Track market-moving stories before they get noisy

Robotics and industrial automation are in a classic consolidation cycle. Hyperscalers are pushing into physical AI, automakers need autonomy stacks they lack time to build, and semicap buyers want exposure to AI accelerators. The three names below are profitable and large enough to move the needle for a strategic buyer, and each has meaningful robotics exposure. None has announced a deal, but M&A math, ownership structure, and recent corporate behavior point to very different takeover odds.

The scoring framework includes: market cap and valuation versus revenue, EV/EBITDA and free cash flow profile, whether the company needs a strategic owner to scale, CEO and ownership dynamics (especially super-voting parents), active buybacks signaling independence, and credible acquirers with obvious stack fit. We count down from least likely to most likely.

3. Zebra Technologies Zebra Technologies (NASDAQ: ZBRA | ZBRA Price Prediction) is the cleanest example of an acquirer. Its Q1 2026 revenue came in at $1.495 billion, beating estimates, with non-GAAP EPS of $4.75 and an adjusted EBITDA margin of 23.2%. Management raised FY26 EPS guidance to $18.30 to $18.70 with free cash flow above $900 million.

Zebra bought Elo Touch and Photoneo (combined roughly $1.36 billion) and exited its robotics business with $76 million in charges, and the board authorized an additional $1 billion repurchase. With $2.5 billion in debt against $125 million in cash and market cap near $11.2 billion, the balance sheet and CEO Bill Burns’ “sharper focus” commentary read as a standalone roll-up plan. Forward earnings trade near 12x, cheap on paper, but the active checkbook and director buying at $247.15 in May suggest the board is defending its independence. Shares trade at $234.20.

2. Teradyne Teradyne (NASDAQ: TER) is the trickiest call. The semicap-test franchise is strong: Q1 2026 revenue of $1.28 billion grew 87% year over year, non-GAAP EPS of $2.56, and roughly 70% of revenue ties to AI demand. Shares are up 325.4% over the past year to $369.21, lifting market cap to roughly $57.8 billion, at 69x trailing earnings and 51x forward.

That price tag is the problem. A whole-company takeout by Applied Materials or Lam would be one of the largest semicap deals ever, and the AI-test multiple leaves little premium room. The more realistic outcome is a carve-out: the Robotics segment (Universal Robots and MiR) contributed just $91 million in Q1, CEO Greg Smith flagged its growth potential, and the company already executed a robotics restructuring affecting roughly 400 employees in 2025. Insider activity is neutral; CEO Smith’s May 15 mixed buy/sell transaction at $338.98 looks like routine option exercise mechanics. It remains a possible target, but the math favors divestiture over a full takeover.

1. Mobileye Mobileye (NASDAQ: MBLY) is the cleanest takeover setup. Shares closed at $9.33, down 42.2% over the past year, putting market cap near $7.9 billion, digestible for virtually any large automaker or hyperscaler. The valuation collapse forced a $3.79 billion goodwill impairment in Q1 2026, yet the operating business is improving: Q1 revenue of $558 million grew 27.4% year over year, adjusted EPS of $0.12 beat expectations, EyeQ shipments hit 10.8 million, and management raised FY26 revenue guidance to $1.94 billion to $2.02 billion.

The strategic IP is the prize: EyeQ, SuperVision, REM mapping, the VW MOIA robotaxi platform, the Uber LA validation, and the newly acquired Mentee Robotics humanoid stack. CEO Amnon Shashua framed the ambition as “a comprehensive leader in Physical AI, encompassing both autonomous vehicles and humanoid robotics.” Mobileye sits on $1.836 billion in cash and authorized a $250 million buyback, so a buyer gets the technology with cash returning a chunk of the check. The decisive variable is Intel: it holds the majority economic and voting stake, and monetization has been openly signaled. A controlling shareholder under pressure to raise cash, paired with a depressed equity stub and uniquely strategic ADAS and robotaxi assets, is the textbook setup.

The Cleanest Setup Across the three criteria that matter most (small enough check, IP a strategic buyer cannot replicate, and a controlling owner with reason to sell), Mobileye checks every box. Zebra is buying, Teradyne is too expensive to swallow whole, and Mobileye is where a phone call from Intel could change the chart overnight. No deal has been announced, but on M&A math alone, it is the cleanest takeover candidate of the three.

Celina J. Wang Doka, a director at F&G Annuities & Life (FG 0.14%), reported an open-market purchase of 4,760 shares for a weighted-average price of $20.98 per share, according to a SEC Form 4 filing.

Transaction summaryMetricValueShares traded (direct)4,760Transaction value~$100KPost-transaction shares (direct)32,070Post-transaction value (direct ownership)~$672KTransaction value based on SEC Form 4 weighted average purchase price ($20.98); post-transaction value based on market close on March 13, 2026.

Key questionsHow does this purchase compare to the insider's prior transaction activity?
This 4,760-share acquisition is the largest individual purchase by Doka Celina J. Wang to date, surpassing her only other material buy of 3,000 shares in March 2025 and marking a 31.92% increase in holdings since late 2024.What is the impact on her overall ownership and direct stake in the company?
Her direct common stock holdings increased from 27,310 to 32,070 shares, boosting her direct ownership by 17.43% and reinforcing her commitment as an insider without introducing indirect or derivative exposure.Was this purchase executed at a discount or premium relative to recent trading levels?
The weighted-average purchase price of $20.98 per share was below the March 16, 2026 closing price of $22.14, during a period when the stock is down 46.43% over the past year.Does the transaction reflect a shift in insider trading patterns or capacity constraints?
With no historical sell transactions reported and a stable cadence of administrative trades, the current accumulation reflects the available capacity evident in her insider trading history.Company overviewMetricValueRevenue (TTM)$5.4 billionNet income (TTM)$265.00 millionDividend yield4%1-year price change-46.43%* 1-year price change calculated using March 13th, 2026 as the reference date.

Company snapshotF&G Annuities & Life offers fixed annuities and life insurance products, serving both retail and institutional clients.The firm targets individual consumers seeking retirement and life insurance solutions, as well as institutional partners.F&G Annuities & Life is a scaled provider of fixed annuities and life insurance, operating with a focus on both retail and institutional markets. Its competitive edge is supported by a longstanding presence in the insurance sector and alignment with Fidelity National Financial.

What this transaction means for investorsThis recent purchase might be a show of confidence during a period of market weakness, rather than just a hasty reaction. Notably, shares have bounced back about 15% since the buy just about two weeks ago. For long-term investors, this timing is crucial, indicating that this insider might have perceived a market dislocation rather than a genuine downturn.

At F&G Annuities & Life, the overall operating landscape is a bit mixed, yet still positive. The business is expanding, with record assets under management hitting approximately $73 billion, which is a 12% increase year-over-year. Full-year gross sales totaled $14.6 billion, highlighting ongoing demand for retirement products, even as net sales saw a slight dip mainly due to reinsurance movements. Meanwhile, adjusted net earnings for the segment stood at $412 million, down from $475 million the previous year, partially due to lower-than-expected investment income.

This context sheds light on the stock's roughly 46% decline over the past year, even with ongoing growth in assets and distribution capabilities, and the purchase price being below recent trading levels further supports the idea of opportunistic buying.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Posted by Defense World Staff on Apr 19th, 2026

Sumitomo Mitsui Trust Group Inc. bought a new stake in F&G Annuities & Life, Inc. (NYSE:FG – Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 39,266 shares of the company’s stock, valued at approximately $1,211,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of FG. Cubist Systematic Strategies LLC acquired a new position in F&G Annuities & Life in the 1st quarter valued at $89,000. AQR Capital Management LLC acquired a new position in F&G Annuities & Life in the 1st quarter valued at $521,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in F&G Annuities & Life by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,035 shares of the company’s stock valued at $398,000 after buying an additional 452 shares during the last quarter. Millennium Management LLC grew its stake in F&G Annuities & Life by 330.8% in the 1st quarter. Millennium Management LLC now owns 217,306 shares of the company’s stock valued at $7,834,000 after buying an additional 166,863 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in F&G Annuities & Life in the 1st quarter valued at $276,000. 95.86% of the stock is currently owned by institutional investors and hedge funds.

F&G Annuities & Life Stock Performance NYSE FG opened at $27.12 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.26 and a quick ratio of 0.26. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 14.82 and a beta of 1.28. The company’s fifty day moving average is $24.80 and its two-hundred day moving average is $28.50. F&G Annuities & Life, Inc. has a 52-week low of $20.57 and a 52-week high of $36.70.

F&G Annuities & Life (NYSE:FG – Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.34 by ($0.43). The company had revenue of $739.00 million during the quarter, compared to analyst estimates of $1.55 billion. F&G Annuities & Life had a return on equity of 10.48% and a net margin of 4.62%. Equities research analysts forecast that F&G Annuities & Life, Inc. will post 5.54 EPS for the current year.

F&G Annuities & Life Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, March 17th. F&G Annuities & Life’s dividend payout ratio (DPR) is presently 54.64%.

F&G Annuities & Life declared that its board has approved a stock buyback program on Monday, March 16th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In A number of research analysts recently issued reports on FG shares. Wall Street Zen lowered shares of F&G Annuities & Life from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Weiss Ratings restated a “hold (c)” rating on shares of F&G Annuities & Life in a research report on Friday, March 27th. Zacks Research lowered shares of F&G Annuities & Life from a “hold” rating to a “strong sell” rating in a research report on Monday, February 23rd. Finally, Barclays decreased their price target on shares of F&G Annuities & Life from $31.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, F&G Annuities & Life currently has an average rating of “Reduce” and a consensus target price of $30.00.

Read Our Latest Research Report on F&G Annuities & Life

Insider Activity In other F&G Annuities & Life news, Director Celina J. Wang Doka bought 4,760 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were acquired at an average cost of $20.98 per share, for a total transaction of $99,864.80. Following the transaction, the director owned 32,071 shares in the company, valued at approximately $672,849.58. The trade was a 17.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Christopher O. Blunt bought 10,000 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were acquired at an average price of $20.99 per share, for a total transaction of $209,900.00. Following the completion of the transaction, the chief executive officer owned 1,107,128 shares in the company, valued at $23,238,616.72. This represents a 0.91% increase in their position. The SEC filing for this purchase provides additional information. 2.10% of the stock is currently owned by insiders.

About F&G Annuities & Life (Free Report)

F&G Annuities & Life is the principal life insurance and annuity subsidiary of F&G Financial Group, Inc (NYSE: FG), a publicly traded financial services holding company headquartered in Des Moines, Iowa. The company focuses on designing and issuing retirement income solutions that address longevity risk, capital preservation, and wealth transfer for individual and institutional clients.

Its product suite includes fixed indexed annuities, which offer the potential for market-linked growth with downside protection; fixed-rate annuities, delivering guaranteed interest over a defined term; and a range of life insurance policies such as term, universal, and variable universal life.

See Also Five stocks we like better than F&G Annuities & Life

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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release first quarter 2026 earnings after the close of regular market trading on Wednesday, May 6, 2026.

A webcast and conference call to discuss the results will follow at 9:00 a.m. Eastern Time on Thursday, May 7, 2026. Additional information about the quarterly financial results, including the earnings release, will be available on F&G's Investor Relations website at investors.fglife.com.

Webcast, Conference Call and Replay Information

The event can be accessed in the following ways:

Live Webcast: Register and access the webcast on F&G's Investor Relations website at investors.fglife.com Conference Call: Dial 1-877-407-3982 (U.S.) or 1-201-493-6780 (International) Replay: A webcast replay will be available on F&G's Investor Relations website after the live event About F&G
F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.

Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
[email protected]
515.330.3307

SOURCE F&G Annuities & Life, Inc.

, /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF) (FNF or the Company), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE:FG) (F&G), today reported financial results for the three months ended March 31, 2026.

Net earnings attributable to common shareholders for the first quarter were $243 million, or $0.90 per diluted share (per share), compared with net earnings of $83 million, or $0.30 per share, for the first quarter of 2025. Net earnings attributable to common shareholders include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders.

Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the first quarter were $249 million, or $0.93 per share, compared with $213 million, or $0.78 per share, for the first quarter of 2025.

The Title Segment contributed $197 million for the first quarter, compared with $158 million for the first quarter of 2025 The F&G Segment contributed $80 million for the first quarter, which reflects our approximately 70% ownership stake following the stock distribution at year-end, compared with $80 million for the first quarter of 2025, which reflected our approximately 84% ownership stake The Corporate Segment adjusted net earnings were $0 for the first quarter, before eliminating dividend income from F&G in the consolidated financial statements, compared with adjusted net earnings of $3 million for the first quarter of 2025 FNF's consolidated adjusted net earnings include significant income and expense items in the F&G Segment, as well as alternative investment portfolio short-term returns that differ from long-term return expectations. Please see "Segment Financial Results" for F&G, as well as the "Non-GAAP Measures and Other Information" section for further explanation Company Highlights

Title Segment delivered outstanding operating performance and industry leading margin: For the Title Segment, total revenue was $2.0 billion for the first quarter, compared with $1.8 billion for the first quarter of 2025. Total revenue, excluding recognized gains and losses, was $2.1 billion for the first quarter, a 14% increase over the first quarter of 2025. Our industry leading adjusted pre-tax title margin was 13.1% for the first quarter F&G Segment generated strong growth in assets under management before reinsurance: F&G achieved record assets under management before reinsurance of $74.5 billion at the end of the first quarter, an increase of 11% over the first quarter of 2025. F&G's gross sales were $3.2 billion and net sales were $2.2 billion for the first quarter Robust return of capital to shareholders: FNF returned approximately $222 million of capital to shareholders in the first quarter through $140 million of common stock dividends and $82 million of share repurchases. FNF ended the quarter with $495 million in cash and short-term liquid investments at the holding company William P. Foley, II, Chairman, commented, "The first quarter was an outstanding start to 2026 for our Title and F&G businesses. Our Title business delivered an industry leading adjusted pre-tax Title margin of 13.1% in the first quarter, up 140 basis points over the first quarter of 2025, reflecting continued strong performance across the business with strength in commercial, continued momentum in refinance and disciplined expense management."

Mr. Foley added, "F&G continues to provide an important complement to our Title business and remains a meaningful contributor to FNF's adjusted net earnings. F&G's operating performance from its underlying spread-based and fee-based businesses continues to be strong, and we remain confident in F&G's strategy. Together, our complementary businesses are executing well, our strong and consistent cash generation continues to support a balanced and disciplined capital allocation strategy and we are well positioned to deliver long-term shareholder value."

Summary Financial Results

(In millions, except per share data)

Three Months Ended

March 31,
2026

March 31,
2025

Total revenue

$    3,226

$    2,729

F&G gross sales1

$    3,173

$    2,902

F&G net sales1

$    2,245

$    2,181

F&G assets under management (AUM)1

$  56,436

$  54,546

F&G AUM before reinsurance1

$  74,454

$  67,398

Total assets

$ 111,499

$  98,209

Adjusted pre-tax title margin

13.1 %

11.7 %

Net earnings attributable to common shareholders

$       243

$         83

Net earnings per share attributable to common shareholders

$      0.90

$      0.30

Adjusted net earnings1

$       249

$       213

Adjusted net earnings per share1

$      0.93

$      0.78

Weighted average common diluted shares

269

273

Total common shares outstanding

269

275

____________________________

1 See definition of non-GAAP measures below

Segment Financial Results 

Title Segment
This segment consists of the operations of the Company's title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services and home warranty.

Mike Nolan, Chief Executive Officer, added, "Our Title business delivered outstanding results in the first quarter, generating adjusted pre-tax Title earnings of $268 million, up 27% over the first quarter of 2025, and an industry leading adjusted pre-tax Title margin of 13.1%. This performance reflects the strength of our direct commercial business, continued momentum in refinance with orders opened up more than 50% over the prior year, and our disciplined approach to expense management driving strong incremental margins. These results demonstrate that our scale, technology investments and operating model continue to support the earnings power of our business even in the current historically low transactional environment."

Mr. Nolan added, "While we are poised to benefit from an eventual recovery in the residential housing market, we also see a second driver in our technology and AI investments. The productivity gains we have already achieved through automation and data at scale are a key reason we continue to deliver industry leading margins. We believe FNF is well positioned to benefit from advances in AI, given our scale, proprietary data, embedded workflows and financial strength, enabling us to not only remain an industry leader, but also lead innovation in a way that continues to protect our customers."

First Quarter 2026 Highlights

Total revenue was $2.0 billion, compared with $1.8 billion for the first quarter of 2025 Total revenue, excluding recognized gains and losses, was $2.1 billion, a 14% increase over the first quarter of 2025 Direct title premiums were $583 million, a 14% increase over the first quarter of 2025 Agency title premiums were $788 million, a 16% increase over the first quarter of 2025 Commercial revenue was $338 million, a 15% increase over the first quarter of 2025 Purchase orders opened increased 2% on a daily basis and purchase orders closed decreased 1% on a daily basis compared with the first quarter of 2025 Refinance orders opened increased 52% on a daily basis and refinance orders closed increased 75% on a daily basis over the first quarter of 2025 Commercial orders opened increased 5% and commercial orders closed increased 8% over the first quarter of 2025 Total fee per file was $3,655 for the first quarter, a 3% decrease from the first quarter of 2025 First Quarter 2026 Financial Results

Pre-tax title margin was 10.5% and industry leading adjusted pre-tax title margin was 13.1% for the first quarter, compared with 9.6% and 11.7%, respectively, for the first quarter of 2025 Pre-tax earnings in Title for the first quarter were $211 million, compared with $171 million for the first quarter of 2025 Adjusted pre-tax earnings in Title was $268 million for the first quarter, compared with $211 million for the first quarter of 2025 F&G Segment
This segment consists of operations of FNF's majority-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.

Chris Blunt, F&G's Chief Executive Officer, commented, "The first quarter was a solid start to the year, highlighted by record assets under management before reinsurance of nearly $75 billion fueled by $3.2 billion of gross sales in the quarter, including $2 billion of core sales from indexed annuities, indexed universal life and pension risk transfer, and $1.2 billion of opportunistic funding agreements and multiyear guaranteed annuities. Our high quality, diversified investment portfolio continues to perform extremely well, including our private origination portfolio, with total credit-related impairments stable and below our pricing assumptions."

Mr. Blunt continued, "Our diversified, self-funding capital model is supported by our annual inforce capital generation and third party capital through our reinsurance sidecar and our strategic flow reinsurance partnerships. Together, these sources of capital provide financial strength and flexibility to invest for growth in our core business, while consistently returning capital to shareholders through dividends and opportunistic share repurchases. During the first quarter, we returned $67 million of capital to shareholders through dividends and share repurchases. We are executing on our strategy toward a more fee-based, higher margin and less capital intensive business model to drive long-term growth and shareholder value."

First Quarter 2026

AUM before flow reinsurance was $74.5 billion at the end of the first quarter, an increase of 11% over the first quarter of 2025.  This included retained AUM of $56.4 billion, an increase of 3% over the first quarter of 2025 Gross sales were $3.2 billion for the first quarter, compared with $2.9 billion for the first quarter of 2025; reflects continued strong demand for retirement savings products Core sales were $2.0 billion for the first quarter, compared with $1.8 billion for the first quarter of 2025; reflects higher core retail indexed annuity and indexed universal life sales and pension risk transfer sales Opportunistic sales were $1.2 billion for the first quarter, compared with $1.1 billion for the first quarter of 2025; reflects higher funding agreements, partially offset by lower multiyear guaranteed annuities sales.  Opportunistic volumes vary quarter to quarter depending on economics and market opportunity Net sales were $2.2 billion for the first quarter, in-line with the first quarter of 2025; reflects flow reinsurance in line with capital targets for multiyear guaranteed annuities and fixed indexed annuities F&G Segment net earnings attributable to common shareholders were $175 million for the first quarter which included favorable mark-to-market movement, compared to a net loss of $18 million for the first quarter of 2025 which included unfavorable mark-to-market movement F&G Segment adjusted net earnings attributable to common shareholders were $80 million for the first quarter which reflects our approximately 70% ownership stake following the stock distribution at year-end, compared with $80 million for the first quarter of 2025, which reflected our approximately 84% ownership stake Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments F&G Segment adjusted net earnings of $80 million for the first quarter of 2026 included $4 million, or $0.01 per share, of expense from investment and other income true-up adjustments. Investment income from alternative investments was $31 million, or $0.12 per share, below the midpoint of management's long-term expected return of approximately 12% to 14% F&G Segment adjusted net earnings of $80 million for the first quarter of 2025 included $13 million of income from a reinsurance true-up adjustment. Investment income from alternative investments was $37 million below the midpoint of management's long-term expected return of approximately 12% to 14% As compared with the prior year quarter and excluding the above items, adjusted net earnings reflect asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin and disciplined expense management driving scale benefit Please see "Segment Financial Results" for F&G under "Non-GAAP Measures and Other Information" for further explanation Conference Call
We will host a call with investors and analysts to discuss FNF's first quarter of 2026 results on Thursday, May 7, 2026, beginning at 11:00 a.m. Eastern Time.  A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com.  The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com.

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries.  FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States.  More information about FNF can be found at fnf.com. 

About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.

Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this earnings release includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), assets under management (AUM), average assets under management (AAUM) and sales. 

Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods.  Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do.

The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.  By disclosing these non-GAAP financial measures, FNF believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided below.

Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business, political crisis, war and pandemic conditions, including ongoing geopolitical conflicts; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U.S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission.

FNF-E

CONTACT:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
[email protected]
515.330.3307

FIDELITY NATIONAL FINANCIAL, INC.

FIRST QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and
Other

Elimination

Three Months Ended

March 31, 2026

Direct title premiums

$        583

$        583

$         —

$            —

$            —

Agency title premiums

788

788

—

—

—

Escrow, title related and other fees

1,111

588

496

27

—

Total title and escrow

2,482

1,959

496

27

—

Interest and investment income

822

91

723

36

(28)

Recognized gains and losses, net

(78)

(46)

(32)

—

—

Total revenue

3,226

2,004

1,187

63

(28)

Personnel costs

827

748

60

19

—

Agent commissions

608

608

—

—

—

Other operating expenses

398

340

33

25

—

Benefits & other policy reserve changes

484

—

484

—

—

Market risk benefit (gains) losses

73

—

73

—

—

Depreciation and amortization

215

35

173

7

—

Provision for title claim losses

62

62

—

—

—

Interest expense

61

—

41

20

—

Total expenses

2,728

1,793

864

71

—

Pre-tax earnings (loss)

$        498

$        211

$       323

$            (8)

$           (28)

  Income tax expense (benefit)

175

69

74

32

—

  (Loss) earnings from equity investments

(2)

(2)

—

—

—

  Non-controlling interests

78

4

74

—

—

Net earnings (loss) attributable to common shareholders

$        243

$        136

$       175

$           (40)

$           (28)

EPS attributable to common shareholders - basic

$       0.90

EPS attributable to common shareholders - diluted

$       0.90

Weighted average shares - basic

269

Weighted average shares - diluted

269

FIDELITY NATIONAL FINANCIAL, INC.

FIRST QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and
Other

Elimination

Three Months Ended

March 31, 2026

Net earnings (loss) attributable to common shareholders

$          243

$          136

$       175

$           (40)

$           (28)

Pre-tax earnings (loss)

$          498

$          211

$       323

$            (8)

$           (28)

 Non-GAAP Adjustments

  Recognized (gains) and losses, net

(117)

46

(163)

—

—

  Market related liability adjustments

(37)

—

(37)

—

—

  Purchase price amortization

27

11

15

1

—

  Transaction and other costs

5

—

5

—

—

Adjusted pre-tax earnings (loss)

$          376

$          268

$       143

$            (7)

$           (28)

Total non-GAAP, pre-tax adjustments

$         (122)

$            57

$      (180)

$             1

$            —

  Income taxes on non-GAAP adjustments

34

(14)

48

—

—

  Non-controlling interest on non-GAAP adjustments

37

—

37

—

—

  Deferred tax asset valuation allowance

18

18

—

—

—

  Tax expense related to change in FG tax basis

39

—

—

39

—

Total non-GAAP adjustments

$              6

$            61

$       (95)

$            40

$            —

Adjusted net earnings (loss) attributable to common shareholders

$          249

$          197

$         80

$            —

$           (28)

Adjusted EPS attributable to common shareholders - diluted

$         0.93

FIDELITY NATIONAL FINANCIAL, INC.

FIRST QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and
Other

Elimination

Three Months Ended

March 31, 2025

Direct title premiums

$        510

$        510

$         —

$            —

$            —

Agency title premiums

681

681

—

—

—

Escrow, title related and other fees

1,065

525

505

35

—

Total title and escrow

2,256

1,716

505

35

—

Interest and investment income

760

83

666

39

(28)

Recognized gains and losses, net

(287)

(25)

(263)

1

—

Total revenue

2,729

1,774

908

75

(28)

Personnel costs

770

672

67

31

—

Agent commissions

528

528

—

—

—

Other operating expenses

377

313

41

23

—

Benefits & other policy reserve changes

524

—

524

—

—

Market risk benefit (gains) losses

109

—

109

—

—

Depreciation and amortization

196

36

153

7

—

Provision for title claim losses

54

54

—

—

—

Interest expense

60

—

40

20

—

Total expenses

2,618

1,603

934

81

—

Pre-tax earnings (loss)

$        111

$        171

$       (26)

$            (6)

$           (28)

  Income tax expense (benefit)

29

42

(5)

(8)

—

  Earnings from equity investments

1

1

—

—

—

  Non-controlling interests

—

3

(3)

—

—

Net earnings (loss) attributable to common shareholders

$          83

$        127

$       (18)

$             2

$           (28)

EPS attributable to common shareholders - basic

$       0.30

EPS attributable to common shareholders - diluted

$       0.30

Weighted average shares - basic

273

Weighted average shares - diluted

273

FIDELITY NATIONAL FINANCIAL, INC.

FIRST QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and
Other

Elimination

Three Months Ended

March 31, 2025

Net earnings (loss) attributable to common shareholders

$            83

$          127

$           (18)

$             2

$           (28)

Pre-tax earnings (loss)

$          111

$          171

$           (26)

$            (6)

$           (28)

Non-GAAP Adjustments

  Recognized (gains) and losses, net

53

25

29

(1)

—

  Market related liability adjustments

103

—

103

—

—

  Purchase price amortization

32

15

15

2

—

  Transaction costs

1

—

1

—

—

Adjusted pre-tax earnings (loss)

$          300

$          211

$          122

$            (5)

$           (28)

Total non-GAAP, pre-tax adjustments

$          189

$            40

$          148

$             1

$            —

  Income taxes on non-GAAP adjustments

(40)

(10)

(30)

—

—

  Non-controlling interest on non-GAAP adjustments

(20)

—

(20)

—

—

  Deferred tax asset valuation allowance

1

1

—

—

—

Total non-GAAP adjustments

$          130

$            31

$            98

$             1

$            —

Adjusted net earnings (loss) attributable to common shareholders

$          213

$          158

$            80

$             3

$           (28)

Adjusted EPS attributable to common shareholders - diluted

$         0.78

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions)

March 31,
2026

December 31,
2025

(Unaudited)

(Unaudited)

Cash and investment portfolio

$      75,699

$      75,831

Goodwill

5,216

5,272

Title plant

424

424

Total assets

111,499

109,014

Notes payable

4,402

4,400

Reserve for title claim losses

1,704

1,700

Secured trust deposits

802

731

Accumulated other comprehensive (loss) earnings

(1,895)

(1,678)

Non-controlling interests

1,465

1,548

Total equity and non-controlling interests

8,719

8,972

Total equity attributable to common shareholders

7,254

7,424

Non-GAAP Measures and Other Information

Title Segment

The table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.

Three Months Ended

(Dollars in millions)

March 31,
2026

March 31,
2025

Pre-tax earnings

$        211

$        171

Non-GAAP adjustments before taxes

  Recognized (gains) and losses, net

46

25

  Purchase price amortization

11

15

Total non-GAAP adjustments

57

40

Adjusted pre-tax earnings

$        268

$        211

Adjusted pre-tax margin

13.1 %

11.7 %

FIDELITY NATIONAL FINANCIAL, INC.

QUARTERLY OPERATING STATISTICS

(Unaudited)

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Q2 2024

Quarterly Opened Orders ('000's except % data)

Total opened orders*

389

332

370

366

343

299

352

344

Total opened orders per day*

6.4

5.3

5.8

5.8

5.6

4.7

5.5

5.5

Purchase % of opened orders

67 %

65 %

70 %

76 %

75 %

72 %

73 %

80 %

Refinance % of opened orders

33 %

35 %

30 %

24 %

25 %

28 %

27 %

20 %

Total closed orders*

234

259

250

246

201

232

232

229

Total closed orders per day*

3.8

4.1

3.9

3.9

3.3

3.7

3.6

3.6

Purchase % of closed orders

63 %

65 %

74 %

75 %

75 %

72 %

77 %

81 %

Refinance % of closed orders

37 %

35 %

26 %

25 %

25 %

28 %

23 %

19 %

Commercial (millions, except orders in '000's)

Total commercial revenue

$      338

$      479

$      389

$      333

$      293

$      376

$      290

$      273

Total commercial opened orders

55.2

51.4

54.8

54.1

52.6

47.5

50.8

50.7

Total commercial closed orders

28.0

32.9

30.8

29.6

26.0

28.9

25.9

25.7

National commercial revenue

$      182

$      277

$      209

$      178

$      149

$      208

$      151

$      145

National commercial opened orders

23.7

22.5

24.3

23.7

22.7

20.7

21.9

21.4

National commercial closed orders

11.7

14.2

13.1

12.0

10.2

11.8

10.4

9.8

Total Fee Per File

Fee per file

$   3,655

$   4,099

$   3,994

$   3,894

$   3,761

$   3,909

$   3,708

$   3,759

Residential fee per file

$   2,776

$   2,722

$   2,908

$   3,001

$   2,776

$   2,772

$   2,881

$   2,995

Total commercial fee per file

$ 12,100

$ 14,600

$ 12,600

$ 11,300

$ 11,300

$ 13,000

$ 11,200

$ 10,600

National commercial fee per file

$ 15,500

$ 19,500

$ 16,000

$ 14,900

$ 14,600

$ 17,600

$ 14,500

$ 14,800

Total Staffing

Total field operations employees

10,700

10,600

10,600

10,500

10,200

10,300

10,400

10,300

Actual title claims paid ($ millions)

$        57

$        80

$        58

$        66

$        65

$        75

$        64

$        70

Title Segment (continued)

FIDELITY NATIONAL FINANCIAL, INC.

MONTHLY TITLE ORDER STATISTICS

Direct Orders Opened *

Direct Orders Closed *

Month

 / (% Purchase)

 / (% Purchase)

January 2026

119,000

65 %

67,000

63 %

February 2026

124,000

65 %

75,000

62 %

March 2026

146,000

69 %

92,000

63 %

First Quarter 2026

389,000

67 %

234,000

63 %

Direct Orders Opened *

Direct Orders Closed *

Month

 / (% Purchase)

 / (% Purchase)

January 2025

107,000

76 %

62,000

74 %

February 2025

108,000

75 %

64,000

76 %

March 2025

128,000

74 %

75,000

75 %

First Quarter 2025

343,000

75 %

201,000

75 %

* Includes an immaterial number of non-purchase and non-refinance orders

F&G Segment

The table below reconciles net earnings (loss) attributable to common shareholders to adjusted net earnings attributable to common shareholders.  The F&G Segment is reported net of noncontrolling minority interest.

Three Months Ended

(Dollars in millions)

March 31,
2026

March 31,
2025

Net earnings (loss) attributable to common shareholders

$           175

$           (18)

Non-GAAP adjustments(1):

Recognized (gains) losses, net

(163)

29

Market related liability adjustments

(37)

103

Purchase price amortization

15

15

Transaction and other costs

5

1

Income taxes on non-GAAP adjustments

48

(30)

Non-controlling interest on non-GAAP adjustments

37

(20)

Adjusted net earnings (loss) attributable to common shareholders(1)

$            80

$            80

Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments.

F&G Segment adjusted net earnings of $80 million for the first quarter of 2026 included $4 million, or $0.01 per share, of expense from investment and other income true-up adjustments. Investment income from alternative investments was $31 million, or $0.12 per share, below the midpoint of management's long-term expected return of approximately 12% to 14% F&G Segment adjusted net earnings of $80 million for the first quarter of 2025 included $13 million, or $0.05 per share, of income from a reinsurance true-up adjustment. Investment income from alternative investments was $37 million, or $0.14 per share, below the midpoint of management's long-term expected return of approximately 12% to 14% Footnotes:

1.

Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.

F&G Segment (continued)

The table below provides a summary of sales highlights.

Three months ended

(In millions)

March 31,
2026

March 31,
2025

Indexed annuities ("FIA/RILA")

$         1,579

$         1,461

Indexed universal life ("IUL")

44

43

Pension risk transfer ("PRT")

317

311

Subtotal: Core sales

1,940

1,815

Fixed rate annuities ("MYGA")

183

562

Funding agreements ("FABN/FHLB")

1,050

525

Subtotal: Opportunistic sales(2)

1,233

1,087

Gross sales(1)

3,173

2,902

Sales attributable to flow reinsurance to third parties(3)

(928)

(721)

Net sales(1)

2,245

2,181

Footnotes:

1.

Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.

2.

Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the highest return opportunities

3.

Sales attributable to flow reinsurance to third parties includes the reinsurance sidecar

DEFINITIONS  

The following represents the definitions of non-GAAP measures used by the Company.

Adjusted Net Earnings attributable to common shareholders

Adjusted net earnings attributable to common shareholders (ANE) is a non-GAAP economic measure used to evaluate financial performance each period.

ANE eliminates the impact of specific items that are not indicative of the underlying economics of our business, including certain market volatility, asymmetrical and noneconomic accounting, nonrecurring items and other income and expense adjustments. These items are volatile in our reported GAAP earnings and are not indicative of the underlying profitability drivers reflected in the design and pricing of our products and/or our investment and hedging strategy, as such items fluctuate from period to period in a manner inconsistent with these drivers.        

ANE provides information to enhance an investor's understanding of our results and underlying profitability drivers by removing the impact of short-term market volatility (i.e. recognized gains and losses, market risk benefits remeasurement gains and losses, derivative gains and losses), asymmetrical and non-economic accounting (i.e. derivatives and investment hedges that do not qualify for hedge accounting, deferred pension risk transfer deferred profit liability losses), and other adjustments.

ANE is calculated by adjusting net earnings or loss attributable to common shareholders to eliminate:

i. 

Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment ("OTTI") losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards;

ii. 

Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;

iii. 

Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities);

iv. 

Transaction costs: the impacts related to acquisition, integration and merger related items;

v. 

Other and "non-recurring," "infrequent" or "unusual items": Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be "non-recurring," "infrequent" or "unusual" from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years;

vi. 

Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that FNF does not wholly own; and

vii. 

Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction

Recognized gains and losses are excluded from ANE as part of both adjustments (i) and (ii). As part of those two adjustments to ANE, all material recognized gains and losses are removed except for periodic settlements of interest rate swaps used to economically hedge floating rate investments.

While these adjustments are an integral part of the overall performance of FNF, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.

Assets Under Management (AUM)

AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP:

i. 

total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives;

ii. 

investments in unconsolidated affiliates at carrying value;

iii. 

related party loans and investments;

iv. 

accrued investment income;

v. 

the net payable/receivable for the purchase/sale of investments; and

vi. 

cash and cash equivalents excluding derivative collateral at the end of the period.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.

AUM before Flow Reinsurance

AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow reinsured assets.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets.

Average Assets Under Management (AAUM)

AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets.

Sales

Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.

SOURCE Fidelity National Financial, Inc.

F&G Annuities & Life, Inc. (FG) Q1 2026 Earnings Call Transcript

NEW YORK, May 13, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600:  SharkNinja (NYSE: SN) will replace Flowers Foods Inc. (NYSE: FLO) in the S&P MidCap 400, and Flowers Foods will replace CSG Systems Intl Inc. (NASD: CSGS) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, May 18. NEC Corporation (TSE: 6701) is acquiring CSG Systems Intl in a deal expected to close soon, pending final closing conditions.

In its upcoming report, JFrog Ltd. (FROG - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.22 per share, reflecting an increase of 10% compared to the same period last year. Revenues are forecasted to be $147.33 million, representing a year-over-year increase of 20.4%.

Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

That said, let's delve into the average estimates of some JFrog metrics that Wall Street analysts commonly model and monitor.

According to the collective judgment of analysts, 'Revenue- License- self-managed' should come in at $7.36 million. The estimate suggests a change of +23.1% year over year.

The consensus estimate for 'Revenue- Subscription- self-managed and SaaS' stands at $139.90 million. The estimate indicates a change of +20.2% from the prior-year quarter.

It is projected by analysts that the 'Revenue- Subscription- SaaS' will reach $72.22 million. The estimate suggests a change of +37.3% year over year.

The combined assessment of analysts suggests that 'Revenue- Self-managed subscription- Subscription' will likely reach $67.71 million. The estimate suggests a change of +6.1% year over year.

The consensus among analysts is that 'Revenue- Self-managed subscription' will reach $75.12 million. The estimate indicates a change of +7.6% from the prior-year quarter.

View all Key Company Metrics for JFrog here>>>

Over the past month, JFrog shares have recorded returns of +10.9% versus the Zacks S&P 500 composite's +10.3% change. Based on its Zacks Rank #3 (Hold), FROG will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

JFrog raised its full-year outlook after first-quarter earnings and revenue topped Wall Street expectations, with the company saying AI coding agents are driving cloud demand.

JFrog Ltd. (FROG) Q1 2026 Earnings Call Transcript

JFrog is outperforming peers, driven by clear AI tailwinds and robust usage-based growth. FROG's revenue rose 26% y/y in Q1, with net retention at 120% and pro forma margins above 21%. Valuation is stretched at 11.3x EV/FY26 revenue and 47.7x EV/FY26 FCF, with significant stock-based comp diluting cash flow quality.

Alex Sacerdote doesn’t chase trends. He positions ahead of them, then waits for everyone else to catch up. His firm, Whale Rock Capital Management, built a reputation doing exactly that — calling the cloud computing boom early, loading up on AI infrastructure before it was a consensus trade, and posting 54% returns in 2024 while most investors were still arguing about whether the AI rally had legs.

Now Whale Rock’s latest 13-F filing reveals five stocks Sacerdote was quietly buying in Q1 — and none of them are the household names you’d expect from a fund with a $10 billion AI thesis. No Nvidia. No Microsoft. Instead, Sacerdote is moving into the less-covered infrastructure layer: the test equipment makers, the semiconductor tool suppliers, the DevOps platforms — the companies that don’t make the headlines but don’t miss the upside either.

This matters because Whale Rock has a track record of being early and right. When the firm builds a new position, it’s not a diversification play — it’s a conviction bet built on thousands of management meetings and a research process that traces back to Sacerdote’s years as a Fidelity sector portfolio manager. These five stocks represent where one of the most closely watched technology investors on Wall Street thinks the next S-curve begins.

Who Is Whale Rock — and Why Does It Matter What They Buy?

Few hedge funds embody concentrated conviction investing quite like Whale Rock Capital Management. Founded in 2006 by Alex Sacerdote, the Boston-based firm built its reputation doing one thing exceptionally well: identifying massive technological shifts early and betting aggressively on the companies most likely to dominate them.

Sacerdote didn’t come from nowhere. Before launching Whale Rock, he spent years at Fidelity Investments as both an analyst and sector portfolio manager focused on technology stocks. Before Fidelity, he worked in technology, media, and telecommunications investment banking at Citigroup, and held an operating role at an internet advertising startup during the first dot-com era.

The core intellectual framework is what Sacerdote calls the “S-curve” approach. Technological adoption tends to move slowly at first, then accelerates dramatically as it reaches critical mass, before eventually flattening out. The trick is identifying where an industry or company sits on that curve before Wall Street fully appreciates the magnitude of the coming growth. Sacerdote built Whale Rock around finding those inflection points.

The returns have been exceptional, though not without volatility. Institutional Investor reported that Whale Rock’s long-only fund gained 59.3% in 2023. The flagship hedge fund followed with a roughly 54% gain in 2024 as AI-related positions surged, propelling Sacerdote onto Institutional Investor’s annual list of the highest-earning hedge fund managers.

Whale Rock also differentiates itself through research intensity. The investment team reportedly conducts thousands of meetings annually with company management teams, suppliers, customers, and industry experts to identify durable competitive advantages before they show up in earnings estimates.

In many ways, Whale Rock represents the evolution of the old Fidelity growth-investing culture into the modern AI era — deep fundamental research discipline married to a concentrated hedge fund structure focused almost entirely on technological disruption. When Sacerdote and his team build a large position, Wall Street pays attention.

The Five Stocks Whale Rock Was Buying in Q1

1. Viavi Solutions (VIAV)

Viavi Solutions is the kind of technology infrastructure company that rarely generates excitement — and quietly becomes indispensable. The company dominates niche areas of optical networking test equipment, network monitoring, and communications infrastructure diagnostics. As hyperscale data centers, AI clusters, telecom networks, and cloud infrastructure grow more complex, the need to test and validate those systems grows with them.

2. Advanced Energy Industries (AEIS)

Advanced Energy Industries sits at the center of several secular growth trends Whale Rock has aggressively pursued for years. The company provides highly engineered power conversion systems used in semiconductor manufacturing, industrial applications, data centers, and precision manufacturing environments.

3. MKS Instruments (MKSI)

MKS Instruments fits naturally alongside AEIS in the Whale Rock framework. MKS supplies critical process technologies, lasers, vacuum systems, photonics components, and advanced manufacturing tools tied heavily to semiconductor fabrication and industrial automation. After its acquisition of Atotech expanded its electronics and specialty manufacturing footprint, MKSI became even more deeply embedded in the advanced electronics supply chain.

4. Klaviyo (KVYO)

Whale Rock has historically excelled at identifying software businesses sitting at the intersection of data, automation, and recurring revenue growth. KVYO’s strong organic growth, high gross margins, and expanding enterprise opportunity fit naturally within Sacerdote’s S-curve investing framework. The company also carries the operating leverage growth investors love to see as software firms mature and scale.

5. JFrog (FROG)

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Key Takeaways: Anthropic's Project Glasswing, an industry-wide initiative built around the restricted-access Claude Mythos Preview model, is bringing frontier AI into vulnerability discovery at scale, with 12 launch partners and more than 40 additional organizations participating.

JFrog NASDAQ: FROG executives said the company's cloud business is benefiting from rising software usage tied in part to artificial intelligence experimentation, but management emphasized that it is maintaining a conservative forecasting approach because customer usage patterns remain uncertain.

JFrog NASDAQ: FROG is seeing continued demand from enterprise artificial intelligence activity, with cloud usage benefiting from experimentation around coding agents and model development, Jeff Schreiner, the company's head of investor relations, said during a conference discussion with analyst Andrew Sherman.

On CNBC's “Mad Money Lightning Round,” Jim Cramer said about JFrog Ltd (NASDAQ:FROG) that the multiple "is too high," although software development "is a good business." The stock has risen more than 40% year-to-date, against the backdrop of exploding demand for AI coding agents and LLMs (large language models).

SUNNYVALE, Calif.--(BUSINESS WIRE)---- $FROG #AI--JFrog and Anthropic Bring Enterprise-Grade Software Supply Chain Governance and Security to Claude Code.

As Wall Street pours billions into artificial intelligence (AI) infrastructure, Oxbow Advisors founder Ted Oakley says investors are ignoring the massive energy and commodity demand needed to power the AI boom — creating an opportunity in beaten-down energy stocks.

MLPs remain highly attractive for income investors due to defensive cash flows, CPI-linked contracts, and yields averaging ~7.5%. Recent MLP price surges do not signal overvaluation; current valuations are not detached given sector fundamentals and macro risks. MLPs have deleveraged, consolidated, and now benefit from higher inflation expectations and a flight-to-quality dynamic.

MPLX LP stands out as my top MLP pick, offering a compelling combination of high yield, robust distribution growth, and lower risk relative to peers. MPLX units yield nearly 8%, trade at ~12x earnings, and management guides to 12.5% annual distribution growth through 2027, outpacing Enterprise Products Partners. The company's fee-based, long-term contracts and strategic ties to Marathon Petroleum Corporation provide stable, predictable cash flows and strong downside protection.

MPLX stands out as a leading midstream MLP, driven by steady natural gas and NGL expansion and robust distribution growth. With a 1.3X distribution coverage and a 12.5% Y/Y distribution increase, MPLX offers compelling yield and growth for income-focused investors. MPLX trades at an attractive 11.2X forward EV/EBITDA, comparable to peers like EPD, and is well-positioned for accretive pipeline acquisitions.

MPLX LP offers a near 8% yield with a multi-year plan for 12.5% distribution growth, but units now trade just above fair value. I downgrade MPLX to a "Hold," as major growth projects are on schedule but back-weighted to late 2026, with leverage expected to normalize to 3.5x by 2027. Distribution coverage remains robust at 1.3x, with management reiterating double-digit distribution growth through 2027 and a stable investment-grade balance sheet.

Investors with an interest in Oil and Gas - Production and Pipelines stocks have likely encountered both Transportadora De Gas Sa Ord B (TGS) and MPLX LP (MPLX). But which of these two stocks is more attractive to value investors?

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The June GVAS portfolio highlights 13 'safer,' fair-priced large-cap value stocks with strong dividend yields and positive free cash flow margins. Top ten GVAS stocks are forecasted to deliver average net gains of 39.68% by June 2027, with yields ranging from 7.9% to 16.46%. Energy and financial sectors dominate the highest-yielding, lowest-priced GVAS, with Okeanis Eco Tankers and IRSA Inversiones offering standout upside potential.