP performance measure used to monitor our baseline earnings from recurring management and advisory fees. FRE is a component of ANI and comprises fee revenues less adjusted expenses which are operating expenses other than (a) performance fee-related compensation, (b) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (c) amortization of intangibles, (d) charges associated with acquisitions and corporate transactions, and (e) certain other items that we believe are not indicative of our core operating performance (as listed in the table below). FRE is presented before income taxes. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business and our ability to cover direct base compensation and operating expenses from total fee revenue.
The table below shows a reconciliation of GAAP measures to additional non-GAAP measures. We use the non-GAAP measures presented below as components when calculating FRE and ANI (as defined below). We believe these additional non-GAAP measures are useful to investors in evaluating both the baseline earnings from recurring management and advisory fees, which provide additional insight into the operating profitability of our business, and the after-tax net realized income attributable to us, allowing investors to evaluate the performance of our business. These additional non-GAAP measures remove the impact of Consolidated Funds that we are required to consolidate under GAAP, and certain other items that we believe are not indicative of our core operating performance.
Three Months Ended(in thousands)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026GAAP management and advisory fees, net$211,173 $215,489 $239,932 $259,871 $269,171 Adjustments(1) 1,567 1,972 1,201 414 1,763 Fee revenues$212,740 $217,461 $241,133 $260,285 $270,934 GAAP incentive fees$190 $4,902 $207,954 $7,087 $— Adjustments(2) 133 1,101 (1,290) (128) 1,089 Adjusted incentive fees$323 $6,003 $206,664 $6,959 $1,089 GAAP cash-based compensation$95,985 $100,348 $107,114 $110,700 $117,234 Adjustments(3) (17) (17) — (59) (70)Adjusted cash-based compensation$95,968 $100,331 $107,114 $110,641 $117,164 GAAP equity-based compensation$188,718 $884,470 $468,808 $200,061 $317,277 Adjustments(4) (184,509) (880,154) (464,124) (193,974) (310,650)Adjusted equity-based compensation$4,209 $4,316 $4,684 $6,087 $6,627 GAAP general, administrative and other$42,914 $45,292 $50,640 $48,408 $53,469 Adjustments(5) (11,597) (11,111) (10,541) (10,185) (11,935)Adjusted general, administrative and other$31,317 $34,181 $40,099 $38,223 $41,534 GAAP realized investment income$940 $2,516 $1,560 $2,677 $1,557 Adjustments(6) — — — 11,194 — Adjusted realized investment income$940 $2,516 $1,560 $13,871 $1,557 GAAP interest income$2,496 $3,224 $2,455 $3,658 $4,721 Adjustments(7) (998) (1,273) (4) (2,060) (3,256)Adjusted interest income$1,498 $1,951 $2,451 $1,598 $1,465 GAAP other income (loss)$5,152 $1,978 $(1,312)$(5,121)$(4,243)Adjustments(8) (4,159) (1,073) 660 5,066 3,639 Adjusted other income (loss)$993 $905 $(652)$(55)$(604) ______________________________
(1) Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(2) Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation, and deferred incentive fees that are not included in GAAP revenues.
(3) Reflects the removal of unrealized amounts associated with cash-based incentive awards tracked to the performance of a designated investment fund and unrealized amounts associated with deferred compensation plan liability adjustments.
(4) Reflects the removal of equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.
(5) Reflects the removal of amortization of intangibles, transaction-related costs, unrealized mark-to-market changes in fair value for contingent consideration obligation, the impact of consolidation of the Consolidated Funds and other non-core operating income and expenses.
(6) Reflects the realization of a seed capital investment in the StepStone Funds, which is eliminated in consolidation.
(7) Reflects the removal of interest income earned by the Consolidated Funds.
(8) Reflects the removal of amounts for Tax Receivable Agreements adjustments recognized as other income (loss), unrealized amounts associated with deferred compensation plan asset adjustments and the impact of consolidation of the Consolidated Funds.
The table below shows a reconciliation of income (loss) before income tax to ANI and FRE.
Three Months Ended(in thousands)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026Loss before income tax$(20,350)$(675,826)$(194,649)$(344)$(200,250)Net income attributable to non-controlling interests in subsidiaries(1) (30,725) (27,645) (115,887) (43,399) (41,585)Net (income) loss attributable to non-controlling interests in legacy Greenspring entities (3,382) (1,313) 527 (777) 5,247 Unrealized carried interest allocations (88,883) (147,813) (101,985) (201,031) (43,975)Unrealized performance fee-related compensation 44,357 88,727 69,050 140,091 44,686 Unrealized investment (income) loss (9,572) 3,726 (8,268) (19,011) (9,266)Impact of Consolidated Funds (24,407) (43,864) (18,944) 5,852 1,912 Deferred incentive fees — 671 (1,544) (282) — Equity-based compensation(2) 184,509 880,154 464,124 193,974 310,650 Amortization of intangibles 10,207 10,207 10,207 10,207 10,190 Tax Receivable Agreements adjustments through earnings — (1,302) — 5,537 — Non-core items(3) 686 99 106 6 294 Pre-tax ANI 62,440 85,821 102,737 90,823 77,903 Income taxes(4) (13,906) (19,112) (22,879) (21,364) (17,608)ANI 48,534 66,709 79,858 69,459 60,295 Income taxes(4) 13,906 19,112 22,879 21,364 17,608 Realized carried interest allocations (24,404) (58,878) (46,703) (38,597) (28,572)Realized performance fee-related compensation 11,705 30,995 122,215 27,662 13,862 Adjusted realized investment income(5) (940) (2,516) (1,560) (13,871) (1,557)Adjusted incentive fees(6) (323) (6,003) (206,664) (6,959) (1,089)Adjusted interest income(7) (1,498) (1,951) (2,451) (1,598) (1,465)Interest expense 4,534 4,425 5,123 4,420 4,338 Adjusted other (income) loss(8) (993) (905) 652 55 604 Net income attributable to non-controlling interests in subsidiaries(1) 30,725 27,645 115,887 43,399 41,585 FRE$81,246 $78,633 $89,236 $105,334 $105,609 _______________________________
(1) Reflects the portion of pre-tax ANI attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary:
Three Months Ended(in thousands)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026FRE attributable to non-controlling interests in subsidiaries and profits interests$26,672$24,791$32,280$39,988$39,678Performance-related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interests 4,053 2,854 83,607 3,411 1,907Net income attributable to non-controlling interests in subsidiaries and profits interests$30,725$27,645$115,887$43,399$41,585 The contribution to pre-tax ANI attributable to non-controlling interests in subsidiaries and profits interests and performance-related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interests presented above specifically related to the profits interests issued in the private wealth subsidiary is presented below.
Three Months Ended(in thousands)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026FRE attributable to profits interests issued in the private wealth subsidiary$8,469 $10,103$14,354$19,530$23,908Performance-related earnings / other income (loss) attributable to profits interests issued in the private wealth subsidiary (14) 31 83,172 601 535Net income attributable to profits interests issued in the private wealth subsidiary$8,455 $10,134$97,526$20,131$24,443 The contribution to pre-tax ANI attributable to non-controlling interests in subsidiaries and performance-related earnings / other income (loss) attributable to non-controlling interests in subsidiaries presented above specifically not attributable to the profits interests issued in the private wealth subsidiary is presented below.
Three Months Ended(in thousands)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026FRE attributable to non-controlling interests in subsidiaries$18,203$14,688$17,926$20,458$15,770Performance-related earnings / other income (loss) attributable to non-controlling interests in subsidiaries 4,067 2,823 435 2,810 1,372Net income attributable to non-controlling interests in subsidiaries$22,270$17,511$18,361$23,268$17,142 (2) Reflects equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.
(3) Includes (income) expense related to the following non-core operating income and expenses:
Three Months Ended(in thousands)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026Transaction costs$605$24$47$— $235 Loss on change in fair value for contingent consideration obligation 64 58 59 54 — Unrealized amounts associated with cash-based incentive awards tracked to investment funds 17 17 — 72 6 Gain realized upon vesting of cash-based incentive awards tracked to investment funds — — — (107) — Unrealized amounts associated with deferred compensation plan asset adjustments — — — — (11)Unrealized amounts associated with deferred compensation plan liability adjustments — — — (13) 64 Total non-core operating income and expenses$686$99$106$6 $294 (4) Represents corporate income taxes at a blended statutory rate applied to pre-tax ANI:
Three Months Ended June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026Federal statutory rate21.0%21.0%21.0%21.0%21.0%Combined state, local and foreign rate1.3%1.3%1.3%2.5%1.6%Blended statutory rate22.3%22.3%22.3%23.5%22.6% (5) Reflects the realization of a seed capital investment in the StepStone Funds, which is eliminated in consolidation.
(6) Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation, and deferred incentive fees that are not included in GAAP revenues.
(7) Reflects the removal of interest income earned by the Consolidated Funds.
(8) Reflects the removal of Tax Receivable Agreements adjustments recognized as other income (loss) ($(5.5) million for the three months ended March 31, 2026 and $1.3 million for the three months ended September 30, 2025), unrealized amounts associated with deferred compensation plan asset adjustments and the impact of consolidation of the Consolidated Funds.
Fee-Related Earnings Margin
FRE margin is a non-GAAP performance measure which is calculated by dividing FRE by fee revenues. We believe FRE margin is an important measure of profitability on revenues that are largely recurring by nature. We believe FRE margin is useful to investors because it enables them to better evaluate the operating profitability of our business across periods.
The table below shows a reconciliation of FRE to FRE margin.
Gross realized performance fees represents realized carried interest allocations and adjusted incentive fees. We believe gross realized performance fees is useful to investors because it presents the total performance fees realized by us.
Performance Fee-Related Earnings
Performance fee-related earnings, or “PRE,” represents gross realized performance fees less realized performance fee-related compensation. We believe PRE is useful to investors because it presents the performance fees attributable to us, net of amounts paid to employees as performance fee-related compensation.
The table below shows a reconciliation of total performance fees to gross realized performance fees and PRE.
Adjusted Weighted-Average Shares and Adjusted Net Income Per Share
ANI per share measures our per-share earnings assuming all Class B units, Class C units and Class D units in the Partnership were exchanged for Class A common stock in SSG, including the dilutive impact of outstanding equity-based awards. ANI per share is calculated as ANI divided by adjusted weighted-average shares outstanding. We believe adjusted weighted-average shares and ANI per share are useful to investors because they enable investors to better evaluate per-share operating performance across reporting periods.
The following table shows a reconciliation of diluted weighted-average shares of Class A common stock outstanding to adjusted weighted-average shares outstanding used in the computation of ANI per share.
Three Months Ended(in thousands, except share and per share amounts)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026ANI$48,534$66,709$79,858$69,459$60,295 Weighted-average shares of Class A common stock outstanding – Basic 77,846,710 78,561,587 79,465,039 80,297,984 81,995,674Assumed vesting of RSUs 347,813 509,007 590,042 320,535 343,420Assumed purchase under ESPP — — — 349 408Exchange of Class B units in the Partnership(1) 39,608,270 39,500,159 39,094,629 39,013,494 38,555,343Exchange of Class C units in the Partnership(1) 960,025 947,580 931,103 931,103 914,619Exchange of Class D units in the Partnership(1) 3,530,125 2,944,261 2,509,417 1,917,870 4,083,590Adjusted weighted-average shares 122,292,943 122,462,594 122,590,230 122,481,335 125,893,054 ANI per share$0.40$0.54$0.65$0.57$0.48 _______________________________
(1) Assumes the full exchange of Class B units, Class C units or Class D units in the Partnership for Class A common stock of SSG pursuant to the Class B Exchange Agreement, Class C Exchange Agreement or Class D Exchange Agreement, respectively.
Key Operating Metrics
We monitor certain operating metrics that are either common to the asset management industry or that we believe provide important data regarding our business. Refer to the Glossary below for a definition of each of these metrics.
Fee-Earning AUM
Three Months Ended Percentage Change(in millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026 vs. FQ1'26Separately Managed Accounts Beginning balance$73,174 $76,708 $78,207 $80,328 $81,815 12%Contributions(1) 3,013 2,559 2,627 2,637 2,950 (2)%Distributions(2) (1,010) (725) (1,117) (1,584) (1,038) 3%Market value, FX and other(3) 1,531 (335) 611 434 (476) naEnding balance$76,708 $78,207 $80,328 $81,815 $83,251 9% Focused Commingled Funds Beginning balance$48,216 $50,511 $54,584 $58,223 $62,232 29%Contributions(1) 2,022 3,547 3,245 4,494 8,205 306%Distributions(2) (392) (580) (547) (1,252) (1,596) 307%Market value, FX and other(3) 665 1,106 941 767 1,472 121%Ending balance$50,511 $54,584 $58,223 $62,232 $70,313 39% Total Beginning balance$121,390 $127,219 $132,791 $138,551 $144,047 19%Contributions(1) 5,035 6,106 5,872 7,131 11,155 122%Distributions(2) (1,402) (1,305) (1,664) (2,836) (2,634) 88%Market value, FX and other(3) 2,196 771 1,552 1,201 996 (55)%Ending balance$127,219 $132,791 $138,551 $144,047 $153,564 21% _______________________________
(1) Contributions consist of new capital commitments that earn fees on committed capital and capital contributions to funds and accounts that earn fees on net invested capital or NAV.
(2) Distributions consist of returns of capital from funds and accounts that pay fees on net invested capital or NAV and reductions in fee-earning AUM from funds that moved from a committed capital to net invested capital fee basis or from funds and accounts that no longer pay fees.
(3) Market value, FX and other primarily consist of changes in market value appreciation (depreciation) for funds that pay on NAV and the effect of foreign exchange rate changes on non-U.S. dollar denominated commitments.
Asset Class Summary
Three Months Ended Percentage Change(in millions)June 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026 vs. FQ1'26FEAUM Private equity$66,428$69,932$73,193$75,626$83,774 26%Infrastructure 26,090 27,007 27,897 30,745 31,311 20%Private debt 21,435 22,443 23,882 24,797 25,583 19%Real estate 13,266 13,409 13,579 12,879 12,896 (3)%Total$127,219$132,791$138,551$144,047$153,564 21% Separately managed accounts$76,708$78,207$80,328$81,815$83,251 9%Focused commingled funds 50,511 54,584 58,223 62,232 70,313 39%Total$127,219$132,791$138,551$144,047$153,564 21% AUM(1) Private equity$100,540$106,408$112,190$119,698$127,569 27%Infrastructure 40,087 42,437 44,624 47,569 49,518 24%Private debt 39,242 40,438 42,269 45,587 47,706 22%Real estate 19,445 19,864 20,716 20,493 20,558 6%Total$199,314$209,147$219,799$233,347$245,351 23% Separately managed accounts$120,649$124,991$130,111$136,133$140,132 16%Focused commingled funds 62,672 68,014 73,375 80,807 88,876 42%Advisory AUM 15,993 16,142 16,313 16,407 16,343 2%Total$199,314$209,147$219,799$233,347$245,351 23% AUA Private equity$262,472$283,034$301,403$341,289$345,565 32%Infrastructure 71,126 78,762 86,955 94,706 103,784 46%Private debt 20,874 23,402 24,173 25,918 25,061 20%Real estate 169,679 176,357 178,810 189,892 193,487 14%Total$524,151$561,555$591,341$651,805$667,897 27% Total capital responsibility(2)$723,465$770,702$811,140$885,152$913,248 26% _____________________________
Note: Amounts may not sum to total due to rounding. AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented, and does not include post-period investment valuation or cash activity. Net asset value (“NAV”) data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.
(1) Allocation of AUM by asset class is presented by underlying investment asset classification.
(2) Total capital responsibility equals assets under management (AUM) plus assets under advisement (AUA).
Assets under advisement, or “AUA,” consists of client assets for which we do not have full discretion to make investment decisions but play a role in advising the client or monitoring their investments. We generally earn revenue for advisory-related services on a contractual fixed fee basis. Advisory-related services include asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring and reporting on investments, and investment manager review and due diligence. Advisory fees vary by client based on the scope of services, investment activity and other factors. Most of our advisory fees are fixed, and therefore, increases or decreases in AUA do not necessarily lead to proportionate changes in revenue. We believe AUA is a useful metric for assessing the relative size of our advisory business.
Our AUA is calculated as the sum of (i) the NAV of client portfolio assets for which we do not have full discretion and (ii) the unfunded commitments of clients to the underlying investments. Our AUA reflects the investment valuations in respect of the underlying investments of our client accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUA does not include post-period investment valuation or cash activity. AUA as of June 30, 2026 reflects final data for the prior period (March 31, 2026), adjusted for net new client account activity through June 30, 2026. NAV data for underlying investments is as of March 31, 2026, as reported by underlying managers up to the business day occurring on or after 100 days following March 31, 2026. When NAV data is not available by the business day occurring on or after 100 days following March 31, 2026, such NAVs are adjusted for cash activity following the last available reported NAV.
Assets under management, or “AUM,” primarily reflects the assets associated with our separately managed accounts (“SMAs”) and focused commingled funds. We classify assets as AUM if we have full discretion over the investment decisions in an account or have responsibility or custody of assets. Although management fees are based on a variety of factors and are not linearly correlated with AUM, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business.
Our AUM is calculated as the sum of (i) the net asset value (“NAV”) of client portfolio assets, including the StepStone Funds and (ii) the unfunded commitments of clients to the underlying investments and the StepStone Funds. Our AUM reflects the investment valuations in respect of the underlying investments of our funds and accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUM does not include post-period investment valuation or cash activity. AUM as of June 30, 2026 reflects final data for the prior period (March 31, 2026), adjusted for net new client account activity through June 30, 2026. NAV data for underlying investments is as of March 31, 2026, as reported by underlying managers up to the business day occurring on or after 100 days following March 31, 2026. When NAV data is not available by the business day occurring on or after 100 days following March 31, 2026, such NAVs are adjusted for cash activity following the last available reported NAV.
Consolidated Funds refer to the StepStone Funds that we are required to consolidate as of the applicable reporting period. We consolidate funds and other entities in which we hold a controlling financial interest.
Consolidated VIEs refer to the variable interest entities that we are required to consolidate as of the applicable reporting period. We consolidate VIEs in which we hold a controlling financial interest.
Fee-earning AUM, or “FEAUM,” reflects the assets from which we earn management fee revenue (i.e., fee basis) and includes assets in our SMAs, focused commingled funds and assets held directly by our clients for which we have fiduciary oversight and are paid fees as the manager of the assets. Our SMAs and focused commingled funds typically pay management fees based on capital commitments, net invested capital and, in certain cases, NAV, depending on the fee terms. Management fees are only marginally affected by market appreciation or depreciation because substantially all of the StepStone Funds pay management fees based on capital commitments or net invested capital. As a result, management fees and FEAUM are not materially affected by changes in market value. We believe FEAUM is a useful metric in order to assess assets forming the basis of our management fee revenue.
Legacy Greenspring entities refers to certain entities for which the Company, indirectly through its subsidiaries, became the sole and/or managing member in connection with the Greenspring acquisition.
SSG refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries.
StepStone Funds refer to SMAs and focused commingled funds of the Company, including acquired Greenspring funds, for which the Partnership or one of its subsidiaries acts as both investment adviser and general partner or managing member.
The Partnership refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries.
Total capital responsibility equals AUM plus AUA. AUM includes any accounts for which StepStone Group has full discretion over the investment decisions, has responsibility to arrange or effectuate transactions, or has custody of assets. AUA refers to accounts for which StepStone Group provides advice or consultation but for which the firm does not have discretionary authority, responsibility to arrange or effectuate transactions, or custody of assets.
Undeployed fee-earning capital represents the amount of capital commitments to StepStone Funds that has not yet been invested or considered active but will generate management fee revenue once invested or activated. We believe undeployed fee-earning capital is a useful metric for measuring the amount of capital that we can put to work in the future and thus earn management fee revenue thereon.
Chesapeake Utilities oznámila za 2. čtvrtletí čistý zisk 25,4 mil. USD a EPS 1,05 USD. Zároveň zvýšila letošní kapitálové výdaje na 550 až 600 mil. USD.
Net income and earnings per share ("EPS")* were $25.4 million and $1.05, respectively, for the second quarter and $84.7 million and $3.51, respectively, year to date Year-to-date growth rate of 8.0 percent on Adjusted EPS**, which excludes the transaction and transition-related expenses attributable to the acquisition and integration of Florida City Gas ("FCG") Adjusted gross margin** growth of $7.4 million for the second quarter and $31.2 million year to date, representing a 9.6 percent growth rate for the six months ended June 30, 2026, driven largely by transmission expansion projects, regulatory initiatives and infrastructure programs, natural gas organic growth, and improved contributions from unregulated businesses. The Company is increasing its 2026 capital guidance range to $550 - $600 million in light of advances on various capital projects , /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) ("Chesapeake Utilities" or the "Company") today announced financial results for the three and six months ended June 30, 2026.
Additional highlights include:
Announced the Florida Energy Pathway ("FEP") project, a $1.2 billion natural gas pipeline project in south Florida with approximately 250,000 Dts/d of committed capacity; targeted in-service date in 2030 Increased capacity under the Company's revolving credit facility to $650 million to support capital investment growth Capital investment of $139.7 million during the second quarter of 2026, bringing the year-to-date total to $261.6 million Interim rates of $16.2 million on an annualized basis, effective in July 2026, were approved by the Florida Public Service Commission ("PSC") in connection with the Company's ongoing FCG rate case "Our second quarter results demonstrate consistent operational and financial performance as we make substantial progress on transforming for the next phase of sustained enterprise growth," said Jeff Householder, the Company's Chair of the Board, President and Chief Executive Officer. "We are also excited to be moving forward with the Florida Energy Pathway infrastructure project. This represents a significant investment opportunity to bring capacity and reliability to south Florida and support long-term growth across the state."
Earnings and Capital Investment Guidance
The Company is increasing its 2026 capital expenditure guidance by $100 million to $550 - $600 million, driven primarily by increases in transmission (including initial investments in FEP), distribution and infrastructure investments.
The Company had previously issued long-term capital guidance for the 2024 - 2028 period of $1.5 - $1.8 billion. Given a robust capital investment program to date and the recently announced FEP project, the Company expects to achieve capital investment of approximately $1.4 billion through 2026 and total investment exceeding $2.2 billion for the five-year period ended 2028. The Company also continues to reaffirm its 2028 earnings guidance of $7.75 - $8.00 per share.
As the Company continues discussions with potential partners for the FEP project and makes additional progress on its long-term investment opportunities, the Company expects to provide a long-term guidance update during its Full-Year 2026 earnings call in February 2027. At that time, the Company expects to provide a capital guidance range and EPS growth rate for the 2027 - 2031 period.
*Unless otherwise noted, EPS and Adjusted EPS information are presented on a diluted basis.
Non-GAAP Financial Measures
**This press release including the tables herein, include references to both Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that includes or excludes amounts, or that is subject to adjustments, so as to be different from the most directly comparable measure calculated or presented in accordance with GAAP. The Company's management believes certain non-GAAP financial measures, when considered together with GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period.
The Company calculates Adjusted Gross Margin by deducting the purchased cost of natural gas, propane and electricity and the cost of labor spent on direct revenue-producing activities from operating revenues. The costs included in Adjusted Gross Margin exclude depreciation and amortization and certain costs presented in operations and maintenance expenses in accordance with regulatory requirements. The Company calculates Adjusted Net Income and Adjusted EPS by deducting costs and expenses associated with significant acquisitions that may affect the comparison of period-over-period results. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The Company believes that these non-GAAP measures are useful and meaningful to investors as a basis for making investment decisions, and provide investors with information that demonstrates the profitability achieved by the Company under allowed rates for regulated energy operations and under the Company's competitive pricing structures for unregulated energy operations. The Company's management uses these non-GAAP financial measures in assessing a business unit and Company performance. Other companies may calculate these non-GAAP financial measures in a different manner.
The following tables reconcile Gross Margin, Net Income, and EPS, all as defined under GAAP, to the Company's non-GAAP measures of Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS for each of the periods presented.
Adjusted Net Income and Adjusted EPS
Three Months Ended
Six Months Ended
June 30,
June 30,
(dollars in millions, shares in thousands (except per share data))
2026
2025
2026
2025
Net Income (GAAP)
$ 25.4
$ 23.9
$ 84.7
$ 74.8
FCG transaction and transition-related expenses, net (1)
—
0.4
—
0.6
Adjusted Net Income (Non-GAAP)
$ 25.4
$ 24.3
$ 84.7
$ 75.4
Weighted average common shares outstanding - diluted
24,174
23,402
24,115
23,223
Earnings Per Share - Diluted (GAAP)
$ 1.05
$ 1.02
$ 3.51
$ 3.22
FCG transaction and transition-related expenses, net (1)
—
0.02
—
0.03
Adjusted Earnings Per Share - Diluted (Non-GAAP)
$ 1.05
$ 1.04
$ 3.51
$ 3.25
(1) Transaction and transition-related expenses represent non-recurring costs incurred attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding, and legal fees.
Financial Summary Highlights
Key variances between the second quarter of 2025 and 2026 included:
(in millions, except per share data)
Pre-tax
Income
Net
Income
Earnings
Per Share
Three Months Ended June 30, 2025 Adjusted Results (1)
$ 33.3
$ 24.3
$ 1.04
Change in Adjusted Gross Margins:
Natural gas transmission service expansions, including interim services (2)
4.9
3.6
0.15
Contributions from regulated infrastructure programs (2)
3.2
2.4
0.10
Natural gas growth including conversions (excluding service expansions)
2.0
1.4
0.06
Increased propane margins and service fees
1.5
1.1
0.05
Increased Aspire Energy performance - rate changes and gathering fees
0.4
0.3
0.01
Change in off-system natural gas capacity sales
0.3
0.2
—
Decreased CNG/RNG/LNG services
(1.0)
(1.0)
(0.04)
Absence of recovered costs associated with Hurricane Michael (3)
(1.9)
(1.4)
(0.06)
Changes in customer consumption
(2.7)
(2.0)
(0.08)
6.7
4.6
0.19
Change in Operating Expenses (Excluding Natural Gas, Propane, and
Electric Costs):
Depreciation, amortization and property taxes
(3.5)
(2.6)
(0.11)
Credit, collections and customer service costs
(1.3)
(0.9)
(0.04)
Payroll, benefits and other employee-related expenses
(1.2)
(0.8)
(0.03)
Facilities expenses, maintenance costs and outside services
(0.6)
(0.5)
(0.02)
Vehicle expenses
(0.5)
(0.3)
(0.02)
Insurance-related costs
(0.4)
(0.2)
(0.01)
Absence of amortization of costs associated with Hurricane Michael recovery (3)
1.9
1.3
0.06
(5.6)
(4.0)
(0.17)
Interest charges
(0.6)
(0.4)
(0.02)
Increase in shares outstanding due to 2025 and 2026 equity offerings (4)
—
—
(0.03)
Net other changes
1.2
0.9
0.04
0.6
0.5
(0.01)
Three Months Ended June 30, 2026 Adjusted Results (1)
$ 35.0
$ 25.4
$ 1.05
(1) Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from the Company's non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.
(2) Refer to the Major Projects and Initiatives table below for additional information.
(3) The current period includes offsetting reductions in both adjusted gross margin and depreciation and amortization expense related to the absence of recovered costs associated with Hurricane Michael.
(4) Reflects the impact of approximately 0.6 million common shares issued under the dividend reinvestment and direct stock purchase plan ("DRIP/DSPP") and at the market ("ATM") program.
Key variances between the six months ended June 30, 2025 and June 30, 2026 included:
(in millions, except per share data)
Pre-tax
Income
Net
Income
Earnings
Per Share
Six months ended June 30, 2025 Adjusted Results (1)
$ 103.0
$ 75.4
$ 3.25
Change in Adjusted Gross Margins:
Natural gas transmission service expansions, including interim services (2)
11.8
8.7
0.36
Contributions from regulated infrastructure programs (2)
8.7
6.4
0.27
Natural gas growth including conversions (excluding service expansions)
4.0
2.9
0.12
Rate changes associated with recent rate case activities (2)
4.1
3.0
0.13
Increased propane margins and service fees
1.8
1.3
0.05
Increased Aspire Energy performance - rate changes and gathering fees
1.8
1.3
0.05
Changes in customer consumption
1.8
1.3
0.06
Change in off-system natural gas capacity sales
1.4
1.0
0.04
Decreased CNG/RNG/LNG services
(1.2)
(0.9)
(0.04)
Absence of recovered costs associated with Hurricane Michael (3)
(3.9)
(2.8)
(0.12)
30.3
22.2
0.92
Change in Operating Expenses (Excluding Natural Gas, Propane, and
Electric Costs):
Payroll, benefits and other employee-related expenses
(7.8)
(5.7)
(0.24)
Depreciation, amortization and property taxes
(5.0)
(3.7)
(0.15)
Facilities expenses, maintenance costs and outside services
(3.7)
(2.7)
(0.11)
Credit, collections and customer service costs
(2.7)
(2.0)
(0.08)
Insurance-related costs
(0.6)
(0.4)
(0.02)
Vehicle expenses
(0.6)
(0.4)
(0.02)
Absence of amortization of costs associated with Hurricane Michael recovery (3)
3.9
2.8
0.12
(16.5)
(12.1)
(0.50)
Interest charges
(1.2)
(0.8)
(0.04)
Increase in shares outstanding due to 2025 and 2026 equity offerings (4)
—
—
(0.12)
Net other changes
0.1
—
—
(1.1)
(0.8)
(0.16)
Six months ended June 30, 2026 Adjusted Results (1)
$ 115.7
$ 84.7
$ 3.51
(1) Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from Company's non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.
(2) Refer to the Major Projects and Initiatives table below for additional information.
(3) The current period includes offsetting reductions in both adjusted gross margin and depreciation and amortization expense related to the absence of recovered costs associated with Hurricane Michael.
(4) Reflects the impact of approximately 0.6 million common shares issued under the Company's DRIP/DSPP and ATM program.
Major Projects and Initiatives (ongoing and recently completed)
The Company continues to execute on its strategic plan driving significant investment in its service territories. A summary table of major project and initiatives is presented below with a comprehensive discussion of each of the items presented in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Adjusted Gross Margin
Three Months Ended
Six Months Ended
Year Ended
Estimate for
June 30,
June 30,
December 31,
Fiscal
(in millions)
2026
2025
2026
2025
2025
2026
2027
Pipeline Expansions:
St. Cloud / Twin Lakes
Expansion
$ 1.0
$ 0.8
$ 2.0
$ 0.9
$ 2.9
$ 3.8
$ 3.8
Wildlight
1.1
0.5
2.2
1.0
2.6
4.3
4.3
Worcester Resiliency Upgrade
0.4
—
0.8
—
0.3
1.5
17.1
Boynton Beach
0.9
0.9
1.8
1.4
3.0
3.4
3.4
New Smyrna Beach
0.6
0.3
1.2
0.3
1.6
2.6
2.6
Central Florida Reinforcement
1.1
0.3
2.2
0.6
2.6
4.3
4.3
Renewable Natural Gas
Supply Projects
1.2
0.5
2.5
0.5
2.5
5.4
6.4
Miami Inner Loop
1.9
—
3.8
—
2.8
7.6
7.6
Duncan Plains
—
—
—
—
—
—
1.1
Total Pipeline Expansions
8.2
3.3
16.5
4.7
18.3
32.9
50.6
Regulatory Initiatives:
Florida GUARD program
2.6
1.7
5.0
3.2
7.1
10.9
13.0
FCG SAFE Program
2.9
2.2
5.7
3.9
8.4
12.7
16.4
Capital Cost Surcharge
Programs
2.3
1.4
4.6
2.9
5.7
9.0
10.1
Electric Storm Protection Plan
1.8
1.5
5.1
2.6
6.4
9.7
10.4
Florida Mandatory Relocates
0.4
—
0.9
—
—
1.5
1.5
Infrastructure Subtotal
10.0
6.8
21.3
12.6
27.6
43.8
51.4
Rate Case
Maryland Rate Case (1)
0.7
0.6
2.0
0.6
1.5
3.5
3.5
Delaware Rate Case (1)
1.3
1.4
3.4
2.2
4.7
6.1
6.1
Electric Rate Case (1)
2.1
2.1
4.3
2.8
7.3
8.6
9.1
FCG Rate Case
—
—
—
—
—
TBD
TBD
Rate Case Subtotal
4.1
4.1
9.7
5.6
13.5
18.2
18.7
Total Regulatory Initiatives
14.1
10.9
31.0
18.2
41.1
62.0
70.1
Total
$ 22.3
$ 14.2
$ 47.5
$ 22.9
$ 59.4
$ 94.9
$ 120.7
(1) Includes adjusted gross margin attributable to interim and permanent rates.
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
(in millions, except shares (thousands) and per share data)
Operating Revenues
Regulated Energy
$ 164.3
$ 151.8
$ 413.6
$ 351.4
Unregulated Energy
45.2
47.9
158.9
154.6
Other Businesses and Eliminations
(7.6)
(6.9)
(17.5)
(14.5)
Total Operating Revenues
201.9
192.8
555.0
491.5
Operating Expenses
Regulated natural gas and electricity costs
39.6
34.1
141.2
105.6
Unregulated propane and natural gas costs
12.1
15.9
57.4
60.7
Operations
57.7
54.9
125.0
112.9
Maintenance
7.0
6.0
15.0
11.4
Depreciation and amortization
22.9
21.9
44.4
44.4
Other taxes
9.7
9.2
19.7
18.6
FCG transaction and transition-related expenses
—
0.5
—
0.8
Total Operating Expenses
149.0
142.5
402.7
354.4
Operating Income
52.9
50.3
152.3
137.1
Other income, net
0.5
0.4
0.5
1.0
Interest charges
18.4
17.8
37.1
35.9
Income Before Income Taxes
35.0
32.9
115.7
102.2
Income taxes
9.6
9.0
31.0
27.4
Net Income
$ 25.4
$ 23.9
$ 84.7
$ 74.8
Weighted Average Common Shares Outstanding:
Basic
24,056
23,307
23,997
23,133
Diluted
24,174
23,402
24,115
23,223
Earnings Per Share of Common Stock:
Basic
$ 1.06
$ 1.03
$ 3.53
$ 3.23
Diluted
$ 1.05
$ 1.02
$ 3.51
$ 3.22
Adjusted Net Income and Adjusted Earnings Per Share
Net Income (GAAP)
$ 25.4
$ 23.9
$ 84.7
$ 74.8
FCG transaction and transition-related expenses, net (1)
—
0.4
—
0.6
Adjusted Net Income (Non-GAAP)**
$ 25.4
$ 24.3
$ 84.7
$ 75.4
Earnings Per Share - Diluted (GAAP)
$ 1.05
$ 1.02
$ 3.51
$ 3.22
FCG transaction and transition-related expenses, net (1)
—
0.02
—
0.03
Adjusted Earnings Per Share - Diluted (Non-GAAP)**
$ 1.05
$ 1.04
$ 3.51
$ 3.25
(1) Transaction and transition-related expenses represent costs incurred attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding and legal fees.
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
Assets
June 30,
2026
December 31,
2025
(in millions, except shares and per share data)
Property, Plant and Equipment
Regulated Energy
$ 3,076.1
$ 2,941.6
Unregulated Energy
514.3
492.4
Other Businesses and Eliminations
43.0
38.3
Total property, plant and equipment
3,633.4
3,472.3
Less: Accumulated depreciation and amortization
(657.5)
(637.6)
Plus: Construction work in progress
376.6
283.7
Net property, plant and equipment
3,352.5
3,118.4
Current Assets
Cash and cash equivalents
0.4
1.8
Trade and other receivables
100.2
106.9
Less: Allowance for credit losses
(7.9)
(5.4)
Trade and other receivables, net
92.3
101.5
Accrued revenue
30.5
50.1
Propane inventory, at average cost
6.6
8.8
Other inventory, at average cost
17.1
17.9
Regulatory assets
19.6
29.7
Storage gas prepayments
2.9
4.5
Prepaid expenses
15.5
19.7
Derivative assets, at fair value
0.2
—
Other current assets
2.9
3.0
Total current assets
188.0
237.0
Deferred Charges and Other Assets
Goodwill
507.5
507.5
Other intangible assets, net
12.5
13.2
Investments, at fair value
18.7
17.2
Derivative assets, at fair value
0.1
—
Operating lease right-of-use assets
8.9
9.9
Regulatory assets
72.9
74.3
Receivables and other deferred charges
12.7
17.3
Total deferred charges and other assets
633.3
639.4
Total Assets
$ 4,173.8
$ 3,994.8
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
Capitalization and Liabilities
June 30,
2026
December 31,
2025
(in millions, except shares and per share data)
Capitalization
Stockholders' equity
Preferred stock, par value $0.01 per share (authorized 2,000,000 shares),
no shares issued and outstanding
$ —
$ —
Common stock, par value $0.4867 per share (authorized 75,000,000
shares)
11.7
11.6
Additional paid-in capital
986.7
962.8
Retained earnings
676.7
626.8
Accumulated other comprehensive loss
(1.7)
(2.7)
Deferred compensation obligation
17.5
12.6
Treasury stock
(17.5)
(12.6)
Total stockholders' equity
1,673.4
1,598.5
Long-term debt, net of current maturities
1,317.9
1,327.1
Total capitalization
2,991.3
2,925.6
Current Liabilities
Current portion of long-term debt
131.7
134.6
Short-term borrowing
238.1
158.0
Accounts payable
93.6
115.2
Customer deposits and refunds
50.2
45.1
Accrued interest
8.8
8.7
Dividends payable
17.7
16.4
Accrued compensation
13.0
21.6
Regulatory liabilities
16.3
14.5
Derivative liabilities, at fair value
0.3
0.8
Other accrued liabilities
25.0
15.0
Total current liabilities
594.7
529.9
Deferred Credits and Other Liabilities
Deferred income taxes
346.6
313.3
Regulatory liabilities
203.3
188.1
Environmental liabilities
3.2
2.9
Other pension and benefit costs
15.2
14.0
Derivative liabilities, at fair value
0.1
0.6
Operating lease - liabilities
7.0
7.9
Deferred investment tax credits and other liabilities
12.4
12.5
Total deferred credits and other liabilities
587.8
539.3
Environmental and other commitments and contingencies (1)
Total Capitalization and Liabilities
$ 4,173.8
$ 3,994.8
(1) Refer to Note 6 and 7 in the Company's Quarterly Report on Form 10-Q for further information.
Adjusted Gross Margin
Three Months Ended June 30, 2026
(in millions)
Regulated Energy
Unregulated
Energy
Other Businesses
and Eliminations
Total
Operating Revenues
$ 164.3
$ 45.2
$ (7.6)
$ 201.9
Cost of Sales:
Natural gas, propane and
electric costs
(39.6)
(19.8)
7.7
(51.7)
Depreciation & amortization
(17.3)
(5.6)
—
(22.9)
Operations & maintenance
expenses (1)
(15.5)
(10.4)
—
(25.9)
Gross Margin (GAAP)
91.9
9.4
0.1
101.4
Operations & maintenance
expenses (1)
15.5
10.4
—
25.9
Depreciation & amortization
17.3
5.6
—
22.9
Adjusted Gross Margin (Non-
GAAP)
$ 124.7
$ 25.4
$ 0.1
$ 150.2
Three Months Ended June 30, 2025
(in millions)
Regulated Energy
Unregulated
Energy
Other Businesses
and Eliminations
Total
Operating Revenues
$ 151.8
$ 47.9
$ (6.9)
$ 192.8
Cost of Sales:
Natural gas, propane and
electric costs
(34.1)
(22.9)
7.0
(50.0)
Depreciation & amortization
(16.8)
(5.1)
—
(21.9)
Operations & maintenance
expenses (1)
(14.6)
(9.8)
0.4
(24.0)
Gross Margin (GAAP)
86.3
10.1
0.5
96.9
Operations & maintenance
expenses (1)
14.6
9.8
(0.4)
24.0
Depreciation & amortization
16.8
5.1
—
21.9
Adjusted Gross Margin (Non-
GAAP)
$ 117.7
$ 25.0
$ 0.1
$ 142.8
For the Six Months Ended June 30, 2026
(in millions)
Regulated Energy
Unregulated
Energy
Other Businesses
and Eliminations
Total
Operating Revenues
$ 413.6
$ 158.9
$ (17.5)
$ 555.0
Cost of Sales:
Natural gas, propane and
electric costs
(141.2)
(74.9)
17.5
(198.6)
Depreciation & amortization
(33.4)
(11.0)
—
(44.4)
Operations & maintenance
expenses (1)
(32.2)
(21.3)
0.1
(53.4)
Gross Margin (GAAP)
206.8
51.7
0.1
258.6
Operations & maintenance
expenses (1)
32.2
21.3
(0.1)
53.4
Depreciation & amortization
33.4
11.0
—
44.4
Adjusted Gross Margin (Non-
GAAP)
$ 272.4
$ 84.0
$ —
$ 356.4
For the Six Months Ended June 30, 2025
(in millions)
Regulated Energy
Unregulated
Energy
Other Businesses
and Eliminations
Total
Operating Revenues
$ 351.4
$ 154.6
$ (14.5)
$ 491.5
Cost of Sales:
Natural gas, propane and
electric costs
(105.6)
(75.1)
14.4
(166.3)
Depreciation & amortization
(34.4)
(10.0)
—
(44.4)
Operations & maintenance
expenses (1)
(27.9)
(19.5)
0.7
(46.7)
Gross Margin (GAAP)
183.5
50.0
0.6
234.1
Operations & maintenance
expenses (1)
27.9
19.5
(0.7)
46.7
Depreciation & amortization
34.4
10.0
—
44.4
Adjusted Gross Margin (Non-
GAAP)
$ 245.8
$ 79.5
$ (0.1)
$ 325.2
(1) Operations & maintenance expenses within the condensed consolidated statements of income are presented in accordance with regulatory requirements and to provide comparability within the industry. Operations & maintenance expenses which are deemed to be directly attributable to revenue producing activities have been separately presented above in order to calculate Gross Margin as defined under GAAP.
Forward-Looking Statements
Matters included in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2025 Annual Report on Form 10-K and as may be identified in subsequent Reports on Form 10-Q for further information on the risks and uncertainties related to the Company's forward-looking statements.
Conference Call
Chesapeake Utilities (NYSE: CPK) will host a conference call on Friday, August 7, 2026, at 8:30 a.m. Eastern Time to discuss the Company's financial results for the three and six months ended June 30, 2026. To listen to the Company's conference call via live webcast, please visit the Events & Presentations section of the Investors page on www.chpk.com. For investors and analysts that wish to participate by phone for the question and answer portion of the call, please use the following dial-in information:
A replay of the presentation will be made available on the previously noted website following the conclusion of the call.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses.
For more information, contact:
Lucia M. Dempsey
Head of Investor Relations
347.804.9067
ESCO Technologies ve 3. čtvrtletí zvýšila tržby o 14 % na 339 mil. USD a upravený EPS vzrostl o 38 % na 2,20 USD. Zároveň zvýšila celoroční výhled tržeb na 1,30 až 1,33 mld. USD a upraveného EPS na 8,30 až 8,40 USD.
St. Louis, Aug. 06, 2026 (GLOBE NEWSWIRE) -- ESCO Technologies Inc. (NYSE: ESE) (ESCO, or the Company) today reported its operating results for the third quarter ended June 30, 2026 (Q3 2026).
Operating Highlights
Q3 2026 Sales increased $43 million (14 percent) to $339 million compared to $296 million in Q3 2025. Q3 2026 organic sales increased $20 million (8 percent), and Maritime contributed $23 million of revenue growth in the quarter. Q3 2026 GAAP EPS from Continuing Operations increased 31 percent to $1.26 per share compared to $0.96 per share in Q3 2025. Q3 2026 Adjusted EPS from Continuing Operations increased 38 percent to $2.20 per share compared to $1.60 per share in Q3 2025.Q3 2026 entered orders were $410 million, with a book-to-bill ratio of 1.21. This resulted in record backlog at June 30 of $1.54 billion. Q3 2026 orders were lower than the prior year due to $364 million of acquired backlog related to the acquisition of Maritime in Q3 2025.Net cash provided by operating activities from Continuing Operations was $193 million YTD, an increase of $105 million compared to the prior year period. Bryan Sayler, Chief Executive Officer and President, commented, “Q3 was another strong quarter, highlighted by 14 percent revenue growth, 90 basis points of Adjusted EBIT margin expansion, and a 38 percent increase in Adjusted EPS.
“Year to date, we have delivered double-digit organic sales growth across our aerospace, Navy, Test, and Doble businesses. This broad-based strength underscores the long-term growth dynamics across our end markets. At the same time, our backlog has increased by over $400 million year-to-date driven by momentum across our business platforms. This combination of durable growth drivers, leading market positions, and record backlog, gives us confidence in our ability to continue delivering above-market growth and we are pleased to again raise our full-year FY 2026 guidance.”
Segment Performance
Aerospace & Defense (A&D)
Q3 2026 sales increased $31.9 million (23 percent) to $168.2 million from $136.3 million in Q3 2025. Organic sales increased $9.2 million (9 percent) and Maritime added $22.7 million of revenue growth in the quarter. Quarterly sales growth was led by strong performance in commercial aerospace and Navy.Q3 2026 EBIT increased $13.8 million to $50.4 million from $36.6 million in Q3 2025. Adjusted EBIT increased $11.2 million in Q3 2026 to $50.5 million (30.0 percent margin) from $39.3 million (28.8 percent margin) in Q3 2025. The 28 percent increase in Adjusted EBIT was driven by leverage on higher volume and price increases, partially offset by inflationary pressures and unfavorable mix.Q3 2026 Entered Orders decreased $386.7 million (66 percent) to $195.7 million, as Q3 2025 contained $364.2 million in acquired backlog related to the Maritime acquisition along with $67 million in Block V.2/VI Virginia Class and $15 million of Columbia Class orders. Book-to-bill in the quarter was 1.16 driven by higher commercial and military aerospace OEM and aftermarket orders, resulting in record backlog of $1.1 billion. Utility Solutions Group (USG)
Q3 2026 sales increased $7.6 million (8 percent) to $100.0 million from $92.4 million in Q3 2025. Doble sales increased by $12.9 million (17 percent) while NRG sales decreased by $5.3 million (29 percent). Sales growth in the quarter was driven by higher protection testing, offline test equipment, and services revenue at Doble, partially offset by lower renewables revenue at NRG.Q3 2026 EBIT increased $0.5 million to $22.0 million from $21.5 million in Q3 2025. Adjusted EBIT increased $0.5 million in Q3 2026 to $22.3 million (22.3 percent margin) from $21.8 million (23.6 percent margin) in Q3 2025. The increase in Adjusted EBIT was driven by leverage on higher volume at Doble and price increases, mostly offset by EBIT reductions at NRG due to lower sales volumes.Q3 2026 entered orders increased $21.4 million (20 percent) to $126.9 million (book-to-bill of 1.27), resulting in backlog of $189.4 million. Doble orders increased $26.4 million (30 percent) to $113.3 million as the business continues to experience broad based increases in demand from utility customers. NRG orders decreased $5.0 million (27 percent) to $13.5 million, related to the expiration of U.S. renewables tax credits. RF Test & Measurement (Test)
Q3 2026 sales increased $3.2 million (5 percent) to $70.9 million from $67.7 million in Q3 2025. Sales growth in the quarter was primarily driven by higher U.S Test & Measurement (EMC), and medical and industrial shielding.Q3 2026 EBIT increased $0.2 million to $10.9 million from $10.7 million in Q3 2025. Q3 2026 Adjusted EBIT increased $0.9 million to $11.6 million (16.4 percent margin) from $10.7 million (15.9 percent margin) in Q3 2025. The 8 percent increase in Adjusted EBIT was driven by leverage on higher volume and price increases, partially offset by inflationary pressures.Q3 2026 entered orders increased $25.8 million (42 percent) to $87.0 million (book-to-bill of 1.23), resulting in record backlog of $248.6 million. Orders strength in the quarter was driven by industrial shielding projects and electromagnetic interference (EMI) filters for U.S. data centers. Megger Acquisition
As announced on April 15, 2026, ESCO has agreed to acquire Megger Group Limited. Megger will become part of ESCO’s Utility Solutions Group, creating a business of substantial scale and expanding our capabilities as a valued partner to utilities worldwide. All filings for regulatory approval are underway and we continue to anticipate closing on the transaction in Q1 of fiscal 2027.
Business Outlook – FY 2026
FY 2026 Sales and Adjusted EPS Guidance Update:
Raising the lower end of FY 2026 Sales guidance and now expect Sales to be in the range of $1.30 to $1.33 billion (19 to 21 percent growth over the prior year).Raising full year Adjusted EPS guidance to a range of $8.30 - $8.40 per share (38 to 39 percent growth), which reflects a midpoint increase of $0.70 per share from our initial November guidance ($7.50 - $7.80) and $0.22 per share from our more recent May guidance update of ($8.00 - $8.25).Q4’26 Adjusted EPS is expected to be in the range of $2.55 - $2.65 per share (10 to 14 percent growth compared to Q4’25 Adjusted EPS). Dividend Payment
The next quarterly cash dividend of $0.08 per share will be paid on October 15, 2026 to stockholders of record on October 1, 2026.
Conference Call
The Company will host a conference call today, August 6, at 4:00 p.m. Central Time, to discuss the Company’s Q3 2026 results. A live audio webcast and an accompanying slide presentation will be available in the Investor Center of ESCO’s website. Participants may also access the webcast using this registration link. For those unable to participate, a webcast replay will be available after the call in the Investor Center of ESCO’s website.
Forward-Looking Statements
Statements in this press release regarding Management’s intentions, expectations and guidance for fiscal 2026, including restructuring and cost reduction actions, sales, orders, revenues, margin, earnings, Adjusted EPS, acquisition related amortization, and any other statements which are not strictly historical, are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. securities laws.
Investors are cautioned that such statements are only predictions and speak only as of the date of this release, and the Company undertakes no duty to update them except as may be required by applicable laws or regulations. The Company’s actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company’s operations and business environment including but not limited to those described in Item 1A, “Risk Factors”, of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and the following: the impacts of climate change and related regulation of greenhouse gases; the impacts of labor disputes, civil disorder, wars including the conflicts involving Iran and Lebanon, elections, political changes, tariffs and trade disputes, terrorist activities, cyberattacks or natural disasters on the Company’s operations and those of the Company’s customers and suppliers; disruptions in manufacturing or delivery arrangements due to shortages or unavailability of materials or components; restrictions or closures of critical supply routes such as the Strait of Hormuz; other supply chain disruptions; inability to access work sites; the timing and content of future contract awards or customer orders; the timely appropriation, allocation and availability of Government funds; the termination for convenience of Government and other customer contracts or orders; weakening of economic conditions in served markets; the success of the Company’s competitors; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties or data breaches; the availability of acquisitions; delivery delays or defaults by customers; performance issues with key customers, suppliers and subcontractors; material changes in the costs and availability of certain raw materials; material changes in the cost of credit; changes in laws and regulations including but not limited to changes in accounting standards and taxation; changes in interest, inflation and employment rates; costs relating to environmental matters arising from current or former facilities; uncertainty regarding the ultimate resolution of current disputes, claims, litigation or arbitration; and the integration and performance of acquired businesses.
Non-GAAP Financial Measures
The financial measures EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are presented in this press release. The Company defines “EBIT” as earnings before interest and taxes, “EBITDA” as earnings before interest, taxes, depreciation and amortization, “Adjusted EBIT” and “Adjusted EBITDA” as excluding the net impact of the items described in the attached Reconciliation of Non-GAAP Financial Measures, and “Adjusted EPS” as GAAP earnings per share excluding the net impact of the items described and reconciled in the attached Reconciliation of Non-GAAP Financial Measures.
EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are not recognized in accordance with U.S. generally accepted accounting principles (GAAP). However, Management believes EBIT, Adjusted EBIT, EBITDA, and Adjusted EBITDA are useful in assessing the operational profitability of the Company’s business segments because they exclude interest, taxes, depreciation, and amortization, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by Management in determining resource allocations within the Company as well as incentive compensation. The presentation of EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.
About ESCO
ESCO Technologies is a global provider of highly engineered products and solutions serving diverse end-markets. It manufactures filtration and fluid control products, advanced composites, as well as signature and power management solutions for aviation, Navy, and industrial customers. ESCO is an industry leader in designing and manufacturing RF test and measurement products and systems; and provides diagnostic instruments, software and services to industrial power users and the electric utility and renewable energy industries. Headquartered in St. Louis, Missouri, ESCO and its subsidiaries have offices and manufacturing facilities worldwide. For more information on ESCO and its subsidiaries, visit ESCO’s website at www.escotechnologies.com.
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except per share amounts) Three Months
Ended
June 30, 2026 Three Months
Ended
June 30, 2025 Net Sales $339,027 296,344 Cost and Expenses: Cost of sales 197,508 174,350 Selling, general and administrative expenses 71,002 62,042 Amortization of intangible assets 20,342 16,753 Interest expense 8,713 7,921 Other expenses (income), net 508 2,209 Total costs and expenses 298,073 263,275 Earnings before income taxes 40,954 33,069 Income tax expense 8,219 8,314 Earnings from continuing operations 32,735 24,755 Earnings from discontinued operations, net of tax expense of $0 and $599, respectively - 1,310 Net earnings$32,735 26,065 Diluted - GAAP Continuing operations$1.26 0.96 Discontinued operations 0.00 0.05 Net earnings$1.26 1.01 Diluted - As Adjusted Basis Continuing Operations$2.20(1)1.60(2) Diluted average common shares O/S: 25,980 25,918 (1)Q3 2026 Adjusted EPS from continuing operations excludes $0.94 per share of after-tax charges consisting of: $0.03 of Test & USG segment restructuring charges, $0.20 of debt financing and $0.19 of acquisition costs at Corporate related to the pending Megger acquisition that was announced in April 2026, and $0.52 of acquisition related amortization. (2)Q3 2025 Adjusted EPS from continuing operations excludes $0.64 per share of after-tax charges consisting of: $0.15 of Corporate acquisition costs, $0.08 of Maritime inventory step-up charges and stamp duties, $0.01 of restructuring charges (primarily severance) within the USG segment, and $0.40 of acquisition related amortization. ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except per share amounts) Nine Months
Ended
June 30, 2026 Nine Months
Ended
June 30, 2025 Net Sales$938,027 742,714 Cost and Expenses: Cost of sales 545,274 431,068 Selling, general and administrative expenses 195,039 171,305 Amortization of intangible assets 61,086 32,735 Interest expense 13,992 12,373 Other expenses (income), net 2,340 1,947 Total costs and expenses 817,731 649,428 Earnings before income taxes 120,296 93,286 Income tax expense 25,314 21,841 Earnings from continuing operations 94,982 71,445 Earnings from discontinued operations, net of tax expense of $363 and $3,006, respectively 1,177 9,126 Net earnings$96,159 80,571 Diluted - GAAP Continuing operations$3.66 2.76 Discontinued operations 0.05 0.35 Net earnings$3.71 3.11 Diluted - As Adjusted Basis Continuing Operations$5.75(1)3.71(2) Diluted average common shares O/S: 25,932 25,876 (1)YTD Q3 2026 Adjusted EPS from continuing operations excludes $2.09 per share of after-tax charges consisting primarily of: $0.09 of restructuring charges within Test, USG & A&D segments, $0.20 of debt financing and $0.23 of acquisition costs at Corporate related to the pending Megger acquisition that was announced in April 2026, and $1.57 of acquisition related amortization. (2)YTD Q3 2025 Adjusted EPS from continuing operations excludes $0.95 per share of after-tax charges consisting of: $0.15 of Corporate acquisition costs, $0.08 of Maritime inventory step-up charges and stamp duties, $0.02 of restructuring charges within the Test and USG segments, and $0.70 of acquisition related amortization. ESCO TECHNOLOGIES INC. AND SUBSIDIARIESCondensed Business Segment Information (Unaudited) - Continuing Operations basis(Dollars in thousands) GAAP As Adjusted Q3 2026 Q3 2025 Q3 2026 Q3 2025 Net Sales Aerospace & Defense$168,202 136,324 168,202 136,324 USG 99,963 92,357 99,963 92,357 Test 70,862 67,663 70,862 67,663 Totals$339,027 296,344 339,027 296,344 EBIT Aerospace & Defense$50,418 36,577 50,455 39,319 USG 21,983 21,540 22,282 21,789 Test 10,882 10,732 11,617 10,732 Corporate (33,616) (27,859) (9,678) (9,184) Consolidated EBIT 49,667 40,990 74,676 62,656 Less: Interest expense (8,713) (7,921) (1,850) (7,921) Less: Income tax expense (8,219) (8,314) (15,548) (13,297) Net earnings$32,735 24,755 57,278 41,438 Note 1: Adjusted net earnings of $57.3 million in Q3 2026 exclude $24.5 million (or $0.94 per share) of after-tax charges consisting of: $0.03 of Test & USG segment restructuring charges, $0.20 of debt financing and $0.19 of acquisition costs at Corporate related to the pending Megger acquisition and $0.52 of acquisition related amortization. Note 2: Adjusted net earnings of $41.4 million in Q3 2025 exclude $16.6 million (or $0.64 per share) of after-tax charges consisting of: $0.15 of Corporate acquisition costs, $0.08 of Maritime inventory step-up charges and stamp duties, $0.01 of restructuring charges (primarily severance) within the USG segment, and $0.40 of acquisition related amortization. EBITDA Reconciliation to Net earnings: Q3 2026 - Q3 2025 - Q3 2026 Q3 2025 As Adj As Adj Consolidated EBITDA$76,410 63,350 83,755 71,545 Less: Depr & Amort (26,743) (22,360) (9,079) (8,889) Consolidated EBIT 49,667 40,990 74,676 62,656 Less: Interest expense (8,713) (7,921) (1,850) (7,921) Less: Income tax expense (8,219) (8,314) (15,548) (13,297) Net earnings$32,735 24,755 57,278 41,438 ESCO TECHNOLOGIES INC. AND SUBSIDIARIESCondensed Business Segment Information (Unaudited) - Continuing Operations basis(Dollars in thousands) GAAP As Adjusted YTD YTD YTD YTD Q3 2026 Q3 2025 Q3 2026 Q3 2025 Net Sales Aerospace & Defense$462,341 307,819 462,341 307,819 USG 280,976 269,784 280,976 269,784 Test 194,710 165,111 194,710 165,111 Totals$938,027 742,714 938,027 742,714 EBIT Aerospace & Defense$131,372 78,246 131,650 81,016 USG 63,998 62,808 64,929 63,140 Test 27,697 21,523 29,754 21,988 Corporate (88,779) (56,918) (28,322) (28,142) Consolidated EBIT 134,288 105,659 198,011 138,002 Less: Interest expense (13,992) (12,373) (7,129) (12,373) Less: Income tax (25,314) (21,841) (41,546) (29,279) Net earnings$94,982 71,445 149,336 96,350 Note 1: Adjusted net earnings of $149.3 million in YTD 2026 exclude $54.3 million (or $2.09 per share) of after-tax charges consisting of: $0.09 of restructuring charges within Test, USG & A&D segments, $0.20 of debt financing and $0.23 of acquisition costs at Corporate related to the pending Megger acquisition and $1.57 of acquisition related amortization. Note 2: Adjusted net earnings of $96.4 million in YTD 2025 exclude $24.9 million (or $0.95 per share) of after-tax charges consisting of: $0.15 of Corporate acquisition costs, $0.08 of Maritime inventory step-up charges and stamp duties, $0.02 of restructuring charges within the Test and USG segments, and $0.70 of acquisition related amortization. EBITDA Reconciliation to Net earnings: YTD YTD YTD YTD Q3 2026 - Q3 2025 - Q3 2026 Q3 2025 As Adj As Adj Consolidated EBITDA$214,361 154,060 225,182 162,975 Less: Depr & Amort (80,073) (48,401) (27,171) (24,973) Consolidated EBIT 134,288 105,659 198,011 138,002 Less: Interest expense (13,992) (12,373) (7,129) (12,373) Less: Income tax expense (25,314) (21,841) (41,546) (29,279) Net earnings$94,982 71,445 149,336 96,350 ESCO TECHNOLOGIES INC. AND SUBSIDIARIESCondensed Consolidated Balance Sheets (Unaudited)(Dollars in thousands) June 30,
2026 September 30,
2025 Assets Cash and cash equivalents$73,236 101,350 Accounts receivable, net 267,493 253,554 Contract assets 127,620 90,730 Inventories 240,542 217,807 Other current assets 46,620 25,065 Total current assets 755,511 688,506 Property, plant and equipment, net 175,282 172,493 Intangible assets, net 664,450 723,973 Goodwill 760,275 761,931 Operating lease assets 47,271 47,707 Other assets 17,214 15,778 $2,420,003 2,410,388 Liabilities and Shareholders' Equity Current maturities of long-term debt$20,000 20,000 Accounts payable 116,539 96,534 Contract liabilities 288,142 216,590 Current income tax payable 5,754 62,007 Other current liabilities 116,258 113,017 Total current liabilities 546,693 508,148 Deferred tax liabilities 115,333 112,390 Non-current operating lease liabilities 44,107 44,403 Other liabilities 31,608 38,576 Long-term debt 65,000 166,000 Shareholders' equity 1,617,262 1,540,871 $2,420,003 2,410,388 ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (Dollars in thousands) Nine Months Ended June 30, 2026 Nine Months Ended June 30, 2025Cash flows from operating activities: Net earnings$96,159 80,571 (Earnings) loss from discontinued operations (1,177) (9,126)Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 80,073 48,401 Stock compensation expense 10,182 7,934 Changes in assets and liabilities 2,983 (33,473)Effect of deferred taxes 5,157 (6,008)Net cash provided by operating activities - continuing operations 193,377 88,299 Net cash provided (used) by operating activities-discontinued ops (59,340) 43,703 Net cash provided by operating activities 134,037 132,002 Cash flows from investing activities: Acquisition of business, net of cash acquired (10,232) (472,006)Capital expenditures (24,560) (24,210)Additions to capitalized software and other (7,874) (13,018)Net cash used by investing activities - continuing operations (42,666) (509,234)Net cash provided (used) by investing activities - discontinued ops 1,540 (966)Net cash used by investing activities (41,126) (510,200) Cash flows from financing activities: Proceeds from long-term debt 130,000 645,000 Principal payments on long-term debt and short-term borrowings (231,000) (242,000)Debt issuance costs (1,293) - Dividends paid (6,216) (6,196)Other (10,646) (6,205)Net cash (used) provided by financing activities (119,155) 390,599 Effect of exchange rate changes on cash and cash equivalents (1,870) 452 Net (decrease) increase in cash and cash equivalents (28,114) 12,853 Cash and cash equivalents, beginning of period 101,350 65,963 Cash and cash equivalents, end of period$73,236 78,816 ESCO TECHNOLOGIES INC. AND SUBSIDIARIESOther Selected Financial Data (Unaudited)(Dollars in thousands) Backlog And Entered Orders - Q3 2026 A&D USG Test Total Beginning Backlog - 4/1/26$1,074,987 162,510 232,507 1,470,004 Entered Orders 195,661 126,879 86,998 409,538 Sales (168,202) (99,963) (70,862) (339,027) Ending Backlog - 6/30/26$1,102,446 189,426 248,643 1,540,515 Backlog And Entered Orders - YTD Q3 2026 A&D USG Test Total Beginning Backlog - 10/1/25$803,002 143,460 187,175 1,133,637 Entered Orders 761,785 326,942 256,178 1,344,905 Sales (462,341) (280,976) (194,710) (938,027) Ending Backlog - 6/30/26$1,102,446 189,426 248,643 1,540,515 ESCO TECHNOLOGIES INC. AND SUBSIDIARIESReconciliation of Non-GAAP Financial Measures (Unaudited) EPS – Adjusted Basis Reconciliation – Q3 2026 EPS Continuing Operations– GAAP Basis – Q3 2026$1.26 Adjustments (defined below) 0.94 EPS Continuing Operations– As Adjusted Basis – Q3 2026$2.20 Adjustments of $0.94 per share consisting primarily of: $0.03 of Test and USG segment restructuring charges, $0.20 of debt financing and $0.19 of acquisition costs at Corporate related to the pending Megger acquisition, and $0.52 of acquisition related amortization. EPS – Adjusted Basis Reconciliation – Q3 2025 EPS Continuing Operations– GAAP Basis – Q3 2025$0.96 Adjustments (defined below) 0.64 EPS Continuing Operations– As Adjusted Basis – Q3 2025$1.60 Adjustments of $0.64 per share consisting primarily of: $0.15 of Corporate acquisition costs, $0.08 of Maritime inventory step-up charges and stamp duties, $0.01 of restructuring charges within the USG segment and $0.40 of acquisition related amortization. EPS – Adjusted Basis Reconciliation – YTD Q3 2026 EPS Continuing Operations– GAAP Basis – YTD Q3 2026$3.66 Adjustments (defined below) 2.09 EPS Continuing Operations – As Adjusted Basis – YTD Q3 2026$5.75 Adjustments of $2.09 per share consisting primarily of: $0.09 of restructuring charges within Test, USG and A&D segments, $0.20 of debt financing and $0.23 of acquisition costs related to the pending Megger acquisition, and $1.57 of acquisition related amortization. EPS – Adjusted Basis Reconciliation – YTD Q3 2025 EPS Continuing Operations– GAAP Basis – YTD Q3 2025$2.76 Adjustments (defined below) 0.95 EPS Continuing Operations – As Adjusted Basis – YTD Q3 2025$3.71 Adjustments of $0.95 per share consisting primarily of: $0.15 of Corporate acquisition costs, $0.08 of Maritime inventory step-up charges and stamp duties, $0.02 of restructuring charges within the Test and USG segments, and $0.70 of acquisition related amortization. SOURCE ESCO Technologies Inc.
Kate Lowrey, Vice President of Investor Relations, (314) 213-7277
PHOENIX--(BUSINESS WIRE)--Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable One”) today reported financial and operating results for the quarter ended June 30, 2026.
Three Months Ended June 30,
(dollars in thousands)
2026
2025
$ Change
% Change
Revenues
$
348,926
$
381,072
$
(32,146
)
(8.4
)%
Net loss
$
(1,164,576
)
$
(437,976
)
$
(726,600
)
165.9
%
Net profit margin
(333.8
)%
(114.9
)%
Cash flows from operating activities
$
120,857
$
144,942
$
(24,085
)
(16.6
)%
Adjusted EBITDA(1)
$
173,460
$
203,214
$
(29,754
)
(14.6
)%
Adjusted EBITDA margin(1)
49.7
%
53.3
%
Capital expenditures
$
74,002
$
68,374
$
5,628
8.2
%
Adjusted EBITDA less capital expenditures(1)
$
99,458
$
134,840
$
(35,382
)
(26.2
)%
“This is a business with a strong network, attractive markets, meaningful cash flow generation and a significant potential to improve operating performance,” said Jim Holanda, Chief Executive Officer of Cable One. “Combined with our current penetration levels, we believe those strengths provide a compelling opportunity for long-term growth and value creation.”
Second Quarter 2026 Summary:
Total revenues were $348.9 million in the second quarter of 2026 compared to $381.1 million in the second quarter of 2025, with $9.7 million of the decrease attributable to a decline in residential video revenues. Residential data revenues were $212.6 million in the second quarter of 2026 compared to $229.3 million in the second quarter of 2025, a decrease of $16.7 million, or 7.3%, year-over-year. Residential data revenues declined $1.0 million, or 0.5%, on a sequential quarterly basis. Business data revenues for the second quarter of 2026 were $53.6 million, a decrease of $3.8 million, or 6.6%, year-over-year. Net losses were $1.16 billion and $438.0 million in the second quarter of 2026 and 2025, respectively, which included non-cash asset impairment charges of $462.3 million and $456.2 million, net of tax, respectively. The second quarter of 2026 also included a $262.3 million, net of tax, non-cash impairment of our Mega Broadband Investments Holdings LLC (“MBI”) equity investment and a $333.0 million, net of tax, non-cash fair value adjustment loss on the put option associated with the remaining equity interests in MBI (the "Put Option"). Adjusted EBITDA was $173.5 million in the second quarter of 2026 compared to $203.2 million in the second quarter of 2025. Net profit margin was (333.8)% and Adjusted EBITDA margin was 49.7% in the second quarter of 2026. Net cash provided by operating activities was $120.9 million in the second quarter of 2026 compared to $144.9 million in the second quarter of 2025. Adjusted EBITDA less capital expenditures was $99.5 million in the second quarter of 2026 compared to $134.8 million in the second quarter of 2025. The Company paid down an aggregate $62.8 million principal amount of debt during the second quarter of 2026, consisting of repurchases of $45.6 million aggregate principal amount of senior notes, $12.8 million of term loan prepayments and $4.4 million of scheduled amortization payments. Second Quarter 2026 Financial Results Compared to Second Quarter 2025
Revenues were $348.9 million in the second quarter of 2026 compared to $381.1 million in the second quarter of 2025. Residential data revenues decreased $16.7 million, or 7.3%, year-over-year due primarily to a decrease in residential data subscribers. Residential video revenues decreased $9.7 million, or 20.1%, year-over-year due primarily to a decrease in residential video subscribers, partially offset by a rate adjustment enacted in the second half of 2025. Business data revenues decreased $3.8 million, or 6.6%, year-over-year due primarily to a decrease in business data subscribers.
Net losses were $1.16 billion and $438.0 million in the second quarter of 2026 and 2025, respectively. The second quarter of 2026 included $462.3 million, net of tax, non-cash asset impairment charges, a $262.3 million, net of tax, non-cash impairment of our MBI equity investment and a $333.0 million, net of tax, non-cash fair value adjustment loss on the Put Option. The second quarter of 2025 included non-cash impairment charges totaling $456.2 million, net of tax. Net profit margin was (333.8)% in the second quarter of 2026 compared to (114.9)% in the prior year quarter.
Adjusted EBITDA was $173.5 million and $203.2 million for the second quarter of 2026 and 2025, respectively. Adjusted EBITDA margin was 49.7% in the second quarter of 2026 compared to 53.3% in the prior year quarter.
Net cash provided by operating activities was $120.9 million in the second quarter of 2026 compared to $144.9 million in the second quarter of 2025. Capital expenditures for the second quarter of 2026 totaled $74.0 million compared to $68.4 million for the second quarter of 2025. Adjusted EBITDA less capital expenditures for the second quarter of 2026 was $99.5 million compared to $134.8 million in the prior year quarter.
Asset Impairments
Triggered by a decline in the Company's stock price during the second quarter, the Company performed an interim intangible asset and goodwill impairment assessment as of June 30, 2026. As a result, the Company recognized asset impairments totaling $597.7 million, consisting of $526.0 million and $71.7 million of non-cash impairments relating to its indefinite-lived franchise agreements and goodwill, respectively. The impairment charges do not have an impact on the Company’s cash flows, operational strategy, growth initiatives or its intent or ability to renew or extend existing franchise agreements.
Liquidity and Capital Resources
At June 30, 2026, the Company had $166.2 million of cash and cash equivalents on hand compared to $152.8 million at December 31, 2025. The Company’s gross debt balance was $3.06 billion and $3.21 billion at June 30, 2026 and December 31, 2025, respectively. The Company had $550.0 million of borrowings and $700.0 million available for borrowing under its revolving credit facility as of June 30, 2026. The Company's weighted average cost of debt was 4.6% for the second quarter of 2026.
The Company voluntarily repurchased $45.6 million aggregate principal amount of outstanding senior notes and prepaid $12.8 million aggregate principal amount of outstanding term loan borrowings during the second quarter of 2026, recognizing $19.9 million of gains on debt extinguishments.
The Company's capital expenditures by category for the three months ended June 30, 2026 and 2025 were as follows (in thousands):
Three Months Ended June 30,
2026
2025
Customer premise equipment(1)
$
20,210
$
11,104
Commercial(2)
3,463
5,499
Scalable infrastructure(3)
7,110
7,211
Line extensions(4)
13,447
17,366
Upgrade/rebuild(5)
5,449
4,261
Support capital(6)
24,323
22,933
Total
$
74,002
$
68,374
__________________
(1) Customer premise equipment includes costs incurred at customer locations, including installation costs and customer premise equipment (e.g., modems and set-top boxes).
(2) Commercial includes costs related to securing business services customers and primary service units ("PSUs"), including small and medium-sized businesses and enterprise customers.
(3) Scalable infrastructure includes costs not related to customer premise equipment to secure growth of new customers and PSUs or provide service enhancements (e.g., headend equipment).
(4) Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).
(5) Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including betterments.
(6) Support capital includes costs associated with the replacement or enhancement of non-network assets due to technological and physical obsolescence (e.g., non-network equipment, land, buildings and vehicles) and capitalized internal labor costs not associated with customer installation activities.
Conference Call
Cable One will host a conference call with the financial community to discuss results for the second quarter of 2026 on Thursday, August 6, 2026, at 5 p.m. Eastern Time (ET).
The conference call will be available via an audio webcast on the Cable One Investor Relations website at ir.cableone.net or by dialing 1-833-461-5787 (International: 1-585-542-9983) and using the access code 240349689. Participants should register for the webcast or dial in for the conference call shortly before 5 p.m. ET.
A replay of the call will be available from August 6, 2026 until September 3, 2026 at ir.cableone.net.
Additional Information Available on Website
The information in this press release should be read in conjunction with the condensed consolidated financial statements and notes thereto contained in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, which will be posted on the “SEC Filings” section of the Cable One Investor Relations website at ir.cableone.net when it is filed with the Securities and Exchange Commission (the “SEC”). Investors and others interested in more information about Cable One should consult the Company’s website, which is regularly updated with financial and other important information about the Company.
Use of Non-GAAP Financial Measures
The Company uses certain measures that are not defined by generally accepted accounting principles in the United States (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA are non-GAAP financial measures and should be considered in addition to, not as superior to, or as a substitute for, net income (loss), net profit margin, net cash provided by operating activities or capital expenditures as a percentage of net income (loss) reported in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA less capital expenditures are reconciled to net income (loss), Adjusted EBITDA margin is reconciled to net profit margin and capital expenditures as a percentage of Adjusted EBITDA is reconciled to capital expenditures as a percentage of net income (loss). Adjusted EBITDA less capital expenditures is also reconciled to net cash provided by operating activities. These reconciliations are included in the “Reconciliations of Non-GAAP Measures” tables within this press release.
“Adjusted EBITDA” is defined as net income (loss) plus net interest expense, income tax provision (benefit), depreciation and amortization, equity-based compensation, severance and contract termination costs, acquisition-related costs, net (gain) loss on asset sales and disposals, system conversion costs, net equity method investment (income) loss, asset impairments, executive search and transition costs, MBI integration costs, net other (income) expense and any special items, as applicable, as provided in the “Reconciliations of Non-GAAP Measures” tables within this press release. Executive search and transition costs consist of expenses incurred in connection with changes in executive leadership, including make-whole payment, severance and other separation benefits and costs related to executive search and onboarding. MBI integration costs consist of expenses for planning and implementing system conversion, rebranding, employee-related costs (including severance and retention) and other professional fees incurred in connection with the integration of MBI. These costs are associated with discrete events and are incremental to normal, recurring operating expenses and as such, are excluded from Adjusted EBITDA. Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company’s business as well as other non-cash or special items and is unaffected by the Company’s capital structure or investment activities. This measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the Company’s cash cost of debt financing. These costs are evaluated through other financial measures.
“Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by total revenues.
“Adjusted EBITDA less capital expenditures,” when used as a liquidity measure, is calculated as net cash provided by operating activities excluding the impact of capital expenditures, net interest expense, income tax provision (benefit), changes in operating assets and liabilities, change in deferred income taxes and any special items, as applicable, as provided in the “Reconciliations of Non-GAAP Measures” tables within this press release.
“Capital expenditures as a percentage of Adjusted EBITDA” is defined as capital expenditures divided by Adjusted EBITDA.
The Company uses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA to assess its performance, and it also uses Adjusted EBITDA less capital expenditures as an indicator of its ability to fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the measure used in the leverage ratio calculations under the Company’s credit agreement and the indenture governing the Company’s non-convertible senior unsecured notes to determine compliance with the covenants contained in the credit agreement and the ability to take certain actions under the indenture governing the non-convertible senior unsecured notes. Adjusted EBITDA, capital expenditures as a percentage of Adjusted EBITDA and Adjusted EBITDA less capital expenditures are also significant performance measures that have been used by the Company in its incentive compensation programs. Adjusted EBITDA does not take into account cash used for mandatory debt service requirements or other non-discretionary expenditures, and thus does not represent residual funds available for discretionary uses.
The Company believes that Adjusted EBITDA, Adjusted EBITDA margin and capital expenditures as a percentage of Adjusted EBITDA are useful to investors in evaluating the operating performance of the Company. The Company believes that Adjusted EBITDA less capital expenditures is useful to investors as it shows the Company’s performance while taking into account cash outflows for capital expenditures and is one of several indicators of the Company’s ability to service debt, make investments and/or return capital to its stockholders.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures, capital expenditures as a percentage of Adjusted EBITDA and similar measures with similar titles are common measures used by investors, analysts and peers to compare performance in the Company’s industry, although the Company’s measures of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA may not be directly comparable to similarly titled measures reported by other companies.
About Cable One
Cable One, Inc. (NYSE:CABO) is a leading broadband communications provider delivering exceptional service and enabling approximately 1 million residential and business customers across 24 states to thrive and stay connected to what matters most. Through Sparklight®, the brand our customers know and trust, we're not just shaping the future of connectivity–we're transforming it with a commitment to innovation, reliability and customer experience at our core.
Our robust infrastructure and cutting-edge technology don’t just keep our customers connected; they drive progress in education, business and everyday life. We’re dedicated to bridging the digital divide, empowering our communities and fostering a more connected world. When our customers choose Cable One, they are choosing a team that is always working for them–one that believes in the relentless pursuit of reliability, because being a trusted neighbor isn’t just what we do–it’s who we are.
This communication and the related conference call may contain “forward-looking statements” that involve risks and uncertainties. These statements can be identified by the fact that they do not relate strictly to historical or current facts, but rather are based on current expectations, estimates, assumptions and projections about the Company’s industry, business, strategy, technologies, acquisitions and strategic investments, market expansion plans, dividend policy, capital allocation, financing strategy, the purchase price payable pursuant to the Put Option, which was exercised on January 2, 2026 (such purchase price, the “Put Price”) and the anticipated timeline to consummate such transaction, the Company's ability and sources of capital to fund the Put Price, MBI’s future indebtedness and the Company's financial results and financial condition. Forward-looking statements often include words such as “will,” “should,” “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words and terms of similar substance in connection with discussions of future operating or financial performance. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. The Company’s actual results may vary materially from those expressed or implied in its forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statement made by the Company or on its behalf. Important factors that could cause the Company’s actual results to differ materially from those in its forward-looking statements include government regulation, economic, strategic, political and social conditions and the following factors, which are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 26, 2026 (the "2025 Form 10-K"):
rising levels of competition from historical and new entrants in the Company’s markets; recent and future changes in technology, and the Company's ability to develop, deploy and operate new technologies, service offerings and customer service platforms; risks associated with the Company's use of artificial intelligence; the Company’s ability to grow its residential data and business data revenues and customer base; increases in programming costs and retransmission fees; the Company’s ability to obtain hardware, software and operational support from vendors, including the potential impacts of changes in trade policy and tariffs; risks relating to existing or future acquisitions and strategic investments by the Company, including risks associated with the exercise of the Put Option and the acquisition and integration of MBI; the integrity and security of the Company’s network and information systems; the impact of possible security breaches and other disruptions, including cyber-attacks; the Company’s failure to obtain necessary intellectual and proprietary rights to operate its business and the risk of intellectual property claims and litigation against the Company; the Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures; impairments of intangible assets and goodwill; legislative or regulatory efforts to impose new requirements on the Company’s data services; additional regulation of the Company’s video and voice services or changes to government subsidy programs; the Company’s ability to renew cable system franchises; increases in pole attachment costs; changes in local governmental franchising authority and broadcast carriage regulations; the potential adverse effect of the Company’s level of indebtedness on its business, financial condition or results of operations and cash flows; the restrictions the terms of the Company’s indebtedness place on its business and corporate actions; the possibility that interest rates will rise, causing the Company’s obligations to service its variable rate indebtedness to increase significantly; risks associated with the Company’s convertible indebtedness; the Company’s ability to pay dividends; our sustained reduced stock price; provisions in the Company’s charter, by-laws and Delaware law that could discourage takeovers and limit the judicial forum for certain disputes; adverse economic conditions, labor shortages, supply chain disruptions, changes in rates of inflation and the level of move activity in the housing sector; pandemics, epidemics or disease outbreaks, such as the COVID-19 pandemic, have, and may in the future, disrupt the Company's business and operations, which could materially affect the Company's business, financial condition, results of operations and cash flows; lower demand for the Company's residential data and business data products; fluctuations in the Company’s stock price; dilution from equity awards, convertible indebtedness and potential future convertible debt and stock issuances; damage to the Company’s reputation or brand image; the Company’s ability to retain key employees (whom the Company refers to as associates); the Company's ability to successfully transition to its new Chief Executive Officer; the Company’s ability to incur future indebtedness; provisions in the Company’s charter that could limit the liabilities for directors; and the other risks and uncertainties detailed from time to time in the Company’s filings with the SEC, including but not limited to those described under "Risk Factors" in the 2025 Form 10-K and in its subsequent filings with the SEC. Any forward-looking statements made by the Company in this communication speak only as of the date on which they are made. The Company is under no obligation, and expressly disclaims any obligation, except as required by law, to update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.
CABLE ONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended June 30,
(dollars in thousands, except per share data)
2026
2025
Change
% Change
Revenues:
Residential data
$
212,604
$
229,336
$
(16,732
)
(7.3
)%
Residential video
38,487
48,158
(9,671
)
(20.1
)%
Residential voice
6,266
6,733
(467
)
(6.9
)%
Business data
53,597
57,385
(3,788
)
(6.6
)%
Business other
14,199
16,515
(2,316
)
(14.0
)%
Other
23,773
22,945
828
3.6
%
Total Revenues
348,926
381,072
(32,146
)
(8.4
)%
Costs and Expenses:
Operating (excluding depreciation and amortization)
98,725
102,356
(3,631
)
(3.5
)%
Selling, general and administrative
87,649
91,996
(4,347
)
(4.7
)%
Depreciation and amortization
81,781
86,118
(4,337
)
(5.0
)%
(Gain) loss on asset sales and disposals, net
7,973
3,908
4,065
104.0
%
Asset impairments
597,715
586,017
11,698
2.0
%
Total Costs and Expenses
873,843
870,395
3,448
0.4
%
Loss from operations
(524,917
)
(489,323
)
(35,594
)
7.3
%
Interest expense, net
(33,737
)
(33,905
)
168
(0.5
)%
Other income (expense), net
(431,590
)
(11,372
)
(420,218
)
NM
Loss before income taxes and equity method investment income (loss), net
(990,244
)
(534,600
)
(455,644
)
85.2
%
Income tax benefit
109,521
117,575
(8,054
)
(6.9
)%
Loss before equity method investment income (loss), net
(880,723
)
(417,025
)
(463,698
)
111.2
%
Equity method investment income (loss), net
(283,853
)
(20,951
)
(262,902
)
NM
Net loss
$
(1,164,576
)
$
(437,976
)
$
(726,600
)
165.9
%
Net Loss per Common Share:
Basic
$
(204.35
)
$
(77.70
)
$
(126.65
)
163.0
%
Diluted
$
(204.35
)
$
(77.70
)
$
(126.65
)
163.0
%
Weighted Average Common Shares Outstanding:
Basic
5,698,814
5,636,683
62,131
1.1
%
Diluted
5,698,814
5,636,683
62,131
1.1
%
Unrealized gain (loss) on cash flow hedges and other, net of tax
6,439
(10,108
)
16,547
(163.7
)%
Comprehensive loss
$
(1,158,137
)
$
(448,084
)
$
(710,053
)
158.5
%
CABLE ONE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollars in thousands, except par values)
June 30, 2026
December 31, 2025
Assets
Current Assets:
Cash and cash equivalents
$
166,191
$
152,769
Accounts receivable, net
55,565
58,578
Prepaid and other current assets
61,876
95,238
Total Current Assets
283,632
306,585
Equity investments
298,632
613,841
Property, plant and equipment, net
1,780,529
1,784,201
Intangible assets, net
1,407,500
1,974,359
Goodwill
769,111
840,826
Other noncurrent assets
83,408
68,541
Total Assets
$
4,622,812
$
5,588,353
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued liabilities
$
135,643
$
143,058
MBI option liability
425,970
—
Deferred revenue
17,193
22,731
Current portion of long-term debt
18,060
593,535
Total Current Liabilities
596,866
759,324
Long-term debt
3,027,125
2,600,392
Deferred income taxes
642,257
769,924
Other noncurrent liabilities
30,179
25,075
Total Liabilities
4,296,427
4,154,715
Commitments and contingencies
Stockholders' Equity:
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding)
—
—
Common stock ($0.01 par value; 40,000,000 shares authorized; 6,175,399 shares issued; and 5,673,367 and 5,635,219 shares outstanding as of June 30, 2026 and December 31, 2025, respectively)
62
62
Additional paid-in capital
693,870
681,866
Retained earnings
205,751
1,334,553
Accumulated other comprehensive income (loss)
29,965
19,450
Treasury stock, at cost (502,032 and 540,180 shares held as of June 30, 2026 and December 31, 2025, respectively)
(603,263
)
(602,293
)
Total Stockholders' Equity
326,385
1,433,638
Total Liabilities and Stockholders' Equity
$
4,622,812
$
5,588,353
CABLE ONE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended June 30,
(in thousands)
2026
2025
Cash flows from operating activities:
Net loss
$
(1,164,576
)
$
(437,976
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
81,781
86,118
Amortization of debt discount and issuance costs
1,532
2,283
Equity-based compensation
5,014
10,048
Gain on debt extinguishments
(19,861
)
(3,856
)
Change in deferred income taxes
(128,741
)
(140,217
)
(Gain) loss on asset sales and disposals, net
7,973
3,908
Gain on sale of fiber-to-the-tower contract rights
(1,003
)
—
Equity method investment (income) loss, net
283,853
20,951
Fair value adjustments
451,659
15,335
Asset impairments
597,715
586,017
Changes in operating assets and liabilities:
Accounts receivable, net
(5,204
)
(9,539
)
Prepaid and other current assets
7,897
7,068
Accounts payable and accrued liabilities
8,677
8,730
Deferred revenue
(4,070
)
(1,188
)
Other
(1,789
)
(2,740
)
Net cash provided by operating activities
120,857
144,942
Cash flows from investing activities:
Capital expenditures
(74,002
)
(68,374
)
Change in accrued expenses related to capital expenditures
(4,524
)
(5,912
)
Proceeds from sales of property, plant and equipment
996
249
Net cash provided by (used in) investing activities
(77,530
)
(74,037
)
Cash flows from financing activities:
Debt repayments
(42,719
)
(67,087
)
Payment of withholding tax for equity awards
(18
)
(30
)
Net cash used in financing activities
(42,737
)
(67,117
)
Change in cash and cash equivalents
590
3,788
Cash and cash equivalents, beginning of period
165,601
149,088
Cash and cash equivalents, end of period
$
166,191
$
152,876
Supplemental cash flow disclosures:
Cash paid for interest, net of capitalized interest
$
41,032
$
40,465
Cash paid for income taxes, net of refunds received
$
10,602
$
22,421
CABLE ONE, INC.
RECONCILIATIONS OF NON-GAAP MEASURES
(Unaudited)
Three Months Ended June 30,
(dollars in thousands)
2026
2025
$ Change
% Change
Net loss
$
(1,164,576
)
$
(437,976
)
$
(726,600
)
165.9
%
Net profit margin
(333.8
)%
(114.9
)%
Plus: Interest expense, net
33,737
33,905
(168
)
(0.5
)%
Income tax benefit
(109,521
)
(117,575
)
8,054
(6.9
)%
Depreciation and amortization
81,781
86,118
(4,337
)
(5.0
)%
Equity-based compensation
5,014
10,048
(5,034
)
(50.1
)%
Severance and contract termination costs
2,962
—
2,962
NM
Acquisition-related costs
447
95
352
NM
(Gain) loss on asset sales and disposals, net
7,973
3,908
4,065
104.0
%
System conversion costs
191
6,183
(5,992
)
(96.9
)%
Equity method investment (income) loss, net
283,853
20,951
262,902
NM
Asset impairments
597,715
586,017
11,698
2.0
%
Executive search and transition costs
190
168
22
13.1
%
MBI integration costs
2,104
—
2,104
NM
Other (income) expense, net
431,590
11,372
420,218
NM
Adjusted EBITDA
$
173,460
$
203,214
$
(29,754
)
(14.6
)%
Adjusted EBITDA margin
49.7
%
53.3
%
Less: Capital expenditures
$
74,002
$
68,374
$
5,628
8.2
%
Capital expenditures as a percentage of net loss
(6.4
)%
(15.6
)%
Capital expenditures as a percentage of Adjusted EBITDA
42.7
%
33.6
%
Adjusted EBITDA less capital expenditures
$
99,458
$
134,840
$
(35,382
)
(26.2
)%
CABLE ONE, INC.
RECONCILIATIONS OF NON-GAAP MEASURES (continued)
(Unaudited)
Three Months Ended June 30,
(dollars in thousands)
2026
2025
$ Change
% Change
Net cash provided by operating activities
$
120,857
$
144,942
$
(24,085
)
(16.6
)%
Capital expenditures
(74,002
)
(68,374
)
(5,628
)
8.2
%
Interest expense, net
33,737
33,905
(168
)
(0.5
)%
Amortization of debt discount and issuance costs
(1,532
)
(2,283
)
751
(32.9
)%
Income tax benefit
(109,521
)
(117,575
)
8,054
(6.9
)%
Changes in operating assets and liabilities
(5,511
)
(2,331
)
(3,180
)
136.4
%
Gain on debt extinguishments
19,861
3,856
16,005
NM
Change in deferred income taxes
128,741
140,217
(11,476
)
(8.2
)%
Acquisition-related costs
447
95
352
NM
Severance and contract termination costs
2,962
—
2,962
NM
System conversion costs
191
6,183
(5,992
)
(96.9
)%
Fair value adjustments
(451,659
)
(15,335
)
(436,324
)
NM
Executive search and transition costs
190
168
22
13.1
%
MBI integration costs
2,104
—
2,104
NM
Gain on sale of fiber-to-the-tower contract rights
1,003
—
1,003
NM
Other (income) expense, net
431,590
11,372
420,218
NM
Adjusted EBITDA less capital expenditures
$
99,458
$
134,840
$
(35,382
)
(26.2
)%
CABLE ONE, INC.
OPERATING STATISTICS
(Unaudited)
As of June 30,
(in thousands, except percentages and ARPU data)
2026
2025
Change
% Change
Passings(1)
2,847.0
2,870.5
(23.5
)
(0.8
)%
Residential Customers
887.4
955.8
(68.4
)
(7.2
)%
Data PSUs
870.0
932.0
(62.0
)
(6.6
)%
Video PSUs
73.5
96.2
(22.8
)
(23.7
)%
Voice PSUs
50.7
62.1
(11.4
)
(18.4
)%
Total residential PSUs
994.2
1,090.4
(96.2
)
(8.8
)%
Business Customers
105.9
104.7
1.3
1.2
%
Data PSUs
98.2
99.3
(1.1
)
(1.1
)%
Video PSUs
4.1
6.1
(1.9
)
(31.9
)%
Voice PSUs
36.7
37.3
(0.6
)
(1.7
)%
Total business services PSUs
139.0
142.7
(3.7
)
(2.6
)%
Total Customers
993.3
1,060.5
(67.1
)
(6.3
)%
Total non-video
915.6
955.0
(39.4
)
(4.1
)%
Percent of total
92.2
%
90.1
%
2.1
%
Data PSUs
968.2
1,031.3
(63.1
)
(6.1
)%
Video PSUs
77.6
102.3
(24.7
)
(24.2
)%
Voice PSUs
87.4
99.4
(12.1
)
(12.1
)%
Total PSUs
1,133.2
1,233.0
(99.8
)
(8.1
)%
Residential Penetration
Data
30.6
%
32.5
%
(1.9
)%
Video
2.6
%
3.4
%
(0.8
)%
Voice
1.8
%
2.2
%
(0.4
)%
Share of Second Quarter Revenues
Residential data
60.9
%
60.2
%
0.7
%
Business services
19.4
%
19.4
%
—
%
Total
80.4
%
79.6
%
0.8
%
ARPU - Second Quarter
Residential data(2)
$
80.56
$
81.23
$
(0.67
)
(0.8
)%
Residential video(2)
$
169.33
$
162.52
$
6.81
4.2
%
Residential voice(2)
$
40.05
$
35.41
$
4.64
13.1
%
Business services(3) (4)
$
212.75
$
234.93
$
(22.18
)
(9.4
)%
__________________
Note: All totals, percentages and year-over-year changes are calculated using exact numbers. Minor differences may exist due to rounding. (1) Passings represent the estimated number of serviceable and marketable homes and businesses passed by the Company's active plant based on available information. Beginning in the third quarter of 2025, the Company began using an external reporting service for determining reported passings. The service provider generates updated counts biannually, during the first and third quarters of each year. Therefore, going forward the Company's reported passings for the second and fourth quarters of the year will remain unchanged from the preceding sequential quarter. Passings as of June 30, 2026 reflect certain refinements to the service provider's counting methodology during the first quarter of 2026.
(2) Average revenue per unit ("ARPU") values represent the applicable quarterly residential service revenues (excluding installation and activation fees) divided by the corresponding average of the number of PSUs at the beginning and end of each period, divided by three, except that for any PSUs added or subtracted as a result of an acquisition or divestiture occurring during the period, the associated ARPU values represent the applicable residential service revenues (excluding installation and activation fees) divided by the pro-rated average number of PSUs during such period.
(3) ARPU values represent quarterly business services revenues divided by the average of the number of business customer relationships at the beginning and end of each period, divided by three, except that for any business customer relationships added or subtracted as a result of an acquisition or divestiture occurring during the period, the associated ARPU values represent business services revenues divided by the pro-rated average number of business customer relationships during such period.
(4) In March 2026, the Company sold certain fiber-to-the-tower contract rights for cash proceeds of $42.0 million. Such contracts generated $9.0 million of business data revenues during 2025.
Post Holdings ve 3. fiskálním čtvrtletí vykázal tržby 1,948 mld. USD, čistý zisk klesl na 63,4 mil. USD a upravil výhled Adjusted EBITDA pro fiskální rok 2026 na 1,560–1,570 mld. USD.
, /PRNewswire/ -- Post Holdings, Inc. (NYSE: POST), a consumer packaged goods holding company, today reported results for the third fiscal quarter ended June 30, 2026.
Highlights:
Third quarter net sales of $1.9 billion Operating profit of $189.3 million; net earnings of $63.4 million and Adjusted EBITDA (non-GAAP)* of $377.3 million Narrowed fiscal year 2026 Adjusted EBITDA (non-GAAP)* outlook to $1,560-$1,570 million; provided preliminary fiscal year 2027 Adjusted EBITDA commentary *For additional information regarding non-GAAP measures, such as Adjusted EBITDA, Adjusted net earnings, Adjusted diluted earnings per common share and segment Adjusted EBITDA, see the related explanations presented under "Use of Non-GAAP Measures" later in this release. Post provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including the adjustments described under "Outlook" below.
Basis of Presentation
On May 1, 2026, Post completed its sale of substantially all of the assets of Crystal Farms Dairy Company (the "Crystal Farms Business"), the results of which were reported in the Refrigerated Retail segment prior to the sale. On July 1, 2025, Post completed its acquisition of 8th Avenue Food & Provisions, Inc. ("8th Avenue"), the results of which are included in the Post Consumer Brands segment. On December 1, 2025, Post completed its sale of the pasta business of 8th Avenue; its operating results prior to the sale were reported in the Post Consumer Brands segment.
Third Quarter Consolidated Operating Results
Net sales were $1,948.0 million, a decrease of 1.8%, or $36.3 million, compared to $1,984.3 million in the prior year period and included $141.8 million in net sales from 8th Avenue in the current year period. Excluding contributions from acquisitions and divestitures in the current and prior year periods, net sales declined across Post Consumer Brands (driven by pet food and value cereal volume declines), Foodservice (driven by the lapping of avian influenza driven pricing in the prior year) and Refrigerated Retail (driven primarily by the lapping of avian influenza driven pricing and demand in the prior year). Weetabix sales were flat. Gross profit was $566.3 million, or 29.1% of net sales, a decrease of 5.0%, or $29.9 million, compared to $596.2 million, or 30.0% of net sales, in the prior year period.
Selling, general and administrative ("SG&A") expenses were $326.1 million, or 16.7% of net sales, an increase of 4.5%, or $14.0 million, compared to $312.1 million, or 15.7% of net sales, in the prior year period. Operating profit was $189.3 million, a decrease of 19.3%, or $45.3 million, compared to $234.6 million in the prior year period.
Net earnings were $63.4 million, a decrease of 41.7%, or $45.4 million, compared to $108.8 million in the prior year period.
Diluted earnings per common share were $1.29, compared to $1.79 in the prior year period. Adjusted net earnings (non-GAAP)* were $91.1 million, compared to $126.4 million in the prior year period. Adjusted diluted earnings per common share (non-GAAP)* were $1.78, compared to $2.03 in the prior year period.
Adjusted EBITDA was $377.3 million, a decrease of 5.0%, or $19.7 million, compared to $397.0 million in the prior year period.
Nine Month Consolidated Operating Results
Net sales were $6,165.5 million, an increase of $254.4 million, compared to $5,911.1 million in the prior year period. Gross profit was $1,822.4 million, or 29.6% of net sales, an increase of 4.9%, or $85.1 million, compared to $1,737.3 million, or 29.4% of net sales, in the prior year period.
SG&A expenses were $1,009.6 million, or 16.4% of net sales, an increase of 5.3%, or $51.1 million, compared to $958.5 million, or 16.2% of net sales, in the prior year period. Operating profit was $639.6 million, an increase of 1.4%, or $8.7 million, compared to $630.9 million in the prior year period.
Net earnings were $242.1 million, a decrease of 15.0%, or $42.6 million, compared to $284.7 million in the prior year period. Net earnings included the following:
Nine Months Ended June 30,
(in millions)
2026
2025
Loss on extinguishment of debt, net (1)
$ 17.5
$ 5.8
Income on swaps, net (1)
(6.9)
(7.3)
(1) Discussed later in this release and treated as adjustments for non-GAAP measures.
Diluted earnings per common share were $4.59, compared to $4.60 in the prior year period. Adjusted net earnings were $319.5 million, compared to $327.1 million in the prior year period. Adjusted diluted earnings per common share were $5.86, compared to $5.14 in the prior year period.
Adjusted EBITDA was $1,190.5 million, an increase of 6.9%, or $77.1 million, compared to $1,113.4 million in the prior year period.
Post Consumer Brands
Primarily North American ready-to-eat ("RTE") cereal and granola, pet food and nut butters.
For the third quarter, net sales were $974.2 million, an increase of 6.6%, or $60.2 million, compared to the prior year period. Net sales included $141.8 million in the third quarter attributable to 8th Avenue. Excluding the benefit of 8th Avenue in the current year period, volumes decreased 7.1% as pet food volumes declined 7.8% and cereal and granola volumes declined 5.5%. Pet food volume losses were primarily driven by distribution losses and category declines. Cereal and granola volume losses were primarily driven by category declines, distribution losses in value cereal and pack size changes. Segment profit was $127.3 million, an increase of 5.6%, or $6.8 million, compared to the prior year period. Segment Adjusted EBITDA (non-GAAP)* was $197.3 million, an increase of 11.2%, or $19.8 million, compared to the prior year period.
For the nine months ended June 30, 2026, net sales were $3,122.9 million, an increase of 9.0%, or $257.1 million, compared to the prior year period. Segment profit was $393.6 million, an increase of 0.6%, or $2.5 million, compared to the prior year period. Segment Adjusted EBITDA was $600.8 million, an increase of 2.5%, or $14.7 million, compared to the prior year period.
Foodservice
Primarily egg and potato products.
For the third quarter, net sales were $652.9 million, a decrease of 6.5%, or $45.6 million, compared to the prior year period. Volumes increased 4.3%, driven by improved customer service levels and improved production in protein-based shakes. Segment profit was $100.8 million, a decrease of 18.6%, or $23.1 million, compared to the prior year period. Segment Adjusted EBITDA was $140.8 million, a decrease of 11.4%, or $18.2 million, compared to the prior year period. Declines in net sales, segment profit and segment Adjusted EBITDA reflect the lapping of avian influenza pricing in the prior year period.
For the nine months ended June 30, 2026, net sales were $1,949.4 million, an increase of 1.4%, or $26.4 million, compared to the prior year period. Segment profit was $328.1 million, an increase of 20.8%, or $56.6 million, compared to the prior year period. Segment Adjusted EBITDA was $435.2 million, an increase of 17.1%, or $63.4 million, compared to the prior year period.
Refrigerated Retail
Primarily side dish, egg and sausage products.
For the third quarter, net sales were $184.5 million, a decrease of 21.1%, or $49.4 million, compared to the prior year period. Net sales included $10.3 million and $37.1 million in the third fiscal quarters of 2026 and 2025, respectively, related to the Crystal Farms Business. Excluding contributions from the Crystal Farms Business in both periods, volumes decreased 4.9%, primarily due to the shifting of Easter demand out of the quarter and the normalization of egg demand in the current year period. Volume information by product is disclosed in a table presented later in this release. Segment profit was $9.5 million, a decrease of 61.2%, or $15.0 million, compared to the prior year period. Segment Adjusted EBITDA was $26.6 million, a decrease of 41.3%, or $18.7 million, compared to the prior year period. Declines in net sales, segment profit and segment Adjusted EBITDA primarily reflect the sale of the Crystal Farms Business in the current year period and the lapping of avian influenza pricing in the prior year period.
For the nine months ended June 30, 2026, net sales were $686.4 million, a decrease of 5.3%, or $38.7 million, compared to the prior year period. Segment profit was $62.0 million, a decrease of 4.5%, or $2.9 million, compared to the prior year period. Segment Adjusted EBITDA was $117.5 million, a decrease of 3.4%, or $4.1 million, compared to the prior year period.
Weetabix
Primarily United Kingdom RTE cereal, muesli and protein-based shakes.
For the third quarter, net sales were $137.1 million, a decrease of 0.6%, or $0.8 million, compared to the prior year period. Net sales reflected a foreign currency exchange rate tailwind of approximately 40 basis points. Volumes decreased 3.8%, primarily driven by declines in private label products. Segment profit was $26.1 million, an increase of 35.2%, or $6.8 million, compared to the prior year period. Segment Adjusted EBITDA was $37.3 million, an increase of 13.7%, or $4.5 million, compared to the prior year period.
For the nine months ended June 30, 2026, net sales were $411.1 million, an increase of 3.5%, or $13.9 million, compared to the prior year period. Segment profit was $68.6 million, an increase of 28.5%, or $15.2 million, compared to the prior year period. Segment Adjusted EBITDA was $102.7 million, an increase of 12.7%, or $11.6 million, compared to the prior year period.
Interest, Loss on Extinguishment of Debt, (Income) Expense on Swaps and Income Tax
Interest expense, net was $108.2 million and $317.3 million in the three and nine months ended June 30, 2026, respectively, compared to $88.5 million and $259.6 million in the three and nine months ended June 30, 2025, respectively. The increase in interest expense, net in the current year periods was driven by higher average outstanding principal amounts of debt, a higher weighted-average interest rate and lower interest income compared to the prior year periods.
There was no gain or loss on extinguishment of debt in the third quarter of fiscal year 2026 or 2025. Loss on extinguishment of debt, net of $17.5 million was recorded in the nine months ended June 30, 2026 in connection with Post's redemption of its 5.50% senior notes due December 2029. Loss on extinguishment of debt, net of $5.8 million was recorded in the nine months ended June 30, 2025 in connection with Post's redemption of its 5.625% senior notes due January 2028.
(Income) expense on swaps, net relates to mark-to-market adjustments and settlements on interest rate swaps. Income on swaps, net was $3.3 million in the third quarter of fiscal year 2026 compared to an expense of $2.6 million in the prior year period. Income on swaps, net was $6.9 million in the nine months ended June 30, 2026 compared to $7.3 million in the prior year period.
Income tax expense was $23.1 million in the third quarter of fiscal year 2026, an effective income tax rate of 26.7%, compared to $34.7 million in the third quarter of fiscal year 2025, an effective income tax rate of 24.2%. Income tax expense was $78.5 million in the nine months ended June 30, 2026, an effective income tax rate of 24.5%, compared to $86.8 million in the prior year period, an effective income tax rate of 23.4%.
Share Repurchases
During the third quarter of fiscal year 2026, Post repurchased 2.1 million shares of its common stock for $198.9 million at an average price of $98.86 per share. During the nine months ended June 30, 2026, Post repurchased 9.1 million shares for $908.8 million at an average price of $100.34 per share. Subsequent to the end of the third quarter of fiscal year 2026 through August 5, 2026, Post repurchased 0.4 million shares for $39.3 million at an average price of $88.80 per share. As of August 5, 2026, Post had $490.7 million remaining under its share repurchase authorization.
Outlook
Post management narrowed its guidance range for fiscal year 2026 Adjusted EBITDA to $1,560-$1,570 million from $1,550-$1,580 million.
Post's fiscal year 2026 guidance includes two items affecting comparability that should be excluded to provide context for fiscal year 2027:
Approximately $60 million in Foodservice earnings above the segment's $500 million normalized annual run rate Approximately $20 million in contributions from fiscal year 2026 divestitures Excluding these items, Post's fiscal year 2026 guidance implies entering fiscal year 2027 with Adjusted EBITDA of approximately $1.48 billion.
While Post's fiscal year 2027 budget is in development, management currently expects that growth in Foodservice off its $500 million run rate, pricing actions and productivity initiatives will largely offset inflationary pressures and continued volume softness in certain categories. As a result, management's preliminary fiscal year 2027 outlook is generally flat versus this comparable Adjusted EBITDA level of approximately $1.48 billion.
Post management expects fiscal year 2026 capital expenditures to range between $370-$390 million, which includes continued Foodservice investment in cage-free egg facility expansion and the completion of the Norwalk, Iowa precooked egg facility expansion for aggregate expenditures of $80-$90 million.
Post provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for income/expense on swaps, net, integration and transaction costs, mark-to-market adjustments on equity security investments, mark-to-market adjustments on commodity and foreign exchange hedges, gain/loss on extinguishment of debt, net, equity method investment adjustment and other items reflected in Post's reconciliations of historical numbers, the amounts of which, based on historical experience, could be significant. For additional information regarding Post's non-GAAP measures, see the related explanations presented under "Use of Non-GAAP Measures."
Use of Non-GAAP Measures
Post uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP"). These non-GAAP measures include Adjusted net earnings/loss, Adjusted diluted earnings/loss per common share, Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales, segment Adjusted EBITDA as a percentage of Net Sales, free cash flow, net leverage as calculated under Post's credit agreement and consolidated interest coverage ratio as calculated under Post's credit agreement. The reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is provided later in this release under "Explanation and Reconciliation of Non-GAAP Measures."
Management uses certain of these non-GAAP measures, including Adjusted EBITDA and segment Adjusted EBITDA, as key metrics in the evaluation of underlying company and segment performance, in making financial, operating and planning decisions and, in part, in the determination of bonuses for its executive officers and employees. Additionally, Post is required to comply with certain covenants and limitations that are based on variations of EBITDA in its financing documents. Management believes the use of these non-GAAP measures provides increased transparency and assists investors in understanding the underlying operating performance of Post and its segments and in the analysis of ongoing operating trends. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items as described later in this release. These non-GAAP measures may not be comparable to similarly titled measures of other companies. For additional information regarding Post's non-GAAP measures, see the related explanations provided under "Explanation and Reconciliation of Non-GAAP Measures."
Conference Call to Discuss Earnings Results and Outlook
Shortly following this release, Post will publish prepared remarks related to this release in the Investors section of its website (www.postholdings.com) under the Investor Events & Presentations and the Quarterly Results sections. Post will host a conference call on Friday, August 7, 2026 at 9:00 a.m. ET to respond to questions. Robert V. Vitale, Chairman, President and Chief Executive Officer, Nicolas Catoggio, Chief Operating Officer, and Matthew J. Mainer, Chief Financial Officer and Treasurer, will participate in the call.
Interested parties may join the conference call by dialing (800) 579-2543 in the United States and (785) 424-1789 from outside of the United States. The conference identification number is POSTQ326. Interested parties are invited to listen to the webcast of the conference call, which can be accessed by visiting the Investors section of Post's website.
A replay of the conference call will be available through Friday, August 14, 2026 by dialing (800) 839-7410 in the United States and (402) 220-6067 from outside of the United States. A webcast replay also will be available for a limited period on Post's website in the Investors section.
Prospective Financial Information
Prospective financial information is necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the prospective financial information described above will not materialize or will vary significantly from actual results. For further discussion of some of the factors that may cause actual results to vary materially from the prospective financial information provided in this release, see "Forward-Looking Statements" below. Accordingly, the prospective financial information provided in this release is only an estimate of what Post's management believes is realizable as of the date of this release. It also should be recognized that the reliability of any forecasted financial data diminishes the further in the future that the data is forecasted. In light of the foregoing, the information should be viewed in context and undue reliance should not be placed upon it.
Forward-Looking Statements
Certain matters discussed in this release, in the prepared remarks published on Post's website and on Post's conference call are forward-looking statements, including Post's Adjusted EBITDA outlook for fiscal years 2026 and 2027 and Post's capital expenditure outlook for fiscal year 2026. These forward-looking statements are sometimes identified from the use of forward-looking words such as "believe," "should," "could," "potential," "continue," "expect," "project," "estimate," "predict," "anticipate," "aim," "intend," "plan," "forecast," "target," "is likely," "will," "can," "may" or "would" or the negative of these terms or similar expressions, and include all statements regarding future performance, earnings projections, events or developments. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks and uncertainties include, but are not limited to, the following:
volatility in the cost or availability of inputs to Post's businesses (including raw materials, energy and other supplies and freight); disruptions or inefficiencies in Post's supply chain, tariffs, inflation, highly pathogenic avian influenza and other agricultural diseases and pests, labor shortages, public health crises, weather events and fires and other events beyond Post's control; changes in economic conditions, financial instability, disruptions in capital and credit markets, changes in interest rates and fluctuations in foreign currency exchange rates; Post's and its customers' ability to compete in their respective product categories, including the success of pricing, advertising and promotional programs, declines in demand for Post's products and the ability to anticipate and respond to changes in consumer and customer preferences and behaviors; Post's ability to hire and retain talented personnel, leadership transitions, increases in labor-related costs, employee safety, labor strikes, work stoppages, unionization efforts and other labor disruptions; Post's high leverage, its ability to obtain additional financing and service its outstanding debt (including covenants restricting the operation of its businesses) and a potential downgrade in Post's credit ratings; Post's ability to successfully implement business strategies to reduce costs or optimize its network; allegations that Post's products cause injury or illness, product recalls and withdrawals, product liability claims and other related litigation; the success of new product introductions; compliance with new, existing and changing laws and regulations; Post's reliance on third parties and others for the manufacture of many of its products; costs, business disruptions and reputational damage associated with information technology failures, cybersecurity incidents, information security breaches or enterprise resource planning system implementations; the impact of litigation; Post's ability to identify, complete and integrate or otherwise effectively execute acquisitions, including the pet food assets and operations acquired in April 2023 and December 2023 and 8th Avenue, or other strategic transactions; the loss of, a significant reduction of purchases by or the bankruptcy of a major customer; differences in Post's actual operating results from any of its guidance regarding its future performance; impairment in the carrying value of goodwill, other intangibles or long-lived assets or changes in critical accounting estimates; risks associated with Post's international businesses; business disruption or other losses resulting from changes in governmental administrations or regulatory priorities, political instability, terrorism, war or armed hostilities or geopolitical tensions; risks related to the intended tax treatment of Post's divestitures of its interest in BellRing Brands, Inc.; Post's ability to protect its intellectual property and other assets and to license third-party intellectual property; costs associated with the obligations of Bob Evans Farms, Inc. ("Bob Evans") in connection with the 2017 sale of its restaurants business, including certain indemnification obligations and Bob Evans's payment and performance obligations as a guarantor for certain leases; losses or increased funding and expenses related to Post's qualified pension or other postretirement plans; conflicting interests or the appearance of conflicting interests resulting from any of Post's directors or officers also serving as directors or officers of other companies; and other risks and uncertainties described in Post's filings with the Securities and Exchange Commission. These forward-looking statements represent Post's judgment as of the date of this release. Post disclaims, however, any intent or obligation to update these forward-looking statements.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer packaged goods holding company with businesses operating in the center-of-the-store, refrigerated, foodservice and food ingredient categories. Its businesses include Post Consumer Brands, Michael Foods, Bob Evans Farms and Weetabix. Post Consumer Brands is a leader in the North American branded and private label ready-to-eat cereal and granola, pet food and nut butter categories. Michael Foods and Bob Evans Farms are leaders in refrigerated foods, delivering innovative, value-added egg and refrigerated potato side dish products to the foodservice and retail channels. Weetabix is home to the United Kingdom's number one selling ready-to-eat cereal brand, Weetabix®. For more information, visit www.postholdings.com.
Contact:
Investor Relations
Daniel O'Rourke
[email protected]
(314) 806-3959
Media Relations
Tara Gray
[email protected]
(314) 644-7648
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except per share data)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2026
2025
2026
2025
Net Sales
$ 1,948.0
$ 1,984.3
$ 6,165.5
$ 5,911.1
Cost of goods sold
1,381.7
1,388.1
4,343.1
4,173.8
Gross Profit
566.3
596.2
1,822.4
1,737.3
Selling, general and administrative expenses
326.1
312.1
1,009.6
958.5
Amortization of intangible assets
49.6
49.4
152.3
147.6
Other operating expense, net
1.3
0.1
20.9
0.3
Operating Profit
189.3
234.6
639.6
630.9
Interest expense, net
108.2
88.5
317.3
259.6
Loss on extinguishment of debt, net
—
—
17.5
5.8
(Income) expense on swaps, net
(3.3)
2.6
(6.9)
(7.3)
Other (income) expense, net
(2.2)
0.2
(8.8)
1.7
Earnings before Income Taxes and Equity Method Earnings
86.6
143.3
320.5
371.1
Income tax expense
23.1
34.7
78.5
86.8
Equity method earnings, net of tax
(0.1)
(0.1)
(0.6)
(0.4)
Net Earnings Including Noncontrolling Interest
63.6
108.7
242.6
284.7
Less: Net earnings (loss) attributable to noncontrolling interest
0.2
(0.1)
0.5
—
Net Earnings
$ 63.4
$ 108.8
$ 242.1
$ 284.7
Earnings per Common Share:
Basic
$ 1.41
$ 1.95
$ 5.02
$ 5.01
Diluted
$ 1.29
$ 1.79
$ 4.59
$ 4.60
Weighted-Average Common Shares Outstanding:
Basic
45.1
55.7
48.2
56.8
Diluted
51.3
62.4
54.5
63.6
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions)
June 30, 2026
September 30, 2025
ASSETS
Current Assets
Cash and cash equivalents
$ 265.6
$ 176.7
Restricted cash
6.9
6.1
Receivables, net
699.3
735.4
Inventories
929.7
875.0
Current assets held for sale
—
116.3
Prepaid expenses and other current assets
93.0
115.4
Total Current Assets
1,994.5
2,024.9
Property, net
2,648.8
2,698.7
Goodwill
4,831.7
4,844.7
Other intangible assets, net
2,788.6
3,014.6
Other assets held for sale
3.0
424.8
Other assets
586.1
520.7
Total Assets
$ 12,852.7
$ 13,528.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt
$ 1.3
$ 1.2
Accounts payable
558.7
624.0
Current liabilities held for sale
—
55.5
Other current liabilities
517.3
532.4
Total Current Liabilities
1,077.3
1,213.1
Long-term debt
7,631.3
7,421.7
Deferred income taxes
651.0
638.5
Other liabilities held for sale
0.3
119.7
Other liabilities
403.6
371.6
Total Liabilities
9,763.5
9,764.6
Shareholders' Equity
Common stock
0.9
0.9
Additional paid-in capital
5,396.2
5,370.7
Retained earnings
2,361.0
2,118.9
Accumulated other comprehensive (loss) income
(16.6)
8.7
Treasury stock, at cost
(4,663.5)
(3,746.1)
Total Shareholders' Equity Excluding Noncontrolling Interest
3,078.0
3,753.1
Noncontrolling interest
11.2
10.7
Total Shareholders' Equity
3,089.2
3,763.8
Total Liabilities and Shareholders' Equity
$ 12,852.7
$ 13,528.4
SELECTED CONDENSED CONSOLIDATED CASH FLOWS
INFORMATION (Unaudited)
(in millions)
Nine Months Ended
June 30,
2026
2025
Cash provided by (used in):
Operating activities
$ 691.3
$ 697.0
Investing activities, including capital expenditures of $289.8 and $360.5
166.0
(473.4)
Financing activities
(766.5)
47.3
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1.1)
2.2
Net increase in cash, cash equivalents and restricted cash
$ 89.7
$ 273.1
SEGMENT INFORMATION (Unaudited)
(in millions)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2026
2025
2026
2025
Net Sales
Post Consumer Brands
$ 974.2
$ 914.0
$ 3,122.9
$ 2,865.8
Foodservice
652.9
698.5
1,949.4
1,923.0
Refrigerated Retail
184.5
233.9
686.4
725.1
Weetabix
137.1
137.9
411.1
397.2
Corporate and eliminations
(0.7)
—
(4.3)
—
Total
$ 1,948.0
$ 1,984.3
$ 6,165.5
$ 5,911.1
Segment Profit
Post Consumer Brands
$ 127.3
$ 120.5
$ 393.6
$ 391.1
Foodservice
100.8
123.9
328.1
271.5
Refrigerated Retail
9.5
24.5
62.0
64.9
Weetabix
26.1
19.3
68.6
53.4
SUPPLEMENTAL REFRIGERATED RETAIL SEGMENT INFORMATION (Unaudited)
The below table presents volume percentage changes for the current quarter compared to the prior year quarter for products within the Refrigerated Retail segment.
Product
Volume Percentage Change
All(1)
(4.9 %)
Side dishes
(2.8 %)
Egg
(9.1 %)
Sausage
(12.2 %)
(1) Excludes the contribution from the Crystal Farms Business in all periods.
EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES
Post uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with U.S. GAAP. These non-GAAP measures include Adjusted net earnings/loss, Adjusted diluted earnings/loss per common share, Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales, segment Adjusted EBITDA as a percentage of Net Sales, free cash flow, net leverage as calculated under Post's credit agreement and consolidated interest coverage ratio as calculated under Post's credit agreement. The reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is provided in the tables following this section. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items as described below. These non-GAAP measures may not be comparable to similarly titled measures of other companies.
Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share
Post believes Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share are useful to investors in evaluating Post's operating performance because they exclude items that affect the comparability of Post's financial results and could potentially distort an understanding of the trends in business performance.
Adjusted net earnings/loss and Adjusted diluted earnings/loss per common share are adjusted for the following items:
a.
Loss on amounts held for sale: Post has excluded losses recorded to adjust the carrying value of businesses, facilities and other assets and liabilities classified as held for sale as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these losses do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.
b.
Restructuring and facility closure costs, including accelerated depreciation, net: Post has excluded certain costs associated with facility closures and the gains and losses recorded on the sales of such facilities as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.
c.
Mark-to-market adjustments on commodity and foreign exchange hedges: Post has excluded the impact of mark-to-market adjustments on commodity and foreign exchange hedges due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates. Additionally, these adjustments are primarily non-cash items, and the amount and frequency of such adjustments are not consistent.
d.
Debt premiums paid/discounts received, net: Post has excluded payments and other expenses for premiums on debt extinguishment, net of gains realized on debt repurchased at a discount, as such payments are inconsistent in amount and frequency. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.
e.
Integration costs and transaction costs: Post has excluded transaction costs related to professional service fees and other related costs associated with signed and closed business combinations and closed divestitures and integration costs incurred to integrate acquired or to-be-acquired businesses or assets as Post believes that these exclusions allow for more meaningful evaluation of Post's current operating performance and comparisons of Post's operating performance to other periods. Post believes such costs are generally not relevant to assessing or estimating the long-term performance of acquired businesses or assets as part of Post or the performance of Post subsequent to the divestiture of the businesses or assets, and such costs are not factored into management's evaluation of potential acquisitions or Post's performance after completion of an acquisition or the evaluation to divest a business or asset. In addition, the frequency and amount of such charges varies significantly based on the size and timing of the transaction and the maturity of any businesses being acquired or divested. Also, the size, complexity and/or volume of past transactions, which often drive the magnitude of such expenses, may not be indicative of the size, complexity and/or volume of future transactions. By excluding these expenses, management is better able to evaluate Post's ability to utilize its existing assets and estimate the long-term value that acquired businesses or assets will generate for Post.
f.
Mark-to-market adjustments on equity security investments: Post has excluded the impact of mark-to-market adjustments on equity security investments due to the inherent volatility associated with such amounts based on changes in market pricing variations and as the amount and frequency of such adjustments are not consistent. Additionally, these adjustments are primarily non-cash items and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.
g.
Income/expense on swaps, net: Post has excluded the impact of mark-to-market adjustments and cash settlements on interest rate swaps due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to estimates of fair value and economic conditions and as the amount and frequency of such adjustments are not consistent.
h.
Gain/loss on sale of business: Post has excluded gains and losses recorded on divestitures as the amount and frequency of such adjustments are not consistent. Additionally, Post believes that these gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.
i.
Asset disposal costs: Post has excluded costs recorded in connection with the disposal of certain assets which were never put into use and/or the demolition and site remediation of unused facilities as the amount and frequency of these costs are not consistent. Additionally, Post believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.
j.
Provision for legal settlements: Post has excluded gains and losses recorded to recognize the anticipated or actual resolution of certain litigation as Post believes such gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.
k.
Costs expected to be indemnified, net: Post has excluded certain costs incurred and expected to be indemnified in connection with damaged assets and gains related to indemnification proceeds received above the carrying value of damaged assets as Post believes such gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.
l.
Advisory income: Post has excluded advisory income received from 8th Avenue prior to Post's acquisition of 8th Avenue as Post believes such income did not contribute to a meaningful evaluation of Post's operating performance or comparisons of Post's operating performance to other periods.
m.
Income tax effect on adjustments: Post has included the income tax impact of the non-GAAP adjustments using a rate described in the applicable footnote of the reconciliation tables to be consistent with the treatment of these adjustments in the calculation of the non-GAAP measure.
Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales
Post believes that Adjusted EBITDA is useful to investors in evaluating Post's operating performance and liquidity because (i) Post believes it is widely used to measure a company's operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, (ii) it presents a measure of corporate performance exclusive of Post's capital structure and the method by which the assets were acquired and (iii) it is a financial indicator of a company's ability to service its debt, as Post is required to comply with certain covenants and limitations that are based on variations of EBITDA in its financing documents. Post believes that segment Adjusted EBITDA is useful to investors in evaluating Post's operating performance because it allows for assessment of the operating performance of each reportable segment. Management uses Adjusted EBITDA to provide forward-looking guidance and uses Adjusted EBITDA and segment Adjusted EBITDA to forecast future results. Post believes that Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales are measures useful to investors in evaluating Post's operating performance because they allow for meaningful comparison of operating performance across periods.
Adjusted EBITDA and segment Adjusted EBITDA reflect adjustments for interest expense, net, income tax expense/benefit, and depreciation and amortization, and the following adjustments discussed above: loss on amounts held for sale, restructuring and facility closure costs, net, mark-to-market adjustments on commodity and foreign exchange hedges, integration costs and transaction costs, mark-to-market adjustments on equity security investments, income/expense on swaps, net, gain/loss on sale of business, asset disposal costs, provision for legal settlements, costs expected to be indemnified, net and advisory income. Additionally, Adjusted EBITDA and segment Adjusted EBITDA reflect adjustments for the following items:
n.
Stock-based compensation: Post's compensation strategy includes the use of stock-based compensation to attract and retain executives and employees by aligning their long-term compensation interests with shareholders' investment interests. Post has excluded stock-based compensation as stock-based compensation can vary significantly based on reasons such as the timing, size and nature of the awards granted and subjective assumptions which are unrelated to operational decisions and performance in any particular period and does not contribute to meaningful comparisons of Post's operating performances to other periods.
o.
Gain/loss on extinguishment of debt, net: Post has excluded gains and losses recorded on extinguishment of debt, inclusive of payments for premiums and tender fees and the write-off of debt issuance costs, net of gains realized on the write-off of unamortized debt premiums and debt repurchased at a discount, as such gains and losses are inconsistent in amount and frequency. Additionally, Post believes that these gains and losses do not reflect expected ongoing future operating income and expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.
p.
Equity method investment adjustment: Post has included adjustments for its portion of income tax expense/benefit, interest expense, net and depreciation and amortization for Weetabix's unconsolidated investment accounted for using equity method accounting as Post believes these adjustments contribute to a more meaningful evaluation of Post's current operating performance.
q.
Noncontrolling interest adjustment: Post has included adjustments for income tax expense/benefit, interest expense, net and depreciation and amortization for Weetabix's consolidated investment which is attributable to the noncontrolling owners of Weetabix's consolidated investment as Post believes these adjustments contribute to a more meaningful evaluation of Post's current operating performance.
Free cash flow
Free cash flow is a non-GAAP measure which represents net cash provided by operating activities less capital expenditures. Post believes free cash flow is useful to investors in evaluating Post's ability to service debt and repurchase shares of its common stock.
Net leverage as calculated under Post's credit agreement
Net leverage as calculated under Post's credit agreement is a non-GAAP measure which represents principal debt less cash and cash equivalents divided by Adjusted EBITDA for the last twelve months adjusted for certain items as provided in Post's credit agreement. Post believes this measure is useful to investors in determining Post's debt levels and ability to service debt. Adjusted EBITDA for the last twelve months reflects the adjustments for Adjusted EBITDA and segment Adjusted EBITDA discussed within the Adjusted EBITDA, segment Adjusted EBITDA, Adjusted EBITDA as a percentage of Net Sales and segment Adjusted EBITDA as a percentage of Net Sales section above, as well as adjustments for the following items (which were relevant for the year ended September 30, 2025):
r.
Impairment of goodwill: Post has excluded expenses for impairment of the Cheese and Dairy reporting unit as such non-cash amounts are inconsistent in amount and frequency and Post believes that these expenses do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of Post's current operating performance or comparisons of Post's operating performance to other periods.
s.
Inventory revaluation adjustment on acquired businesses: Post has excluded the impact of fair value step-up adjustments to inventory in connection with business combinations as such adjustments represent non-cash items, are not consistent in amount and frequency and are significantly impacted by the timing and size of Post's acquisitions.
Consolidated interest coverage ratio as calculated under Post's credit agreement
Consolidated interest coverage ratio as calculated under Post's credit agreement is a non-GAAP measure which represents Adjusted EBITDA for the last twelve months adjusted for certain items as provided in Post's credit agreement (which reflects the adjustments for Adjusted EBITDA discussed under the Net leverage as calculated under Post's credit agreement section above) divided by interest expense, net for the last twelve months. Post believes this measure is useful to investors in determining Post's ability to service debt.
RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS (Unaudited)
(in millions)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2026
2025
2026
2025
Net Earnings
$ 63.4
$ 108.8
$ 242.1
$ 284.7
Adjustments:
Loss on amounts held for sale
15.0
—
43.3
—
Restructuring and facility closure costs, including accelerated
depreciation, net
(5.1)
12.3
31.3
26.9
Mark-to-market adjustments on commodity and foreign exchange
hedges
9.2
(1.5)
(8.2)
(5.9)
Debt premiums paid
—
—
22.6
4.4
Integration costs
5.6
3.6
13.2
24.3
Mark-to-market adjustments on equity security investments
—
3.8
(1.7)
10.4
(Income) expense on swaps, net
(3.3)
2.6
(6.9)
(7.3)
Loss (gain) on sale of business
7.0
—
(2.7)
—
Asset disposal costs
2.5
1.6
7.7
2.0
Transaction costs
2.3
0.9
4.7
1.9
Provision for legal settlements
2.0
—
2.1
0.1
Costs expected to be indemnified, net
—
—
(1.0)
—
Advisory income
—
(0.1)
—
(0.4)
Total Net Adjustments
35.2
23.2
104.4
56.4
Income tax effect on adjustments (1)
(7.5)
(5.6)
(27.0)
(14.0)
Adjusted Net Earnings
$ 91.1
$ 126.4
$ 319.5
$ 327.1
(1) Income tax effect on adjustments was calculated on all items, except income/expense on swaps, net and the gain/loss on sale of business related to the sale of the pasta business, using a rate of 24.5%, the sum of Post's U.S. federal corporate income tax rate plus Post's blended state income tax rate, net of federal income tax benefit. Income tax effect for income/expense on swaps, net was calculated using a rate of 21.5%. Income tax effect for the loss (gain) on sale of business related to the pasta business, which was $4.9 million and $(4.8) million during the three and nine months ended June 30, 2026, respectively, was calculated using a rate of 0.0%.
RECONCILIATION OF DILUTED EARNINGS PER COMMON SHARE
TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (Unaudited)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2026
2025
2026
2025
Diluted Earnings per Common Share
$ 1.29
$ 1.79
$ 4.59
$ 4.60
Adjustment to Diluted Earnings per Common Share for impact of
interest expense, net of tax, related to convertible senior notes (1)
(0.05)
(0.05)
(0.15)
(0.13)
Adjustments:
Loss on amounts held for sale
0.29
—
0.80
—
Restructuring and facility closure costs, including accelerated
depreciation, net
(0.10)
0.20
0.57
0.42
Mark-to-market adjustments on commodity and foreign exchange
hedges
0.18
(0.02)
(0.15)
(0.09)
Debt premiums paid
—
—
0.42
0.07
Integration costs
0.11
0.06
0.24
0.38
Mark-to-market adjustments on equity security investments
—
0.06
(0.03)
0.17
(Income) expense on swaps, net
(0.06)
0.04
(0.13)
(0.11)
Loss (gain) on sale of business
0.14
—
(0.05)
—
Asset disposal costs
0.05
0.03
0.14
0.03
Transaction costs
0.04
0.01
0.09
0.03
Provision for legal settlements
0.04
—
0.04
—
Costs expected to be indemnified, net
—
—
(0.02)
—
Advisory income
—
—
—
(0.01)
Total Net Adjustments
0.69
0.38
1.92
0.89
Income tax effect on adjustments (2)
(0.15)
(0.09)
(0.50)
(0.22)
Adjusted Diluted Earnings per Common Share
$ 1.78
$ 2.03
$ 5.86
$ 5.14
(1) Represents the exclusion of interest expense, net of tax, associated with Post's convertible senior notes, which was treated as an adjustment to income available to common shareholders for diluted earnings per common share. Post believes this exclusion allows for more meaningful comparison of performance to other periods.
(2) Income tax effect on adjustments was calculated on all items, except income/expense on swaps, net and the gain/loss on sale of business related to the sale of the pasta business, using a rate of 24.5%, the sum of Post's U.S. federal corporate income tax rate plus Post's blended state income tax rate, net of federal income tax benefit. Income tax effect for income/expense on swaps, net was calculated using a rate of 21.5%. Income tax effect for the loss (gain) on sale of business related to the pasta business, which was $4.9 million and $(4.8) million during the three and nine months ended June 30, 2026, respectively, was calculated using a rate of 0.0%.
RECONCILIATION OF NET EARNINGS TO ADJUSTED EBITDA (Unaudited)
($ in millions)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2026
2025
2026
2025
Net Earnings
$ 63.4
$ 108.8
$ 242.1
$ 284.7
Interest expense, net
108.2
88.5
317.3
259.6
Income tax expense
23.1
34.7
78.5
86.8
Depreciation and amortization
133.5
132.2
424.2
378.1
Stock-based compensation
19.7
20.1
61.6
60.2
Loss on amounts held for sale
15.0
—
43.3
—
Loss on extinguishment of debt, net
—
—
17.5
5.8
Restructuring and facility closure costs, excluding accelerated
depreciation, net
(10.8)
1.9
(1.1)
13.1
Mark-to-market adjustments on commodity and foreign exchange
hedges
9.2
(1.5)
(8.2)
(5.9)
Integration costs
5.6
3.6
13.2
24.3
Mark-to-market adjustments on equity security investments
—
3.8
(1.7)
10.4
(Income) expense on swaps, net
(3.3)
2.6
(6.9)
(7.3)
Loss (gain) on sale of business
7.0
—
(2.7)
—
Asset disposal costs
2.5
1.6
7.7
2.0
Transaction costs
2.3
0.9
4.7
1.9
Provision for legal settlements
2.0
—
2.1
0.1
Costs expected to be indemnified, net
—
—
(1.0)
—
Advisory income
—
(0.1)
—
(0.4)
Equity method investment adjustment
0.1
0.1
0.3
0.3
Noncontrolling interest adjustment
(0.2)
(0.2)
(0.4)
(0.3)
Adjusted EBITDA
$ 377.3
$ 397.0
$ 1,190.5
$ 1,113.4
Net Earnings as a percentage of Net Sales
3.3 %
5.5 %
3.9 %
4.8 %
Adjusted EBITDA as a percentage of Net Sales
19.4 %
20.0 %
19.3 %
18.8 %
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)
THREE MONTHS ENDED JUNE 30, 2026
($ in millions)
Post
Consumer
Brands
Foodservice
Refrigerated
Retail
Weetabix
Corporate/
Other
Segment Profit
$ 127.3
$ 100.8
$ 9.5
$ 26.1
$ —
General corporate expenses and other
—
—
—
—
(72.2)
Other income, net
—
—
—
—
(2.2)
Operating Profit
127.3
100.8
9.5
26.1
(74.4)
Other income, net
—
—
—
—
2.2
Depreciation and amortization
62.4
36.0
17.1
11.3
6.7
Stock-based compensation
—
—
—
—
19.7
Loss on amounts held for sale
—
—
—
—
15.0
Restructuring and facility closure costs, excluding
accelerated depreciation, net
—
—
—
—
(10.8)
Loss on sale of business
—
—
—
—
7.0
Mark-to-market adjustments on commodity and foreign
exchange hedges
—
4.0
—
0.1
5.1
Integration costs
5.6
—
—
—
—
Asset disposal costs
—
—
—
—
2.5
Transaction costs
—
—
—
—
2.3
Provision for legal settlements
2.0
—
—
—
—
Equity method investment adjustment
—
—
—
0.2
—
Noncontrolling interest adjustment
—
—
—
(0.4)
—
Adjusted EBITDA
$ 197.3
$ 140.8
$ 26.6
$ 37.3
$ (24.7)
Segment Profit as a percentage of Net Sales
13.1 %
15.4 %
5.1 %
19.0 %
—
Adjusted EBITDA as a percentage of Net Sales
20.3 %
21.6 %
14.4 %
27.2 %
—
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)
THREE MONTHS ENDED JUNE 30, 2025
($ in millions)
Post
Consumer
Brands
Foodservice
Refrigerated
Retail
Weetabix
Corporate/
Other
Segment Profit
$ 120.5
$ 123.9
$ 24.5
$ 19.3
$ —
General corporate expenses and other
—
—
—
—
(53.8)
Other expense, net
—
—
—
—
0.2
Operating Profit
120.5
123.9
24.5
19.3
(53.6)
Other expense, net
—
—
—
—
(0.2)
Depreciation and amortization
55.4
33.5
18.9
13.2
11.2
Stock-based compensation
—
—
—
—
20.1
Restructuring and facility closure costs, excluding
accelerated depreciation, net
—
—
—
—
1.9
Mark-to-market adjustments on commodity and foreign
exchange hedges
—
1.6
—
0.1
(3.2)
Integration costs
1.6
—
1.9
0.1
—
Mark-to-market adjustments on equity security
investments
—
—
—
—
3.8
Asset disposal costs
—
—
—
—
1.6
Transaction costs
—
—
—
—
0.9
Advisory income
—
—
—
—
(0.1)
Equity method investment adjustment
—
—
—
0.2
—
Noncontrolling interest adjustment
—
—
—
(0.1)
—
Adjusted EBITDA
$ 177.5
$ 159.0
$ 45.3
$ 32.8
$ (17.6)
Segment Profit as a percentage of Net Sales
13.2 %
17.7 %
10.5 %
14.0 %
—
Adjusted EBITDA as a percentage of Net Sales
19.4 %
22.8 %
19.4 %
23.8 %
—
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)
NINE MONTHS ENDED JUNE 30, 2026
($ in millions)
Post
Consumer
Brands
Foodservice
Refrigerated
Retail
Weetabix
Corporate/
Other
Segment Profit
$ 393.6
$ 328.1
$ 62.0
$ 68.6
$ —
General corporate expenses and other
—
—
—
—
(203.9)
Other income, net
—
—
—
—
(8.8)
Operating Profit
393.6
328.1
62.0
68.6
(212.7)
Other income, net
—
—
—
—
8.8
Depreciation and amortization
192.6
107.3
54.8
34.1
35.4
Stock-based compensation
—
—
—
—
61.6
Loss on amounts held for sale
—
—
—
—
43.3
Restructuring and facility closure costs, excluding
accelerated depreciation, net
—
—
—
—
(1.1)
Mark-to-market adjustments on commodity and foreign
exchange hedges
—
0.8
—
—
(9.0)
Integration costs
12.5
—
0.7
—
—
Mark-to-market adjustments on equity security
investments
—
—
—
—
(1.7)
Gain on sale of business
—
—
—
—
(2.7)
Asset disposal costs
—
—
—
—
7.7
Transaction costs
—
—
—
—
4.7
Provision for legal settlements
2.1
—
—
—
—
Costs expected to be indemnified, net
—
(1.0)
—
—
—
Equity method investment adjustment
—
—
—
0.9
—
Noncontrolling interest adjustment
—
—
—
(0.9)
—
Adjusted EBITDA
$ 600.8
$ 435.2
$ 117.5
$ 102.7
$ (65.7)
Segment Profit as a percentage of Net Sales
12.6 %
16.8 %
9.0 %
16.7 %
—
Adjusted EBITDA as a percentage of Net Sales
19.2 %
22.3 %
17.1 %
25.0 %
—
RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)
NINE MONTHS ENDED JUNE 30, 2025
($ in millions)
Post
Consumer
Brands
Foodservice
Refrigerated
Retail
Weetabix
Corporate/
Other
Segment Profit
$ 391.1
$ 271.5
$ 64.9
$ 53.4
$ —
General corporate expenses and other
—
—
—
—
(151.7)
Other expense, net
—
—
—
—
1.7
Operating Profit
391.1
271.5
64.9
53.4
(150.0)
Other expense, net
—
—
—
—
(1.7)
Depreciation and amortization
173.0
97.3
54.4
37.0
16.4
Stock-based compensation
—
—
—
—
60.2
Restructuring and facility closure costs, excluding
accelerated depreciation, net
—
—
—
—
13.1
Mark-to-market adjustments on commodity and foreign
exchange hedges
—
3.0
—
0.2
(9.1)
Integration costs
22.0
—
2.2
0.1
—
Mark-to-market adjustments on equity security
investments
—
—
—
—
10.4
Asset disposal costs
—
—
—
—
2.0
Transaction costs
—
—
—
—
1.9
Provision for legal settlements
—
—
0.1
—
—
Advisory income
—
—
—
—
(0.4)
Equity method investment adjustment
—
—
—
0.7
—
Noncontrolling interest adjustment
—
—
—
(0.3)
—
Adjusted EBITDA
$ 586.1
$ 371.8
$ 121.6
$ 91.1
$ (57.2)
Segment Profit as a percentage of Net Sales
13.6 %
14.1 %
9.0 %
13.4 %
—
Adjusted EBITDA as a percentage of Net Sales
20.5 %
19.3 %
16.8 %
22.9 %
—
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (Unaudited)
(in millions)
Nine Months Ended
June 30,
2026
2025
Net cash provided by operating activities
$ 691.3
$ 697.0
Less: Capital expenditures
289.8
360.5
Free Cash Flow
$ 401.5
$ 336.5
RECONCILIATION OF NET EARNINGS TO NET LEVERAGE
AND CONSOLIDATED INTEREST COVERAGE RATIO (Unaudited)
($ in millions)
Year Ended
September 30,
Nine Months Ended
June 30,
Twelve Months
Ended June 30,
2025
2026
2025
2026
Net Earnings
$ 335.7
$ 242.1
$ 284.7
$ 293.1
Interest expense, net
361.4
317.3
259.6
419.1
Income tax expense
108.7
78.5
86.8
100.4
Depreciation and amortization
524.3
424.2
378.1
570.4
Stock-based compensation
81.6
61.6
60.2
83.0
Loss on amounts held for sale
—
43.3
—
43.3
Loss on extinguishment of debt, net
5.8
17.5
5.8
17.5
Restructuring and facility closure costs, excluding accelerated
depreciation, net
23.4
(1.1)
13.1
9.2
Mark-to-market adjustments on commodity and foreign
exchange hedges
(5.0)
(8.2)
(5.9)
(7.3)
Integration costs
38.7
13.2
24.3
27.6
Mark-to-market adjustments on equity security investments
6.6
(1.7)
10.4
(5.5)
Income on swaps, net
(6.9)
(6.9)
(7.3)
(6.5)
Gain on sale of business
—
(2.7)
—
(2.7)
Asset disposal costs
6.3
7.7
2.0
12.0
Transaction costs
6.2
4.7
1.9
9.0
Provision for legal settlements
0.7
2.1
0.1
2.7
Costs expected to be indemnified, net
—
(1.0)
—
(1.0)
Advisory income
(0.5)
—
(0.4)
(0.1)
Equity method investment adjustment
0.4
0.3
0.3
0.4
Noncontrolling interest adjustment
(0.4)
(0.4)
(0.3)
(0.5)
Impairment of goodwill
29.8
—
—
29.8
Inventory revaluation adjustment on acquired businesses
22.0
—
—
22.0
Adjusted EBITDA
$ 1,538.8
$ 1,190.5
$ 1,113.4
$ 1,615.9
June 30, 2026
Long-term debt
$ 7,631.3
Plus: Current portion of long-term debt
1.3
Debt issuance costs, net
56.0
Less: Unamortized premium, net
12.6
Total principal debt
7,676.0
Less: Cash and cash equivalents
265.6
Net Debt
$ 7,410.4
Adjusted EBITDA for the twelve months ended June 30, 2026
$ 1,615.9
Credit agreement adjustments to Adjusted EBITDA for the twelve months ended June 30, 2026
(18.6)
Adjusted EBITDA for the twelve months ended June 30, 2026 as calculated under Post's credit agreement
$ 1,597.3
Net leverage as calculated under Post's credit agreement
4.6x
Adjusted EBITDA for the twelve months ended June 30, 2026 as calculated under Post's credit agreement
$ 1,597.3
Interest expense, net for the twelve months ended June 30, 2026
419.1
Consolidated interest coverage ratio as calculated under Post's credit agreement
CLEAR spouští Corporate Memberships, firemní členství pro obchodní cestující, které spojuje CLEAR+, CLEAR Concierge, TSA PreCheck® a mobilní aplikaci do jedné služby od domova až k bráně.
The new enterprise offering combines CLEAR+, CLEAR Concierge, TSA PreCheck® enrollment, and the CLEAR mobile app into a seamless corporate travel program designed to set a new standard for business travel.
, /PRNewswire/ -- CLEAR (NYSE: YOU), the secure identity company, announced the launch of CLEAR Corporate Memberships, an industry-first enterprise offering that gives companies a seamless way to support business travelers through the entire day of travel. Making its formal debut at the Global Business Travel Association (GBTA) Convention 2026 in Chicago, CLEAR Corporate Memberships brings together CLEAR+, CLEAR Concierge, TSA PreCheck® enrollment, and the CLEAR app into a single corporate program designed to help business travelers move with greater speed, certainty, and predictability from home to gate.
Business travel is increasingly unpredictable and volatile. According to industry research, nearly nine in ten business travelers experienced travel disruptions in 2025, and U.S. companies spend an estimated $17 billion annually managing the impact of delays and cancellations. Travel day uncertainty leads to lost productivity, increased stress for travelers and travel managers, and negative impacts to employee engagement and retention.
While organizations carefully plan and invest heavily in managing travel, the day-of-travel experience remains largely overlooked. CLEAR Corporate Memberships is designed to help business travelers gain greater transparency, control and efficiency to the travel experience. The result is companies achieving improved productivity, increased engagement and lower travel costs.
"Business travelers deserve every opportunity to make their trips more predictable and efficient," said Michael Barkin, President of CLEAR. "Companies invest significant resources getting employees where they need to be, yet the day of travel remains uncertain, leading to stress and underutilized time. CLEAR Corporate Memberships deliver the tools that business travelers need to deliver the best results for their organizations with the least friction in their travel. With CLEAR, the new standard of travel is seamless."
CLEAR Corporate Memberships include:
A seamless home-to-gate experience with a CLEAR+ membership, including access to CLEAR's airport eGates: Every enrolled employee gets a full CLEAR+ membership, using biometric identity verification and eGate technology to move through security in seconds. The CLEAR app: Real-time security wait times, airport traffic patterns, and gate distances, so employees can plan their travel day before they leave home, the office, or a meeting. CLEAR Concierge: A dedicated CLEAR Ambassador can be booked to meet travelers, handle bags, and escort them through security all the way to the gate — the fastest way through the airport, with none of the stress. TSA PreCheck® enrollment, with in-person support: On-site enrollment events and travel fairs for both CLEAR and TSA PreCheck®, so employees can enroll without leaving the workplace. Seamless personal travel: With CLEAR membership, employees can use the same eGates, app, and Concierge access on their own trips, supporting employee satisfaction and retention. CLEAR Corporate Memberships brings the company's trusted travel offerings into a single enterprise program, helping companies support employees across the full day of travel with predictability, ease, and speed.
For more information about CLEAR Corporate Memberships, visit CLEAR Corporate Travel.
About CLEAR
The mission of CLEAR, the secure identity company, is to strengthen security and create frictionless experiences. With over 43 million Members and a growing network of partners across the world, CLEAR's secure identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you—making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we do not sell biometric or sensitive personal data. For more information, visit clearme.com.
Forward-Looking Statements
This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This includes, without limitation, statements regarding the expected benefits, performance, capabilities, availability and market adoption of CLEAR Corporate Memberships, including its ability to improve the predictability, efficiency and ease of business travel, increase employee productivity and engagement, and reduce travel costs. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including customer adoption of CLEAR Corporate Memberships, the successful implementation, availability and performance of the program and its component offerings, risks associated with the deployment, design and performance of eGates, regulatory approvals, and those described in the Company's filings within the Securities and Exchange Commission, including the sections titled "Risk Factors" in our Annual Report on Form 10-K. The Company disclaims any obligation to update any forward-looking statements contained herein.
DoubleVerify oznámila za 2. čtvrtletí tržby 193,8 mil. USD, čistý zisk 12,9 mil. USD a upravený EBITDA 65,3 mil. USD. Zároveň uzavřela dohodu o fúzi, podle níž ji koupí společnost Nielsen.
NEW YORK, Aug. 06, 2026 (GLOBE NEWSWIRE) -- DoubleVerify (“DV”) (NYSE: DV) today announced financial results for the second quarter ended June 30, 2026.
Recent Business Announcement:
On August 6, 2026, DV entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Neptune BidCo US Inc., a Delaware corporation(“Parent”) and parent company of Nielsen Holdings (“Nielsen”), whereby Nielsen will acquire DV. Additional details regarding the transaction are included in a Current Report on Form 8-K filed today with the Securities and Exchange Commission.
Conference Call, Webcast, and Other Information
In light of the pending transaction, DV is suspending future earnings and investors calls for the duration of the transaction’s pendency, including the conference call previously scheduled for 4:30 p.m. Eastern time today, August 6, 2026. Additionally, DV is withdrawing all previously issued financial outlook and guidance for the duration of the transaction's pendency. Future updates regarding the transaction and DV’s strategic progress will be provided through official press releases and regulatory filings as appropriate.
Second Quarter 2026 Financial Highlights:
(All comparisons are to the second quarter of 2025)
Total revenue of $193.8 million, an increase of 3%. Activation revenue of $107.7 million, a decrease of 1%.Measurement revenue of $66.8 million, an increase of 6%.Supply-side revenue of $19.3 million, an increase of 13% Net income of $12.9 million and adjusted EBITDA of $65.3 million, which represented a 34% adjusted EBITDA margin.Cash balance of $210 million, with no debt outstanding. Key Business Terms
Activation revenue is generated from the evaluation, verification, and measurement of advertising impressions purchased through programmatic demand-side and social media platforms.
Measurement revenue is generated from the verification and measurement of advertising impressions that are directly purchased on digital media properties, including publishers, CTV and social media platforms.
Supply-Side revenue is generated from platforms and publisher partners who use DoubleVerify’s data analytics to evaluate, verify and measure their advertising inventory.
DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of As of(in thousands, except per share data) June 30, 2026 December 31, 2025Assets: Current assets Cash and cash equivalents $210,174 $259,038 Trade receivables, net of allowances for doubtful accounts of $9,133 and $8,096 as of June 30, 2026 and December 31, 2025, respectively 214,926 221,158 Prepaid expenses and other current assets 46,325 39,132 Total current assets 471,425 519,328 Property, plant and equipment, net 129,053 103,284 Operating lease right-of-use assets, net 63,129 66,908 Goodwill 511,585 516,002 Intangible assets, net 87,872 101,616 Deferred tax assets 30,971 30,920 Other non-current assets 16,060 16,024 Total assets $1,310,095 $1,354,082 Liabilities and Stockholders' Equity: Current liabilities Trade payables $12,992 $14,662 Accrued expenses 52,426 73,552 Operating lease liabilities, current 7,932 9,057 Income tax liabilities 1,952 3,829 Current portion of finance lease obligations 12,850 6,982 Other current liabilities 16,664 13,481 Total current liabilities 104,816 121,563 Operating lease liabilities, non-current 74,652 77,917 Finance lease obligations 16,396 5,595 Deferred tax liabilities 13,066 11,467 Other non-current liabilities 6,715 6,208 Total liabilities 215,645 222,750 Commitments and contingencies (Note 15) Stockholders’ equity Common stock, $0.001 par value, 1,000,000 shares authorized, 177,110 shares issued and 154,935 outstanding as of June 30, 2026; 1,000,000 shares authorized, 176,546 shares issued and 161,900 outstanding as of December 31, 2025 177 177 Additional paid-in capital 1,073,680 1,059,938 Treasury stock, at cost, 22,175 shares and 14,646 shares as of June 30, 2026 and December 31, 2025, respectively (313,245) (247,982)Retained earnings 325,192 305,864 Accumulated other comprehensive income, net of income taxes 8,646 13,335 Total stockholders’ equity 1,094,450 1,131,332 Total liabilities and stockholders' equity $1,310,095 $1,354,082 DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30,(in thousands, except per share data) 2026 2025 2026 2025 Revenue $193,789 $189,021 $374,614 $354,082 Cost of revenue (exclusive of depreciation and amortization shown separately below) 32,484 33,126 65,643 64,092 Product development 46,393 47,203 91,774 91,920 Sales, marketing and customer support 48,260 50,871 93,855 94,572 General and administrative 26,967 29,576 52,682 56,103 Depreciation and amortization 16,660 14,697 31,999 27,084 Income from operations 23,025 13,548 38,661 20,311 Interest expense 475 443 888 863 Other expense (income), net 644 (2,105) 1,637 (5,284)Income before income taxes 21,906 15,210 36,136 24,732 Income tax expense 8,988 6,452 16,808 13,613 Net income $12,918 $8,758 $19,328 $11,119 Earnings per share: Basic $0.08 $0.05 $0.12 $0.07 Diluted $0.08 $0.05 $0.12 $0.07 Weighted-average common stock outstanding: Basic 153,959 162,740 157,346 163,922 Diluted 157,891 166,697 160,981 167,813 Comprehensive income: Net income $12,918 $8,758 $19,328 $11,119 Other comprehensive income (loss): Foreign currency cumulative translation adjustment 242 19,383 (4,689) 26,876 Total comprehensive income $13,160 $28,141 $14,639 $37,995 DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) Accumulated Other Additional Comprehensive Total Common Stock Treasury Stock Paid-in Retained Income (Loss) Stockholders’(in thousands) Shares Amount Shares Amount Capital Earnings Net of Income Taxes EquityBalance as of January 1, 2026 176,546 $177 14,646 $(247,982) $1,059,938 $305,864 $13,335 1,131,332 Foreign currency translation adjustment — — — — — — (4,931) (4,931)Shares repurchased for settlement of employee tax withholdings — — 142 (1,437) — — — (1,437)Stock-based compensation expense — — — — 25,613 — — 25,613 Common stock issued upon exercise of stock options — — — — 43 — — 43 Common stock issued upon vesting of restricted stock units 90 — — — — — — — Common stock issued upon vesting of performance stock units 53 — — — — — — — Shares repurchased under authorized repurchase programs — — 7,270 (75,145) — — — (75,145)Excise tax on shares repurchased — — — (618) — — — (618)Treasury stock reissued upon settlement of equity awards — — (1,298) 20,239 (20,239) — — — Net income — — — — — 6,410 — 6,410 Balance as of March 31, 2026 176,689 $177 20,760 $(304,943) $1,065,355 $312,274 $8,404 $1,081,267 Foreign currency translation adjustment — — — — — — 242 242 Shares repurchased for settlement of employee tax withholdings — — 392 (4,025) — — — (4,025)Stock-based compensation expense — — — — 26,941 — — 26,941 Common stock issued under employee purchase plan — — — — 1,031 — — 1,031 Common stock issued upon exercise of stock options — — — — 1,223 — — 1,223 Common stock issued upon vesting of restricted stock units 392 — — — — — — — Common stock issued upon vesting of performance stock units 29 — — — — — — — Shares repurchased under authorized repurchase programs — — 2,497 (25,050) — — — (25,050)Excise tax on shares repurchased — — — (97) — — — (97)Treasury stock reissued upon settlement of equity awards — — (1,474) 20,870 (20,870) — — — Net income — — — — — 12,918 — 12,918 Balance as of June 30, 2026 177,110 $177 22,175 $(313,245) $1,073,680 $325,192 $8,646 $1,094,450 Balance as of January 1, 2025 174,003 $174 6,934 $(131,620) $974,383 $255,214 $(14,692) $1,083,459 Foreign currency translation adjustment — — — — — — 7,493 7,493 Shares repurchased for settlement of employee tax withholdings — — 210 (3,210) — — — (3,210)Stock-based compensation expense — — — — 25,080 — — 25,080 Common stock issued upon exercise of stock options 58 — — — 222 — — 222 Common stock issued upon vesting of restricted stock units 641 1 — — (1) — — — Common stock issued upon vesting of performance stock units 71 — — — — — — — Shares repurchased under authorized repurchase programs — — 5,169 (82,240) — — — (82,240)Excise tax on shares repurchased — — — (64) (668) — — (732)Treasury stock reissued upon settlement of equity awards — — (18) 350 (350) — — — Net income — — — — — 2,361 — 2,361 Balance as of March 31, 2025 174,773 $175 12,295 $(216,784) $998,666 $257,575 $(7,199) $1,032,433 Foreign currency translation adjustment — — — — — — 19,383 19,383 Shares repurchased for settlement of employee tax withholdings — — 35 (494) — — — (494)Stock-based compensation expense — — — — 28,053 — — 28,053 Common stock issued under employee purchase plan 135 — — — 1,577 — — 1,577 Common stock issued upon exercise of stock options 29 — — — 148 — — 148 Common stock issued upon vesting of restricted stock units 954 1 — — (1) — — — Common stock issued upon vesting of performance stock units 14 — — — — — — — Excise tax on shares repurchased — — — 157 — — — 157 Net income — — — — — 8,758 — 8,758 Balance as of June 30, 2025 175,905 $176 12,330 $(217,121) $1,028,443 $266,333 $12,184 $1,090,015 DoubleVerify Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30,(in thousands) 2026 2025 Operating activities: Net income $19,328 $11,119 Adjustments to reconcile net income to net cash provided by operating activities Bad debt expense 2,409 1,499 Depreciation and amortization expense 31,999 27,084 Amortization of debt issuance costs 217 217 Non-cash lease expense 4,199 3,905 Deferred taxes 1,586 298 Stock-based compensation expense 49,774 51,349 Interest expense, net 348 255 Loss on disposal of fixed assets — 89 Other 804 (419)Changes in operating assets and liabilities, net of effects of business combinations Trade receivables 3,016 40,951 Prepaid expenses and other assets (7,149) (32,762)Trade payables (1,638) 638 Accrued expenses and other liabilities (24,480) (16,947)Net cash provided by operating activities 80,413 87,276 Investing activities: Purchase of property, plant and equipment (21,056) (15,813)Acquisition of businesses, net of cash acquired — (82,578)Proceeds from maturity of short-term investments — 12,684 Other investing activities — (1,000)Net cash used in investing activities (21,056) (86,707)Financing activities: Proceeds from common stock issued upon exercise of stock options 1,266 370 Proceeds from common stock issued under employee purchase plan 1,031 1,577 Finance lease payments (3,179) (1,379)Shares repurchased under authorized repurchase programs (100,195) (82,240)Payment of excise tax on shares repurchased (884) (668)Shares repurchased for settlement of employee tax withholdings (5,462) (3,704)Net cash used in financing activities (107,423) (86,044)Effect of exchange rate changes on cash and cash equivalents and restricted cash (821) 4,547 Net decrease in cash, cash equivalents, and restricted cash (48,887) (80,928)Cash, cash equivalents, and restricted cash - Beginning of period 260,034 293,741 Cash, cash equivalents, and restricted cash - End of period $211,147 $212,813 Cash and cash equivalents $210,174 $211,784 Restricted cash - current (included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets) — 37 Restricted cash - non-current (included in Other non-current assets on the Condensed Consolidated Balance Sheets) 973 992 Total cash and cash equivalents and restricted cash $211,147 $212,813 Supplemental cash flow information: Cash paid for interest $573 $500 Non-cash investing and financing activities: Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances $245 $2,168 Acquisition of equipment under finance lease $19,847 $13,805 Capital assets financed by accounts payable and accrued expenses $66 $249 Stock-based compensation included in capitalized software development costs $2,785 $1,783 Accrued excise tax on net share repurchases $715 $575 Comparison of the Three and Six Months Ended June 30, 2026 and June 30, 2025
Revenue
Three Months Ended June 30, Change Change Six Months Ended June 30, Change Change 2026 2025 $ % 2026 2025 $ % (In Thousands) (In Thousands) Revenue by customer type: Activation$107,683 $108,950 $(1,267) (1)% $208,230 $204,121 $4,109 2%Measurement 66,760 62,895 3,865 6 128,563 116,326 12,237 11 Supply-side 19,346 17,176 2,170 13 37,821 33,635 4,186 12 Total revenue$193,789 $189,021 $4,768 3% $374,614 $354,082 $20,532 6% Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, management believes that certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Non-GAAP Net income, Non-GAAP Earnings Per Share, Free Cash Flow and Free Cash Flow Conversion (collectively "Non-GAAP Financial Measures") are useful in evaluating our business.
We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. We calculate Non-GAAP net income as GAAP net income adjusted to eliminate the impact of stock-based compensation and certain other items that are not related to our core operations, such as amortization of acquired intangibles assets, acquisition-related costs, other non-recurring costs, as well as the income tax effect of these adjustments. Basic non-GAAP earnings per share is calculated by dividing non-GAAP net income by the number of weighted-average common stock outstanding. Diluted Non-GAAP earnings per share adjusts the Basic Non-GAAP earnings per share for the potential dilutive impact of shares of common stock using the treasury stock method. We calculate free cash flow as net cash provided by operating activities determined in accordance with GAAP less purchases of property, plant, and equipment which includes capitalized software development costs. Free cash flow conversion is calculated as free cash flow divided by Adjusted EBITDA for the same period. We use the Non-GAAP Financial Measures as measures of operational efficiency to understand and evaluate our core business operations. We believe that these Non-GAAP Financial Measures are useful to investors for period-to-period comparisons of our core business and for understanding and evaluating trends in our operating results on a consistent basis by either excluding items that we do not believe are indicative of our core operating performance or by measuring cash generated by our operations that is available for various strategic initiatives.
The following tables show DV’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release.
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In Thousands) (In Thousands)Net income$12,918 $8,758 $19,328 $11,119 Net income margin 7% 5% 5% 3%Depreciation and amortization 16,660 14,697 31,999 27,084 Stock-based compensation 25,525 27,007 49,774 51,349 Interest expense 475 443 888 863 Income tax expense 8,988 6,452 16,808 13,613 M&A and restructuring costs (a) — 504 — 1,666 Other costs (b) 117 1,518 95 1,518 Other expense (income) (c) 644 (2,105) 1,637 (5,284)Adjusted EBITDA$65,327 $57,274 $120,529 $101,928 Adjusted EBITDA margin 34% 30% 32% 29% Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In Thousands) (In Thousands)Net Income$12,918 $8,758 $19,328 $11,119 Stock-based compensation 25,525 27,007 49,774 51,349 Amortization of acquired intangibles 6,536 8,068 13,091 15,307 M&A and restructuring costs (a) — 504 — 1,666 Other costs (b) 117 1,518 95 1,518 Income tax effect of non-GAAP adjustments (d) (9,975) (11,500) (19,518) (21,650)Non-GAAP net income$35,121 $34,355 $62,770 $59,309 GAAP earnings per share: Basic$0.08 $0.05 $0.12 $0.07 Diluted$0.08 $0.05 $0.12 $0.07 GAAP Weighted-average common stock outstanding: Basic 153,959 162,740 157,346 163,922 Diluted 157,891 166,697 160,981 167,813 Non-GAAP earnings per share: Basic$0.23 $0.21 $0.40 $0.36 Diluted$0.22 $0.21 $0.39 $0.35 Non-GAAP Weighted-average common stock outstanding: Basic 153,959 162,740 157,346 163,922 Diluted 157,891 166,697 160,981 167,813 (a) M&A and restructuring costs for the three and six months ended June 30, 2025 consist of transaction costs related to the acquisition of Rockerbox.(b) Other costs for the three and six months ended June 30, 2026 consist of expenses with respect to litigation and regulatory matters outside of the ordinary course. Other costs for the three and six months ended June 30, 2025 consist of expenses incurred with respect to litigation and regulatory matters outside of the ordinary course and costs related to the early termination of an office lease.(c) Other expense (income) for the three and six months ended June 30, 2026 and June 30, 2025 consist of interest income earned on interest-bearing monetary assets, and the impact of changes in foreign currency exchange rates.(d) We calculate the income tax effect of the adjustments using a non-GAAP effective tax rate to provide consistency across reporting periods. For the non-GAAP reconciliation, effective tax rates for the three and six months ended June 30, 2026 and 2025 were calculated using assumed blended tax rates of 31%, respectively. These rates represent a blend of the statutory federal tax and state taxes rates associated with the most recent Annual Report on Form 10-K. We will periodically reevaluate this tax rate, as necessary, for significant events such as relevant tax law changes. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In Thousands) (In Thousands)Net cash provided by operating activities$76,242 $49,613 $80,413 $87,276 Purchase of property, plant and equipment (10,513) (9,527) (21,056) (15,813)Free cash flow$65,729 $40,086 $59,357 $71,463 Free cash flow conversion 101% 70% 49% 70% These Non-GAAP Financial Measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Some of the limitations of these measures are:
they do not reflect changes in, or cash requirements for, working capital needs;they do not reflect our capital expenditures or future requirements for capital expenditures or contractual commitments;they do not reflect income tax expense or the cash requirements to pay income taxes;they do not reflect interest expense or the cash requirements necessary to service interest or principal debt payments; andalthough depreciation and amortization are non-cash charges related mainly to intangible assets, certain assets being depreciated and amortized will have to be replaced in the future, and they do not reflect any cash requirements for such replacements. In addition, other companies in our industry may calculate these Non-GAAP Financial Measures differently than we do, limiting their usefulness as a comparative measure. You should compensate for these limitations by relying primarily on our GAAP results and using the Non-GAAP Financial Measures only supplementally.
Total stock-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows:
Three Months Ended Six Months Ended June 30, June 30,(in thousands) 2026 2025 2026 2025Product development $10,109 $10,389 $19,519 $19,655Sales, marketing and customer support 7,588 8,826 14,712 16,455General and administrative 7,828 7,792 15,543 15,239Total stock-based compensation $25,525 $27,007 $49,774 $51,349 Forward-Looking Statements
This press release includes “forward-looking statements”. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any statements in this press release regarding the proposed transaction with Parent, future revenues, earnings, margins, financial performance or results of operations, and any other statements that are not historical facts are forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. These risks, uncertainties, assumptions and other factors include, but are not limited to, the risk that disruptions from the proposed transaction with Parent (including the ability of certain counterparties to terminate or amend contracts upon a change of control) will harm DV’s business, including current plans and operations, including during the pendency of the transaction, the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect DV’s business and the price of its common stock, the competitiveness of our solutions amid technological developments or evolving industry standards, the competitiveness of our market, system failures, security breaches, cyberattacks or natural disasters, economic downturns and unstable market conditions, our ability to collect payments, data privacy legislation and regulation, public criticism of digital advertising technology, our international operations, our use of “open source” software, our limited operating history and the potential for our revenues and results of operations to fluctuate in the future. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make.
Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this press release are included under the caption “Risk Factors” in DV’s Annual Report on Form 10-K filed with the SEC on February 26, 2026, its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 once filed with the SEC and other filings and reports we make with the SEC from time to time.
We have based our forward-looking statements on our management’s beliefs and assumptions based on information available to our management at the time the statements are made. Any forward-looking information presented herein is made only as of the date of this press release, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
About DoubleVerify
DoubleVerify (NYSE: DV) is the industry’s leading media effectiveness platform that leverages AI to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. Learn more at www.doubleverify.com.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The KLA Corporation (NASDAQ: KLAC) Board of Directors today declared a quarterly cash dividend of $0.23 per share on its common stock, payable on Sept. 1, 2026 to KLA shareholders of record as of the close of business on Aug. 17, 2026.
About KLA:
KLA Corporation ("KLA") develops industry-leading equipment and services that enable innovation throughout the electronics industry. We provide advanced process control and process-enabling solutions for manufacturing wafers and reticles, integrated circuits, packaging and printed circuit boards. In close collaboration with leading customers across the globe, our expert teams of physicists, engineers, data scientists and problem-solvers design solutions that move the world forward. Investors and others should note that KLA announces material financial information including SEC filings, press releases, public earnings calls and conference webcasts using an investor relations website (ir.kla.com). Additional information may be found at: www.kla.com.
