Astera Labs po zveřejnění výsledků za 2. čtvrtletí klesla o 12 %, i když poptávka po AI produktech zůstává silná. Firma očekává tržby za 3. čtvrtletí ve výši 540–560 milionů USD.
Key Takeaways Astera Labs stock dips 12% after Q2 earnings despite strong year-to-date gains and AI product demand. ALAB expects Q3 revenues of $540M-$560M, driven by Scorpio X-Series and continued Aries strength. Astera Labs faces premium valuation, higher expenses and tougher AI infrastructure competition. Astera Labs (ALAB - Free Report) shares have lost 12% since it reported second-quarter 2026 results on Aug. 4, 2026. The company’s second-quarter earnings suffered from higher operating expenses due to continued investment in its product roadmap. Challenging macroeconomic uncertainties and stiff competition remain headwinds.
Click here to check the details of ALAB’s second-quarter 2026 results.
However, Astera Labs shares have gained 91.4% in the year-to-date period, outperforming the broader Zacks Computer & Technology sector’s increase of 18.6% and the Zacks Internet - Software industry’s decline of 4.3% over the same time frame. The outperformance can be attributed to the strong demand for their AI connectivity products, especially the Scorpio and Aries portfolios.
ALAB Stock Performance
Image Source: Zacks Investment Research
ALAB Benefits From Strong Demand for PCIe SolutionALAB is rapidly expanding its portfolio to address the growing demands of AI infrastructure and connectivity solutions. Its product portfolio, including Scorpio, Aries, and Taurus, has been a key catalyst. In the second quarter of 2026, PCIe 6 products, including the Scorpio AI Fabric Switches and Aries Retimers, accounted for more than 50% of total revenues, highlighting the market leadership of ALAB’s Gen 6 portfolio.
The Scorpio product family delivered significant growth in the second quarter of 2026, as the X-Series began shipping in initial production volumes across multiple lane configurations. The high-radix Scorpio X-Series entered volume production and is expected to scale materially during the second half of 2026. Management expects Scorpio to become the company’s largest product family in the third quarter, one quarter earlier than previously projected. The transition will be led by the 320-lane Scorpio X-Series fabric switch, which supports larger accelerator clusters and includes hardware-based Hypercast and in-network compute capabilities.
In the second quarter of 2026, Taurus revenues grew strongly on increased unit shipments across AI and general-purpose computing platforms. The company also delivered preproduction volumes of 100-gigabit-per-lane Taurus Smart Cable Modules for 800-gigabit active electrical cables.
Astera Labs expanded its Taurus signal conditioning portfolio with 3.2T Smart Retimers and Smart Redrivers for 224G Ethernet and UALink connectivity, strengthening AI infrastructure capabilities. The new OCP-compatible design enables Smart Swap flexibility, while Unified COSMOS software adds advanced telemetry, diagnostics and intelligent link management across high-speed interconnects.
ALAB Offers Strong Q3 GuidanceAster Labs is benefiting from strong demand for its Aries, Taurus, and Scorpio product families, all of which are expected to drive growth in the third quarter of 2026.
For the third quarter of 2026, revenues are expected to be between $540 million and $560 million. The midpoint implies sequential growth of approximately 40%, driven by the Scorpio X-Series production ramp, continued Aries PCIe 6 retimer strength and preproduction Taurus shipments for 800-gigabit Ethernet applications. The Zacks Consensus Estimate for third-quarter revenues is pegged at $405.29 million, representing year-over-year growth of 75.78%.
Management projects non-GAAP earnings between $1.16 and $1.21 per share in the third quarter of 2026. The Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at 77 cents per share, which has been unchanged over the past 30 days. The figure implies a year-over-year increase of 57.14%.
ALAB Faces Stiff CompetitionDespite an expanding portfolio and strong partner base, ALAB is facing stiff competition from other industry players like Marvell Technology (MRVL - Free Report) , Cisco Systems (CSCO - Free Report) and Credo Technology (CRDO - Free Report) . These companies are all expanding their footprints in the AI infrastructure space.
Marvell Technology’s expanding portfolio has been noteworthy. In June 2026, Marvell Technology introduced the Teralynx T100, the industry’s first 102.4 Tbps AI-optimized switch silicon, delivering up to 25% lower power consumption and ultra-low latency to improve efficiency and scalability in large AI data center networks.
Cisco Systems has been integrating AI into its product portfolios across networking, security, collaboration and observability. Strong demand for Cisco Systems’ products in developing AI infrastructure has been a game-changer for the company. In the third quarter of fiscal 2026, AI infrastructure orders taken from hyperscalers totaled $1.9 billion in the reported quarter compared with $600 million in the year-ago quarter. Cisco Systems raised its fiscal 2026 hyperscaler AI infrastructure order outlook from $5 billion to $9 billion, and increased expected AI infrastructure revenues from $3 billion to $4 billion.
Credo Technology’s expanding portfolio has been noteworthy. In May 2026, Credo Technology completed its acquisition of DustPhotonics, adding industry-leading silicon photonics technology to strengthen its optical interconnect portfolio across 800G, 1.6T and 3.2T solutions. The acquisition enhances Credo Technology’s vertically integrated AI connectivity stack and is expected to be a significant growth driver in fiscal 2027, supported by increasing hyperscale AI adoption.
ALAB Shares Trade at a PremiumAstera Labs’ stock is trading at a premium, as suggested by the Value Score of F.
In terms of the forward 12-month Price/Sales, ALAB is trading at 28.94X, higher than the Computer & Technology sector’s 6.65X.
ALAB Valuation
Image Source: Zacks Investment Research
ConclusionAstera Labs is well positioned to benefit from strong AI infrastructure spending, supported by the rapid adoption of its Scorpio, Aries, and Taurus product families. However, its stretched valuation, rising operating expenses and intensifying competition remain concerns.
Astera Labs currently has a Zacks Rank #3 (Hold), suggesting that it may be wise to wait for a more favorable entry point to accumulate the stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BioMarin zvýšil celoroční výhled tržeb z VOXZOGO na nejméně 1 miliardu USD v roce 2026 po silné poptávce. Ve 2. čtvrtletí tržby meziročně vzrostly o 20 % na 990 milionů USD.
Second Quarter 2026 Total Revenues Increased 20% Year-over-year to $990 million
Stronger Growth Expectations Drive Increased Guidance for Full-year 2026 Total Revenues, VOXZOGO®, and Non-GAAP Diluted Earnings Per Share (EPS)
Addition of GALAFOLD® and POMBILITI® + OPFOLDA®, with Cost Synergies, Expected to Accelerate Revenue Growth, Non-GAAP Diluted EPS Accretion, Non-GAAP Operating Margin Expansion, and Operating Cash Flow through the Mid-2030s
Conference Call and Webcast Scheduled Today at 4:30 p.m. ET
, /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the second quarter ended June 30, 2026.
"This quarter, we executed strongly across our portfolio while rapidly integrating Amicus into BioMarin's operations and advancing plans to accelerate growth for GALAFOLD and POMBILITI + OPFOLDA, and extending the benefit of these medicines to more patients worldwide," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "Strong global demand led us to increase full-year VOXZOGO revenue guidance to at least $1 billion in 2026. Adding to this momentum is the opportunity to advance our second potential indication with VOXZOGO, hypochondroplasia, based on recent pivotal data that exceeded our expectations." Mr. Hardy added, "With our larger, more diversified commercial portfolio of innovative medicines, we are positioned to deliver additional growth and increased profitability. We expect strong execution through the remainder of 2026, bringing together our expanded portfolio, scale and disciplined integration efforts to reach more patients living with serious genetic conditions around the world."
2026 Business and Pipeline Highlights
Innovation
BioMarin recently submitted its supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) for the approval of VOXZOGO for the treatment of hypochondroplasia. If approved, VOXZOGO would be the first targeted therapy for the treatment of hypochondroplasia, with a potential 2027 launch. The company plans to provide an update on the application status as part of its third quarter earnings update. In May, the company announced that the Phase 3 CANOPY-HCH-3 study of VOXZOGO in children with hypochondroplasia met its primary endpoint, with a statistically significant increase in annualized growth velocity (AGV) at week 52 versus placebo (LS mean difference +2.33 cm/yr, p<0.0001), along with significant improvements in standing height, height Z-score, and the key secondary endpoint of arm span. The full Phase 3 dataset will be shared in a late-breaking oral presentation at the European Society for Paediatric Endocrinology Annual Meeting in September. In June, at the Endocrine Society Annual Meeting (ENDO 2026), a Phase 2 investigator-sponsored three-year extension study of VOXZOGO in 13 children with hypochondroplasia showed sustained improvements in growth with a favorable safety profile. Mean AGV increased from 4.27 cm/year at baseline to 7.24 cm/year at year one (p<0.001) and remained above baseline through year three, with mean height standard deviation score (SDS) improving 0.72 over the three years. Also at ENDO 2026, the company presented Phase 1 data for BMN 333, BioMarin's long-acting C-type natriuretic peptide (CNP) for achondroplasia. In a single-ascending-dose study in healthy adults, BMN 333 demonstrated sustained exposure supporting weekly dosing and was well tolerated, with free CNP exposure at the highest dose more than 13-fold that of another long-acting CNP agent, reflecting its potential to become a new standard of care in achondroplasia. The Phase 2/3 study is enrolling, with a data update expected in 2027. In July, BioMarin announced that the FDA accepted its sNDA for full approval of VOXZOGO in children with achondroplasia, with a Prescription Drug User Fee Act (PDUFA) target action date of February 28, 2027. In the second quarter, the European Commission approved PALYNZIQ® for adolescents 12 years and older with phenylketonuria (PKU). PALYNZIQ is the only therapy that enables people with PKU to reach physiologic Phe levels while reducing dietary restrictions, regardless of severity. During the quarter, BioMarin added BMN 820 (formerly DMX-200) to its portfolio, a first-in-class oral CCR2 inhibitor for focal segmental glomerulosclerosis (FSGS) for which BioMarin holds exclusive U.S. commercialization rights. BMN 820 has the potential to treat a broad FSGS population, regardless of nephrotic syndrome status, and represents a U.S. total addressable patient population of approximately 30,000. The Phase 3 ACTION 3 trial is ongoing, with pivotal data expected in 2028. BMN 351, BioMarin's Phase 1/2 candidate for Duchenne muscular dystrophy, continued in development. The company expects to provide a program update by year-end. Following the pivotal ENERGY 3 trial results, previously announced in May, in which BMN 401 did not meet one of its two co-primary endpoints for the treatment of ENPP1 deficiency, BioMarin has now made the decision to discontinue development of BMN 401 across all indications. In July, BioMarin and the n-Lorem Foundation entered a collaboration and global exclusive license agreement to develop a first-in-disease antisense oligonucleotide (ASO) medicine for ReNU syndrome, a serious, rare neurodevelopmental condition with no approved targeted therapies. ReNU syndrome has an expected global population of approximately 100,000. Growth
BioMarin expects peak revenue for GALAFOLD to be approximately $1.4 billion by the mid-2030s and for POMBILITI + OPFOLDA to be approximately $1.2 billion by the mid-to-late-2030s. BioMarin expects these high growth therapies to benefit from its global scale and proven commercial capabilities. Metabolic Conditions (formerly Enzyme Therapies) revenue grew 25% Y/Y in the second quarter of 2026, driven by the additions of GALAFOLD and POMBILITI + OPFOLDA and continued strength from PALYNZIQ. The number of patients on therapy grew across all BioMarin-marketed therapies, both Y/Y and sequentially. Strong U.S. and global demand led to increased full-year 2026 VOXZOGO revenue guidance to a low end of $1 billion. The number of children being treated with VOXZOGO globally increased by more than 20% Y/Y in the second quarter. In the U.S., the majority of new patient starts were under two years of age, and the region drove approximately 25% of total VOXZOGO revenue during the quarter. Value Commitment
As part of the acquisition of Amicus, which closed on April 27, 2026, the company identified approximately $280 million of cost reductions on a GAAP basis, and approximately $220 million of cost reductions on a Non-GAAP basis, expected to be fully realized in 2028, representing an approximately 50% reduction from Amicus-reported 2025 GAAP and Non-GAAP operating expenses, respectively. Synergies reflect a reduction of Amicus' legacy labor costs and external spend and are expected to be largely driven by general and administrative functions, with the large majority of sales and marketing capabilities retained to support continued commercial growth. GALAFOLD and POMBILITI + OPFOLDA, combined, are expected to reach over 60% Non-GAAP Operating Margin by 2030. The company is targeting gross leverage below 2.5 times by mid-year 2027, an acceleration by approximately one year of prior timeline guidance provided at deal announcement, supported by profitability growth of the combined company. Second Quarter 2026 Financial Highlights
Total Revenues for the second quarter of 2026 were $990 million, an increase of $165 million compared to the same period in 2025, primarily driven by revenues from GALAFOLD and POMBILITI + OPFOLDA, which were acquired from Amicus on April 27, 2026, as well as new patients initiating VOXZOGO therapy across all regions and growth in U.S. patients treated with PALYNZIQ. These increases were partially offset by lower VIMIZIM® revenue due to the timing of large government orders outside the U.S. and lower ALDURAZYME® sales volume due to the timing of order fulfillment to Sanofi. GAAP Net Income for the second quarter of 2026 decreased to $45 million compared to $241 million for the same period in 2025. The decrease was primarily driven by the acquisition of Amicus, including integration and restructuring costs, intangible asset amortization, interest expense from debt issued to finance a portion of the transaction, and amortization of inventory fair value step-up. Other drivers included higher sales and marketing spend to support newly acquired products and global expansion of VOXZOGO and higher Research and Development (R&D) spend related to BMN 401, which was acquired in the third quarter of 2025, partially offset by higher gross profit driven by revenue growth as described above. Non-GAAP Income for the second quarter of 2026 decreased to $236 million compared to $282 million for the same period in 2025. The decrease was primarily driven by higher interest expense, higher sales and marketing spend to support newly acquired products and global expansion of VOXZOGO, and higher R&D spend related to BMN 401, partially offset by higher gross profit driven by revenue growth as described above. Financial Highlights (in millions of U.S. dollars, except per share data, unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
% Change
2026
2025
% Change
Total Revenues
$990
$825
20 %
$1,756
$1,571
12 %
Net Product Revenues by Product:
VOXZOGO
$253
$221
14 %
$472
$435
9 %
Metabolic Conditions:
VIMIZIM
$194
$215
(10) %
$405
$404
— %
NAGLAZYME®
135
129
5 %
265
243
9 %
PALYNZIQ
135
106
27 %
225
199
13 %
GALAFOLD
106
—
NM
106
—
NM
BRINEURA®
51
49
4 %
98
89
10 %
ALDURAZYME
44
56
(21) %
80
105
(24) %
POMBILITI + OPFOLDA
30
—
NM
30
—
NM
Total Metabolic Conditions Revenue
$695
$555
25 %
$1,209
$1,040
16 %
KUVAN®
$24
$27
(11) %
$48
$52
(8) %
ROCTAVIAN®(1)
$12
$9
33 %
$14
$20
(30) %
GAAP Net Income
$45
$241
(81) %
$150
$426
(65) %
Non-GAAP Income (2)
$236
$282
(16) %
$385
$502
(23) %
GAAP Operating Margin % (3)
11.2 %
33.5 %
13.7 %
31.9 %
Non-GAAP Operating Margin % (2)
36.4 %
39.9 %
31.0 %
37.9 %
GAAP Diluted EPS
$0.23
$1.23
(81) %
$0.77
$2.19
(65) %
Non-GAAP Diluted EPS (2)
$1.20
$1.44
(17) %
$1.96
$2.57
(24) %
NM
Percentage change is not meaningful for products acquired from Amicus on April 27, 2026.
(1)
In 2026, the company announced that it will no longer market ROCTAVIAN.
(2)
Refer to Non-GAAP Information beginning on page 10 of this press release for definitions of Non-GAAP Income, Non-GAAP Operating Margin percentage and Non-GAAP Diluted EPS along with the related reconciliations to the comparable information reported under U.S. GAAP.
(3)
GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations divided by Total Revenues.
Forward-Looking Non-GAAP Financial Information
BioMarin does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the company is unable to predict with reasonable certainty the financial impact of changes resulting from its strategic portfolio and business operating model reviews; potential future asset impairments; gains and losses on investments; and other unusual gains and losses without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. As such, any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.
Updated 2026 Full-Year Financial Guidance (in millions, except EPS amounts)
Total Revenues, VOXZOGO, and Non-GAAP Diluted EPS guidance raised, reflecting strong first-half 2026 performance and second-half 2026 revenue expectations for both Metabolic Conditions and VOXZOGO. Guidance reflects post-close contributions from Amicus beginning April 27, 2026. BioMarin will continue to include interest expense related to the Amicus financing in both GAAP and Non‑GAAP financial results. Based on current rates, interest expense associated with the financing is estimated at approximately $200 million on an annualized basis, with Term Loans and Senior Notes scheduled to mature after 2030. Item
Provided on May 4, 2026
Updated August 6, 2026
Midpoint Growth
(Y/Y)
Total Revenues
$3,825
to
$3,925
$3,875
to
$3,925
21 %
Metabolic Conditions
$2,725
to
$2,775
Unchanged
31 %
VOXZOGO
$975
to
$1,025
$1,000
to
$1,050
11 %
Other Revenues(1)
$100
to
$125
Unchanged
Non-GAAP Diluted EPS (2)(3)(4)
$4.85
to
$5.05
$4.90
to
$5.10
59 %
(1)
Other Revenues includes KUVAN, ROCTAVIAN, and royalties.
(2)
Refer to Non-GAAP Information beginning on page 10 of this press release for definition of Non-GAAP Diluted EPS.
(3)
Non-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding.
(4)
Non-GAAP Diluted EPS guidance assumes a combined company tax rate of 22%.
BioMarin will host a conference call and webcast to discuss second quarter 2026 financial results today, Thursday, August 6, 2026, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.
U.S./Canada Dial-in Number: 800-715-9871
Replay Dial-in Number: 800-770-2030
International Dial-in Number: 646-307-1963
Replay International Dial-in Number: 609-800-9909
Conference ID: 3551298
Conference ID: 3551298
About BioMarin
BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Founded in 1997, the San Rafael, California-based company has a proven track record of innovation, with nine commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin seeks to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. To learn more, please visit www.biomarin.com.
Forward-Looking Statements
This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: future financial performance, including the expectations of Total Revenues, Non-GAAP Diluted EPS, Non-GAAP Operating Margin, gross leverage, operating cash flow and revenue compound annual growth rate (CAGR) for, in certain instances, the full-year 2026, fourth quarter and second half of 2026, and future periods, and the underlying drivers of those results, such as the expected demand and continued growth of BioMarin's Metabolic Conditions portfolio, including PALYNZIQ, and VOXZOGO, and the expected impact of the acquisition of Amicus Therapeutics, Inc. (Amicus); the anticipated benefits of the acquisition of Amicus, including the expected amount and timing of cost synergies as well as expected revenue from the addition of GALAFOLD and POMBILITI + OPFOLDA, including BioMarin's plans and expectations to accelerate growth through mid-2030s; BioMarin's plans for investment in innovation and future growth; the timing of orders for commercial products; plans and expectations regarding the development, commercialization and commercial prospects of BioMarin's product candidates and commercial products, including the prospects and timing of actions relating to clinical studies and trials and product approvals, such as study initiations, study advancements, data readouts, submissions, filings, approvals, and label expansions; the expected benefits and availability of BioMarin's commercial products and product candidates, including with respect to the potential new indication for VOXZOGO in hypochondroplasia; and potential growth opportunities and trends, including the assumptions and expectations regarding total addressable patient population (TAPP) with respect to the conditions targeted by BioMarin's product candidates and commercial products.
These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in the commercialization of its commercial products; BioMarin's ability to realize the anticipated benefits of any acquisitions; BioMarin's ability to accurately estimate future financial performance; impacts of macroeconomic and other external factors on BioMarin's operations, regulatory uncertainty, the impact of new or increased tariffs, other trade protection measures, and escalating trade tensions; geopolitical instability, wars and military conflicts; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the U.S. Food and Drug Administration, the European Medicines Agency, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; BioMarin's ability to meet product demand; actual sales of BioMarin's commercial products; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as such factors may be updated by any subsequent reports. Investors are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.
BioMarin®, VOXZOGO®, VIMIZIM®, NAGLAZYME®, PALYNZIQ®, BRINEURA®, KUVAN®, ROCTAVIAN®, GALAFOLD®, and POMBILITI® + OPFOLDA® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three and Six Months Ended June 30, 2026 and 2025
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
REVENUES:
Net product revenues
$ 984,393
$ 812,982
$ 1,744,471
$ 1,547,626
Royalty and other revenues
5,315
12,428
11,445
22,929
Total revenues
989,708
825,410
1,755,916
1,570,555
OPERATING EXPENSES:
Cost of sales
202,795
150,090
397,794
301,648
Research and development
206,952
161,308
385,748
320,039
Selling, general and administrative
395,549
232,279
653,839
438,395
Intangible asset amortization
73,492
4,846
77,975
9,693
Total operating expenses
878,788
548,523
1,515,356
1,069,775
INCOME FROM OPERATIONS
110,920
276,887
240,560
500,780
Interest income
10,480
18,827
33,040
37,840
Interest expense
(63,295)
(2,679)
(78,253)
(5,542)
Other income, net
3,279
4,833
7,240
2,879
INCOME BEFORE INCOME TAXES
61,384
297,868
202,587
535,957
Provision for income taxes
16,622
57,336
52,298
109,739
NET INCOME
$ 44,762
$ 240,532
$ 150,289
$ 426,218
EARNINGS PER SHARE, BASIC
$ 0.23
$ 1.25
$ 0.78
$ 2.23
EARNINGS PER SHARE, DILUTED
$ 0.23
$ 1.23
$ 0.77
$ 2.19
Weighted average common shares outstanding, basic
193,423
191,907
192,959
191,440
Weighted average common shares outstanding, diluted
194,467
197,091
194,147
196,643
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2026 and December 31, 2025
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
June 30, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$ 874,005
$ 1,311,679
Short-term investments
—
248,930
Accounts receivable, net
1,061,047
908,214
Inventory
1,782,524
1,298,883
Other current assets
254,047
185,784
Total current assets
3,971,623
3,953,490
Noncurrent assets:
Long-term investments
—
492,242
Property, plant and equipment, net
989,994
952,508
Intangible assets, net
4,879,367
213,837
Goodwill
655,745
196,199
Deferred tax assets
888,575
1,508,697
Other assets
338,138
277,049
Total assets
$ 11,723,442
$ 7,594,022
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$ 1,005,793
$ 759,031
Current portion of long-term debt, net
658,203
—
Total current liabilities
1,663,996
759,031
Noncurrent liabilities:
Long-term debt, net
3,527,939
597,176
Other long-term liabilities
209,815
150,816
Total liabilities
5,401,750
1,507,023
Stockholders' equity:
Common stock, $0.001 par value: 500,000,000 shares authorized; 193,535,556 and 192,300,101 shares issued and outstanding, respectively
194
192
Additional paid-in capital
6,037,019
5,956,582
Company common stock held by the Nonqualified Deferred Compensation Plan
(11,233)
(10,508)
Accumulated other comprehensive income (loss)
(8,783)
(13,473)
Retained earnings
304,495
154,206
Total stockholders' equity
6,321,692
6,086,999
Total liabilities and stockholders' equity
$ 11,723,442
$ 7,594,022
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2026 and 2025
(In thousands of U.S. dollars)
(Unaudited)
Six Months Ended June 30,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$ 150,289
$ 426,218
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
114,049
40,632
Non-cash interest expense
27,912
1,320
Stock-based compensation
119,152
85,231
Impairment of assets
—
2,967
Deferred income taxes
2,261
61,771
Unrealized foreign exchange gains
(4,046)
(5,306)
Other
(5,534)
(4,633)
Changes in operating assets and liabilities, net of effects of business acquired:
Accounts receivable, net
(46,005)
(156,124)
Inventory
12,334
(72,462)
Other current assets
(23,589)
(15,092)
Other assets
9,005
(13,505)
Accounts payable and accrued liabilities
26,265
3,111
Other long-term liabilities
6,667
5,537
Net cash provided by operating activities
388,760
359,665
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(49,739)
(33,869)
Maturities and sales of investments
767,277
195,738
Purchases of investments
(25,792)
(202,433)
Purchase of intangible assets
(5,433)
(266)
Acquisition of Amicus, net of cash acquired
(5,067,630)
—
Other
4,966
—
Net cash used in investing activities
(4,376,351)
(40,830)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of awards under equity incentive plans
6,655
7,707
Taxes paid related to net share settlement of equity awards
(39,504)
(51,089)
Proceeds from borrowings
3,650,000
—
Payments of debt issuance costs
(65,604)
—
Net cash provided by (used in) financing activities
3,551,547
(43,382)
Effect of exchange rate changes on cash
(1,630)
(4,479)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(437,674)
270,974
Cash and cash equivalents:
Beginning of period
$ 1,311,679
$ 942,842
End of period
$ 874,005
$ 1,213,816
Non-GAAP Information
The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the company as GAAP Net Income (Loss) excluding amortization, stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. The company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP Cost of Sales (COS), Non-GAAP R&D expenses and Non-GAAP Selling, General and Administrative (SG&A) expenses are defined by the company as GAAP COS, GAAP R&D expenses and GAAP SG&A expenses, respectively, excluding stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. Non-GAAP Operating Margin percentage is defined by the company as GAAP Income (Loss) from Operations, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, divided by GAAP Total Revenues. Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP Weighted-Average Diluted Shares Outstanding. Non-GAAP Weighted-Average Diluted Shares Outstanding is defined by the company as GAAP Weighted-Average Diluted Shares Outstanding, adjusted to include any common shares issuable under the company's equity plans or convertible debt in periods when they are dilutive under Non-GAAP. Projected Gross Leverage is defined by the company as undiscounted debt (total debt excluding unamortized discount and deferred offering costs) as of the balance sheet date divided by 4 quarter projected Non-GAAP Adjusted EBITDA. Non-GAAP Adjusted EBITDA is defined by the company as GAAP Income (or Loss) from Operations excluding the impact of depreciation, amortization and stock-based compensation expense. Non-GAAP synergies is defined by the company as Amicus' legacy labor and external spend cost reductions, excluding the impact of stock-based compensation.
BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure. Because these Non-GAAP metrics are important internal measurements for BioMarin, the company believes that providing this information in conjunction with BioMarin's GAAP information enhances investors' and analysts' ability to meaningfully compare the company's results from period to period and to its forward-looking guidance, and to identify operating trends in the company's principal business.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the company's results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the company may exclude for purposes of its Non-GAAP financial measures; likewise, the company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:
Reconciliation of GAAP Reported Information to Non-GAAP Information (1)
(In millions of U.S. dollars, except per share data)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
GAAP Reported Net Income
$ 45
$ 241
$ 150
$ 426
Adjustments
Stock-based compensation expense - COS
5
4
9
6
Stock-based compensation expense - R&D
16
14
28
26
Stock-based compensation expense - SG&A(2)
55
30
83
53
Amortization of intangible assets
73
5
78
10
Amortization of acquired inventory step-up(3)
12
—
12
—
Acquisition-related costs(3)
84
—
84
—
Severance costs (4)
3
—
12
—
Loss on investments (5)
—
—
—
3
Income tax effect of adjustments
(57)
(11)
(70)
(22)
Non-GAAP Income
$ 236
$ 282
$ 385
$ 502
Three Months Ended
June 30,
2026
2025
COS
R&D
SG&A
COS
R&D
SG&A
GAAP expenses
$ 203
$ 207
$ 396
$ 150
$ 161
$ 232
Adjustments
Stock-based compensation expense(2)
(5)
(16)
(55)
(4)
(14)
(30)
Amortization of acquired inventory step-up(3)
(12)
—
—
—
—
—
Acquisition-related costs (3)
—
—
(84)
—
—
—
Severance costs (4)
—
—
(3)
—
—
—
Non-GAAP expenses
$ 186
$ 191
$ 253
$ 146
$ 147
$ 203
Six Months Ended
June 30,
2026
2025
COS
R&D
SG&A
COS
R&D
SG&A
GAAP expenses
$ 398
$ 386
$ 654
$ 302
$ 320
$ 438
Adjustments
Stock-based compensation expense(2)
(9)
(28)
(83)
(6)
(26)
(53)
Amortization of acquired inventory step-up(3)
(12)
—
—
—
—
—
Acquisition-related costs (3)
—
—
(84)
—
—
—
Severance costs (4)
—
—
(12)
—
—
—
Non-GAAP expenses
$ 378
$ 358
$ 475
$ 295
$ 294
$ 385
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
Percent
of GAAP
Total
Revenue
2025
Percent
of GAAP
Total
Revenue
2026
Percent
of GAAP
Total
Revenue
2025
Percent
of GAAP
Total
Revenue
GAAP Income from Operations
$ 111
11.2 %
$ 277
33.5 %
$ 241
13.7 %
$ 501
31.9 %
Adjustments
Stock-based compensation expense(2)
76
7.7
48
5.8
120
6.8
85
5.4
Amortization of intangible assets
73
7.4
5
0.6
78
4.4
10
0.6
Amortization of acquired inventory step-up(3)
12
1.2
—
—
12
0.7
—
—
Acquisition-related costs (3)
84
8.5
—
—
84
4.8
—
—
Severance costs (4)
3
0.3
—
—
12
0.7
—
—
Non-GAAP Income from Operations
$ 360
36.4 %
$ 329
39.9 %
$ 545
31.0 %
$ 596
37.9 %
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
GAAP Diluted EPS
$ 0.23
$ 1.23
$ 0.77
$ 2.19
Adjustments
Stock-based compensation expense(2)
$ 0.38
$ 0.24
0.60
0.43
Amortization of intangible assets
$ 0.37
$ 0.03
0.39
0.05
Amortization of acquired inventory step-up(3)
$ 0.06
$ —
0.06
—
Acquisition-related costs(3)
$ 0.42
$ —
0.42
—
Severance costs (4)
$ 0.02
$ —
0.06
—
Loss on investments (5)
$ —
$ —
—
0.02
Income tax effect of adjustments
$ (0.29)
$ (0.06)
(0.35)
(0.11)
Non-GAAP Diluted EPS
$ 1.20
$ 1.44
$ 1.96
$ 2.57
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
GAAP Weighted-Average Diluted Shares Outstanding
194.5
197.1
194.1
196.6
Adjustments
Common stock issuable under company's convertible debt (6)
Certain amounts may not sum or recalculate due to rounding.
(2)
Stock-based compensation expense recorded in SG&A for the three and six months ended June 30, 2026, includes approximately $13 million related to the post-combination service period for unvested Amicus stock options.
(3)
These amounts represent costs resulting from the Amicus acquisition that closed on April 27, 2026. Acquisition-related costs were included in SG&A and consisted of severance, transaction and integration costs. Amortization of acquired inventory step-up was included in COS.
(4)
These amounts were included in SG&A and represent charges for severance in connection with the company's plan to simplify its organizational design and strategic initiatives in the first and second quarters of 2026.
(5)
Represents impairment loss on non-marketable equity securities recorded in Other income, net, in the first quarter of 2025.
(6)
Common stock issuable under the company's convertible debt were excluded from the computation of GAAP Weighted-Average Diluted Shares Outstanding for the three and six months ended June 30, 2026 as they were anti-dilutive.
Amicus Therapeutics, Inc. (1)
Reconciliation of Non-GAAP Financial Measures
(in thousands)
(Unaudited)
Twelve Months Ended
December 31, 2025
Total operating expenses - as reported GAAP
$ 528,492
Research and development:
Share-based compensation
12,156
Selling, general and administrative:
Share-based compensation
75,254
Loss on impairment of assets
1,702
Depreciation and amortization
7,460
Total operating expense adjustments to reported GAAP
96,572
Total operating expenses - as adjusted
$ 431,920
(1)
The above historical reconciliation is reproduced from Amicus' earnings release furnished as Exhibit 99.1 to its Current Report on Form 8-K dated February 20, 2026 and reflects Amicus' historical definitions of the applicable non-GAAP measures.
XRP has experienced notable selling pressure in recent days, with its price testing previous lows and ranking among the weakest performers within the top 10 cryptocurrencies by market capitalization.
Recent data from SosoValue shows that XRP-linked exchange-traded funds registered a combined daily net outflow of $3.58 million, marking the first negative flow in the sector this month. The entire withdrawal was reported from Bitwise, one of the primary companies issuing XRP ETFs, while other funds recorded no significant activity during the same trading session.
Typically, the XRP ETF market has weathered volatility better than many competing products. This recent movement stands out given that ETF products tied to XRP had often shown resilience even as other funds continued to record persistent and steady withdrawals in previous weeks.
The total outflow was solely covered by Bitwise, one of the largest XRP ETF issuing companies. Market participants have expressed concern that institutional investors may be reducing their exposure to the asset as they trade with increased caution.
Market Response and XRP’s Price ActionThe withdrawal came amid a sharp retreat in XRP’s price, with the asset dropping to levels not observed since the beginning of the month. This downturn has contributed to broader concerns among investors regarding future demand and possible shifts in institutional sentiment toward XRP-focused products.
XRP’s recent decline has resulted in a significant loss of momentum and a diminished market capitalization. The drop also led XRP to relinquish its place among the top four cryptocurrencies, as BNB outperformed XRP and rose in the rankings. XRP now holds the position of the sixth-largest crypto asset by market capitalization.
Adapting to Changing Market ConditionsAs the XRP market faces heightened volatility, monitoring real-time market trends and ETF flows remains crucial for investors seeking to navigate fast-changing conditions. Amid this landscape, products offering integrated analysis and alerts have become increasingly important for anticipating sudden market shifts.
CryptoAppsy, which requires no account creation hassle, combines your crypto investments with real-time prices, detailed charts, and multi-currency portfolio management on a single screen. With this all-in-one financial assistant, you can instantly seize opportunities by setting up smart price alerts, filter news specific to your coins, discover newly listed altcoins without missing them, and always stay one step ahead of the market with critical macroeconomic data such as Fed interest rates.
With Bitwise being the only fund that carried the total $3.58 million outflow, the data shows that other funds remained silent with zero activity during the trading session.
The recent net outflow from XRP ETFs underlines the careful approach institutional investors appear to be taking as market conditions evolve. The focus now shifts to whether this trend continues or if assets tied to XRP regain stability in the upcoming trading sessions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Chainlink Data Streams jsou nyní na síti Sei Network a přinášejí 24/7 cenová data pro americké akcie a ETF. Decentralizované aplikace tak mohou na Sei obchodovat tokenizované akcie bez uzavření trhu.
Round-the-Clock Equity Data Comes to Sei@Chainlink U.S. Equities Streams are now live on @SeiNetwork, delivering institutional-grade price data for the $80 trillion global stock market to a blockchain environment that never closes. Chainlink Data Streams has been integrated into Sei Network as its preferred oracle solution, bringing low-latency, high-frequency market data to power real-time DeFi and trading applications.
The practical effect is significant. Decentralized venues on Sei can now bypass the opening and closing hours of legacy exchanges, settling tokenized equity positions around the clock with sub-second finality. Sei, a layer-1 blockchain featuring EVM compatibility and parallelized execution, will use Chainlink Data Streams for sub-second price latency, high data accuracy, and liquidity-weighted bid-ask spreads.
Chainlink has launched Data Streams for major U.S. equities and ETFs including SPY, CRCL, QQQ, NVDA, AAPL, and MSFT, with additional markets and asset classes on the horizon. The infrastructure has helped enable more than $25 trillion in on-chain transaction volume for leading DeFi applications.
Monaco Trading Builds High-Frequency Equity Markets on $SEI@MonacoTrading is among the first protocols to put these $LINK-powered streams to work, using them to build high-frequency markets for primary stock tickers directly on the $SEI execution layer. Monaco is the high-frequency trading layer designed to establish a decentralized Wall Street on the Sei network. The protocol achieves microsecond execution coupled with Sei's 400-millisecond settlement, a 200,000x improvement over traditional T+1 settlement cycles.
Chainlink U.S. Equities Streams are already being leveraged by other top protocols, including Lighter, BitMEX, ApeX, HelloTrade, Decibel, Opinion Labs, and Orderly Network. The arrival of the streams on Sei broadens that ecosystem further, giving builders on the network access to the same pricing infrastructure used by established derivatives venues.
Chainlink's recent partnership with the U.S. Department of Commerce will also bring Bureau of Economic Analysis data on-chain to Sei Network, including Real GDP, PCE Price Index, and domestic purchasing metrics. That layer of macroeconomic data, combined with live equity feeds, positions Sei as one of the more comprehensively wired blockchains for finance-focused applications.
Sources:
Chainlink Data Streams Launches on Sei as Preferred Oracle Infrastructure (Sei Blog)
Chainlink Launches 24/5 U.S. Equities Streams (Chainlink Blog)
Monaco Launches Wall Street-Grade Trading Infrastructure on Sei (PR Newswire)
Apple v prvních 35 dnech fiskálního 4. čtvrtletí zvýšil tržby z App Storu o 0,6 % meziročně na 3,4 miliardy USD, i když stahování na iPhonu a iPadu kleslo o 4 % na 3,3 miliardy.
Apple Inc (NASDAQ:AAPL, XETRA:APC) App Store revenue rose 0.6% year-over-year in the first 35 days of its fiscal fourth quarter to $3.4 billion, up from $3.38 billion in the same period last year, according to a note from Bank of America.
Total downloads across iPhone and iPad fell 4% year-over-year to 3.3 billion over the same stretch, while App Store dollars per download climbed 4.7% to $1.02, BofA said, citing data from SensorTower.
In July, App Store revenue grew 1.2% year-over-year globally, while downloads fell 3.9%, marking the first negative growth since April 2024. China revenue grew 8.7% year-over-year, continuing a trend of healthy growth over the past five months, while downloads there declined 6.8%.
BofA reiterated a Buy rating on Apple, citing strong capital returns, potential leadership in AI at the edge, and optionality from new products and markets. The bank's price objective stands at $380.
Analysts continue to view Services as a durable growth driver, pointing to Apple's Siri AI architecture, Apple silicon, and the Apple Upgrade Program as factors that should support the company's product-cycle flywheel and future hardware-led and AI-enabled monetization. The bank models Services revenue growth of 10% year-over-year for the fiscal fourth quarter.
On AI apps, BofA noted that search-oriented AI apps continue gaining daily active user share against the Google Search app, excluding Safari and Siri. ChatGPT's monthly revenue exceeded $275 million in July, while Claude's revenue is rapidly catching up at roughly $65 million.
Within gaming, BofA said Games revenue share declined year-over-year to 42% of total App Store revenue in the fiscal fourth quarter to date. Publisher performance year-to-date was mixed: Tencent retained the top spot on the App Store compared with a year earlier, with revenue and downloads up 4% and 16% year-over-year, respectively, while NetEase and Dream Games both saw revenue and downloads decline year-over-year.
Bank of America snížila cílovou cenu Uberu na 101 USD z 103 USD, ale po výsledcích za 2. čtvrtletí ponechala doporučení Buy. Zároveň zvýšila odhady zisku díky silnějšímu výhledu.
Uber Technologies Inc (NYSE:UBER, XETRA:UT8) saw its price target lowered to $101 from $103 by Bank of America, which maintained a ‘Buy’ rating following the company’s second quarter results, with the analysts citing a lower valuation multiple despite raising their earnings estimates.
Shares traded at about $71 on Thursday afternoon, up about 4%.
Bank of America wrote that Uber’s gross bookings and EBITDA of $58 billion and $2.82 billion, respectively, exceeded Street estimates of $57.2 billion and $2.79 billion, with the upside driven by accelerating ex-foreign exchange growth in Delivery.
Bookings growth decelerated by one percentage point to 24%, based on 18% growth in trips, while EBITDA margins relative to gross bookings increased by 0.6 percentage points year over year despite higher operating expenses. Uber also plans to slow the pace of headcount growth, according to the note.
For the third quarter, Uber guided to gross bookings of $58.25 billion to $60.25 billion and EBITDA of $2.86 billion to $2.96 billion. Bank of America wrote that its estimates were at the high end of the guidance ranges and that it expected third-quarter results to come in above prior Street estimates.
The analysts remained cautious on Uber’s autonomous vehicle outlook, saying there was little new information on competition from Waymo or Lucid’s ability to deliver autonomous vehicles to Uber. Uber reaffirmed its goal of operating autonomous vehicles in 15 cities by year-end and highlighted its confidence in Lucid’s cost actions and delivery timeline.
Bank of America wrote that the autonomous vehicle evolution would take years rather than quarters, while pointing to Uber’s expanding mobility network. The firm highlighted 16% monthly user growth, expected Mobility growth of 22% this year and faster growth in Uber One subscribers.
“We agree with Uber's vision for multiple AV providers and, although Uber could lose some share over time, we think the stock price significantly undervalues the long-term opportunity,” the analysts wrote.
Bank of America raised its third-quarter 2026 gross bookings estimate by 1% to $60 billion and its EBITDA estimate by 2% to $3 billion, representing $0.87 in GAAP EPS. For 2026, the firm raised its gross bookings estimate by 1% to $237 billion and EBITDA by 2% to $11.5 billion.
The analysts expect Uber to generate $11 billion in free cash flow in 2026 and $12.5 billion in 2027, which they said would provide capacity for acquisitions, autonomous vehicle investments and share buybacks.
Bank of America wrote that scheduled autonomous vehicle launches in the second half of the year, new AV city announcements and potential new original equipment manufacturer deals leveraging technology from Uber’s Nvidia partnership could support multiple expansion. The firm said Uber’s stock is trading near a historical low valuation of 12 times 2027 estimated EBITDA.
Greg Abel took over as CEO of Berkshire Hathaway (BRKA +1.07%) (BRKB +1.11%) at the start of the year and faced a monumental task. Warren Buffett, who managed the company for over 60 years, left him with a pile of cash totaling $369 billion. Abel has had to search for great investment opportunities in a market where valuations are stretched and where Buffett himself could hardly find much to buy in the last few years.
Abel has taken that cash and made some substantial investments. He oversaw the purchases of OxyChem and Taylor Morrison. He put billions into Japanese insurance company Tokio Marine and added to positions in the Japanese trading houses. He also added a significant amount to Berkshire's position in Alphabet (GOOG -0.97%) (GOOGL -1.29%), which Buffett said he initiated in the third quarter last year.
While Abel negotiated a $10 billion private placement for the stock in June, he may have spent even more on another stock last quarter.
Image source: Getty Images.
Abel's big investment Abel's decision to add billions of dollars in capital to Berkshire's position in Alphabet has attracted a lot of attention, and with good reason. Alphabet seems different than Berkshire Hathaway's usual investments. It's a leading tech company, and it's become one of the faces of the artificial intelligence boom. Buffett was notably wary of artificial intelligence in the past, so it came as a bit of a surprise when he said he initiated the position for Berkshire.
Abel has taken the idea and run with it. He invested an estimated $13 billion into the stock in the first quarter and at least $10 billion in the second quarter.
Buffett explained exactly what attracted him and Abel to Alphabet recently: seeing tremendous returns on its invested capital with its AI data center build-out. Alphabet has long been a cash-generating machine, with its high-margin advertising funding its cloud computing business and its "other bets." Now, it has an opportunity to deploy a ton of cash with very high levels of confidence in its potential return on capital. That's a business that's very attractive to Buffett, and it very much fits within Berkshire's investing ethos.
Today's Change
(
-0.97
%) $
-3.51
Current Price
$
356.62
While many investors have balked at Alphabet's massive spending, which sent its free cash flow into negative territory last quarter, the company is quickly monetizing that spending. It already has $514 billion in contracted revenue, giving it the confidence to build out more data centers. That's helped propel its cloud revenue growth, which accelerated to 82% last quarter and could climb even higher. The cash returns may take a couple of years to show up, but when they do, they could be massive.
So, Abel took the opportunity to buy Alphabet and buy a lot at a good valuation during the first half of the year. But he may have seen a stock trading at an even more attractive valuation last quarter, where he could deploy huge amounts of cash.
Abel may have spent $11 billion on one of Buffett's favorite stocks While Abel was accumulating shares of Alphabet, he was also quietly buying up shares of another trillion-dollar company: Berkshire Hathaway itself. After reinitiating the company's share repurchase program in March, Abel disappointed investors with a meager $235 million in total buybacks. He appears to have stepped up the buying quite a bit in Q2.
Based on Buffett's Form 4 filings with the Securities and Exchange Commission (SEC) in July, Abel significantly reduced Berkshire's share count in the three months between mid-April and mid-July. He spent between $5 billion and $11 billion in total on repurchases, according to an analysis by Barron's.
Even at the low end of that estimate, it would mark the highest amount returned to shareholders in a quarter since 2021. At the high end, it would be the largest amount ever spent on share repurchases in Berkshire's history.
Today's Change
(
1.11
%) $
5.76
Current Price
$
524.61
That's a sign Abel sees Berkshire shares as a very good investment right now. The share repurchase authorization requires that the stock trade below its intrinsic value, conservatively determined by the CEO (Abel) and the Chairman of the Board (Buffett).
Indeed, Berkshire's stock price has churned sideways this year while other insurance stocks and railroad stocks have moved higher. That's despite the notable appreciation in Berkshire's marketable equity portfolio. So, there appears to be some disconnect between the market and Berkshire stock. What's more, the stock trades for around 1.5 times its book value from the end of Q1. That's on the low end of its range since 2024.
Investors will find out for certain how much Abel spent on share repurchases (and Alphabet stock) last quarter when Berkshire releases its Q2 results on Saturday. Investors should take Abel's capital deployment as bullish signs for both stocks.
AMD se dohodla na akvizici startupu Taalas, který vyrábí inferenční čipy na míru pro konkrétní AI modely. Firma je chce začlenit do svého plánu vývoje včetně systémů s procesory a Instinct GPU.
Advanced Micro Devices is counting on its graphics processing units to drive the bulk of its data center growth as cloud companies snap up all the advanced AI chips they can find.
But as the generative artificial intelligence boom approaches its fourth anniversary, it's becoming clear that GPUs don't do everything.
On Thursday, AMD said it's entered into an agreement to acquire Taalas, a Toronto-based startup that makes chips for inference. Taalas' accelerators are customized, or hard-wired for a single AI model, rather than being general purpose.
In exchange for that loss of flexibility, Taalas' technology promises a less-expensive chip that it says can produce output for specific models thousands of times faster than a traditional GPU. An AMD representative declined to provide a purchase price for the transaction. Taalas has raised a total of $219 million in venture funding since its 2023 founding.
The deal comes a little over seven months after Nvidia spent $20 billion buying assets from Groq, a designer of high-performance AI chips. It was Nvidia's largest transaction on record.
Taalas' current chip runs a small version of Meta's Llama 3.1 model, though the company is working on chips for bigger and more advanced models. It's manufactured using an older TSMC process, and uses speedy SRAM memory on the chip itself.
Taalas CEO Ljubisa Bajic says on the startup's website that the company "developed a platform for transforming any AI model into custom silicon."
"From the moment a previously unseen model is received, it can be realized in hardware in only two months," Bajic wrote.
Alternative chips like those from Taalas and Groq are particularly important for "low-latency" applications, where time to first response from an AI model is important.
"I'm a big believer that there's no one-size-fits-all as it comes to chips," AMD CEO Lisa Su said at a product launch in July. She added that AMD still expects GPUs to make up the majority of the AI chip market because they're flexible enough to support newly developed AI models.
Demand for GPUs has turned Nvidia into the world's most valuable company with a market cap of over $5 trillion.
The acquisition also reflects the rising importance for leading GPU makers to offer integrated systems with several different components and chips instead of just processors. AMD recently started to ship Helios, its first rack-scale rival to Nvidia's integrated server racks, to customers including Meta and Microsoft.
AMD said it would integrate the Taalas chips and technology into its roadmap, including in systems with its central processors and Instinct GPUs. It's not the only complimentary accelerator that AMD is supporting: In July, AMD announced a partnership with Cerebras to integrate its AI chips into its systems later this year.
AMD has been on a buying spree to fill out some of the components and technologies it needs to build its Helios racks. In 2024, it paid $665 million for Silo AI, which develops AI models, and purchased ZT Systems, which provided the technical basis of its rack-scale products, for $4.9 billion. Last year, AMD bought several smaller AI companies, including MK1, which made software for inference.
American Airlines od 25. srpna přestane elitním zákazníkům na některých transkontinentálních a havajských linkách nabízet bezplatný upgrade z economy do business class. Místo toho je zařadí na čekací seznam na upgrade do premium economy.
American Airlines elite frequent flyers have to say goodbye to the free coach-to-business leap on several long-haul domestic routes.
Starting Aug. 25, American said it will stop putting frequent flyers with elite status on the upgrade list for business class on some of its transcontinental and Hawaii routes. They'll be put on the list for a complimentary upgrade to premium economy instead.
The change is the latest sign of how American and other airlines are working to give fewer high-fare seats away to increase revenue and profits. Getting an upgrade overall has become tougher on many flights with more and more customers paying up for pricier, roomier seats.
Routes that include the upgrade to premium economy instead of business class are New York's John F. Kennedy International Airport to Los Angeles; Boston to San Francisco; Dallas Fort Worth International Airport to Honolulu, Kona and Maui in Hawaii; Phoenix to Honolulu; and Chicago O'Hare International Airport to Honolulu and Maui.
Elite flyers who bought a premium economy ticket or purchased an upgrade after buying a coach ticket are still eligible for the complimentary upgrade, American said.
"We'll do our best to accommodate your seating preferences, though options may vary depending on aircraft type and availability," American said. "In Premium Economy, some aircraft types include middle seats, so you may be assigned one if other seating options aren't available."
Read more CNBC airline newsSouthwest Airlines put Texas jet fuel on a boat to LA for the first time amid supply worriesUnited Airlines’ new upsell: Keeping other travelers out of the middle seatDelta launches ‘basic business’ fares without lounge access, seat selectionRecord heat, crowds drive offseason boom in international travel'Bring 'em on': Delta wants United's crown over the Pacific, tooMeet the pilots flying Spirit Airlines' yellow jets to the desert
Amazon a Walmart zrychlují propojení reklamy, vyhledávání, plateb a doručení, aby zkrátily cestu zákazníka od objevení produktu k nákupu. Tržní hodnota Amazonu 3 biliony USD je vnímána jako signál síly AI a cloudu.
Amazon and Walmart’s shopping assistants can reduce search and comparison work, but inconsistent handling of product attributes shows that trusted recommendations will depend on accurate, explainable data.
Walmart’s Vibe.co acquisition links connected-TV advertising to purchase data, while delivery initiatives turn stores into local distribution nodes capable of serving urgent consumer needs in minutes.
Amazon and Walmart are building integrated systems spanning advertising, product discovery, pricing, payments and delivery, with the advantage going to the retailer that makes this complexity feel simplest to consumers.
Amazon’s $3 trillion valuation, achieved this week, is being treated as an artificial intelligence and cloud computing milestone. For retail leaders, it should be read as a broader signal that investors value the infrastructure surrounding commerce as much as the sale itself.
The strategies both Amazon and Walmart are embracing are converging around a full commercial stack, including AI to guide demand, advertising to create it, marketplaces to capture it, payments to complete it and logistics to fulfill it.
Amazon’s retail operations remain essential because they provide the consumer relationships, merchant activity, and transaction data that support advertising, logistics and AI-powered shopping. Walmart is approaching the same model from the opposite direction. It begins with stores and merchandise, then adds media, software, data and automated fulfillment.
Both companies are trying to compress the customer journey from product discovery to purchase and delivery, all while gaining more influence over every decision inside it. The winner will not necessarily be the retailer with the largest assortment or the lowest price. It may be the company that removes the most consumer effort without sacrificing trust.
Amazon and Walmart are spending August making that strategy visible.
See also: Amazon and Walmart Face a New Gatekeeper for Loyalty
AI Is Moving Retail’s Consumer Interface Upstream For years, the dominant retail interface was a search box. A customer entered a product name, browsed a results page and compared options. AI shopping assistants are changing that sequence. Consumers can describe a need, such as something healthy for dinner, a television for a bright room or a last-minute birthday gift, and expect the retailer to narrow the choices.
The best shopping agent will not merely reduce choice. It will make consumers more confident in the choice it reduces.
Walmart’s finalization of its purchase of streaming-TV advertising platform Vibe.co this week extends the customer journey in this direction. Vibe’s self-service platform allows advertisers to launch campaigns across connected-TV publishers. Walmart plans to integrate that capability with Walmart Connect, its retail media business. The purchase was reportedly valued at approximately $1.4 billion, although Walmart did not disclose the price.
Walmart already knows what millions of households buy. Its 2024 acquisition of Vizio gave it a larger presence in the connected living room. Vibe adds software that helps brands buy the advertising appearing there. Together, those assets give Walmart an increasingly closed loop, as they expose a household to an advertisement, connect that exposure to digital or store activity and tell the advertiser whether the campaign produced a sale.
That sounds like a better experience. It is also a transfer of decision-making power. A cheerful chatbot cannot compensate for incomplete product records, unclear sourcing information or recommendations that customers cannot interrogate. Retailers need systems that can explain why an item was suggested, which product information was used and where uncertainty remains.
Read also: The Overlap Effect: How Amazon and Walmart Expanded the Crowd and Shrank the Basket
The High-Touch, High-Tech Convenience Infrastructure of the 21st-Century Retail Experience Amazon this week also said it received roughly $600 million in tariff refunds after the Supreme Court invalidated certain emergency-powers tariffs, CNBC reported. The company said it would automatically reimburse customers in cases where it could trace a tariff-related charge directly to a purchase. Amazon also said it had absorbed some costs and was not the importer of record for many products sold through its marketplace.
This can be viewed as a consumer experience decision. Amazon is using transaction data to turn an obscure trade policy reversal into a visible act of accountability.
Both retailers are now building systems that can anticipate demand, guide product selection, personalize advertising, absorb economic disruption and accelerate delivery. But owning every layer does not guarantee success. AI recommendations may attract regulatory scrutiny. Advertising acquisitions must produce returns. Drone networks must prove economical. Marketplace complexity can make consumer accountability harder rather than easier.
The strongest moves Amazon and Walmart are making right now are those that convert complex infrastructure into something the consumer barely notices.
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UBS čeká, že Target ve 2. čtvrtletí ukáže pokračující zlepšení: srovnatelné tržby mají vzrůst o 3 % a více. Banka zároveň zvýšila cílovou cenu akcie na 166 USD z 144 USD.
Target Corp (NYSE:TGT)’s second quarter results will provide a key test of whether the retailer’s recent turnaround is gaining lasting momentum, with UBS analysts expecting comparable sales growth to accelerate on a two-year basis despite tougher year-ago comparisons.
UBS expects Target to report second-quarter comparable sales growth of 3% or more, above its 2.5% estimate and the 2.1% consensus forecast. The quarter will include a roughly 50 to 100 basis point headwind from Target lapping the launch of Nintendo Switch in the second quarter of 2025, along with unusually strong collectibles demand in the year-ago period.
“We expect Q2 to demonstrate continued progress,” UBS analysts wrote, pointing to continued improvements across Target’s assortment and operations. The firm expects the retailer’s two-year comparable sales stack to indicate an acceleration even if quarterly growth moderates from the first quarter.
UBS said improvements in Food & Beverage, Health & Wellness, Fun 101 and Home should continue to support results, alongside traffic-driving partnerships with brands including LoveShackFancy, Pokemon and Roller Rabbit. The firm also expects ongoing labor investments, improved inventory discipline and continued growth in higher-margin ancillary businesses to contribute.
The analysts said their checks indicate demand trends have remained relatively broad-based across customer cohorts, merchandise categories and geographic regions. While growth could moderate from first-quarter levels, UBS said the overall trajectory remains consistent with a business gradually rebuilding momentum.
The second quarter results should help determine whether Target’s first quarter performance marked the beginning of a sustainable recovery or was supported primarily by favorable external factors, according to UBS.
The firm said many of Target’s recent challenges were operational in nature, including weaker store execution, merchandising presentation, in-stock positions and the overall shopping experience. UBS believes Target’s current leadership team is positioned to address those issues, given management’s familiarity with the company and its historical operating standards.
“While execution risk remains, we believe the company is further along in identifying and addressing its underlying issues than many investors appreciate,” the analysts wrote.
UBS expects Target to maintain a conservative stance on its guidance, although it sees the potential for some early signs of improvement. If Target delivers comparable sales growth of roughly 3% to 3.5% in the second quarter, UBS believes the outlook for the remainder of fiscal 2026 would become increasingly favorable.
At the midpoint of that range, Target would need roughly 1.5% comparable sales growth in the third and fourth quarters to reach the high end of its existing 2.5% to 3% full-year comparable sales growth guidance, UBS said.
UBS also raised its price target on Target to $166 from $144, above current levels of $147, based on roughly 17 times its updated calendar 2027 earnings estimate of $9.63 per share, compared with its previous multiple of about 15 times and earnings estimate of $9.50.
The analysts said the higher price target reflects a stronger comparable sales outlook and margin opportunities tied to improved execution, Target’s initiatives and assortment changes.
“We continue to be bullish on the outlook for TGT shares from here,” UBS analysts wrote, adding that they believe the market may be underestimating the duration of Target’s growth opportunity.
The firm expects Target’s assortment changes, inventory management improvements and efforts to grow alternative revenue streams such as retail media and marketplace to provide additional opportunities beyond fiscal 2026.
Bernstein po výsledcích za 2. čtvrtletí 2026 znovu potvrdil pro Circle doporučení Outperform a cílovou cenu 140 USD. Firma vidí menší obavy z konkurence stablecoinů a růst USDC.
PANews, August 7 – According to The Block, research firm Bernstein reiterated an "Outperform" rating on Circle after the company released its Q2 2026 financial results, maintaining a $140 target price, viewing the latest performance as a "counter-validation" of bearish market views.
Bernstein analysts said that the two core market concerns about Circle—intensifying stablecoin competition and changes in the interest rate environment that could impact reserve income—underestimate the long-term growth potential of USDC, as well as Circle's advantages in distribution channels, liquidity, and regulatory compliance. Investors may not yet have fully priced in Circle's future revenue opportunities from transaction fees, partner ecosystem, and the Arc blockchain.
The firm specifically pointed out that a number of infrastructure initiatives recently advanced by Circle, including obtaining a U.S. national trust bank charter, expanding the Circle Payments Network, and the planned mainnet launch of the Arc public blockchain on September 16, could all become future growth drivers.
In addition, Bernstein noted that Circle has raised its guidance for 2026 other income and profit margin after distribution costs, expecting to recognize approximately $180 million in Arc token pre-sale revenue. Analysts believe that future Arc staking income, gas fees, and ecosystem partnership revenues are not yet fully reflected in current valuation expectations.
As of the end of Q2, USDC circulating supply was $73.3 billion, down 5% quarter-over-quarter but up 19% year-over-year. Bernstein believes that Circle is shifting from a pure crypto trading infrastructure to payments, real-world asset (RWA) tokenization, and broader financial infrastructure, which will drive the next phase of growth for USDC.
Circle shares closed at $63.28 on Wednesday. Bernstein's $140 target price implies roughly 121% potential upside.
Circle spustila Discovery API, které umožňuje AI agentům vyhledávat a porovnávat služby přijímající platby v USDC bez přihlášení. Služby v marketplace jsou předem prověřené kvůli souladu se sankcemi a provozní spolehlivosti.
Circle just made it easier for AI agents to shop around. The USDC issuer rolled out a Discovery API on July 31 as part of its broader Agent Stack platform, giving autonomous software a way to browse, filter, and evaluate services that accept USDC payments, all without a human logging in.
What the Discovery API actually does The API works as a public endpoint, meaning AI agents can query it without user authentication. Most financial APIs require some form of login or credentialing before you can even browse what’s available.
The endpoint supports 14 query parameters for filtering results. Agents can search by category, blockchain, pricing, and other criteria to find services that match their specific needs. Every service listed in the marketplace has been pre-screened, which means agents aren’t just finding random endpoints. They’re discovering counterparties that have already passed compliance checks.
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The Discovery API builds on Circle’s Agent Stack, which launched on May 11 alongside the company’s Q1 2026 earnings. That initial release included Agent Wallets for autonomous fund management, a Nanopayments system for small machine-to-machine transfers, and an Agent Marketplace where services could list themselves for discovery by other agents.
The stack is designed to be chain- and protocol-agnostic, with initial support spanning Arbitrum, Base, and Ethereum.
Why this matters for USDC and stablecoin competition The compliance angle is worth lingering on. Every service in the Agent Marketplace undergoes screening for sanctions compliance and operational health before it’s discoverable through the API.
For the broader stablecoin market, Circle’s agent-focused strategy raises an interesting competitive question. Tether dominates in trading volume and overall circulation, but it hasn’t made comparable moves toward machine-to-machine infrastructure.
By launching across Arbitrum, Base, and Ethereum simultaneously, Circle is hedging against blockchain platform risk while maximizing the addressable developer population. Developers building on any of those chains can integrate the Discovery API without migrating their existing stack.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Chevron ve 2. čtvrtletí vykázal z komoditních derivátů zisk 368 milionů USD po ztrátě 3,1 miliardy USD v 1. čtvrtletí. Čistý zisk vzrostl na 12,1 miliardy USD.
ToplineChevron’s commodity derivatives—financial contracts used to hedge risks associated with oil shipments—trended upward for the company in its latest quarter after recording a $3.1 billion loss in the previous one amid “heightened volatility” during the Iran war.
Chevron submitted the SEC filing Thursday.
Photo by Brandon Bell/Getty Images
Key FactsChevron’s commodity derivatives raked in $368 million in the company’s second quarter, a significant jump from the $3.1 billion loss posted in its first quarter, according to an SEC filing.
Chevron disclosed $870 million in margin calls posted as cash collateral in its first quarter, which dropped to $139 million by the quarter ended June 30 and marked a cash recovery that came as oil prices dropped from their highs in March.
A footnote in the filing’s derivatives section said “heightened volatility in commodity prices associated with the ongoing conflict in the Middle East” created large losses and forced Chevron to pay out cash to cover its trading accounts.
Chevron stock traded up 1.4% to around $188 per share as of Thursday afternoon.
Big Number$12.1 billion. That was Chevron’s reported net income in its latest quarter, far above the $2.5 billion it reported in the same period last year. The figure was driven by increased production volumes and the Iran war, which sent commodity prices higher.
TangentEnergy firm Phillips 66 said in an earnings call Wednesday it became the third-largest buyer of Venezuelan crude oil, benefiting from maritime trading exemptions doled out by the Trump administration. Phillips 66 was excluded from President Donald Trump’s scrutiny of oil giants this week, as he has blasted Chevron and Exxon for “making too much money” amid the Iran war.
Key BackgroundBrent crude, one of the global pricing benchmarks for crude oil, averaged $81 per barrel in the first quarter and surged to an average of $92 per barrel as fears surged around the Iran war. Prices for the oil are up 33% since the start of the year, when the cost for a barrel was about $60. Chevron’s net short position in commodity derivatives means the company profits when oil prices fall. So, as Brent crude surged to well above the $100 mark in March and April, the company eventually benefited from a drop down to about $73 that came in the nick of time for its earnings window. Trump’s anger with Chevron and Exxon’s profits come as gas prices remain stubbornly high despite the recent slump in oil prices, with the president threatening to have the companies “give some of that back to the public,” though Trump did not elaborate on how that could be done.
Further ReadingPhillips 66 Says It’s The Third-Largest Buyer Of Venezuelan Crude As Trump Blasts Exxon And Chevron (Forbes)
Awalé dokončila strategické financování za 20,672 mil. USD po vstupu Newmontu, který si udržel asi 8,2% podíl. Společnost má nyní přes 36,5 mil. USD v hotovosti na průzkum projektu Odienné v Pobřeží slonoviny.
Awalé completes its previously announced strategic financing with the closing of Newmont's equity investment.Newmont maintains its approximately 8.2% ownership in Awalé.Awalé now has over $36.5 million in cash, while Newmont continues funding the Odienné Joint Venture.Toronto, Ontario--(Newsfile Corp. - August 6, 2026) - Awalé Resources Limited (TSXV: ARIC) (OTCQX: AWLRF) (FSE: 2F60) ("Awalé" or the "Company") is pleased to announce that it has closed the second and final tranche (the "Final Tranche") of its non-brokered private placement previously announced on July 14, 2026 and July 28, 2026 (the "Offering") through the subscription by Newmont Ventures Limited, a wholly-owned subsidiary of Newmont Corporation (NYSE: NEM) (ASX: NEM) (PNGX: NEM) ("Newmont"), pursuant to an investment agreement entered into between Newmont and the Company dated as of today's date (the "Investment Agreement") and in accordance with the exercise of its pre-existing participation rights. The closing of the Final Tranche (the "Closing") completes the Company's strategic financing with Predictive Discovery Limited ("PDI"), Fortuna Mining Corp. ("Fortuna") and Newmont pursuant to the Offering, for aggregate gross proceeds of approximately $20.7 million. Proceeds from the Offering, including the Final Tranche, will be primarily used to advance exploration activities across the Company's 100%-owned properties at the Odienné Project in Côte d'Ivoire.
"We welcome Newmont's decision to maintain its ownership position in Awalé through this financing. As the world's largest gold producer, Newmont's continued backing through its ongoing funding of the Odienné Joint Venture and its commitment as a strategic shareholder is a strong endorsement of the quality and long-term potential of the Odienné Project. Together with the investments from PDI and Fortuna, Awalé now has over $36.5 million in cash, providing the flexibility to accelerate exploration across our 100%-owned properties," said Andrew Chubb, President and CEO of Awalé.
Pursuant to the Final Tranche of the Offering, Newmont subscribed for 1,982,538 common shares of the Company ("Common Shares") at a price of $0.85 per Common Share for gross proceeds of $1,685,157.30. Following Closing, Newmont owns 11,682,639 Common Shares, representing approximately 8.2% of the Company's issued and outstanding Common Shares on a non-diluted basis.
Following completion of the Offering, the Company has 143,317,133 Common Shares issued and outstanding. The Company issued an aggregate of 24,320,202 Common Shares to PDI, Fortuna, and Newmont for gross proceeds of $20,672,171.70.
No warrants were issued and no commission was paid in connection with the Final Tranche of the Offering. All securities issued pursuant to the Offering are subject to a statutory hold period of four months plus one day from their respective dates of issuance in accordance with applicable Canadian securities laws. The Offering remains subject to final TSX Venture Exchange ("TSXV") acceptance.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements.
For the purposes of the Offering, U.S. dollar amounts have been converted to Canadian dollars using an exchange rate of US$1.00 = C$1.4146. Unless otherwise specified, all references to $ are Canadian dollars.
Canadian Early Warning Disclosure
Newmont announces that pursuant to the Investment Agreement, it has acquired, on a private placement basis, 1,982,538 Common Shares at a price of US$0.6009 (representing the US Dollar equivalent of $0.85 based on an exchange rate of US$1.00 = C$1.4146) per Common Share for an aggregate purchase price of US$1,191,307.08 (representing the US Dollar equivalent of $1,685,223).
Immediately prior to the Closing, Newmont held 9,700,101 Common Shares and 1,454,357 Common Share purchase warrants ("Warrants"), with each Warrant being exercisable to acquire one Common Share (a "Warrant Share") at a price of $0.20 per Warrant Share for a period of 36 months from December 18, 2023. As such, immediately prior to the Closing, Newmont: (i) held approximately 6.86% of the issued and outstanding Common Shares on a non-diluted basis, and (ii) assuming the exercise in full of all of the Warrants, would have held approximately 7.81% of the issued and outstanding Common Shares on a partially-diluted basis. For more information regarding such Common Shares and Warrants, see Newmont's early warning report dated December 5, 2023 filed on Awalé's SEDAR+ profile.
Immediately following Closing of the Final Tranche of the Offering: (i) Newmont holds an aggregate of 11,682,639 Common Shares and 1,454,357 Warrants, representing approximately 8.15% of the issued and outstanding Common Shares on a non-diluted basis, and (ii) assuming the exercise in full of all of the Warrants, Newmont would hold an aggregate of 13,136,996 Common Shares, representing approximately 9.07% of the issued and outstanding Common Shares on a partially-diluted basis.
Newmont acquired the Common Shares pursuant to the Final Tranche of the Offering for investment purposes, and in the future, Newmont may, from time to time, increase or decrease its investment in Awalé through market transactions, private agreements, treasury issuances or otherwise, depending on market conditions and any other relevant factors.
Newmont's head office is located at 6900 E Layton Avenue, Suite 700, Denver, CO 80237.
An early warning report will be filed by Newmont in accordance with applicable securities laws and will be available under Awalé's profile on the SEDAR+ website at www.sedarplus.ca, and may also be obtained by contacting Neil Backhouse, [email protected] or Shannon Brusche, [email protected].
About Awalé Resources
Awalé Resources is a diligent and systematic mineral exploration company focused on discovering large-scale gold and gold-copper deposits in Côte d'Ivoire. The Company's flagship Odienné Project now hosts an initial inferred Mineral Resource Estimate[1] of 1.71 million ounces gold equivalent across the BBM, Charger, and Empire deposits (32.4 Mt at 1.33 g/t Au and 0.33% Cu), providing a strong foundation for ongoing growth and future economic studies.
The Odienné Project covers 2,346 km2 across seven permits, including 797 km2 held under the Awalé-Newmont Joint Venture. Awalé manages exploration activities across the joint venture area, with funding currently provided by Newmont Ventures Limited under the Exploration Agreement signed in May 2022.
In addition to the current resource base defined on the joint venture ground, Awalé controls a substantial 100%-owned land position across the broader Odienné district, where multiple untested and early-stage targets provide additional potential discovery upside. Across the Project, Awalé has identified multiple gold and gold-copper systems and continues to build a pipeline of targets with potential to support further discoveries and resource growth.
With a skilled and experienced technical team, together with support from three strategic shareholders, Awalé is advancing exploration in an underexplored and pro-mining jurisdiction with clear potential for district-scale discoveries.
AWALÉ Resources Limited
On behalf of the Board of Directors
"Andrew Chubb"
Chief Executive Officer
The Company's public documents may be accessed at www.sedarplus.ca. For further information on the Company, please visit our website at www.awaleresources.com.
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plan, propose, potential, postulate, target, continue, advance and similar expressions, or are those which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the receipt of TSXV final acceptance for the Offering, filing of early warning report, the use of proceeds from the Offering, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont exploration agreement, advancement and expansion of the Odienné Project, the potential size, scale and quality of the mineral resource estimate at BBM, Charger and Empire, the conversion or upgrading of inferred mineral resources, timing and results of future drilling programs, resource expansion potential at BBM, Charger and Empire, and exploration and discovery potential at Fremen and other targets, the potential for additional discoveries, expectations regarding the timing and completion of a preliminary economic assessment and advancement toward pre-feasibility studies, timing for receipt of assay results, commencement and continuation of operations, and the potential development of the Odienné Project. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations and assumptions will prove to be correct. Factors that could cause actual results to differ materially from forward-looking information include, but are not limited to, failure to receive TSXV final acceptance for the Offering, the results of exploration and drilling programs, the interpretation of exploration and mineral resource results, changes in mineral resource estimates, the ability to convert inferred mineral resources to indicated mineral resources, the ability to complete future economic studies, fluctuations in commodity prices, changes in the state of equity and debt markets, delays in obtaining required regulatory, governmental, environmental or other project approvals, availability of financing, and the other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis and other continuous disclosure documents filed under the Company's profile at SEDAR+ at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, without limitation, that all necessary governmental and regulatory approvals will be received as and when expected, that financing will be available on reasonable terms, and that exploration, development and study activities will proceed as currently planned. Although the Company believes the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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.
[1] The full Initial Mineral Resource Estimate news release dated May 19, 2026, including detailed assumptions and methodology, is available at www.awaleresources.com and SEDAR+ www.sedarplus.ca.
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308349
Source: Awale Resources Ltd.
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SummaryeBay Inc. delivered solid earnings and revenue beats, but weak forward profit guidance tempers enthusiasm and supports my Hold rating.Current valuation appears stretched, requiring 17% annual FCF growth to justify the price; a pullback would make EBAY more attractive.Focus categories—collectibles, automobiles, clothing—and C2C sales are outperforming, with GMV in these segments up 26% and 20% YOY, respectively.Recommerce and AI-driven listing technology are driving platform engagement, positioning EBAY well for inflationary and used-goods tailwinds. JHVEPhoto/iStock Editorial via Getty Images
Following a solid earnings report, eBay Inc. (EBAY) initially ticked upward, but while I spent a fair bit of time as an EBAY bull, I’m stuck at Hold owing to a high valuation. There’s a
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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Airbnb, Inc. (NASDAQ: ABNB) has posted a shareholder letter containing its second quarter 2026 financial results on its Investor Relations website at https://investors.airbnb.com.
Airbnb will host an audio webcast to discuss its results at 2:00 p.m. PT / 5:00 p.m. ET today. The link to the webcast will be made available on the Investor Relations website at https://investors.airbnb.com.
Interested parties can register for the call in advance by visiting https://registrations.events/direct/Q4I66365784. After registering, instructions will be shared on how to join the call.
About Airbnb
Airbnb was born in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown to over 5.5 million hosts who have welcomed over 2.5 billion guest arrivals in almost every country across the globe. Every day, hosts offer unique stays, experiences, and services that make it possible for guests to connect with communities in a more authentic way.
Molson Coors Beverage Company (TAP) Q2 2026 Earnings Call August 6, 2026 8:30 AM EDT
Company Participants
Barbara Noverini
Rahul Goyal - President, CEO and Director
Tracey Joubert - Chief Financial Officer
Conference Call Participants
Filippo Falorni - Citigroup Inc., Research Division
Peter Grom - UBS Investment Bank, Research Division
Robert Ottenstein - Evercore ISI Institutional Equities, Research Division
Christopher Carey - Wells Fargo Securities, LLC, Research Division
Kaumil Gajrawala - Jefferies LLC, Research Division
Drew Levine - JPMorgan Chase & Co, Research Division
Bonnie Herzog - Goldman Sachs Group, Inc., Research Division
Stephen Robert Powers - Deutsche Bank AG, Research Division
Presentation
Operator
Good morning, and welcome to the Molson Coors Beverage Company Second Quarter Fiscal Year 2026 Earnings Conference Call.
Now I'll turn over to Barbara Noverini, Vice President of Investor Relations.
Barbara Noverini
Thank you, operator. I'm pleased to introduce myself as Molson Coors' new Vice President of Investor Relations.
Our earnings release and presentation materials are available on the Investor Relations section of our website. Today's discussion includes forward-looking statements within the meaning of U.S. federal securities laws. Please refer to our earnings release and our most recent SEC filings for important information regarding these statements, including risk factors as well as definitions of and reconciliations to any non-GAAP measures. Actual results may differ materially from our expectations, and we undertake no obligation to update forward-looking statements, except as required by applicable laws.
Today, we'll focus our prepared remarks on our performance and outlook before opening the line for Q&A.
[Operator Instructions] Any technical questions can be addressed with our Investor Relations team following the call.
Unless otherwise indicated, all financial results are comparable prior year period and are in U.S. dollars. With the exception of earnings per share, all financial metrics are in constant currency when referencing percentage changes from the prior year period. Also, share data
APA Corporation zveřejnila výsledky za 2. čtvrtletí 2026 a uspořádala konferenční hovor k finančním a provozním výsledkům. V úvodu vedení uvedlo, že poskytne přehled výsledků a výhledu.
APA Corporation (APA) Q2 2026 Earnings Call August 6, 2026 11:00 AM EDT
Company Participants
Stephane Aka - Managing Director of Investor Relations
John Christmann - CEO & Director
Ben Rodgers - Executive VP & CFO
Tracey Henderson - Executive Vice President of Exploration
Stephen Riney - President
Conference Call Participants
Douglas George Blyth Leggate - Wolfe Research, LLC
John Freeman - Raymond James & Associates, Inc., Research Division
Joshua Silverstein - UBS Investment Bank, Research Division
Arun Jayaram - JPMorgan Chase & Co, Research Division
Neal Dingmann - William Blair & Company L.L.C., Research Division
Christopher Baker - Evercore ISI Institutional Equities, Research Division
Bob Brackett - Bernstein Institutional Services LLC, Research Division
Leo Mariani - ROTH Capital Partners, LLC, Research Division
Presentation
Operator
Good day, and thank you for standing by. Welcome to APA Corporation's Second Quarter 2026 Financial and Operational Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand it over to your first speaker, Stephane Aka, Managing Director, Investor Relations.
Stephane Aka
Managing Director of Investor Relations
Good morning, and thank you for joining us on APA Corporation's Second Quarter 2026 Financial and Operational Results Conference Call. We will begin the call with an overview by CEO, John Christmann. Ben Rodgers, CFO, will share further color on our results and outlook. Steve Riney, President; and Tracey Henderson, Executive Vice President of Exploration, are also on the call and available to answer questions. We will start with prepared remarks and allocate the remainder of time to Q&A. In conjunction with yesterday's press release, I hope you have had the opportunity to review our financial and operational supplement, which can be found on our Investor Relations website at investor.apacorp.com.
Please note that we may discuss certain non-GAAP financial measures. A reconciliation of the differences between these measures
Republic Services ve 2. čtvrtletí zvýšila čistý zisk na 566 mil. USD a upravený zisk na akcii na 1,85 USD. Zároveň zvýšila celoroční výhled a čtvrtletní dividendu o zhruba 7 % na 0,670 USD na akcii.
Reported Earnings Per Share of $1.84 and Adjusted Earnings Per Share of $1.85 Generated Year-to-Date Cash Flow from Operations of $2.38 Billion and Adjusted Free Cash Flow of $1.58 Billion Invested Approximately $860 Million in Value-Creating Acquisitions During the First-Half of 2026 Increased Full-Year 2026 Financial Guidance Increased Quarterly Dividend by Approximately 7 Percent , /PRNewswire/ -- Republic Services, Inc. (NYSE: RSG) today reported net income of $566 million, or $1.84 per diluted share, for the three months ended June 30, 2026, versus $550 million, or $1.75 per diluted share, for the comparable 2025 period. Excluding certain expenses and other items, on an adjusted basis, net income for the three months ended June 30, 2026, was $569 million, or $1.85 per diluted share, versus $556 million, or $1.77 per diluted share, for the comparable 2025 period.
"Our second quarter results reflect the strength and resilience of our business model, as we continue to execute our strategy and deliver differentiated value for our customers," said Jon Vander Ark, president and chief executive officer. "Pricing in excess of cost inflation and our disciplined cost management supported accelerated growth in revenue and EBITDA. Given our strong operating performance and momentum across the business, we are increasing our full-year financial guidance."
Second-Quarter and Year-to-Date 2026 Highlights:
Total revenue growth of 4.6 percent includes 3.7 percent organic growth from our recycling and waste business, 0.2 percent decline from our environmental solutions business, and 1.1 percent growth from acquisitions. Core price on total revenue increased revenue by 5.3 percent. Core price on related business revenue increased revenue by 6.4 percent, which consisted of 7.8 percent in the open market and 4.1 percent in the restricted portion of the business. Revenue growth from average yield on total revenue was 3.4 percent, and volume decreased revenue by 1.6 percent. Revenue growth from average yield on related business revenue was 4.0 percent, and volume decreased related business revenue by 1.9 percent. Net income was $566 million, or a margin of 12.8 percent. EPS was $1.84 per share, an increase of 5.1 percent over the prior year. Adjusted EPS, a non-GAAP measure, was $1.85 per share, an increase of 4.5 percent over the prior year. Adjusted EBITDA, a non-GAAP measure, was $1.42 billion. Adjusted EBITDA margin, a non-GAAP measure, was 32.1 percent of revenue, which remained consistent with the prior year. The Company overcame 50 basis points of margin headwind from event driven landfill volumes received in the prior year. Year-to-date cash invested in acquisitions was $860 million. Year-to-date cash returned to shareholders was $1.04 billion, which included $651 million of share repurchases and $385 million of dividends paid. The Company's average recycled commodity price per ton sold at its recycling centers during the second quarter was $136. This represents a decrease of $13 per ton over the prior year. The Company completed and commenced operations on two renewable natural gas projects during the quarter. Republic was recognized by several leading organizations during the quarter, including: Dow Jones Best-in-Class Indices for the 10th consecutive year Forbes list of America's Best Employers for Company Culture Updated Full-Year 2026 Financial Guidance
Republic's financial guidance is based on current economic conditions and does not assume any significant changes in the overall economy for the remainder of 2026. Please refer to the Reconciliation of Full-Year 2026 Financial Guidance section of this document for detail relating to the computation of non-GAAP measures as well as the Information Regarding Forward-Looking Statements section of this document.
The Company provided additional details as follows:
Revenue: Increased original guidance to a range of $17.200 billion to $17.300 billion Adjusted EBITDA: Increased original guidance to a range of $5.525 billion to $5.550 billion Adjusted Diluted Earnings per Share: Updated original guidance to a range of $7.23 to $7.28 per share Adjusted Free Cash Flow: Increased original guidance to a range of $2.540 billion to $2.575 billion Company Increases Quarterly Dividend
Republic continues to increase cash returns to shareholders, and previously announced that its Board of Directors approved a 4.5-cent increase in the quarterly dividend. The quarterly dividend of $0.670 per share for shareholders of record on October 2, 2026, will be paid on October 15, 2026.
Presentation of Certain Performance Metrics and Non-GAAP Measures
Adjusted diluted earnings per share, adjusted net income - Republic, adjusted pre-tax income, adjusted tax impact, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA by business type, adjusted EBITDA margin by business type and adjusted free cash flow are described in the Performance Metrics and Reconciliations of Certain Non-GAAP Measures section of this document.
About Republic Services
Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the Company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic's industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.
SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION
AND OPERATING DATA
REPUBLIC SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
June 30,
December 31,
2026
2025
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 107
$ 76
Accounts receivable, less allowance for doubtful accounts and other of $59 and $66, respectively
2,029
1,897
Prepaid expenses and other current assets
427
550
Total current assets
2,563
2,523
Restricted cash and marketable securities
285
259
Property and equipment, net
12,916
12,639
Goodwill
17,186
16,715
Other intangible assets, net
707
655
Other assets
1,502
1,575
Total assets
$ 35,159
$ 34,366
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 1,440
$ 1,374
Notes payable and current maturities of long-term debt
548
596
Deferred revenue
480
496
Accrued landfill and environmental costs, current portion
156
148
Accrued interest
114
109
Other accrued liabilities
1,242
1,205
Total current liabilities
3,980
3,928
Long-term debt, net of current maturities
13,521
12,985
Accrued landfill and environmental costs, net of current portion
2,642
2,608
Deferred income taxes and other long-term tax liabilities, net
1,963
1,884
Insurance reserves, net of current portion
457
436
Other long-term liabilities
563
556
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued
—
—
Common stock, par value $0.01 per share; 750 shares authorized; 314 and 313 issued including shares held in treasury, respectively
3
3
Additional paid-in capital
1,872
1,833
Retained earnings
11,867
11,161
Treasury stock, at cost; 8 and 5 shares, respectively
(1,677)
(1,000)
Accumulated other comprehensive loss, net of tax
(33)
(29)
Total Republic Services, Inc. stockholders' equity
12,032
11,968
Non-controlling interests in consolidated subsidiary
1
1
Total stockholders' equity
12,033
11,969
Total liabilities and stockholders' equity
$ 35,159
$ 34,366
REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenue
$ 4,430
$ 4,235
$ 8,544
$ 8,244
Expenses:
Cost of operations
2,563
2,449
4,929
4,763
Depreciation, depletion and amortization
488
463
949
897
Accretion
30
28
60
57
Selling, general and administrative
444
425
870
852
Restructuring charges
4
6
6
9
(Gain) loss on business divestitures and impairments, net
—
3
(1)
1
Operating income
901
861
1,731
1,665
Interest expense
(151)
(145)
(302)
(285)
Loss from unconsolidated equity method investments
(58)
(2)
(110)
(14)
Interest income
2
2
5
4
Other income, net
5
4
31
15
Income before income taxes
699
720
1,355
1,385
Provision for income taxes
133
170
263
340
Net income
566
550
1,092
1,045
Net income attributable to non-controlling interests in consolidated subsidiary
—
—
—
—
Net income attributable to Republic Services, Inc.
$ 566
$ 550
$ 1,092
$ 1,045
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share
$ 1.84
$ 1.76
$ 3.54
$ 3.34
Weighted average common shares outstanding
307.5
313.1
308.3
313.0
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share
$ 1.84
$ 1.75
$ 3.54
$ 3.33
Weighted average common and common equivalent shares outstanding
307.6
313.4
308.5
313.3
Cash dividends per common share
$ 0.625
$ 0.580
$ 1.250
$ 1.160
REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Six Months Ended June 30,
2026
2025
Cash provided by operating activities:
Net income
$ 1,092
$ 1,045
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion, amortization and accretion
1,009
954
Non-cash interest expense
40
37
Deferred tax provision (benefit)
61
(8)
Loss from unconsolidated equity method investments
110
14
Other non-cash items
51
37
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable
(147)
(51)
Prepaid expenses and other assets
41
21
Accounts payable
123
(13)
Capping, closure and post-closure expenditures
(27)
(21)
Remediation expenditures
(26)
(19)
Other liabilities
53
138
Cash provided by operating activities
2,380
2,134
Cash used in investing activities:
Purchases of property and equipment
(868)
(866)
Proceeds from sales of property and equipment
7
8
Cash used in acquisitions and investments, net of cash and restricted cash acquired
(865)
(963)
Cash received from business divestitures
2
7
Other
(3)
(1)
Cash used in investing activities
(1,727)
(1,815)
Cash used in financing activities:
Proceeds from credit facilities and notes payable, net of fees
25,683
20,025
Proceeds from issuance of senior notes, net of discount and fees
1,185
1,183
Payments of credit facilities and notes payable
(26,394)
(21,030)
Issuances of common stock, net
(8)
(14)
Purchases of common stock for treasury
(659)
(59)
Cash dividends paid
(385)
(362)
Contingent consideration payments
(17)
(3)
Cash used in financing activities
(595)
(260)
Effect of foreign exchange rate changes on cash
(1)
1
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents
57
60
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
249
203
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
$ 306
$ 263
You should read the following information in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K as of and for the year ended December 31, 2025. All amounts below are in millions and as a percentage of our revenue, except per share data.
REVENUE
The following table reflects our total revenue by line of business for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Collection:
Residential
$ 767
17.3 %
$ 752
17.8 %
$ 1,515
17.7 %
$ 1,496
18.1 %
Small-container
1,369
30.9
1,259
29.7
2,675
31.3
2,502
30.3
Large-container
839
19.0
794
18.7
1,607
18.8
1,532
18.6
Other
18
0.4
17
0.4
35
0.4
35
0.4
Total collection
2,993
67.6
2,822
66.6
5,832
68.2
5,565
67.4
Transfer
495
479
935
903
Less: intercompany
(264)
(258)
(503)
(494)
Transfer, net
231
5.2
221
5.2
432
5.1
409
5.0
Landfill
858
854
1,622
1,577
Less: intercompany
(341)
(338)
(652)
(640)
Landfill, net
517
11.7
516
12.2
970
11.4
937
11.4
Environmental solutions
473
478
891
944
Less: intercompany
(15)
(16)
(28)
(33)
Environmental solutions, net
458
10.3
462
10.9
863
10.1
911
11.1
Other:
Recycling processing and commodity sales
122
2.7
114
2.7
234
2.7
222
2.7
Other non-core
109
2.5
100
2.4
213
2.5
200
2.4
Total other
231
5.2
214
5.1
447
5.2
422
5.1
Total revenue
$ 4,430
100.0 %
$ 4,235
100.0 %
$ 8,544
100.0 %
$ 8,244
100.0 %
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Average yield
3.4 %
4.1 %
3.4 %
4.3 %
Fuel recovery fees
1.8
(0.3)
1.0
(0.4)
Total price
5.2
3.8
4.4
3.9
Volume
(1.6)
0.2
(1.2)
(0.5)
Change in workdays
—
—
—
(0.2)
Recycling processing and commodity sales
0.1
—
—
0.1
Environmental solutions
(0.2)
(0.9)
(0.7)
(0.3)
Total internal growth
3.5
3.1
2.5
3.0
Acquisitions / divestitures, net
1.1
1.5
1.1
1.2
Total
4.6 %
4.6 %
3.6 %
4.2 %
Core price
5.3 %
5.7 %
5.5 %
5.9 %
Average yield is defined as revenue growth from the change in average price per unit of service, expressed as a percentage. Core price is defined as price increases to our customers and fees, excluding fuel recovery fees, net of price decreases to retain customers. We also measure changes in core price, average yield and volume as a percentage of related-business revenue, defined as total revenue excluding recycled commodities, fuel recovery fees and environmental solutions revenue, to determine the effectiveness of our pricing and organic growth strategies. The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
As a % of Related Business
As a % of Related Business
Core price
6.4 %
7.0 %
6.6 %
7.2 %
Average yield
4.0 %
5.0 %
4.1 %
5.2 %
Volume
(1.9) %
0.2 %
(1.5) %
(0.6) %
The following table reflects changes in average yield and volume, as a percentage of related business revenue by line of business, for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Yield
Volume
Yield
Volume
Yield
Volume
Yield
Volume
Collection:
Residential
4.4 %
(4.3) %
5.1 %
(3.2) %
4.5 %
(4.7) %
5.3 %
(3.1) %
Small-container
5.0 %
(0.2) %
6.0 %
(0.9) %
4.8 %
(0.3) %
6.1 %
(1.1) %
Large-container
3.8 %
(2.2) %
5.5 %
(3.4) %
4.2 %
(2.4) %
5.6 %
(3.3) %
Landfill:
Municipal solid waste
5.6 %
1.1 %
5.5 %
(2.1) %
5.3 %
1.2 %
6.1 %
(2.8) %
Construction and demolition waste
3.3 %
(37.4) %
3.9 %
47.3 %
4.0 %
(29.9) %
4.0 %
30.9 %
Special waste
— %
(0.3) %
— %
22.4 %
— %
4.3 %
— %
14.5 %
COST OF OPERATIONS
The following table summarizes the major components of our cost of operations for the three and six months ended June 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Labor and related benefits
$ 864
19.5 %
$ 844
19.9 %
$ 1,695
19.8 %
$ 1,662
20.2 %
Transfer and disposal costs
285
6.4
279
6.6
542
6.3
533
6.5
Maintenance and repairs
381
8.6
379
9.0
742
8.7
738
8.9
Transportation and subcontract costs
333
7.5
302
7.1
626
7.3
594
7.2
Fuel
171
3.9
116
2.7
295
3.5
230
2.8
Disposal fees and taxes
95
2.2
96
2.3
179
2.1
179
2.2
Landfill operating costs
107
2.4
104
2.5
199
2.3
193
2.3
Risk management
102
2.3
109
2.6
206
2.4
213
2.6
Other
225
5.1
220
5.2
445
5.3
421
5.1
Total cost of operations
$ 2,563
57.9 %
$ 2,449
57.9 %
$ 4,929
57.7 %
$ 4,763
57.8 %
These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our cost of operations by cost component to that of other companies and of ours for prior periods.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
The following table summarizes our selling, general and administrative expenses for the three and six months ended June 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Salaries and related benefits
$ 292
6.6 %
$ 280
6.6 %
$ 593
7.0 %
$ 573
6.9 %
Provision for doubtful accounts
15
0.3
8
0.2
27
0.3
18
0.2
Other
137
3.1
137
3.2
250
2.9
261
3.2
Total selling, general and administrative expenses
$ 444
10.0 %
$ 425
10.0 %
$ 870
10.2 %
$ 852
10.3 %
These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies and of ours for prior periods.
PERFORMANCE METRICS AND RECONCILIATIONS OF CERTAIN NON-GAAP MEASURES
The following tables calculate EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA and adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, adjusted diluted earnings per share, and adjusted free cash flow, which are not measures determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for the three and six months ended June 30, 2026 and 2025. Our definitions of the foregoing non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.
Adjusted EBITDA and Adjusted EBITDA Margin
The following table calculates adjusted EBITDA and adjusted EBITDA margin for the three and six months ended June 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income attributable to Republic Services, Inc. and net income margin
$ 566
12.8 %
$ 550
13.0 %
$ 1,092
12.8 %
$ 1,045
12.7 %
Provision for income taxes
133
170
263
340
Other income, net
(5)
(4)
(31)
(15)
Interest income
(2)
(2)
(5)
(4)
Interest expense
151
145
302
285
Depreciation, depletion and amortization
488
463
949
897
Accretion
30
28
60
57
EBITDA and EBITDA margin
$ 1,361
30.7 %
$ 1,350
31.9 %
$ 2,630
30.8 %
$ 2,605
31.6 %
Loss from unconsolidated equity method investments
58
2
110
14
Restructuring charges
4
6
6
9
(Gain) loss on business divestitures and impairments, net
—
3
(1)
1
Total adjustments
62
11
115
24
Adjusted EBITDA and adjusted EBITDA margin
$ 1,423
32.1 %
$ 1,361
32.1 %
$ 2,745
32.1 %
$ 2,629
31.9 %
Adjusted EBITDA and Adjusted EBITDA Margin by Business Type
The following table summarizes revenue, adjusted EBITDA and adjusted EBITDA margin by business type for the three and six months ended June 30, 2026 and 2025 (in millions of dollars and adjusted EBITDA margin as a percentage of revenue):
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
Recycling &
Waste
Environmental
Solutions(b)
Total
Recycling &
Waste
Environmental
Solutions(b)
Total
Revenue
$ 3,972
$ 458
$ 4,430
$ 3,773
$ 462
$ 4,235
Adjusted EBITDA(a)
$ 1,330
$ 93
$ 1,423
$ 1,248
$ 113
$ 1,361
Adjusted EBITDA Margin
33.5 %
20.2 %
32.1 %
33.1 %
24.4 %
32.1 %
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
Recycling &
Waste
Environmental
Solutions(b)
Total
Recycling &
Waste
Environmental
Solutions
Total
Revenue
$ 7,681
$ 863
$ 8,544
$ 7,333
$ 911
$ 8,244
Adjusted EBITDA(a)
$ 2,574
$ 171
$ 2,745
$ 2,423
$ 206
$ 2,629
Adjusted EBITDA Margin
33.5 %
19.7 %
32.1 %
33.0 %
22.6 %
31.9 %
(a) Certain corporate expenses, including selling, general and administrative expenses, and National Accounts revenue are allocated to the two business types.
(b) Adjusted EBITDA Margin does not calculate due to rounding.
The amounts shown for Recycling & Waste represent the sum of our Group 1 and Group 2 reportable segments, and Environmental Solutions represents our Group 3 reportable segment.
Adjusted Diluted Earnings Per Share
The following table calculates adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share for the three and six months ended June 30, 2026 and 2025 (in millions of dollars except per share data):
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
Diluted
Diluted
Net
Earnings
Net
Earnings
Pre-tax
Tax
Income -
per
Pre-tax
Tax
Income -
per
Income
Impact(1)
Republic
Share
Income
Impact(1)
Republic
Share
As reported
$ 699
$ 133
$ 566
$ 1.84
$ 720
$ 170
$ 550
$ 1.75
Restructuring charges
4
1
3
0.01
6
2
4
0.01
Loss on business divestitures and impairments, net
—
—
—
—
3
1
2
0.01
Total adjustments
4
1
3
0.01
9
3
6
0.02
As adjusted
$ 703
$ 134
$ 569
$ 1.85
$ 729
$ 173
$ 556
$ 1.77
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
Diluted
Diluted
Net
Earnings
Net
Earnings
Pre-tax
Tax
Income -
per
Pre-tax
Tax
Income -
per
Income
Impact(1)
Republic
Share
Income
Impact(1)
Republic
Share
As reported
$ 1,355
$ 263
$ 1,092
$ 3.54
$ 1,385
$ 340
$ 1,045
$ 3.33
Restructuring charges
6
2
4
0.01
9
2
7
0.03
(Gain) loss on business divestitures and impairments, net(2)
(1)
—
(1)
—
1
—
1
—
Total adjustments
5
2
3
0.01
10
2
8
0.03
As adjusted
$ 1,360
$ 265
$ 1,095
$ 3.55
$ 1,395
$ 342
$ 1,053
$ 3.36
(1)
The income tax effect related to our adjustments includes both current and deferred income tax impact and is individually calculated based on the statutory rates applicable to each adjustment.
(2)
The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the six months ended June 30, 2026 and 2025.
We believe that presenting EBITDA and EBITDA margin is useful to investors because they provide important information concerning our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDA margin demonstrate our ability to execute our financial strategy, which includes reinvesting in existing capital assets to ensure a high level of customer service, investing in capital assets to facilitate growth in our customer base and services provided, maintaining our investment grade credit ratings and minimizing debt, paying cash dividends, repurchasing our common stock, and maintaining and improving our market position through business optimization. Although depreciation, depletion, amortization and accretion are considered operating costs in accordance with U.S. GAAP, they represent the allocation of non-cash costs generally associated with long-lived assets acquired or constructed in prior years.
We believe that presenting adjusted EBITDA and adjusted EBITDA margin, adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share provide an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.
Restructuring charges. During the three and six months ended June 30, 2026, we incurred restructuring charges of $4 million and $6 million, respectively, and during the three and six months ended June 30, 2025, we incurred restructuring charges of $6 million and $9 million, respectively. The charges in these periods related primarily to the design and implementation of our new accounts receivable system.
(Gain) loss on business divestitures and impairments, net. During the six months ended June 30, 2026, we recorded a net gain on business divestitures and impairments of $1 million. During the three and six months ended June 30, 2025, we recorded a loss on business divestitures and impairments of $3 million and $1 million, respectively.
Adjusted Free Cash Flow
The following table calculates our adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the six months ended June 30, 2026 and 2025 (in millions of dollars):
Six Months Ended June 30,
2026
2025
Cash provided by operating activities
$ 2,380
$ 2,134
Property and equipment received
(809)
(727)
Proceeds from sales of property and equipment
7
8
Restructuring payments, net of tax
5
5
Adjusted free cash flow
$ 1,583
$ 1,420
We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments.
Purchases of property and equipment as reflected on our consolidated statements of cash flows represent amounts paid during the period for such expenditures. A reconciliation of property and equipment expenditures reflected on our consolidated statements of cash flows to property and equipment received during the period follows for the six months ended June 30, 2026 and 2025 (in millions of dollars):
Six Months Ended June 30,
2026
2025
Purchases of property and equipment per the unaudited consolidated statements of cash flows
$ 868
$ 866
Adjustments for property and equipment received in a different period
(59)
(139)
Property and equipment received during the period
$ 809
$ 727
The adjustments noted above do not affect our net change in cash, cash equivalents, restricted cash and restricted cash equivalents as reflected in our consolidated statements of cash flows.
ACCOUNTS RECEIVABLE
As of June 30, 2026 and December 31, 2025, accounts receivable were $2,029 million and $1,897 million, net of allowance for doubtful accounts of $59 million and $66 million, respectively, resulting in days sales outstanding of 41.7, or 31.8 days net of deferred revenue, compared to 41.8, or 30.8 days net of deferred revenue, respectively.
CASH DIVIDENDS
In April 2026, we paid a cash dividend of $192 million to shareholders of record as of April 2, 2026. As of June 30, 2026, we recorded a quarterly dividend payable of $191 million to shareholders of record at the close of business on July 2, 2026, which was paid on July 15, 2026.
SHARE REPURCHASE PROGRAM
During the three months ended June 30, 2026, we repurchased 1.6 million shares of our common stock for $337 million at a weighted average cost per share of $206.70. As of June 30, 2026, the remaining authorized purchase capacity under our October 2023 repurchase program was approximately $1.0 billion.
RECONCILIATION OF FULL-YEAR 2026 FINANCIAL GUIDANCE
Adjusted EBITDA
The following is a summary of our anticipated adjusted EBITDA, which is not a measure determined in accordance with U.S. GAAP, for the year ending December 31, 2026 (in millions of dollars):
(Anticipated)
Year Ending
December 31, 2026
Net income attributable to Republic Services, Inc.
$ 2,210 - 2,220
Provision for income taxes
530 - 535
Other income, net
(30)
Interest expense, net
605
Depreciation, depletion, amortization and accretion
2,000 - 2,010
Loss from unconsolidated equity method investments
190
Restructuring charges
20
Adjusted EBITDA
$ 5,525 - 5,550
We believe that presenting adjusted EBITDA provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted EBITDA may not be comparable to similarly titled measures presented by other companies.
Adjusted Diluted Earnings per Share
The following is a summary of anticipated adjusted diluted earnings per share, which is not a measure determined in accordance with U.S. GAAP, for the year ending December 31, 2026:
(Anticipated)
Year Ending
December 31, 2026
Diluted earnings per share
$ 7.18 - 7.23
Restructuring charges
0.05
Adjusted diluted earnings per share
$ 7.23 - 7.28
We believe that presenting adjusted diluted earnings per share provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.
Adjusted Free Cash Flow
Our anticipated adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the year ending December 31, 2026, is calculated as follows (in millions of dollars):
(Anticipated)
Year Ending
December 31, 2026
Cash provided by operating activities
$ 4,485 - 4,560
Property and equipment received
(1,970) - (2,010)
Proceeds from sales of property and equipment
10
Restructuring payments, net of tax
15
Adjusted free cash flow
$ 2,540 - 2,575
We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments. Our definition of adjusted free cash flow may not be comparable to similarly titled measures presented by other companies.
Our financial guidance is based on current economic conditions and does not assume any significant changes in the overall economy for the remainder of 2026.
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information about us that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "guidance," "expect," "will," "may," "anticipate," "plan," "estimate," "project," "intend," "should," "can," "likely," "could," "outlook" and similar expressions are intended to identify forward-looking statements. These statements include information about our plans, strategies, and expectations of future financial performance and prospects. Forward-looking statements are not guarantees of performance. These statements are based upon the current beliefs and expectations of our management and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such expectations may not prove to be correct. Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are the impacts of the overall global economy and changing interest rates, impacts from international trade restrictions and tariffs, our ability to effectively integrate and manage companies we acquire, and to realize the anticipated benefits of any such acquisitions, the impact of prolonged work stoppages or other labor disruptions, the amount of the financial contribution of our sustainability initiatives, acts of war, riots or terrorism, and the impact of these acts on economic, financial and social conditions in the United States and Canada, as well as our dependence on large, long-term collection, transfer and disposal contracts. More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, particularly under Part I, Item 1A – Risk Factors. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
, /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE: STAG) announced today that it has received an investment grade rating from S&P Global Ratings ("S&P"). S&P assigned a rating of 'BBB' to STAG Industrial Operating Partnership, L.P. with a stable outlook. The Company also maintains an investment grade rating of 'BBB' with a stable outlook from Fitch Ratings and an investment grade rating of 'Baa2' with a stable outlook from Moody's Ratings.
"The addition of a rating from S&P Global Ratings affirms the quality of STAG's operating platform and the discipline underlying our balance sheet," said Matts Pinard, Chief Financial Officer of the Company. "This additional investment grade rating broadens our access to sources of debt and further strengthens our cost of capital."
A copy of S&P's published rating is available at www.spglobal.com.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, development, ownership and operation of industrial properties throughout the United States. As of June 30, 2026, the Company's portfolio consists of 606 buildings in 41 states with approximately 122.6 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, 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. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company's annual report on Form 10-K for the year ended December 31, 2025 as updated by the Company's quarterly reports on Form 10-Q. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Himalaya Capital Li Lu snížila podíl v Bank of America zhruba o 71 % a přesunula peníze do Moody’s, S&P Global a MSCI. Tím sází na společnosti, které vydělávají na ratingu a indexech, ne na úvěrovém riziku.
Li Lu’s Himalaya Capital cut its Bank of America (NYSE:BAC | BAC Price Prediction) position by roughly 71% and redeployed the proceeds into the three companies that grade, index, and monitor the credit system itself. Moody’s (NYSE:MCO) was sized at approximately $51.4 million and S&P Global (NYSE:SPGI) at $51.7 million, a gap of about $300,000 that looks like a deliberate paired bet on the ratings duopoly. MSCI rounded out the rotation.
Li Lu is the only outside manager Charlie Munger ever trusted with his family’s money, and Berkshire has owned Moody’s for roughly 25 years. When a Munger disciple sells a big commercial bank to buy the toll operators sitting above it, that signals where durable pricing power lives in financial services.
What Got Sold Bank of America is having a fine year on paper. Q2 2026 EPS of $1.21 beat consensus of $1.12, the fifth straight beat, and the stock is up 13% year to date and 39% over the past year. However, the earnings engine tilts increasingly toward markets and trading, and the balance sheet carries the classic problem.
A 100 basis point drop in rates would cut net interest income by roughly $2.2 billion over the next twelve months. Own a bank, and you own the yield curve and the credit cycle along with it.
What Got Bought Moody’s put up 15.1% revenue growth in Q2 2026 with an adjusted operating margin of 55.3%, and its ratings unit generated a 68.3% operating margin on 25% revenue growth. Moreover, S&P Global posted 17% growth in its Ratings segment with a pro forma 68% operating margin.
MSCI (NYSE:MSCI) delivered Index segment growth of 17.5% with ETF assets linked to its indexes at a record $2.82 trillion. None hold credit risk on a balance sheet. None get told by the Federal Reserve how much capital to reserve against a bad quarter.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Bank of America didn't make the cut. Grab the names FREE today.
The Thesis Rating agencies and index providers do not lend money and do not need regulatory capital buffers. Instead, they charge fees every time debt gets issued or an ETF gets funded, and the AI infrastructure buildout is one of the largest issuance events in a generation. Moody’s Public, Project and Infrastructure Finance revenue rose 38% in Q2 2026, most of it data-center paper. That is the same wave lifting commercial banks, monetized at a fraction of the capital intensity and at margins banks cannot approach. Rob Fauber put it plainly on the July call, saying “Moody’s is well positioned at the intersection of risk, data, analytics and technology.”
S&P Global is down 15.4% year to date, and Moody’s is off 3%, while BAC ran hard. Selling strength to buy weakness in higher-quality businesses is the standard Munger move, and Li Lu is executing it in size.
Should Retail Investors Follow The takeaway is to understand what Li Lu is signaling rather than mirror position sizes at home. Rating agencies and index compounders survive credit cycles while banks participate in them. In addition, buybacks reinforce that discipline. Moody’s raised its 2026 authorization to up to $3 billion, S&P Global lifted its 2026 target above $7 billion, and MSCI has roughly $1.6 billion remaining on its authorization.
Moody’s trades at 29x forward earnings and S&P Global at 22x. Not cheap. But a value investor with a 25-year holding pattern is paying for durability. Worth following the thesis. Copying the trade is optional.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Bank of America didn't make the cut. Grab the names FREE today.
LTC Properties, Inc. (LTC) Q2 2026 Earnings Call August 6, 2026 11:00 AM EDT
Company Participants
Pamela Shelley-Kessler - Co-CEO & Co-President
J. Satterwhite - Executive Vice President of Asset Management
David Boitano - Executive VP & Chief Investment Officer
Caroline Chikhale - Executive VP, CFO, secretary, Chief Accounting Officer & Treasurer
Clint B. Malin - Co-CEO & Co-President
Conference Call Participants
Robin Haneland - BMO Capital Markets Equity Research
Omotayo Okusanya - Deutsche Bank AG, Research Division
Jesus Garcia - Wells Fargo Securities, LLC, Research Division
Michael Carroll - RBC Capital Markets, Research Division
Richard Anderson - Cantor Fitzgerald & Co., Research Division
Austin Wurschmidt - KeyBanc Capital Markets Inc., Research Division
Presentation
Operator
Greetings, and welcome to the LTC Properties Second Quarter 2026 Earnings Call. [Operator Instructions] Joining us on today's call are Pam Kessler, Co-President and Co-Chief Executive Officer, Clint Malin, Co-President and Co-Chief Executive Officer, Cece Chikhale, Executive Vice President, Chief Financial Officer and Treasurer, Gibson Satterwhite, Executive Vice President of Asset Management, Dave Boitano, Executive Vice President and Chief Investment Officer.
Before management begins its presentation, please know that today's comments, including the question and answer session, include forward-looking statements subject to risk and uncertainties, that may cause actual results and events to differ materially. These risks and uncertainties are detailed in LTC Properties filing with the Security and Exchange Commission from time to time, including the company's most recent 10-K dated December 31, 2025. LTC undertakes no obligation to revise or update forward-looking statements to reflect events or circumstances after the date of this presentation. Please note this event is being recorded.
I would like to now turn the conference over to LTC management.
Pamela Shelley-Kessler
Co-CEO & Co-President
Good morning, and thank you for joining us. The excitement and momentum of our SHOP strategy here at LTC continues, and our transformation is well
Harrow Inc. (NASDAQ:HROW) on Thursday agreed to acquire Tyrvaya (varenicline solution) nasal spray 0.03 mg from Viatris Inc. (NASDAQ:VTRS).
Viatris To Sell Tyrvaya To Harrow In Up To $100 Million DealTyrvaya is a cholinergic agonist indicated for signs and symptoms of dry eye disease and is currently approved in the U.S., China, and Taiwan, with marketing authorization applications pending in other countries.
Harrow will pay $30 million in cash and up to $70 million in contingent milestone payments tied to Tyrvaya’s net sales, for a potential total consideration of up to $100 million.
The transaction is expected to close in the second half of 2026.
Read Next
Viatris Q2 PerformanceViatris on Thursday reported second-quarter adjusted earnings of 69 cents per share, beating the consensus of 60 cents.
The generic drug maker reported sales of $3.756 billion, ahead of the consensus of $3.675 billion.
Sales jumped 5% year over year (+3.5% on an operational basis), primarily driven by new product sales in Developed Markets and strong growth in Greater China.
“Our second-quarter results reflect another quarter of strong execution and reinforce the momentum we’re building across our business,” said Scott A. Smith, CEO, Viatris. “Commercial execution, pipeline progress and the early benefits of our enterprise-wide strategic review continue strengthening our business and improving our financial performance.”
In the company earnings conference call, Viatris said the Tyrvaya deal will help it focus on high-potential growth areas, particularly in complex generics and transdermal products, as well as continued investment in the Greater China market.
Viatris Raises 2026 Earnings And Sales Guidance“Our strong first-half results give us the confidence to raise our full-year guidance. We expect a more balanced operating environment in the second half of the year, and we remain focused on disciplined execution, investing behind our future growth drivers and creating long-term value for patients and shareholders,” Smith said.
Viatris raised its fiscal 2026 adjusted earnings guidance from $2.33-$2.47 per share to $2.45-$2.49 compared to the consensus of $2.44.
The company raised its 2026 sales guidance from $14.45 billion-$14.95 billion to $14.55 billion-$14.95 billion versus the Wall Street estimate of $14.783 billion.
VTRS Price Action: Viatris shares were down 4.16% at $16.91 at the time of publication on Thursday, according to Benzinga Pro data.
Read Next
Image via Shutterstock
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, /PRNewswire/ -- Gen Digital Inc. (NASDAQ: GEN), a global leader dedicated to powering Digital Freedom, released its results for its first quarter fiscal year 2027, which ended July 3, 2026.
Q1 FY27 Beat and Raise Annual Guidance "We are deepening our trusted relationships with customers, helping them stay secure and confident across their digital and financial lives," said Vincent Pilette, CEO of Gen. "The Gen platform brings Cyber Safety, Identity Protection, and Financial Wellness together, creating more value for customers and driving stronger performance across our portfolio. Our Q1 results show the model is working: a beat-and-raise start to fiscal 2027. And we are only beginning to unlock what this platform can deliver."
Q1 Fiscal Year 2027 Financial Highlights
Q1 FY27 consisted of 13 weeks, while Q1 FY26 consisted of 14 weeks. Non-GAAP adjusted growth rates are calculated on a comparable basis, excluding the extra fiscal week in Q1 FY26 and including MoneyLion's stub period financial results in the prior year period. The reconciliation is available below.
Q1 GAAP Results
Revenue of $1.336 billion, up 6% Operating income of $443 million, down 1% Diluted EPS of $0.36, up 65% Operating cash flow of $434 million Q1 Non-GAAP Results
Bookings of $1.284 billion, up 11% Revenue of $1.336 billion, up 11% Operating income of $668 million, up 9% Diluted EPS of $0.71, up 19% Free cash flow of $430 million "Our first quarter results reflect the strength and consistency of our business model, with broad-based growth across both of our segments," said Natalie Derse, CFO of Gen. "We delivered revenue above our guidance range and beat expectations and achieving high-teens growth in non-GAAP EPS while continuing to invest in innovation. As we continue to execute our strategy, we are confident in our outlook, the durability of our operating model and our ability to unlock stronger platform economics as we scale."
Non-GAAP Q2 Fiscal Year 2027 Guidance
Q2 FY27 Revenue expected to be in the range of $1.325 billion to $1.350 billion Q2 FY27 EPS expected to be in the range of $0.71 to $0.73 Raises Non-GAAP Fiscal Year 2027 Guidance
FY27 Revenue expected to be in the range of $5.375 billion to $5.475 billion, compared to prior guidance of $5.325 billion to $5.425 billion FY27 EPS expected to be in the range of $2.87 to $2.97, compared to prior guidance of $2.85 to $2.95 Quarterly Cash Dividend
Gen's Board of Directors has approved a regular quarterly cash dividend of $0.125 per common share to be paid on September 9, 2026, to all shareholders of record as of the close of business on August 17, 2026.
Q1 Fiscal Year 2027 Earnings Call
August 6, 2026
2 p.m. PT / 5 p.m. ET
Webcast & Dial-in instructions at Investor.GenDigital.com. A replay will be posted following the call. For additional details regarding Gen's results and outlook, please see the Financials section of the Investor Relations website at Investor.GenDigital.com.
About Gen
Gen (NASDAQ: GEN) is a global company dedicated to powering Digital Freedom through its trusted consumer brands including Norton, Avast, LifeLock, MoneyLion and more. The Gen family of consumer brands is rooted in providing financial empowerment and cyber safety for the first digital generations. Today, Gen empowers people to live their digital lives safely, privately and confidently for generations to come. Gen brings award-winning products and services in cybersecurity, online privacy, identity protection and financial wellness to nearly 500 million users in more than 150 countries. Learn more at GenDigital.com.
Forward-Looking Statements
This press release contains statements which may be considered forward-looking within the meaning of the U.S. federal securities laws. In some cases, you can identify these forward-looking statements by the use of terms such as "expect," "will," "continue," or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, the quotes under "Q1 Fiscal Year 2027 Financial Highlights" including expectations relating to achievement of long-term objectives, and the statements under "Non-GAAP Q2 Fiscal Year 2027 Guidance" and "Non-GAAP Fiscal Year 2027 Guidance" including expectations relating to Q2 Fiscal Year 2027 and Fiscal Year 2027 non-GAAP revenue and non-GAAP EPS, and any statements of assumptions underlying any of the foregoing. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: the consummation of or anticipated impacts of acquisitions (including our ability to achieve synergies and associated cost savings from any such acquisitions); divestitures, restructurings, stock repurchases, financings, debt repayments and investment activities; the outcome or impact of pending litigation, claims or disputes; difficulties in executing the operating model for the consumer Cyber Safety business; lower than anticipated returns from our investments in direct customer acquisition; difficulties in retaining our existing customers and converting existing non-paying customers to paying customers; difficulties and delays in reducing run rate expenses and monetizing underutilized assets; the successful development of new products and upgrades and the degree to which these new products and upgrades gain market acceptance; our ability to maintain our customer and partner relationships; the anticipated growth of certain market segments; fluctuations and volatility in our stock price; our ability to successfully execute strategic plans; the vulnerability of our solutions, systems, websites and data to intentional disruption by third parties; changes to existing accounting pronouncements or taxation rules or practices; and general business and macroeconomic changes in the U.S. and worldwide, including economic recessions, the impact of inflation, fluctuations in foreign currency exchange rates, changes in interest rates or tax rates, and ongoing and new geopolitical conflicts, and other global macroeconomic factors on our operations and financial performance. Additional information concerning these and other risk factors is contained in the Risk Factors sections of our most recent reports on Form 10-K and Form 10-Q. We encourage you to read those sections carefully. There may also be other factors that have not been anticipated or are not described in our periodic filings, generally because we did not believe them to be significant at the time, which could cause actual results to differ materially from our projections and expectations. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. We assume no obligation, and do not intend, to update these forward-looking statements as a result of future events or developments.
Use of Non-GAAP Financial Information
We use non-GAAP measures of operating margin, operating income, net income and earnings per share, which are adjusted from results based on GAAP and exclude certain expenses, gains and losses. We also provide the non-GAAP metrics of revenues, and constant currency revenues. These non-GAAP financial measures are provided to enhance the user's understanding of our past financial performance and our prospects for the future, and to provide more meaningful comparisons of our current results to our historical performance by adjusting items that affect comparability between periods. Our management team uses these non-GAAP financial measures in assessing Gen's performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to our quarterly earnings release, and which can be found, along with other financial information including the Earnings Presentation, on the investor relations page of our website at Investor.GenDigital.com. No reconciliation of the forecasted range for non-GAAP revenues and EPS guidance is included in this release because most non-GAAP adjustments pertain to events that have not yet occurred. It would be unreasonably burdensome to forecast, therefore we are unable to provide an accurate estimate.
CONTACTS
Investor Contact
Ben Lu
Gen
[email protected]
Media Contact
Audra Proctor
Gen
[email protected]
GEN DIGITAL INC.
Condensed Consolidated Balance Sheets
(Unaudited, in millions)
July 3, 2026
April 3, 2026
ASSETS
Current assets:
Cash, cash equivalents and restricted cash
$ 564
$ 411
Accounts receivable, net
378
361
Other current assets
286
295
Assets held for sale
40
14
Total current assets
1,268
1,081
Property and equipment, net
70
71
Intangible assets, net
2,046
2,096
Goodwill
10,938
10,996
Deferred income tax assets
1,135
1,153
Other long-term assets
187
192
Total assets
$ 15,644
$ 15,589
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$ 96
$ 96
Accrued compensation and benefits
75
115
Current portion of long-term debt
181
181
Contract liabilities
1,843
1,904
Other current liabilities
527
414
Total current liabilities
2,722
2,710
Long-term debt
7,975
8,015
Long-term contract liabilities
76
73
Deferred income tax liabilities
190
198
Long-term income taxes payable
1,614
1,588
Other long-term liabilities
411
394
Total liabilities
12,988
12,978
Total stockholders' equity (deficit)
2,656
2,611
Total liabilities and stockholders' equity (deficit)
$ 15,644
$ 15,589
GEN DIGITAL INC.
Condensed Consolidated Statements of Operations
(Unaudited, in millions, except per share amounts)
Three Months Ended
July 3, 2026
July 4, 2025
Net revenues
$ 1,336
$ 1,257
Cost of revenues
307
267
Gross profit
1,029
990
Operating expenses:
Sales and marketing
300
297
Research and development
118
109
General and administrative
80
74
Amortization of intangible assets
56
54
Restructuring and other costs
32
10
Total operating expenses
586
544
Operating income (loss)
443
446
Interest expense
(124)
(156)
Other income (expense), net
4
10
Income (loss) before income taxes
323
300
Income tax expense (benefit)
108
165
Net income (loss)
$ 215
$ 135
Net income (loss) per share - basic
$ 0.36
$ 0.22
Net income (loss) per share - diluted
$ 0.36
$ 0.22
Weighted-average shares outstanding:
Basic
599
617
Diluted
603
624
GEN DIGITAL INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in millions)
Three Months Ended
July 3, 2026
July 4, 2025
OPERATING ACTIVITIES:
Net income (loss)
$ 215
$ 135
Adjustments:
Amortization and depreciation
123
123
Stock-based compensation expense
54
66
Loss on sale of Instacash Advances
60
36
Deferred income taxes
(9)
11
Loss on sale of property
—
1
Non-cash operating lease expense
4
4
Foreign currency remeasurement loss (gain)
(1)
86
Other
9
10
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net
(13)
10
Accounts payable
1
(48)
Accrued compensation and benefits
(39)
(21)
Contract liabilities
(56)
(69)
Income taxes payable
75
61
Instacash Advances held for sale, net
(86)
(47)
Other assets
(3)
58
Other liabilities
100
(7)
Net cash provided by (used in) operating activities
434
409
INVESTING ACTIVITIES:
Purchases of property and equipment
(4)
(4)
Payments for acquisitions, net of cash acquired
—
(876)
Payments for originations of notes receivable
(85)
—
Proceeds from principal repayments of notes receivable
77
—
Proceeds from the sale of property
—
9
Other
(3)
(2)
Net cash provided by (used in) investing activities
(15)
(873)
FINANCING ACTIVITIES:
Repayments of debt
(45)
(191)
Proceeds from issuance of debt, net of issuance costs (1)
—
741
Tax payments related to vesting of stock units
(41)
(44)
Dividends and dividend equivalents paid
(81)
(82)
Repurchases of common stock
(100)
(134)
Net cash provided by (used in) financing activities
(267)
290
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
1
(4)
Change in cash, cash equivalents and restricted cash
153
(178)
Beginning cash, cash equivalents and restricted cash
411
1,006
Ending cash, cash equivalents and restricted cash
$ 564
$ 828
______________________
(1) Issuance costs paid for issuance of debt for three months ended July 4, 2025 were $9 million.
GEN DIGITAL INC.
Reconciliation of Selected GAAP Measures to Non-GAAP Measures (1) (2)
(Unaudited, in millions, except per share amounts)
Three Months Ended
July 3, 2026
July 4, 2025
Operating income (loss)
$ 443
$ 446
Stock-based compensation
50
66
Amortization of intangible assets
119
119
Restructuring and other costs
32
10
Acquisition and integration costs
1
5
Litigation costs
23
5
Other
—
(1)
Operating income (loss) (Non-GAAP)
668
650
Extra week
—
(44)
MoneyLion stub period
—
8
Adjusted operating income (loss) (Non-GAAP) (3)
$ 668
$ 614
Operating margin
33.2 %
35.5 %
Operating margin (Non-GAAP)
50.0 %
51.7 %
Net income (loss)
$ 215
$ 135
Adjustments to net income (loss):
Stock-based compensation
50
66
Amortization of intangible assets
119
119
Restructuring and other costs
32
10
Acquisition and integration costs
1
5
Litigation costs
23
5
Other
—
(3)
Non-cash interest expense
5
7
Loss (gain) on sale of properties and nonfinancial assets
—
1
Total adjustments to GAAP income (loss) before income taxes
230
210
Adjustment to GAAP provision for income taxes
(14)
53
Total adjustment to income (loss), net of taxes
216
263
Net income (loss) (Non-GAAP)
431
398
Extra week
—
(30)
MoneyLion stub period
—
8
Adjusted net income (loss) (Non-GAAP) (3)
$ 431
$ 376
Diluted net income (loss) per share
$ 0.36
$ 0.22
Adjustments to diluted net income (loss) per share:
Stock-based compensation
0.08
0.11
Amortization of intangible assets
0.20
0.19
Restructuring and other costs
0.05
0.02
Acquisition and integration costs
0.00
0.01
Litigation costs
0.04
0.01
Other
—
(0.00)
Non-cash interest expense
0.01
0.01
Loss (gain) on sale of properties and nonfinancial assets
—
0.00
Total adjustments to GAAP income (loss) before income taxes
0.38
0.34
Adjustment to GAAP provision for income taxes
(0.02)
0.08
Total adjustment to income (loss), net of taxes
0.36
0.42
Diluted net income (loss) per share (Non-GAAP)
0.71
0.64
Extra week
—
(0.05)
MoneyLion stub period
—
0.01
Adjusted diluted net income (loss) per share (Non-GAAP) (3)
Net cash provided by (used in) operating activities
$ 434
$ 409
Adjustments to net cash provided by (used in) operating activities:
Purchases of property and equipment
(4)
(4)
Free cash flow (Non-GAAP)
$ 430
$ 405
______________________
(1)
This presentation includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these non-GAAP measures, see Appendix A.
(2)
Amounts may not add due to rounding.
(3)
The three months ended July 3, 2026 consisted of 13 weeks whereas the three months July 4, 2025 consisted of 14 weeks. Non-GAAP adjusted growth rates are calculated on a comparable basis, excluding the extra fiscal week in the three months July 4, 2025 and including MoneyLion's stub period financial results in the prior year period.
GEN DIGITAL INC.
Performance Metrics
(Unaudited, in millions)
Performance Metrics
Three Months Ended
July 3, 2026
July 4, 2025
Cyber Safety Platform
$ 846
$ 869
Trust-Based Solutions
490
388
Total net revenues
1,336
1,257
Direct revenues
$ 1,063
$ 1,054
Partner revenues
273
203
Total net revenues
$ 1,336
$ 1,257
Total net revenues
$ 1,336
$ 1,257
Extra week impact
—
(87)
MoneyLion stub period
—
38
Total adjusted net revenues (Non-GAAP) (1)
$ 1,336
$ 1,208
Total bookings
$ 1,284
$ 1,202
Extra week impact
—
(82)
MoneyLion stub period
—
38
Total adjusted bookings (1)
$ 1,284
$ 1,158
As of
July 3, 2026
July 4, 2025
Total paid customers
81
76
______________________
(1)
The three months ended July 3, 2026 consisted of 13 weeks whereas the three months ended July 4, 2025 consisted of 14 weeks. Non-GAAP adjusted growth rates are calculated on a comparable basis, excluding the extra fiscal week in the three months ended July 4, 2025 and including MoneyLion's stub period financial results in the prior year period.
GEN DIGITAL INC.
Appendix A
Explanation of Non-GAAP Measures and Other Items
Objective of non-GAAP measures: We believe our presentation of non-GAAP financial measures, when taken together with corresponding GAAP financial measures, provides meaningful supplemental information regarding the Company's operating performance for the reasons discussed below. Our management team uses these non-GAAP financial measures in assessing our performance, as well as in planning and forecasting future periods. Due to the importance of these measures in managing the business, we use non-GAAP measures in the evaluation of management's compensation. These non-GAAP financial measures are not computed according to GAAP and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Stock-based compensation: This consists of expenses for employee restricted stock units, performance-based awards, stock options and our employee stock purchase plan, determined in accordance with GAAP. We evaluate our performance both with and without these measures because stock-based compensation is a non-cash expense and can vary significantly over time based on the timing, size, nature and design of the awards granted, and is influenced in part by certain factors that are generally beyond our control, such as the volatility of the market value of our common stock. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation to facilitate the comparison of our results to those of other companies in our industry.
Amortization of intangible assets: Amortization of intangible assets consists of amortization of acquisition-related intangibles assets such as developed technology, customer relationships and trade names acquired in connection with business combinations. We record charges relating to the amortization of these intangibles within both cost of revenues and operating expenses in our GAAP financial statements. Under purchase accounting, we are required to allocate a portion of the purchase price to intangible assets acquired and amortize this amount over the estimated useful lives of the acquired intangible assets. However, the purchase price allocated to these assets is not necessarily reflective of the cost we would incur to internally develop the intangible asset. Further, amortization charges for our acquired intangible assets are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. We eliminate these charges from our non-GAAP operating results to facilitate an evaluation of our current operating performance and provide better comparability to our past operating performance.
Restructuring and other costs: Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements, contract termination costs, and assets write-offs, as well as other exit and disposal costs. Included in other exit and disposal costs are costs to exit and consolidate facilities in connection with restructuring events. We exclude restructuring and other costs from our non-GAAP results as we believe that these costs are incremental to core activities that arise in the ordinary course of our business and do not reflect our current operating performance, and that excluding these charges facilitates a more meaningful evaluation of our current operating performance and comparisons to our past operating performance.
Acquisition-related and integration costs: These represent the transaction and business integration costs related to significant acquisitions that are charged to operating expense in our GAAP financial statements. These costs include incremental expenses incurred to affect these business combinations such as advisory, legal, accounting, valuation, and other professional or consulting fees. We exclude these costs from our non-GAAP results as they have no direct correlation to the operation of our business, and because we believe that the non-GAAP financial measures excluding these costs provide meaningful supplemental information regarding the spending trends of our business. In addition, these costs vary, depending on the size and complexity of the acquisitions, and are not indicative of costs of future acquisitions.
Litigation costs: We may periodically incur charges or benefits related to litigation settlements, legal contingency accruals and third-party legal costs related to certain legal matters. We exclude these charges and benefits when associated with a significant matter because we do not believe they are reflective of ongoing business and operating results.
Non-cash interest expense and amortization of debt issuance costs: In accordance with GAAP, we separately account for the value of the conversion feature on our convertible notes as a debt discount that reflects our assumed non-convertible debt borrowing rates. We amortize the discount and debt issuance costs over the term of the related debt. We exclude the difference between the imputed interest expense, which includes the amortization of the conversion feature and of the issuance costs, and the coupon interest payments. We extinguished our remaining convertible debt on August 15, 2022. During fiscal 2023, we also started amortizing the debt issuance costs associated with our senior credit facilities, which were secured upon close of the acquisition of Avast. We believe that excluding these costs provides meaningful supplemental information regarding the cash cost of our debt instruments and enhance investors' ability to view the Company's results from management's perspective.
Gain (loss) on extinguishment of debt: We record gains or losses on extinguishment of debt. Gains or losses represent the difference between the fair value of the exchange consideration and the carrying value of the liability component of the debt at the date of extinguishment. We exclude the gain or loss on debt extinguishment in our non-GAAP results because they are not reflective of our ongoing business.
Change in fair value and impairment of non-marketable equity investments: We record gains or losses, unrealized and realized, on equity investments in privately-held companies. We exclude the net gains or losses because we do not believe they are reflective of our ongoing business.
Gain (loss) on sale of properties and nonfinancial assets: We periodically recognize gains or losses from the disposition of land, buildings and nonfinancial assets. We exclude such gains or losses because they are not reflective of our ongoing business and operating results.
Income tax effects and adjustments: We use a non-GAAP tax rate that excludes (1) the discrete impacts of changes in tax legislation, (2) most other significant discrete items, (3) unrealized gains or losses from remeasurement of foreign currency denominated deferred tax items and uncertain tax benefits, and (4) the income tax effects of the non-GAAP adjustment to our operating results described above. We believe making these adjustments facilitates a better evaluation of our current operating performance and comparisons to past operating results. Our tax rate is subject to change for a variety of reasons, such as significant changes in the geographic earnings mix due to acquisition and divestiture activities or fundamental tax law changes in major jurisdictions where we operate.
Diluted GAAP and non-GAAP weighted-average shares outstanding: Diluted GAAP and non-GAAP weighted-average shares outstanding are generally the same, except in periods when there is a GAAP loss from continuing operations. In accordance with GAAP, we do not present dilution for GAAP in periods in which there is a loss from continuing operations. However, if there is non-GAAP net income, we present dilution for non-GAAP weighted-average shares outstanding in an amount equal to the dilution that would have been presented had there been GAAP income from continuing operations for the period.
Bookings: Bookings are defined as customer orders received that are expected to generate net revenues in the future. We present the operational metric of bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our performance in future periods.
Free cash flow: Free cash flow is defined as cash flows from operating activities less purchases of property and equipment. Free cash flow is not a measure of financial condition under GAAP and does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period, and thus should not be considered as an alternative to cash flows from operating activities or as a measure of liquidity.
(Unlevered) Free cash flow: Free cash flow is defined as cash flows from operating activities less purchases of property and equipment. Unlevered free cash flow excludes cash interest expense payments, net of payments received through interest rate swap hedges. Free cash flow is not a measure of financial condition under GAAP and does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period, and thus should not be considered as an alternative to cash flows from operating activities or as a measure of liquidity.
Cyber Safety Platform: Includes our security and privacy products, as well as our cyber safety comprehensive suites which deliver technology solutions and superior threat protection to help people navigate the digital world, securely, privately and confidently.
Trust-Based Solutions: Trust-Based Solutions includes our identity, reputation, and financial wellness products, which provide innovative solutions and insights that empower consumers to grow and manage their identity, reputation and finances confidently.
Direct revenue: Direct revenue reflects subscriptions sold directly through e-commerce or mobile channels, and revenue generated from financial transactions directly made through Gen properties or marketplaces.
Partner revenue: Partner revenue reflects partner-sourced and channel revenue via retailers, employee benefits, telcos, publishers, and strategic partnerships, including revenue generated from product usage or products sold through our financial marketplace.
Paid customers: We define paid customers as active users of our products and solutions, including subscribers with an active paid subscription to our products at the end of the reported period. Paid customers also includes product users with a unique account and at least one revenue-generating transaction in the relevant active period of each respective product category, whether through our first-party personal finance products, transacting through our financial marketplaces, or generating revenue through product usage. We exclude users on free trials and those who have not actively transacted in the relevant period of each respective product category. In order to properly reflect Gen's customer cohorts that contribute to revenue given the dynamic nature of consumers and our product portfolio, our methodology is subject to change from time to time. The methodologies used to measure these metrics require judgment and we regularly review our metrics to improve their accuracy. However, our ability to recalculate our historical metrics may be impacted by data limitations or other factors that require us to apply different methodologies for such adjustments. We generally do not intend to update previously disclosed metrics for any such inaccuracies or adjustments that are deemed not material.
Trade Desk klesá před výsledky za 2. čtvrtletí, které firma zveřejní po dnešním uzavření trhu. Analytici čekají zisk 40 centů na akcii a tržby 751,39 milionu USD.
The Trade Desk Inc. (NASDAQ:TTD) shares are retreating Thursday as traders reduce exposure ahead of the programmatic advertising platform’s second-quarter results arriving after today’s close.
Trade Desk shares are retreating from recent levels. What’s pressuring TTD stock? Pre-Earnings Caution Builds as Growth Deceleration Weighs on SentimentAnalysts are expecting earnings of 40 cents per share on revenue of $751.39 million when the company reports after the bell, a target that sits just above the floor of the company’s own second-quarter guidance of at least $750 million in revenue alongside approximately $260 million in adjusted EBITDA, both figures issued when first-quarter results were released.
The first quarter introduced a note of caution that investors are carrying into today’s session. Revenue of $689 million advanced 12% from the prior year, a visible deceleration from the 25% expansion the company delivered in the same quarter of 2025. Adjusted EBITDA of $206 million produced a 30% margin, four percentage points below the 34% achieved a year earlier, while adjusted earnings per share of 28 cents retreated from the 33 cents recorded in the comparable period.
CEO Jeff Green described the period as a strong quarter and credited strategic improvements across the organization for the outperformance, while acknowledging that the broader macroeconomic environment created headwinds the business had to navigate.
Customer retention held above 95% for more than a decade consecutively, and the company rolled out several initiatives during the period that could support future growth. Koa Agents brought agentic AI capabilities to media planning, buying and measurement across the open internet, while OpenTTD created a unified login and integrated analytics experience for clients and partners.
TTD Versus The Tape: A Downtrend That Still Has The WheelThe technical setup is straightforward. TTD sits 38% below its 200‑day SMA at $28.64 and 14.7% below its 100‑day SMA at $20.82. It is also trading under the 20‑day and 50‑day averages, and with the 20‑day SMA still beneath the 50‑day SMA, the short‑term trend remains tilted bearish. That is the kind of structure that tends to get punished when the market turns defensive.
There is one small sign that selling pressure may be easing. MACD has crossed above its signal line and the histogram is positive, which suggests the downside impulse is losing momentum compared with the prior leg lower. It does not repair the chart, but it does open the door for any rebound that starts reclaiming moving averages to travel farther than skeptics expect.
Key resistance: $20.50 — A nearby round‑number zone close to the 100‑day SMA where rebounds have stalled. Key support: $17.00 — A floor near the recent 52‑week low at $16.70, where buyers have stepped in. If $17.00 holds, the next question is whether the stock can work back into the $18.50–$19.50 zone and start rebuilding credibility. If it cannot, the market will continue treating strength as an opportunity to exit.
TTD Shares Are FallingTTD Price Action: Trade Desk shares were down 6.01% at $17.82 at the time of publication on Thursday. The stock is trading near its 52-week low of $16.70, according to Benzinga Pro.
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The Trade Desk ve 2. čtvrtletí zvýšil výnosy na 715 mil. USD, ale čistý zisk klesl na 64 mil. USD z 90 mil. USD před rokem. Pro 3. čtvrtletí očekává výnosy alespoň 650 mil. USD.
LOS ANGELES--(BUSINESS WIRE)--The Trade Desk, Inc. (“The Trade Desk,” the “Company” or “we”) (NASDAQ: TTD), a provider of a global technology platform for buyers of advertising, today announced financial results for its second quarter ended June 30, 2026.
“This quarter did not meet the standard we set for ourselves, but it has reinforced our belief that we are focused on the right opportunities for the future,” said Jeff Green, Co-Founder and CEO of The Trade Desk. “Marketers are navigating a complex environment, but complexity increases the value of decisioning, measurement and AI. We have a clear understanding of the factors that impacted our performance, and we are taking decisive action to strengthen our execution, upgrade our platform, and sharpen our focus on the areas where we can create the greatest value. While there is work ahead, I am confident our actions will help marketers drive better business outcomes and support the shift of media budgets toward the open internet.”
Second Quarter 2026 Financial Highlights:
The following table summarizes the Company’s unaudited consolidated financial results for the three and six months ended June 30, 2026 and 2025 ($ in millions, except per share amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
GAAP Results
Revenue
$
715
$
694
$
1,404
$
1,310
Increase in revenue year over year
3
%
19
%
7
%
22
%
Net income
$
64
$
90
$
104
$
141
Net income margin
9
%
13
%
7
%
11
%
GAAP diluted earnings per share
$
0.14
$
0.18
$
0.22
$
0.28
Non-GAAP Results
Adjusted EBITDA
$
241
$
271
$
447
$
479
Adjusted EBITDA margin
34
%
39
%
32
%
37
%
Non-GAAP net income
$
158
$
203
$
292
$
368
Non-GAAP diluted earnings per share
$
0.34
$
0.41
$
0.62
$
0.74
Second Quarter and Recent Business Highlights:
Strong Customer Retention: Customer retention remained over 95% during the second quarter, as it has for over a decade. New Innovation and Partnership Announcements: Dentsu named The Trade Desk as the first DSP partner for its new end-to-end retail data offering from New Stream Media. The Trade Desk expanded its commerce media ecosystem through integrations with leading travel, hospitality and mobility including Booking.com, Agoda, Kayak, Priceline, Marriott, Uber and United Airlines, helping advertisers activate high-intent commerce and travel signals and unify campaign activation, measurement and optimization across the open internet. Databricks named The Trade Desk a launch partner for CustomerLake, connecting first-party data and agentic AI directly to media execution across the open internet. Adobe and The Trade Desk forged a new integration connecting paid media exposure data directly to first-party profiles in Adobe Real-Time CDP. Connected TV (CTV): The Trade Desk offers advertisers access to premium inventory across major networks and streaming services around the world. Netflix joined The Trade Desk’s Sellers and Publishers 500+, enabling advertiser access to Netflix’s premier streaming environment automatically through the company’s scaled inventory marketplace. Samsung Ads opened its premium home screen inventory to programmatic buyers, with The Trade Desk named among the first platforms granted access, giving advertisers a unified view of creative and measurement performance. Strengthened Executive Leadership and Governance: The Trade Desk recently appointed Nate Olmstead as Chief Financial Officer, Sarah Gavin as Chief Marketing Officer and EVP, Kristi Argyilan as Chief Commercial Officer and EVP, Ron Lamprecht as Chief Business Development Officer and SVP, and Vinny Rinaldi as Vice President of Client Strategy & Growth, further strengthening the company’s leadership across finance, marketing, commercial strategy, data partnerships and strategic partnerships. The Company also added advertising, AI, and global scaling expertise to its Board of Directors, through the appointments of Penry Price and David Haddad to its board of directors. Share Repurchases: The Company used approximately $78 million of cash to repurchase its Class A common stock in the second quarter of 2026. As of June 30, 2026, the Company had $269 million available and authorized for repurchases. Industry Recognition: Wall Street Journal’s Best Companies for the Future, 2026 Newsweek’s America’s Greatest Workplaces, 2026 Newsweek’s America’s Greatest Workplaces for Entry Level, 2026 QKS SPARK Matrix, Leader - Ad Tech Platforms, 2026 Financial Guidance:
Third Quarter 2026 outlook summary:
Revenue at least $650 million Adjusted EBITDA of approximately $160 million The Company has not provided an outlook for GAAP net income or reconciliation of Adjusted EBITDA guidance to net income, the closest corresponding U.S. GAAP measure, because net income outlook is not available without unreasonable efforts on a forward-looking basis due to the variability and complexity with respect to the charges included in the calculation of this GAAP measure; in particular, the measures and effects of our stock-based compensation expense that are directly impacted by unpredictable fluctuations in our share price. The Company expects the variability of the above charges could have a significant and potentially unpredictable impact on our future U.S. GAAP financial results.
Use of Non-GAAP Financial Information
Included within this press release are the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, Non-GAAP net income and Non-GAAP diluted earnings per share (“EPS”) that supplement the Condensed Consolidated Statements of Operations of the Company prepared under generally accepted accounting principles (“GAAP”). Adjusted EBITDA is net income before depreciation and amortization expense; stock-based compensation expense; interest income, net; and provision for income taxes. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue, and Adjusted EBITDA margin’s closest corresponding U.S. GAAP measure is net income margin, which is GAAP net income divided by revenue. Non-GAAP net income excludes charges and the related income tax effects for stock-based compensation. Tax rates on the tax-deductible portions of the stock-based compensation expense approximating 25% to 30% have been used in the computation of non-GAAP net income and non-GAAP diluted EPS. Reconciliations of GAAP to non-GAAP amounts for the periods presented herein are provided in schedules accompanying this release and should be considered together with the Condensed Consolidated Statements of Operations. These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Company’s management believes that this information can assist investors in evaluating the Company's profitability, operational trends and financial performance. Management believes these non-GAAP measures allow investors to evaluate the Company’s financial performance using some of the same measures as management and securities analysts. However, the non-GAAP financial measures should not be considered in isolation of, as a replacement for, or as superior to corresponding, similarly captioned, GAAP measures and may be different from non-GAAP financial measures used by other companies.
Second Quarter 2026 Financial Results Webcast and Conference Call Details
When: August 6, 2026 at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time). Webcast: A live webcast of the call can be accessed from the Investor Relations section of The Trade Desk’s website at http://investors.thetradedesk.com. Following the call, a replay will be available on the Company’s website. Dial-in: To access the call via telephone in North America, please dial 877-545-0320. For callers outside the United States, please dial +1-973-528-0002. Participants should reference the conference call ID code “515323” after dialing in. Audio replay: An audio replay of the call will be available beginning about two hours after the call. To listen to the replay in the United States, please dial 877-481-4010 (replay code: 54293). Outside the United States, please dial +1-919-882-2331 (replay code: 54293). The audio replay will be available via telephone until August 13, 2026. The Trade Desk, Inc. uses its Investor Relations website (http://investors.thetradedesk.com), its X feed (@TheTradeDesk), LinkedIn page (https://www.linkedin.com/company/the-trade-desk), Facebook page (https://www.facebook.com/TheTradeDesk) and Jeff Green’s LinkedIn profile (https://www.linkedin.com/in/jefftgreen) as a means of disclosing information about the Company and for complying with its disclosure obligations under Regulation FD. The information that is posted through these channels may be deemed material. Accordingly, investors should monitor these channels in addition to The Trade Desk’s press releases, SEC filings, public conference calls and webcasts.
About The Trade Desk
The Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, X, LinkedIn and YouTube.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to expectations concerning matters that (a) are not historical facts, (b) predict or forecast future events or results, or (c) embody assumptions that may prove to have been inaccurate, including statements relating to industry and market trends, the Company’s growth and financial targets, such as revenue and Adjusted EBITDA. When words such as “believe,” “expect,” “anticipate,” “will,” “outlook” or similar expressions are used, the Company is making forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give readers any assurance that such expectations will prove correct. These forward-looking statements involve risks, uncertainties and assumptions, including those related to the Company’s ability to maintain and grow its client base and revenue through its platform and related offerings, which makes it difficult to evaluate the Company’s business and prospects, the market for programmatic advertising developing slower or differently than the Company’s expectations, the demands and expectations of clients and the ability to attract and retain clients. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond the control of the Company. These are disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission, including its most recent Form 10-K and any subsequent filings on Forms 10-Q or 8-K, available at www.sec.gov. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not intend to update any forward-looking statement contained in this press release to reflect events or circumstances arising after the date hereof.
THE TRADE DESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenue
$
715,057
$
694,039
$
1,403,914
$
1,310,060
Operating expenses (1):
Platform operations
184,333
150,980
366,303
293,819
Sales and marketing
174,404
161,131
346,583
313,874
Technology and development
140,742
134,251
283,462
266,653
General and administrative
114,001
130,900
239,342
264,485
Total operating expenses
613,480
577,262
1,235,690
1,138,831
Income from operations
101,577
116,777
168,224
171,229
Other expense (income):
Total other income, net
(11,514
)
(16,424
)
(23,825
)
(37,741
)
Income before income taxes
113,091
133,201
192,049
208,970
Provision for income taxes
48,697
43,072
87,658
68,163
Net income
$
64,394
$
90,129
$
104,391
$
140,807
Earnings per share:
Basic
$
0.14
$
0.18
$
0.22
$
0.29
Diluted
$
0.14
$
0.18
$
0.22
$
0.28
Weighted-average shares outstanding:
Basic
468,359
490,631
471,494
492,767
Diluted
469,948
495,776
473,397
499,340
THE TRADE DESK, INC.
STOCK-BASED COMPENSATION EXPENSE
(Amounts in thousands)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Platform operations
$
8,816
$
9,083
$
17,214
$
18,300
Sales and marketing
30,645
30,368
57,663
59,304
Technology and development
43,138
42,800
83,921
83,781
General and administrative (1)
26,957
46,634
59,804
95,753
Total
$
109,556
$
128,885
$
218,602
$
257,138
THE TRADE DESK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
As of June 30,
2026
As of December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents
$
1,122,979
$
658,175
Short-term investments, net
362,354
644,882
Accounts receivable, net
3,200,824
3,770,194
Prepaid expenses and other current assets
129,670
187,753
Total current assets
4,815,827
5,261,004
Property and equipment, net
455,151
396,819
Operating lease assets
335,228
342,042
Deferred income taxes
55,700
55,700
Other assets, non-current
102,540
97,655
Total assets
$
5,764,446
$
6,153,220
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,562,580
$
3,007,651
Accrued expenses and other current liabilities
150,174
181,991
Operating lease liabilities
80,922
76,355
Total current liabilities
2,793,676
3,265,997
Operating lease liabilities, non-current
353,188
359,975
Other liabilities, non-current
43,230
42,857
Total liabilities
3,190,094
3,668,829
Stockholders’ equity:
Preferred stock
—
—
Common stock
—
—
Additional paid-in capital
3,293,840
3,075,303
Accumulated deficit
(719,488
)
(590,912
)
Total stockholders’ equity
2,574,352
2,484,391
Total liabilities and stockholders’ equity
$
5,764,446
$
6,153,220
THE TRADE DESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Six Months Ended June 30,
2026
2025
OPERATING ACTIVITIES:
Net income
$
104,391
$
140,807
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
61,571
50,689
Stock-based compensation expense
218,602
257,138
Noncash lease expense
38,057
34,253
Provision for expected credit losses on accounts receivable
4,290
1,177
Gain on sale of property and equipment
(13,772
)
—
Other
4,850
(13,899
)
Changes in operating assets and liabilities:
Accounts receivable
548,109
80,033
Prepaid expenses and other current and non-current assets
59,754
(18,281
)
Accounts payable
(427,941
)
(19,839
)
Accrued expenses and other current and non-current liabilities
(16,828
)
(24,081
)
Operating lease liabilities
(35,684
)
(31,551
)
Net cash provided by operating activities
545,399
456,446
INVESTING ACTIVITIES:
Purchases of investments
(238,872
)
(577,834
)
Sales of investments
112,060
—
Maturities of investments
409,583
346,120
Purchases of property and equipment
(125,966
)
(104,352
)
Proceeds from sale of property and equipment
15,513
—
Capitalized software development costs
(7,399
)
(5,739
)
Business acquisition
—
(4,350
)
Net cash provided by (used in) investing activities
164,919
(346,155
)
FINANCING ACTIVITIES:
Repurchases of Class A common stock
(241,331
)
(647,093
)
Proceeds from exercise of stock options
4,706
14,085
Proceeds from employee stock purchase plan
11,929
32,450
Taxes paid relating to net settlement of restricted stock
(20,818
)
(57,048
)
Proceeds from short-term borrowings
—
74,239
Net cash used in financing activities
(245,514
)
(583,367
)
Increase (decrease) in cash and cash equivalents
464,804
(473,076
)
Cash and cash equivalents—Beginning of period
658,175
1,369,463
Cash and cash equivalents—End of period
$
1,122,979
$
896,387
Non-GAAP Financial Metrics
(Amounts in thousands, except per share amounts)
(Unaudited)
The following tables show the Company’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
Net income
$
64,394
$
90,129
$
104,391
$
140,807
Add back (deduct):
Depreciation and amortization expense
30,140
26,704
61,571
50,689
Stock-based compensation expense
109,556
128,885
218,602
257,138
Interest income, net
(11,508
)
(18,035
)
(24,877
)
(38,167
)
Provision for income taxes
48,697
43,072
87,658
68,163
Adjusted EBITDA
$
241,279
$
270,755
$
447,345
$
478,630
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
GAAP net income
$
64,394
$
90,129
$
104,391
$
140,807
Add back (deduct):
Stock-based compensation expense
109,556
128,885
218,602
257,138
Adjustment for income taxes
(16,396
)
(15,940
)
(31,218
)
(29,878
)
Non-GAAP net income
$
157,554
$
203,074
$
291,775
$
368,067
GAAP diluted earnings per share
$
0.14
$
0.18
$
0.22
$
0.28
GAAP weighted-average shares outstanding—diluted
469,948
495,776
473,397
499,340
Non-GAAP diluted earnings per share
$
0.34
$
0.41
$
0.62
$
0.74
Non-GAAP weighted-average shares used in computing Non-GAAP earnings per share, diluted
Aflac ve 2. čtvrtletí zvýšil čistý zisk na 825 mil. USD, zatímco tržby klesly o 1,0 % na 4,1 mld. USD. Představenstvo zároveň schválilo dividendu 0,61 USD na akcii za třetí čtvrtletí.
, /PRNewswire/ -- Aflac Incorporated (NYSE: AFL) today reported its second quarter results.
For the Quarter
Total revenues were $4.1 billion, which was a 1.0% decrease year over year. Net earnings were $825 million, or $1.63 per diluted share, compared with $599 million, or $1.11 per diluted share a year ago. Adjusted earnings* were $883 million, compared with $957 million a year ago, reflecting a decrease of 7.7%. Adjusted earnings per diluted share* decreased 1.7% to $1.75. The annualized return on average shareholders' equity was 10.9%. The annualized adjusted return on equity excluding foreign currency remeasurement* was 16.6%. The company returned $1.3 billion to shareholders, consisting of $983 million in share repurchase and $309 million in dividends. Commenting on the company's results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid earnings for the quarter and for the first six months. These results reflect execution of our strategy, driving long-term value for shareholders. In Japan, we have secured new opportunities through successful product initiatives including Anshin Palette (medical insurance), Miraito (cancer insurance) and Tsumitasu (life insurance). In the U.S., our focus is on meeting the evolving needs of employers and their employees with supplemental health products and related benefits.
"We continue to pursue more profitable growth and the tactical, opportunistic deployment of capital. We treasure our 2025 milestone of 43 consecutive years of dividend increases, and the Board set us on a path to extend this record in 2026. We intend to continue our balanced approach of investing in growth and driving long-term value."
AFLAC INCORPORATED CONSOLIDATED RESULTS
AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
2Q26
2Q25
% Change
Total revenues
$ 4,117
$ 4,160
(1.0) %
Net earnings
825
599
37.7 %
Adjusted earnings*
883
957
(7.7) %
Net earnings per share (diluted)
1.63
1.11
46.8 %
Adjusted earnings per share (diluted)*
1.75
1.78
(1.7) %
Total shareholders' equity
30,312
27,200
11.4 %
Total liabilities and shareholders' equity
115,961
124,736
(7.0) %
Total revenues were $4.1 billion in the second quarter of 2026, compared with $4.2 billion in the second quarter of 2025. Net earnings were $825 million, or $1.63 per diluted share, compared with $599 million, or $1.11 per diluted share a year ago. Net earnings in the second quarter of 2026 included net investment losses of $153 million, or $0.30 per diluted share, compared with net investment losses of $421 million, or $0.78 per diluted share a year ago. These net investment losses include net losses from sales and redemptions of $238 million; $77 million of current expected credit losses (CECL); impairments of $11 million; offset by an $87 million gain from an increase in the fair value of equity securities; and net gains of $86 million on certain derivatives and foreign currency activities.
Adjusted earnings* in the second quarter were $883 million, compared with $957 million in the second quarter of 2025, reflecting a decrease of 7.7%. Adjusted earnings per diluted share* decreased 1.7% to $1.75 in the quarter. The average yen/dollar exchange rate in the second quarter of 2026 was 159.45, or 9.3% weaker than the average rate of 144.60 in the second quarter of 2025. The weaker yen/dollar exchange rate had a negative $0.05 impact on adjusted earnings per share.
Shareholders' equity was $30.3 billion, or $60.35 per share, at June 30, 2026, compared with $27.2 billion, or $50.86 per share, at June 30, 2025. Shareholders' equity at the end of the second quarter included a cumulative increase of $10.4 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $5.6 billion at June 30, 2025 and a net unrealized loss on investment securities and derivatives of $2.8 billion, compared with a net unrealized loss of $1.8 billion at June 30, 2025. Shareholders' equity at the end of the second quarter also included an unrealized foreign currency translation loss of $5.0 billion, compared with an unrealized foreign currency translation loss of $4.3 billion at June 30, 2025.
For the first six months of 2026, total revenues were up 12.0% to $8.5 billion, compared with $7.6 billion in the first half of 2025. Net earnings were $1.8 billion, or $3.61 per diluted share, compared with $628 million, or $1.16 per diluted share, for the first six months of 2025. Adjusted earnings for the first half of 2026 were $1.8 billion, or $3.50 per diluted share, compared with $1.9 billion, or $3.43 per diluted share, in 2025. For the first six months, the average exchange rate was 158.14, or 6.2% weaker than the rate of 148.32 a year ago. Excluding the negative impact of $0.07 per share from the weaker yen/dollar exchange rate, adjusted earnings per diluted share increased 4.1% to $3.57 for the first six months of 2026.
Shareholders' equity excluding accumulated other comprehensive income (AOCI), or adjusted book value,* was $27.6 billion, or $55.01 per share at June 30, 2026, compared with $27.7 billion, or $51.78 per share, at June 30, 2025. Adjusted book value excluding foreign currency remeasurement* was $20.7 billion, or $41.22 per share at June 30, 2026, compared with $23.0 billion, or $42.97 per share, at June 30, 2025. The annualized adjusted return on equity excluding foreign currency remeasurement* in the second quarter was 16.6%.
AFLAC JAPAN
AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER
(IN BILLIONS OF YEN AND MILLIONS OF DOLLARS)
2Q26
2Q25
% Change
2Q26
2Q25
% Change
Total net earned premiums
¥ 245
¥ 255
(3.7) %
$ 1,537
$ 1,761
(12.7) %
Yen-denominated investment income
30
36
(14.9) %
190
246
(22.8) %
U.S. dollar-denominated investment income
70
67
4.2 %
438
464
(5.6) %
Adjusted net investment income
98
101
(2.9) %
616
699
(11.9) %
Total adjusted revenues
345
357
(3.6) %
2,161
2,472
(12.6) %
Total benefits and claims, net
157
169
(7.5) %
983
1,172
(16.1) %
Total adjusted expenses
70
74
(5.6) %
437
509
(14.1) %
Pretax adjusted earnings
118
114
3.4 %
741
790
(6.2) %
Change in
bps
Premium persistency (12-mo. rolling)
92.7 %
93.7 %
(100)
Total benefits and claims, net / Total net earned premiums
64.0 %
66.5 %
(250)
Total adjusted expenses / Total adjusted revenues
20.2 %
20.6 %
(40)
Pretax adjusted earnings / Total adjusted revenues
34.3 %
32.0 %
230
In yen terms, Aflac Japan's net earned premiums were ¥245.1 billion for the quarter, or 3.7% lower than a year ago, mainly due to the impact of a new external reinsurance transaction for WAYS and Tsumitasu as well as limited pay products reaching paid-up status. Adjusted net investment income decreased 2.9% to ¥98.3 billion, primarily due to reduced call income and lower dollar-denominated floating-rate income partially offset by higher income on U.S. dollar-denominated assets due to the weakening of the yen and higher dollar-denominated fixed-rate income. Total adjusted revenues in yen declined 3.6% to ¥344.6 billion. Pretax adjusted earnings in yen for the quarter increased 3.4% on a reported basis to ¥118.2 billion, primarily driven by favorable benefits. Pretax adjusted earnings decreased 2.1% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 34.3%, compared with 32.0% a year ago.
For the first six months, net earned premiums in yen were ¥491.8 billion, or 3.8% lower than a year ago. Adjusted net investment income increased 0.4% to ¥191.0 billion. Total adjusted revenues in yen were down 2.6% to ¥685.4 billion. Pretax adjusted earnings were ¥237.3 billion, or 5.8% higher than a year ago. As a result, the pretax adjusted profit margin for the Japan segment was 34.6%, compared with 31.9% a year ago.
In dollar terms, net earned premiums decreased 12.7% to $1.5 billion in the second quarter. Adjusted net investment income decreased 11.9% to $616 million. Total adjusted revenues declined by 12.6% to $2.2 billion. Pretax adjusted earnings declined 6.2% to $741 million.
For the first six months, net earned premiums in dollars were $3.1 billion, or 9.6% lower than a year ago. Adjusted net investment income decreased 6.1% to $1.2 billion. Total adjusted revenues were down 8.7% to $4.3 billion. Pretax adjusted earnings were $1.5 billion, or 0.8% lower than a year ago.
For the quarter, total new annualized premium sales (sales) decreased 5.6% to ¥19.6 billion, or $123 million, reflecting a high prior-year sales baseline for Miraito cancer insurance following its launch in March 2025, partially offset by strong growth in the refreshed Tsumitasu savings-type life insurance and Anshin Palette, the new medical insurance product launched in December 2025. For the first six months, sales increased 7.0% to ¥37.3 billion, or $235 million.
AFLAC U.S.
AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS OF DOLLARS)
2Q26
2Q25
% Change
Total net earned premiums
$ 1,539
$ 1,504
2.3 %
Adjusted net investment income
208
207
0.5 %
Total adjusted revenues
1,771
1,728
2.5 %
Total benefits and claims, net
762
712
7.0 %
Total adjusted expenses
639
628
1.8 %
Pretax adjusted earnings
370
388
(4.6) %
Change
in bps
Persistency rate (12-mo. rolling)
79.4 %
79.2 %
20
Total benefits and claims, net / Total net earned premiums
49.5 %
47.3 %
220
Total adjusted expenses / Total adjusted revenues
36.1 %
36.3 %
(20)
Pretax adjusted earnings / Total adjusted revenues
20.9 %
22.5 %
(160)
Aflac U.S. net earned premiums increased 2.3% to $1.5 billion in the second quarter compared to the prior year, reflecting improved sales and continued strong persistency. Adjusted net investment income increased 0.5% to $208 million. Total adjusted revenues were up 2.5% to $1.8 billion. Pretax adjusted earnings were $370 million, 4.6% lower than a year ago, primarily driven by higher benefits. The pretax adjusted profit margin for the U.S. segment was 20.9%, compared with 22.5% a year ago.
For the first six months, net earned premiums increased 2.9% to $3.1 billion. Adjusted net investment income remained flat at $409 million. Total adjusted revenues were up 2.9% to $3.6 billion. Pretax adjusted earnings were $733 million, 1.7% lower than a year ago. As a result, the pretax adjusted profit margin for the U.S. segment was 20.6%, compared with 21.6% a year ago.
Aflac U.S. sales increased 2.6% in the quarter to $349 million, primarily benefiting from sales of group voluntary benefits and network dental and vision products. For the first six months, total new sales increased 2.8% to $667 million.
CORPORATE AND OTHER
CORPORATE AND OTHER SELECTED OPERATING RESULTS
(IN MILLIONS OF DOLLARS)
2Q26
2Q25
% Change
Total net earned premiums
$ 176
$ 206
(14.6) %
Adjusted net investment income
114
128
(10.9) %
Total adjusted revenues
291
336
(13.4) %
Total benefits and claims, net
106
126
(15.9) %
Interest expense
62
51
21.6 %
Other adjusted expenses
133
139
(4.3) %
Total benefits and adjusted expenses
301
316
(4.7) %
Pretax adjusted earnings
(10)
20
(150.0) %
For the quarter, total adjusted revenues decreased 13.4% to $291 million. Pretax adjusted earnings were a loss of $10 million, compared with a $20 million gain last year, primarily driven by lower adjusted net investment income from reduced short-term income and reduced hedge benefits that were partially offset by higher fixed-rate income. Higher interest expense and runoff impacts from closed blocks of business also contributed to the net loss for the quarter.
For the first six months, total adjusted revenues decreased 11.9% to $583 million. Pretax adjusted earnings were a loss of $10 million, compared with a gain of $63 million a year ago.
SHAREHOLDER DIVIDEND
The board of directors declared the third quarter dividend of $0.61 per share, payable on September 1, 2026 to shareholders of record at the close of business on August 19, 2026.
*See Non-U.S. GAAP Financial Measures section for an explanation of foreign exchange and its impact on the financial statements and definitions of the non-U.S. GAAP financial measures used in this earnings release, as well as a reconciliation of such non-U.S. GAAP financial measures to the most comparable U.S. GAAP financial measures.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol.
1 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report
2 As of March 31, 2025, Aflac estimates based on company data
Aflac Incorporated periodically provides information for investors on its corporate website, investors.aflac.com, including information regarding its commitment to corporate social responsibility and sustainability, press releases, financial information, SEC filings, corporate governance materials, annual meeting information, and other information that may be important to investors.
A copy of Aflac's financial supplement for the quarter can be found at investors.aflac.com.
Aflac Incorporated will webcast its second quarter 2026 earnings conference call on Friday, August 7, 2026 at 8:00 a.m. (ET) .
Note: Tables within this document may not foot due to rounding.
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Total revenues
$ 4,117
$ 4,160
(1.0) %
Benefits and claims, net
1,852
2,010
(7.9)
Total acquisition and operating expenses
1,270
1,328
(4.4)
Earnings before income taxes
995
822
21.0
Income taxes
170
223
Net earnings
$ 825
$ 599
37.7 %
Net earnings per share – basic
$ 1.64
$ 1.12
46.4 %
Net earnings per share – diluted
1.63
1.11
46.8
Shares used to compute earnings per share (000):
Basic
504,123
536,688
(6.1) %
Diluted
505,578
538,425
(6.1)
Dividends paid per share
$ 0.61
$ 0.58
5.2 %
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Total revenues
$ 8,463
$ 7,558
12.0 %
Benefits and claims, net
3,684
3,955
(6.9)
Total acquisition and operating expenses
2,559
2,636
(2.9)
Earnings before income taxes
2,220
967
129.6
Income taxes
376
339
Net earnings
$ 1,844
$ 628
193.6 %
Net earnings per share – basic
$ 3.63
$ 1.16
212.9 %
Net earnings per share – diluted
3.61
1.16
211.2
Shares used to compute earnings per share (000):
Basic
508,572
540,676
(5.9) %
Diluted
510,150
542,629
(6.0)
Dividends paid per share
$ 1.22
$ 1.16
5.2 %
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS)
JUNE 30,
2026
2025
% Change
Assets:
Total investments and cash
$ 103,003
$ 111,769
(7.8) %
Deferred policy acquisition costs
8,948
9,296
(3.7)
Other assets
4,010
3,671
9.2
Total assets
$ 115,961
$ 124,736
(7.0) %
Liabilities and shareholders' equity:
Policy liabilities
$ 64,348
$ 78,904
(18.4) %
Notes payable and lease obligations
8,729
8,933
(2.3)
Other liabilities
12,572
9,699
29.6
Shareholders' equity
30,312
27,200
11.4
Total liabilities and shareholders' equity
$ 115,961
$ 124,736
(7.0) %
Shares outstanding at end of period (000)
502,257
534,809
(6.1) %
NON-U.S. GAAP FINANCIAL MEASURES
This document includes references to the Company's financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.
Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company's business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
The company defines the non-U.S. GAAP financial measures included in this earnings release as follows:
Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management's control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company's insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively. Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management's control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively. Adjusted return on equity is annualized adjusted earnings divided by average shareholders' equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders' equity. Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders' equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders' equity. Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income. Adjusted book value is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively. Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively. Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company's investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income. Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management's control, while excluding the components that are within management's control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses. RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Net earnings
$ 825
$ 599
37.7 %
Items impacting net earnings:
Adjusted net investment (gains) losses
106
377
Other and non-recurring (income) loss
—
—
Income tax (benefit) expense on items excluded
from adjusted earnings
(48)
(19)
Adjusted earnings
883
957
(7.7) %
Current period foreign currency impact1
27
N/A
Adjusted earnings excluding current period foreign
currency impact2
$ 910
$ 957
(4.9) %
Net earnings per diluted share
$ 1.63
$ 1.11
46.8 %
Items impacting net earnings:
Adjusted net investment (gains) losses
0.21
0.70
Other and non-recurring (income) loss
—
—
Income tax (benefit) expense on items excluded
from adjusted earnings
(0.09)
(0.04)
Adjusted earnings per diluted share
1.75
1.78
(1.7) %
Current period foreign currency impact1
0.05
N/A
Adjusted earnings per diluted share excluding
current period foreign currency impact2
$ 1.80
$ 1.78
1.1 %
1
Prior period foreign currency impact reflected as "N/A" to isolate change for current period only.
2
Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.
RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Net earnings
$ 1,844
$ 628
193.6 %
Items impacting net earnings:
Adjusted net investment (gains) losses
3
1,301
Other and non-recurring (income) loss
—
53
Income tax (benefit) expense on items excluded
from adjusted earnings
(63)
(119)
Adjusted earnings
1,784
1,863
(4.2) %
Current period foreign currency impact1
35
N/A
Adjusted earnings excluding current period foreign
currency impact2
$ 1,819
$ 1,863
(2.4) %
Net earnings per diluted share
$ 3.61
$ 1.16
211.2 %
Items impacting net earnings:
Adjusted net investment (gains) losses
0.01
2.40
Other and non-recurring (income) loss
—
0.10
Income tax (benefit) expense on items excluded
from adjusted earnings
(0.12)
(0.22)
Adjusted earnings per diluted share
3.50
3.43
2.0 %
Current period foreign currency impact1
0.07
N/A
Adjusted earnings per diluted share excluding
current period foreign currency impact2
$ 3.57
$ 3.43
4.1 %
1
Prior period foreign currency impact reflected as "N/A" to isolate change for current period only.
2
Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.
RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment (gains) losses
$ 153
$ 421
(63.7) %
Items impacting net investment (gains) losses:
Amortized hedge costs
(12)
(11)
Amortized hedge income
19
30
Net interest income (expense) from derivatives associated
with certain investment strategies
(54)
(64)
Impact of interest from derivatives associated with
notes payable1
—
—
Adjusted net investment (gains) losses
$ 106
$ 377
(71.9) %
1 Amounts are included with interest expenses that are a component of adjusted expenses.
RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment income
$ 984
$ 1,081
(9.0) %
Items impacting net investment income:
Amortized hedge costs
(12)
(11)
Amortized hedge income
19
30
Net interest income (expense) from derivatives associated
with certain investment strategies
(54)
(64)
Adjusted net investment income
$ 937
$ 1,036
(9.6) %
RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment (gains) losses
$ 104
$ 1,384
(92.5) %
Items impacting net investment (gains) losses:
Amortized hedge costs
(27)
(18)
Amortized hedge income
37
60
Net interest income (expense) from derivatives associated
with certain investment strategies
(111)
(129)
Impact of interest from derivatives associated with
notes payable1
—
4
Adjusted net investment (gains) losses
$ 3
$ 1,301
(99.8) %
1 Amounts are included with interest expenses that are a component of adjusted expenses.
RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment income
$ 1,940
$ 2,036
(4.7) %
Items impacting net investment income:
Amortized hedge costs
(27)
(18)
Amortized hedge income
37
60
Net interest income (expense) from derivatives associated
with certain investment strategies
(111)
(129)
Adjusted net investment income
$ 1,839
$ 1,949
(5.6) %
RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE
(EXCLUDING FOREIGN CURRENCY REMEASUREMENT)
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
2
See separate reconciliation of net income to adjusted earnings.
3
Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.
RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE
(EXCLUDING IMPACT OF FOREIGN CURRENCY)
SIX MONTHS ENDED JUNE 30,
2026
2025
U.S. GAAP ROE - Net earnings1
12.3 %
4.7 %
Impact of excluding unrealized foreign currency translation gains (losses)
(2.2)
(0.8)
Impact of excluding unrealized gains (losses) on securities and derivatives
(1.0)
(0.2)
Impact of excluding effect of changes in discount rate assumptions
4.0
0.7
Impact of excluding pension liability adjustment
—
—
Impact of excluding AOCI
0.9
(0.3)
U.S. GAAP ROE - less AOCI
13.2
4.4
Differences between adjusted earnings and net earnings2
(0.4)
8.7
Adjusted ROE - reported
12.8
13.1
Impact of excluding gains (losses) associated with foreign currency remeasurement3
U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
2
See separate reconciliation of net income to adjusted earnings.
3
Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency.
EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
THREE MONTHS ENDED JUNE 30,
Including
Currency
Changes
Excluding
Currency
Changes2
Net earned premiums3
(6.3) %
(1.1) %
Adjusted net investment income4
(9.6)
(7.6)
Total benefits and expenses
(6.5)
(1.5)
Adjusted earnings
(7.7)
(4.9)
Adjusted earnings per diluted share
(1.7)
1.1
1
Refer to previously defined adjusted earnings and adjusted earnings per diluted share.
2
Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.
3
Net of reinsurance
4
Refer to previously defined adjusted net investment income.
EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
SIX MONTHS ENDED JUNE 30,
Including
Currency
Changes
Excluding
Currency
Changes2
Net earned premiums3
(4.2) %
(0.9) %
Adjusted net investment income4
(5.6)
(4.3)
Total benefits and expenses
(4.5)
(1.2)
Adjusted earnings
(4.2)
(2.4)
Adjusted earnings per diluted share
2.0
4.1
1
Refer to previously defined adjusted earnings and adjusted earnings per diluted share.
2
Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.
3
Net of reinsurance
4
Refer to previously defined adjusted net investment income.
GLOSSARY OF OPERATIONAL MEASURES
The Company defines the operational measures included in this document as follows:
Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio. New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings. Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings. FORWARD-LOOKING INFORMATION
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with or furnished to the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "strategy," "may," "should," "estimate," "intend," "project," "future," "will," "assume," "potential," "target," "outlook," "continue" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements, except as may be required by law.
The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:
difficult conditions in global capital markets and the economy, including inflation defaults and credit downgrades of investments global fluctuations in interest rates and exposure to significant interest rate risk concentration of business in Japan limited availability of acceptable Japanese yen-denominated investments foreign currency fluctuations in the yen/dollar exchange rate differing interpretations applied to investment valuations significant valuation judgments in determination of expected credit losses recorded on the Company's investments decreases in the Company's financial strength or debt ratings decline in creditworthiness of other financial institutions the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners deviations in actual experience from pricing and reserving assumptions ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company's network in June 2025 subsidiaries' ability to pay dividends to the Parent Company inherent limitations to risk management policies and procedures operational risks of third-party vendors tax rates applicable to the Company may change failure to comply with restrictions on policyholder privacy and information security extensive regulation and changes in law or regulation by governmental authorities competitive environment and ability to anticipate and respond to market trends catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events ability to protect the Aflac brand and the Company's reputation ability to effectively manage key executive succession changes in accounting standards level and outcome of litigation or regulatory inquiries allegations or determinations of worker misclassification in the United States Analyst and investor contact - David A. Young, 706.596.3264; 800.235.2667 or [email protected]
Media contact - Ines Gutzmer, 762.207.7601 or [email protected]
Cameco po zveřejnění výsledků za 2. čtvrtletí vzrostla o 7 %, i když upravený zisk meziročně klesl o 75 % a tržby o 7 % na 814 milionů CAD. Firma zároveň oznámila, že Westinghouse důvěrně podal návrh na draft Form S-1 k SEC pro navrhované IPO kmenových akcií.
Key Takeaways Cameco rose 7% after Q2 results, even as adjusted earnings fell 75% and revenues declined 7%.Lower uranium and fuel-services volumes outweighed higher realized prices, pressuring quarterly results.Westinghouse's proposed IPO adds a catalyst, but Cameco's premium valuation may limit near-term upside. Cameco (CCJ - Free Report) reported second-quarter 2026 results on Friday. Total revenues were down 7% year over year to CAD 814 million ($588 million) on lower sales volumes despite higher prices. Adjusted earnings plunged 75% year over year to CAD 0.18 per share or 13 cents. While revenues beat the Zacks Consensus Estimate, earnings fell short.
Alongside its earnings release, Cameco announced that Westinghouse Electric Company, jointly owned with Brookfield Renewable Partners, has confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock.
Investors looked past the earnings miss, sending Cameco shares up 7% following the results. In the past six months, Cameco shares have declined 21.9% compared with the industry’s 3.2% dip. Meanwhile, the broader Oils-Energy sector has moved up 7.1%, while the S&P 500 has climbed 10.8%.
Cameco has outperformed peers like Ur-Energy Inc. (URG - Free Report) and Energy Fuels (UUUU - Free Report) , which have declined 22.6% and 46.1%, respectively.
Cameco’s 6-Month Price Performance vs. Industry, Sector & Peers
Image Source: Zacks Investment Research
Let us delve deeper into the company’s second-quarter results and long-term prospects before assessing whether to buy, hold or sell the stock.
Lower Volumes Weigh on Cameco's Q2 PerformanceUranium production declined 15% year over year to 3.9 million pounds. Output at McArthur River/Key Lake increased 28% to 2.3 million pounds, but this was more than offset by a 43% decline at Cigar Lake to 1.6 million pounds following its scheduled annual maintenance outage.
Uranium sales volumes fell 18% to 7.1 million pounds, reflecting normal quarterly delivery timing and Cameco's disciplined contracting strategy, which calls for lower planned deliveries in 2026.
Cameco’s uranium revenues were down 7% to CAD 659 million ($469 million). The 18% decline in sales volumes was offset by a 15% increase in the Canadian dollar average realized price to CAD 93.13 per pound due to the impact of market-priced contracts on its portfolio.
Fuel Services also posted weaker results. Production decreased 6% to 3 million kgU, while sales volumes fell 18% to 3.6 million kgU. Segment revenues declined 6% to CAD 152 million ($108 million), as higher realized prices were unable to offset lower deliveries.
Overall, Cameco’s revenues were down 7% to CAD 814 million ($588 million) due to weaker performance in both segments.
Total cost of sales inched up 1% to around CAD 624 million ($446 million). In the uranium segment, costs climbed around 3% due to a 26% increase in the average unit cost of sales, partially offset by lower sales volume. Costs were higher due to higher purchased material costs, product loan impacts and the Cigar Lake maintenance shutdown. Costs in the Fuel Services segment rose 1% as a 21% increase in the average unit cost of sales due to mix of products and services was offset by lower sales volume.
Adjusted EBITDA was down 42% year over year to CAD 391 million ($279 million). Adjusted earnings declined 75% year over year to CAD 0.18 per share or 13 cents. The decline was due to lower uranium sales volumes and a sharp reduction in equity earnings from Westinghouse. In the prior-year quarter, Westinghouse recognized significant revenues from its participation in the Czech Republic's Dukovany nuclear project, contributing roughly $170 million to Cameco's share of Westinghouse's revenues and adjusted EBITDA.
Cameco Expects Slightly Lower Revenues in 2026Cameco maintained its uranium production projection between 19.5 million pounds and 21.5 million pounds for 2026 despite temporary operational disruptions at Key Lake and McArthur River in May, and at Cigar Lake in July. Production guidance for the fuel services segment is 13 million to 14 million kgUs.
Cameco expects uranium deliveries of 29–32 million pounds for 2026. Uranium revenue guidance now stands at CAD 2.7-2.9 billion, based on a higher realized price assumption of CAD 91-96 per pound. At the midpoint, uranium revenues would decline about 2% from 2025 due to lower delivery volumes. Fuel Services revenues are projected at CAD 610-650 million, implying roughly 12% year-over-year growth.
Overall, Cameco expects total 2026 revenues of CAD 3.32-3.57 billion. The midpoint represents about a 1% decline from 2025.
CCJ’s Earnings Estimates See Upward Revision ActivityThe Zacks Consensus Estimate for Cameco’s earnings for both 2026 and 2027 has moved up over the past 60 days, as shown in the chart below.
Image Source: Zacks Investment Research
The consensus estimate for Cameco’s earnings for 2026 indicates year-over-year growth of 27.2%. The same for 2027 implies growth of 55.8%.
Image Source: Zacks Investment Research
Cameco’s Valuation Looks StretchedCCJ stock is trading at a forward price-to-sales ratio of 15.97 compared with the industry’s 4.99. CCJ’s Value Score of F suggests that the stock is not so cheap and a stretched valuation at this moment.
Image Source: Zacks Investment Research
Energy Fuels is trading higher at 16.20 while Ur-Energy is a cheaper option, trading at 4.70.
Westinghouse IPO Plans Add Another Long-Term Growth LeverCameco continues to benefit from its strategic investment in Westinghouse, which helps broaden its exposure beyond uranium mining into nuclear technology and reactor services. In June, the U.S. Department of Energy announced a conditional commitment of up to $17.5 billion through its Office of Energy Dominance Financing to support procurement of long-lead components for up to 10 new Westinghouse AP1000 reactors in the United States.
Westinghouse has a pipeline of 91 potential AP1000 reactor opportunities (105 GWe) globally, providing a significant long-term growth runway. Westinghouse’s proposed IPO, if completed, could unlock shareholder value, improve financial flexibility and increase visibility into the business, creating another potential catalyst for Cameco investors.
CCJ’s Long-Term Fundamentals Remain StrongCameco continues to strengthen its long-term portfolio. It has long-term obligations to deliver an average 28 million pounds of uranium annually over the next five years. These agreements provide strong revenue visibility, stable cash flows and support future investment plans.
Cameco’s uranium production capacity accounts for nearly 15% of global output and it is further investing to expand production to capture favorable market conditions. This includes extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis). The company recently increased ownership interest in Cigar Lake to 57.418%, which further supports its focus on proven tier-one assets.
Growing energy security concerns, geopolitical uncertainty and the global transition toward low-carbon electricity continue to support long-term uranium demand. Combined with its exposure to Westinghouse's reactor business, Cameco remains well-positioned to benefit from the ongoing nuclear power renaissance.
Should You Buy Cameco Stock Now?Cameco remains one of the strongest long-term investment opportunities in the uranium space, supported by world-class mining assets, long-term contracts and increasing exposure to nuclear technology through Westinghouse. However, new investors can wait for a better entry point, considering the premium valuation and the lower revenue expectations for the year. The stock currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- T. Rowe Price Group (NASDAQ-GS: TROW), a global asset management firm and a leader in retirement, announced today that its Board of Directors has declared a quarterly dividend of $1.30 per share payable on September 29, 2026, to stockholders of record as of the close of business on September 15, 2026.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.9 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
Marriott International vyhlásila čtvrtletní hotovostní dividendu ve výši 73 centů na akcii kmenových akcií. Vyplacena bude 30. září 2026 akcionářům zapsaným k 20. srpnu 2026.
, /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today announced that its board of directors declared a quarterly cash dividend of 73 cents per share of common stock. The dividend is payable on September 30, 2026, to shareholders of record as of the close of business on August 20, 2026.
ABOUT MARRIOTT INTERNATIONAL
Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of compelling brands across luxury, premium, select, midscale, extended stay, and all-inclusive, with over 10,000 properties in 148 countries and territories, as of June 30, 2026. Marriott franchises, operates, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.
Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only.
Toyota svolává v USA 508 000 Camry modelových let 2025 a 2026 kvůli vadnému 7palcovému přístrojovému panelu, který může vypnout směrovky, výstražná světla i zvukové upozornění pásů. Oprava softwaru bude zdarma.
ToplineToyota on Thursday announced a recall covering 508,000 Camry vehicles in the U.S. over a dashboard defect that could inadvertently disable turn signals, hazard lights and seat belt warning chimes, potentially increasing the risk of a crash.
A faulty meter could go blank, potentially disrupting turn signals and safety alerts.
Getty Images
Key FactsToyota’s recall covers about 508,000 Camry vehicles from the 2025 and 2026 model years with a defective 7-inch combination meter—the dashboard screen behind the steering wheel that shows information like speed, fuel level and warning lights—that may go blank at startup, the automaker announced.
The malfunction may prevent affected vehicles from meeting federal safety standards, as turn signals, hazard lamps and warning chimes could be disabled, Toyota said, adding the risk of injury or a crash increases depending on the defect’s scale.
Toyota dealers can reprogram the combination meter software at no cost to drivers, who will be notified by the automaker by early October.
Drivers can check whether their Camry is included in the recall on Toyota’s website or the National Highway Traffic Safety Administration database by entering their Vehicle Identification Number or license plate.
big number18. That’s how many recalls Toyota has issued in the U.S. this year, tied with Hyundai for the fourth-most among all automakers and ranking behind General Motors (19), Chrysler (25) and Ford (63), according to NHTSA data. Ford issued 153 recalls in 2025, a record that covered 12.9 million vehicles, which surpassed the next four automakers combined, including Chrysler (53), Forest River (36), General Motors (28) and International Motors (26).
key backgroundThe Toyota Camry has ranked among the top-selling passenger cars in the U.S. for years, and the automaker said 2025 was its best-ever year for the model’s sales. Toyota does not issue as many large-scale recalls as other automakers, and its notices this year cover from as few as four vehicles to as many as 550,000. That latter recall covered defects affecting some of Toyota’s Highlander and Highlander Hybrid vehicles, which regulators said had second-row seat backs that may fail to lock in place and restrain a passenger during a crash.
further readingForbesFord’s Growing Recall List—Trapping Seats, Moving Seats And Engine Fires—Adds 80,000 SUVsBy Ty Roush
Permian Resources Corporation oznámila konferenční hovor k výsledkům za 2. čtvrtletí 2026. V úvodu zaznělo pouze to, že vedení bude komentovat výsledky a bude používat i ne-GAAP ukazatele.
Permian Resources Corporation (PR) Q2 2026 Earnings Call August 6, 2026 10:00 AM EDT
Company Participants
Hays Mabry - Vice President of Investor Relations
William Hickey - Co-CEO & Director
James Walter - Co-CEO & Director
Guy Oliphint - Executive VP & CFO
Conference Call Participants
Scott Hanold - RBC Capital Markets, Research Division
Neal Dingmann - William Blair & Company L.L.C., Research Division
Neil Mehta - Goldman Sachs Group, Inc., Research Division
John Freeman - Raymond James & Associates, Inc., Research Division
Kevin MacCurdy - Pickering Energy Partners Insights
John Abbott - Wolfe Research, LLC
Phillip Jungwirth - BMO Capital Markets Equity Research
Hsu-Lei Huang
Joshua Silverstein - UBS Investment Bank, Research Division
Gabe Daoud - Truist Securities, Inc., Research Division
Leo Mariani - ROTH Capital Partners, LLC, Research Division
Paul Diamond - Citigroup Inc., Research Division
Sean Mitchell - Daniel Energy Partners, LLC
Presentation
Operator
Good morning, and welcome to Permian Resources conference call to discuss its second quarter 2026 earnings. Today's call is being recorded. A replay of the call will be available by visiting the company's website at www.permianres.com.
At this time, I will now turn the call over to Hays Mabry, Permian Resources Vice President of Investor Relations, for some opening remarks. Please go ahead.
Hays Mabry
Vice President of Investor Relations
Thanks, Eldi, and thank you all for joining us. On the call today are Will Hickey and James Walter, our Chief Executive Officers; and Guy Oliphint, our Chief Financial Officer.
Many of the comments during this call are forward-looking statements that involve risks and uncertainties that could affect our actual results and are discussed in more detail in our filings with the SEC. We may also refer to non-GAAP financial measures. For any non-GAAP measure we use, a reconciliation to the nearest corresponding GAAP measure can be found in our earnings release or presentation.
ConocoPhillips uvedla, že případné zpoždění projektu LNG v Kataru bude nejspíš jen v řádu měsíců, ne více než roku. Nečeká ani dopad na volný peněžní tok.
QatarEnergy's liquefied natural gas (LNG) production facilities, amid the U.S.-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. REUTERS/Stringer/File Photo Purchase Licensing Rights, opens new tab
CompaniesAug 6 (Reuters) - ConocoPhillips (COP.N), opens new tab said on Thursday that any delay to its Qatar LNG project would likely be in months rather than a year or more and it does not expect any impact on free cash flow.
The U.S. oil and gas producer is a partner in QatarEnergy's main LNG project, which includes offshore facilities in the North Field and onshore facilities at Ras Laffan.
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"We're expecting any delays that may come on first gas or first cargo to be in the nature of months, you know, not a full year," a ConocoPhillips executive said on a post-earnings call.
Planned maintenance at Ras Laffan was completed during the second quarter and a ramp-up in production is expected in the third quarter, the executive added.
The U.S.-Iran war has forced QatarEnergy, one of the world's biggest LNG exporters, to shut liquefaction trains, declare force majeure on deliveries and suspend exports.
Qatar accounts for about a fifth of global LNG trade, and a prolonged outage would tighten supplies and raise prices for key buyers.
Reporting by Pooja Menon in Bengaluru and Arathy Somasekhar in Houston; Editing by Shinjini Ganguli and Joyjeet Das
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Uniswap ovládá 57 % objemu stablecoinových swapů napříč EVM sítěmi, oproti 43 % na začátku roku. Zároveň se chystá podpořit spuštění mainnetu Arc od Circle hned od prvního dne.
Uniswap has quietly turned itself into the dominant venue for stablecoin-to-stablecoin swaps across EVM-compatible chains, processing 57% of that trading volume. That’s up from 43% at the start of the year.
The timing isn’t accidental. Circle’s Arc, a Layer-1 blockchain purpose-built for stablecoin applications, is set to launch its public mainnet on September 16. Uniswap will be there from day one, providing swap infrastructure and liquidity on a chain that counts BlackRock, Visa, and Mastercard among its founding validators.
The numbers behind Uniswap’s stablecoin dominance Uniswap’s cumulative trading volume has now surpassed $4.4 trillion. The protocol’s stablecoin market share has grown by 14 percentage points in a matter of months.
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Uniswap’s integration with Arc, announced around mid-June 2026, locks in that advantage on an entirely new chain. Rather than waiting for organic liquidity to develop, Arc gets access to battle-tested automated market maker technology immediately.
What Arc actually is, and why institutions care Arc is designed specifically for stablecoins, real-time payments, tokenization, and institutional finance. USDC serves as Arc’s native gas token, which means every transaction on the chain is denominated in dollars rather than a volatile cryptocurrency.
The founding validator set includes BlackRock, DTCC, Visa, Mastercard, and Standard Chartered. BlackRock has plans to deploy its BUIDL tokenized fund on Arc using native USDC.
Over 100 builders are already active on Arc’s private mainnet as of August 2026. Aave and Aerodrome are among the early participants, meaning Arc will launch with lending, borrowing, and liquidity protocols already operational.
What this means for investors The UNI token has responded to these developments with a notable rally, reflecting investor anticipation around what the Arc integration could mean for Uniswap’s revenue and volume metrics.
There’s also the competitive angle. Uniswap isn’t the only DEX that could serve stablecoin markets. Aerodrome, already confirmed as an Arc participant, could compete for the same liquidity.
For traders and liquidity providers, the Arc launch creates a concrete catalyst to watch. September 16 will reveal whether the institutional validators actually drive meaningful volume. The gap between Uniswap’s current 57% stablecoin dominance and whatever share it captures on Arc will tell investors whether the protocol’s moat travels across chains.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Rarible spustilo NFT marketplace na Solaně a jako první zvýrazněnou kolekci nabízí Claynosaurz. Firma chce v dalších dnech a týdnech přidávat další projekty z ekosystému.
Rarible has launched its NFT marketplace on Solana, selecting Claynosaurz as the first featured collection available through the new integration.
The company said Thursday that it had spent several months developing, testing, and preparing the Solana rollout. Rarible plans to add more collections from across the ecosystem over the coming days and weeks.
Rarible said its preparations also included discussions with Solana NFT communities and project teams. Feedback from those conversations helped shape decisions around the marketplace and will continue informing future additions, according to the announcement.
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The company said it intends to work directly with individual projects rather than simply adding their collections to the platform. This approach will include marketplace experiences designed around each project’s identity, community, and content.
Claynosaurz, a collection of 10,000 animated three dimensional dinosaur NFTs launched on Solana in November 2022, will serve as the first featured project.
Rarible also pointed to the earlier launch of its Gacha Station product on Solana as an initial indication of its broader expansion plans. The feature allows users to open digital packs containing collectible assets and is currently promoted through Rarible’s marketplace.
In July, Rarible said it had started development, integrations, and security audits for its planned Solana marketplace launch, with the company targeting a rollout within four weeks.
Rarible said the current marketplace represents the foundation of a broader Solana expansion. The company plans to introduce additional projects, marketplace improvements, content, features, and community activations as the rollout continues.
Rarible Protocol previously added support for Solana based NFTs in 2022. The latest rollout extends the company’s consumer marketplace and collection focused experience across the ecosystem.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Icmfun na Solaně údajně spustil první platební protokol krytý akciemi a přes Apple Pay umožňuje utrácet tokenizované akcie přímo u pokladny. Infrastrukturu pro kartu zajišťuje Zebec.
@Icmfun has launched what it describes as the first stock-backed payment protocol on @Solana, allowing users to spend tokenized equities directly at the point of sale through Apple Pay. The infrastructure powering the card comes from @Zebec_HQ, a decentralized payments network with roots in real-time, continuous settlement.
Spending Stocks at the Point of Sale The card supports real-time settlement across 15 primary stocks, including $META, $AAPL, $NVDA, and $MSFT. Rather than selling shares through a traditional brokerage and waiting for funds to clear, users can convert their tokenized equity holdings into spendable capital immediately at checkout. The integration bypasses the standard T+2 settlement window that governs conventional equity markets, a delay that has long been a friction point between investment portfolios and everyday spending.
The broader context matters here. Traditional financial rails are widely seen as overdue for an upgrade, and Solana has been positioning itself as the infrastructure layer for the next evolution in capital markets, with $21 billion in real-world assets already tokenized on public blockchains as of May 2025 and McKinsey projecting $2 trillion by 2030. The @Icmfun card is one of the first consumer-facing products to translate that infrastructure into a practical, everyday payment tool.
Zebec's Role as the Settlement Layer @Zebec_HQ is a decentralized infrastructure network for real-world value flows, having consolidated multiple protocols and integrated a portfolio of blockchain-enabled RWA payment, payroll, and retail products into an interconnected and interoperable infrastructure network. Its continuous settlement protocol enables real-time, perpetual money streams, targeting the elimination of delays and improving transparency across financial transactions.
Zebec's product lineup already includes real-time payroll, a traditional payroll app called WageLink with built-in web3 features, payment cards, and DePIN with its own point-of-sale systems. The @Icmfun integration extends that infrastructure into a new category: stock-backed consumer spending.
The move reflects a growing push on Solana to bring capital markets on-chain in a way that is accessible to ordinary users. Internet Capital Markets envision a future where anyone with an internet connection can participate in tokenized equities and on-chain economic systems, with dramatically reduced barriers to entry and fewer intermediaries. Connecting that vision to a payment card that works through Apple Pay is a meaningful step toward making that future tangible.
Sources:
Solana: Tokenized Equities on Solana
CoinMarketCap: Zebec Network (ZBCN)
Helius: Internet Capital Markets on Solana
Solana dosáhla nového historického maxima v sektoru RWA, který vzrostl na 3,73 miliardy USD. Roste zájem institucí o tokenizaci státních dluhopisů, akcií, private credit i fondů.
The Solana blockchain has reached a significant milestone in the tokenization of traditional financial instruments. Its real-world asset (RWA) sector has expanded to a total value of $3.73 billion, establishing a fresh all-time high for the network.This growth reflects increasing participation from institutional players who are transferring a range of conventional assets onto the Solana platform.
These include government-backed securities such as Treasuries, shares in public companies, private credit arrangements, investment funds, physical commodities, and additional categories of tangible value.
Once placed on Solana, these holdings gain new characteristics: they become programmable through smart contracts, able to interact seamlessly with other on-chain applications, and available for trading or use around the clock without traditional market-hour restrictions.
The shift underscores a broader trend in which established financial entities seek the operational advantages of blockchain technology.
By converting real assets into digital tokens on a high-throughput network like Solana, institutions can unlock efficiencies in settlement speed, reduce intermediary costs, and enable innovative uses such as automated collateralization or fractional ownership.
The 24/7 accessibility removes barriers associated with conventional banking and exchange schedules, allowing participants across time zones to engage continuously.
Observers note that the rise to $3.73 billion demonstrates growing confidence in Solana’s infrastructure for handling regulated and high-value assets.
The network’s design prioritizes low transaction fees and rapid confirmation times, factors that appeal to organizations managing large volumes of capital.
As more Treasuries, equities, and credit products migrate on-chain, the ecosystem creates opportunities for greater liquidity and composability—meaning these assets can be combined or used as building blocks within decentralized finance applications.
While the headline figure marks a peak in total value locked or represented, the underlying activity involves careful bridging between traditional finance and blockchain systems.
Institutions must navigate compliance requirements, custody solutions, and oracle mechanisms that accurately reflect real-world prices and ownership.
The successful scaling to this level suggests that technical and regulatory hurdles are being addressed sufficiently to support continued expansion.
The presence of diverse asset classes on Solana points to potential for further innovation.
Tokenized funds could offer automated rebalancing, commodities might enable more transparent supply-chain tracking, and private credit instruments could improve access for a wider range of investors.
The programmable nature of these assets allows developers to create novel products that were previously impractical in purely off-chain environments.
This milestone arrives amid wider industry interest in RWAs as a pathway for bringing substantial traditional capital into blockchain networks.
Solana’s achievement of a $3.73 billion RWA footprint highlights its position as a competitive venue for such activity.
As institutions continue to experiment with and deploy these instruments, the focus remains on realizing practical utility beyond mere representation—ensuring that on-chain assets can interact effectively with everyday financial obligations and real economic needs.
The record valuation signals meaningful progress in the integration of conventional finance with blockchain capabilities.
By making Treasuries, equities, private credit, funds, commodities, and similar holdings programmable, composable, and continuously available, Solana is facilitating a new phase of asset management that prioritizes efficiency, accessibility, and technological flexibility.
Targa Resources Corp. zveřejnila výsledky za 2. čtvrtletí 2026. V hovoru k výsledkům vystoupili CEO Matt Meloy, prezidentka Jen Kneale a CFO Will Byers.
Targa Resources Corp. (TRGP) Q2 2026 Earnings Call August 6, 2026 11:00 AM EDT
Company Participants
Tristan Richardson - VP of Investor Relations & Fundamentals
Matt Meloy - CEO & Director
Jennifer Kneale - President
William Byers - Chief Financial Officer
Benjamin Branstetter - President of Logistics & Transportation
Patrick McDonie - President of Gathering & Processing
Conference Call Participants
Jeremy Tonet - JPMorgan Chase & Co, Research Division
Spiro Dounis - Citigroup Inc., Research Division
Jacqueline Koletas - Goldman Sachs Group, Inc., Research Division
Julien Dumoulin-Smith - Jefferies LLC, Research Division
Gabriel Moreen - Mizuho Securities USA LLC, Research Division
Manav Gupta - UBS Investment Bank, Research Division
Burke Sansiviero - Wolfe Research, LLC
Jason Gabelman - TD Cowen, Research Division
Sunil Sibal - Seaport Research Partners
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Targa Resources Corp. Second Quarter 2026 Earnings Webcast and Presentation. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tristan Richardson, Vice President, Investor Relations and Fundamentals. Please go ahead.
Tristan Richardson
VP of Investor Relations & Fundamentals
Thanks, operator. Good morning, and welcome to the Second Quarter 2026 Earnings Call for Targa Resources Corp. The second quarter earnings release, a supplement presentation and our latest investor presentation are available in the Investors section of our website at targaresources.com. Statements made during this call that may include Targa's expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our latest SEC filings.
Our speakers for the call today will be Matt Meloy, Chief Executive Officer; Jen Kneale, President; and Will Byers, Chief Financial
CMS Energy schválila čtvrtletní dividendu na preferenční akcie Series C ve výši 0,2625 USD na depozitární akcii. Vyplacena bude 15. října 2026 akcionářům k 1. říjnu 2026.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The Board of Directors of CMS Energy has declared a dividend on the 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C of the Corporation.
The following dividend is payable Oct. 15, 2026, to shareholders of record at the close of business on Oct. 1, 2026: $0.2625 per depositary share (NYSE: CMS PRC).
Additional dividend information, including the tax status of CMS Energy's dividend distributions, can be obtained through the Tax Information section of CMS Energy's website.
CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.
For more information on CMS Energy, please visit our website at cmsenergy.com.
To sign up for email alert notifications, please visit the Investor Relations section of our website.
EMCOR zvyšuje výhled na rok 2026 díky akvizicím a silné realizaci. Rekordní zbývající výkonnostní závazky 17,14 miliardy USD podporují dlouhodobý růst.
Key Takeaways EMCOR is funding acquisitions, technology and workforce investments while maintaining shareholder returns.Record $17.14 billion remaining performance obligations support long-term growth across key end markets.EME raised 2026 view as acquisitions and strong execution strengthen its electrical construction platform. EMCOR Group, Inc.’s (EME - Free Report) second-quarter 2026 financial results offer investors plenty to cheer about beyond another earnings beat. While record revenues, expanding margins and raised guidance grabbed the headlines, the company's disciplined capital allocation strategy may be the bigger long-term story.
The company continues to strike a healthy balance between rewarding shareholders and investing for future growth. During the first half of 2026, it maintained a strong balance sheet with $924 million in cash and almost negligible debt, giving it ample flexibility to pursue acquisitions, fund organic expansion and return capital through dividends and share repurchases. Management emphasized that financial strength remains a competitive advantage rather than merely a safety net. At the same time, EME generated solid operating cash flow despite the working-capital needs associated with rapid business growth.
The acquisition strategy also reflects disciplined execution rather than aggressive expansion. Recent deals are expanding EMCOR's technical capabilities, strengthening its electrical construction franchise and broadening its geographic footprint across several high-growth regions. Combined transaction metrics represent roughly $625 million in trailing revenues and approximately $105 million in EBITDA, reinforcing the company's position in attractive markets such as network & communications, healthcare, manufacturing and institutional construction. The company also continues to invest in prefabrication capabilities, Virtual Design and Construction technologies, and workforce expertise, helping improve productivity and customer execution.
Importantly, EMCOR's shareholder returns are not coming at the expense of growth investments. Record remaining performance obligations (RPOs) of $17.14 billion, robust AI-driven data center demand and strong bookings across water, healthcare and institutional markets provide the visibility needed to support both strategic reinvestment and continued capital returns. With raised full-year 2026 guidance and a balanced capital allocation model, EMCOR appears to be creating value well beyond dividends and buybacks, positioning itself for sustained long-term growth.
EMCOR, MasTec & Quanta: Betting Big Beyond BuybacksEMCOR's capital allocation strategy stands out as a key differentiator even as it competes with MasTec, Inc. (MTZ - Free Report) and Quanta Services, Inc. (PWR - Free Report) in a favorable public infrastructure environment. EME is leveraging its strong balance sheet to pursue disciplined acquisitions, expand its electrical construction capabilities and geographic footprint, while continuing to reward shareholders through dividends and share repurchases.
MasTec is aggressively reinvesting in its business through acquisitions and capital expenditures to strengthen its exposure to utility transmission, communications, clean energy and pipeline infrastructure, positioning itself to benefit from long-term federal infrastructure programs and rising power demand. Quanta continues to prioritize strategic acquisitions, workforce expansion and fleet investments to support its leadership in electric transmission, grid modernization, renewable energy and underground utility projects.
While MasTec and Quanta emphasize reinvestment to capture multi-year infrastructure opportunities, EMCOR distinguishes itself by pairing growth investments with disciplined shareholder returns, supported by record remaining performance obligations and strong execution across high-growth end markets.
EME Stock’s Price Performance & Valuation TrendShares of this Connecticut-based infrastructure service provider have gained 34.4% year to date, outperforming the Zacks Building Products - Heavy Construction industry, the Zacks Construction sector and the S&P 500 Index.
Image Source: Zacks Investment Research
EME stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 26.1, as evidenced by the chart below.
Image Source: Zacks Investment Research
Earnings Estimate Revision of EMEEME’s earnings estimates for 2026 and 2027 have moved upward in the past seven days to $31.42 per share and $35.48 per share. The revised estimates for 2026 and 2027 imply year-over-year growth of 21.5% and 12.9%, respectively.
Image Source: Zacks Investment Research
EMCOR stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Algorand Foundation a Flow Traders oznámily partnerství, které přináší ALGO 24/7 institucionální likviditu. Flow Traders ji zpřístupní prostřednictvím své globální exekuční infrastruktury.
The partnership delivers 24/7 liquidity to ALGO for institutional counterparties
, /PRNewswire/ -- Algorand Foundation and Flow Traders, a leading global liquidity provider, today announced a partnership to deepen institutional liquidity across the Algorand blockchain. As part of this collaboration, Flow Traders will provide liquidity to support institutional participation in the Algorand ecosystem and make ALGO available to institutional counterparties through its global execution infrastructure, with execution available via FIX, OMS/EMS, ECNs, or high-touch OTC, and settlement in fiat or stablecoins through established workflows.
"This partnership means Algorand's infrastructure now benefits from Flow Traders' continuous, institutional-grade liquidity," said Amar Odedra, Chief Commercial Officer at the Algorand Foundation. "As Algorand's real-world asset ecosystem grows, deep, reliable liquidity in ALGO gives institutional counterparties the confidence to engage with the network at scale."
"We look forward to making ALGO available to institutional counterparties through our global execution infrastructure," said Michael Lie, Global Head of Digital Assets at Flow Traders. "Deep and reliable liquidity is essential to supporting institutional participation in digital asset markets. By expanding our coverage to ALGO, we are improving access to the Algorand ecosystem as it continues to grow across payments, tokenized assets and other on-chain use cases."
Flow Traders brings two decades of ETF expertise to digital assets, operating at the intersection of traditional finance and on-chain infrastructure. As institutional participation in digital asset markets grows, the Algorand Foundation and Flow Traders are committed to expanding liquidity coverage across the Algorand ecosystem.
The Algorand blockchain supports an established RWA ecosystem spanning real estate, commodities, private credit, and stablecoins, with institutional participants including Lofty, Enel, Aberdeen, and Meld. In Q2 2026, the network recorded 23.2 million RWA transactions across 1.2 million monthly active addresses, with $1.61 billion in USDC transacted volume.
About Algorand
Algorand is a public layer-1 blockchain built for financial empowerment. Algorand offers tools to move money across borders, issue and manage assets, verify identity, and develop services that rely on dependable performance and instant settlement. Developers and organizations use Algorand to create practical tools for payments, identity, asset tokenization, public records, and other financial services. Algorand's all-in-one blockchain infrastructure powers financial apps that are easy to build, simple to use, and unlock economic opportunity for users.
Today, the Algorand ecosystem spans startups, developers, governments, and global partners building real-world financial and digital asset solutions. With Algorand, you decide where your money lives, how it moves, and who can access it. To learn more and join the financial empowerment movement, visit algorand.co.
About Flow Traders
Flow Traders is a leading global ETF and digital asset liquidity provider, on a mission to become the liquidity provider of choice in a 24/7 global financial ecosystem. Founded in 2004, Flow Traders has built on its heritage in European equity ETFs to provide liquidity across more than 25,000 products in ETFs, equities, fixed income, commodities, FX and digital assets, on over 150 venues globally. With more than EUR 7 trillion in annual value traded and over 1,600 active counterparties, Flow Traders plays a central role in ensuring markets remain resilient and transparent. The Company is investing in frontier technologies to drive innovation across traditional and digital asset markets. Operating from eight offices across Europe, the Americas and Asia, Flow Traders brings together over 600 professionals representing more than 60 nationalities.
Disclaimer: This press release is provided for informational purposes only. The information is provided by the Algorand Foundation and, while we strive to keep it accurate and current, we make no representations or warranties of any kind, express or implied, as to its completeness, accuracy, reliability, or suitability for any purpose. Nothing in this release constitutes legal, financial, tax, or investment advice, nor an endorsement, guarantee, or investment recommendation. References to third parties, including any organizations, agencies, products, or platforms, are for informational purposes only and do not imply any endorsement, affiliation, or partnership beyond what is expressly stated. All third-party names and trademarks are the property of their respective owners. Operational figures reflect information available as of the date of this release and may be subject to revision. Any statements regarding future plans, integrations, deployments, or timelines are forward-looking and subject to change. The Algorand Foundation undertakes no obligation to update these statements except as required.
Shiba Inu faced a sharp decline in its daily token burn rate as only $7 worth of SHIB was removed from circulation over the past 24 hours, according to data from Shibburn. This represents a significant drop from recent periods, highlighting waning burn activity after a recent surge.
Burn Rate Fluctuations and Major ContributorsThe recent daily burn amounted to 1.38 million SHIB, substantially less than the figure recorded the day before last. The daily burn rate consequently fell by 87.63%, marking a reversal from the previous day’s increase of 706%, when the total burn reached 17,464,058 SHIB.
Over the past seven days, 315.80 million SHIB have been burned, pushing the weekly burn rate down by 69.94%. However, the monthly dynamics paint a different picture. In the last 30 days, the total burn soared 1,351% compared with previous periods, totaling 3.47 billion SHIB removed from circulation.
WoofSwap has played a dominant role in recent burn activity, sending 3,081,392,109 SHIB to dead wallets in the past month. Robinhood followed as the second-largest contributor, burning 154,315,629 SHIB during the same timeframe.
Throughout its history, Shiba Inu has seen 410,843,687,208,931 SHIB burned out of the original 1 quadrillion supply, distributed across 21,473 separate transactions.
Market Reaction and Derivatives DataThe decline in the SHIB burn rate has coincided with a price retreat. Shiba Inu dropped 3.35% in the last 24 hours amid mixed action in the broader cryptocurrency market. Most major coins showed little direction, contributing to a subdued trading atmosphere.
Derivatives market data signal muted engagement, with open interest in Shiba Inu falling 5.03% to $43.51 million, according to CoinGlass. This decrease suggests potential capital outflows as both Bitcoin and Ethereum futures lacked momentum, leading investors to adopt a wait-and-see approach or to reallocate toward selectively active altcoins.
Developer Activity and Expanding Use CasesDespite the lack of significant price and burn activity, underlying developer efforts remain steady. Mazrael, a key figure following Shiba Inu development, pointed out continued progress by the project’s team.
Developers have expanded 18 documentation pages to include detailed guidance on ERC-4337 gasless transactions via Paymaster, new crypto payments APIs, hosted endpoints for on-chain data, and an updated ShibaSwap SDK. These technical upgrades aim to equip developers with the fundamental tools needed to build consumer-focused applications on Shibarium, which could boost ecosystem utility over time.
As the market navigates periods of low momentum and shifting capital, platforms facilitating seamless asset access stand out. 1stepSwap is a highly practical solution that bridges traditional finance and crypto by moving real-world assets onto the blockchain. Users can gain exposure to leading U.S. equities or commodities like gold and silver directly from their wallets, all without unnecessary intermediaries or complex onboarding. Notably, 1stepSwap identifies optimal market prices in real-time, enabling users to transact leading global stocks and diversified assets with speed and efficiency.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- At their meeting held yesterday, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) declared a quarterly cash dividend of $0.735 per share on the Company's common stock. The $0.735 per share dividend will be paid on October 5, 2026, to all shareholders of record at the close of business on September 14, 2026.
With this dividend, Chesapeake Utilities will have paid dividends to its shareholders without interruption for 65 years and since 2004, has increased its annualized dividend every year.
About Chesapeake Utilities Corporation:
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange (NYSE: CPK). 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, visit www.chpk.com.
For more information, contact:
Lucia Dempsey
Head of Investor Relations
[email protected]
347-804-9067
NRG Energy po zveřejnění výsledků za 2. čtvrtletí 2026 klesá, protože tržby 7,48 miliardy USD i upravený EPS 1,49 USD zaostaly za odhady. Akcie jsou od pátku níže o 9,8 %.
With NRG Energy (NRG -0.43%) stock tumbling more than 8% in July, investors surely hoped that the company's reporting of its second-quarter 2026 financial results on Tuesday would help the stock recover from last month's decline. It didn't come to pass, though, as the electric utility failed to inspire the bulls.
According to data provided by S&P Global Market Intelligence, shares of NRG Energy are down 9.8% from the end of trading on Friday through 11:50 a.m. today.
Image source: Getty Images.
Failing to meet analysts' estimates is just one factor figuring into the stock's fall Reporting second-quarter 2026 revenue of $7.48 billion, NRG Energy failed to meet analysts' expectations of $7.79 billlion.
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The company also missed at the bottom of the income statement, posting adjusted earnings per share (EPS) of $1.49 -- coming up short of the the $1.74 that analysts anticipated.
Following the company's announcement of its financial results, two analysts pared back their expectations for NRG stock. Nicholas Amicucci, an Evercore analyst, reduced his price target to $195 from $215, while Bank of Nova Scotia analyst Andrew Weisel lowered his to $211 from $226.
Income investors may want to jump in as shares continue to sell off Analysts may see a little less upside in NRG Energy stock, but that shouldn't preclude income investors from taking a closer look as the company powers ahead with a plan to seize the opportunity in data center development.
Currently, NRG Energy stock offers a 1.6% forward yield, and it's 48% payout ratio suggests management isn't jeopardizing the company's financial health to reward shareholders. For those looking to power their passive income streams with a conservative utility stock, NRG Energy is certainly worth further investigation during this week's pullback in the stock price.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Evercore and NRG Energy. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy.
Roivant čeká do konce září rozhodnutí FDA o brepocitinibu pro dermatomyozitidu po prioritním přezkumu. Firma říká, že je na případné uvedení na trh připravena.
Roivant said its first quarter was relatively quiet operationally but positioned the company for a more active second half of 2026, with a potential launch of brepocitinib in dermatomyositis, multiple clinical readouts and further updates from Immunovant NASDAQ: IMVT.
Chief Executive Officer Matt Gline said Roivant expects a decision from the U.S. Food and Drug Administration on brepocitinib for dermatomyositis by the end of September after receiving priority review. The company said its commercial, field-support and patient-support teams are trained and prepared for a potential launch.
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“We’re ready to launch on time,” Gline said, while emphasizing that Roivant expects to build the product franchise through a “slow and steady” approach rather than focusing on early launch metrics.
Brepocitinib Programs Advance Beyond dermatomyositis, Roivant has begun enrolling patients in a Phase III trial of brepocitinib for cutaneous sarcoidosis. The 140-patient study will compare 45 milligrams of brepocitinib with placebo over 16 weeks, with a mandatory steroid taper from week two through week eight. The primary endpoint is a CSAMI response of at least 50%. Roivant expects top-line data in 2028.
Gline said the Phase III design incorporates findings from the company’s Phase II study, in which he said brepocitinib showed a greater than 20-point benefit on the CSAMI scale relative to little change on placebo. Roivant estimates there are approximately 40,000 cutaneous sarcoidosis patients in the United States.
The company also said its registrational trial of brepocitinib in lichen planus, or LPP, is enrolling “extremely well,” according to Gline. Roivant added LPP as a fourth development indication for brepocitinib earlier this year.
Top-line data from brepocitinib’s Phase III noninfectious uveitis, or NIU, study are expected during the second half of 2026. Gline said variability in placebo response rates is a key uncertainty in immunology trials, but described the company’s Phase II NIU data as compelling. He said Roivant would seek to submit a supplemental new drug application quickly if the study produces a successful result.
In discussing the planned dermatomyositis launch, Gline said the company sees no direct launch analog because no targeted therapy has previously been launched for the disease. He noted that roughly 200 myositis referral centers treat about half of the U.S. dermatomyositis population.
Gline also addressed potential safety concerns surrounding the JAK inhibitor class. He said Roivant expects brepocitinib’s label to include boxed warnings consistent with other JAK inhibitors, but added that physicians treating dermatomyositis patients are accustomed to managing substantial risks associated with current treatment options, including high-dose steroids and immunosuppressants.
Additional Data Readouts Expected Roivant expects top-line Phase II data in the second half from mosliciguat in pulmonary hypertension associated with interstitial lung disease, or PH-ILD. The company said it is primarily looking for a clear signal in pulmonary vascular resistance, or PVR. The study was not powered for six-minute walk distance, although Gline said separation on that measure would be welcome.
The mosliciguat monotherapy results will be reported before data from a separate combination study, which began later and remains in enrollment. Gline said the combination study is open-label and is intended to provide additional safety experience and information that could help guide Phase III planning.
Roivant also expects an initial proof-of-concept readout for brepocitinib in cutaneous lupus erythematosus, or CLE, during the second half. The initial results will cover 12-week data comparing the 600-milligram dose with placebo. Gline described the trial as a small, fact-finding study intended to help the company evaluate the treatment benefit and potential position in an increasingly competitive development landscape.
At Immunovant, Roivant plans to provide a broader update later this year on IMVT-1402 in difficult-to-treat rheumatoid arthritis. The update is expected to include results from the randomized-withdrawal portion of the study, feedback from an anticipated FDA discussion, and the company’s plans for future trials. Gline said the open-label response data have generated positive attention, though the randomized-withdrawal results could affect whether the study can serve as a pivotal trial.
Roivant also highlighted its Graves’ disease program for IMVT-1402, with a pivotal readout expected in 2027. Gline said the company sees substantial unmet need in Graves’ disease and views the opportunity as one of building a new treatment market rather than competing for a limited number of patients.
Moderna Payment and Capital Allocation Roivant said it received the initial payment from its settlement with Moderna. The $950 million payment included approximately $770 million for Genevant and the remainder for Arbutus. The company said its separate appellate process related to a Section 1498 matter remains ongoing and could result in an additional $1.3 billion if the outcome is favorable.
Roivant also said it filed international proceedings against Pfizer and BioNTech, including actions in Canada and the Unified Patent Court, during July.
For the quarter, Roivant reported approximately $200 million in research and development expense, nearly $100 million in non-GAAP adjusted general and administrative expense, and $166 million in GAAP general and administrative expense. Cash stood at just under $4 billion before the receipt of $772 million associated with the Moderna settlement proceeds.
The company repurchased about $200 million of shares during the quarter, with additional repurchases occurring in March. Gline said Roivant accelerated its repurchase activity following the Moderna settlement announcement and plans to continue repurchasing shares under its existing authorizations.
About Immunovant (NASDAQ:IMVT)Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant's approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.
The company's lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.
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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Evergy zveřejnila výsledky za 2. čtvrtletí 2026 a na konferenčním hovoru představila hlavní body hospodaření, plánované rozšíření zdrojů a regulační agendu.
Evergy, Inc. (EVRG) Q2 2026 Earnings Call August 6, 2026 9:00 AM EDT
Company Participants
Peter Flynn - Director of Investor Relations
David Campbell - CEO, President & Chairman of the Board
W. Buckler - Executive VP & CFO
Conference Call Participants
Stephen D’Ambrisi - RBC Capital Markets, Research Division
Andrew Kadavy - Wells Fargo Securities, LLC, Research Division
Paul Patterson - Glenrock Associates LLC
Anthony Crowdell - Mizuho Securities USA LLC, Research Division
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Quarter 2 2026 Evergy, Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like to now hand the conference over to your first speaker today, Senior Director of Insurance and Investor Relations, Peter Flynn. Please go ahead.
Peter Flynn
Director of Investor Relations
Thank you, Courtney, and good morning, everyone. Welcome to Evergy's Second Quarter 2026 Earnings Conference Call. Our webcast slides and supplemental financial information are available on our Investor Relations website at investors.evergy.com. Today's discussion will include forward-looking information. Slide 2 and the disclosures in our SEC filings contain a list of some of the factors that could cause future results to differ materially from our expectations. They also include additional information on our non-GAAP financial measures.
Joining us on today's call are David Campbell, Chairman and Chief Executive Officer; and Bryan Buckler, Executive Vice President and Chief Financial Officer. David will cover second quarter highlights, economic development, our planned resource additions and our regulatory agenda. Bryan will cover our second quarter results, retail sales trends and our financial outlook. Other members of management are with us and will be available during the Q&A portion of the call. I'll now turn the call over to David.
David Campbell
CEO, President & Chairman of the Board
Diamondback Energy ve 2. čtvrtletí překonala odhady zisku i tržeb; upravený EPS činil 6,48 USD a tržby 5,6 mld. USD. Firma zároveň zvýšila výhled těžby na rok 2026 a zdvojnásobila program zpětného odkupu akcií na 16 mld. USD.
Key Takeaways Diamondback Energy beat Q2 EPS and revenue estimates as realized oil prices and sales increased YoY.FANG raised its 2026 oil and total production outlook while maintaining cash capital spending guidance.Diamondback Energy doubled its share repurchase authorization to $16 billion and declared a $1.10 dividend. Diamondback Energy, Inc. (FANG - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of $6.48, which beat the Zacks Consensus Estimate of $5.96 and more than doubled from the year-ago adjusted profit of $2.67. The outperformance was driven by production growth and a 53.1% improvement in the year-over-year realized oil prices.
This Midland, TX-based oil and gas exploration and production company’s revenues of $5.6 billion increased more than 51% from the year-ago quarter and topped the Zacks Consensus Estimate by about 17%, fueled primarily by higher sales of oil, natural gas and natural gas liquids, increased sales of purchased oil and higher revenues from other operating income.
In the second quarter of 2026, Diamondback Energy generated free cash flow and adjusted free cash flow of $2.3 billion. Over the same period, it bought back nearly 756,385 common shares for roughly $141 million at an average price of $186.63 per share, excluding excise taxes.
In July, the board of directors increased the company's share repurchase authorization from $8 billion to $16 billion, effectively doubling the program's capacity. Following this increase, approximately $9.9 billion remains available for future share repurchases under the authorization.
FANG’s board of directors approved a base quarterly dividend of $1.10 per common share for the second quarter of 2026, payable on Aug. 20 to its stockholders of record on Aug. 13.
FANG’s Q2 Production & Realized PricesFANG’s production of oil and natural gas averaged 1,017,659 barrels of oil equivalent per day (BOE/d), comprising 51.6% oil. The figure was up 10.6% from the year-ago quarter and beat our model estimate of 969,519.9 BOE/d. While crude and natural gas output increased 5.9% and 16.5% year over year, respectively, natural gas liquids volumes climbed 15.7%.
The average realized oil price during the quarter was $96.82 per barrel, 53.1% higher than the year-ago realization of $63.23. The figure also beat our estimate of $66.12 per barrel. Meanwhile, the average realized natural gas price decreased to a negative $2.15 per thousand cubic feet from 88 cents in the prior year. The figure was also below our model estimate of 60 cents. Overall, the upstream oil and gas company fetched $51.68 per barrel compared with $39.61 a year ago.
FANG’s Costs & Financial PositionDiamondback Energy’s second-quarter cash operating cost was $10.96 per BOE compared with $10.10 in the prior-year quarter and our estimate of $12.56. The increase in costs compared with the year-ago period reflected a rise in lease operating expenses to $5.96 per BOE from $5.26 in the second quarter of 2025 and an increase in Production and ad valorem taxes to $3.26 per BOE from $2.56 in the prior-year quarter.
However, FANG’s gathering, processing and transportation expenses decreased 29.5% year over year to $1.22 per BOE. Cash G&A expenses also fell in the second quarter of 2026 to 52 cents per BOE from 55 cents in the corresponding period of 2025.
Diamondback Energy logged $996 million in capital expenditure — spending $842 million on operated drilling and completion additions to oil and natural gas properties, and $154 million on non-operated additions. The company booked $2.3 billion in adjusted free cash flow in the second quarter.
As of June 30, the Permian-focused operator had approximately $462 million in cash and cash equivalents and $11.1 billion in long-term debt, representing a debt-to-capitalization of 20.1%.
FANG’s Q3 & 2026 GuidanceDiamondback Energy updated its 2026 guidance by raising its full-year oil production outlook to more than 522 MBO/d, up from the previous guidance of more than 520 MBO/d, and increasing its total production forecast to over 1,000 MBOE/d from more than 972 MBOE/d. The company maintained its full-year cash capital expenditure guidance at approximately $3.9 billion.
For the third quarter of 2026, this Zacks Rank #3 (Hold) company expects oil production to range between 517 MBO/d and 527 MBO/d, with total combined production projected at 995-1,015 MBOE/d. Third-quarter cash capital expenditures are expected to be between $950 million and $1.05 billion.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Energy Earnings at a GlanceWhile we have discussed FANG’s second-quarter results in detail, let us take a look at three other key reports in the energy space.
Expand Energy Corporation (EXE - Free Report) reported second-quarter 2026 adjusted earnings per share of $1.33, beating the Zacks Consensus Estimate of $1.22. The company’s bottom line increased from the year-ago adjusted profit of $1.10 per share, fueled by strong production and lower operating expenses.
Expand Energy’s ‘natural gas, oil and NGL’ revenues of $1.8 billion missed the Zacks Consensus Estimate of $2 billion. The top line was also below the year-ago figure of $2 billion.
As of June 30, 2026, the company had $663 million in cash and cash equivalents. Expand Energy had a long-term debt of $3.7 billion, reflecting a debt-to-capitalization of 16%.
NOV Inc. (NOV - Free Report) reported second-quarter 2026 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 16 cents. The bottom line also increased 6.9% from the year-ago quarter’s 29 cents, driven by outperformance of the Energy Equipment segment.
The oil and gas equipment and services company’s total revenues of $2.1 billion beat the Zacks Consensus Estimate by $39 million. However, NOV’s revenues fell 2.5% from the year-ago quarter’s figure of $2.2 billion due to lower year-over-year revenues from the Energy Products and Services segment.
As of June 30, the company had cash and cash equivalents of $1.2 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.3%.
Core Laboratories Inc. (CLB - Free Report) reported second-quarter 2026 adjusted earnings of 11 cents per share, which beat the Zacks Consensus Estimate of 8 cents, driven by outperformance of the Production Enhancement segment. However, the bottom line decreased from the year-ago quarter’s reported figure of 19 cents due to the underperformance of the Reservoir Description segment and increased costs and expenses.
This oilfield service provider reported second-quarter operating revenues of $124.6 million, missing the Zacks Consensus Estimate of $128 million and decreasing from the earlier-year quarter’s reported figure of $130.1 million. This can be attributed to military conflicts in the Middle East and the Russia-Ukraine region, which disrupted energy infrastructure, delaying projects, disrupting crude oil trade and reducing demand for the company's international laboratory services.
As of June 30, 2026, the company had cash and cash equivalents of $22.7 million and long-term debt of $113.9 million. CLB’s debt-to-capitalization was about 29%.
Driven Brands Holdings Inc. (DRVN) Q2 2026 Earnings Call August 6, 2026 8:30 AM EDT
Company Participants
Steve Alexander - Senior Director of Investor Relations
Daniel Rivera - President, CEO & Director
Michael Diamond - CFO & Executive VP
Conference Call Participants
Craig Kennison - Robert W. Baird & Co. Incorporated, Research Division
Simeon Gutman - Morgan Stanley, Research Division
Mark Jordan - Goldman Sachs Group, Inc., Research Division
Michael Albanese - The Benchmark Company, LLC, Research Division
Phillip Blee - William Blair & Company L.L.C., Research Division
Sarah Morin - Piper Sandler & Co., Research Division
Tristan Thomas-Martin - BMO Capital Markets Equity Research
Presentation
Operator
Thank you for standing by. My name is Matt, and I will be your conference operator today. At this time, we would like to welcome everyone to the Driven Brands Second Quarter 2026 Earnings Call.
[Operator Instructions]
I would now like to turn the conference over to Steve Alexander, Investor Relations. You may begin.
Steve Alexander
Senior Director of Investor Relations
Good morning. Welcome to Driven Brands Second Quarter 2026 Earnings Conference Call. The earnings release and net leverage ratio reconciliation are available for download on our website at investors.drivenbrands.com.
On the call with me today are Danny Rivera, President and Chief Executive Officer; and Mike Diamond, Executive Vice President and Chief Financial Officer. In a moment, Danny and Mike will walk you through our financial and operating performance for the quarter.
Before we begin our remarks, I would like to remind you that management will refer to certain non-GAAP financial measures. You can find the reconciliations to the most directly comparable GAAP financial measures on the company's Investor Relations website and in its filings with the Securities and Exchange Commission. During this call, we will also make forward-looking statements regarding our current plans, beliefs and expectations. These statements are not guarantees of future performance
Fox Tungsten má v Britské Kolumbii dvě vrtné soupravy v provozu a směřuje k PEA ve 2. čtvrtletí 2027. Cena wolframu za poslední rok vzrostla o více než 500 % kvůli omezené nabídce.
Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) is racing to prove its North American asset can become the West's answer to a tungsten shortage that shows no sign of easing.
With two drills turning on a high-grade tungsten resource in British Columbia, a fully funded treasury of about $15 million, and a preliminary economic assessment targeted for the second quarter of 2027, CEO Stephen Gray is trying to move faster than the market can catch up to the story.
That story has changed shape fast. Six months ago, the company was still called Happy Creek Minerals. Now it is Fox Tungsten, with a new name, a rebuilt leadership team, and a resource base it is racing to grow before it locks in its development plan.
The timing lines up with a structural shift in the metal itself: tungsten prices have jumped more than 500% over the past year as China, which controls roughly 80% of global supply, tightens its export restrictions, and Washington moves to secure what little domestic supply exists. In August, the US Department of Commerce moved to restrict exports of tungsten waste and scrap without a license, part of a broader push under the Defense Production Act to secure domestic supply of critical minerals deemed essential to national defense.
A rebuilt company The past several months have transformed the company from the ground up. Since rebranding, the team rebuilt the C-suite and welcomed new faces in the field. That overhaul was paired with a financing round earlier this year that raised $12.7 million, mostly through flow-through funding, leaving the company fully funded for its current work program. "It was a great vote of confidence from the market," Gray said.
With two drills currently turning at the Fox project, the company is running what Gray calls the largest drill program it has ever undertaken, roughly doubling the number of metres ever drilled on the deposit in a single season.
The 20,000-metre program is split across three priorities: about 60% is directed at resource growth at Fox, 30% at earlier-stage, greenfield-style exploration with larger stepouts, and the remaining 10% at the company's Silverboss target.
Gray frames the strategy as two parallel tracks. One is tightly focused stepout drilling meant to grow the existing resource and feed into an updated resource estimate, in support of a Preliminary Economic Assessment (PEA) targeted for the second quarter of 2027. The other is a broader hunt to understand just how large the deposit's full mineralized system might be.
That exploration push has already turned up a new zone at Fox North that was previously unknown. Meanwhile, stepout drilling at the RC zone is showing early signs that the deposit's three separate zones may connect into one larger mineralized system, though assay results are still pending.
"It is very exciting to see progress on both fronts," Gray said. "The RC zone is being successfully extended to the south, which supports our hypothesis that we can connect our three separate zones into one larger mineralized system."
Drilling at Fox is expected to continue until late October, with final assays anticipated around Christmas. Only then, Gray said, can the PEA work begin in earnest, though early-stage planning, including scoping metallurgical testing needs, is already underway.
Riding a structural shift in tungsten Tungsten has long been an overlooked commodity for resource investors, but that is changing fast. Prices have climbed by more than 500% over the past year, a move Gray attributes to a combination of geopolitical tension and a genuine supply and demand imbalance.
“There simply is not enough tungsten available to meet demand,” the CEO said. “We know that because Chinese tungsten prices are also high. If there were a large hidden supply glut in China, we would not be seeing those price levels."
Gray believes tungsten still requires investor education, and he has a preferred way of illustrating just how rich the Fox deposit is. At roughly 1% tungsten, the grade might not sound remarkable at first glance, especially next to something like a 1% copper deposit. But translated into metal-equivalent terms at current spot prices, Gray said, 1% tungsten is roughly equivalent to 20 grams per tonne gold or 25% copper.
"That puts the quality of the asset into perspective," he said. "We have an incredibly high-grade asset in a great location with the right commodity."
For Gray, the rebrand itself has already paid off in terms of clarity. "At a glance, people can understand what the company is about: it is about Fox, it is about tungsten, and it is about what we believe is the highest-grade tungsten resource in the world."
Looking ahead, Gray's focus is on turning exploration success into a real business. "We have successfully identified the deposit, completed the initial resource drilling, established our camp, and got the drills turning. The next step is to turn that exploration success into something tangible."
