Track market-moving stories before they get noisy

Biogen Inc. (NASDAQ:BIIB) on Wednesday agreed to acquire private biotechnology company RayThera Inc. for up to $1 billion.

The company looks to further expand its immunology pipeline and broaden its reach into additional disease areas.

The deal includes an upfront payment to RayThera shareholders, with the majority of the consideration tied to future clinical and regulatory milestone achievements.

The transaction is expected to close in the third quarter of 2026.

Acquisition Adds Early-Stage Immunology AssetsRayThera focuses on discovering and developing small-molecule therapies for immunological diseases.

The company's portfolio includes several anti-inflammatory programs that could treat immune-mediated conditions across multiple indications.

The company expects its lead candidate to enter Phase 1 development in the early third quarter of 2026.

For the past couple of years, Biogen has been in the news due to its Alzheimer's disease program(s),

In May, the company reported topline Phase 2 results for diranersen (BIIB080), its investigational tau-targeting antisense oligonucleotide therapy for early Alzheimer's disease.

The data highlighted cognitive benefits and reductions in tau biomarkers despite missing the study's primary endpoint.

But it has picked up some M&A deals to bolster its pipeline.

Most recently, Biogen acquired Apellis Pharmaceuticals for $41 per share in cash or approximately $5.6 billion.

The acquisition is expected to enhance Biogen's growth portfolio in immunology and rare diseases and add significant value to both companies.

In April, Biogen announced an agreement with Alloy Therapeutics Inc. to accelerate the development of antisense therapies targeting multiple undisclosed indications.

Alloy receives an undisclosed upfront payment and stands to earn additional milestone-based compensation, along with tiered royalties.

BIIB Stock Price Activity: Biogen shares were down 2.38% at $193.93 at the time of publication on Thursday, according to Benzinga Pro data.

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More than half of Americans say they need more money this summer than last year, with Gen Z more than twice as likely as boomers to say the gap is significant

, /PRNewswire/ -- Financial stress is pervasive this summer, but it's not evenly distributed across age groups. According to a new survey from MoneyLion, 52% of Americans say they need more money this summer than last year, with 22% saying they need "significantly more." Gen Z reports the sharpest shortfall: 33% say the gap is significant, compared to 23% of millennials, 20% of Gen X, and 15% of boomers.

Summer Financial Pressure Hits Gen Z The Hardest The results reflect conditions that are particularly difficult for younger adults to absorb. Housing costs, student debt, and wage stagnation in entry-level roles are compressing budgets in ways that older generations largely avoided at the same life stage. Among respondents ages 18 to 24, 23% say they are moving back in with family or taking on roommates this summer because of financial pressure.

"Americans, especially younger generations, are working hard to keep up with rising costs, often without the financial foundation earlier generations could rely on," said Sarah DiCara, Financial Wellness Advocate at MoneyLion. "Our mission is to give everyone the power to make their best financial decisions, and this summer we're focused on helping people get ahead by connecting them with the products, content, and guidance they need to turn that effort into lasting financial progress."

Key Findings

52% of Americans say they need more money this summer than last year; 22% say "significantly more." Gen Z reports the highest rate of financial strain, with 33% citing a significant shortfall, compared to 23% of millennials, 20% of Gen X, and 15% of boomers. 23% of 18- to 24-year-olds are moving back in with family or taking on roommates this summer due to financial pressure. 62% of Gen Z and 52% of millennials plan to earn supplemental income this summer, compared to 39% of all respondents. 15% of 18- to 24-year-olds planning to earn extra cash this summer are considering OnlyFans or other adult-content platforms as a side hustle. 35% of Gen Z say they would work 60 or more hours a week to earn extra income this summer, compared to 25% of millennials. 41% of all Americans are cutting back on dining, entertainment, and social plans. The survey also pushes back on assumptions about how Gen Z spends. Respondents in that age group spend less overall than older generations, and the cutbacks they are making mirror those reported across the full sample. The distinction is not behavior but starting conditions: a labor market that rewards experience, a housing market built on appreciation that predates this generation, and a debt load that many carry before earning their first full-time paycheck.

For Americans looking to strengthen their finances this season, MoneyLion shares a few practical tips to get started:

Pick the side hustle that fits your life, not the trend. Before signing up for a gig platform, weigh startup costs, scheduling, and realistic earnings after expenses. Give summer its own budget. Travel, events, and higher utility bills spike predictably. A separate seasonal budget keeps those costs from eroding rent, debt payments, and savings goals. Build a buffer before you need it. Small, automatic transfers add up over a season, and a modest cushion can be the difference between absorbing a surprise expense and borrowing to cover it. Cut costs without cutting everything. Auditing recurring charges can free up room without touching the plans that make summer worth it. Know your options before you borrow. Comparing rates, fees, and repayment terms upfront helps ensure a short-term bridge doesn't become a long-term setback. More resources are available at moneylion.com/learn.

Survey Methodology
MoneyLion surveyed 1,000 adults ages 18 and over in May 2026.

About MoneyLion
MoneyLion is a leading financial technology platform and part of Gen (NASDAQ: GEN), a global company dedicated to powering Digital Freedom with a family of trusted consumer brands. MoneyLion powers the next generation of personalized products, content, and marketplace technology through its top-rated consumer finance super app, premier embedded finance platform for enterprise businesses, and world-class media arm. Consumers gain control of their finances with an innovative suite of products to save, borrow, spend, and invest, seamlessly integrating the best offers and content from MoneyLion and its 1,300+ enterprise partners into one unified experience. Its mission is to give everyone the power to make their best financial decisions. Learn more at www.moneylion.com.

Media Contact:
Malea Lamb-Hall
Gen
[email protected]

SOURCE Gen Digital Inc.

Riot Platforms, Inc. (RIOT - Free Report) closed the most recent trading day at $28.63, moving +1.89% from the previous trading session. The stock outperformed the S&P 500, which registered a daily loss of 0.37%. Elsewhere, the Dow gained 0.29%, while the tech-heavy Nasdaq lost 1.33%.

Prior to today's trading, shares of the company had gained 14.74% outpaced the Finance sector's gain of 4.79% and the S&P 500's gain of 2.02%.

The investment community will be closely monitoring the performance of Riot Platforms, Inc. in its forthcoming earnings report. The company is predicted to post an EPS of -$0.21, indicating a 136.84% decline compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $148.71 million, down 2.8% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates project earnings of -$2.08 per share and a revenue of $647.34 million, demonstrating changes of -6.67% and -0.02%, respectively, from the preceding year.

Investors should also take note of any recent adjustments to analyst estimates for Riot Platforms, Inc. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Riot Platforms, Inc. presently features a Zacks Rank of #3 (Hold).

The Financial - Miscellaneous Services industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 103, finds itself in the top 43% echelons of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Sherwin-Williams leverages its vast store network and pricing power to drive resilient growth despite soft end-market demand. SHW's Q1 2026 net sales rose 6.8% year-over-year, aided by the Suvinil acquisition and incremental price increases. Trading at a forward P/E of 27, SHW offers a marginal discount to its fair value estimate of $322 per share.

The global video games industry is entering a period of consolidation that is likely to favour the biggest publishers and developers, according to analysts at Bernstein, who argue that investors should look beyond slowing revenue growth and focus on rising barriers to entry.

The broker estimates the gaming market will generate around $220 billion of revenue in 2026, up 0.7%, following growth of 4.8% last year.

While that points to a softer near-term outlook, Bernstein believes the industry is becoming increasingly concentrated as smaller studios struggle with rising development costs and a tougher funding environment.

The firm said studio closures and restructuring programmes across the industry were reducing competition and strengthening the position of established developers with successful intellectual property and large player communities.

Bernstein highlighted Asian gaming groups as its preferred investments, including Tencent Holdings (HKG:0700, OTC:TCEHY), NetEase (NetEase Inc (NASDAQ:NTES)), Nintendo (OTCMKTS:NTDOY), Capcom (OTCMKTS:CCOEY) and Konami (LON: KNM).

Analyst Robin Zhu argued that Japanese, Chinese and Korean developers continue to benefit from lower development costs and improving productivity compared with many western rivals.

PC gaming was also identified as one of the industry's strongest growth areas, supported by advances in hardware and a growing number of blockbuster releases.

Attention is increasingly turning to the launch of Grand Theft Auto VI, published by Take-Two Interactive Software Inc (NASDAQ:TTWO), which is expected in November.

Zhu said rival publishers had crowded release schedules into September in an effort to avoid competing directly with what is widely expected to be one of the biggest game launches in history.

The broker also dismissed concerns that AI will materially disrupt the industry's economics, arguing that successful franchises, creative storytelling and engaged player communities remain the key drivers of long-term value creation.

JD.com, Inc. remains a Strong Buy, supported by compelling sum-of-the-parts valuation and a fortress balance sheet. Food delivery subsidy war is de-escalating, reducing cash burn and improving margin outlook, with sequential narrowing of losses already visible. Retail operating margin is expanding, driven by a shift toward higher-margin general merchandise and services, while logistics and marketplace segments show robust growth.

JD.com, Inc. (JD - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this company have returned -9.7%, compared to the Zacks S&P 500 composite's +2% change. During this period, the Zacks Internet - Commerce industry, which JD.com falls in, has lost 6.3%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

JD.com is expected to post earnings of $0.84 per share for the current quarter, representing a year-over-year change of +21.7%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The consensus earnings estimate of $3.19 for the current fiscal year indicates a year-over-year change of +25.1%. This estimate has remained unchanged over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $3.62 indicates a change of +13.8% from what JD.com is expected to report a year ago. Over the past month, the estimate has remained unchanged.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for JD.com.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of JD.com, the consensus sales estimate of $52.83 billion for the current quarter points to a year-over-year change of +6.1%. The $204.15 billion and $215.2 billion estimates for the current and next fiscal years indicate changes of +11.2% and +5.4%, respectively.

Last Reported Results and Surprise HistoryJD.com reported revenues of $45.77 billion in the last reported quarter, representing a year-over-year change of +10.3%. EPS of $0.74 for the same period compares with $1.16 a year ago.

Compared to the Zacks Consensus Estimate of $45.57 billion, the reported revenues represent a surprise of +0.42%. The EPS surprise was +29.82%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

JD.com is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about JD.com. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

NEW YORK, June 23, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of JD.com, Inc. (“JD” or the “Company”) (NASDAQ: JD).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether JD and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On June 11, 2026, Bloomberg News reported that the Beijing branch of China’s State Administration for Market Regulation summoned JD representatives “over what officials said was false advertising during the annual ‘618’ midyear online shopping festival.” 

On this news, JD’s American Depositary Receipt (“ADR”) price fell $0.39 per ADR, or 1.37%, to close at $28.06 per ADR on June 11, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Humanoid robots may grab the headlines, but they represent just one small piece of a much larger opportunity in the physical AI ecosystem. Autonomous robots, drones, collaborative robots (cobots), and electric vertical takeoff and landing (eVTOL) vehicles are rapidly transitioning from conceptual hype to scaled industrial and defense deployments. This wave of physical AI is acting as the primary engine behind a broader industrial resilience and reshoring push across the U.S., Europe, and Japan.

Key Takeaways The Pentagon’s autonomy budget request has skyrocketed from $250 million to $55 billion, with $14 billion earmarked specifically for unmanned systems. U.S. industrial Purchasing Managers’ Index (PMI) data is climbing again, fueling an incredible year for core industrial robotics component and robot-arm manufacturers. Legacy Japanese industrial champions like Fanuc, Mitsubishi Electric, and Yaskawa are hitting multi-year or all-time highs due to physical AI partnerships and reshoring tailwinds. National Security Drives Physical AI and Defense Integration The intersection of national security and automation is driving significant growth for the AI industry. Zeno Mercer, head of robotics & AI research, at VettaFi said on a recent call with investors that the Pentagon’s autonomy budget request has surged from $250 million to $55 billion and includes $14 billion for autonomous systems

Moreover, it includes significant partnerships with commercial pioneers. For example, aviation innovator Joby (JOBY), which aims to launch its commercial flying-car operations in the U.S. by 2028, is partnering with defense giant L3Harris to open entirely new military eVTOL markets. This defense-backed funding provides a highly stable revenue floor for automated systems manufacturers, insulating them from purely cyclical consumer electronics slowdowns.This wave of physical AI underpins a broader industrial resilience and reshoring push in the U.S., Europe, and Japan. The reshoring story is tightly linked to automation. Industrial Purchasing Managers’ Index (PMI) in the U.S. is “finally climbing again,” and core industrial robotics players — especially components and robot‑arm makers — have had “an incredible year” as highly automated, miniaturized manufacturing comes back onshore, Mercer said. Consequently, humans are increasingly focused on maintaining, repairing, and managing these systems rather than doing the most precise production work themselves.

On the competitive front, Chinese automation and EV names like XPeng (XPEV) have been punished by a weak domestic auto market and brutal price wars, even as they push into humanoid robots, in‑house chips, robo‑taxis and flying cars. 

XPeng’s CEO has taken over its robotics unit, which is targeting 1,000 iron humanoid robots in production by year‑end. Meanwhile, the company is developing its own Turing chip to sell to Volkswagen and building out its AeroHT flying‑car division, a robo taxi division similar to what Tesla is doing, Mercer said.

Physical AI Market Leaders and Regional Resilience Simultaneously, Japan’s industrial sector is experiencing a powerful structural turnaround. Fanuc (6954 JP) has reached all-time highs while partnering with Nvidia (NVDA) on physical AI applications, Mitsubishi Electric (6503 JP) is co-developing advanced drones and ground robots, and Yaskawa (6506 JP) has guided for its operating profit to nearly double this year. 

Investors finally recognize Japan as “one of the most formidable robotics markets” and a key beneficiary of both physical AI and global reshoring, Mercer said.

Fanuc, Mitsubishi Electric, Joby, Xpeng, and Yaskawa are holdings in the ROBO Global Robotics and Automation Index ETF (ROBO). ROBO offers diversified exposure to the global hardware and physical logistics side of this theme. 

Conversely, for portfolios requiring exposure to the underlying software and computational intelligence powering these autonomous units, the ROBO Global Artificial Intelligence ETF (THNQ) focuses on key enabling technologies and applications. 

Looking for regular updates? Subscribe here for weekly insights on robotics, AI, and healthcare technology, delivered straight to your inbox. For more news, information, and analysis, visit the Artificial Intelligence Content Hub. 

vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for THNQ and ROBO, for which it receives an index licensing fee. However, THNQ and ROBO are not issued, sponsored, endorsed, or sold by VettaFi. VettaFi and its affiliates have no obligation or liability in connection with the issuance, administration, marketing, or trading of THNQ and ROBO.

In the latest trading session, The Trade Desk (TTD - Free Report) closed at $18.51, marking a +1.93% move from the previous day. The stock exceeded the S&P 500, which registered a gain of 1.09% for the day. Elsewhere, the Dow saw an upswing of 0.14%, while the tech-heavy Nasdaq appreciated by 1.91%.

The digital-advertising platform operator's shares have seen a decrease of 13.61% over the last month, not keeping up with the Computer and Technology sector's gain of 0.22% and the S&P 500's gain of 0.29%.

Investors will be eagerly watching for the performance of The Trade Desk in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.4, signifying a 2.44% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $751.76 million, up 8.32% from the prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.87 per share and revenue of $3.18 billion, indicating changes of +5.65% and +9.81%, respectively, compared to the previous year.

Investors might also notice recent changes to analyst estimates for The Trade Desk. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Currently, The Trade Desk is carrying a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that The Trade Desk has a Forward P/E ratio of 9.7 right now. This valuation marks a discount compared to its industry average Forward P/E of 15.55.

It's also important to note that TTD currently trades at a PEG ratio of 0.55. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. TTD's industry had an average PEG ratio of 1.61 as of yesterday's close.

The Internet - Services industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 164, finds itself in the bottom 33% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

SILVER SPRING, MD / ACCESS Newswire / June 18, 2026 / CuriosityStream Inc. (Nasdaq:CURI), a leading global factual media company, today announced the appointment of Claire Chiang to the role of Corporate Controller. Ms. Chiang will report to Brady Hayden, CuriosityStream's Chief Financial Officer.

As part of her compensation package, Ms. Chiang received a restricted stock grant covering 35,000 shares of the Company's common stock, effective June 18, 2026. The award was granted outside of the Company's shareholder-approved equity compensation plans and was approved by the Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) as a material inducement to Ms. Chiang's acceptance of employment with the Company.

The restricted stock unit award will vest in full on the first anniversary of the grant date, subject to Ms. Chiang's continued employment with the Company through such date, and any shares that vest will remain subject to a one-year post-vesting holding period, subject to the terms of the applicable award agreement.

Forward-Looking Statements

Certain statements in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, CuriosityStream's expectations or predictions of future financial or business performance or conditions, consumers' valuation of factual content, and the Company's continued success. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "predicts" or "intends" or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed under "Risk Factors" in CuriosityStream's Annual Report on Form 10-K for the year ended December 31, 2025, that CuriosityStream filed with the Securities and Exchange Commission (the "SEC") on March 12, 2026, and in CuriosityStream's other SEC filings. These risk factors are important to consider in determining future results and should be reviewed in their entirety.

Forward-looking statements are based on the current belief of the management of CuriosityStream, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and CuriosityStream is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that CuriosityStream has filed or will file from time to time with the SEC.

In addition to factors previously disclosed in CuriosityStream's reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (i) risks related to CuriosityStream's ability to maintain and develop new and existing revenue-generating relationships and partnerships or to significantly increase CuriosityStream's subscriber base and retain customers; (ii) the effects of pending and future legislation; (iii) risks of the internet, online commerce and media industry; (iv) the highly competitive nature of the internet, online commerce and media industry and CuriosityStream's ability to compete therein; (v) litigation, complaints, and/or adverse publicity; and (vi) privacy and data protection laws, privacy or data breaches, or the loss of data.

About CuriosityStream Inc.

CuriosityStream Inc. (Nasdaq:CURI) is the entertainment brand for people who want to know more. The global media company is home to award-winning original and curated factual films, shows, and series covering science, nature, history, technology, society, and lifestyle. CuriosityStream is also a leader in high-integrity AI video model training and data licensing, extending the reach and value of its premium library. With millions of subscribers worldwide and thousands of titles, the company operates the flagship Curiosity Stream SVOD service, available in more than 175 countries worldwide; Curiosity Channel, the linear television channel available via global distribution partners; Curiosity University, featuring talks from the best professors at the world's most renowned universities as well as courses, short and long-form videos, and podcasts; Curiosity Now, Curiosity History, Curiosity Animals, Curiosity Explora, and other free, ad-supported channels; Curiosity Audio Network, with original content and podcasts; and Curiosity Studios, which oversees original programming. For more information, visit CuriosityStream.com.

Contact:
CuriosityStream Investor Relations
Brett Maas
[email protected]

SOURCE: CuriosityStream

Integration embeds Gracenote content intelligence, including contextual segments and live sports schedule data, directly within PubMatic's platform for activation across premium streaming inventory

, /PRNewswire/ -- Gracenote, Nielsen's content intelligence business, and PubMatic (Nasdaq: PUBM), the leading AI-powered adtech company delivering digital advertising performance, today announced a strategic partnership that makes connected TV (CTV) inventory easier to discover, evaluate and buy based on the programming itself.

As live sports and premium entertainment consumption move deeper into streaming, advertising investment has not fully kept pace with audiences. One reason is a persistent content signal gap: buyers often can't see what is actually airing behind a CTV impression before – or even after – they commit marketing budgets. Recent Gracenote research found that 86% of media planners cite limited show- or content-level data as a barrier to shifting more ad budget from linear to CTV.

The partnership addresses that gap within PubMatic's platform, giving advertisers, agencies and streaming publishers a shared foundation for packaging and transacting inventory around content attributes and live events. Through the integration, PubMatic can match bid opportunities against Gracenote episode-level data in real time at-auction, enabling specific, advertiser-selected inventory to be associated with curated deal IDs across its platform.

In parallel, PubMatic is using Gracenote's program schedule data to identify and curate live sports inventory, helping buyers reach audiences around valuable games and events as they air. The integration brings Gracenote's content intelligence directly into PubMatic's AI-powered Live Sports Marketplace, pairing moment-based curation with verified programming data to give buyers a complete picture of what they're buying.

The implementation runs on the IAB Tech Lab's Agentic Real-Time Framework (ARTF), a standard for fast, containerized data integrations in programmatic advertising, and is built to operate within PubMatic's AgenticOS. It supports real-time decisioning with minimal impact to the bidstream, adding just 0.1 to 0.5 milliseconds to transactions. The result is content intelligence that works at the speed of the bidstream — available to buyers however they choose to activate, whether through direct deal execution or PubMatic's AgenticOS autonomous buying infrastructure.

For publishers, the partnership makes premium inventory easier to differentiate and monetize across live sports, TV shows and movies. Packages are built on Gracenote data and IDs, the same content intelligence streaming services trust to power viewer search and discovery. For buyers, it brings program-informed precision to deal-based buying, replacing guesswork with verified content signals and helping campaigns align with the specific content and live events that drive audience attention.

"Marketers are paying more for CTV impressions and want to know their ads are running during familiar content they can verify," said Jake Richardson, VP of product partnerships at Gracenote. "What's made this difficult is the need for the data to work at the speed of the bidstream to inform what gets packaged and bought. Now, with PubMatic, our contextual segments and live sports schedules operate at that critical decision point."

"Live sports is the most premium inventory in the industry," said Nicole Scaglione, VP of CTV and Online Video, PubMatic. "What Gracenote brings to our platform is the verified content intelligence that powers impression-level decisioning to be more precise and more measurable, so buyers get the performance without sacrificing transparency. Whether buying agentically or through existing workflows, there are now tens of millions of verified live sports impressions on our platform ready to deliver."

The collaboration brings Gracenote's CTV content intelligence deeper into streaming advertising and advances PubMatic's aim to make premium live sports inventory the most plannable, verifiable, and intelligently buyable in programmatic CTV, whether through direct deal execution or autonomous agentic activation.

About Gracenote

Gracenote is the content intelligence business unit of Nielsen. We standardize the way the global media and entertainment ecosystem indexes content and associated metadata, allowing it to flow between creators, distributors, platforms and advertisers. By providing unmatched depth across 50M+ titles and 80K+ channels and catalogs, we power the modern search, discovery and navigation experiences that connect people to the TV, movies, music and sports they love—in 70+ languages across 80+ countries. For more information, visit Gracenote.com or follow us on LinkedIn.

About PubMatic

PubMatic (NASDAQ: PUBM) is the leading AI-powered ad tech company delivering digital advertising performance. Through an intelligent, unified platform that connects buyers, publishers, data partners, and commerce media networks, PubMatic delivers superior performance with greater transparency, control, and efficiency. 

Since 2006, PubMatic has pioneered every major advance in programmatic advertising, from enabling the first OpenRTB transactions to embedding AI-driven optimization and privacy-focused innovation across its platform. With omnichannel scale, proven reliability, and a track record of continuous innovation, PubMatic is building a more intelligent, profitable, and sustainable digital advertising ecosystem. Built to Connect. Powered to Perform.

Media Contact
Mark Yamada
[email protected]

SOURCE Gracenote

In a controlled, simultaneous comparison, PubMatic’s AgenticOS outperformed the incumbent DSP on every meaningful metric – and expanded Level Agency’s spend on the open internet

NO-HEADQUARTERS/REDWOOD CITY, Calif.--(BUSINESS WIRE)--Level Agency, a performance-driven digital marketing agency, in partnership with PubMatic, the leading AI-powered ad tech company delivering digital advertising performance, today announced the results of a head-to-head test comparing PubMatic's AgenticOS against its incumbent DSP for an education sector client. Running simultaneously with identical budgets and objectives, AgenticOS outperformed the incumbent on every meaningful metric, delivering more than 2x reach per dollar on qualified audiences.

The result is exactly what AgenticOS was designed to deliver: a simpler ecosystem, more dollars in working media, and the open internet as a legitimate competitor to the walled gardens." — Andy Bryant, AVP, Advertiser Solutions, PubMatic

Share The performance gap traces to a combination unique to PubMatic: agentic AI operating directly inside the supply chain through Activate, PubMatic’s direct-to-supply activation platform, where inventory signals and audience data are applied before the auction. The speed of audience building and retargeting, scaling in days rather than the typical 30–60-day ramp, gave the agency the flexibility to adapt creative from an existing social campaign and deploy it immediately against a localized, date-specific campus open house activation on the open internet.

The Test

Education advertisers demand precise demographic and geographic audience-building — an industry where inventory quality, audience reach, and cost efficiency are equally critical. The client needed hyper-local audiences at scale. Level defined the outcome they were looking for, structured the most direct test possible, and let the data decide: PubMatic's AgenticOS against the incumbent DSP, running simultaneously with identical budgets and objectives, tracked throughout the flight using Level's own reporting.

AgenticOS outperformed on every meaningful metric Level measured.

The Results1

More than 2x more reach per dollar on qualified audiences, across mobile, online video, and premium CTV – 351 qualified impressions delivered for every $1, compared to the DSP’s 164 53% lower weighted average CPMs for premium CTV inventory 54% higher video completion rate overall; 35% higher on a controlled OTT-to-OTT comparison Retargeting at scale within days, versus the 30-60 day ramp typically required by DSP-led campaigns Campaign activated in minutes, from audience discovery to tactics and budgets, compared to the typical 3–5 hour setup plus creative trafficking “At Level, every technology decision starts with one question: will this move the needle for our clients? We structured this test the same way we approach every strategic decision: define the outcome, run the experiment, trust the data. What AgenticOS delivered changed how we're thinking about where the open internet can compete for client budgets, and that's exactly the kind of adaptive advantage and innovation we're always looking for." — Patrick Van Gorder, Chief Partnership Officer, Level Agency

The Compounding Effects of AgenticOS

Most agentic capabilities announced in the market today describe a single buyer agent communicating with a single seller agent. What Level activated through AgenticOS is different: a coordinated sequence of more than 20 specialized agents operating across the full campaign lifecycle through a single access point. Through a custom buyer agent built for the Untapped Growth Collective, Level described their campaign objectives in plain language. Proprietary agents identified the highest-quality available inventory, including premium CTV and OTT, built and refined audience segments from publisher-side signals, handled direct activation, and surfaced optimization insights continuously throughout the flight.

Those results are a direct function of where PubMatic uniquely sits in the ecosystem. AgenticOS is the only agentic platform operating at the intersection of buy-side and sell-side intelligence simultaneously, combining four compounding assets that work independently but deliver categorically different outcomes when unified on a single platform: agentic AI through AgenticOS; direct supply-side activation through Activate; a 300+ partner data and commerce media ecosystem giving agents continuously learning audience capabilities; and owned-and-operated GPU infrastructure purpose-built for accelerated computing and reduced inferencing latency. For Level, that entire stack was accessible through a single prompt, with no infrastructure or additional technology required on the agency's end.

"The best media strategies are the ones that don't require constant intervention. When your supply pool is already controlling frequency, filtering inventory, and qualifying audiences before the auction, you get scale that manages itself — and that frees you up to make better decisions faster." — Anjlee Majmudar, VP of Programmatic, Level Agency

Allocating More Spend to the Open Internet

The success of the campaign, coupled with the ease of execution, opened a new category of campaign execution. The agency made a mid-flight decision to expand the program: an upcoming open house campaign, a date-based, hyper-local activation with a tight turnaround, is being allocated to AgenticOS alongside their existing social buy. The open internet is now in the mix for the kind of time-sensitive, geographically specific activation where speed and flexibility are the deciding factors.

"AgenticOS runs at the intersection of supply and demand, giving agencies direct access to publisher signals and inventory that isn't available from the demand side alone. The result is exactly what AgenticOS was designed to deliver: a simpler ecosystem, more dollars in working media, and the open internet as a legitimate competitor to the walled gardens. Level proved it out, and we're excited to build on it." — Andy Bryant, AVP, Advertiser Solutions, PubMatic.

To view the full case study, visit here. To learn more about AgenticOS and how PubMatic is powering the next generation of agentic advertising, visit pubmatic.com/agents

About PubMatic

PubMatic (NASDAQ: PUBM) is the leading AI-powered ad tech company delivering digital advertising performance. Through an intelligent, unified platform that connects buyers, publishers, data partners, and commerce media networks, PubMatic delivers superior performance with greater transparency, control, and efficiency.

Since 2006, PubMatic has pioneered every major advance in programmatic advertising, from enabling the first OpenRTB transactions to embedding AI-driven optimization and privacy-focused innovation across its platform. With omnichannel scale, proven reliability, and a track record of continuous innovation, PubMatic is building a more intelligent, profitable, and sustainable open internet. Built to Connect. Powered to Perform.

For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. PubMatic, Inc. (PUBM - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.

PubMatic, Inc. is one of 592 companies in the Computer and Technology group. The Computer and Technology group currently sits at #1 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. PubMatic, Inc. is currently sporting a Zacks Rank of #2 (Buy).

Over the past three months, the Zacks Consensus Estimate for PUBM's full-year earnings has moved 34% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Our latest available data shows that PUBM has returned about 27.4% since the start of the calendar year. Meanwhile, stocks in the Computer and Technology group have gained about 18.7% on average. This shows that PubMatic, Inc. is outperforming its peers so far this year.

One other Computer and Technology stock that has outperformed the sector so far this year is Cognex Corporation (CGNX - Free Report) . The stock is up 87.9% year-to-date.

Over the past three months, Cognex Corporation's consensus EPS estimate for the current year has increased 52.1%. The stock currently has a Zacks Rank #1 (Strong Buy).

Breaking things down more, PubMatic, Inc. is a member of the Internet - Software industry, which includes 170 individual companies and currently sits at #84 in the Zacks Industry Rank. This group has lost an average of 15.6% so far this year, so PUBM is performing better in this area.

In contrast, Cognex Corporation falls under the Electronics - Testing Equipment industry. Currently, this industry has 4 stocks and is ranked #6. Since the beginning of the year, the industry has moved +21.1%.

Investors interested in the Computer and Technology sector may want to keep a close eye on PubMatic, Inc. and Cognex Corporation as they attempt to continue their solid performance.

Affirm Holdings, Inc. (AFRM - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, AFRM's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."

There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.

There are three stages to a golden cross. First, there must be a downtrend in a stock's price that eventually bottoms out. Then, the stock's shorter moving average crosses over its longer moving average, triggering a positive trend reversal. The third stage is when a stock continues the upward momentum to higher prices.

A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.

AFRM has rallied 13.3% over the past four weeks, and the company is a #3 (Hold) on the Zacks Rank at the moment. This combination indicates AFRM could be poised for a breakout.

The bullish case only gets stronger once investors take into account AFRM's positive earnings outlook for the current quarter. There have been 10 upward revisions compared to none lower over the past 60 days, and the Zacks Consensus Estimate has moved up as well.

Investors may want to watch AFRM for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

LONDON, June 23, 2026 (GLOBE NEWSWIRE) -- EBC Financial Group (EBC) has been named Most Trusted FX Broker and Best CFD Broker on a global basis at the World Finance Awards 2026, taking two honours within the World Finance Forex Awards. For traders, the recognition is an independent signal that the conditions they depend on have been judged among the strongest in the market: transparent pricing, secure access, and dependable execution.

What the recognition reflects

The Most Trusted FX Broker award recognises the confidence EBC builds through secure market access, responsive service, and consistent operational standards across its global network. For clients, that consistency is what makes a platform dependable through changing market conditions, rather than only in calm ones.

The Best CFD Broker award reflects the strength of EBC's CFD offering across major markets, with robust execution, professional trading conditions, and an environment built for retail, professional, and institutional clients alike. Interbank-level pricing from 0.0 pips and order execution averaging under 20 milliseconds mean lower trading costs and fewer missed fills, helping clients act on opportunities as they arise rather than after the moment has passed.

“EBC has built a reputation in this market that's hard to ignore. Consistently transparent, consistently reliable, and clearly trusted by the clients who matter most. Both wins are thoroughly deserved, and it's been a pleasure watching EBC's progress this year. Congratulations to the whole team,” said Cyril Jones, Awards Director, World Finance.

Global access, backed by local support

For clients, the value of these awards lies in what they make possible. EBC provides access to currencies, commodities, indices, shares, and CFDs across more than 100 countries, supported by local teams that share market insight and respond in real time. Whether starting from a low-capital position or managing professional volume, clients reach global markets through a single regulated environment, with support close to where they are.

Raising the standard for clients worldwide

“Receiving these two global honours from the World Finance Awards is a meaningful recognition of the trust our clients place in us. Our focus remains on delivering transparent, secure, and reliable access to global FX and CFD markets, while continuing to raise the standard of service for traders worldwide,” said Christopher Stiegeler, Executive Director, EBC Financial Group (Cayman) Limited.

That focus runs through how the wider Group operates: a commitment to integrity, high-standard trading conditions, and a safer, more transparent environment in which clients can pursue global opportunities with confidence.

Building on a record of trust

Founded in London, EBC has expanded its international presence through regulated entities operating across major financial jurisdictions, including the UK, Australia, the Cayman Islands, and South Africa, among others. The Group now serves clients in over 100 countries, with more than 5 million registered users and over USD 390 billion in average monthly trading volume.

The 2026 honours extend a multi-year run of World Finance recognition and reinforce EBC's standing as a brokerage measured by the trust, transparency, and long-term value it delivers to the clients it serves.

For more information, visit the EBC Financial Group website at www.ebc.com.

Risk Disclaimer

Trading foreign exchange (FX) and contracts for differences (CFDs) on margin carries a high level of risk and may not be suitable for all investors. Losses can exceed deposits. Past performance does not guarantee future results. Please consider your investment objectives and risk tolerance carefully before trading.

About EBC Financial Group  

Founded in London, EBC Financial Group (EBC) is a global brand known for its expertise in financial brokerage and asset management. Through its regulated entities operating across major financial jurisdictions—including the UK, Australia, the Cayman Islands, Mauritius, and others—EBC enables retail, professional, and institutional investors to access global markets and trading opportunities, including currencies, commodities, CFDs and more.

Trusted by investors in over 100 countries and honoured with global awards including multiple year recognition from World Finance, EBC is widely regarded as one of the world’s best brokers with titles including Best Trading Platform and Most Trusted Broker. With its strong regulatory standing and commitment to transparency, EBC has also been consistently ranked among the top brokers—trusted for its ability to deliver secure, innovative, and client-first trading solutions across competitive international markets.

EBC’s subsidiaries are licensed and regulated within their respective jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK's Financial Conduct Authority (FCA); EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA); EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia's Securities and Investments Commission (ASIC); EBC Financial (MU) Ltd is authorised and regulated by the Financial Services Commission Mauritius (FSC).

At the core of EBC are a team of industry veterans with over 40 years of experience in major financial institutions. Having navigated key economic cycles from the Plaza Accord and 2015 Swiss franc crisis to the market upheavals of the COVID-19 pandemic. We foster a culture where integrity, respect, and client asset security are paramount, ensuring that every investor relationship is handled with the utmost seriousness it deserves.

EBC is a proud official foreign exchange partner of FC Barcelona and continues to drive impactful partnerships to empower communities – namely through the UN Foundation’s United to Beat Malaria initiative, Oxford University’s Department of Economics, and a diverse range of partners to champion initiatives in global health, economics, education, and sustainability.

https://www.ebc.com/  

Media Contact: 
Aldric Tinker Toyad
Global PR Lead
[email protected]

Faiz Alavi Sulaiman
Senior PR Executive
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/62f7e438-9268-4fdd-902a-d7b09dbf0a5b

EBC World Finance Awards 2026 EBC Financial Group secures two global honours at the World Finance Forex Awards

Introduces the Cloudflare One Stack—a robust library of AI skills—to streamline SASE deployment alongside select global partners including Arctiq, Consortium, CMT, Presidio, The Missing Link, and others

SAN FRANCISCO--(BUSINESS WIRE)--Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced the launch of its Cloudflare One Design Partner Designation. This new high-priority designation focuses on the Cloudflare One suite, equipping a select group of global partners—including Arctiq, Consortium, CMT, Presidio, and The Missing Link—with the deep technical expertise needed to accelerate secure AI innovation.

Migrating away from legacy security architectures is traditionally slow and risky. Auditing existing environments, mapping out new architectures, and avoiding configuration errors during vendor transitions can create vulnerabilities. This friction can create security gaps and stall innovation. Now, businesses can confidently reduce fragmentation by turning to a trusted partner to guide them into one suite designed for secure AI.

“Cloudflare One has evolved into a partner-led engine and our new Design Partner Designation is built to propel long-term growth,” said Tom Evans, Chief Partner Officer at Cloudflare. “This new framework represents our deepest channel co-investment yet. We are equipping our elite partners with the financial runway and technical mastery they want to scale the Cloudflare One platform. By blending our unified SASE architecture with partner expertise, we are turning complex network migrations into high-margin, high-value consulting opportunities for the AI era.”

To support the launch, Cloudflare is introducing the Cloudflare One Stack. This framework provides a robust library of AI skills that security teams can use with any agent to evaluate, deploy, and manage Cloudflare One. Built directly on top of Cloudflare One, these skills provide structured knowledge, decision trees, and tool definitions that AI agents can automatically use. By giving partners access to a central repository of blueprint configurations and automated workflows, Cloudflare eliminates tedious manual provisioning. Instead, partners can focus on delivering high-margin managed services tailored for the AI era.

Cloudflare One Design Partner Testimonials

"Organizations are under increasing pressure to modernize legacy architectures, secure AI adoption, and simplify increasingly complex environments. By combining the Cloudflare One platform with Arctiq’s expertise in cybersecurity, networking, cloud, and managed services, we help clients accelerate Zero Trust and SASE initiatives while reducing complexity and improving resilience,” said Wes Brown, CTO at Arctiq. “Together, we're helping organizations build secure, connected, and AI-ready environments that can adapt to an evolving threat landscape and support the future of business.”

"This partnership represents a significant investment in our ability to serve customers navigating the AI adoption landscape, SASE shift and cloud-delivered security," said Andrew Barnett, CTO at Consortium. “Consortium’s purpose-built dedicated Centers of Excellence are proven practices that have become one of the most recognized capabilities in our firm. With our level of rigor, expertise, and customer focus to Cloudflare, the Cloudflare One Design Partner designation gives us a foundation most partners will spend years trying to reach.”

“Cloudflare's deep co-investment in elite enablement empowers CMT Info & Comm Co., Ltd. with the advanced technical mastery needed to solve our customers' most complex security headaches,” said Soojong Lee, Chief Technology Officer at CMT. “With integrated SASE protections that scale smoothly across web, cloud, and private application environments, we can seamlessly protect sensitive data while building the automated frameworks necessary for the AI era."

“As a Cloudflare One Design Partner, we can now help eliminate fragmented, legacy architectures, and enable our customers to innovate with AI quicker and more securely,” said Jim Finn, Sales VP of Cyber at Presidio. “With a foundational repository of agent-ready best practices—that remove rigidity and allow us to easily transform complex network migrations into high-value consulting services—we are thrilled to help create the future of enterprise security.”

"Organisations are increasingly looking for ways to reduce complexity by bringing networking and security together within a single, modern architecture,” said Aaron Bailey, CISO and Director of The Missing Link. “As a Cloudflare One Design Partner, The Missing Link can help customers accelerate their Zero Trust and SASE strategies while improving security, performance, and operational efficiency. Combining Cloudflare's platform with our cyber security and consulting expertise enables us to help organisations navigate transformation with greater confidence and resilience.”

To learn more, please check out the resources below:

Cloudflare One Blog: Introducing the Cloudflare One stack: agent-powered deployment About Cloudflare

Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.

Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at radar.cloudflare.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “explores,” “plans,” “anticipates,” “could,” “intends,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern Cloudflare’s expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the capabilities and effectiveness of the Cloudflare One suite of solutions and Cloudflare’s other products and technology, the benefits to Cloudflare’s customers from using the Cloudflare One suite of solutions and Cloudflare’s other products and technology, Cloudflare’s partnerships with Cloudflare One Design Partners and the potential resulting benefits to Cloudflare customers of working with Cloudflare One Design Partners, the potential opportunity for Cloudflare to attract additional customers and to expand sales to existing customers through Cloudflare’s partnerships with Cloudflare One Design Partners, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s Chief Partner Officer and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Cloudflare’s filings with the Securities and Exchange Commission (SEC), including Cloudflare’s Quarterly Report on Form 10-Q filed on May 8, 2026, as well as other filings that Cloudflare may make from time to time with the SEC.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Cloudflare undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Cloudflare may not actually achieve the plans, intentions, or expectations disclosed in Cloudflare’s forward-looking statements, and you should not place undue reliance on Cloudflare’s forward-looking statements.

© 2026 Cloudflare, Inc. All rights reserved. Cloudflare, the Cloudflare logo, and other Cloudflare marks are trademarks and/or registered trademarks of Cloudflare, Inc. in the U.S. and other jurisdictions. All other marks and names referenced herein may be trademarks of their respective owners.

More News From Cloudflare, Inc.

Phoenix, AZ, June 18, 2026 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) achieved Fiscal First Quarter Consolidated Net Income profitability of $74,702, which is a modest improvement of $35,672, over the prior year Fiscal First Quarter. IHT reported record Hotel Revenue results of approximately $2.2 million in the Fiscal First Quarter of 2027 (February 1, 2026, to April 30, 2026).

Consolidated Net Income before non-cash items of depreciation and non-cash Best Western Travel Rewards credit expenses was $307,326 for the 2027 First Fiscal Quarter ended April 30, 2026 (February 1, 2026, through April 30, 2026).

Combined Hotel Occupancy jumped to 85.37%, while the Revenue Per Available Room and Suites (REVPAR), modestly increased to $88.23.

IHT hotel operations were strong in the 2026 Fiscal Year ended January 31, 2026, and are contributing to a solid start in the current 2027 Fiscal Year. Combined Hotel May Revenue for both hotels was $652,786, which led to total Hotel Revenue of approximately $2.9 million for the First Four Fiscal Months of Fiscal 2027, a new combined record level. IHT’s strong hotel operating results are reflected in three of the five most recent Fiscal Years profitable, even after accounting for substantial non-cash depreciation expense. These are positive signs for InnSuites, as progress remains strong, despite early 2026 Travel Industry uncertainty.

InnSuites Hospitality Trust continues to explore diversification opportunities and opportunities to increase Equity, potentially including a reverse merger, which is of high interest.

RRF LLLP, the 76% owned subsidiary Management Company for IHT, manages the IHT Hotels, and InnDependent Boutique Collection (IBC Hotels, LLC). IBC is a diversification opportunity for IHT.

In the process of ownership and management of branded and unbranded hotels, IHT recognized an unfulfilled need to provide hotel reservations, branding, and hotel services for global independent hotels, which at the time and still represent half the hotels in the world. In February 2014, IHT founded IBC Hotels, LLC to exploit this unfulfilled opportunity, developing reservations, branding, and related hotel services doing business as “InnDependent Boutique Collection “(IBC Hotels). Initial success in providing reservations for an IHT operated independent hotel was substantial. As this independent hotel services opportunity and the size of this potential demand was increasingly recognized in the travel industry, IBC Hotels was sold in August 2018 to a foreign hotel company planning expansion of independent hotel reservations and services internationally. IBC growth slowed in 2020 with the Covid Travel shutdown.

On March 5, 2025, REF , an investment entity owned by the chairman and family of IHT majority IHT shareholder, purchased IBC Hotels, LLC, and hired RRF LLLP, the management company subsidiary of InnSuites Hospitality Trust (IHT), to manage the rebirth of IBC, to benefit from the substantial unfulfilled need worldwide for independent hotel and resort reservations, Boutique branding, and related hotel services. In the process, RRF LLLP, obtained a five-year option to purchase, at cost, IBC Hotels, LLC. This option is believed to provide IHT a valuable upside opportunity, if successful, to profit from the revitalization of InnDependent Boutique Collection (IBC Hotels).

With the continued growing demand for electricity from data centers plus the influx of electric vehicles, as well as projected growing needs for artificial intelligence, increased demand for electricity over the next five years is projected to approximately double, which bodes well for the IHT investment in UniGen Power, Inc. This product is a potentially power industry disruptive relatively clean energy cost effective electric generation innovation, and even though it is high risk, it offers IHT substantial high upside potential.

On February 20, 2026, James Wirth was elected Chairman, CEO, and President of UniGen, while Marc Berg was elected as Vice Chairman, EVP, and Secretary/Treasurer of UniGen, with plans to rejuvenate the UniGen progress to benefit all the UniGen debt and equity holders, including IHT. Target date for the first two prototype engines to be ready for testing is in less than two years.

IHT management believes that due to real estate held on the books of IHT at book values significantly below current market value, due to clean energy diversification high profit potential ahead, IBC independent hotel services prospects, a potential reverse merger possibility, and improving hospitality profitability before non-cash depreciation and other non-cash items, the IHT future looks bright.

Our most recent dividend at the start of the current Fiscal Year 2027 extended IHT’s uninterrupted, continuous annual dividends to 56 years, since 1971, when IHT was first listed on the NYSE.

For more information, visit www.innsuitestrust.com and www.innsuites.com.

Forward-Looking Statements

With the exception of historical information, matters discussed in this news release may include “forward-looking statements” within the meaning of the federal securities laws. All statements regarding IHT’s review and exploration of a potential reverse merger, strategic, operational, and structural alternative diversification investments, increasing equity, and expected associated costs and benefits are forward-looking. Actual developments and business decisions may differ materially from those expressed or implied by such forward-looking statements. Important factors, among others, that could cause IHT’s actual results and future actions to differ materially from those described in forward-looking statements include economic effects of international conflicts as well as tariffs, the uncertain outcome, impact, effects and results of IHT’s success in finding qualified purchasers for its hospitality real estate, or a reverse merger partner, the success of additional financing increasing equity, and timing of the UniGen clean energy and other potential diversification innovations, the continuation of annual dividends in the year(s) ahead, collections of receivables, and other risks discussed in IHT’s SEC filings. IHT expressly disclaims any obligation to update any forward-looking statement contained in this news release to reflect events or circumstances that may arise after the date hereof, all of which are expressly qualified by the foregoing, other than as required by applicable law.

FOR FURTHER INFORMATION:

Marc Berg, Executive Vice President
602-944-1500
email: [email protected]

INNSUITES HOSPITALITY CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500

New Private Access Control Tokens (PACT) technology, developed alongside Mozilla, Google, Microsoft, and Shopify, pioneers a privacy architecture to secure interactions across the global Internet

SAN FRANCISCO--(BUSINESS WIRE)--Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced a new initiative with major Web browsers—Mozilla Firefox, Google Chrome, and Microsoft Edge—committing to developing and submitting for standardization a privacy-preserving protocol to help humans and bots prove that their traffic is not malicious. As the Internet shifts from human-driven clicks to agent activity, website operators must now figure out how to stop aggressive automated traffic, without resorting to invasive tracking. This initiative will lay the foundation for a more frictionless, secure, and private experience for every Internet user and website owner alike.

“The way we interact with the Internet is facing a fundamental shift. Normal everyday tasks like ordering food previously required a user to personally navigate menus and payment gateways. Now, autonomous agents are starting to orchestrate these workflows on behalf of people," said Dane Knecht, CTO of Cloudflare. "As AI-powered traffic becomes widespread, existing tools to support its use are too generic and coarse. Now this collaboration lets us eliminate the friction caused by security protocols for every visitor—whether they are human or agent—without sacrificing privacy."

For decades, website operators have relied on a patchwork of imperfect defense mechanisms to manage automated abuse, but these imperfect techniques are increasingly failing to keep pace with modern threats. Now, with the explosion of Generative AI, the battlefield has shifted yet again. Malicious automation is more widespread, sophisticated, and economically damaging to site owners. As we move toward an era of agentic AI, the line between human behavior and bot activity is blurring, leaving the digital world with an unprecedented privacy problem. When websites attempt to verify that a request originates from a legitimate human or authorized bot, the traditional solutions—forced logins and invasive tracking—compromise user trust.

“In commerce, every extra challenge, delay, or false positive can turn a purchase into an abandoned cart. Merchants need effective protections against automated abuse, but buyers shouldn’t have to pay for them with unnecessary friction or invasive tracking. Shopify is proud to help develop PACT as an open, privacy-preserving standard that can help the millions of businesses on our platform distinguish legitimate shoppers and authorized agents from abusive traffic while preserving buyer privacy." – Ilya Grigorik, Distinguished Engineer at Shopify.

Private Access Control Tokens (PACT) are designed to allow sites with strong knowledge of “personhood” to issue anonymous tokens. A user's browser can then provide these tokens to other sites to prove that a human is in the loop, reducing the need for annoying and clunky captchas or invasive tracking. PACT is designed so that sites cannot leverage it to track or identify users or their browsing history.

"The health of the web depends on effective, interoperable, privacy-preserving tools that enable sites to combat abuse without unnecessary user friction. Microsoft is excited to collaborate on developing new standards and helping ensure their deployment across the open web." – Erik Anderson, Director of Engineering, Web Platform at Microsoft Edge.

"Mozilla is committed to defending openness and user privacy on the web. An avalanche of automated traffic is pushing sites to adopt blunt defenses—paywalls, identity checks, CAPTCHAs, and invasive tracking—simply to tell whether a request comes from a human. We can build a better solution that maintains strong privacy and provides a much less annoying experience for real humans using the web. This project requires collaboration across the ecosystem, and we're thrilled to work with Cloudflare and other like-minded partners to bring it to life." – Bobby Holley, CTO for Firefox at Mozilla.

PACT will further empower businesses to identify genuine visitors, ensuring they can focus their resources on the traffic that matters to them. PACT leverages trusted information from contexts that have authentic relationships with people while keeping that information private. This provides businesses with high-integrity assurances about their audiences with minimal friction. Using PACT on Cloudflare’s network raises the bar for trustworthiness and integrity online without the traditional costs.

About Cloudflare

Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.

Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at https://radar.cloudflare.com.

Follow us: Blog | X | LinkedIn | Facebook | Instagram

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “explore,” “plans,” “anticipates,” “could,” “intends,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern Cloudflare’s expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the capabilities and effectiveness of Cloudflare’s products and technology, the benefits to Cloudflare’s customers from using Cloudflare’s products and technology, Cloudflare’s partnership with Google Chrome, Microsoft Edge, Mozilla Firefox, Shopify and the potential resulting benefits to Cloudflare customers, the potential benefits to customers of integrating Cloudflare and Google Chrome, Microsoft Edge, Mozilla Firefox, Shopify products, the potential opportunity for Cloudflare to attract additional customers and to expand sales to existing customers through Cloudflare’s partnership with Google Chrome, Microsoft Edge, Mozilla Firefox, Shopify, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s CEO and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Cloudflare’s filings with the Securities and Exchange Commission (SEC), including Cloudflare’s Quarterly Report on Form 10-Q filed on May 8, 2026, as well as other filings that Cloudflare may make from time to time with the SEC.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Cloudflare undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Cloudflare may not actually achieve the plans, intentions, or expectations disclosed in Cloudflare’s forward-looking statements, and you should not place undue reliance on Cloudflare’s forward-looking statements.

©2026 Cloudflare, Inc. All rights reserved. Cloudflare, the Cloudflare logo, and other Cloudflare marks are trademarks and/or registered trademarks of Cloudflare, Inc. in the U.S. and other jurisdictions. All other marks and names referenced herein may be trademarks of their respective owners.

More News From Cloudflare, Inc.

Cloudflare Inc (NYSE:NET) shares were last seen down 4.8% to trade at $213.35, heading for a fourth-straight loss. Despite a June 4 record high of $276.63, Cloudflare has suffered an 11.7% drawdown in June. The upside, however, is the stock is testing support at the 50-day moving average, which has a history of yielding strong positive returns. 

According to Schaeffer's Senior Quantitative Analyst Rocky White, NET is trading within 0.75 times the 50-day moving average's 20-day average true range (ATR), after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions above that trendline. This setup has appeared nine times over the last decade, after which the stock was higher one month later 67% of the time, averaging an impressive 9.6% gain. A comparable rally from current levels would place Cloudflare stock at $233.83. 

An unwinding of pessimism amongst options traders could provide tailwinds as well. NET's 10-day call/put volume ratio of 0.91 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 86% of readings from the past year, so while calls are still winning out on an absolute basis, puts have been much more popular than usual. 

Cloudflare stock could also be an attractive premium-selling candidate per its Schaeffer's Volatility Scorecard (SVS) of 4 out of 100. This means the shares have consistently realized lower volatility than options traders have priced in over the past 12 months.

Cloudflare (NET +2.96%) hasn't fared as well as other cybersecurity stocks this year. It's only up 13.8% year to date, while competitors like CrowdStrike (CRWD +0.81%) and Fortinet (FTNT +1.85%) are up by 49% and 87% year to date, respectively. This gap may exist for a reason, and there is good cause to believe that Cloudflare is overvalued, even at current levels.

Image source: Getty Images.

Profitability remains an issue for Cloudflare Cloudflare's first-quarter results once again showed a net operating loss, which is one of the major headwinds holding the stock back from a higher valuation. Solid growth rates matter, but when a company has been around for more than 15 years, profitability matters a lot more.

The company produced a net operating loss of $62 million. That's a higher operating loss than last year, but it also represents 9.7% of revenue, while the Q1 2025 net operating loss represented 11.1% of revenue. CrowdStrike and Fortinet are both profitable, which partially explains why those stocks have enjoyed better rallies.

Revenue is still good for Cloudflare, with total sales up 34% year over year. Like many cybersecurity companies, Cloudflare enjoys an annual recurring revenue model, which makes it easier to project future results.

Cloudflare also anticipates $2.81 billion in full-year revenue at the midpoint, which represents a 29.6% year-over-year improvement. It's a step down from the 34% growth rate in Q1, but it's also normal for growth-oriented companies to beat and raise guidance. There was no guidance for GAAP (generally accepted accounting principles) net income, indicating that profitability may remain an issue.

Today's Change

(

2.96

%) $

6.46

Current Price

$

224.84

Cloudflare's valuation is already high The price-to-sales (P/S) ratio does not paint a pretty picture for Cloudflare. The stock trades at more than 33 times sales, which is similar to CrowdStrike's valuation and more than double Fortinet's valuation. Still, CrowdStrike delivers profits, while Cloudflare isn't at that level yet.

Cloudflare's P/S ratio doesn't leave much flexibility if revenue growth starts to decelerate in future quarters. Artificial intelligence can accelerate revenue growth rates across the cybersecurity industry, but Cloudflare's recent guidance does not suggest this scenario will play out for the company.

It would be easier to give the stock a chance if it had a lower P/S ratio. Some high-growth companies can get away with high valuations, but if they remain unprofitable for too long, more investors will start to notice and look for other investments.

Cloudflare does a good job of retaining customers and has more than 4,400 large customers, defined as any business that pays at least $100,000 per year for Cloudflare's cybersecurity solutions. Cloudflare also works with more than 40% of Fortune 500 companies.

The company has an excellent service that continues to attract leading businesses. That part is good. However, profitability concerns, guidance forecasting revenue deceleration, and a lofty P/S ratio suggest that investors can do better with other stocks.

Accelerates shareholder returns, surpassing $450 million in stock repurchases

, /PRNewswire/ -- Carnival Corporation (NYSE: CCL) announced financial results for the second quarter 2026 and provided an updated outlook.

Net income1 of $537 million with record adjusted net income2,3 of $569 million, up over 20 percent compared to the prior year. Record revenues3 of $6.7 billion with record net yields2,3 (in constant currency), demonstrating continued demand strength. Reached all-time high customer deposits of $9.0 billion, up over $450 million compared to the prior year record. Booked position for the remainder of 2026 ahead of prior year at historically high prices, with demand for 2027 and beyond continuing to exceed prior-year levels. "We achieved another quarter of record results, marking our twelfth consecutive quarter of record net yields and delivering over 20 percent more to the bottom line, overcoming extreme geopolitical headwinds and nearly 30 percent higher fuel costs. Continued commercial execution and a step up in our cost efficiency efforts enabled us to exceed our March guidance by $100 million. These results reflect the strong demand for our portfolio of world-class cruise lines and the continued progress we are making across the business," said Carnival Corporation's Chief Executive Officer Josh Weinstein.

Second Quarter 2026 Results

Diluted EPS of $0.39 and adjusted EPS2 of $0.41, up over 15 percent compared to the prior year despite a $0.06 ($73 million) unfavorable impact from fuel prices and currency rates. Record adjusted EBITDA2,3 of $1.6 billion. Gross margin yields down 3.9 percent driven by higher fuel prices. Record net yields (in constant currency) up 2.2 percent. Cruise costs per available lower berth day ("ALBD") increased 6.0 percent driven by higher fuel prices. Adjusted cruise costs excluding fuel per ALBD2 (in constant currency) were in line with prior year due to sharpened cost discipline. Fuel consumption per ALBD improved 5.6 percent, reflecting the company's efforts and investments to continuously reduce fuel consumption, which helped partially mitigate a nearly 30 percent increase in fuel prices. Advance Sales

"Our booked position for the second half of 2026 is higher than last year, at historically high prices (in constant currency), despite navigating more than a full quarter of extreme geopolitical volatility that primarily impacted booking trends for our European deployments, particularly in the Mediterranean region, which were closest in proximity to the conflict in the Middle East. For those deployments, we leaned into the substantial occupancy advantage we had strategically built to deliberately prioritize pricing integrity. We are now 93 percent booked for the year with less inventory remaining for sale than this time last year and are on track for record net yields in the second half of 2026," Weinstein said.

"Looking further out, demand for 2027 and beyond remains strong. Since March, booking volumes and prices for these future sailings have been running ahead of prior year levels, including a substantial increase in bookings for our European deployments next year. These trends reinforce our confidence in the longer-term demand environment."

"Our booking curve remains the furthest out on record, reflecting the power of our world-class portfolio of cruise lines, the durability of our demand generation efforts and the exceptional vacation experiences we deliver. Continued strength in demand is also reflected in higher second quarter onboard revenues, increased pre-cruise onboard sales and record customer deposits," Weinstein noted. 

Customer deposits reached an all-time high of $9.0 billion on flat capacity growth over the next twelve months, surpassing the prior year's record by over $450 million, a further reflection of demand momentum and reinforcing the company's strong cash flow profile.

1

Net income attributable to Carnival Corporation.

2

See "Non-GAAP Financial Measures" and "Constant Currency."

3

Second quarter record.

2026 Outlook 

"Our second quarter operational outperformance and accelerated cost efficiency efforts have offset the transitory moderation shaped by the prolonged conflict in the Middle East, which is incorporated into our second-half outlook. As conditions continue to normalize, we expect to benefit from the strong demand, pricing and operational improvements embedded throughout our business. Recent booking trends already suggest that we are beginning to see a reversal of these headwinds, reinforcing our confidence in both the near-term outlook and the long-term earnings power of the business," Weinstein added.

For the full year 2026, the company expects:

Net yields up approximately 3.2 percent compared to record 2025 levels. Net yields (in constant currency) up approximately 1.75 percent, 2.25 percent after reflecting the impact of the summer 2025 close-in decision to redeploy away from the previously planned first quarter 2026 Arabian Gulf voyages and the impacts of loyalty program accounting for Carnival Cruise Line. Adjusted cruise costs excluding fuel per ALBD up approximately 3.7 percent. Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 2.4 percent, 1.3 percent after reflecting the timing of certain expenses between the years, partial year operating expenses from two exclusive destinations and over 30 basis points for certain elevated logistics costs as a result of disruption from the Middle East conflict. The net impact of fuel prices and currency on the company's June guidance compared to prior guidance was less than $0.01 per share. The company's guidance reflects the current spot prices of fuel. See sensitivities for fuel costs included below. See "Guidance" for additional information on the company's 2026 outlook, "Non-GAAP Financial Measures," "Reconciliation of Forecasted Data" and "Constant Currency."

Capital Allocation

"Our strong cash flow growth enabled us to launch our current share buyback program, repurchasing over $450 million of stock to date, reinforcing our commitment to accelerate shareholder returns. At the same time, we continued to responsibly invest in return-generating programs across our fleet and exclusive destinations, while further strengthening our financial position. We achieved a net debt to adjusted EBITDA1 ratio of 3.1x—more than half a point improvement from just one year ago. The continued momentum of our financial performance was recognized by Moody's with a credit rating upgrade and a continued positive outlook," commented Carnival Corporation's Chief Financial Officer David Bernstein.

During the quarter, the company distributed $207 million in dividends, bringing the year to date total to $414 million.

1

See "Non-GAAP Financial Measures" and "Constant Currency."

Other Recent Highlights

Completed the unification of the company's dual-listed structure under a single corporate entity and shifted its legal incorporation to Bermuda (learn more here). Ordered three new LNG ships for Princess Cruises scheduled to be delivered in 2035, 2038 and 2039, introducing the Voyager class that will become the largest ships in Princess' fleet (learn more here). Continued rolling out its successful fleet modernization program by adding a second cruise line with Holland America Line's Evolution Program aimed at enhancing guest experience through expanded onboard offerings and reimagined key spaces (learn more here). AIDAbella became the third ship to complete upgrades as part of AIDA Evolution, the cruise line's modernization program (learn more here). Paradise Collection destination enhancements: Welcomed over two million guests to Celebration Key since its opening in July 2025 and completed its pier extension, allowing four ships to dock simultaneously and significantly increasing arrival capacity. Completed its new pier at RelaxAway, Half Moon Cay, allowing two cruise ships to dock simultaneously while continuing its tender operations (learn more here). Renamed Mahogany Bay to Isla Tropicale and completed a new 48,000-square-foot recreational area, including a new feature pool complete with a swim-up bar, splash pad and a variety of additional cabanas, daybeds and loungers (learn more here). Star Princess named among the Best New Cruise Ships in the World by Condé Nast Traveler's 2026 Hot List (learn more here). Recognized on TIME's World's Growth Leaders 2026 list of top-performing public companies based on growth, financial strength and stock performance (learn more here). Guidance

(See "Non-GAAP Financial Measures," "Reconciliation of Forecasted Data" and "Constant Currency")

3Q 2026

Full Year 2026

Year over year change

Current
Dollars

Constant
Currency

Current
Dollars

Constant
Currency

Net yields

Approx. 1.3%

Approx. 1.2%

Approx. 3.2%

Approx. 1.75%

Adjusted cruise costs excluding fuel per ALBD

Approx. 2.8%

Approx. 2.8%

Approx. 3.7%

Approx. 2.4%

3Q 2026

Full Year 2026

ALBDs (in millions) (a)

24.9

97.4

Capacity growth compared to prior year

1.5 %

1.0 %

Fuel consumption in metric tons (in millions)

0.7

2.7

Fuel cost per metric ton consumed (excluding emission allowances)

$                        812

$                        713

Fuel expense (including emission allowances expense) (in billions)

$                       0.62

$                       2.12

Depreciation and amortization expense (in billions)

$                       0.74

$                       2.91

Interest expense, net of capitalized interest and interest income (in billions)

$                       0.27

$                       1.07

Adjusted EBITDA (in billions)

Approx. $2.88

Approx. $7.11

Adjusted net income (in billions)

Approx. $1.86

Approx. $3.07

Adjusted earnings per share - diluted

Approx. $1.35

Approx. $2.22

Weighted-average shares outstanding - basic

1,372

1,377

Adjusted weighted-average shares outstanding - diluted

1,377

1,384

(a)

See "Notes to Statistical Information."

Currencies (USD to 1)

3Q 2026

Full Year 2026

AUD

$                           0.71

$                           0.70

CAD

$                           0.71

$                           0.72

EUR

$                           1.16

$                           1.16

GBP

$                           1.34

$                           1.34

Sensitivities (impact to adjusted net income in millions)

3Q 2026

Remainder of 2026

1% change in net yields

$                              60

$                            111

1% change in adjusted cruise costs excluding fuel per ALBD

$                              27

$                              58

10% change in fuel cost per metric ton (excluding emission allowances)

$                              56

$                            102

100 basis point change in variable rate debt

—

$                              14

1% change in currency exchange rates

$                              10

$                              17

Capital Expenditures

For the remainder of 2026, newbuild capital expenditures are $0.6 billion and non-newbuild capital expenditures are $1.3 billion. These future capital expenditures will fluctuate with foreign currency movements relative to the U.S. Dollar. In addition, these figures do not include potential stage payments for ship orders that the company may place in the future.

Conference Call 

The company has scheduled a conference call with analysts at 10:00 a.m. EDT today to discuss its earnings release. This call can be listened to live and additional information including the company's earnings presentation and debt maturities schedule can be obtained on its website at www.carnivalcorp.com. 

Carnival Corporation is the largest global cruise company and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. Carnival Corporation trades under the ticker symbol CCL on the NYSE and is included in the S&P 500.

Additional information can be found on www.carnivalcorp.com, www.aida.de, www.carnival.com, www.costacruises.com, www.cunard.com, www.hollandamerica.com, www.pocruises.com, www.princess.com, and www.seabourn.com. 

To learn more about Carnival Corporation's purpose and its commitment to sustainability, go to Our Impact.

Cautionary Note Concerning Factors That May Affect Future Results

Some of the statements, estimates or projections contained in this document are "forward-looking statements" that involve risks, uncertainties and assumptions with respect to us, including statements concerning future results, operations, strategy, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like "will," "may," "could," "should," "would," "believe," "depends," "expect," "goal," "aspiration," "anticipate," "forecast," "project," "future," "intend," "plan," "estimate," "target," "indicate," "outlook," and similar expressions of future intent or the negative of such terms.

Forward-looking statements include, but are not limited to, statements that relate to our outlook and financial position, as well as, statements regarding:

•  Pricing

•  Adjusted net income

•  Booking levels

•  Adjusted EBITDA

•  Occupancy

•  Adjusted EBITDA per ALBD

•  Interest, tax and fuel expenses

•  Adjusted EBITDA margin

•  Currency exchange rates

•  Adjusted earnings per share

•  Goodwill, ship and trademark fair values

•  Net debt to adjusted EBITDA

•  Liquidity and credit ratings

•  Net yields

•  Investment grade leverage metrics

•  Adjusted cruise costs per ALBD

•  Shareholder returns

•  Adjusted cruise costs excluding fuel per ALBD

•  Estimates of ship depreciable lives and residual values

•  Adjusted ROIC

Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. These factors include, but are not limited to, the following:

Events and conditions around the world, including geopolitical uncertainty, war and other military actions, pandemics, inflation, higher interest rates and other general concerns impacting the ability or desire of people to travel could lead to a decline in demand for cruises as well as have significant negative impacts on our financial condition and operations. Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage. Adverse weather conditions or an increase in the frequency and/or severity of adverse weather conditions could have a material impact on our business and results of operations. Our targets, goals, aspirations, initiatives, public statements and disclosures, including those related to sustainability matters, may expose us to risks that may adversely impact our business. Cybersecurity incidents and data privacy breaches, as well as disruptions and other damages to our principal and other offices, information technology operations and system networks and failure to keep pace with developments in technology may adversely impact our business operations, the satisfaction of our guests and crew and may lead to fines, penalties and reputational damage. Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control. Our financial condition and operations could be adversely impacted if we are unable to service our debt or satisfy our covenants. Increases in fuel costs, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs. The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations. We rely on suppliers who are integral to the operations of our businesses. These suppliers and service providers may be unable to deliver on their commitments, which could negatively impact our business. Fluctuations in foreign currency exchange rates may adversely impact our financial results. Our investments in port destinations and exclusive islands may expose us to additional risks. Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options. Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests. Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection measures, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage. Factors associated with sustainability and the impact of greenhouse gases and other emissions on the environment could have a material impact on our business and operating results. The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood. There may be additional risks that we consider immaterial or which are unknown. Additional information about the factors that may affect future results is contained in our most recent Annual Report on Form 10-K as well as our other filings with the SEC, all of which are available on the SEC's website at www.sec.gov. 

Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.

Forward-looking and other statements in this document may also address our sustainability progress, plans, and goals (including emissions and environmental-related matters). In addition, historical, current, and forward-looking sustainability-related statements may be based on standards and tools for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions and predictions that are subject to change in the future and may not be generally shared.

CARNIVAL CORPORATION LTD.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in millions, except per share data)

Three Months Ended

May 31,

Six Months Ended

May 31,

2026

2025

2026

2025

Passenger ticket

$              4,273

$              4,104

$              8,296

$              7,936

Onboard and other

2,390

2,224

4,532

4,202

Total Revenues

6,663

6,328

12,828

12,139

Cruise and tour operating expenses:

Commissions, transportation and other

778

780

1,650

1,631

Onboard and other

697

671

1,316

1,271

Payroll and related

699

640

1,383

1,280

Fuel

595

468

992

933

Food

389

372

771

726

Other operating

1,067

955

2,054

1,813

Total Cruise and tour operating expenses

4,225

3,886

8,165

7,653

Selling and administrative expense

863

816

1,786

1,663

Depreciation and amortization expense

723

692

1,419

1,346

Operating Income

851

934

1,458

1,477

Interest income

12

12

24

18

Interest expense, net of capitalized interest

(285)

(341)

(577)

(718)

Debt extinguishment and modification costs

—

(4)

—

(255)

Other income (expense), net

(23)

(16)

(70)

(4)

Income Before Income Taxes

555

585

835

517

Income tax expense, net

(17)

(17)

(34)

(24)

Net Income

539

568

801

494

Less: net income attributable to noncontrolling
interests

2

4

6

7

Net Income attributable to Carnival Corporation Ltd.

$                 537

$                 565

$                 795

$                 486

Earnings Per Share

Basic

$                0.39

$                0.43

$                0.58

$                0.37

Diluted

$                0.39

$                0.42

$                0.57

$                0.37

Weighted-Average Shares Outstanding - Basic

1,382

1,312

1,381

1,310

Weighted-Average Shares Outstanding - Diluted

1,388

1,400

1,390

1,316

CARNIVAL CORPORATION LTD.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in millions, except par values)

May 31, 2026

November 30, 2025

ASSETS

Current Assets

Cash and cash equivalents

$                           2,243

$                           1,928

Trade and other receivables, net

633

678

Inventories

552

505

Prepaid expenses and other

1,063

1,108

  Total current assets

4,492

4,219

Property and Equipment, Net

43,616

43,494

Operating Lease Right-of-Use Assets, Net

1,260

1,328

Goodwill

579

579

Other Intangibles

1,181

1,177

Other Assets

1,100

890

$                         52,228

$                         51,687

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

Current portion of long-term debt

$                           1,471

$                           2,603

Current portion of operating lease liabilities

168

175

Accounts payable

1,246

1,245

Accrued liabilities and other

2,092

2,239

Customer deposits

8,457

6,831

  Total current liabilities

13,434

13,092

Long-Term Debt

23,418

24,037

Long-Term Operating Lease Liabilities

1,113

1,178

Other Long-Term Liabilities

1,279

1,097

Shareholders' Equity

Carnival Corporation Ltd. common shares, $0.01 par value; 1,960 shares
     authorized; 1,514 shares issued at 2026 and 1,298 shares issued at 2025

15

13

Carnival plc ordinary shares, $1.66 par value; no shares issued at 2026 and
     217 shares issued at 2025

—

361

Additional paid-in capital

15,640

17,253

Retained earnings

4,996

4,817

Accumulated other comprehensive income (loss)

(1,741)

(1,810)

Treasury stock, 142 shares at 2026 and 131 shares at 2025 of Carnival
     Corporation Ltd. and no shares at 2026 and 72 shares at 2025 of
     Carnival plc, at cost

(5,943)

(8,364)

Total shareholders' equity attributable to Carnival Corporation Ltd.

12,968

12,270

Noncontrolling interests

16

14

  Total shareholders' equity

12,984

12,284

$                         52,228

$                         51,687

CARNIVAL CORPORATION LTD.

OTHER INFORMATION

OTHER BALANCE SHEET INFORMATION (in millions)

May 31, 2026

November 30, 2025

Debt (current and long-term)

$                         24,889

$                         26,640

Customer deposits (current and long-term)

$                           8,984

$                           7,246

Three Months Ended

May 31,

Six Months Ended

May 31,

CASH FLOW INFORMATION (in millions)

2026

2025

2026

2025

Cash from operations

$              2,629

$              2,392

$              3,893

$              3,317

Capital expenditures (Purchases of Property and Equipment)

$                 875

$                 850

$              1,441

$              1,458

Dividends paid

$                 207

$                   —

$                 414

$                   —

Three Months Ended

May 31,

Six Months Ended

May 31,

STATISTICAL INFORMATION

2026

2025

2026

2025

Passenger Cruise Days ("PCDs") (in millions) (a)

25.7

25.3

50.2

49.6

ALBDs (in millions) (b)

24.7

24.2

48.4

47.8

Occupancy percentage (c)

104 %

104 %

104 %

104 %

Passengers carried (in millions)

3.4

3.4

6.5

6.5

Fuel consumption in metric tons (in millions)

0.7

0.7

1.4

1.4

Fuel consumption in metric tons per thousand ALBDs

28.2

29.9

28.6

30.1

Fuel cost per metric ton consumed (excluding emission
allowances)

$             793

$             614

$             677

$             628

Currencies (USD to 1)

AUD

$            0.71

$            0.63

$            0.69

$            0.63

CAD

$            0.73

$            0.71

$            0.73

$            0.70

EUR

$            1.16

$            1.11

$            1.17

$            1.08

GBP

$            1.34

$            1.31

$            1.35

$            1.28

Notes to Statistical Information

(a)

PCD represents the number of cruise passengers on a voyage multiplied by the number of revenue-producing ship operating days for that voyage.

(b)

ALBD is a standard measure of passenger capacity for the period that we use to approximate rate and capacity variances, based on consistently applied formulas that we use to perform analyses to determine the main non-capacity driven factors that cause our cruise revenues and expenses to vary. ALBDs assume that each cabin we offer for sale accommodates two passengers and is computed by multiplying passenger capacity by revenue-producing ship operating days in the period.

(c)

Occupancy, in accordance with cruise industry practice, is calculated using a numerator of PCDs and a denominator of ALBDs, which assumes two passengers per cabin even though some cabins can accommodate three or more passengers. Percentages in excess of 100% indicate that on average more than two passengers occupied some cabins.

CARNIVAL CORPORATION LTD.

NON-GAAP FINANCIAL MEASURES

Three Months Ended

May 31,

Six Months Ended

May 31,

(in millions, except per share data)

2026

2025

2026

2025

Net income attributable to Carnival Corporation Ltd.

$                 537

$                 565

$                 795

$                 486

(Gains) losses on ship sales and impairments

—

(101)

—

(101)

Debt extinguishment and modification costs

—

4

—

255

Restructuring expense

0

2

0

2

Other

32

—

49

—

Adjusted net income

$                 569

$                 470

$                 844

$                 643

  Interest expense, net of capitalized interest

285

341

577

718

  Interest income

(12)

(12)

(24)

(18)

  Income tax expense, net

17

17

34

24

  Depreciation and amortization expense

723

692

1,419

1,346

Adjusted EBITDA

$              1,582

$              1,508

$              2,849

$              2,713

Earnings per share - diluted (a)

$                0.39

$                0.42

$                0.57

$                0.37

Weighted-average shares outstanding - diluted (a)

1,388

1,400

1,390

1,316

Adjusted earnings per share - diluted (a)

$                0.41

$                0.35

$                0.61

$                0.48

Adjusted weighted-average shares outstanding -
diluted (a)

1,388

1,400

1,390

1,400

(See Non-GAAP Financial Measures)

(a)

Diluted earnings per share includes the add-back of dilutive interest expense related to the company's convertible notes of $18 million for the three months ended May 31, 2025. The convertible notes were antidilutive for the six months ended May 31, 2025, and therefore were excluded from diluted earnings per share. Adjusted earnings per share includes the add-back of dilutive interest expense related to the company's convertible notes of $18 million and $35 million for the three and six months ended May 31, 2025.

CARNIVAL CORPORATION LTD.

NON-GAAP FINANCIAL MEASURES (CONTINUED)

Gross margin yields and net yields were computed by dividing the gross margin and adjusted gross margin by ALBDs as follows:

Three Months Ended May 31,

Six Months Ended May 31,

(in millions, except yields data)

2026

2026

Constant

Currency

2025

2026

2026

Constant

Currency

2025

Total Revenues

$      6,663

$       6,328

$     12,828

$     12,139

Less: Cruise and tour operating expenses

(4,225)

(3,886)

(8,165)

(7,653)

Depreciation and amortization expense

(723)

(692)

(1,419)

(1,346)

Gross margin

1,714

1,750

3,244

3,140

Less: Tour and other revenues

(34)

(31)

(34)

(33)

Add: Payroll and related

699

640

1,383

1,280

  Fuel

595

468

992

933

  Food

389

372

771

726

  Other operating

1,067

955

2,054

1,813

  Depreciation and amortization expense

723

692

1,419

1,346

Adjusted gross margin

$      5,153

$      5,052

$       4,846

$       9,829

$       9,535

$       9,204

ALBDs

24.7

24.7

24.2

48.4

48.4

47.8

Gross margin yields (per ALBD)

$      69.42

$       72.25

$       67.07

$       65.71

Net yields (per ALBD)

$    208.69

$    204.57

$     200.07

$     203.18

$     197.11

$     192.61

(See Non-GAAP Financial Measures)

CARNIVAL CORPORATION LTD.

NON-GAAP FINANCIAL MEASURES (CONTINUED)

Cruise costs per ALBD, adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD were computed by
dividing cruise costs, adjusted cruise costs and adjusted cruise costs excluding fuel by ALBDs as follows:

Three Months Ended May 31,

Six Months Ended May 31,

(in millions, except costs per ALBD data)

2026

2026

Constant

Currency

2025

2026

2026

Constant

Currency

2025

Cruise and tour operating expenses

$       4,225

$       3,886

$       8,165

$       7,653

Selling and administrative expense

863

816

1,786

1,663

Less: Tour and other expenses

(47)

(37)

(65)

(56)

Cruise costs

5,041

4,665

9,886

9,260

Less: Commissions, transportation and other

(778)

(780)

(1,650)

(1,631)

Onboard and other costs

(697)

(671)

(1,316)

(1,271)

Gains (losses) on ship sales and
impairments

—

101

—

101

Restructuring expense

0

(2)

0

(2)

Other

(17)

—

(34)

—

Adjusted cruise costs

3,548

3,498

3,312

6,887

6,732

6,458

Less: Fuel

(595)

(594)

(468)

(992)

(991)

(933)

Adjusted cruise costs excluding fuel

$       2,953

$       2,904

$       2,845

$       5,895

$       5,741

$       5,525

ALBDs

24.7

24.7

24.2

48.4

48.4

47.8

Cruise costs per ALBD

$     204.13

$     192.61

$     204.37

$     193.78

Adjusted cruise costs per ALBD

$     143.68

$     141.65

$     136.75

$     142.37

$     139.17

$     135.14

Adjusted cruise costs excluding fuel per ALBD

$     119.60

$     117.60

$     117.45

$     121.86

$     118.68

$     115.62

(See Non-GAAP Financial Measures)

Non-GAAP Financial Measures

We use non-GAAP financial measures and they are provided along with their most comparative U.S. GAAP financial measure:

Non-GAAP Measure

U.S. GAAP Measure

Use Non-GAAP Measure to Assess

•  Adjusted net income, adjusted
   EBITDA, adjusted EBITDA
   per ALBD and adjusted
   EBITDA margin

•  Net income attributable to
   Carnival Corporation Ltd.

•  Company Performance

•  Adjusted earnings per share

•  Earnings per share

•  Company Performance

•  Net debt to adjusted EBITDA

—

•  Company Leverage

•  Net yields

•  Gross margin yields

•  Cruise Segments Performance

•  Adjusted cruise costs per
   ALBD and adjusted cruise
   costs excluding fuel per ALBD

•  Cruise costs per ALBD

•  Cruise Segments Performance

•  Adjusted ROIC

—

•  Company Performance

The presentation of our non-GAAP financial information is not intended to be considered in isolation from, as a substitute for, or superior to the financial information prepared in accordance with U.S. GAAP. It is possible that our non-GAAP financial measures may not be exactly comparable to the like-kind information presented by other companies, which is a potential risk associated with using these measures to compare us to other companies.

Adjusted net income and adjusted earnings per share provide additional information to us and investors about our future earnings performance. These measures represent net income attributable to Carnival Corporation Ltd., excluding certain gains, losses and expenses that we believe are not part of our core operating business and are not an indication of our future earnings performance. We believe that gains and losses on ship sales, impairment charges, debt extinguishment and modification costs, restructuring costs and certain other gains, losses and expenses are not part of our core operating business and are not an indication of our future earnings performance.

Adjusted EBITDA, adjusted EBITDA per ALBD and adjusted EBITDA margin provide additional information to us and investors about our core operating profitability, including on a per ALBD basis, by excluding certain gains, losses and expenses that we believe are not part of our core operating business and are not an indication of our future earnings performance as well as excluding interest, taxes and depreciation and amortization. In addition, we believe that the presentation of adjusted EBITDA provides additional information to us and investors about our ability to operate our business in compliance with the covenants set forth in our debt agreements. We define adjusted EBITDA as adjusted net income adjusted for (i) interest, (ii) taxes and (iii) depreciation and amortization. There are material limitations to using adjusted EBITDA. Adjusted EBITDA does not take into account certain significant items that directly affect our net income attributable to Carnival Corporation Ltd. These limitations are best addressed by considering the economic effects of the excluded items independently and by considering adjusted EBITDA in conjunction with net income attributable to Carnival Corporation Ltd. as calculated in accordance with U.S. GAAP. We define adjusted EBITDA margin as adjusted EBITDA divided by total revenues.

Net debt to adjusted EBITDA provides additional information to us and investors about our overall leverage. We define net debt to adjusted EBITDA as total debt less cash and cash equivalents divided by twelve-month adjusted EBITDA.

Net yields enable us and investors to measure the performance of our cruise segments on a per ALBD basis. We use adjusted gross margin rather than gross margin to calculate net yields. We believe that adjusted gross margin is a more meaningful measure in determining net yields than gross margin because it reflects the cruise revenues earned net of only our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain other costs that are directly associated with onboard and other revenues and credit and debit card fees.

Adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD enable us and investors to separate the impact of predictable capacity or ALBD changes from price and other changes that affect our business. We believe these non-GAAP measures provide useful information to us and investors and expanded insight to measure our cost performance. Adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD are the measures we use to monitor our ability to control our cruise segments' costs rather than cruise costs per ALBD. We exclude gains and losses on ship sales, impairment charges, restructuring costs and certain other gains and losses that we believe are not part of our core operating business as well as excluding our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain other costs that are directly associated with onboard and other revenues and credit and debit card fees. We exclude fuel expense to calculate adjusted cruise costs excluding fuel. The price of fuel, over which we have no control, impacts the comparability of period-to-period cost performance. The adjustment to exclude fuel provides us and investors with supplemental information to understand and assess the company's non-fuel adjusted cruise cost performance. Substantially all of our adjusted cruise costs excluding fuel are largely fixed, except for the impact of changing prices once the number of ALBDs has been determined.

Adjusted ROIC provides additional information to us and investors about our operating performance relative to the capital we have invested in the company. We define adjusted ROIC as the twelve-month adjusted net income before interest expense and interest income divided by the monthly average of debt plus equity minus construction-in-progress, excess cash, goodwill and intangibles.

Reconciliation of Forecasted Data 

We have not provided a reconciliation of forecasted non-GAAP financial measures to the most comparable U.S. GAAP financial measures because preparation of meaningful U.S. GAAP forecasts would require unreasonable effort. We are unable to predict, without unreasonable effort, the future movement of foreign exchange rates and fuel prices. We are unable to determine the future impact of gains and losses on ship sales, impairment charges, debt extinguishment and modification costs, restructuring costs and certain other non-core gains and losses.

Constant Currency

Our operations primarily utilize the U.S. dollar, Australian dollar, euro and sterling as functional currencies to measure results and financial condition. Functional currencies other than the U.S. dollar subject us to foreign currency translational risk. Our operations also have revenues and expenses that are in currencies other than their functional currency, which subject us to foreign currency transactional risk.

Constant currency reporting removes the impact of changes in exchange rates on the translation of our operations plus the transactional impact of changes in exchange rates from revenues and expenses that are denominated in a currency other than the functional currency.

We report adjusted gross margin, net yields, adjusted cruise costs excluding fuel and adjusted cruise costs excluding fuel per ALBD on a "constant currency" basis assuming the current periods' currency exchange rates have remained constant with the prior periods' rates. These metrics facilitate a comparative view for the changes in our business in an environment with fluctuating exchange rates.

Examples:

The translation of our operations with functional currencies other than U.S. dollar to our U.S. dollar reporting currency results in decreases in reported U.S. dollar revenues and expenses if the U.S. dollar strengthens against these foreign currencies and increases in reported U.S. dollar revenues and expenses if the U.S. dollar weakens against these foreign currencies. Our operations have revenue and expense transactions in currencies other than their functional currency. If their functional currency strengthens against these other currencies, it reduces the functional currency revenues and expenses. If the functional currency weakens against these other currencies, it increases the functional currency revenues and expenses. SOURCE Carnival Corporation Ltd.

CompaniesWASHINGTON, June 17 (Reuters) - Researchers say a sweeping hacking campaign targeting ​devices made by Fortinet (FTNT.O), opens new tab has led to compromises across the internet, with evidence of password theft at ‌Fortune 500 companies and government agencies in more than 15 countries.

Most of the affected devices were in the United States, India, and Taiwan, according to Hudson Rock, a firm that tracks cybercrime. Hudson Rock described the scale of the spy campaign as "staggering."

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"The scale of this breach ​touches nearly every sector of the global economy, sparing no industry," it said in a blog post, opens new tab published on ​Wednesday. The firm said that some 75,000 Fortinet firewall and VPN devices - tools that companies ⁠use to protect their networks and allow employees to log in remotely - had been compromised, potentially allowing the hackers to ​penetrate deeper into these organizations and steal data.

In a statement, Fortinet said it was aware of a campaign to steal ​login credentials from its firewall and VPN devices.

The company said that hackers were drawing on data "from previous incidents" and guessing passwords repeatedly - a technique known as "bruteforcing" to break into target networks or devices.

Fortinet said the malicious cyber activity was "not related to any recent incident or advisory." The ​company did not immediately respond to questions about the scope of the campaign uncovered by researchers, and Reuters could not ​establish how many password thefts led to intrusions at the affected companies.

Officials at the U.S. cyber defense agency CISA, the FBI, and ‌the Office ⁠of the National Cyber Director did not immediately return emails. Cybersecurity officials in India and Taiwan did not immediately return emails.

Agencies in the states of Washington and Nevada whose credentials were captured in the data did not immediately respond to a request for comment. A staffer at one agency in South Carolina told Reuters they were unaware of the situation, ​while another employee said they would ​look into it before ⁠providing any additional information.

Nearly 120 distinct credentials across five government entities in Puerto Rico were among those swept up in the campaign, according to cybersecurity research firm Hudson Rock. A ​spokesperson for the Puerto Rico Police Department, which was included in the list, referred questions ​to the Puerto ⁠Rico Innovation and Technology Service. A spokesperson for the office did not immediately respond to a request for comment.

Bob Diachenko, a security researcher and owner of cybersecurity company Securitydiscovery.com, discovered the data in an open server as part of his normal monitoring ⁠work, he ​said in an interview.

"This is quite significant," he said, adding the ​campaign showed a "very creative approach to bruteforcing, with a multilayer password cracking architecture."

Diachenko said scripts discovered in the data included Russian-language instructions, suggesting the campaign ​may be the work of a Russian cybercrime group.

Reporting by Raphael Satter, Editing by Franklin Paul, Sanjeev Miglani and Lincoln Feast.

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Reporter covering cybersecurity, surveillance, and disinformation for Reuters. Work has included investigations into state-sponsored espionage, deepfake-driven propaganda, and mercenary hacking.

Cybersecurity correspondent covering cybercrime, nation-state threats, hacks, leaks and intelligence

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

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Stock to Watch: Fortinet (FTNT - Free Report) Headquartered in Sunnyvale, CA, Fortinet, Inc. is a leader in cybersecurity, driving the convergence of networking and security. It provides integrated security solutions to enterprises, service providers and government entities across 100 countries.

FTNT is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. FTNT has a Growth Style Score of A, forecasting year-over-year earnings growth of 13.4% for the current fiscal year.

15 analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.15 to $3.13 per share. FTNT boasts an average earnings surprise of +17.5%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, FTNT should be on investors' short list.

Key Takeaways PANW's SASE business grew strongly in Q3 FY26, but rising acquisition costs pressured margins.FTNT's Unified SASE billings rose 31% Y/Y in Q1 2026 and now represent about 25% of total billings.FTNT trades at a lower sales multiple than PANW while benefiting from FortiSASE demand. Palo Alto Networks (PANW - Free Report) and Fortinet (FTNT - Free Report) are both at the forefront of the cybersecurity space, playing key roles in guarding organizations from extensive cyberattacks. While Palo Alto Networks focuses broadly on next-generation firewalls, cloud security and AI-driven threat detection, Fortinet combines a variety of hardware and cloud-based security solutions.

Both PANW and FTNT are riding the key industry trends, driven by the mounting incidents of credential theft, remote desktop protocol breaches and social engineering-based strikes by malicious actors. However, from an investment point of view, one stock offers a more favorable outlook than the other right now. Let’s break down their fundamentals, growth prospects, market challenges and valuation to determine which stock offers a more compelling investment case.

The Case for PANW StockPalo Alto Networks remains a cybersecurity leader, offering solutions for network security, cloud security and endpoint solutions for customers who need full enterprise security support. Its next-generation firewalls and advanced threat detection technologies are widely recognized and adopted globally.

Palo Alto Networks’ wide range of innovative products, strong customer base and growing opportunities in areas like Zero Trust, Secure Access Service Edge (SASE) and private 5G security continue to support its long-term growth potential. For example, in the third quarter of fiscal 2026, SASE was Palo Alto Networks’ fastest-growing segment, with SASE Annual recurring revenues (ARR) increasing 40% year over year. PANW's SASE business is benefiting from strong customer demand for cloud-delivered networking and security solutions as enterprises continue to support hybrid work environments and secure access to cloud applications.

However, as a result of back-to-back acquisitions, PANW is incurring high integration-related costs, including onboarding employees, aligning go-to-market teams and integrating systems and operations. Acquisition-related costs in the third quarter of fiscal 2026 amounted to $113 million, a whopping increase from $5 million incurred in the prior quarter. These costs are expected to hurt the company's profitability before the benefits of synergies from acquisitions are fully realized.

Further, PANW’s non-GAAP operating expenses rose to $1.46 billion in the third quarter of fiscal 2026, up from $1.19 billion incurred in the prior quarter. As a percentage of revenues, operating expenses expanded 290 basis points sequentially. As a result, non-GAAP operating income margin contracted 320 basis points on a sequential basis. PANW is incurring rising costs, which could lead to slower operating leverage and warrant some caution about the company’s near-term prospects.

The Case for FTNT StockFortinet’s cloud security strategy is based on enabling organizations to move from SD-WAN to its Unified SASE platform. The Unified SASE platform combines networking and security into a cloud-based framework, unlike SD-WAN, which relies on on-premise hardware.

Fortinet's Unified SASE business is becoming an important growth driver. In the first quarter of 2026, Unified SASE billings increased 31% year over year. FTNT's Unified SASE now makes up about 25% of the company's total billings, showing that it has become a meaningful part of the business.

The company is seeing strong adoption of FortiSASE among large customers. At the end of the first quarter, 18% of Fortinet's large enterprise customers were using FortiSASE, up more than 45% year over year. Management said many customers who already use FortiGate firewalls are adding SD-WAN and SASE products. This gives Fortinet an opportunity to sell more products and services to its existing customer base.

Fortinet is also benefiting from demand for Sovereign SASE. FTNT's Sovereign SASE allows customers to run SASE in their own data centers instead of using a public cloud service. This is important for customers who need to meet data privacy, regulatory and sovereignty requirements. Management believes this offering helps differentiate Fortinet from many competitors and is seeing strong demand, especially in Europe.

To support further growth, Fortinet recently launched a new SD-WAN and SASE bundle. Management expects the bundle to make it easier for customers to adopt more networking and security services. With strong billings growth, rising customer adoption and opportunities to sell more services to existing customers, Unified SASE is becoming a larger part of Fortinet's growth story.

How do Earnings Estimates Compare for PANW & FTNT?Fortinet has a steady earnings growth outlook compared with Palo Alto Networks.

The Zacks Consensus Estimate for PANW’s fiscal 2026 and 2027 EPS is pegged at $3.77 and $4.08, respectively. The estimates for fiscal 2026 and 2027 have been revised up by 6 cents and 8 cents, respectively, over the past 30 days.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Fortinet’s 2026 and 2027 EPS is pinned at $3.13 and $3.39, respectively. The estimates for 2026 and 2027 have both been revised upward by a penny over the past 30 days.

Image Source: Zacks Investment Research

PANW vs. FTNT: Price Performance and ValuationYear to date, shares of PANW and FTNT have surged 55.5% and 83.1%, respectively.

PANW Vs. FTNT: YTD Price Return Performance
Image Source: Zacks Investment Research

Currently, Fortinet is trading at a forward sales multiple of 13.02X, significantly lower than Palo Alto Networks’ forward sales multiple of 17.33X. FTNT’s reasonable valuation makes it more attractive for investors looking for value and stability.

PANW vs. FTNT: Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research

Conclusion: FTNT Has an Edge Over PANWBoth Palo Alto Networks and Fortinet are key players in the cybersecurity space, but their near-term outlooks are quite different. Palo Alto Networks faces near-term risks from rising integration costs due to large acquisitions, which are hurting the company’s margins.

In contrast, Fortinet shows steadier execution, where the company is witnessing strong adoption of FortiSASE, Unified SASE and Sovereign SASE. Further, FTNT’s reasonable valuation offers some downside protection as well, giving FTNT a clear edge over PANW for investors seeking exposure to cybersecurity growth at a fair price.

Fortinet and Palo Alto Networks carry a Zacks Rank #3 (Hold) each at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.