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, /PRNewswire/ -- Bank of America today announced plans to acquire information security specialist MDSec Consulting Limited ("MDSec"). The transaction is expected to be completed during the fourth quarter of 2026 following the receipt of regulatory approvals.

Headquartered in Macclesfield, England with approximately 65 highly skilled cybersecurity professionals, MDSec provides deeply technical information security-related consultancy services.

Bank of America already has a significant presence in the North of England, with over 1,400 employees based nearby in Chester. One of the bank's cyber threat operations centers is also located in Chester.

"We have long admired the exceptional ability of the MDSec team and are delighted that Bank of America and its clients will now further benefit from their work," said Kris Fador, Chief Information Security Officer, Bank of America.  "We look forward to welcoming the MDSec team to Bank of America as we continue to enhance our leading cybersecurity capabilities in the UK and globally."

"We're immensely proud of what we've built at MDSec and, above all, of the team that made it possible," said Dominic Chell, Co-Founder, MDSec. "From the outset, our ambition has been to build world-class security capabilities and to push the industry forward. Joining one of the world's leading financial institutions, one that reflects our culture of innovation and technical excellence, gives us an incredible opportunity to take that ambition to the next level."

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 69 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 60 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries and/or jurisdictions. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact

Matt Card, Bank of America
Phone: 1.202.579.6879
[email protected]

Catherine Page, Bank of America
Phone: 1.704.519.7314
[email protected]

SOURCE Bank of America Corporation

, /PRNewswire/ -- The Home Depot, the world's largest home improvement retailer, today announced leadership portfolio changes to accelerate innovation and capture greater share of a large and fragmented total addressable market worth $1.2 trillion.

"To capture greater share of this enormous opportunity, our focus is clear: drive our core and culture, deliver a frictionless interconnected experience and win the Pro," said Ted Decker, chair, president and CEO of The Home Depot. "We are aligning our organization to further support this strategy, enable smarter, faster innovation and create a more seamless customer experience for DIY and Pro customers."

With these changes, the company has unified key leadership portfolios across merchandising, loyalty, finance, pro and technology.

Core and Culture: Unified Core and Private Brands Merchandising – A key element of the company's strategy is its commitment to its core and culture to drive the best customer experience in home improvement. Customer experience starts with having the right products at superior values, which is why The Home Depot focuses on being the product authority in home improvement – delivering the best value for our customers through unmatched quality and innovative brands. To enable better product alignment, the company transitioned its private label merchants into its core merchandising organization, led by Billy Bastek, executive vice president (EVP) of merchandising. Combining product merchandising allows the company to deliver greater innovation to market even faster.

Interconnected Experience: Integrated Offerings – Increasingly, credit and loyalty programs have become a critical part of the interconnected shopping experience. The Home Depot is aligning its customer experience, online, financial services and loyalty teams into a unified interconnected organization, led by Jordan Broggi, EVP of interconnected retail.

By combining these capabilities, the company can offer customers more personalized, seamless financial offers and shopping experiences better tailored to their needs – building increased loyalty and customer satisfaction no matter how they choose to shop. This alignment helps ensure that as customers' shopping habits evolve, The Home Depot's ecosystem evolves with them—delivering more value, ease and consistency from project start to finish.

Win the Pro: The Office of Pro Acceleration – The Pro customer represents an approximately $700 billion total addressable market opportunity. Today, almost every type of Pro shops at The Home Depot, whether they are general contractors, specialty trades or MRO managers maintaining multi-family properties. The company has built an unmatched set of capabilities through organic investments and strategic acquisitions. Today, the company operates an end-to-end Pro ecosystem comprised of more than 2,360 stores, 1,300 branches, 325 customer-facing warehouses and a fleet of approximately 16,000 delivery assets.

To advance its enterprise-wide Pro growth strategy, The Home Depot is evolving its Office of Integration into the Office of Pro Acceleration, led by Richard McPhail, EVP and chief financial officer. This office will spearhead coordination across Home Depot Pro, HD Supply, SRS and Construction Resources to further develop shared enterprise capabilities including enhanced customer relationship management, a shared product catalog and optimized fulfillment across its businesses. Ultimately, the office will help ensure every part of the business works together seamlessly on behalf of the Pro.

Technology Alignment Powering Growth: Technology innovation supports all three pillars of The Home Depot's growth strategy. Earlier this year, the company appointed Fran Bell as EVP and chief technology officer, combining AI, data science, product management, user experience and technology into a unified organization. As part of this continued alignment, the store, supply chain and Pro product technology teams will move into Fran's organization, enabling the company to bring new technology to market faster.

About The Home Depot
The Home Depot is the world's largest home improvement specialty retailer. At the end of the first quarter of fiscal 2026, the company operated a total of 2,361 retail stores and over 1,280 SRS locations across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs over 470,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

Cautionary Note Regarding Forward-Looking Statements 
All statements made in this release that are not historical constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on currently available information and current assumptions, expectations and projections of The Home Depot (the "company") about future events, and use words such as "may," "will," "could," "should," "would," "anticipate," "intend," "estimate," "project," "plan," "believe," "expect," "target," "prospects," "potential," "commit" and "forecast," or words of similar import or meaning or refer to future time periods. They are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond the company's control, dependent on the actions of third parties, or unknown to the company – as well as potentially inaccurate assumptions that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, those described in the "Risk Factors" section and elsewhere in the company's most recently filed Annual Report on Form 10-K, and also as described from time to time in reports subsequently filed with the Securities and Exchange Commission. The company encourages you to review these filings. Forward-looking statements speak only as of the date they are made, and the company does not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures the company makes on related subjects in its filings with the Securities and Exchange Commission and in its other public disclosures.

SOURCE The Home Depot

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MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, Mailchimp, and Intuit Enterprise Suite, will announce its fourth-quarter and full-year financial results for fiscal year 2026 on August 25, following the close of market. The company’s fourth quarter ends on July 31.

Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on August 25. The conference call can be heard live at https://investors.intuit.com/news-events/ir-calendar and a replay will be available on the Intuit Investor Relations website. Prepared remarks for the call will be available on Intuit’s Investor Relations website after the call ends.

Annual Investor Day

Intuit will host its annual Investor Day on Sep. 17 at 8:00 a.m. Pacific time, at its headquarters in Mountain View, CA. The event can be viewed live at https://investors.intuit.com/news-events/ir-calendar and a replay will be available on Intuit’s Investor Relations website. The half-day event will include presentations from Sasan Goodarzi, chief executive officer, Sandeep Aujla, chief financial officer, and other leaders.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, Mailchimp, and Intuit Enterprise Suite, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

More News From Intuit Inc.

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Portage, Michigan, July 30, 2026 (GLOBE NEWSWIRE) -- Stryker (NYSE:SYK) reported operating results for the second quarter of 2026:

Second Quarter Results

Reported net sales increased 9.4% to $6.6 billionOrganic net sales increased 9.0%Reported operating income margin of 25.2%Adjusted operating income margin(1) increased 170 bps to 27.4%Reported EPS increased 44.1% to $3.30Adjusted EPS(1) increased 17.9% to $3.69  Second Quarter Net Sales Growth Overview Reported Foreign Currency Exchange Constant Currency Acquisitions / Divestitures OrganicMedSurg and Neurotechnology        9.7        %         0.5        %         9.2        %         —        %         9.2        %Orthopaedics        9.1                  0.4                  8.7                  0.1                  8.6         Total        9.4        %         0.4        %         9.0        %         —        %         9.0        % “We made significant progress in our recovery from the cyber incident, delivering strong growth in sales, earnings per share and operating cash flow in the second quarter,” said Kevin A. Lobo, Chair and CEO. “As we have seen in the past, the resilience of our teams when faced with challenges was once again on display. With our steady cadence of innovation and disciplined operational execution, we enter the second half of 2026 with regained momentum and remain confident in our ability to grow at the high end of MedTech.”

Sales Analysis

Consolidated net sales of $6.6 billion increased 9.4% in the quarter and 9.0% in constant currency. Organic net sales increased 9.0% in the quarter from increased unit volume.

MedSurg and Neurotechnology net sales of $3.6 billion increased 9.7% in the quarter and 9.2% in constant currency. Organic net sales increased 9.2% in the quarter including 9.1% from increased unit volume and 0.1% from higher prices.

Orthopaedics net sales of $3.0 billion increased 9.1% in the quarter and 8.7% in constant currency. Organic net sales increased 8.6% in the quarter from increased unit volume.

Earnings Analysis

Reported net earnings of $1.3 billion increased 44.3% in the quarter. Reported net earnings per diluted share of $3.30 increased 44.1% in the quarter. Reported gross profit margin and reported operating income margin were 68.3% and 25.2% in the quarter. Reported net earnings include certain items, such as charges for acquisition and integration-related activities, the amortization of purchased intangible assets, structural optimization and other special charges, goodwill and other impairments, costs to comply with certain medical device regulations, recall-related matters, regulatory and legal matters and tax matters. Excluding the aforementioned items, adjusted gross profit margin(1) was 66.0% in the quarter, and adjusted operating income margin(1) was 27.4% in the quarter. Adjusted net earnings(1) of $1.4 billion increased 17.6% in the quarter. Adjusted net earnings per diluted share(1) of $3.69 increased 17.9% in the quarter.

2026 Outlook

We are narrowing our full year 2026 guidance and now expect organic net sales growth(2) in the range of 8.3% to 9.3% and adjusted net earnings per diluted share(2) in the range of $14.95 to $15.10. Our sales guidance includes a modestly positive pricing impact. Additionally, foreign exchange is expected to have a slightly favorable impact on both sales and adjusted net earnings per diluted share(2) should rates hold near current levels.

(1) A reconciliation of the non-GAAP financial measures: adjusted gross profit margin, adjusted operating income and adjusted operating income margin, adjusted net earnings and adjusted net earnings per diluted share, to the most directly comparable GAAP measures: gross profit margin, operating income and operating income margin, net earnings and net earnings per diluted share, and other important information accompanies this press release.

(2) We are unable to present a quantitative reconciliation of our expected net sales growth to expected organic net sales growth as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of acquisitions and divestitures and the impact of foreign currency exchange rates. We are unable to present a quantitative reconciliation of our expected net earnings per diluted share to expected adjusted net earnings per diluted share as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of structural optimization and other special charges, acquisition-related expenses and the outcome of certain regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.

Conference Call on Thursday, July 30, 2026

As previously announced, we will host a conference call on Thursday, July 30, 2026 at 4:30 p.m., Eastern Time, to discuss our operating results for the quarter ended June 30, 2026 and provide an operational update.

Please register for this conference call at: https://stryker-2q2026-earnings.open-exchange.net. After registering, a confirmation will be sent via email, including dial-in details and unique conference call access codes required for call entry. Registration is open throughout the live call. To ensure you are connected prior to the beginning of the call, we suggest registering a minimum of 15 minutes before the start of the call.

A simultaneous webcast of the call will be accessible via the Investor Relations page of our website at www.stryker.com. For those not planning to ask a question of management, we recommend listening via the webcast. Please allow 15 minutes to register, download and install any necessary software.

Following the conference call, a replay will be available on our website up to one year from the time of the earnings call.

Caution Concerning Forward-Looking Statements

This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Such risks and uncertainties include, but are not limited to: weakening of economic conditions, or the anticipation thereof, that could adversely affect the level of demand for our products; geopolitical risks, including from tariffs and the potential for further changes in trade policies and international conflicts, which have led to and could continue to lead to, among other things, increased market volatility; pricing pressures generally, including cost-containment measures that have adversely affected and could in the future adversely affect the price of or demand for our products; changes in foreign currency exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect approval of new products by the United States Food and Drug Administration and foreign regulatory agencies; inflationary pressures; increased interest rates or interest rate volatility; supply chain disruptions; changes in labor markets; changes in coverage and reimbursement levels from third-party payors; changes in the competitive environment; breaches, failures or other disruptions of our or our vendors’ or customers’ information technology systems or products resulting from cyber-attack, data leakage, unauthorized access or theft, including the cybersecurity incident first reported on March 11, 2026; a significant increase in product liability claims; the ultimate total cost with respect to recall-related and other regulatory and quality matters; the impact of investigative and legal proceedings and compliance risks; resolution of tax audits; changes in tax laws and regulations; the impact of legislation to reform the healthcare system in the United States or other countries; costs to comply with medical device regulations; changes in financial markets; changes in our credit ratings; our ability to integrate and realize the anticipated benefits of acquisitions in full or at all or within the expected timeframes; our ability to realize any anticipated cost savings; risks relating to climate change or other environmental, social and governance and sustainability related matters; and the impact on our operations and financial results of any public health emergency and any related policies and actions by governments or other third parties. Additional information concerning these and other factors is contained in our filings with the United States Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that affect the likelihood that actual results will differ from those contained in the forward-looking statements, except to the extent required by law.

Stryker is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. More information is available at www.stryker.com.

For investor inquiries:

Nick Mead, Vice President, Investor Relations at 269-385-2600 or [email protected]

For media inquiries:
Kim Montagnino, Vice President, Chief Communications Officer at 269-385-2600 or [email protected]

STRYKER CORPORATIONFor the Three and Six Months June 30(Unaudited - Millions of Dollars, Except Per Share Amounts)            CONSOLIDATED STATEMENTS OF EARNINGS         Three Months Six Months  2026   2025  % Change  2026   2025  % ChangeNet sales$        6,589          $        6,022                  9.4        % $        12,609          $        11,888                  6.1        %Cost of sales         2,091                   2,181                  (4.1)                  4,301                   4,303                  —         Gross profit$        4,498          $        3,841                  17.1        % $        8,308          $        7,585                  9.5        %% of sales         68.3        %          63.8        %            65.9        %          63.8        %  Research, development and engineering expenses         434                   407                  6.6                   847                   812                  4.3         Selling, general and administrative expenses         2,229                   2,079                  7.2                   4,510                   4,379                  3.0         Amortization of intangible assets         175                   187                  (6.4)                  355                   354                  0.3         Goodwill and other impairments         1                   55          nm          1                   90          nmTotal operating expenses$        2,839          $        2,728                  4.1        % $        5,713          $        5,635                  1.4        %Operating income$        1,659          $        1,113                  49.1        % $        2,595          $        1,950                  33.1        %% of sales         25.2        %          18.5        %            20.6        %          16.4        %  Other income (expense), net         (95)                  (97)                 (2.1)        %          (181)                  (170)                 6.5         Earnings before income taxes$        1,564          $        1,016                  53.9        % $        2,414          $        1,780                  35.6        %Income taxes         288                   132                  118.2                   393                   242                  62.4         Net earnings$        1,276          $        884                  44.3        % $        2,021          $        1,538                  31.4        %Net earnings per share of common stock:           Basic$        3.32          $        2.32                  43.1        % $        5.27          $        4.03                  30.8        %Diluted$        3.30          $        2.29                  44.1        % $        5.23          $        3.98                  31.4        %Weighted-average shares outstanding (in millions):           Basic 383.5   382.2     383.2   382.0   Diluted 386.0   386.4     386.2   386.4    CONDENSED CONSOLIDATED BALANCE SHEETS                  June 30        December 31   2026                       2025                       Assets   Cash and cash equivalents$        3,391         $        4,011        Marketable securities         85                  89        Accounts receivable, net         3,743                  4,039        Inventories         5,521                  5,310        Prepaid expenses and other current assets         1,678                  1,306        Total current assets$        14,418         $        14,755        Property, plant and equipment, net         3,958                  3,876        Goodwill and other intangibles, net         25,326                  24,972        Noncurrent deferred income tax assets         994                  1,098        Other noncurrent assets         3,234                  3,143        Total assets$        47,930         $        47,844        Liabilities and shareholders' equity   Current liabilities$        6,684         $        7,794        Long-term debt, excluding current maturities         14,192                  14,859        Income taxes         406                  402        Other noncurrent liabilities         2,660                  2,369        Shareholders' equity         23,988                  22,420        Total liabilities and shareholders' equity$        47,930         $        47,844         CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months  2026           2025         Operating activities   Net earnings$        2,021          $        1,538         Depreciation         241                   214         Amortization of intangible assets         355                   354         Changes in operating assets, liabilities, income taxes payable and other, net         (775)                  (745)        Net cash provided by operating activities$        1,842          $        1,361         Investing activities   Acquisitions, net of cash acquired$        (459)         $        (4,814)        Proceeds/(Purchases) of short-term investments         —                   750         Purchases of property, plant and equipment         (368)                  (306)        Other investing, net         3                   130         Net cash used in investing activities$        (824)         $        (4,240)        Financing activities   Borrowings (payments) of debt, net$        (750)         $        2,331         Payments of dividends         (674)                  (641)        Other financing, net         (181)                  (145)        Net cash provided by (used in) financing activities$        (1,605)         $        1,545         Effect of exchange rate changes on cash and cash equivalents         (33)                  57         Change in cash and cash equivalents$        (620)         $        (1,277)         STRYKER CORPORATIONFor the Three and Six Months June 30(Unaudited - Millions of Dollars) SALES GROWTH ANALYSIS Three Months Six Months     Percentage Change     Percentage Change  2026  2025 As ReportedConstant Currency  2026  2025 As ReportedConstant CurrencyMedSurg and Neurotechnology:             Instruments             United States$        840         $        776                 8.4        %        8.4        % $        1,606         $        1,478                 8.7        %        8.7        %International         163                  142                 13.9                 12.3                   317                  278                 13.9                 9.6         Total$        1,003         $        918                 9.3        %        9.0        % $        1,923         $        1,756                 9.6        %        8.9        %Endoscopy             United States$        819         $        742                 10.2        %        10.2        % $        1,520         $        1,452                 4.6        %        4.6        %International         185                  157                 18.8                 16.5                   352                  314                 12.4                 8.1         Total$        1,004         $        899                 11.7        %        11.3        % $        1,872         $        1,766                 6.0        %        5.3        %Medical             United States$        945         $        840                 12.6        %        12.6        % $        1,692         $        1,642                 3.1        %        3.1        %International         177                  150                 17.9                 15.0                   332                  293                 13.2                 8.1         Total$        1,122         $        990                 13.4        %        13.0        % $        2,024         $        1,935                 4.6        %        3.9        %Vascular             United States$        250         $        268                 (6.7)        %        (6.7)        % $        530         $        471                 12.5        %        12.5        %International         246                  230                 6.3                 4.0                   483                  433                 11.3                 7.1         Total$        496         $        498                 (0.7)        %        (1.8)        % $        1,013         $        904                 11.9        %        9.9        %MedSurg and Neurotechnology             United States$        2,854         $        2,626                 8.7        %        8.7        % $        5,348         $        5,043                 6.1        %        6.1        %International         771                  679                 13.3                 11.1                   1,484                  1,318                 12.5                 8.1         Total$        3,625         $        3,305                 9.7        %        9.2        % $        6,832         $        6,361                 7.4        %        6.5        %              Orthopaedics:             Knees             United States$        488         $        460                 6.2        %        6.2        % $        960         $        924                 3.8        %        3.8        %International         205                  180                 14.0                 12.4                   403                  355                 13.7                 9.2         Total$        693         $        640                 8.4        %        8.0        % $        1,363         $        1,279                 6.6        %        5.3        %Hips             United States$        296         $        283                 4.9        %        4.9        % $        572         $        552                 3.6        %        3.6        %International         183                  183                 —                 (0.8)                  367                  357                 2.9                 (0.6)        Total$        479         $        466                 2.9        %        2.6        % $        939         $        909                 3.3        %        1.9        %Trauma and Extremities             United States$        791         $        702                 12.5        %        12.5        % $        1,558         $        1,415                 10.1        %        10.1        %International         281                  255                 10.3                 8.5                   549                  487                 12.7                 7.7         Total$        1,072         $        957                 11.9        %        11.5        % $        2,107         $        1,902                 10.7        %        9.4        %Ortho Tech             United States$        530         $        483                 9.5        %        9.5        % $        997         $        942                 5.8        %        5.8        %International         187                  166                 12.8                 11.8                   366                  324                 12.9                 9.2         Total$        717         $        649                 10.3        %        10.0        % $        1,363         $        1,266                 7.6        %        6.7        % $        2,961         $        2,712                 9.2        %        8.8        % $        5,772         $        5,356                 7.7        %        6.5        %Spinal Implants             United States$        —         $        —                 (100.0)        %        (100.0)        % $        —         $        118                 (100.0)        %        (100.0)        %International         3                  5                 (36.7)                (40.9)                  5                  53                 (90.2)                (91.2)        Total$        3         $        5                 (36.7)        %        (40.9)        % $        5         $        171                 (96.9)        %        (97.1)        %Orthopaedics             United States$        2,105         $        1,928                 9.1        %        9.1        % $        4,087         $        3,951                 3.4        %        3.4        %International         859                  789                 8.9                 7.6                   1,690                  1,576                 7.2                 3.0         Total$        2,964         $        2,717                 9.1        %        8.7        % $        5,777         $        5,527                 4.5        %        3.3        %              Geographic:             United States$        4,959         $        4,554                 8.9        %        8.9        % $        9,435         $        8,994                 4.9        %        4.9        %International         1,630                  1,468                 11.0                 9.2                   3,174                  2,894                 9.7                 5.3         Total$        6,589         $        6,022                 9.4        %        9.0        % $        12,609         $        11,888                 6.1        %        5.0        % Note: In the first quarter 2026 we announced a change in our organizational structure. Our new Ortho Tech business combines the orthopaedic instruments portfolio (Orthopaedic Instruments) from Instruments with Other Orthopaedics. In addition, Neuro Cranial and the spine enabling technologies portfolio (Enabling Technologies) from Other Orthopaedics were combined with the remaining Instruments business to align with our internal reporting structure. Ortho Tech includes sales related to Orthopaedic Instruments of $523 and $501 and Other Orthopaedics of $194 and $148 for the three months 2026 and 2025. For the six months 2026 and 2025 Ortho Tech includes sales related to Orthopaedic Instruments of $1,012 and $985 and Other Orthopaedics of $351 and $281. Instruments includes sales related to Neuro Cranial of $681 and $616 and Enabling Technologies of $28 and $34 for the three months 2026 and 2025. For the six months 2026 and 2025 Instruments includes sales related to Neuro Cranial of $1,287 and $1,179 and Enabling Technologies of $54 and $63. We have reflected these changes in all historical periods presented.

SUPPLEMENTAL INFORMATION - RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

We supplement the reporting of our financial information determined under accounting principles generally accepted in the United States (GAAP) with certain non-GAAP financial measures, including: percentage sales growth in constant currency; percentage organic sales growth; adjusted gross profit; adjusted selling, general and administrative expenses; adjusted research, development and engineering expenses; adjusted operating income; adjusted other income (expense), net; adjusted income taxes; adjusted effective income tax rate; adjusted net earnings; and adjusted net earnings per diluted share (Diluted EPS). We believe these non-GAAP financial measures provide meaningful information to assist investors and shareholders in understanding our financial results and assessing our prospects for future performance. Management believes percentage sales growth in constant currency and the other adjusted measures described above are important indicators of our operations because they exclude items that may not be indicative of or are unrelated to our core operating results and provide a baseline for analyzing trends in our underlying businesses. Management uses these non-GAAP financial measures for reviewing the operating results of reportable business segments and analyzing potential future business trends in connection with our budget process and bases certain management incentive compensation on these non-GAAP financial measures.

To measure percentage sales growth in constant currency, we remove the impact of changes in foreign currency exchange rates that affect the comparability and trend of sales. Percentage sales growth in constant currency is calculated by translating current and prior year results at the same foreign currency exchange rate. To measure percentage organic sales growth, we remove the impact of changes in foreign currency exchange rates, acquisitions and divestitures, which affect the comparability and trend of sales. Percentage organic sales growth is calculated by translating current year and prior year results at the same foreign currency exchange rates excluding the impact of acquisitions and divestitures. To measure earnings performance on a consistent and comparable basis, we exclude certain items that affect the comparability of operating results and the trend of earnings. The income tax effect of each adjustment was determined based on the tax effect of the jurisdiction in which the related pre-tax adjustment was recorded. These adjustments are irregular in timing and may not be indicative of our past and future performance.

Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported sales growth, gross profit, selling, general and administrative expenses, research, development and engineering expenses, operating income, other income (expense), net, income taxes, effective income tax rate, net earnings and net earnings per diluted share, the most directly comparable GAAP financial measures. These non-GAAP financial measures are an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the reconciliations to corresponding GAAP financial measures below, provide a more complete understanding of our business. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

The following reconciles the non-GAAP financial measures discussed above with the most directly comparable GAAP financial measures. The weighted-average diluted shares outstanding used in the calculation of adjusted net earnings per diluted share are the same as those used in the calculation of reported net earnings per diluted share for the respective period.

STRYKER CORPORATIONFor the Three and Six Months June 30(Unaudited - Millions of Dollars, Except Per Share Amounts)          Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial MeasuresThree Months 2026Gross ProfitSelling, General & Administrative ExpensesResearch, Development & Engineering ExpensesOperating IncomeOther Income (Expense), NetIncome TaxesNet EarningsEffective
Tax RateDiluted EPSReported$        4,498         $        2,229         $        434         $        1,659         $     (95)          $        288         $        1,276                 18.4        %$        3.30         Reported percent net sales         68.3        %         33.8        %         6.6        %         25.2        %        (1.4)        %nm         19.4        %  Acquisition and integration-related costs:         Inventory stepped-up to fair value         —                  —                  —                  —                  —                  —                  —                 —                  —         Other acquisition and integration-related (a)         7                  (14)                 (4)                 25                  —                  3                  22                 —                  0.06         Amortization of purchased intangible assets         —                  —                  —                  175                  —                  33                  142                 0.3                  0.37         Structural optimization and other special charges (b)         5                  (89)                 (1)                 95                  (6)                 20                  69                 0.3                  0.18         Goodwill and other impairments (c)         —                  —                  —                  1                  —                  —                  1                 —                  —         Medical device regulations (d)         —                  —                  (5)                 5                  —                  1                  4                 —                  0.01         Recall-related matters (e)         (1)                  (3)                 —                  2                  —                  1                  1                 —                  —         Regulatory and legal matters (f)         —                  (3)                 —                  3                  —                  —                  3                 —                  —         Tax matters (g)         —                  —                  —                  —                  —                  (39)                 39                (2.5)                  0.11         Reversal of 2025 tariffs         (158)                 —                  —                  (158)                 —                  (25)                 (133)               —               (0.34)        Adjusted$        4,351         $        2,120         $        424         $        1,807         $      (101)       $        282         $        1,424                 16.5        %$        3.69         Adjusted percent net sales         66.0        %         32.2        %         6.4        %         27.4        %        (1.5)        %nm         21.6        %   Three Months 2025Gross ProfitSelling, General & Administrative ExpensesResearch, Development & Engineering ExpensesOperating IncomeOther Income (Expense), NetIncome TaxesNet EarningsEffective
Tax RateDiluted EPSReported$        3,841         $        2,079         $        407         $        1,113         $        (97)         $        132         $        884                 13.0        %$        2.29        Reported percent net sales         63.8        %         34.5        %         6.8        %         18.5        %        (1.6)        %nm         14.7        %  Acquisition and integration-related costs:         Inventory stepped-up to fair value         65                  —                  —                  65                  —                  16                  49                 0.5                  0.12        Other acquisition and integration-related (a)         1                  (76)                  (1)                 78                  —                  20                  58                 0.7                  0.15        Amortization of purchased intangible assets         —                  —                  —                  187                  —                  39                  148                 1.0                  0.37        Structural optimization and other special charges (b)         6                  (2)                  (3)                  11                  (9)                  (2)                 4              (0.2)                  0.01        Goodwill and other impairments (c)         —                  —                  —                  55                  —                  22                  33                 1.2                  0.10        Medical device regulations (d)         —                  —                  (7)                  7                  —                  1                  6                 0.1                  0.02        Recall-related matters (e)         21                  (1)                  —                  22                  —                  1                  21               (0.3)                 0.06        Regulatory and legal matters (f)         —                  (7)                  —                  7                  —                  1                  6                 0.1                  0.01        Tax matters (g)         —                  —                  —                  —                  —                  (2)                 2               (0.2)                 —        Adjusted$        3,934         $        1,993         $        396         $        1,545         $        (106)       $        228         $        1,211                 15.9        %$        3.13        Adjusted percent net sales         65.4        %         33.1        %         6.6        %         25.7        %        (1.8)        %nm         20.1        %   nm - not meaningful

(a) Charges represent certain acquisition and integration-related costs associated with acquisitions, including:

 Three Months  2026           2025        Termination of sales relationships$        6          $        —        Employee retention and workforce reductions         (3)                  29        Changes in the fair value of contingent consideration         6                   3        Manufacturing integration costs         5                   3        Other integration-related activities (e.g., deal costs and legal entity rationalization)         11                   43        Adjustments to Operating Income $        25          $        78        Adjustments to Income Taxes$        3          $        20        Adjustments to Net Earnings$        22          $        58         (b) Structural optimization and other special charges represent the costs associated with:

 Three Months  2026           2025         Employee retention and workforce reductions$        6          $        5         Closure/transfer of manufacturing and other facilities (e.g., site closure, contract termination and redundant employee costs)         4                   7         Product line exits         9                   (10)        Termination of sales relationships in certain countries         6                   (3)        Other charges         70                   12         Adjustments to Operating Income $        95          $        11         Adjustments to Other Income (Expense), Net$        (6)         $        (9)        Adjustments to Income Taxes$        20          $        (2)        Adjustments to Net Earnings$        69          $        4          (c) Goodwill and other impairments represent the costs associated with:

 Three Months  2026         2025       Certain long-lived and intangible asset write-offs and impairments$        —         $        52        Product line exits (e.g., long-lived asset and specifically-identified intangible asset write-offs)         1                  3        Adjustments to Operating Income$        1         $        55        Adjustments to Income Taxes$        —         $        22        Adjustments to Net Earnings$        1         $        33         (d) Charges represent the costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device reporting regulations and other requirements of the new medical device regulations in the European Union.
(e) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to resolve certain recall-related matters.
(f) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.
(g) Benefits / (charges) represent the accounting impact of certain significant and discrete tax items, including:

 Three Months  2026    2025 Adjustments related to the transfer of certain intellectual properties between tax jurisdictions$        (55)  $        (45)  Other tax matters 16    43   Adjustments to Income Taxes$        (39)  $        (2)  Adjustments to Other Income (Expense), Net$        —   $        —  Adjustments to Net Earnings$        39   $        2    Six Months 2026Gross ProfitSelling, General & Administrative ExpensesResearch, Development & Engineering ExpensesOperating IncomeOther Income (Expense), NetIncome TaxesNet EarningsEffective
Tax RateDiluted EPSReported$        8,308         $        4,510         $        847         $        2,595         $        (181)         $        393         $        2,021                 16.3        %$        5.23         Reported percent net sales         65.9        %         35.8        %         6.7        %         20.6        %        (1.4)        %nm         16.0        %  Acquisition and integration-related costs:         Inventory stepped-up to fair value         —                  —                  —                  —                  —                  —                  —                 —                  —         Other acquisition and integration-related (a)         9                  (27)                 (8)                 44                  —                  7                  37                 —                  0.10         Amortization of purchased intangible assets         —                  —                  —                  355                  —                  63                  292                 0.3                  0.75         Structural optimization and other special charges (b)         19                  (193)                 (1)                 213                  (17)                 45                  151                 0.6                  0.39         Goodwill and other impairments (c)         —                  —                  —                  1                  —                  —                  1                 —                  —         Medical device regulations (d)         —                  —                (10)                  10                  —                  2                  8                 —                  0.02         Recall-related matters (e)         —                  (12)                 —                  12                  —                  3                  9                 —                  0.02         Regulatory and legal matters (f)         —                  (6)                 —                  6                  —                  1                  5                 —                  0.01         Tax matters (g)         —                  —                  —                  —                  —                  (37)                 37               (1.5)                  0.11         Reversal of 2025 tariffs         (158)                 —                  —                  (158)                 —                  (25)                 (133)                —                (0.34)        Adjusted$        8,178         $        4,272         $        828         $        3,078         $        (198)        $        452         $        2,428                 15.7        %$        6.29         Adjusted percent net sales         64.9        %         33.9        %         6.6        %         24.4        %        (1.6)        %nm         19.3        %   Six Months 2025Gross ProfitSelling, General & Administrative ExpensesResearch, Development & Engineering ExpensesOperating IncomeOther Income (Expense), NetIncome TaxesNet EarningsEffective
Tax RateDiluted EPSReported$        7,585         $        4,379         $        812         $        1,950         $     (170)          $        242         $        1,538                 13.6        %$        3.98        Reported percent net sales         63.8        %         36.8        %         6.8        %         16.4        %        (1.4)        %nm         12.9        %  Acquisition and integration-related costs:         Inventory stepped-up to fair value         99                  —                  —                  99                  —                  24                  75                 0.5                  0.19        Other acquisition and integration-related (a)         14                  (247)                 (2)                 263                  —                  26                  237              (0.7)                  0.62        Amortization of purchased intangible assets         —                  —                  —                  354                  —                  73                  281                 1.1                  0.72        Structural optimization and other special charges (b)         28                  (21)                 (3)                 52                  (9)                 12                  31                 0.3                  0.08        Goodwill and other impairments (c)         —                  —                  —                  90                  —                  31                  59                 1.0                  0.16        Medical device regulations (d)         1                  —               (18)                 19                  —                  4                  15                 0.1                  0.04        Recall-related matters (e)         52                  (3)                 —                  55                  —                  9                  46                 0.1                  0.12        Regulatory and legal matters (f)         —                  (7)                 —                  7                  —                  2                  5                 0.1                  0.01        Tax matters (g)         —                  —                  —                  —                  —                  (21)                 21              (1.2)                 0.05        Adjusted$        7,779         $        4,101         $        789         $        2,889         $       (179)       $        402         $        2,308                 14.9        %$        5.97        Adjusted percent net sales         65.4        %         34.5        %         6.6        %         24.3        %        (1.5)        %nm         19.4        %   (a) Charges represent certain acquisition and integration-related costs associated with acquisitions, including:

 Six Months  2026          2025        Termination of sales relationships$        6         $        —        Employee retention and workforce reductions         —                  45        Changes in the fair value of contingent consideration         9                  1        Manufacturing integration costs         10                  7        Stock compensation payments upon a change in control         —                  139        Other integration-related activities (e.g., deal costs and legal entity rationalization)         19                  71        Adjustments to Operating Income $        44         $        263        Adjustments to Income Taxes$        7         $        26        Adjustments to Net Earnings$        37         $        237         (b) Structural optimization and other special charges represent the costs associated with:

 Six Months  2026           2025         Employee retention and workforce reductions$        13          $        38         Closure/transfer of manufacturing and other facilities (e.g., site closure, contract termination and redundant employee costs)         9                   12         Product line exits (e.g., inventory, long-lived asset and specifically-identified intangible asset write-offs)         11                   (7)        Termination of sales relationships in certain countries         87                   (4)        Other charges         93                   13         Adjustments to Operating Income $        213          $        52         Adjustments to Other Income (Expense), Net$        (17)         $        (9)        Adjustments to Income Taxes$        45          $        12         Adjustments to Net Earnings$        151          $        31          (c) Goodwill and other impairments represent the costs associated with:

 Six Months  2026         2025        Certain long-lived and intangible asset write-offs and impairments$        —         $        86        Product line exits (e.g., long-lived asset and specifically-identified intangible asset write-offs)         1                  4        Adjustments to Operating Income$        1         $        90        Adjustments to Income Taxes$        —         $        31        Adjustments to Net Earnings$        1         $        59         (d) Charges represent the costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device reporting regulations and other requirements of the new medical device regulations in the European Union.
(e) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to resolve certain recall-related matters.
(f) Charges represent changes in our best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within a range is not known, to resolve certain regulatory or other legal matters and the amount of favorable awards from settlements.
(g) Benefits / (charges) represent the accounting impact of certain significant and discrete tax items, including:

 Six Months  2026    2025  Adjustments related to the transfer of certain intellectual properties between tax jurisdictions$        (75)   $        (92)  Other tax matters 38     71   Adjustments to Income Taxes$        (37)   $        (21)  Adjustments to Other Income (Expense), Net$        —    $        —   Adjustments to Net Earnings$        37    $        21   

The Coinbase logo is seen in this illustration created on November 3, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

July 30 (Reuters) - Cryptocurrency exchange Coinbase ​Global (COIN.O), opens new tab on Thursday recorded a ‌third consecutive quarter of losses, hurt by lower transaction revenue as a ​prolonged downturn in crypto markets ​curbed trading activity.

Shares of the crypto ⁠exchange were down 4.9% in ​trading after the bell.

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Cryptocurrency markets came ​under pressure during the April-to-June quarter as investors shunned riskier assets amid uncertainty ​over U.S. interest rates, geopolitical ​tensions and persistent outflows from crypto investment products.

‌The ⁠weakness extended a retreat from record highs reached in October.

Coinbase's transaction revenue dropped 21% to $599 million ​during the ​quarter, ⁠from $764 million a year earlier.

The company reported a ​loss of $359.5 million, or $1.36 per ​share, ⁠for the quarter ended June 30, compared with a profit of $1.43 ⁠billion, ​or $5.14 per share, a ​year earlier.

(This story has been corrected to say million, not billion, in paragraph 5)

Reporting by Rishab Shaju and Prakhar Srivastava ​in Bengaluru; Editing by Sahal Muhammed

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A boy poses for a photo while holding a game pad in front of a screen displaying the logo of the U.S. children's gaming platform Roblox, in this illustration taken December 8, 2025.... Purchase Licensing Rights, opens new tab Read more

July 30 (Reuters) - Gaming platform Roblox (RBLX.N), opens new tab forecast quarterly bookings below ​Wall Street estimates on Thursday, as tougher age-verification ‌measures weigh on onboarding and engagement, sending its shares down about 12% in after-hours trading.

The company has implemented age verification following heightened scrutiny ​of its child-safety practices, but the added steps ​have made it harder to sign up and reduced ⁠access to certain features that help keep users engaged.

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Roblox's ​average daily active users (DAU) fell 7% sequentially to 123 million ​in the second quarter, but were up 10% from a year earlier.

"To date, the short-term impact from Kids and Select on engagement and ​bookings has been in line with our expectations, and ​we have seen an increase in age-check penetration in younger cohorts," the ‌company ⁠said.

Roblox, which allows users to build and explore their own digital worlds on its platform, expects bookings between $1.58 billion and $1.65 billion in the third quarter, compared with estimates of $1.77 billion, ​according to ​data compiled by ⁠LSEG.

Having built its business around younger players during the pandemic, Roblox has increasingly focused on ​attracting older users and expanding internationally to ​diversify growth.

Users ⁠over 18 years accounted for 27% of age-verified DAUs in the second quarter, the company said, a particularly valuable group ⁠as ​U.S. users aged 18 and older ​generate more than 50% higher monetization than users under 18.

Reporting by Harshita Mary ​Varghese in Bengaluru; Editing by Sahal Muhammed and Sriraj Kalluvila

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MSTR stock is moving. Watch the price action here. Strategy Q2 Details Strategy reported quarterly revenue of $122.39 million, which just missed the consensus estimate of $122.91 million, according to Benzinga Pro data.

Strategy currently holds 843,775 Bitcoin (CRYPTO:BTC), making it the largest institutional holder in the world.

Strategy disclosed the following Bitcoin summary:

Strategy received aggregate gross proceeds of approximately $8.41 billion during the three months ended June 30, 2026, and additional aggregate gross proceeds of approximately $1.28 billion between July 1, 2026, and July 26, 2026.

“In the midst of this phase of muted Bitcoin sentiment and market skepticism, we continue to evolve our business model and establish Digital Credit as a new asset class,” said Michael Saylor, founder and executive chairman.

“Our plan is to return STRC to health with stable demand, high liquidity, and low volatility trading near par. We believe this is the best way to create shareholder value over the long term,” Saylor added.

STRC is Strategy’s Variable Rate Perpetual Stretch Preferred Shares, Series A and is traded on the Nasdaq.

MSTR Stock Price Activity: According to data from Benzinga Pro, Strategy shares were down 0.67% to $97.09 in Thursday’s extended trading.  

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Buffett's Latest Portfolio Moves, and Another Secret StockSirius XM NASDAQ: SIRI reported second-quarter 2026 results marked by modest revenue growth, higher profitability, record-low churn and a substantial increase in free cash flow, prompting the company to raise its full-year financial outlook.

Chief Executive Officer Jennifer Witz said the company returned to positive net subscriber additions during the quarter, increased average revenue per user and recorded the lowest churn rate in its history. The company reported self-pay net additions of 22,000, its strongest second-quarter subscriber performance in four years.

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Sirius XM: Why Berkshire Just Added Another 2.3 Million Shares“Our strategy is clear and our solid execution is delivering results,” Witz said, citing the company’s focus on strengthening its subscription business, expanding advertising and improving operating efficiency.

Revenue, Earnings and Cash Flow Rise Consolidated revenue increased 1% year over year to nearly $2.2 billion. Subscription revenue rose 1% to $1.6 billion, supported by February pricing actions, while advertising revenue increased 5% to $454 million.

Spotify Stock Surge: Why Investors Are Buying Despite High PricesAdjusted EBITDA rose 3% to $691 million, and the adjusted EBITDA margin expanded by 1 percentage point to 32%. Net income increased 17% to $239 million, while diluted earnings per share rose 23% to $0.70.

Free cash flow grew 48% from a year earlier to $593 million. Chief Financial Officer Zac Coughlin said the increase reflected higher adjusted EBITDA, lower cash taxes and favorable timing of vendor payments and capital expenditures.

The company raised its 2026 guidance by $25 million each for revenue, adjusted EBITDA and free cash flow. SiriusXM now expects:

Approximately $8.525 billion in revenue Approximately $2.625 billion in adjusted EBITDA Approximately $1.375 billion in free cash flow Coughlin said the outlook incorporates an expected second-half headwind from higher memory costs for hardware modules. Equipment revenue fell 22% year over year to $36 million, which management attributed to increased memory costs tied to broader semiconductor-market conditions.

Subscription Trends and Retention Efforts SiriusXM’s core segment generated $1.6 billion in revenue, slightly higher than the prior-year period. Subscriber revenue grew 1% to $1.5 billion, while ARPU increased 1% to $15.32.

Self-pay churn was approximately 1.4% during the quarter. Witz said continuous-service initiatives, which reduce friction when customers change vehicles, contributed to the record-low result. She added that underlying churn also improved independently of the initiative because of lower vehicle-related and non-payment churn.

Companion plans contributed 123,000 incremental self-pay net additions during the quarter. Coughlin said more than 80% of users surveyed said the offering increased the value of their subscription, while more than three-quarters said it made them more likely to remain subscribers.

Management nevertheless maintained its expectation for modestly lower full-year self-pay net additions than in 2025. The company expects comparisons to become more difficult in the fourth quarter as it anniversaries the launch of continuous service. SiriusXM is also reducing promotional acquisition offers and discounting in an effort to improve subscriber quality and long-term customer value.

Witz said the company expects churn to remain in a roughly 1.4% to 1.6% range over the longer term, while still seeing opportunities to improve engagement through expanded customer and listening data.

Advertising Momentum and YouTube Opportunity The company’s Pandora and off-platform segment reported revenue growth of 4% to $543 million. Advertising revenue in the segment increased 5% to $413 million, led by approximately 30% growth in podcasting revenue, 29% growth in programmatic advertising and 20% growth in technology fees. Those gains were partly offset by softer streaming-music advertising.

Podcasting revenue grew 30% companywide, driven by higher CPMs, greater sell-through and advertiser demand, Witz said. SiriusXM also cited advertising demand around its FIFA World Cup coverage, which included sponsorship packages for Bank of America, Lowe’s, Verizon, Xfinity and McDonald’s.

Management expects broader commercialization of YouTube Audio later in 2026 following an early test-and-learn period. Chief Advertising Revenue Officer Scott Walker said the offering is intended to address instances where YouTube users are primarily listening rather than watching, including through YouTube Music, smart speakers and mobile or in-car listening.

Walker said SiriusXM now can claim reach of 255 million monthly active users, or 90% of adults age 13 and older, through the opportunity. However, Coughlin said the company does not expect meaningful financial contribution from the YouTube arrangement during the remainder of 2026 or the first half of 2027. Management expects the opportunity to become more significant in the second half of 2027 as advertiser adoption scales.

Content, Sports and Capital Allocation Witz highlighted the company’s content investments, including new full-time artist channels for Morgan Wallen and Green Day, expanded news programming, podcast renewals and the launch of WWE Radio. Sports streaming increased 14% year over year, according to the company.

SiriusXM also introduced Sports Pass, a lower-priced sports-focused subscription offering, and announced an agreement with Audacy to add local sports stations from 22 major U.S. markets. President and Chief Content Officer Scott Greenstein said the Audacy partnership is intended to complement SiriusXM’s national sports voices and league programming with local sports-talk coverage.

The company said 360L, its in-car platform, is expanding across nearly every major original equipment manufacturer lineup. OEM subscribers averaged approximately 24 hours of monthly listening, while subscribers who also stream through the SiriusXM app engaged more than twice as much. Listening through personalized artist stations increased 50% year over year.

On costs, Coughlin said SiriusXM captured $74 million year to date toward its target of $100 million in incremental gross cost savings in 2026, including $48 million in operating expense savings and $26 million in capital expenditure savings.

Capital expenditures declined to $130 million from $145 million a year earlier, primarily because of lower satellite investment following the late-June launch of SXM-11. The company expects the planned launch of SXM-12 next year to complete its current satellite investment cycle.

SiriusXM reduced total debt by $292 million during the quarter and returned nearly $97 million to shareholders through dividends and share repurchases. Net leverage ended the quarter at 3.4 times adjusted EBITDA, within the company’s long-term target range of the low to mid-3 times.

Coughlin said share repurchases are expected to become a more important use of excess cash flow, with an increase anticipated in the second half of 2026 and potentially more significant repurchases in 2027. The company had approximately $996 million remaining under its repurchase authorization at quarter-end.

About Sirius XM (NASDAQ:SIRI)Sirius XM Holdings Inc is a leading audio entertainment company specializing in subscription-based satellite and streaming radio services. Formed in 2008 through the merger of Sirius Satellite Radio and XM Satellite Radio, the company delivers a broad range of programming across music, sports, news, talk and comedy channels. Sirius XM's offerings include exclusive live sports play-by-play, artist-curated music channels, news coverage from major networks and original talk and entertainment series.

Headquartered in New York City, Sirius XM serves listeners throughout the United States and Canada, reaching tens of millions of subscribers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Rivian Automotive reduced its 2026 spending plans and slightly narrowed its previously forecasted losses this year as the company reported second-quarter results Thursday.

The revised guidance now includes adjusted losses between $1.8 billion and $2 billion, down from $1.8 billion to $2.1 billion, and capital expenditures of $1.7 billion to $1.8 billion, down from $1.95 billion and $2.05 billion. It reconfirmed a previously raised delivery target of 65,000 to 70,000 vehicles to customers.

Rivian said the $250 million reduction in capital spending at the mid-point was enabled by "project efficiencies and timing of spend," which the automaker previously increased to allow for added investments in new technologies such as its hands-free driving system.

Here's how Rivian performed in the second quarter, compared with average estimates compiled by LSEG:

Loss per share: 47 cents adjusted vs. a loss of 63 cents expectedRevenue: $1.66 billion vs. $1.51 billion expectedThe company's gross profit, which is closely watched by investors, was $179 million compared to a loss of $206 million a year earlier. That included a $36 million loss for its automotive segment and a $215 million profit for its software and services division.

Rivian's second-quarter revenue included $1.14 billion from automotive and $515 million from software and services. The results were slightly higher than its pre-released second-quarter revenue expectations of between $1.55 billion and $1.65 billion that were released last month in conjunction with disclosing a public offering of 75 million shares of its Class A common stock.

Automotive revenue increased 23% year-over-year, primarily due to a 14% increase in vehicle deliveries and a $103 million increase in revenues related to regulatory credits, the company said.

Rivian's net loss attributable to common stockholders during the second quarter was $837 million, or 63 cents a share, a $278 million, or 34 cent per share, improvement compared with the second quarter of 2025.

Rivian previously said the raised delivery guidance was driven by higher deliveries during the second quarter of its electric delivery van and flagship R1 products.

The company also started delivering its midsize R2 SUV during the quarter. It's ramping up production of that vehicle at its sole production plant in Normal, Illinois, which has capacity to produce 160,000 of the vehicles annually.

"Incredibly excited with R2 now getting into customers' hands, and the overall feedback and response to the product has just been outstanding," Rivian CEO RJ Scaringe told CNBC's Phil LeBeau on Thursday. "And so, of course, that's a major step for us on our path to profitability."

Scaringe has said Rivian will reach profitability this year on a per-unit production basis with the R2, a smaller and less expensive sibling to its current luxury R1s SUV. But he said the company needs more scale than the 160,000 units already planned for the vehicle at its current plant in Normal, Illinois, to achieve profitability.

Rivian on Thursday reconfirmed its cash, cash equivalents and short-term investments balance was an estimated $5.3 billion, up from $4.8 billion to end the first quarter.

The company said later this year it expects to receive $1 billion in non-recourse debt financing from its software deal with Volkswagen Group and an additional $250 million equity investment from a separate partnership with Uber.

MALVERN, Pa., July 30, 2026 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) today announced its operating results for the three and six months ended June 30, 2026.

“Second quarter results reflected continued momentum in operating fundamentals, highlighted by steady acceleration in same-store revenue growth driven by improving occupancy trends and strengthening new customer pricing across the portfolio,” commented President and Chief Executive Officer Christopher P. Marr. “The formation of our new Heitman joint venture unlocks value from our portfolio and provides an accretive source of capital to support share repurchases, while maintaining the financial flexibility to capitalize on future investment opportunities.”

Key Highlights for the Second Quarter

Reported diluted earnings per share (“EPS”) attributable to the Company’s common shareholders of $0.39.Reported funds from operations (“FFO”), as adjusted, per diluted share of $0.63.Same-store (623 stores) net operating income (“NOI”) decreased 0.7% year over year, resulting from a 0.8% increase in revenues and a 4.4% increase in operating expenses.Same-store occupancy averaged 90.4% during the quarter, ending at 91.0%.Amended and restated our unsecured revolving credit facility, increasing the size from $850 million to $1 billion, improving the pricing, and extending the maturity date to June 2030.Repurchased 1.1 million common shares of beneficial interest through our share repurchase program for $42.5 million at an average purchase price of $38.96 per share.Added 25 stores to our third-party management platform, bringing our total third-party managed store count to 872. Financial Results

Net income attributable to the Company’s common shareholders was $89.6 million for the second quarter of 2026, compared with $83.0 million for the second quarter of 2025. Diluted EPS attributable to the Company’s common shareholders increased to $0.39 for the second quarter of 2026, compared with $0.36 for the same period last year.

FFO, as adjusted was $143.1 million for the second quarter of 2026 compared with $148.9 million for the second quarter of 2025. FFO, as adjusted, per diluted share decreased 3.1% to $0.63 for the second quarter of 2026, compared with $0.65 for the same period last year.

Investment Activity

Disposition Activity

Subsequent to June 30, 2026, the Company entered into an agreement to contribute 15 wholly-owned stores to a newly-formed joint venture with an affiliate of Heitman Capital Management (“Heitman”) for an agreed-upon value of $197.0 million. The Company will receive cash and own a 20% interest in the joint venture, while Heitman will contribute cash and own the remaining 80% interest. The stores subject to the agreement contain approximately 0.9 million square feet and are located in Connecticut (3), Georgia (1), North Carolina (2), Ohio (1), Texas (2), Utah (4) and Virginia (2). The transaction is expected to close in the fourth quarter of 2026.

Development Activity

The Company has agreements with developers for the construction of self-storage properties in high-barrier-to-entry locations. As of June 30, 2026, the Company had one joint venture development property under construction. The Company anticipates investing a total of $28.0 million related to this project and had invested $8.7 million of that total as of June 30, 2026. The development property is located in New York and is expected to open during the third quarter of 2027.

Third-Party Management

As of June 30, 2026, the Company’s third-party management platform included 872 stores totaling 57.5 million rentable square feet. During the three and six months ended June 30, 2026, the Company added 25 and 58 stores, respectively, to its third-party management platform.

Same-Store Results

The Company’s same-store portfolio as of June 30, 2026 included 623 stores containing 45.2 million rentable square feet, or approximately 93.3% of the aggregate rentable square feet of the Company’s 662 consolidated stores. These same-store properties represented approximately 94.8% of the Company’s property NOI for the three months ended June 30, 2026.

Same-store physical occupancy as of both June 30, 2026 and 2025 was 91.0%. Same-store total revenues for the second quarter of 2026 increased 0.8% and same-store operating expenses increased 4.4% compared to the same quarter in 2025. Same-store NOI decreased 0.7% from the second quarter of 2025 to the second quarter of 2026.

Operating Results

As of June 30, 2026, the Company’s total consolidated portfolio included 662 stores containing 48.5 million rentable square feet with physical occupancy of 90.7%.

Total revenues increased $4.2 million and property operating expenses increased $7.0 million for the second quarter of 2026, as compared to the same period in 2025. The increase in revenues was primarily attributable to higher rental rates in our same-store portfolio, while the increase in property operating expenses was primarily attributable to increases in personnel expenses and property taxes.

Interest expense increased from $29.1 million during the three months ended June 30, 2025 to $30.3 million during the three months ended June 30, 2026, an increase of $1.2 million. The increase was attributable to an increase in the average outstanding debt balance and higher interest rates during the 2026 period compared to the 2025 period.

The average outstanding debt balance increased from $3.43 billion during the three months ended June 30, 2025 to $3.51 billion during the three months ended June 30, 2026. The weighted average effective interest rate on our outstanding debt increased from 3.32% during the three months ended June 30, 2025 to 3.33% for the three months ended June 30, 2026.

Financing Activity

In June 2026, the Company amended and restated its unsecured revolving credit facility. The amendment increased the size of the facility from $850 million to $1 billion, improved the pricing, and extended the maturity date from February 2027 to June 2030.

During the three months ended June 30, 2026, the Company repurchased 1.1 million common shares of beneficial interest through its share repurchase program for $42.5 million, resulting in an average purchase price of $38.96 per share. As of June 30, 2026, 10.1 million shares remained available for repurchase under this program.

Quarterly Dividend

On May 19, 2026, the Company declared a quarterly dividend of $0.53 per common share. The dividend was paid on July 15, 2026 to common shareholders of record on July 1, 2026.

2026 Financial Outlook

“Strong operating performance through the first half of the year has resulted in increases to the midpoint of our same-store revenue, same-store NOI, and FFO guidance ranges,” commented Chief Financial Officer Tim Martin. “In the quarter, we continued to enhance our liquidity profile and execute our disciplined capital allocation strategy through the expansion of our revolving credit facility and through share repurchases at prices that represent compelling long-term value.”

The Company estimates that its fully diluted earnings per share for 2026 will be between $1.58 and $1.64, and that its fully diluted FFO per share, as adjusted, for 2026 will be between $2.54 and $2.60. Due to uncertainty related to the timing and terms of transactions, the impact of any potential future speculative investment activity is excluded from guidance. For 2026, the same-store pool consists of 623 properties totaling 45.2 million rentable square feet.

2026 Full Year Guidance Range SummaryCurrent Ranges for
Annual Assumptions Prior Guidance (1)Same-store revenue growth 0.50%to 1.25% (0.25%)to 1.25%Same-store expense growth 3.25%to 4.50%  3.25%to 4.75%Same-store NOI growth (1.00%)to 0.25%  (1.75%)to 0.25%            Property management fee income$39.0Mto$41.0M $39.0Mto$41.0MGeneral and administrative expenses$66.5Mto$68.5M $66.5Mto$68.5MInterest and loan amortization expense$124.5Mto$128.5M $124.5Mto$128.5MFull year weighted average shares and units228.2M
 228.8M            Diluted earnings per share attributable to common           shareholders$1.58to$1.64 $1.55to$1.63Plus: real estate depreciation and amortization 0.97  0.97  0.97  0.97Less: gain from sale of real estate (0.01)  (0.01)  -  -FFO, as adjusted, per diluted share$2.54to$2.60 $2.52to$2.60            (1) Prior guidance as indicated in our first quarter earnings release dated April 30, 2026.            3rd Quarter 2026 Guidance  RangeDiluted earnings per share attributable to common shareholders   $0.40to$0.42Plus: real estate depreciation and amortization       0.24  0.24FFO, as adjusted, per diluted share      $0.64to$0.66             Conference Call

Management will host a conference call at 11:00 a.m. ET on Friday, July 31, 2026 to discuss financial results for the three months ended June 30, 2026.

A live webcast of the conference call will be available online from the investor relations page of the Company’s corporate website at investors.cubesmart.com. Telephone participants may join on the day of the call by dialing 1 (833) 461-5787 using conference ID number 574860863. Registered financial analysts participating on the call may avoid delays by pre-registering using the following link: https://events.q4inc.com/analyst/574860863?pwd=XXrIBM1q. A replay of the webcast will be available on the Company’s website following the live event.

Supplemental operating and financial data as of June 30, 2026 is available in the investor relations section of the Company’s corporate website.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust (“REIT”). The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2026 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

Non-GAAP Financial Measures

Funds from operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. The April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (the “White Paper”), as amended, defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of real estate and related impairment charges, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

Management uses FFO as a key performance indicator in evaluating the operations of the Company's stores. Given the nature of its business as a real estate owner and operator, the Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States. The Company believes that FFO is useful to management and investors as a starting point in measuring its operational performance because FFO excludes various items included in net income that do not relate to or are not indicative of its operating performance such as gains (or losses) from sales of real estate, gains from remeasurement of investments in real estate ventures, impairments of depreciable assets, and depreciation, which can make periodic and peer analyses of operating performance more difficult. The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies.

FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Company’s performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of the Company’s ability to make cash distributions. The Company believes that to further understand its performance, FFO should be compared with its reported net income and considered in addition to cash flows computed in accordance with GAAP, as presented in its consolidated financial statements.

FFO, as adjusted represents FFO as defined above, excluding the effects of acquisition related costs, gains or losses from early extinguishment of debt, and other non-recurring items, which the Company believes are not indicative of the Company’s operating results.

The Company defines net operating income, which it refers to as “NOI,” as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income (loss): interest expense on loans, loan procurement amortization expense, loss on early extinguishment of debt, acquisition related costs, equity in losses of real estate ventures, other expense, depreciation and amortization expense, general and administrative expense, and deducting from net income (loss): equity in earnings of real estate ventures, gains from sales of real estate, net, other income, gains from remeasurement of investments in real estate ventures and interest income. NOI is a measure of performance that is not calculated in accordance with GAAP.

Management uses NOI as a measure of operating performance at each of its stores, and for all of its stores in the aggregate. NOI should not be considered as a substitute for net income, cash flows provided by operating, investing and financing activities, or other income statement or cash flow statement data prepared in accordance with GAAP.

The Company believes NOI is useful to investors in evaluating operating performance because it is one of the primary measures used by management and store managers to evaluate the economic productivity of the Company’s stores, including the ability to lease stores, increase pricing and occupancy, and control property operating expenses. Additionally, NOI helps the Company’s investors meaningfully compare the results of its operating performance from period to period by removing the impact of its capital structure (primarily interest expense on outstanding indebtedness) and depreciation of the basis in its assets from operating results.

Forward-Looking Statements

This presentation, together with other statements and information publicly disseminated by CubeSmart (“we,” “us,” “our” or the “Company”), contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the “Exchange Act.” Forward-looking statements include statements concerning the Company’s plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates,” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this presentation, or which management or persons acting on their behalf may make orally or in writing from time to time, as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation or as of the dates otherwise indicated in such forward-looking statements. All of our forward-looking statements, including those in this presentation, are qualified in their entirety by this statement.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this presentation. Any forward-looking statements should be considered in light of the risks and uncertainties referred to in Item 1A. “Risk Factors” in our Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission (“SEC”).

These risks include, but are not limited to, the following:

adverse changes in economic conditions in the real estate industry and in the markets in which we own and operate self-storage properties;the effect of competition from existing and new self-storage properties and operators on our ability to maintain or raise occupancy and rental rates;the failure to execute our business plan;adverse consumer impacts and declines in general economic conditions from inflation, tariffs, changes in interest rates and wage stagnation, including impacts on the demand for self-storage, rental rates and fees and rent collection levels;reduced availability and increased costs of external sources of capital;financing risks, including rising interest rates, the risk of over-leverage and the corresponding risk of default on our mortgage and other debt and potential inability to refinance existing or future debt;counterparty non-performance related to the use of derivative financial instruments;risks related to our ability to maintain our qualification as a REIT for federal income tax purposes;the failure of acquisitions or developments of self-storage properties to close on expected terms, or at all, or to perform as expected;increases in taxes, fees and assessments from state and local jurisdictions;the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with our objectives;reductions in asset valuations and related impairment charges;negative publicity relating to our business or industry, which could adversely affect our reputation;increases in operating costs, including, without limitation, insurance, utility and other general expenses, which could adversely affect our financial results;cybersecurity breaches, cyber or ransomware attacks or a failure of our networks, systems or technology, which could adversely impact our business, customer and employee relationships or result in fraudulent payments;risks associated with generative artificial intelligence tools and large language models and the conclusions that these tools and models may draw about our business and prospects in connection with the dissemination of negative opinions, characterizations or disinformation;changes in real estate, zoning, use and occupancy laws or regulations;risks related to or consequences of earthquakes, hurricanes, windstorms, floods, wildfires, other natural disasters or acts of violence, pandemics, active shooters, terrorism, insurrection or war that impact the markets in which we operate;potential environmental and other material liabilities;governmental, administrative and executive orders, regulations and laws, which could adversely impact our business operations and customer and employee relationships;uninsured or uninsurable losses and the ability to obtain insurance coverage, indemnity or recovery from insurance against risks and losses;changes in the availability of and the cost of labor;other factors affecting the real estate industry generally or the self-storage industry in particular; andother risks identified in Item 1A of our Annual Report on Form 10-K and, from time to time, in other reports that we file with the SEC or in other documents that we publicly disseminate. Given these uncertainties, we caution readers not to place undue reliance on forward-looking statements. We undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise except as may be required by securities laws. Because of the factors referred to above, the future events discussed in this presentation may not occur and actual results, performance or achievement could differ materially from that anticipated or implied in the forward-looking statements.

Contact:

CubeSmart
Josh Schutzer
Senior Vice President, Finance
(610) 535-5700

CUBESMART AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)       June 30, December 31, 2026
 2025
 (unaudited)         ASSETS     Storage properties$8,148,814  $8,134,189 Less: Accumulated depreciation (1,842,330)  (1,758,340)Storage properties, net (includes VIE amounts of $379,839 and $373,687, respectively) 6,306,484   6,375,849 Cash and cash equivalents (including VIE amounts of $7,206 and $4,397, respectively) 14,310   5,782 Restricted cash (including VIE amounts of $48 and $2,552, respectively) 2,273   4,451 Loan procurement costs, net of amortization 6,628   1,803 Investment in real estate ventures, at equity 73,456   74,034 Other assets, net 181,664   181,274 Total assets$6,584,815  $6,643,193       LIABILITIES AND EQUITY     Unsecured senior notes, net$2,927,533  $2,925,103 Revolving credit facility 450,843   378,800 Mortgage loans and notes payable, net (including VIE amounts of $7,089 and $7,092, respectively) 97,637   98,859 Lease liabilities - finance leases 65,487   65,579 Accounts payable, accrued expenses and other liabilities 241,816   229,666 Distributions payable 120,604   121,519 Deferred revenue 43,883   41,591 Total liabilities 3,947,803   3,861,117       Noncontrolling interests in the Operating Partnership 39,143   36,167       Commitments and contingencies           Equity     Common shares $.01 par value, 400,000,000 shares authorized, 225,521,694 and 227,269,217 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 2,255   2,273 Additional paid-in capital 4,310,390   4,302,554 Accumulated other comprehensive loss (209)  (249)Accumulated deficit (1,733,193)  (1,585,135)Total CubeSmart shareholders’ equity 2,579,243   2,719,443 Noncontrolling interests in subsidiaries 18,626   26,466 Total equity 2,597,869   2,745,909 Total liabilities and equity$6,584,815  $6,643,193  CUBESMART AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)             Three Months Ended June 30, Six Months Ended June 30, 2026
 2025
 2026
 2025
            REVENUES           Rental income$242,217  $239,557  $482,142  $472,322 Other property related income 34,240   32,596   66,312   62,362 Property management fee income 10,029   10,150   19,961   20,655 Total revenues 286,486   282,303   568,415   555,339 OPERATING EXPENSES           Property operating expenses 96,018   89,028   186,086   171,962 Depreciation and amortization 55,839   66,488   117,277   125,644 General and administrative 17,246   14,897   34,435   30,965 Total operating expenses 169,103   170,413   337,798   328,571 OTHER (EXPENSE) INCOME           Interest:           Interest expense on loans (30,341)  (29,090)  (60,172)  (55,190)Loan procurement amortization expense (1,099)  (1,221)  (2,164)  (2,442)Equity in earnings of real estate ventures 556   547   1,163   926 Gain from sale of real estate, net 2,503   —   2,503   — Other 458   306   263   1,115 Total other expense (27,923)  (29,458)  (58,407)  (55,591)NET INCOME 89,460   82,432   172,210   171,177 Net income attributable to noncontrolling interests in the Operating Partnership (395)  (401)  (752)  (854)Net loss attributable to noncontrolling interests in subsidiaries 520   929   1,014   1,834 NET INCOME ATTRIBUTABLE TO THE COMPANY$89,585  $82,960  $172,472  $172,157             Basic earnings per share attributable to common shareholders$0.40  $0.36  $0.76  $0.75 Diluted earnings per share attributable to common shareholders$0.39  $0.36  $0.76  $0.75             Weighted average basic shares outstanding 226,774   228,737   227,289   228,700 Weighted average diluted shares outstanding 227,189   229,303   227,676   229,273  Same-Store Results (623 stores)
(in thousands, except percentages and per square foot data)
(unaudited)                   Three Months Ended    Six Months Ended    June 30, Percent June 30, Percent 2026
 2025
 Change 2026
 2025
 Change                  REVENUES                 Rental income$228,357  $227,135  0.5 % $454,547  $452,813  0.4 %Other property related income 13,030   12,331  5.7 %  24,814   23,126  7.3 %Total revenues 241,387   239,466  0.8 %  479,361   475,939  0.7 %                  OPERATING EXPENSES                 Property taxes(1) 29,570   28,073  5.3 %  59,051   56,729  4.1 %Personnel expense 15,337   14,271  7.5 %  30,239   28,170  7.3 %Advertising 8,085   8,328  (2.9)%  12,625   11,269  12.0 %Repair and maintenance 3,761   2,972  26.5 %  6,679   5,717  16.8 %Utilities 5,302   5,159  2.8 %  11,764   11,452  2.7 %Property insurance 2,612   3,094  (15.6)%  5,328   6,543  (18.6)%Other expenses 10,157   9,793  3.7 %  21,335   20,021  6.6 %                  Total operating expenses 74,824   71,690  4.4 %  147,021   139,901  5.1 %                  Net operating income(2)$166,563  $167,776  (0.7)% $332,340  $336,038  (1.1)%                  Gross margin 69.0 % 70.1 %    69.3 % 70.6 %                    Period end occupancy 91.0 % 91.0 %    91.0 % 91.0 %                    Period average occupancy 90.4 % 90.5 %    89.7 % 90.0 %                    Total rentable square feet 45,241         45,241                         Realized annual rent per occupied square foot(3)$22.34  $22.18  0.7 % $22.40  $22.25  0.7 %                  Reconciliation of Same-Store Net Operating Income to Net Income                                   Same-store net operating income(2)$166,563  $167,776     $332,340  $336,038    Non same-store net operating income(2) 9,180   8,235      18,393   12,947    Indirect property overhead(4) 14,725   17,264      31,596   34,392    Depreciation and amortization (55,839)  (66,488)     (117,277)  (125,644)   General and administrative expense (17,246)  (14,897)     (34,435)  (30,965)   Interest expense on loans (30,341)  (29,090)     (60,172)  (55,190)   Loan procurement amortization expense (1,099)  (1,221)     (2,164)  (2,442)   Equity in earnings of real estate ventures 556   547      1,163   926    Gain from sale of real estate, net 2,503   -      2,503   -    Other 458   306      263   1,115                      Net income$89,460  $82,432     $172,210  $171,177     (1) For comparability purposes, current year amounts related to the expiration of certain real estate tax abatements have been excluded from the same-store portfolio results ($206k and $411k for the three and six months ended June 30, 2026, respectively).(2) Net operating income (“NOI”) is a non-GAAP (“generally accepted accounting principles”) financial measure. The above table reconciles same-store NOI to GAAP Net income.(3) Realized annual rent per occupied square foot is calculated by dividing annualized rental income by the weighted average occupied square feet for the period.(4) Includes property management fee income earned in conjunction with managed properties.    Non-GAAP Measure – Computation of Funds From Operations
(in thousands, except percentages and per share and unit data)
(unaudited)               Three Months Ended  Six Months Ended  June 30,  June 30,  2026
  2025  2026
 2025               Net income attributable to the Company's common shareholders$89,585  $82,960  $172,472  $172,157               Add (deduct):             Real estate depreciation and amortization:             Real property 54,023   64,118   113,531   120,807 Company's share of unconsolidated real estate ventures 1,493   1,433   2,971   3,243 Gain from sale of real estate, net(1) (2,503)  —   (2,503)  — Net income attributable to noncontrolling interests in the Operating Partnership 395   401   752   854               FFO attributable to the Company's common shareholders and third-party OP unitholders$142,993  $148,912  $287,223  $297,061               Add:             Loss on early extinguishment of debt(2) 59   -   59   -               FFO, as adjusted, attributable to the Company's common shareholders and third-party OP unitholders$143,052  $148,912  $287,282  $297,061               Basic earnings per share attributable to common shareholders$0.40  $0.36  $0.76  $0.75 Diluted earnings per share attributable to common shareholders$0.39  $0.36  $0.76  $0.75 FFO per diluted share and unit$0.63  $0.65  $1.26  $1.29 FFO, as adjusted per diluted share and unit$0.63  $0.65  $1.26  $1.29               Weighted average basic shares outstanding 226,774   228,737   227,289   228,700 Weighted average diluted shares outstanding 227,189   229,303   227,676   229,273 Weighted average diluted shares and units outstanding 228,173   230,418   228,661   230,415               Dividends per common share and unit$0.53  $0.52  $1.06  $1.04 Payout ratio of FFO, as adjusted 84.1 % 80.0%  84.1 % 80.6% (1) Relates to a gain from the sale of a land parcel adjacent to a Company store.(2) Relates to the write-off of unamortized loan procurement costs associated with the Company’s amendment and restatement of its unsecured revolving credit facility.   

, /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported its second quarter 2026 financial results. The company's earnings release and associated materials are available on the Investors section of the company's website, www.weyerhaeuser.com. In addition, the earnings release has been furnished on a Form 8-K with the U.S. Securities and Exchange Commission and is available at www.sec.gov.

EARNINGS CALL INFORMATION
The company will hold a live webcast and conference call at 7 a.m. Pacific (10 a.m. Eastern) on July 31, 2026, to discuss second quarter results. To access the live webcast and presentation online, visit the Investors section on www.weyerhaeuser.com on July 31, 2026.

To join the conference call from within North America, dial 877-407-0792 (access code: 13755108) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13755108). Replays will be available for two weeks at 844-512-2921 (access code: 13755108) from within North America, and at 412-317-6671 (access code: 13755108) from outside North America.

ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls more than 10 million acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada. Weyerhaeuser has been a global leader in sustainability for more than a century and manages 100 percent of its timberlands on a fully sustainable basis in compliance with internationally recognized sustainable forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood products in North America and operates additional business lines around product distribution, climate solutions, real estate, and energy and natural resources, among others. In 2025, the company generated $6.9 billion in net sales and employed approximately 9,500 people who serve customers worldwide. Operated as a real estate investment trust, Weyerhaeuser's common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

For more information contact:
Analysts – Andy Taylor, 206-539-3907
Media – Nancy Thompson, 919-861-0342

SOURCE Weyerhaeuser Company

VICI Properties Inc. (VICI) Q2 2026 Earnings Call July 30, 2026 10:00 AM EDT

Company Participants

Samantha Gallagher - Executive VP, General Counsel & Secretary
Edward Pitoniak - CEO & Director
John W. Payne - President & COO
David Kieske - Executive VP, CFO & Treasurer
Gabriel Wasserman - MD of Business Development and VICI Experiential Credit Solutions (V.E.C.S.)
Erin Ferreri - Senior Vice President of Finance

Conference Call Participants

Caitlin Burrows - Goldman Sachs Group, Inc., Research Division
Greg McGinniss - Scotiabank Global Banking and Markets, Research Division
John DeCree - CBRE Securities, LLC, Research Division
Chris Darling - Green Street Advisors, LLC, Research Division
David Katz - Jefferies LLC, Research Division
Daniel Guglielmo - Capital One Securities, Inc., Research Division
Todd Thomas - KeyBanc Capital Markets Inc., Research Division

Presentation

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties' Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded today, July 30, 2026. I will now turn the call over to Samantha Gallagher, General Counsel with VICI Properties.

Samantha Gallagher
Executive VP, General Counsel & Secretary

Thank you, operator, and good morning. Everyone should have access to the company's second quarter 2026 earnings release and supplemental information. The release and supplemental information can be found in the Investors section of the VICI Properties website at www.viciproperties.com.

Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should, guidance, intend, outlook, projects or other similar phrases are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. I refer you to the company's SEC filings for a more detailed discussion of the risks that could

Highlights

Second quarter 2026 net loss of ($13.3) million, or ($0.12) per diluted share Quarterly adjusted EBITDA of $191.3 million  , /PRNewswire/ -- Olin Corporation (NYSE: OLN) announced financial results for the second quarter ended June 30, 2026. Second quarter 2026 reported net loss was ($13.3) million, or ($0.12) per diluted share, which compares to second quarter 2025 reported net loss of ($1.3) million, or ($0.01) per diluted share. Second quarter 2026 adjusted EBITDA of $191.3 million excludes depreciation and amortization expense of $122.1 million, acquisition-related costs of $10.6 million, and restructuring charges of $10.5 million. Second quarter 2025 adjusted EBITDA was $176.1 million. Sales in the second quarter 2026 were $1,741.9 million, compared to $1,758.3 million in the second quarter 2025.

Ken Lane, President and Chief Executive Officer, said, "The Olin team delivered sequential improvement in adjusted EBITDA in a highly volatile environment. Our Chlor Alkali Products and Vinyls business benefited from improved caustic soda and ethylene dichloride pricing and from favorable operating performance driven by our Beyond250 structural cost actions. However, partially offsetting this performance was an unplanned shutdown of the vinyl chloride monomer plant in Freeport, Texas. Operations have resumed at reduced rates. The disruption reduced second quarter adjusted EBITDA by $40 million, with an estimated $20 million impact expected in the third quarter as full rates are planned to resume late in the quarter. Epoxy continued to improve as margins expanded despite persistent weak demand conditions in Europe. Winchester's sequential improvement was driven by stronger commercial demand and pricing actions implemented to offset commodity metals and raw materials cost inflation.

"Looking ahead, we expect our Chemical businesses' third quarter 2026 results to be comparable to the second quarter, as reduced operating rates at the vinyl chloride monomer facility and weaker ethylene dichloride pricing offset expected stronger caustic soda volumes. In our Winchester business, seasonally improving commercial demand is expected to support sequential earnings growth. With continued significant global volatility, third quarter 2026 adjusted EBITDA is forecast to be in the range of $160 million to $200 million," Lane concluded.

SEGMENT REPORTING

Olin defines segment earnings as income (loss) before interest expense, net, other operating income (expense), non-operating pension income, other income, and income taxes.

CHLOR ALKALI PRODUCTS AND VINYLS

Chlor Alkali Products and Vinyls sales for the second quarter 2026 were $819.5 million, compared to $979.5 million in the second quarter 2025. The decrease in sales was due to lower volumes, primarily resulting from lower trading volumes associated with Blue Water Alliance and lower vinyl chloride monomer volumes. The Blue Water Alliance joint venture concluded operations at the end of 2025. Second quarter 2026 segment earnings were $53.4 million, compared to $64.9 million in the second quarter 2025. Second quarter 2026 segment results were negatively impacted by $40.1 million from operating issues with the vinyl chloride monomer plant at the Freeport, Texas facility resulting in higher costs and reduced profit from lost sales. The remaining $28.6 million increase in segment earnings was primarily due to higher pricing, primarily caustic soda and ethylene dichloride, partially offset by higher raw material costs, primarily natural gas and electrical power costs. Chlor Alkali Products and Vinyls second quarter 2026 results included depreciation and amortization expense of $98.1 million compared to $106.3 million in the second quarter 2025.

EPOXY

Epoxy sales for the second quarter 2026 were $422.1 million, compared to $331.2 million in the second quarter 2025. The increase in sales was due to higher volumes and improved pricing. Second quarter 2026 segment earnings were $16.0 million, compared to a segment loss of ($23.7) million in the second quarter 2025. The $39.7 million increase in segment results was primarily due to higher volumes, improved product margins, and lower operating costs. Product margins improved year-over-year with higher pricing partially offset by higher raw material costs, primarily benzene and propylene. Epoxy second quarter 2026 results included depreciation and amortization expense of $11.7 million compared to $13.1 million in the second quarter 2025.

WINCHESTER

Winchester sales for the second quarter 2026 were $500.3 million, compared to $447.6 million in the second quarter 2025. The increase in sales was primarily due to higher commercial ammunition sales and higher military project revenue. Second quarter 2026 segment earnings were $28.1 million, compared to $25.0 million in the second quarter 2025. The $3.1 million increase in segment earnings was primarily due to higher commercial ammunition pricing and volume and higher military project revenue, partially offset by higher raw material costs, primarily commodity metal costs, and higher operating costs. Winchester second quarter 2026 results included depreciation and amortization expense of $8.8 million compared to $7.9 million in the second quarter 2025.

CORPORATE AND OTHER COSTS

Other corporate and unallocated costs in the second quarter of 2026 increased $5.4 million compared to the second quarter 2025 primarily due to an unfavorable impact from foreign currency, partially offset by lower stock-based compensation, which includes mark-to-market adjustments.

PROPOSED MERGER OF EQUALS

On June 16, 2026, Olin and Huntsman Corporation announced that they have entered into a definitive agreement to combine in an all-stock merger of equals to form a combined company, OlinHuntsman Corporation. Second quarter 2026 results included acquisition-related costs of $10.6 million related to this pending merger.

Completion of the merger, which is expected to occur in the first half of 2027, is subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approvals and approval of the merger by both Olin shareholders and Huntsman stockholders.

LIQUIDITY

The cash balance on June 30, 2026, was $177.4 million. Olin ended the second quarter 2026 with net debt of approximately $2.85 billion and a net debt to adjusted EBITDA ratio of 5.0 times. On June 30, 2026, Olin had available liquidity of approximately $1.2 billion, including unrestricted access to the undrawn portion of its revolving credit facility. Working capital increased $183.0 million in the first half 2026. In addition to the normal seasonal working capital built in first half of the year, which we expect to liquidate during the second half, Olin paid approximately $93 million, including previously accrued reserves, to resolve legacy Shintech litigation matters and expect to pay the remaining approximately $100 million in the second half of 2026.

CONFERENCE CALL INFORMATION

Olin senior management will host a conference call to discuss second quarter 2026 financial results at 9:00 a.m. Eastern Time on Friday, July 31, 2026. Remarks will be followed by a question-and-answer session. Associated slides and the conference call webcast are accessible via Olin's website, www.olin.com, under the second quarter conference call icon. An archived replay of the webcast will also be available in the Investor Relations section of Olin's website beginning at 12:00 p.m. Eastern Time. A final transcript of the call will be posted the next business day.

COMPANY DESCRIPTION

Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester's principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets, along with contracted U.S. military project revenue.

Visit www.olin.com for more information on Olin Corporation.

FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. These statements may include statements regarding the proposed merger with Huntsman Corporation (Huntsman), the expected timetable for completing the merger, benefits and synergies of the merger, and future opportunities for the combined company following the transaction. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.

We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," "target," and variations of such words and similar expressions in this communication to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.

The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including, without limitation, the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following:

Business, Industry and Operational Risks

sensitivity to economic, business and market conditions in the United States and overseas, including economic instability or a downturn in the sectors served by us; declines in average selling prices for our products and the supply/demand balance for our products, including the impact of excess industry capacity or an imbalance in demand for our chlor alkali products; unsuccessful execution of our operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes; failure to control costs and inflation impacts or failure to achieve targeted cost reductions; availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics; our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation; the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards; exposure to physical risks associated with climate-related events or increased severity and frequency of severe weather events; the failure or an interruption, including cyber-attacks, of our information technology systems; risks associated with our international sales and operations, including economic, political or regulatory changes; weak industry conditions affecting our ability to comply with the financial maintenance covenants in our debt agreements; our indebtedness and debt service obligations; failure to identify, attract, develop, retain and motivate qualified employees throughout the organization and ability to manage executive officer and other key senior management transitions; adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital; our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business; the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value the liabilities in, and funding of, our pension plans; our long-range plan assumptions not being realized, causing a non-cash impairment charge of long-lived assets; Legal, Environmental and Regulatory Risks

changes in, or failure to comply with, legislation or government regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which we operate; new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities; unexpected outcomes from legal or regulatory claims and proceedings; costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings; various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts; Risks Relating to the Proposed Merger with Huntsman

factors relating to the satisfaction of the conditions to, and timely completion of, the proposed merger with Huntsman, including required shareholder and regulatory approvals; the possibility that the proposed merger may not be completed on the anticipated terms, timing, or at all, including the possibility of circumstances that would require us to pay a termination fee or reimburse certain expenses; the possibility that the expected strategic benefits, cost savings, operational efficiencies and synergies of the proposed merger may not be realized or may take longer to realize than expected; the effect of the proposed merger on relationships with employees, customers, suppliers and other business partners and adverse effects on our ability to attract, retain and motivate key personnel, maintain commercial relationships and execute our business strategy; the diversion of management attention from day-to-day operations and other strategic opportunities; transaction, advisory, legal, accounting, consulting, regulatory, retention, integration planning costs and other costs associated with the proposed merger; the Merger Agreement contains customary covenants that restrict our ability to undertake certain actions without Huntsman's consent prior to closing, which may limit operational flexibility and the ability to pursue certain business opportunities during the pendency of the transaction; and the risk of litigation, regulatory proceedings relating to the proposed merger, or the imposition of conditions, limitations, divestiture requirements or other remedies by governmental authorities. All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.

2026-10

Olin Corporation

Consolidated Statements of Operations(a)

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in millions, except per share amounts)

2026

2025

2026

2025

Sales

$   1,741.9

$   1,758.3

$   3,324.9

$   3,402.5

Operating Expenses:

Cost of Goods Sold

1,571.7

1,620.2

3,078.9

3,115.7

Selling and Administrative

102.7

95.2

247.7

196.2

Restructuring Charges

10.5

7.4

19.6

11.4

Acquisition-related Costs(b)

10.6

—

10.6

—

Other Operating Income (Expense)

0.1

(0.2)

0.1

(0.2)

Operating Income (Loss)

46.5

35.3

(31.8)

79.0

Losses of Non-consolidated Affiliates

(1.0)

(1.4)

(2.4)

(1.4)

Interest Expense, Net

(44.3)

(45.6)

(86.4)

(92.9)

Non-operating Pension Income

2.6

4.9

6.1

10.6

Income (Loss) before Taxes

3.8

(6.8)

(114.5)

(4.7)

Income Tax Provision (Benefit)

17.1

(4.0)

(18.2)

(3.1)

Net Loss

(13.3)

(2.8)

(96.3)

(1.6)

Net Loss Attributable to Noncontrolling Interests

—

(1.5)

—

(1.7)

Net (Loss) Income Attributable to Olin Corporation

$      (13.3)

$        (1.3)

$      (96.3)

$          0.1

Net (Loss) Income Attributable to Olin Corporation per Common Share:

Basic

$      (0.12)

$      (0.01)

$      (0.85)

$           —

Diluted

$      (0.12)

$      (0.01)

$      (0.85)

$           —

Dividends per Common Share

$        0.20

$        0.20

$        0.40

$        0.40

Average Common Shares Outstanding - Basic

113.9

114.9

113.8

115.1

Average Common Shares Outstanding - Diluted

113.9

114.9

113.8

115.9

(a)     Unaudited.

(b)     Acquisition-related costs for the three and six months ended June 30, 2026 included advisory, legal, accounting, and other professional fees associated with our proposed merger with Huntsman Corporation.

Olin Corporation

Segment Information(a)

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in millions)

2026

2025

2026

2025

Sales:

Chlor Alkali Products and Vinyls

$      819.5

$      979.5

$   1,576.4

$   1,904.0

Epoxy

422.1

331.2

777.7

662.9

Winchester

500.3

447.6

970.8

835.6

  Total Sales

$   1,741.9

$   1,758.3

$   3,324.9

$   3,402.5

Income (Loss) before Taxes:

Chlor Alkali Products and Vinyls

$        53.4

$        64.9

$          8.9

$      143.2

Epoxy

16.0

(23.7)

13.1

(52.1)

Winchester

28.1

25.0

43.3

47.8

Corporate/Other:

Environmental Expense

(5.7)

(4.8)

(10.9)

(9.8)

Other Corporate and Unallocated Costs

(25.3)

(19.9)

(58.5)

(39.9)

Restructuring Charges

(10.5)

(7.4)

(19.6)

(11.4)

Acquisition-related Costs(b)

(10.6)

—

(10.6)

—

Other Operating Income (Expense)

0.1

(0.2)

0.1

(0.2)

Interest Expense, Net

(44.3)

(45.6)

(86.4)

(92.9)

Non-operating Pension Income

2.6

4.9

6.1

10.6

Income (Loss) before Taxes

$          3.8

$        (6.8)

$    (114.5)

$        (4.7)

(a)     Unaudited.

(b)     Acquisition-related costs for the three and six months ended June 30, 2026 included advisory, legal, accounting, and other professional fees associated with our proposed merger with Huntsman Corporation.

Olin Corporation

Consolidated Balance Sheets(a)

June 30,

December 31,

June 30,

($ in millions, except per share data)

2026

2025

2025

Assets:

  Cash and Cash Equivalents

$            177.4

$            167.6

$            223.8

  Accounts Receivable, Net

988.6

844.5

1,044.5

  Income Taxes Receivable

54.3

66.6

29.1

  Inventories, Net

847.2

784.5

919.1

  Other Current Assets

120.4

107.9

70.2

    Total Current Assets

2,187.9

1,971.1

2,286.7

     Property, Plant and Equipment (Less Accumulated Depreciation of 
$5,587.3, $5,508.7 and $5,417.0)

2,089.0

2,196.9

2,260.8

  Operating Lease Assets, Net

365.4

298.6

281.8

  Deferred Income Taxes

45.2

47.2

59.7

  Other Assets

1,169.8

1,210.0

1,159.7

  Intangibles, Net

155.6

174.4

193.7

  Goodwill

1,427.7

1,427.6

1,425.5

Total Assets

$         7,440.6

$         7,325.8

$         7,667.9

Liabilities and Shareholders' Equity:

  Current Installments of Long-term Debt

$                  —

$            109.7

$              19.2

  Accounts Payable

910.3

806.1

901.0

  Income Taxes Payable

13.7

23.9

44.1

  Current Operating Lease Liabilities

73.0

59.7

61.0

  Accrued Liabilities

546.1

630.1

520.6

    Total Current Liabilities

1,543.1

1,629.5

1,545.9

  Long-term Debt

3,029.1

2,717.6

2,977.5

  Operating Lease Liabilities

305.4

252.5

226.4

  Accrued Pension Liability

197.2

200.9

227.4

  Deferred Income Taxes

312.8

317.6

380.8

  Other Liabilities

341.2

337.1

322.1

Total Liabilities

5,728.8

5,455.2

5,680.1

Commitments and Contingencies

Shareholders' Equity:

Common Stock, $1.00 Par Value Per Share; Authorized 240.0 Shares;
Issued and Outstanding 114.0, 113.6 and 114.6 Shares

114.0

113.6

114.6

Additional Paid-in Capital

11.9

—

—

Accumulated Other Comprehensive Loss

(412.4)

(414.5)

(451.4)

Retained Earnings

1,997.9

2,139.8

2,294.0

Olin Corporation's Shareholders' Equity

1,711.4

1,838.9

1,957.2

Noncontrolling Interests

0.4

31.7

30.6

Total Equity

1,711.8

1,870.6

1,987.8

Total Liabilities and Equity

$         7,440.6

$         7,325.8

$         7,667.9

(a)     Unaudited.

Olin Corporation

Consolidated Statements of Cash Flows(a)

Six Months Ended
June 30,

($ in millions)

2026

2025

Operating Activities:

Net Loss

$      (96.3)

$        (1.6)

Depreciation and Amortization

239.3

262.1

Losses of Non-consolidated Affiliates

2.4

1.4

Stock-based Compensation

10.8

10.2

Deferred Income Taxes

(4.0)

(49.5)

Qualified Pension Plan Contributions

(0.6)

(0.6)

Qualified Pension Plan Income

(5.4)

(9.2)

Changes in Assets and Liabilities:

Receivables

(149.0)

(34.1)

Income Taxes Receivable/Payable

2.3

(124.3)

Inventories

(65.9)

(51.8)

Other Current Assets

(12.9)

(10.4)

Accounts Payable and Accrued Liabilities

42.5

108.2

Other Assets

(1.1)

(1.4)

Other Noncurrent Liabilities

(0.5)

27.3

Other Operating Activities

(2.3)

—

Net Operating Activities

(40.7)

126.3

Investing Activities:

Capital Expenditures

(72.7)

(92.4)

Business Acquired in Purchase Transaction, Net of Cash Acquired

—

(55.8)

Investments in Non-consolidated Affiliates

(1.9)

(0.8)

Other Investing Activities

(1.0)

(3.3)

Net Investing Activities

(75.6)

(152.3)

Financing Activities:

Long-term Debt Borrowings, Net

202.3

159.8

Common Stock Repurchased and Retired

—

(30.3)

Stock Options Exercised

3.0

1.9

Dividends Paid

(45.6)

(46.0)

Distributions to Noncontrolling Interests

(31.3)

—

Debt Issuance Costs

(2.1)

(12.0)

Net Financing Activities

126.3

73.4

Effect of Exchange Rate Changes on Cash and Cash Equivalents

(0.2)

0.8

Net Increase in Cash and Cash Equivalents

9.8

48.2

Cash and Cash Equivalents, Beginning of Year

167.6

175.6

Cash and Cash Equivalents, End of Period

$      177.4

$      223.8

(a)     Unaudited. 

Olin Corporation

Non-GAAP Financial Measures - Adjusted EBITDA(a)

Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the financial performance without regard to financing methods, capital structures, taxes or historical cost basis. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including interest expense (income), income tax provision (benefit), other expense (income) and restructuring charges (income). Because of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect these adjustments to have a potentially significant impact on our future GAAP financial results.

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in millions)

2026

2025

2026

2025

Reconciliation of Net Loss to Adjusted EBITDA:

Net Loss

$         (13.3)

$           (2.8)

$      (96.3)

$        (1.6)

Add Back:

Interest Expense, Net

44.3

45.6

86.4

92.9

Income Tax Provision (Benefit)

17.1

(4.0)

(18.2)

(3.1)

Depreciation and Amortization

122.1

129.9

239.3

262.1

EBITDA

170.2

168.7

211.2

350.3

Add Back:

Restructuring Charges

10.5

7.4

19.6

11.4

Legacy Litigation Matters

—

—

36.1

—

Acquisition-related Costs(b)

10.6

—

10.6

—

Adjusted EBITDA

$        191.3

$        176.1

$      277.5

$      361.7

(a)

Unaudited.

(b)

Acquisition-related costs for the three and six months ended June 30, 2026 included advisory, legal, accounting, and other professional fees associated with our proposed merger with Huntsman Corporation.

Olin Corporation

Non-GAAP Financial Measures - Net Debt to Adjusted EBITDA(a)

Olin's definition of Net Debt to Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. Net Debt at the end of any reporting period is defined as the sum of our current installments of long-term debt and long-term debt, less cash and cash equivalents. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Net Debt to Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a measure of our ability to manage our indebtedness. The use of non-GAAP financial measures is not intended to replace any measures of indebtedness or liquidity determined in accordance with GAAP and Net Debt or Net Debt to Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

June 30,

December 31,

June 30,

($ in millions)

2026

2025

2025

Current Installments of Long-term Debt

$                  —

$            109.7

$              19.2

Long-term Debt

3,029.1

2,717.6

2,977.5

Total Debt

3,029.1

2,827.3

2,996.7

Less: Cash and Cash Equivalents

(177.4)

(167.6)

(223.8)

Net Debt

$         2,851.7

$         2,659.7

$         2,772.9

Trailing Twelve Months Adjusted EBITDA(b)

$            567.6

$            651.8

$            715.4

Net Debt to Adjusted EBITDA

5.0

4.1

3.9

(a)

Unaudited.

(b)

Trailing Twelve Months Adjusted EBITDA as of June 30, 2026 is calculated as the six months ended June 30, 2026 plus the year ended December 31, 2025 less the six months ended June 30, 2025. Trailing Twelve Months Adjusted EBITDA as of June 30, 2025 is calculated as the six months ended June 30, 2025 plus the year ended December 31, 2024 less the six months ended June 30, 2024.

SOURCE Olin Corporation

, /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced financial results for the quarter ended June 30, 2026.

Net income per common share of $0.34 compared to net loss of $0.28 in Q1 2026 Earnings available for distribution per common share(1) of $0.50 compared to $0.55 in Q1 2026 Monthly common stock dividends totaling $0.36 per share, unchanged from Q1 2026 Book value per common share(2) of $8.03 compared to $8.08 as of March 31, 2026 Economic return(3) of 3.8% compared to (3.2)% in Q1 2026 Debt-to-equity ratio of 6.3x compared to 6.1x as of March 31, 2026 Economic debt-to-equity ratio(1) of 7.5x, unchanged from March 31, 2026 Update from Kevin Collins, Chief Executive Officer

"During the second quarter of 2026, financial conditions improved despite periodic bouts of volatility driven by geopolitical developments in the Middle East and shifting expectations for monetary policy. While U.S. Treasury yields moved higher amid resilient economic growth and elevated inflation, interest rate volatility declined notably from March levels, and investor risk sentiment improved during the quarter. Against this backdrop, our target assets generated positive returns in excess of Treasuries, supported by attractive carry and favorable supply and demand dynamics.

"Our Agency RMBS and TBA investments performed well despite rising interest rates and a more restrictive monetary policy outlook. Our Agency CMBS continued to provide notable stability, supported by attractive relative valuations and predictable cashflows. Economic return for the quarter was 3.8%, driven by attractive carry and contracting risk premiums across our Agency MBS portfolio.

"At quarter end, our $8.2 billion investment portfolio consisted of $6.0 billion Agency RMBS, $1.2 billion Agency TBA, and $0.9 billion Agency CMBS. Our economic debt-to-equity ratio was unchanged at 7.5x, and we maintained a sizable balance of unrestricted cash and unencumbered investments totaling $548.3 million.

"Our outlook for Agency RMBS and Agency CMBS remains constructive. While uncertainty surrounding monetary policy and geopolitical developments persists, we believe valuations remain compelling as interest rate volatility and inflation expectations have moderated from their first quarter peaks. Supply and demand dynamics remain favorable as net issuance is expected to be contained, and broad-based investor demand remains supportive. Agency CMBS is also well positioned, supported by its attractive risk-adjusted yields, relatively low sensitivity to interest rate fluctuations, and diversification benefits. Taken together, these macroeconomic and market technical factors create a favorable backdrop for our investment strategy as we enter the second half of 2026."

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and economic debt-to-equity ratio are non-Generally Accepted Accounting Principles ("GAAP") financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measures.

(2) Book value per common share as of June 30, 2026 and March 31, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($168.6 million as of June 30, 2026 and $169.7 million as of March 31, 2026), divided by total common shares outstanding.

(3) Economic return for the quarter ended June 30, 2026 is defined as the change in book value per common share from March 31, 2026 to June 30, 2026 of ($0.05); plus dividends declared of $0.36 per common share; divided by the March 31, 2026 book value per common share of $8.08. Economic return for the quarter ended March 31, 2026 is defined as the change in book value per common share from December 31, 2025 to March 31, 2026 of ($0.64); plus dividends declared of $0.36 per common share; divided by the December 31, 2025 book value per common share of $8.72.

Key performance indicators for the quarters ended June 30, 2026 and March 31, 2026 are summarized in the table below.

$ in millions, except share amounts

Q2 2026

Q1 2026

Variance

Average Balances (1)

(unaudited)

(unaudited)

Average earning assets (at amortized cost)

$6,631.0

$5,946.5

$684.5

Average borrowings

$5,927.7

$5,367.5

$560.2

Average total stockholders' equity

$966.9

$887.5

$79.4

U.S. GAAP Financial Measures

Total interest income

$85.4

$79.6

$5.8

Total interest expense

$55.3

$52.6

$2.7

Net interest income

$30.1

$27.0

$3.1

Total expenses

$5.5

$4.9

$0.6

Net income (loss) attributable to common stockholders

$31.8

($23.1)

$54.9

Average earning asset yields

5.15 %

5.36 %

(0.21) %

Average cost of funds

3.73 %

3.92 %

(0.19) %

Average net interest rate margin

1.42 %

1.44 %

(0.02) %

Period-end weighted average asset yields (2)

5.29 %

5.34 %

(0.05) %

Period-end weighted average cost of funds

3.76 %

3.80 %

(0.04) %

Period-end weighted average net interest rate margin

1.53 %

1.54 %

(0.01) %

Book value per common share (3)

$8.03

$8.08

($0.05)

Earnings (loss) per common share (basic)

$0.34

($0.28)

$0.62

Earnings (loss) per common share (diluted)

$0.34

($0.28)

$0.62

Debt-to-equity ratio

          6.3x 

          6.1x 

          0.2x 

Non-GAAP Financial Measures (4)

Earnings available for distribution

$47.1

$44.7

$2.4

Effective interest expense

$34.6

$31.0

$3.6

Effective net interest income

$50.9

$48.6

$2.3

Effective cost of funds

2.33 %

2.31 %

0.02 %

Effective interest rate margin

2.82 %

3.05 %

(0.23) %

Earnings available for distribution per common share

$0.50

$0.55

($0.05)

Economic debt-to-equity ratio

          7.5x 

          7.5x 

          0.0x 

(1) Average earning assets, average borrowings and average total stockholders' equity are calculated based on the weighted month-end balances of mortgage-backed securities at amortized cost, repurchase agreement borrowings and total U.S. GAAP stockholders' equity, respectively.

(2) Period-end weighted average asset yields are based on amortized cost as of period-end and incorporate future prepayment assumptions when appropriate.

(3) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($168.6 million as of June 30, 2026 and $169.7 million as of March 31, 2026), divided by total common shares outstanding.

(4) Earnings available for distribution (and by calculation, earnings available for distribution per common share), effective interest expense (and by calculation, effective cost of funds), effective net interest income (and by calculation, effective interest rate margin), and economic debt-to-equity ratio are non-GAAP financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measures of net income (loss) attributable to common stockholders (and by calculation, basic earnings (loss) per common share), total interest expense (and by calculation, cost of funds), net interest income (and by calculation, net interest rate margin) and debt-to-equity ratio.

Portfolio Composition

The following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of June 30, 2026 and March 31, 2026.

As of

June 30, 2026

March 31, 2026

$ in thousands

Fair Value

Percentage
of Portfolio

Period-end
Weighted
Average
Yield (1)

Fair Value

Percentage
of Portfolio

Period-end
Weighted
Average
Yield (1)

Agency RMBS:

30 year fixed-rate pass-through coupon:

4.5 %

1,257,214

15.4 %

4.87 %

757,581

10.4 %

4.89 %

5.0 %

1,590,480

19.5 %

5.18 %

1,434,765

19.8 %

5.20 %

5.5 %

1,901,626

23.4 %

5.47 %

1,704,437

23.5 %

5.49 %

6.0 %

1,234,309

15.1 %

5.91 %

1,198,042

16.5 %

5.93 %

Total 30 year fixed-rate pass-through

5,983,629

73.4 %

5.36 %

5,094,825

70.2 %

5.42 %

Agency CMO

64,386

0.8 %

8.83 %

67,113

1.0 %

8.89 %

Agency CMBS

901,894

11.1 %

4.62 %

864,270

11.9 %

4.61 %

Total MBS portfolio

6,949,909

85.3 %

5.29 %

6,026,208

83.1 %

5.34 %

TBAs, at implied market value (2)

1,201,022

14.7 %

1,226,450

16.9 %

Total investment portfolio including TBAs

8,150,931

100.0 %

7,252,658

100.0 %

(1) Period-end weighted average yield is based on amortized cost as of June 30, 2026 and March 31, 2026 and incorporates future prepayment assumptions when appropriate.

(2) The presentation of TBAs in the table above represents management's view of the investment portfolio and does not reflect how the Company records TBAs on its condensed consolidated balance sheets under U.S. GAAP. Under U.S. GAAP, the Company records TBAs that it does not intend to settle on the contractual settlement date as derivative financial instruments. The Company values TBAs on its condensed consolidated balance sheets at net carrying value, which represents the difference between implied market value and implied cost basis of the TBAs.

The following table summarizes certain characteristics of the Company's borrowings as of June 30, 2026 and March 31, 2026.

As of

$ in thousands

June 30, 2026

March 31, 2026

Amount
Outstanding

Weighted
Average
Interest Rate

Weighted
Average
Remaining
Maturity (days)

Amount
Outstanding

Weighted
Average
Interest Rate

Weighted
Average
Remaining
Maturity (days)

Repurchase agreements - Agency RMBS

5,352,131

3.76 %

26

4,510,019

3.80 %

31

Repurchase agreements - Agency CMBS

858,272

3.76 %

23

829,354

3.80 %

25

Total borrowings

6,210,403

3.76 %

25

5,339,373

3.80 %

30

The following tables summarize certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based on the secured overnight financing rate as of June 30, 2026 and March 31, 2026.

$ in thousands

As of June 30, 2026

Maturities

Notional

Amount

Weighted
Average Fixed
Pay Rate

Weighted
Average Floating
Receive Rate

Weighted
Average Years to
Maturity

Less than 3 years

1,925,000

1.28 %

3.68 %

1.7

3 to 5 years

1,150,000

1.14 %

3.68 %

4.2

5 to 7 years

545,000

3.66 %

3.68 %

6.6

7 to 10 years

595,000

3.98 %

3.68 %

9.2

Greater than 10 years

550,000

2.44 %

3.68 %

20.5

Total

4,765,000

1.99 %

3.68 %

6.0

$ in thousands

As of March 31, 2026

Maturities

Notional

Amount

Weighted
Average Fixed
Pay Rate

Weighted
Average Floating
Receive Rate

Weighted
Average Years to
Maturity

Less than 3 years

1,675,000

0.86 %

3.68 %

1.7

3 to 5 years

950,000

0.54 %

3.68 %

4.3

5 to 7 years

545,000

3.66 %

3.68 %

6.8

7 to 10 years

495,000

3.99 %

3.68 %

9.3

Greater than 10 years

450,000

2.04 %

3.68 %

18.7

Total

4,115,000

1.66 %

3.68 %

5.8

The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of June 30, 2026 and March 31, 2026.

As of

June 30, 2026

March 31, 2026

$ in thousands

Notional Amount - Short

Notional Amount - Short

10 year U.S. Treasury futures

600,000

310,000

Ultra 10 year U.S. Treasury futures

375,000

375,000

30 year U.S. Treasury futures

305,000

305,000

Total

1,280,000

990,000

Capital Activities

Dividends

During the three months ended June 30, 2026, the Company declared monthly common stock dividends totaling $0.36 per share and a Series C Preferred Stock dividend of $0.46875 per share.

Issuances of Common Stock

During the three months ended June 30, 2026, the Company issued 14,847,506 shares of common stock for net proceeds of $118.0 million through its at-the-market program.

Repurchases of Preferred Stock

During the three months ended June 30, 2026, the Company repurchased and retired 47,222 shares of Series C Preferred Stock with a carrying value of $1.1 million.

About Invesco Mortgage Capital Inc.

The Company is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. The Company is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect wholly-owned subsidiary of Invesco Ltd., an independent global investment management firm.

Earnings Call

Members of the investment community and the general public are invited to listen to the Company's earnings conference call on Friday, July 31, 2026, at 9:00 a.m. ET, by calling one of the following numbers:

North America Toll Free:     888-982-7409
International:                        1-212-287-1625
Passcode:                             Invesco

An audio replay will be available until 5:00 pm ET on August 14, 2026 by calling:

866-363-1806 (North America) or 1-203-369-0194 (International)

The presentation slides that will be reviewed during the call will be available on the Company's website at www.invescomortgagecapital.com. 

Cautionary Notice Regarding Forward-Looking Statements

This press release, the related presentation and comments made in the associated conference call, may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements include our views on the risk positioning of our portfolio, domestic and global market conditions (including the Agency RMBS, Agency CMBS and residential and commercial real estate markets), the market for our target assets, our expected financial performance, including our earnings available for distribution, economic return, comprehensive income and changes in our book value, our intention and ability to pay dividends, our ability to continue performance trends, the stability of portfolio yields, interest rates, spreads, prepayment trends, financing sources, cost of funds, our anticipated leverage, liquidity, capital structure and equity allocation. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.

Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K for the year ended December 31, 2025, which may be updated by subsequently filed quarterly reports on Form 10-Q or current reports on Form 8-K, and which are available on the Securities and Exchange Commission's website at www.sec.gov.

All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.

INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

Three Months Ended

Six Months Ended

$ in thousands, except share data

June 30,
2026

March 31,
2026

June 30,
2025

June 30,
2026

June 30,
2025

Interest income

85,408

79,641

70,624

165,049

144,470

Interest expense

55,308

52,593

52,895

107,901

107,920

Net interest income

30,100

27,048

17,729

57,148

36,550

Other income (loss)

Gain (loss) on investments, net

(21,226)

(54,940)

(5,268)

(76,166)

76,890

Gain (loss) on derivative instruments, net

31,584

12,879

(30,916)

44,463

(107,595)

Total other income (loss)

10,358

(42,061)

(36,184)

(31,703)

(30,705)

Expenses

Management fee – related party

3,329

2,974

2,831

6,303

5,827

General and administrative

2,125

1,917

2,041

4,042

3,704

Total expenses

5,454

4,891

4,872

10,345

9,531

Net income (loss)

35,004

(19,904)

(23,327)

15,100

(3,686)

Dividends to preferred stockholders

(3,165)

(3,190)

(3,297)

(6,355)

(6,638)

Gain (loss) on repurchase and retirement of preferred stock

3

(27)

57

(24)

46

Net income (loss) attributable to common stockholders

31,842

(23,121)

(26,567)

8,721

(10,278)

Other comprehensive income (loss)

Unrealized gain (loss) on mortgage-backed securities, net

—

—

(271)

—

229

Reclassification of unrealized (gain) loss on sale of mortgage-backed securities to gain (loss) on investments, net

—

—

(518)

—

(402)

Total other comprehensive income (loss)

—

—

(789)

—

(173)

Comprehensive income (loss) attributable to common stockholders

31,842

(23,121)

(27,356)

8,721

(10,451)

Earnings (loss) per share

Net income (loss) attributable to common stockholders

Basic

0.34

(0.28)

(0.40)

0.10

(0.16)

Diluted

0.34

(0.28)

(0.40)

0.10

(0.16)

INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

As of

$ in thousands, except share amounts

June 30, 2026

December 31, 2025

ASSETS

Mortgage-backed securities, at fair value (including pledged securities of $6,474,978 and $5,879,318, respectively)

6,949,909

6,276,609

Cash and cash equivalents

73,381

56,040

Restricted cash

167,155

110,391

Investment related receivable

30,650

27,848

Derivative assets, at fair value

16,510

4,412

Other assets

1,014

594

Total assets

7,238,619

6,475,894

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Repurchase agreements

6,210,403

5,619,255

Derivative liabilities, at fair value

882

—

Dividends payable

12,008

25,845

Accrued interest payable

12,512

28,664

Collateral held payable

6,703

—

Accounts payable and accrued expenses

2,289

1,580

Due to affiliate

3,501

3,006

Total liabilities

6,248,298

5,678,350

Stockholders' equity:

Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:

7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock: 6,742,221 and 6,854,131 shares issued and outstanding, respectively ($168,556 and $171,353 aggregate liquidation preference, respectively)

163,049

165,756

Common Stock, par value $0.01 per share; 134,000,000 shares authorized; 102,386,106 and 71,790,532 shares issued and outstanding, respectively

1,024

718

Additional paid in capital

4,461,196

4,209,977

Retained earnings (distributions in excess of earnings)

(3,634,948)

(3,578,907)

Total stockholders' equity

990,321

797,544

Total liabilities and stockholders' equity

7,238,619

6,475,894

Non-GAAP Financial Measures

The table below shows the non-GAAP financial measures the Company uses to analyze its operating results and the most directly comparable U.S. GAAP measures. The Company believes these non-GAAP measures are useful to investors in assessing its performance as discussed further below.

Non-GAAP Financial Measure

Most Directly Comparable U.S. GAAP Measure

Earnings available for distribution (and by calculation, earnings available for distribution per common share)

Net income (loss) attributable to common stockholders (and by calculation, basic earnings (loss) per common share)

Effective interest expense (and by calculation, effective cost of funds)

Total interest expense (and by calculation, cost of funds)

Effective net interest income (and by calculation, effective interest rate margin)

Net interest income (and by calculation, net interest rate margin)

Economic debt-to-equity ratio

Debt-to-equity ratio

The non-GAAP financial measures used by the Company's management should be analyzed in conjunction with U.S. GAAP financial measures and should not be considered substitutes for U.S. GAAP financial measures. In addition, the non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of its peer companies.

Earnings Available for Distribution

The Company's business objective is to provide attractive risk-adjusted returns to its stockholders, primarily through dividends and secondarily through capital appreciation. The Company uses earnings available for distribution as a measure of its investment portfolio's ability to generate income for distribution to common stockholders and to evaluate its progress toward meeting this objective. The Company calculates earnings available for distribution as U.S. GAAP net income (loss) attributable to common stockholders adjusted for (gain) loss on investments, net; realized (gain) loss on derivative instruments, net; unrealized (gain) loss on derivative instruments, net; TBA dollar roll income and (gain) loss on repurchase and retirement of preferred stock. The Company may add and has added additional reconciling items to its earnings available for distribution calculation as appropriate.

By excluding the gains and losses discussed above, the Company believes the presentation of earnings available for distribution provides a consistent measure of operating performance that investors can use to evaluate its results over multiple reporting periods and, to a certain extent, compare to its peer companies. However, because not all of the Company's peer companies use identical operating performance measures, the Company's presentation of earnings available for distribution may not be comparable to other similarly titled measures used by its peer companies. The Company excludes the impact of gains and losses when calculating earnings available for distribution because when analyzed in conjunction with its U.S. GAAP results, earnings available for distribution provides additional detail of its investment portfolio's earnings capacity. In addition, certain gains and losses represent one-time events.

Furthermore, gains and losses have not been accounted for consistently under U.S. GAAP. Under U.S. GAAP, certain gains and losses may be reflected in net income whereas other gains and losses may be reflected in other comprehensive income. For example, a portion of the Company's mortgage-backed securities were historically classified as available-for-sale securities, and changes in the valuation of these securities were recorded in other comprehensive income on its condensed consolidated balance sheets. The Company elected the fair value option for its mortgage-backed securities purchased on or after September 1, 2016, and changes in the valuation of these securities are recorded in other income (loss) in the condensed consolidated statements of comprehensive income (loss).

To maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually. Because the Company views earnings available for distribution as a consistent measure of its investment portfolio's ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that is used to determine the amount, if any, of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.

Earnings available for distribution is an incomplete measure of the Company's financial performance and there are other factors that impact the achievement of the Company's business objective. The Company cautions that earnings available for distribution should not be considered as an alternative to net income (determined in accordance with U.S. GAAP), or as an indication of the Company's cash flow from operating activities (determined in accordance with U.S. GAAP), a measure of the Company's liquidity, or as an indication of amounts available to fund its cash needs.

The table below provides a reconciliation of U.S. GAAP net income (loss) attributable to common stockholders to earnings available for distribution for the following periods:

Three Months Ended

Six Months Ended

$ in thousands, except per share data

June 30,
2026

March 31,
2026

June 30,
2025

June 30,
2026

June 30,
2025

Net income (loss) attributable to common stockholders

31,842

(23,121)

(26,567)

8,721

(10,278)

Adjustments:

(Gain) loss on investments, net

21,226

54,940

5,268

76,166

(76,890)

Realized (gain) loss on derivative instruments, net (1)

32,412

(23,324)

47,608

9,088

149,124

Unrealized (gain) loss on derivative instruments, net (1)

(43,239)

32,023

11,939

(11,216)

15,181

TBA dollar roll income (2)

4,857

4,166

—

9,023

1,147

(Gain) loss on repurchase and retirement of preferred stock

(3)

27

(57)

24

(46)

Subtotal

15,253

67,832

64,758

83,085

88,516

Earnings available for distribution

47,095

44,711

38,191

91,806

78,238

Basic income (loss) per common share

0.34

(0.28)

(0.40)

0.10

(0.16)

Earnings available for distribution per common share (3)

0.50

0.55

0.58

1.04

1.21

(1)

U.S. GAAP gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income (loss) includes the following components:

Three Months Ended

Six Months Ended

$ in thousands

June 30,
2026

March 31,
2026

June 30,
2025

June 30,
2026

June 30,
2025

Realized gain (loss) on derivative instruments, net

(32,412)

23,324

(47,608)

(9,088)

(149,124)

Unrealized gain (loss) on derivative instruments, net

43,239

(32,023)

(11,939)

11,216

(15,181)

Contractual net interest income (expense) on interest rate swaps

20,757

21,578

28,631

42,335

56,710

Gain (loss) on derivative instruments, net

31,584

12,879

(30,916)

44,463

(107,595)

(2)

A TBA dollar roll is a series of derivative transactions where TBAs with the same specified issuer, term and coupon but different settlement dates are simultaneously bought and sold. The TBA settling in the later month typically prices at a discount to the TBA settling in the earlier month. TBA dollar roll income represents the price differential between the TBA price for current month settlement compared to the TBA price for forward month settlement. The Company includes TBA dollar roll income in earnings available for distribution because it is the economic equivalent of interest income on the underlying Agency RMBS, less an implied financing cost, over the forward settlement period. TBA dollar roll income is a component of gain (loss) on derivative instruments, net on the Company's condensed consolidated statements of comprehensive income (loss).

(3)

Earnings available for distribution per common share is equal to earnings available for distribution divided by the basic weighted average number of common shares outstanding.

The table below presents the components of earnings available for distribution for the following periods:

Three Months Ended

Six Months Ended

$ in thousands

June 30,
2026

March 31,
2026

June 30,
2025

June 30,
2026

June 30,
2025

Effective net interest income (1)

50,857

48,626

46,360

99,483

93,260

TBA dollar roll income

4,857

4,166

—

9,023

1,147

Total expenses

(5,454)

(4,891)

(4,872)

(10,345)

(9,531)

Subtotal

50,260

47,901

41,488

98,161

84,876

Dividends to preferred stockholders

(3,165)

(3,190)

(3,297)

(6,355)

(6,638)

Earnings available for distribution

47,095

44,711

38,191

91,806

78,238

(1)  See below for a reconciliation of net interest income to effective net interest income, a non-GAAP measure.

Effective Interest Expense/Effective Cost of Funds/Effective Net Interest Income/Effective Interest Rate Margin

The Company calculates effective interest expense (and by calculation, effective cost of funds) as U.S. GAAP total interest expense adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net. The Company views its interest rate swaps as an economic hedge against increases in future market interest rates on its borrowings. The Company adds back the net payments or receipts on its interest rate swap agreements to its total U.S. GAAP interest expense because the Company uses interest rate swaps to add stability to interest expense.

The Company calculates effective net interest income (and by calculation, effective interest rate margin) as U.S. GAAP net interest income adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net.

The Company believes the presentation of effective interest expense, effective cost of funds, effective net interest income and effective interest rate margin measures, when considered together with U.S. GAAP financial measures, provides information that is useful to investors in understanding the Company's borrowing costs and operating performance.

The following table reconciles total interest expense to effective interest expense and cost of funds to effective cost of funds for the following periods:

Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

$ in thousands

Reconciliation

Cost of Funds
/ Effective
Cost of Funds

Reconciliation

Cost of Funds
/ Effective
Cost of Funds

Reconciliation

Cost of Funds
/ Effective
Cost of Funds

Total interest expense

55,308

3.73 %

52,593

3.92 %

52,895

4.62 %

Less: Contractual net interest expense (income) on interest rate swaps recorded as gain (loss) on derivative instruments, net

(20,757)

(1.40) %

(21,578)

(1.61) %

(28,631)

(2.50) %

Effective interest expense

34,551

2.33 %

31,015

2.31 %

24,264

2.12 %

Six Months Ended June 30,

2026

2025

$ in thousands

Reconciliation

Cost of Funds
/ Effective
Cost of Funds

Reconciliation

Cost of Funds
/ Effective
Cost of Funds

Total interest expense

107,901

3.82 %

107,920

4.54 %

Less: Contractual net interest expense (income) on interest rate swaps recorded as gain (loss) on derivative instruments, net

(42,335)

(1.50) %

(56,710)

(2.39) %

Effective interest expense

65,566

2.32 %

51,210

2.15 %

The following table reconciles net interest income to effective net interest income and net interest rate margin to effective interest rate margin for the following periods:

Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

$ in thousands

Reconciliation

Net Interest
Rate Margin /
Effective
Interest Rate
Margin

Reconciliation

Net Interest
Rate Margin /
Effective
Interest Rate
Margin

Reconciliation

Net Interest
Rate Margin /
Effective
Interest Rate
Margin

Net interest income

30,100

1.42 %

27,048

1.44 %

17,729

0.94 %

Add: Contractual net interest income (expense) on interest rate swaps recorded as gain (loss) on derivative instruments, net

20,757

1.40 %

21,578

1.61 %

28,631

2.50 %

Effective net interest income

50,857

2.82 %

48,626

3.05 %

46,360

3.44 %

Six Months Ended June 30,

2026

2025

$ in thousands

Reconciliation

Net Interest
Rate Margin /
Effective
Interest Rate
Margin

Reconciliation

Net Interest
Rate Margin /
Effective
Interest Rate
Margin

Net interest income

57,148

1.43 %

36,550

0.96 %

Add: Contractual net interest income (expense) on interest rate swaps recorded as gain (loss) on derivative instruments, net

42,335

1.50 %

56,710

2.39 %

Effective net interest income

99,483

2.93 %

93,260

3.35 %

Economic Debt-to-Equity Ratio

The following table shows the Company's debt-to-equity ratio and the Company's economic debt-to-equity ratio as of June 30, 2026 and March 31, 2026. The Company's debt-to-equity ratio is calculated in accordance with U.S. GAAP and is the ratio of total debt to total stockholders' equity.

The Company presents an economic debt-to-equity ratio, a non-GAAP financial measure of leverage that considers the impact of the off-balance sheet financing of its investments in TBAs that are accounted for as derivative instruments under U.S. GAAP. The Company includes these types of TBAs at implied cost basis in its measure of leverage because a forward contract to acquire Agency RMBS in the TBA market carries similar risks to Agency RMBS purchased in the cash market and funded with on-balance sheet liabilities. Similarly, a contract for the forward sale of Agency RMBS has substantially the same effect as selling the underlying Agency RMBS and reducing the Company's on-balance sheet funding commitments. The Company believes that presenting its economic debt-to-equity ratio, when considered together with its U.S. GAAP financial measure of debt-to-equity ratio, provides information that is useful to investors in understanding how management evaluates at-risk leverage and gives investors a comparable statistic to those of other mortgage REITs who also invest in TBAs and present a similar non-GAAP measure of leverage.

As of

$ in thousands

June 30,
2026

March 31,
2026

Repurchase agreements

6,210,403

5,339,373

Total stockholders' equity

990,321

876,354

Debt-to-equity ratio (1)

6.3

6.1

Economic debt-to-equity ratio (2)

7.5

7.5

(1)

Debt-to-equity ratio is calculated as the ratio of total repurchase agreements to total stockholders' equity.

(2)

Economic debt-to-equity ratio is calculated as the ratio of total repurchase agreements and TBAs at implied cost basis ($1.2 billion as of June 30, 2026 and March 31, 2026) to total stockholders' equity.

Average Balances

The table below presents information related to the Company's average earning assets, average earning asset yields, average borrowings and average cost of funds for the following periods:

Three Months Ended

Six Months Ended

$ in thousands

June 30,
2026

March 31,
2026

June 30,
2025

June 30,
2026

June 30,
2025

Average earning assets (1)

6,631,046

5,946,466

5,078,921

6,290,647

5,249,787

Average earning asset yields (2)

5.15 %

5.36 %

5.56 %

5.25 %

5.50 %

Average borrowings (3)

5,927,725

5,367,463

4,577,566

5,649,142

4,752,927

Average cost of funds (4)

3.73 %

3.92 %

4.62 %

3.82 %

4.54 %

(1)

Average balances for each period are based on weighted month-end balances. Average earning assets do not include TBAs that are treated as derivative instruments under U.S. GAAP.

(2)

Average earning asset yields for each period are calculated by dividing interest income, including amortization of premiums and discounts, by average earning assets based on the amortized cost of the investments. All yields are annualized.

(3)

Average borrowings for each period are based on weighted month-end balances. Average borrowings do not include the off-balance sheet financing component of TBAs that are treated as derivative instruments under U.S. GAAP.

(4)

Average cost of funds is calculated by dividing annualized interest expense by average borrowings.

Greg Seals,
Investor Relations
404-439-3323

SOURCE Invesco Mortgage Capital Inc.

Key Takeaways International Paper beat adjusted earnings estimates despite lower profit and weaker sales in Q2 2026. IP said planned maintenance outages cut EBITDA, while North American box volumes rose 1.7%. International Paper maintained 2026 targets and set third-quarter EBITDA guidance despite Pine Hill impacts. International Paper Company (IP - Free Report) reported adjusted operating earnings of four cents per share for the second quarter of 2026, down 77.8% year over year. The figure beat the Zacks Consensus Estimate of a loss of four cents by 200%. Elevated planned maintenance outages pressured profitability in the quarter. 

Including one-time items, the company reported a loss of two cents per share against earnings of 14 cents in the year-ago quarter. 

Net sales declined 2.2% year over year to $6.00 billion and missed the consensus mark of $6.17 billion by 2.7%. North American box volumes rose 1.7% in the quarter. 

IP's Profitability Declines on Outage CostsCost of products sold decreased 1.8% year over year to $4.34 billion. Gross profit was down 3.5% year over year to $1.66 billion. The gross margin came in at 27.6% compared with the year-ago quarter’s 28%. Selling and administrative expenses increased 7.4% to $564 million, while distribution expenses rose 1.4% to $523 million.

Adjusted EBITDA from continuing operations fell 12.4% year over year to $587 million on expected higher maintenance outage costs. The adjusted EBITDA margin contracted to 9.8% from 10.9%. Adjusted operating income declined 58.6% to $99 million from $239 million in the prior-year quarter.

International Paper's North America Sales & Profits Fall Y/YThe Packaging Solutions North America segment’s sales were $3.69 billion, down 4.5% year over year but up 1.7% sequentially. Our projection for the segment’s sales was $3.77 billion. 

The segment’s operating profit declined 26.4% year over year to $204 million. Adjusted EBITDA fell to $425 million from $515 million, while the margin contracted to 12.2% from 13.9%. Higher planned outage costs and lower export volumes outweighed favorable pricing, mix and improved mill performance. Our projection for the segment’s operating income and adjusted EBITDA was $169.7 million and $385.7 million, respectively.

IP's EMEA Business Remains Under PressurePackaging Solutions EMEA sales were $2.29 billion, nearly flat with the prior-year quarter. Our expectation for the segment’s sales was $2.36 billion. 

The segment reported an operating loss of $80 million compared with a loss of $1 million a year ago. Adjusted EBITDA decreased 6.2% to $182 million, and the adjusted EBITDA margin narrowed to 8% from 8.5%. Higher paper costs within packaging, distribution expenses and weaker volumes offset energy-cost benefits and cost-reduction actions.

Our projection for the segment’s operating income and adjusted EBITDA was a loss of $90.1 million and $158.9 million, respectively.

International Paper's Free Cash Flow Weakens on Higher CapexCash provided by operating activities increased to $526 million from $476 million in the year-ago quarter. However, capital expenditures rose to $533 million from $422 million. This led to a free cash flow of a negative $7 million against positive $54 million a year earlier. 

IP Sets Third-Quarter EBITDA TargetInternational Paper expects third-quarter adjusted EBITDA from continuing operations between $780 million and $830 million. The outlook includes an estimated $85 million negative impact from the temporary suspension of operations at the Pine Hill mill for roof repairs.
Packaging Solutions North America adjusted EBITDA is projected between $555 million and $585 million, including the Pine Hill impact. Packaging Solutions EMEA adjusted EBITDA is expected between $230 million and $250 million.

International Paper Maintains 2026 TargetsFor 2026, management targets adjusted EBITDA from continuing operations of $3.20-$3.40 billion. The company expects Packaging Solutions North America adjusted EBITDA of $2.35-$2.45 billion and Packaging Solutions EMEA adjusted EBITDA of $900 million-$1 billion.

International Paper projects full-year net sales of $24.5-$25.1 billion and free cash flow of $300-$500 million. Capital expenditures are targeted between $2 billion and $2.1 billion, while maintenance outage expenses are forecast at $431 million.

IP Advances Strategic Investments and SeparationThe company completed the NORPAC acquisition in June and the acquisition of a converting facility from Delmarva Corrugated Packaging in Dover, DE, in May. It also finished the Riverdale machine conversion, with the ramp-up progressing as expected. Operations at the Waterloo greenfield packaging plant are scheduled to begin in the fourth quarter.

In EMEA, International Paper has announced more than $210 million of run-rate savings tied to footprint and headcount actions. The planned separation of the North American and EMEA packaging operations remains on track with the previously announced timeline.

IP Stock’s Price PerformanceThe company’s shares have lost 19.4% in the past year compared with the industry’s 8.3% decline.

Image Source: Zacks Investment Research

International Paper’s Zacks RankIP currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performances of Industry Peers This QuarterPackaging Corporation of America (PKG - Free Report) reported second-quarter 2026 adjusted earnings of $2.35 per share, falling 5.2% year over year but beating the Zacks Consensus Estimate of $2.31. 

Packaging Corp’s sales increased 14.7% year over year to $2.49 billion and surpassed the consensus estimate of $2.40 billion by 3.6%. Total corrugated products shipments reached an all-time quarterly record, rising 24.3% both per day and in total from the prior-year quarter.

Smurfit Westrock Plc (SW - Free Report) reported second-quarter 2026 adjusted earnings of 35 cents per share, down 20% year over year. The figure missed the Zacks Consensus Estimate of 42 cents by 16.7%. Higher input costs, particularly freight, pressured profitability.

Smurfit Westrock's net sales increased 1.1% year over year to $8.03 billion and surpassed the consensus estimate of $7.99 billion by 0.5%.

A Paper & Related Product Stock Awaiting ResultsRayonier Advanced Materials (RYAM - Free Report) is expected to release second-quarter 2026 results on Aug. 4. The Zacks Consensus Estimate for the bottom line is pegged at a loss of 17 cents per share. The company incurred a loss of 43 cents per share in the year-ago quarter.

The consensus estimate for Rayonier Advanced Materials’ top line is pegged at $357.5 million, indicating 5.5% growth from the prior-year reported figure.