Track market-moving stories before they get noisy

Posted by Defense World Staff on Jul 22nd, 2026

California Public Employees Retirement System grew its holdings in Host Hotels & Resorts, Inc. (NASDAQ:HST – Free Report) by 10.5% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,496,020 shares of the company’s stock after buying an additional 141,653 shares during the period. California Public Employees Retirement System owned 0.22% of Host Hotels & Resorts worth $28,664,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Zions Bancorporation National Association UT lifted its position in Host Hotels & Resorts by 89.1% during the 4th quarter. Zions Bancorporation National Association UT now owns 1,658 shares of the company’s stock worth $29,000 after acquiring an additional 781 shares during the period. CYBER HORNET ETFs LLC acquired a new stake in shares of Host Hotels & Resorts during the second quarter worth $29,000. SJS Investment Consulting Inc. grew its position in Host Hotels & Resorts by 64.7% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,632 shares of the company’s stock valued at $31,000 after buying an additional 641 shares during the last quarter. MUFG Securities EMEA plc purchased a new position in Host Hotels & Resorts in the 2nd quarter valued at $32,000. Finally, Cedar Mountain Advisors LLC purchased a new position in Host Hotels & Resorts during the 1st quarter worth $35,000. Hedge funds and other institutional investors own 98.52% of the company’s stock.

Host Hotels & Resorts Stock Performance NASDAQ HST opened at $24.44 on Wednesday. The business has a 50 day moving average price of $23.64 and a 200 day moving average price of $20.99. The company has a market capitalization of $16.74 billion, a P/E ratio of 16.63, a PEG ratio of 2.71 and a beta of 1.09. Host Hotels & Resorts, Inc. has a 1-year low of $15.11 and a 1-year high of $25.41. The company has a debt-to-equity ratio of 0.74, a current ratio of 7.91 and a quick ratio of 7.91.

Host Hotels & Resorts (NASDAQ:HST – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.31. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.59 billion. Host Hotels & Resorts had a return on equity of 15.15% and a net margin of 16.40%.The business’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the business posted $0.64 earnings per share. Host Hotels & Resorts has set its FY 2026 guidance at 2.100-2.16 EPS. Sell-side analysts expect that Host Hotels & Resorts, Inc. will post 2.14 EPS for the current fiscal year.

Host Hotels & Resorts Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 30th. Host Hotels & Resorts’s dividend payout ratio (DPR) is 54.42%.

Wall Street Analysts Forecast Growth Several brokerages have recently weighed in on HST. BMO Capital Markets reaffirmed an “outperform” rating and issued a $27.00 target price on shares of Host Hotels & Resorts in a report on Friday, June 12th. JPMorgan Chase & Co. boosted their target price on Host Hotels & Resorts from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday. Truist Financial increased their target price on Host Hotels & Resorts from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. UBS Group raised their price target on Host Hotels & Resorts from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Finally, Raymond James Financial restated an “outperform” rating and issued a $27.00 price target on shares of Host Hotels & Resorts in a research note on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Host Hotels & Resorts currently has an average rating of “Moderate Buy” and a consensus target price of $24.20.

Check Out Our Latest Stock Analysis on Host Hotels & Resorts

Insider Buying and Selling at Host Hotels & Resorts In related news, EVP Nathan S. Tyrrell sold 58,579 shares of Host Hotels & Resorts stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $22.00, for a total transaction of $1,288,738.00. Following the completion of the transaction, the executive vice president directly owned 697,658 shares in the company, valued at $15,348,476. The trade was a 7.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.50% of the stock is currently owned by company insiders.

Host Hotels & Resorts Company Profile (Free Report)

Host Hotels & Resorts, Inc is a real estate investment trust (REIT) focused on owning and managing premium lodging properties. The company’s portfolio predominantly comprises luxury and upper-upscale hotels and resorts operated under leading global brands. Through strategic acquisitions, dispositions and capital investments, Host Hotels & Resorts seeks to enhance long-term value by aligning property-level operating performance with broader market trends in hospitality demand.

The company’s holdings span major urban, resort and conference destinations across North America, Europe and the Asia-Pacific region.

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Earnings Preview & HistoryReddit is scheduled to report second-quarter earnings on July 30. The company is expected to report earnings per share of 97 cents along with revenue of $732.82 million. For the prior quarter, Reddit reported earnings per share of $1.01, beating the consensus estimate of 58 cents. The company also posted revenue of $663.41 million, exceeding the consensus estimate of $609.04 million.

Reddit has beaten EPS estimates in eight consecutive quarters. Over the last four quarters, the company has averaged an EPS surprise of 0.74% and a revenue surprise of 0.10%.

A Mixed Technical Picture Ahead of EarningsReddit is trading 6.1% below its 20-day SMA ($185.96), which tells you the stock has been losing short-term trend support and is now trying to stabilize after a pullback. At the same time, it’s still 1% above its 50-day SMA ($172.99) and 9.3% above its 100-day SMA ($159.74), so the intermediate trend hasn’t fully rolled over yet.

RSI is the cleaner momentum read right now: at 51.01, it’s neutral, suggesting the stock isn’t stretched enough to be "washed out," but it’s also not showing the kind of strong upside pressure that typically powers breakouts. In plain English, RSI helps gauge whether buying or selling has gotten overdone, and this reading points to a market that’s more balanced than emotional.

The moving-average structure is mixed: the 20-day SMA is above the 50-day SMA (a bullish short-term alignment), but the death cross from March (50-day SMA below the 200-day SMA) is still a longer-term caution flag. That combination often produces choppy trading where rallies can fade quickly unless price can reclaim the longer moving averages.

Key Resistance: $187.50 — close to the 20-day SMA/EMA area where recent bounces can run into supply Key Support: $158.50 — a nearby downside level to watch if the stock loses the 100-day SMA and sellers press the May swing-low zone Analyst Consensus & Recent Actions The stock carries a Buy rating with an average price forecast of $230.41. Recent analyst moves include:

Wedbush: Outperform (Target $250.00) (July 16) Wells Fargo: Equal-Weight (Raises Target to $187.00) (July 7) Needham: Buy (Maintains Target $300.00) (June 24) Benzinga Edge RankingsBelow is the Benzinga Edge scorecard for Reddit, highlighting its strengths and weaknesses compared to the broader market:

The Verdict: Reddit’s Benzinga Edge signal reveals a growth-heavy profile, with strong growth characteristics but a weak value setup. With momentum sitting in the middle, the next directional push likely depends on whether the stock can reclaim key moving averages ahead of earnings.

Reddit Shares PlummetRDDT Price Action: At the time of publication, Reddit shares are trading 5.69% lower at $175.26, according to data from Benzinga Pro.

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Acquisition enhances Garmin's athlete and coaching experiences

, /PRNewswire/ -- Garmin Ltd. (NYSE: GRMN) today announced it has acquired the TrainingPeaks and TrainHeroic training platforms for athletes and coaches. The acquisition strengthens Garmin's fitness ecosystem with customizable coaching experiences for endurance, strength and performance-focused athletes across every stage of their fitness journey.  

Garmin has acquired the TrainingPeaks and TrainHeroic platforms to enhance its fitness ecosystem with customizable coaching experiences for endurance, strength and performance-based athletes. "TrainingPeaks and TrainHeroic share Garmin's passion for empowering athletes and coaches around the world with world-class training tools, performance metrics and actionable insights. The addition of these highly successful platforms to the Garmin ecosystem will expand access to more authentic coaching experiences—connecting athletes with professional coaches who guide, motivate and inspire them to reach their goals."
–Brad Trenkle, Garmin Co-Chief Operating Officer

"We're thrilled to join forces with Garmin to advance our shared mission of empowering coaches and athletes with science-based training. For over a decade, we've worked together to democratize coaching and performance insights, helping millions of athletes reach their peak through data-driven, structured training."
–Andy Stephens, CEO of Peaksware Holdings, parent company of TrainingPeaks and TrainHeroic  

TrainingPeaks and TrainHeroic are digital services specializing in connecting coaches and athletes of all abilities who are looking to improve. Headquartered in Louisville, Colo., 120 combined associates from TrainingPeaks and TrainHeroic will join Garmin's global workforce. Financial terms of the acquisition will not be disclosed.

Engineered on the inside for life on the outside, Garmin products have revolutionized the aviation, automotive, fitness, marine and outdoor markets. Dedicated to helping people make the most of the time they spend pursuing their passions, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. Visit the Garmin Newsroom, email our media team, connect with @garmin on social, or follow our blog.

About Garmin Ltd. Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 27, 2025, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). Copies of such Form 10-K are available at https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

MEDIA CONTACT:
Krista Klaus
913-397-8200
[email protected] 

SOURCE Garmin Ltd.

Rogers reports strong growth in consolidated service revenue and adjusted EBITDA, alongside decline in capital intensity strengthening free cash flow; company completes next stage of sports monetization strategy with agreement to buy remaining 25% minority stake in iconic Maple Leaf Sports & Entertainment (MLSE)

Total service revenue up 8% to $5.1 billion; adjusted EBITDA up 3% to $2.4 billionFree cash flow of $1.0 billion, up 6%Capital intensity improves 350 basis points to 12.4%, lowest capital intensity ratio since the first quarter of 2008Expects remaining minority stake purchase of MLSE to close in the fourth quarter Delivers adjusted EBITDA growth in Wireless and Cable; robust base management performance drives notable churn reduction while adding 57,000 combined mobile phone and retail Internet net additions

Wireless service revenue stable; adjusted EBITDA up 1% with adjusted EBITDA margin up 70 basis points to 66%Cable service revenue and adjusted EBITDA both up 1% with adjusted EBITDA margin up 10 basis points to 58%Postpaid mobile phone churn of 0.94%, mobile phone ARPU of $54.25Added 40,000 mobile phone net additions, including 22,000 postpaidRetail Internet net additions of 17,000 Robust sports and media financial results, agreement to purchase remaining minority stake in MLSE position company well for intended sports monetization opportunity

Revenue of $1.2 billion, up 53%; organic sports and media revenue up 13% excluding impact from MLSEAdjusted EBITDA of $69 million, an improvement of $61 millionFollowing close of minority stake purchase, investors to be offered minority stake in the consolidated Rogers world-class sports and media holdings to unlock significant value for company Company reaffirms its 2026 outlook

Total service revenue growth of 3% to 5%, adjusted EBITDA growth of 1% to 3%, capital expenditures of $2.5 billion to $2.7 billion, and free cash flow of $4.1 billion to $4.3 billion TORONTO, July 22, 2026 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the second quarter ended June 30, 2026.

"Our second quarter results reflect strong execution, delivering growth across our three lines of business," said Tony Staffieri, President and CEO. "We’re excited to bring together Canada's premier communications company with one of the world's premier sports and entertainment organizations and unlock long-term value for our shareholders."

Consolidated Financial Highlights

(In millions of Canadian dollars, except per share amounts, unaudited)Three months ended June 30
 Six months ended June 30 2026
 2025
 % Chg 2026
 2025
 % Chg
         Total revenue5,615 5,216 8 11,097 10,192 9 Total service revenue5,055 4,668 8 9,967 9,115 9 Adjusted EBITDA12,442 2,362 3 4,806 4,616 4 Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m Adjusted net income1633 632 —
 1,183 1,175 1 Adjusted net income attributable to RCI shareholders1640 620 3 1,190 1,163 2           Diluted (loss) earnings per share attributable to RCI shareholders($1.37)$0.29 n/m ($0.55)0.79 n/m Adjusted diluted earnings per share attributable to RCI shareholders1$1.15 $1.14 1 $2.17 2.14 1           Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 Free cash flow1982 925 6 1,758 1,511 16  n/m - not meaningful

_______________________________________
1 Adjusted EBITDA is a total of segments measure. Free cash flow is a capital management measure. Capital intensity and Wireless mobile phone ARPU are supplementary financial measures. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q2 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about each of these measures. These are not standardized financial measures under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other companies.

Strategic Highlights 

The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the quarter.

Build the biggest and best networks in the country

Ranked best 5G+ network in Canada by umlaut in June 2026, a global leader in independent network performance benchmarking.Expanded satellite-to-mobile coverage to the US for roaming customers, providing the most coverage in Canada and the US of any Canadian wireless service provider.Deployed cloud-native network technology as an additional layer of mobile network resilience with Nokia and AWS – a global first.Invested $27 million to upgrade Canada’s best 5G+ network at stadiums and fan zones in Toronto and Vancouver, host cities for the FIFA World Cup. Deliver easy to use, reliable products and services

Expanded Rogers Xfinity Multiview to allow viewers to watch four live events at once.Delivered new 5G+ plans with premium features, including industry‑first Priority Network Access.Launched Rogers Red Partner, an integrated point-of-sale and credit card program for small- and medium-sized businesses. Be the first choice for Canadians

More Canadians continued to choose Rogers Wireless and Internet over any other provider.Attracted attendance over 95% of capacity for Toronto Blue Jays games at Rogers Centre, the best second quarter attendance since 1994.Reached 24 million Canadians throughout the 2026 Stanley Cup Playoffs on Sportsnet.Secured the #1 Canadian conventional English-language drama for the third consecutive year with Law & Order Toronto: Criminal Intent. Be a strong national company investing in Canada

Invested $695 million in capital expenditures.Launched "The 5.2 Project" as part of our Screen Break program to help Canadian youth balance their screen time.Named one of Canada’s Greenest Employers for the eleventh consecutive year by Mediacorp Canada Inc.Announced a new long-term agreement renewing Rogers as a partner of Toronto Pearson Airport. Be the growth leader in our industry

Grew total service revenue by 8% and adjusted EBITDA by 3%.Generated strong free cash flow of $982 million and cash flow from operating activities of $1,517 million. Update on sports and entertainment assets
On July 6, 2026, we announced we had entered into an agreement to acquire the remaining 25% ownership interest in MLSE from Kilmer Sports Inc. for $4.35 billion in cash (MLSE minority interest acquisition), which we intend to fund through existing and new short-term credit facilities. Upon completion of this transaction, we will own 100% of MLSE. This transaction is subject to league approvals and is expected to close in the fourth quarter. As a result of this agreement, we have recognized a loss related to the MLSE put liability (see "Review of Consolidated Performance" for more information).

MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. MLSE also holds interests in certain entities that are complementary to its sports and events businesses. Following completion of this transaction, MLSE will become a wholly owned subsidiary of Rogers, further enhancing our sports and entertainment portfolio, which also includes the Toronto Blue Jays, Rogers Centre, and Sportsnet.

Following the close of the above transaction, we intend to pursue the sale of a minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports) to third-party investors over the next year. We expect this will unlock significant value for Rogers.

Quarterly Financial Highlights

Revenue
Total revenue and total service revenue increased by 8% this quarter, primarily as a result of revenue growth in Media and Cable.

Wireless service revenue this quarter was in line with the prior year as the impact of the cumulative addition of new customers was offset by a decline in mobile phone ARPU. Wireless equipment revenue increased by 2%, primarily as a result of a continued shift in the product mix towards higher-value devices.

Cable service revenue increased by 1% this quarter, primarily as a result of retail Internet subscriber growth and base management activities. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter.

Media revenue increased by 53% this quarter, primarily as a result of revenue from MLSE following the July 1, 2025 closing of the MLSE Transaction.

Adjusted EBITDA and margins
Consolidated adjusted EBITDA increased 3% this quarter, primarily as a result of EBITDA growth in Media, and our adjusted EBITDA margin decreased by 180 basis points.

Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 66%, up 70 basis points.

Cable adjusted EBITDA increased by 1% due to the flow-through impact of higher revenue, as discussed above. This gave rise to an adjusted EBITDA margin of 58%, up 10 basis points. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter.

Media adjusted EBITDA increased by $61 million this quarter, primarily due to the aforementioned revenue impacts and associated costs.

Net loss and adjusted net income
There was a net loss of $665 million this quarter as a result of the $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets"). Adjusted net income this quarter was in line with the prior year, as higher adjusted EBITDA was offset by higher depreciation and amortization and higher finance costs.

Cash flow, available liquidity, and returns to shareholders
This quarter, we generated cash provided by operating activities of $1,517 million (2025 - $1,596 million), which decreased as a result of higher net investment in net operating assets and liabilities partially offset by higher adjusted EBITDA, and free cash flow of $982 million (2025 - $925 million), which increased primarily as a result of lower capital expenditures and higher adjusted EBITDA, partially offset by distributions to non-controlling interests. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.

As at June 30, 2026, we had $6.1 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $1.7 billion in cash and cash equivalents and $4.4 billion available under our bank and other credit facilities.

Our debt leverage ratio2 was 3.8 as at June 30, 2026 (December 31, 2025 - 4.0, or 3.92 on an adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the trailing 12-month period). See "Financial Condition" for more information.

We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on July 21, 2026.

________________________________________
2 Available liquidity and debt leverage ratio are capital management measures. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" and "Financial Condition" in our Q2 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and "Non-GAAP and Other Financial Measures" in this earnings release for more information about these measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" in our Q2 2026 MD&A for a reconciliation of available liquidity.

About this Earnings Release

This earnings release contains important information about our business and our performance for the three and six months ended June 30, 2026 and forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our Second Quarter 2026 Interim Condensed Consolidated Financial Statements (Second Quarter 2026 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our Second Quarter 2026 MD&A; our 2025 Annual MD&A; our 2025 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov.

For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Corporate Overview", and "Delivering on our Priorities" in our 2025 Annual MD&A.

References to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023 (see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements). References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at July 21, 2026 and was approved by the Audit and Risk Committee of RCI's Board of Directors (the Board) on that date.

In this earnings release, this quarter, the quarter, or second quarter refer to the three months ended June 30, 2026, the first quarter refers to the three months ended March 31, 2026, and year to date refers to the six months ended June 30, 2026, unless the context indicates otherwise. All results commentary is in descending order of magnitude and is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.

Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2026 Comcast. Rogers trademarks in this earnings release are owned or used under licence by Rogers Communications Inc. or an affiliate. This earnings release may also include trademarks of other third parties. The trademarks referred to in this earnings release may be listed without the ™ symbols. ©2026 Rogers Communications

Reportable segments
We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

SegmentPrincipal activitiesWirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.
Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and MLSE. Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.

Summary of Consolidated Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins and per share amounts)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Wireless2,540 2,540 — 5,131 5,084 1 Cable1,984 1,968 1 3,932 3,903 1 Media1,155 757 53 2,143 1,299 65 Corporate items and intercompany eliminations(64)(49)31 (109)(94)16 Revenue5,615 5,216 8 11,097 10,192 9 Total service revenue15,055 4,668 8 9,967 9,115 9        Adjusted EBITDA      Wireless1,313 1,305 1 2,636 2,616 1 Cable1,158 1,147 1 2,280 2,255 1 Media69 8 n/m 69 (55)n/m Corporate items and intercompany eliminations(98)(98)— (179)(200)(11)Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Adjusted EBITDA margin243.5%45.3%(1.8 pts)43.3%45.3%(2.0 pts)       Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m (Loss) earnings per share attributable to RCI shareholders:        Basic($1.34)$0.29 n/m ($0.53)$0.81 n/m Diluted($1.37)$0.29 n/m ($0.55)$0.79 n/m         Adjusted net income2633 632 — 1,183 1,175 1 Adjusted net income attributable to RCI shareholders2640 620 3 1,190 1,163 2 Adjusted earnings per share attributable to RCI shareholders2:      Basic$1.19 $1.15 3 $2.20 $2.16 2 Diluted$1.15 $1.14 1 $2.17 $2.14 1        Capital expenditures695 831 (16)1,503 1,809 (17)Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 Free cash flow982 925 6 1,758 1,511 16  1 As defined. See "Key Performance Indicators".
2 Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios (of which adjusted net income attributable to RCI shareholders is a component). These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about each of these measures, available at www.sedarplus.ca.

Results of our Reportable Segments

WIRELESS

Wireless Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Service revenue from external customers1,954 1,972 (1)3,951 3,975 (1)Service revenue from internal customers36 27 33 70 50 40 Service revenue1,990 1,999 — 4,021 4,025 — Equipment revenue from external customers550 541 2 1,110 1,059 5 Revenue2,540 2,540 — 5,131 5,084 1        Operating costs      Cost of equipment503 528 (5)1,044 1,036 1 Other operating costs724 707 2 1,451 1,432 1 Operating costs1,227 1,235 (1)2,495 2,468 1        Adjusted EBITDA1,313 1,305 1 2,636 2,616 1        Adjusted EBITDA margin166.0%65.3%0.7 pts 65.6%65.0%0.6 pts Capital expenditures188 365 (48)467 772 (40) 1 Calculated using service revenue.

Wireless Subscriber Results 1

 Three months ended June 30
 Six months ended June 30
 (In thousands, except churn and mobile phone ARPU)2026
 2025
 Chg 2026
 2025
 Chg        Postpaid mobile phone      Gross additions333 362 (29)762 699 63 Net additions22 35 (13)50 46 4 Total postpaid mobile phone subscribers211,045 10,910 135 11,045 10,910 135 Churn (monthly)0.94%1.00%(0.06 pts) 1.08%1.01%0.07 pts Prepaid mobile phone      Gross additions199 135 64 348 267 81 Net additions18 26 (8)23 49 (26)Total prepaid mobile phone subscribers21,223 1,160 63 1,223 1,160 63 Churn (monthly)5.01%3.23%1.78 pts 4.52%3.28%1.24 pts Mobile phone ARPU (monthly)3$54.25 $55.45 ($1.20)$54.94 $56.24 ($1.30) 1 Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
Service revenue this quarter and year to date were in line with the prior year as the cumulative addition of new customers was offset by a decline in mobile phone ARPU as a result of the cumulative impact of competitive intensity.

The decreases in postpaid gross and net additions this quarter were a result of the overall slowing of population growth in Canada. The increases in postpaid gross and net additions year to date were a result of sales execution in a highly promotional and competitive Canadian market in the first quarter of 2026.

Equipment revenue
The 2% increase in equipment revenue this quarter and 5% increase year to date were primarily a result of:

a continued shift in the product mix towards higher-value devices; partially offset bya decrease in new subscribers purchasing devices. The increase year to date was also affected by higher device upgrades by existing customers.

Operating costs
Cost of equipment

The 5% decrease in the cost of equipment this quarter and 1% increase year to date were a result of the equipment revenue changes discussed above.

Other operating costs

The 2% increase in other operating costs this quarter and 1% increase year to date were a result of:

costs associated with our new satellite-to-mobile product offering; andhigher costs associated with marketing and advertising initiatives. Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CABLE

Cable Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Service revenue from external customers1,952 1,944 — 3,874 3,851 1 Service revenue from internal customers22 17 29 38 34 12 Service revenue1,974 1,961 1 3,912 3,885 1 Equipment revenue from external customers10 7 43 20 18 11 Revenue1,984 1,968 1 3,932 3,903 1        Operating costs826 821 1 1,652 1,648 —        Adjusted EBITDA1,158 1,147 1 2,280 2,255 1        Adjusted EBITDA margin58.4%58.3%0.1 pts 58.0%57.8%0.2 pts Capital expenditures367 404 (9)775 850 (9)
Cable Subscriber Results 1

 Three months ended June 30
 Six months ended June 30
 (In thousands, except ARPA and penetration)2026
 2025
 Chg 2026
 2025
 Chg        Homes passed210,624 10,354 270 10,624 10,354 270 Customer relationships      Net additions9 16 (7)6 20 (14)Total customer relationships24,862 4,825 37 4,862 4,825 37 ARPA (monthly)3$135.49 $135.74 ($0.25)$134.32 $136.59 ($2.27)       Penetration245.8%46.6%(0.8 pts) 45.8%46.6%(0.8 pts)       Retail Internet      Net additions17 26 (9)24 49 (25)Total retail Internet subscribers24,521 4,446 75 4,521 4,446 75 Video      Net losses(22)(25)3 (54)(57)3 Total Video subscribers22,449 2,560 (111)2,449 2,560 (111)Home Monitoring      Net additions1 3 (2)5 8 (3)Total Home Monitoring subscribers2158 141 17 158 141 17 Home Phone      Net losses(26)(29)3 (56)(55)(1)Total Home Phone subscribers21,333 1,452 (119)1,333 1,452 (119) 1 Subscriber results are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
The 1% increases in service revenue this quarter and year to date were a result of:

 retail Internet subscriber growth; andbase management activities, including adjustments to subscriber rates and bundled service offerings; partially offset bydeclines in our Home Phone and Video subscriber bases. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter and year to date.

Operating costs
The 1% increase in operating costs this quarter was a result of:

increased licensing rights associated with changes to our bundled service offerings; partially offset byother efficiency and productivity initiatives. Operating costs for the year to date were stable.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the service revenue and expense changes discussed above. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter and year to date.

MEDIA

Media Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg
 2026
 2025
 % Chg         Revenue from external customers1,075 679 58 1,991 1,142 74 Revenue from internal customers80 78 3 152 157 (3)Revenue1,155 757 53 2,143 1,299 65         Operating costs1,086 749 45 2,074 1,354 53         Adjusted EBITDA69 8 n/m 69 (55)n/m         Adjusted EBITDA margin6.0%1.1%4.9 pts
 3.2%(4.2)%7.4 pts Capital expenditures43 26 65 119 61 95 
Revenue
The 53% increase in revenue this quarter and 65% increase year to date were a result of:

approximately $0.31 billion and $0.79 billion in revenue from the consolidation of MLSE beginning in the second half of 2025, respectively; andexcluding the consolidation of MLSE, organic growth of 13% and 6%, respectively, substantially reflects higher Toronto Blue Jays revenue, primarily driven by higher game day attendance and sponsorships. Higher subscriber revenue from the Warner Bros. Discovery suite of channels substantially offset lower advertising revenue, primarily as a result of lower participation by Canadian teams in the NHL playoffs and ongoing softness in media advertising. Operating costs
The $337 million (45%) increase in operating costs this quarter and $720 million (53%) increase year to date were a result of:

approximately $0.23 billion and $0.64 billion of increased costs from the consolidation of MLSE; andthe combined effect of higher player salaries and other game day costs at the Toronto Blue Jays and higher programming costs. Adjusted EBITDA
The increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CAPITAL EXPENDITURES

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except capital intensity)2026
 2025
 % Chg 2026
 2025
 % Chg        Wireless188 365 (48)467 772 (40)Cable367 404 (9)775 850 (9)Media43 26 65 119 61 95 Corporate97 36 169 142 126 13        Capital expenditures1695 831 (16)1,503 1,809 (17)       Capital intensity212.4%15.9%(3.5 pts)13.5%17.7%(4.2 pts) 1 Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2 Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

We continue to (i) expand the reach and capacity of our 5G network across the country and (ii) invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network as we expand our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments are expected to strengthen network resilience and stability and help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects.

In April 2026, we updated our 2026 capital expenditure guidance range (see "Financial Guidance") as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. Our strategic priorities remain unchanged and our current capital expenditure guidance range continues to support these priorities. We expect to achieve our guidance range through (i) ongoing investments progressing at a slower pace, (ii) the deferral and/or cancellation of certain projects, and (iii) lower capital costs for projects, most predominantly affecting Wireless and Cable.

Wireless
In addition to the above, the decreases in capital expenditures in Wireless this quarter and year to date were due to the impact of $90 million of proceeds received on the sale of certain network assets. We continued to expand and enhance our wireless network through investments in network development and 5G deployment. We are actively deploying advanced spectrum assets, including the ongoing rollout of 3500 MHz spectrum and 3800 MHz spectrum. These investments build on our existing 5G infrastructure in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas.

Cable
In addition to the above, the decreases in capital expenditures in Cable this quarter and year to date were a result of customers increasingly choosing to self-install new products. This quarter, we also sold certain cable network assets for $46 million (2025 - $47 million), the proceeds from which reduced capital expenditures. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0 to improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out mid-split technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap.

Media
The increases in capital expenditures in Media this quarter and year to date primarily reflect the continued modernization of Rogers Centre and Scotiabank Arena.

Capital intensity
Capital intensity decreased this quarter and year to date as a result of the revenue growth and capital expenditure changes discussed above.

Review of Consolidated Performance

This section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 % Chg 2026
 2025
 % Chg        Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Deduct (add):      Depreciation and amortization1,194 1,184 1 2,415 2,350 3 Restructuring, acquisition and other211 238 (11)260 365 (29)Finance costs565 628 (10)1,008 1,207 (16)Gain on disposition of assets(30)— — (30)— — Other expense (income)1,019 (9)n/m 1,015 (7)n/m Income tax expense148 173 (14)321 273 18        Net (loss) income(665)148 n/m (183)428 n/m 
Depreciation and amortization

 Three months ended June 30
 Six months ended June 30 (In millions of dollars)2026
 2025
 % Chg
 2026
 2025
 % Chg
              Depreciation of property, plant and equipment931 933 — 1,888 1,864 1 Depreciation of right-of-use assets122 113 8 244 211 16 Amortization141 138 2 283 275 3              Total depreciation and amortization1,194 1,184 1 2,415 2,350 3 
Restructuring, acquisition and other

 Three months ended June 30 Six months ended June 30 (In millions of dollars)2026
 2025 2026
 2025
          Restructuring, acquisition and other excluding Shaw Transaction integration-related costs207 213 245 303 Shaw Transaction integration-related costs4 25 15 62          Total restructuring, acquisition and other211 238 260 365 
The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the second quarters of 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in 2026. Year to date, we also incurred costs associated with certain litigation. In 2025, these costs also included costs related to the network transaction, an unfavourable regulatory decision related to retransmission of distant signals, and real estate rationalization programs.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.

Finance costs

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 % Chg 2026
 2025
 % Chg        Interest on borrowings, net1502 488 3 984 999 (2)Interest on lease liabilities41 36 14 80 72 11 Interest on post-employment benefits(1)(1)— (3)(3)— Loss (gain) on foreign exchange30 (75)n/m 37 (86)n/m Change in fair value of derivative instruments(23)59 n/m (35)72 n/m Change in fair value of subsidiary equity derivative instruments2(16)93 n/m (121)93 n/m Capitalized interest(8)(8)— (14)(17)(18)Deferred transaction costs and other40 36 11 80 77 4        Total finance costs565 628 (10)1,008 1,207 (16) 1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2 Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" in our Q2 2026 MD&A for more information). This amount is removed from the calculation of adjusted net income and adjusted net income attributable to RCI shareholders (see below).

Other expense

The other expense this quarter and year to date primarily reflects a $1,034 million non-cash loss to recognize the change in the fair value of the MLSE put liability from $3.3 billion to $4.35 billion as at June 30, 2026 (see "Update on sports and entertainment assets").

Income tax expense

 Three months ended June 30
 Six months ended June 30(In millions of dollars, except tax rates)2026
 2025
 2026
 2025
      Statutory income tax rate26.2%26.2%26.2%26.2%(Loss) income before income tax expense(517)321 138 701      Computed income tax (recovery) expense(135)84 36 184 Increase (decrease) in income tax expense resulting from:    Non-(taxable) deductible stock-based compensation(7)1 (4)(1)Non-(taxable) deductible portion of equity (income) losses(1)1 (3)1 Non-deductible loss on revaluation of MLSE put liability274 — 274 — Non-(taxable) deductible portion of capital (gains) losses(10)44 (10)44 Unrealized capital losses for which no deferred tax asset is recognized19 45 19 45 Other items8 (2)9 —      Total income tax expense148 173 321 273      Effective income tax rate(28.6)%
53.9%232.6%38.9%Cash income taxes paid166 126 366 314           Cash income taxes paid increased this quarter and year to date due to timing of installments.

Net (loss) income

 Three months ended June 30
 Six months ended June 30 (In millions of dollars, except per share amounts)2026
 2025 % Chg
 2026
 2025 % Chg
            Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m Basic (loss) earnings per share attributable to RCI shareholders($1.34)$0.29 n/m ($0.53)$0.81 n/m Diluted (loss) earnings per share attributable to RCI shareholders($1.37)$0.29 n/m ($0.55)$0.79 n/m 
Adjusted net income
We calculate adjusted net income from adjusted EBITDA as follows:

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except per share amounts)2026
 2025
 % Chg 2026
 2025
 % Chg
         Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Deduct (add):       Depreciation and amortization11,022 972 5 2,062 1,909 8 Finance costs2581 535 9 1,129 1,114 1 Other income3(15)(9)67 (19)(7)171 Income tax expense4221 232 (5)451 425 6         Adjusted net income633 632 — 1,183 1,175 1 Adjusted net income attributable to RCI shareholders640 620 3 1,190 1,163 2         Adjusted earnings per share attributable to RCI shareholders:       Basic$1.19 $1.15 3 $2.20 $2.16 2 Diluted$1.15 $1.14 1 $2.17 $2.14 1  1 Depreciation and amortization excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets for the three and six months ended June 30, 2026 of $172 million and $353 million (2025 - $212 million and $441 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.
2 Finance costs exclude the $16 million and $121 million (2025 - $93 million and $93 million) change in fair value of subsidiary equity derivative instruments for the three and six months ended June 30, 2026.
3 Other income excludes a $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets" for more information).
4 Income tax expense excludes recoveries of $73 million and $130 million (2025 - recoveries of $59 million and $152 million), respectively, for the three and six months ended June 30, 2026 related to the income tax impact for adjusted items.

Regulatory Developments

See "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 6, 2026. The following are the relevant developments since that date.

Prohibition of Fees
On March 12, 2026, the Canadian Radio‑television and Telecommunications Commission (CRTC) issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, regarding fees incurred as a result of activating or modifying telecommunications service plans. The policy amends both the Internet Code and the Wireless Code to add a new definition of "activation or modification fee", which amendments became effective on June 12, 2026. On June 30, 2026, the CRTC issued Notice of Consultation CRTC 2026-155, Show cause and call for comments – Compliance with the prohibition of fees that are a barrier to switching cellphone and Internet plans, requiring each of Rogers, Bell, and Telus Corporation to show cause why certain fees charged by those carriers that the CRTC believes may be in contravention of Telecom Regulatory Policy 2026-43 are not in violation of sections 24 and 27.04 of the Telecommunications Act and Telecom Regulatory Policy 2026-43. Submissions addressing the issues are due to the CRTC by July 30, 2026.

CRTC Codes of Conduct
On April 13, 2026, in Telecom Regulatory Policy CRTC 2026-67, Enhancing customer notifications, the CRTC amended the Wireless Code and the Internet Code to set out what information must be included in notices sent to customers before the end of their contract and to require notifications to customers before the end of a time-limited discount or promotion and when their data usage reaches $50 when roaming internationally. The new requirements will come into effect on April 13, 2027.

Online Streaming Act
On May 21, 2026, the CRTC issued Broadcasting Regulatory Policies CRTC 2026-95 and 2026-96, which introduced (i) a new financial contribution requirement of 1.55% of annual Canadian broadcasting revenues to support a new Services of Exceptional Importance Fund (SEIF) applicable to all broadcasting ownership groups with annual revenues of at least $100 million and (ii) a new Canadian Programming Expenditures (CPE) framework. On June 3, 2026, the Government of Canada directed the CRTC to review its decision to regulate online streamers and Canadian broadcasters and stated it would be issuing new policy directions to the CRTC requiring it to adjust its implementation of the Online Streaming Act.

Updates to Risks and Uncertainties

See "Risk Management" and "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 6, 2026, which should be reviewed in conjunction with this earnings release. The following updates and supplements those risks and uncertainties.

Monetization of sports, media, and entertainment assets
We intend to sell a minority interest in Rogers Sports after obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"). While we believe there is a significant market for these assets, there is no guarantee we will be successful in selling a minority interest, whether at the expected investment amount, within the anticipated timing, or at all. Such a sale would also require approval from the various leagues governing our professional sports teams, which is not guaranteed. We may not proceed with, or complete, any sale of a minority interest in Rogers Sports, whether at the expected investment amount, within the anticipated timing, or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations.

Sports franchises
After obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"), our exposure to risks associated with owning and operating sports franchises will increase.

Financial Guidance

On April 22, 2026, concurrently with the release of our first quarter 2026 results, we updated our consolidated guidance ranges for select full-year 2026 financial metrics that were originally provided on January 29, 2026 as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. This press release is available under Rogers' profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2025 Annual MD&A and this earnings release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures"), are not measurements in accordance with IFRS. They include:

subscriber counts; Wireless;Cable; andhomes passed (Cable); Wireless subscriber churn (churn);Wireless mobile phone average revenue per user
(ARPU); Cable average revenue per account (ARPA);Cable customer relationships;Cable market penetration (penetration);capital intensity; andtotal service revenue. Non-GAAP and Other Financial Measures

Reconciliation of adjusted EBITDA

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income(665)148 (183)428 Add (deduct):    Income tax expense148 173 321 273 Finance costs565 628 1,008 1,207 Depreciation and amortization1,194 1,184 2,415 2,350 EBITDA1,242 2,133 3,561 4,258 Add (deduct):    Other expense (income)1,019 (9)1,015 (7)Restructuring, acquisition and other211 238 260 365 Gain on disposition of assets(30)— (30)—      Adjusted EBITDA2,442 2,362 4,806 4,616 
Reconciliation of adjusted net income

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income(665)148 (183)428 Add (deduct):    Restructuring, acquisition and other211 238 260 365 Change in fair value of subsidiary equity derivative instruments(16)93 (121)93 Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 Loss on revaluation of MLSE put liability1,034 — 1,034 — Gain on disposition of assets(30)— (30)— Income tax impact of above items(73)(59)(130)(152)     Adjusted net income633 632 1,183 1,175 
Reconciliation of pro forma trailing 12-month adjusted EBITDA

 As at
December 31 (In millions of dollars)2025    Trailing 12-month adjusted EBITDA9,820 Add (deduct):  MLSE adjusted EBITDA - January to June 2025166    Pro forma trailing 12-month adjusted EBITDA9,986 
Reconciliation of adjusted net income attributable to RCI shareholders

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income attributable to RCI shareholders(726)157 (288)437 Add (deduct):    Restructuring, acquisition and other211 238 260 365 Change in fair value of subsidiary equity derivative instruments(16)93 (121)93 Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 Loss on revaluation of MLSE put liability1,034 — 1,034 — Gain on disposition of assets(30)— (30)— Revaluation of subsidiary US dollar-denominated balances180 (21)131 (21)Income tax impact of above items(85)(59)(149)(152)     Adjusted net income attributable to RCI shareholders640 620 1,190 1,163  1 Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.

Reconciliation of free cash flow

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Cash provided by operating activities1,517 1,596 3,012 2,892 Add (deduct):    Capital expenditures(695)(831)(1,503)(1,809)Interest on borrowings, net and capitalized interest(494)(480)(970)(982)Interest paid456 395 1,008 990 Restructuring, acquisition and other211 238 260 365 Program rights amortization(33)(31)(86)(50)Change in net operating assets and liabilities160 28 319 111 Distributions paid by subsidiaries to non-controlling interests(117)— (233)— Net cash proceeds on subsidiary equity derivatives12 — 24 — Post-employment benefit contributions, net of expense(18)(19)(34)(36)Cash flows relating to other operating activities(16)38 (37)35 Other investment income(1)(9)(2)(5)     Free cash flow982 925 1,758 1,511  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts, unaudited)

 Three months ended June 30
 Six months ended June 30
  2026
 2025
 2026
 2025
      Revenue5,615 5,216 11,097 10,192      Operating expenses:    Operating costs3,173 2,854 6,291 5,576 Depreciation and amortization1,194 1,184 2,415 2,350 Restructuring, acquisition and other211 238 260 365 Finance costs565 628 1,008 1,207 Gain on disposition of assets(30)— (30)— Other expense (income)1,019 (9)1,015 (7)     (Loss) income before income tax expense(517)321 138 701 Income tax expense148 173 321 273      Net (loss) income for the period(665)148 (183)428      Net (loss) income for the period attributable to:    RCI shareholders(726)157 (288)437 Non-controlling interest61 (9)105 (9)     (Loss) earnings per share attributable to RCI shareholders:    Basic($1.34)$0.29 ($0.53)$0.81 Diluted($1.37)$0.29 ($0.55)$0.79  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars, unaudited)

 As at
June 30 As at
December 31  2026 2025      Assets    Current assets:    Cash and cash equivalents1,726 1,344 Accounts receivable5,728 6,105 Inventories553 550 Current portion of contract assets153 151 Other current assets1,341 1,239 Current portion of derivative instruments303 99 Total current assets9,804 9,488      Property, plant and equipment26,286 26,307 Intangible assets28,771 28,898 Investments1,292 1,291 Derivative instruments960 746 Financing receivables1,065 1,198 Other long-term assets2,093 2,052 Goodwill20,032 20,032      Total assets90,303 90,012      Liabilities and equity    Current liabilities:    Short-term borrowings2,237 4,000 Accounts payable and accrued liabilities4,375 4,831 Other current liabilities4,838 3,831 Contract liabilities952 1,114 Current portion of long-term debt4,855 1,186 Current portion of lease liabilities728 690 Total current liabilities17,985 15,652      Provisions56 55 Long-term debt35,191 35,872 Lease liabilities2,687 2,428 Other long-term liabilities2,063 2,225 Deferred tax liabilities9,471 9,494 Total liabilities67,453 65,726      Equity    Equity attributable to RCI shareholders16,559 17,751 Non-controlling interest6,291 6,535 Equity22,850 24,286      Total liabilities and equity90,303 90,012  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars, unaudited)

 Three months ended June 30
 Six months ended June 30
  2026
 2025
 2026
 2025
 Operating activities:    Net (loss) income for the period(665)148 (183)428 Adjustments to reconcile net income to cash provided by operating activities:    Depreciation and amortization1,194 1,184 2,415 2,350 Program rights amortization33 31 86 50 Finance costs565 628 1,008 1,207 Income tax expense148 173 321 273 Post-employment benefits contributions, net of expense18 19 34 36 Income from associates and joint ventures(14)— (17)(2)Gain on disposition of assets(30)— (30)— Loss on revaluation of MLSE put liability1,034 — 1,034 — Other16 (38)37 (35)Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,299 2,145 4,705 4,307 Change in net operating assets and liabilities(160)(28)(319)(111)Income taxes paid(166)(126)(366)(314)Interest paid, net(456)(395)(1,008)(990)     Cash provided by operating activities1,517 1,596 3,012 2,892      Investing activities:    Capital expenditures(695)(831)(1,503)(1,809)Additions to program rights and other intangible assets(43)(24)(141)(48)Changes in non-cash working capital related to investing activities(83)(68)(195)(56)Acquisitions and other strategic transactions, net of cash acquired— — (85)— Other(6)7 (9)8      Cash used in investing activities(827)(916)(1,933)(1,905)     Financing activities:    Net proceeds received from (repayment of) short-term borrowings161 (483)(1,791)(1,336)Net (repayment) issuance of long-term debt— (2,178)2,169 424 Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives20 (6)26 77 Transaction costs incurred(2)(61)(29)(99)Principal payments of lease liabilities(141)(134)(297)(267)Dividends paid to RCI shareholders(270)(188)(540)(373)Distributions paid by subsidiaries to non-controlling interests(117)— (233)— Issuance of subsidiary shares to non-controlling interest— 6,656 — 6,656 Other(1)(3)(2)(4)     Cash (used in) provided by financing activities(350)3,603 (697)5,078      Change in cash and cash equivalents340 4,283 382 6,065 Cash and cash equivalents, beginning of period1,386 2,680 1,344 898      Cash and cash equivalents, end of period1,726 6,963 1,726 6,963  About Forward-Looking Information

This earnings release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions.

Forward-looking information

typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; andwas approved by our management on the date of this earnings release. Our forward-looking information in this earnings release includes forecasts and projections related to the following items, among others:

revenue;total service revenue;adjusted EBITDA;capital expenditures;cash income tax payments;free cash flow (including its application to strengthen our balance sheet through accelerated debt repayment);dividend payments;the growth of new products and services;expected growth in subscribers and the services to which they subscribe; the cost of acquiring and retaining subscribers and deployment of new services;continued cost reductions and efficiency improvements;our debt leverage ratio and how we intend to manage that ratio;the completion and funding of the MLSE minority interest acquisition, including its timing, and the sale of a minority interest in Rogers Sports to third-party investors, including the timing, size, and proceeds therefrom; andall other statements that are not historical facts. Our conclusions, forecasts, and projections in this earnings release are based on a number of estimates, expectations, assumptions, and other factors, including, among others:

general economic and industry conditions, including the effects of inflation;currency exchange rates and interest rates;product pricing levels and competitive intensity;subscriber growth;pricing, usage, and churn rates;changes in government regulation; technology and network deployment;availability of devices;timing of new product launches;content and equipment costs;the integration of acquisitions; andindustry structure and stability.
Except as otherwise indicated, this earnings release and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made.

Risks and uncertainties
Actual events and results may differ materially from what is expressed or implied by forward-looking information in this earnings release as a result of risks, uncertainties, and other factors, many of which are beyond our control or our current expectations or knowledge, including, but not limited to:

regulatory changes;technological changes;economic, geopolitical, and other conditions affecting commercial activity and the costs of goods and services, including the potential application or modification of tariffs, trade wars, recessions, or reduced immigration levels;unanticipated changes in content or equipment costs;changing conditions in the sports, media, entertainment, information, and communications industries;performance of our sports teams, including uncertainty as to their participation or success in their respective postseasons;sports-related work stoppages or cancellations and labour disputes;the integration of acquisitions;litigation and tax matters;the level of competitive intensity;the emergence of new opportunities;external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others;the MLSE minority interest acquisition is subject to closing conditions and termination rights and may not be completed on the anticipated terms, in the anticipated timeline, or at all; the anticipated benefits of the MLSE minority interest acquisition may not be realized;we may be unable to proceed with, or complete, the sale of a minority interest in Rogers Sports, within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;if completed, the sale of a minority interest in Rogers Sports may not be at the expected valuation or may not raise the anticipated proceeds;we may fund all or a portion of the MLSE minority interest acquisition through alternate sources;new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies; changes to the methodology, criteria, or conclusions used by rating agencies in assessing or assigning equity treatment or equity credit on our subordinated notes or for the network transaction; and the other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A and "Updates to Risks and Uncertainties" in this earnings release.
These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee.

Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.

Before making an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the sections in our 2025 Annual MD&A entitled "Regulation in our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this earnings release.

About Rogers

Rogers is Canada's communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

Investment Community ContactMedia Contact  Paul CarpinoSarah Schmidt647.435.6470647.643.6397paul.carpino@[email protected]
Quarterly Investment Community Teleconference

Our second quarter 2026 results teleconference with the investment community will be held on:

July 22, 20268:00 a.m. Eastern Timewebcast available at about.rogers.com/investor-relationsmedia are welcome to participate on a listen-only basis A rebroadcast will be available at about.rogers.com/investor-relations for at least two weeks following the teleconference. Additionally, investors should note that from time to time, Rogers management presents at brokerage-sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on our website at about.rogers.com/investor-relations.

For More Information

You can find more information relating to us on our website (about.rogers.com/investor-relations), on SEDAR+ (sedarplus.ca), and on EDGAR (sec.gov), or you can e-mail us at [email protected]. Information on or connected to these and any other websites referenced in this earnings release is not part of, or incorporated into, this earnings release.

You can also go to about.rogers.com/investor-relations for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.

Item 1 of 3 A 3D-printed Meta logo and word "AI" are seen in this illustration created on July 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

[1/3]A 3D-printed Meta logo and word "AI" are seen in this illustration created on July 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesCase against Meta is first to target AI use in layoffsWorkers grappling with lack of evidence, arbitration pactsObstacles help explain dearth of AI-related lawsuits by workersJuly 22 (Reuters) - A novel lawsuit claiming that Meta Platforms (META.O), opens new tab relied on discriminatory AI tools to select employees for layoffs highlights the problems workers face in suing employers over the new technology, including proving how it was actually used.

The case helps ​illustrate why a widely predicted wave of employment lawsuits over AI use has yet to arrive. Legal experts say workers often have little understanding of how AI systems ‌are used in the workplace and many have also signed away their right to sue in court, agreeing instead to resolve workplace disputes through a private process called arbitration that can keep such claims from ever being tested publicly.

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In a ruling last week declining to block Meta from finalizing the terminations of 26 people who sued, U.S. District Judge William Orrick identified a fundamental obstacle for plaintiffs who allege that AI discriminated against them: "they were not in the rooms where it happened."

That ​means workers like the Meta employees, who claim they were targeted for layoffs because they have disabilities or took medical or family leave, often cannot muster the evidence of wrongdoing necessary to ​quickly secure a win in court.

And they face another obstacle: Like a majority of U.S. workers, the plaintiffs are bound by an arbitration agreement, meaning they ⁠cannot band together in a class action, put their case before a jury, or push for a multimillion-dollar settlement in open court.

ARBITRATION AGREEMENTS BLOCK LAWSUITSCompanies generally prefer arbitration, which they say is a faster, ​cheaper alternative to court, while worker advocates say it often favors employers and discourages workers from bringing claims. The arbitration process is also confidential, so it can shield unfavorable evidence unearthed in an individual case ​from wider disclosure.

"Even if you establish that a particular system would produce discriminatory outcomes left and right, you have no way of sharing that information with other employees," said Christine Webber, co-chair of the civil rights and employment practice at plaintiffs' firm Cohen Milstein Sellers & Toll. Webber's firm is not involved in the Meta case.

Webber and other plaintiffs' lawyers said those hurdles explain the lack of high-profile court cases involving employers' use of AI even as it becomes routine, ​and why even the lawsuit against Meta seeking only temporary relief is unusual.

One of the few cases to emerge over companies' workplace use of AI tools involves Workday (WDAY.O), opens new tab, which is facing claims that its ​popular HR management software unlawfully filtered out applicants for jobs at other companies based on race, age and disability. Arbitration is not an issue in that case because Workday does not have agreements with its customers' job applicants. Workday ‌denies the allegations.

PLAINTIFFS ⁠SEEK INJUNCTIONThe agreements signed by the Meta workers contain a common, narrow exception for seeking a court order that temporarily blocks one side from taking some irreversible action. But that exception is typically invoked in cases involving the alleged theft of trade secrets or the solicitation of clients or employees, and not layoffs of at-will workers.

Orrick denied the plaintiffs a temporary restraining order that would have stopped Meta from completing the layoffs. He must still decide whether to issue a preliminary injunction, a temporary but longer-lasting order that would put the workers back in their jobs until their individual arbitration cases are resolved. He said ​he could change his mind and grant the injunction ​if the plaintiffs come up with evidence "regarding ⁠whether and how AI was used in an improper manner."

A hearing is scheduled for August 24, and the losing side can appeal Orrick's decision.

The plaintiffs claim that in selecting jobs to cut, Meta consulted AI tools that tracked productivity and AI token usage (a measure of how much workers use AI tools), disadvantaging ​people who missed work because of medical conditions or to care for family members.

They allege that Meta used a number of internal AI-assisted systems including ​a large language model ⁠assistant known as "Metamate," an employee-trained "second brain" that tracked workers' communications and documents, and a productivity score drawn from scanning keystrokes, screen content, emails and browser history, according to the lawsuit.

Meta said in court filings and statements last week in response to the lawsuit that humans made all of the decisions concerning nearly 8,000 layoffs announced earlier this year and has denied treating AI usage as a basis for identifying workers to terminate or to conduct ⁠performance reviews. A ​Meta spokesman said on Tuesday that the company had no further comment.

Orrick said in his decision that he was bound ​to take Meta at its word since the plaintiffs could not present any evidence to rebut those claims.

The plaintiffs' lawyers in a joint statement last week acknowledged the hurdles they face in gathering evidence, even calling on current and former Meta employees to ​contact them with knowledge of how AI was used in the selection process.

"Meta holds virtually all the relevant information," they said.

Reporting by Daniel Wiessner in Albany, New York; Editing by Alexia Garamfalvi and Matthew Lewis

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

Dan Wiessner (@danwiessner) reports on labor and employment and immigration law, including litigation and policy making. He can be reached at [email protected].

Shares of Nvidia (NVDA +2.10%) and most of the AI-related semiconductor sector sold off last week after Moonshot, a China-based AI start-up, released its Kimi 3 model.

Kimi made waves across the industry, as the open-weights model displayed impressive performance against even the latest frontier models by Anthropic and OpenAI.

But the knee-jerk reactions to Kimi 3 seem like an echo of the DeepSeek and TurboQuant sell-offs of early 2025 and 2026, respectively. In both cases, innovations that made AI much more efficient didn't derail the AI build-out; in fact, one could argue they accelerated it by lowering adoption costs.

While these past cases aren't perfect mirrors of Kimi 3, here's why Nvidia investors shouldn't panic over this new model.

Today's Change

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2.10

%) $

4.26

Current Price

$

207.54

Why Kimi sent a shudder through U.S. AI stocks Although Moonshot and other Chinese AI labs may have smuggled in some Nvidia chips illegally, Moonshot likely doesn't have access to nearly as many Nvidia chips for model training as the leading U.S. labs. There is also some uncertainty about whether Moonshot merely "distilled" a leading LLM from either Anthropic or OpenAI, essentially copying the weights from the U.S. labs.

Either way, Kimi 3 appears to have been trained at a small fraction of the cost of leading U.S. models, leading to panic over whether the U.S. giants should and will keep spending on high-end, very expensive Nvidia GPUs.

Another reason why Kimi may have spurred a sell-off in Nvidia and AI memory stocks is that it displayed a novel innovation called Kimi Delta Attention (KDA). This architecture enables the model to selectively read prior tokens to process new ones, rather than reading all prior tokens. The result is a 75% decline in KV cache, essentially an AI's short-term memory required to run the model, and a sixfold increase in speed. That means the model requires less memory and processing power, all things being equal.

Kimi doesn't lower inference requirements as much as feared Regardless of how Kimi was trained, if consumers and enterprises want to use it, the model has to run. And while KDA certainly makes more efficient use of KV cache, other architectural features make it somewhat compute-intensive, requiring high-end hardware such as the latest Nvidia racks.

First, Kimi 3 is a massive 2.8 trillion-parameter model that requires 1.5 terabytes of high-bandwidth memory. Second, Kimi 3 uses 896 experts in a "mixture of experts" architecture. A mixture of experts means a query can go to a specific, specialized "subnetwork" of the entire model, so each query doesn't have to run the entire model.

While that theoretically frees up space and lowers speed and cost, Kimi 3's experts aren't loaded entirely onto a GPU but rather are split across 16 experts per GPU, requiring at least 56 chips to hold and inference the model. Spreading the experts over more chips is a technique called WideEP.

According to chip research firm SemiAnalysis, this means that to run the model efficiently, one will need high-end chip systems with the required number of chips and associated networking, such as the Nvidia GB300 NVL72 reference architecture. Moreover, SemiAnalysis says that the lower KV cache per chip requires a subsequent massive scale-up in bandwidth to coordinate the dozens of chips required. That means a greater focus on rack-level networking and, therefore, Nvidia's NVLink technology.

Image source: Nvidia.

Don't forget U.S. regulations or the Jevons paradox Finally, even if Kimi does deliver certain efficiencies, many workloads likely won't be able to run Chinese models, especially if they have been distilled -- a fancy word for "pirated" -- from leading U.S. labs. Regulations will likely still spur many U.S. enterprises to adopt U.S.-based models, or at least take security precautions that will also increase costs.

Meanwhile, even if Kimi 3 still provides much more efficient frontier-level AI usage, the Jevons paradox, an economic concept that states as technology makes resource use more efficient, overall resource consumption increases rather than decreases, indicates this will only unlock greater adoption and usage, offsetting any efficiencies regarding Nvidia chips or memory.

Just as the DeepSeek and TurboQuant scares of 2025 and early 2026 proved to be buying opportunities in AI names, it appears as though the Kimi 3-inspired sell-off looks to be another such opportunity for long-term investors.

People gather next to a logo of Johnson & Johnson at the company’s booth at the 8th China International Import Expo (CIIE) in Shanghai, China, November 6, 2025.REUTERS/Maxim Shemetov Purchase Licensing Rights, opens new tab

CompaniesJuly 22 (Reuters) - Johnson & Johnson (JNJ.N), opens new tab said ​on Wednesday the U.S. ‌Food and Drug Administration had granted marketing authorization ​for its robotic surgery ​device, clearing the way ⁠for the healthcare conglomerate ​to enter the soft-tissue ​robotic surgery market.

The Ottava robotic surgical system was authorized for ​use in multiple ​general surgery procedures in the upper ‌abdomen, ⁠including gastric bypass, gastrectomy, gallbladder removal, gastric sleeve surgery, appendectomy and hiatal ​hernia ​repair.

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

J&J ⁠said it would begin a U.S. ​commercial launch with ​select ⁠customers, while working to expand the system into ⁠additional ​indications and regulatory ​markets.

Reporting by Puyaan Singh in Bengaluru; ​Editing by Joyjeet Das

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

PayPal Today

$55.85 -0.97 (-1.71%)

As of 07/21/2026 04:00 PM Eastern

52-Week Range$38.46▼

$79.50Dividend Yield1.00%

P/E Ratio10.48

Price Target$54.61

Since its founding in December 1998, PayPal NASDAQ: PYPL has grown alongside e-commerce into a financial services giant. Today, the company’s market cap exceeds $50 billion. But along the way, the stock has not been kind to investors.

Following its return to public trading in July 2015 after being spun off from eBay NASDAQ: EBAY, PayPal surged to its all-time high of $308.53 per share in July 2021. But it has been a difficult ride for shareholders, with PYPL down nearly 82% since then.

Get PayPal alerts:

PayPal Holdings, Inc. (PYPL) Price Chart for Wednesday, July, 22, 2026

But last week, long-term holders were treated to an unexpected catalyst: Stripe and private equity firm Advent International proposed a joint $53.4 billion acquisition of PayPal. Shares rose up as much as 19% in pre-market trading on July 15, finishing the day up nearly 16%.

In the days that followed, PayPal’s board declined the offer, stating that the bid was too low. Nonetheless, a deal could still materialize.

In the meantime, shares have continued to climb above their pre-bid level. Here’s what investors need to know about the digital payment platform’s future, and whether or not the stock’s recent turnaround can be sustained.

Details of the $53 Billion Bid PayPal Passed OnPayPal Today

$55.85 -0.97 (-1.71%)

As of 07/21/2026 04:00 PM Eastern

52-Week Range$38.46▼

$79.50Dividend Yield1.00%

P/E Ratio10.48

Price Target$54.61

Seeing a potentially mispriced company, the offer was priced at $60.50 per share—about 6.5% higher than the stock's July 20 closing price, and around 28% above its July 14 pre-announceemnt close.

Had the bid been accepted, at $53.4 billion, it would have been the largest fintech acquisition in history. Stripe and Advent reportedly planned to hold equal ownership stakes in PayPal rather than divide the company’s assets.

The move makes sense for privately-held Stripe, a financial infrastructure platform that provides global payment processing, subscription management, and fraud prevention services to businesses.

But that offer was not aimed at absorbing PayPal’s 439 million active consumer and merchant accounts around the world. According to Tech Times, the bid was aimed at securing PayPal’s “consumer-facing stablecoin distribution network and the peer-to-peer trust relationship those accounts represent.

PayPal’s Stablecoin Is the Ultimate PrizeLaunched on Aug. 7, 2023, PayPal’s native stablecoin—PayPal USD (PYUSD)—represents the next chapter in the company’s payment facilitation playbook.

Built on the Ethereum (ETH) and Solana (SOL) blockchains ,PYUSD is designed to remain worth $1 and is backed by cash and short-term U.S. government debt. Eligible PayPal users can currently earn a variable 4% annual reward by holding it in their accounts.

But more importantly, Visa NYSE: V added PYUSD to its stablecoin settlement platform, allowing participating issuers and acquirers to use the token for certain settlement transactions across Visa’s network. The integration could expand PYUSD’s role in cross-border and on-chain payments as Visa builds out its stablecoin infrastructure.

Visa Today

V

Visa

$355.94 -4.63 (-1.28%)

As of 07/21/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$293.89▼

$365.14Dividend Yield0.75%

P/E Ratio31.00

Price Target$398.36

According to Visa’s 2025 annual report, the company reported 4.7 billion Visa-branded cards with total volume of $16.7 trillion last year.

Meanwhile, industry consultancy firm Grand View Research forecasts the global stablecoins segment of the decentralized finance market to grow to nearly $183 billion by 2033 from $3.3 billion in 2025—good for an almost comical compound annual growth rate of 69%.

As part of its expanded payment settlement rails, Visa’s decision to embrace the PYUSD stablecoin to allow partners to settle fiat currency-backed transactions directly on-chain is poised to be a massive windfall for PayPal.

At the same time, PayPal continues to expand PYUSD’s utility as a low-cost, near-instant payment and transfer mechanism within its digital wallet ecosystem on Venmo and PayPal.

Together with the $60.50 offering, this suggests that at current prices, shares of the San Jose, California-based firm could be dramatically undervalued.

Is PayPal Underpriced?PayPal Stock Forecast Today12-Month Stock Price Forecast:
$54.61
-2.22% Downside

Hold
Based on 46 Analyst Ratings

Current Price$55.85High Forecast$100.00Average Forecast$54.61Low Forecast$32.00PayPal Stock Forecast Details

For now, Wall Street has yet to price in the stablecoin story.

Based on the 46 analysts who cover the stock, PayPal carries a consensus Hold rating and an average 12-month price target implies nearly 2% downside from current prices.

While that may be discounting the underlying price drivers PayPal is set to enjoy, it also overlooks solid fundamentals and sound management.

In Q1, revenue growth stood at 7.21%—a dramatic year-over-year increase from 1.2% in Q1 2025.

Similarly, after four consecutive quarters of free cash flow (FCF) contraction, PayPal posted back-to-back quarters of FCF in Q4 2025 and Q1 at nearly 354% and 155%, respectively.

Earnings per share (EPS) offers another clue. Despite their struggles, PayPal has beat on earnings in nine of the last 11 quarters, including seven of the last eight. In Q1, the company reported EPS of $1.34, topping the consensus estimate of $1.27, and with a trailing price-to-earnings ratio of 10.66, PayPal’s earnings are expected to grow 8.27% in the next year.

In the company's Q1 earnings call, PayPal’s new CEO Enrique Lores, who officially took on that role on March 1, reaffirmed the company’s focus on three lines of business: Checkout/PayPal, Consumer Financial Services/Venmo, and Payment Services/Crypto—the latter of which underscores the significance of PYUSD.

Management also expects at least $1.5 billion of gross run-rate savings over the next two to three years as broad AI and automation adoption drives down operating costs. Ultimately, these factors should continue to fuel a long-awaited rebound for the company, which next reports earnings on July 28.

Should You Invest $1,000 in PayPal Right Now?Before you consider PayPal, you'll want to hear this.

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Nuclear energy is entering a new growth cycle as rising power demand, expanding data centers, and renewed policy support bring the sector back into focus. After strong gains in recent years, the most impactful phase of nuclear investment may still be ahead. This report highlights seven nuclear energy stocks positioned across the value chain—combining near-term revenue with long-term upside as next-generation technologies scale. Click the link below to unlock the full list.

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Texas Instruments Incorporated (NASDAQ:TXN) will release its second quarter earnings report after the closing bell on Wednesday, July 22.

Analysts expect the Dallas, Texas-based company to report quarterly earnings of $1.92 per share, up from $1.41 per share in the year-ago period. The consensus estimate for Texas Instruments’ quarterly revenue is $5.24 billion. It reported $4.45 billion last year, according to Benzinga Pro.

On July 16, the company’s board of directors declared a quarterly cash dividend of $1.42 per share.

Texas Instruments shares rose 2.6% to close at $291.30 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying TXN stock? Here’s what analysts think:

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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

CompaniesJuly 22 (Reuters) - Coinbase (COIN.O), opens new tab has settled a Freedom of Information Act lawsuit against the U.S. ​Securities and Exchange Commission over records it ‌sought from the agency, the cryptocurrency exchange's chief legal officer, Paul Grewal, said in a Wall Street Journal op-ed ​on Wednesday.

Grewal said the agency, which polices corporate ​record-keeping, had lost text messages between former Chair ⁠Gary Gensler and other officials after a process ​the SEC said "automatically wiped" certain data.

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As part of ​the settlement, the SEC will pay $150,000 and fix its record-retention policies, he wrote.

SEC did not immediately respond to a Reuters request ​for comment.

Coinbase sued the SEC and the Federal ​Deposit Insurance Corp. in 2024, seeking documents it said would ‌show ⁠a concerted effort by U.S. regulators to stamp out crypto companies.

The lawsuit sought additional communications from senior SEC officials, including Gensler.

Coinbase has scored major wins from ​the SEC under ​U.S. President ⁠Donald Trump, including the dismissal of a major lawsuit the regulator brought against ​the company under President Joe Biden.

It ​also championed ⁠a stablecoin bill passed by the U.S. Congress.

Reuters has reported that the SEC is preparing more industry-friendly ⁠policies, ​including one that would allow crypto ​companies to offer blockchain-based stocks.

Reporting by Hannah Lang in New York ​and Utkarsh Shetti in Bengaluru; Editing by Tasim Zahid

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

July 22, 2026 07:05 ET  | Source: Royalty Pharma plc

NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today announced that it has acquired a portion of Neurimmune’s royalty interest in AstraZeneca’s cliramitug for up to $425 million, including $125 million upfront.

Cliramitug is a Phase 3 first-in-class TTR-fibril-depleting antibody designed to remove amyloid deposits in patients with TTR amyloidosis with cardiomyopathy (ATTR-CM), a progressive, degenerative and fatal disease caused by misfolded proteins that accumulate in the heart. Currently approved therapies for ATTR-CM slow disease progression by preventing ATTR accumulation but do not target amyloid already accumulated in the heart. Cliramitug is currently in the Phase 3 DepleTTR-CM trial with results expected in 2028i.

“We are excited to acquire a royalty interest in cliramitug,” said Pablo Legorreta, Chief Executive Officer and Chairman of the Board of Royalty Pharma. “Cliramitug combines a differentiated scientific approach with promising clinical data and addresses a rapidly growing market with significant unmet need. Cliramitug is our second recent investment in this indication and has the potential to transform the ATTR-CM disease course. This therapy further bolsters our development-stage pipeline, and we believe it will become a valuable contributor to our portfolio over the long term.”

“We are developing a novel class of therapeutics and are excited to enter into a partnership with Royalty Pharma related to our cardiac ATTR depleter, cliramitug,” said Roger M. Nitsch, President and Chief Executive Officer of Neurimmune. “Today’s transaction is providing funds to further advance our internal R&D pipeline while retaining the majority of our royalty and milestone interests in cliramitug.”

The ATTR-CM market grew over 40% in 2025 to greater than $7 billion in sales, driven by increasing diagnosis rates and new therapeutic options. AstraZeneca provided a peak sales target of between $3 billion and $5 billion for cliramitug at its May 2024 Investor Day.

Transaction terms
Under the terms of the agreement, Royalty Pharma will provide Neurimmune up to $425 million, including $125 million upfront, in exchange for a 3% to 4% royalty on worldwide net sales of cliramitug. In the first quarter of 2027, Royalty Pharma will provide another $125 million in cash to Neurimmune, with the remaining $175 million payable based on the achievement of certain clinical and regulatory milestones.

Advisors
Goodwin Procter and Maiwald acted as legal advisors to Royalty Pharma.

About Royalty Pharma plc 
Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, Servier’s Voranigo, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, and Gilead’s Trodelvy, and 20 development-stage product candidates. For more information, visit www.royaltypharma.com.

Royalty Pharma Investor Relations and Communications
+1 (212) 883-6772
[email protected]

_______________________________________
i Phase 3 results timing based on AstraZeneca guidance.

, /PRNewswire/ -- CME Group Inc. (NASDAQ: CME) today reported financial results for the second quarter of 2026.

The company reported revenue of $1.7 billion and operating income of $1.1 billion for the second quarter of 2026. Net income was $1.0 billion and diluted earnings per common share were $2.88. On an adjusted basis, operating income was $1.2 billion, net income was $1.1 billion and diluted earnings per common share were $2.99. Financial results presented on an adjusted basis for the second quarter of 2026 and 2025 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1    

"The first half of 2026 was the strongest in CME Group's history," said CME Group Chairman and Chief Executive Officer Terry Duffy. "We delivered record H1 performance across revenue, adjusted operating income, adjusted net income and adjusted earnings per share, all of which were powered by record trading in Q1 and our second-highest Q2 volumes ever. During Q2, market data revenue increased 20% to a record $238 million. Importantly, we provided more than $95 billion in daily margin efficiencies during the quarter, a new high that represents unparalleled capital savings that our clients can redeploy in their businesses. We also continue to innovate a number of new tools to help clients manage risk and pursue opportunities, including Single-Stock futures, 1-Ounce Gold contracts available 24/7, U.S. Treasury clearing and Compute futures."

Second-quarter 2026 average daily volume (ADV) was the third highest quarterly ADV reaching 29.8 million contracts, which included non-U.S. ADV of 9.1 million contracts.

Clearing and transaction fees revenue for second-quarter 2026 totaled $1.4 billion. The total average rate per contract was $0.678. Market data revenue totaled a record $238 million for second-quarter 2026.

1. A reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found within the Reconciliation of Adjusted Operating Income and Adjusted Net Income and Adjusted Earnings per Common Share charts at the end of the financial statements.

As of June 30, 2026, the company had $2.3 billion in cash (including $200 million deposited with Fixed Income Clearing Corporation, which is included in other current assets) and $3.4 billion of debt. The company paid dividends during the second quarter of approximately $468 million and repurchased $695 million in CME Group common shares.

CME Group will hold a Q&A conference call to discuss second-quarter 2026 results at 8:30 a.m. Eastern Time today. A live audio webcast of the Q&A call will be available on the Investor Relations section of CME Group's website at investor.cmegroup.com under Events & Presentations. An archived recording will be available for up to two months after the call.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.    

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

Statements in this press release that are not historical facts are forward-looking statements.  These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. We want to caution you not to place undue reliance on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that might affect our performance are increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks; our ability to continue introducing innovative and competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and derive revenues that are commensurate with our efforts and expectations, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to manage variable costs associated with CME Group's transition to the Google Cloud, and minimize duplicative costs of maintaining both on-premise and Google Cloud environments during the transition; the resilience of our electronic platforms and the soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks and cyberterrorism or as impacted by a failure of or disruption at one of our suppliers; our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers; our ability to expand and globally offer our products and services; changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers, as well as the impact of tariffs and tax policy changes, restrictions on our ability to offer CME Group products and services in specific geographies or to specific customers or limitations or changes in underlying/physical product flows across geographies; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions; changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing firms and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business; the ability of our compliance and risk management programs to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets; our dependence on third-party providers and exposure to risk from third parties, including risks related to the performance, reliability and security of technology used by, or facilities provided by, our third-party providers and third-party providers that our clients and third-parties rely on; our reliance on third-party distribution partners, including independent software vendors, futures commission merchants, introducing brokers, broker-dealers, regulatory reporting and data distributors and platform operators, and other partners, for facilitating trading and for market data information, and potential impacts from changes in their business models and priorities; volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, equity indices, fixed income instruments and foreign exchange rates; economic, social, political and market conditions, including new and existing geopolitical tensions or conflicts, the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers; our ability to accommodate increases in contract volume and market data and order transaction traffic across the entire trade cycle and the ability to implement enhancements meeting our regulatory obligations and customer needs without failure or degradation of the performance of our trading and clearing systems; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions, investments, alliances, strategic partnerships and joint ventures; variances in earnings on cash accounts and collateral that our clearing house holds; impact of CME Group pricing/fee level and structure and incentive changes; impact of aggregation services and internalization on trade flow and volumes; any negative financial impacts from changes to the terms of intellectual property and index rights; our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; industry, channel partner and customer consolidation and/or concentration; decreases in trading and clearing activity; the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions; increases in effective tax rates, borrowing costs, or changes in tax policy; our ability to maintain our brand and reputation; and the unfavorable resolution of material legal proceedings. For a detailed discussion and additional information concerning these and other factors that might affect our performance, see our other recent periodic filings, including our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission ("SEC") on February 26, 2026, under the caption "Risk Factors".

CME Group Inc. and Subsidiaries

Consolidated Balance Sheets

(in millions)

June 30, 2026

December 31, 2025

ASSETS

Current Assets:

Cash and cash equivalents

$                 2,144.2

$                 4,416.9

Marketable securities

131.4

125.0

Accounts receivable, net of allowance

753.1

639.2

Other current assets (includes $4.4 and $6.5 in restricted cash)

491.7

522.1

Performance bonds and guaranty fund contributions

158,110.7

159,656.1

Total current assets

161,631.1

165,359.3

Property, net of accumulated depreciation and amortization

351.2

362.7

Intangible assets—trading products

17,175.3

17,175.3

Intangible assets—other, net

2,494.6

2,610.7

Goodwill

10,505.8

10,514.7

Other assets

2,518.6

2,401.5

Total Assets

$             194,676.6

$             198,424.2

LIABILITIES AND EQUITY

Current Liabilities:

Accounts payable

$                      68.0

$                      71.8

Other current liabilities

538.6

568.8

Performance bonds and guaranty fund contributions

158,110.7

159,656.1

Total current liabilities

158,717.3

160,296.7

Long-term debt

3,424.2

3,422.3

Deferred income tax liabilities, net

5,220.9

5,242.2

Other liabilities

793.8

734.8

Total Liabilities

168,156.2

169,696.0

Total CME Group Shareholders' Equity

26,520.4

28,728.2

Total Liabilities and Equity

$             194,676.6

$             198,424.2

CME Group Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in millions, except per share amounts; shares in thousands)

Quarter Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Revenues

Clearing and transaction fees

$   1,352.5

$   1,388.0

$  2,895.1

$  2,725.3

Market data and information services

238.1

198.1

462.2

392.6

Other

115.6

105.9

229.0

216.4

Total Revenues

1,706.2

1,692.0

3,586.3

3,334.3

Expenses

Compensation and benefits

233.5

221.6

456.5

428.3

Technology

83.3

70.9

159.9

136.6

Professional fees and outside services

29.1

37.4

57.3

65.9

Amortization of purchased intangibles

56.0

56.1

112.1

111.3

Depreciation and amortization

28.2

27.3

55.4

54.6

Licensing and other fee agreements

109.1

96.2

215.9

192.8

Other

59.9

53.2

112.4

107.5

Total Expenses

599.1

562.7

1,169.5

1,097.0

Operating Income

1,107.1

1,129.3

2,416.8

2,237.3

Non-Operating Income (Expense)

Investment income

1,429.7

1,518.4

2,819.0

2,411.1

Interest and other borrowing costs

(43.6)

(44.0)

(87.2)

(85.7)

Equity in net earnings of unconsolidated subsidiaries

97.7

99.0

200.1

187.2

Other non-operating income (expense)

(1,263.2)

(1,372.4)

(2,510.1)

(2,174.8)

Total Non-Operating Income (Expense)

220.6

201.0

421.8

337.8

Income before Income Taxes

1,327.7

1,330.3

2,838.6

2,575.1

Income tax provision

285.9

305.2

642.5

593.8

Net Income

$   1,041.8

$   1,025.1

$  2,196.1

$  1,981.3

Net Income Attributable to Common Shareholders of
CME Group - Basic(1)

$   1,041.8

$   1,012.2

$  2,200.4

$  1,956.4

Net Income Attributable to Common Shareholders of
CME Group - Diluted(1)

$   1,041.8

$   1,012.2

$  2,196.1

$  1,956.4

Earnings per Share Attributable to Common
Shareholders of CME Group:

Basic

$         2.89

$         2.81

$        6.11

$        5.44

Diluted

2.88

2.81

6.06

5.43

Weighted Average Number of Common Shares:

Basic

360,684

359,658

360,005

359,636

Diluted(2)

361,282

360,355

362,233

360,297

1. The difference between Net Income and Net Income Attributable to Common Shareholders of CME Group - Basic and Diluted is the result of the distribution of earnings allocated to preferred shares.

2. Preferred shares of 4,584,000 were all converted to Class A Common stock on March 5, 2026 with their weighted-average impact included in the Diluted shares starting in the first quarter of 2026.

CME Group Inc. and Subsidiaries

Reconciliation of Adjusted Operating Income

(dollars in millions)

Quarter Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Total Revenues

$    1,706.2

$    1,692.0

$  3,586.3

$  3,334.3

Adjusted Total Revenues

$    1,706.2

$    1,692.0

$  3,586.3

$  3,334.3

Total Expenses

$       599.1

$       562.7

$  1,169.5

$  1,097.0

Restructuring and severance

(6.0)

(1.4)

(10.0)

(2.5)

Deferred compensation(1)

(12.4)

(7.7)

(11.6)

(5.5)

Amortization of purchased intangibles

(56.0)

(56.2)

(112.1)

(111.3)

Strategic transaction-related (costs) credits

(1.0)

(2.8)

(1.6)

(2.8)

Real estate-related (costs) credits

0.7

8.1

—

8.1

Foreign exchange transaction gains (losses)

(0.3)

(3.5)

0.6

(5.9)

Unrealized and realized gains (losses) on assets

—

(0.4)

—

(0.4)

Litigation matters or settlements

(2.9)

(7.6)

(1.9)

(10.9)

Adjusted Total Expenses

$       521.2

$       491.2

$  1,032.9

$      965.8

Operating Income

$    1,107.1

$    1,129.3

$  2,416.8

$  2,237.3

Adjusted Operating Income

$    1,185.0

$    1,200.8

$  2,553.4

$  2,368.5

1. Includes $12.4 million and $11.6 million for changes in our non-qualified deferred compensation liability in the second quarter and first six months of 2026. This impact does not affect net income and adjusted net income, because the compensation and benefits change has an equal and offsetting change in investment income.

CME Group Inc. and Subsidiaries

Reconciliation of Adjusted Net Income and Adjusted Earnings per Common Share

(dollars in millions, except per share amounts; shares in thousands)

Quarter Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net Income

$    1,041.8

$    1,025.1

$  2,196.1

$  1,981.3

Restructuring and severance

6.0

1.4

10.0

2.5

Amortization of purchased intangibles(1)

60.0

69.4

120.1

137.6

Strategic transaction-related costs (credits)(2)

0.3

2.8

0.4

2.8

Real estate-related costs (credits)

(0.7)

(8.1)

—

(8.1)

Foreign exchange transaction (gains) losses

0.3

3.6

(0.6)

6.0

Unrealized and realized (gains) losses on investments

(3.9)

—

19.0

6.4

Unrealized and realized (gains) losses on assets

—

0.4

—

0.4

Litigation matters or settlements

2.9

7.6

1.9

10.9

Income tax effect related to above

(15.3)

(15.5)

(36.3)

(31.6)

Other income tax items(3)

(9.7)

(7.3)

(8.8)

(8.9)

Adjusted Net Income

$    1,081.7

$    1,079.4

$  2,301.8

$  2,099.3

Adjusted Net Income Attributable to Common
Shareholders of CME Group - Basic(4)

$    1,081.7

$    1,065.8

$  2,305.6

$  2,072.9

Adjusted Net Income Attributable to Common
Shareholders of CME Group - Diluted(4)

$    1,081.7

$    1,065.8

$  2,301.8

$  2,072.9

Earnings per Share Attributable to Common Shareholders of CME Group:

     Basic

$         2.89

$         2.81

$       6.11

$       5.44

     Diluted

2.88

2.81

6.06

5.43

Adjusted Earnings per Share Attributable to Common Shareholders of CME
Group:

     Basic

$         3.00

$         2.96

$       6.40

$       5.76

     Diluted

2.99

2.96

6.35

5.75

Weighted Average Number of Common Shares:

     Basic

360,684

359,658

360,005

359,636

     Diluted(5)

361,282

360,355

362,233

360,297

1. Includes $2.6 million and $5.2 million of amortization of purchased intangibles at S&P Dow Jones Indices LLC and $1.4 million and $2.8 million of amortization of purchased intangibles at FanDuel Prediction Markets Holdings LLC in the second quarter and first six months of 2026. This is reported in Equity in net earnings of unconsolidated subsidiaries on the Consolidated Statements of Income.

2. The values shown above may differ from what is shown in the Reconciliation of Adjusted Operating Income as that schedule does not include adjustment items or portions of items included in non-operating results.

3. Other income tax items in the second quarter of 2026 include benefits related to the resolution of certain state income tax examinations and adjustments to tax reserves and tax receivables.

4. The difference between Adjusted Net Income and Adjusted Net Income Attributable to Common Shareholders of CME Group - Basic and Diluted is the result of the distribution of earnings allocated to preferred shares.

5. Preferred shares of 4,584,000 were all converted to Class A Common stock on March 5, 2026 with their weighted-average impact included in the Diluted shares starting in the first quarter of 2026.

CME Group Inc. and Subsidiaries

Quarterly Operating Statistics

2Q 2025

3Q 2025

4Q 2025

1Q 2026

2Q 2026

Trading Days

62

64

64

61

62

Quarterly Average Daily Volume (ADV)(1)

CME Group ADV (in thousands)

Product Line

2Q 2025

3Q 2025

4Q 2025

1Q 2026

2Q 2026

Interest rates

15,472

13,378

13,010

18,674

14,532

Equity indexes

7,661

6,278

7,738

8,655

8,633

Foreign exchange

1,096

834

853

1,193

989

Energy

3,082

2,295

2,523

3,985

2,667

Agricultural commodities

1,964

1,712

1,787

2,042

2,080

Metals

943

825

1,441

1,682

941

Total

30,217

25,322

27,353

36,231

29,843

Venue

CME Globex

28,097

23,418

25,542

33,633

27,935

Open outcry

993

989

816

1,241

830

Privately negotiated

1,127

915

995

1,357

1,078

Total

30,217

25,322

27,353

36,231

29,843

Quarterly Average Rate Per Contract (RPC)(1)

CME Group RPC

Product Line

2Q 2025

3Q 2025

4Q 2025

1Q 2026

2Q 2026

Interest rates

$          0.481

$          0.487

$          0.486

$          0.457

$          0.480

Equity indexes

0.635

0.652

0.611

0.597

0.605

Foreign exchange

0.772

0.841

0.847

0.780

0.813

Energy

1.138

1.214

1.245

1.084

1.131

Agricultural commodities

1.435

1.423

1.427

1.344

1.426

Metals

1.456

1.505

1.295

1.153

1.315

Average RPC

$          0.690

$          0.702

$          0.707

$          0.652

$          0.678

1. ADV and RPC includes futures and options on futures only.

CME-G

SOURCE CME Group

Posted by Defense World Staff on Jul 22nd, 2026

Woodward (NASDAQ:WWD – Get Free Report) is expected to be posting its Q3 2026 results after the market closes on Wednesday, July 29th. Analysts expect Woodward to announce earnings of $2.44 per share and revenue of $1.1104 billion for the quarter. Woodward has set its FY 2026 guidance at 9.150-9.450 EPS. Investors may review the information on the company’s upcoming Q3 2026 earning results page for the latest details on the call scheduled for Wednesday, July 29, 2026 at 5:00 PM ET.

Woodward (NASDAQ:WWD – Get Free Report) last released its earnings results on Wednesday, April 29th. The technology company reported $2.27 EPS for the quarter, beating the consensus estimate of $2.10 by $0.17. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Woodward had a return on equity of 20.12% and a net margin of 12.85%.The business’s revenue for the quarter was up 23.4% on a year-over-year basis. During the same period last year, the firm earned $1.69 EPS. On average, analysts expect Woodward to post $9 EPS for the current fiscal year and $10 EPS for the next fiscal year.

Woodward Stock Up 4.1% NASDAQ WWD opened at $406.87 on Wednesday. The stock has a market capitalization of $24.24 billion, a P/E ratio of 48.73, a price-to-earnings-growth ratio of 2.33 and a beta of 0.86. Woodward has a 52 week low of $233.31 and a 52 week high of $450.92. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.19 and a current ratio of 1.73. The stock has a fifty day moving average of $389.09 and a 200-day moving average of $373.25.

Woodward Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be issued a $0.32 dividend. The ex-dividend date is Thursday, August 20th. This represents a $1.28 annualized dividend and a yield of 0.3%. Woodward’s dividend payout ratio (DPR) is currently 15.33%.

Insiders Place Their Bets In other Woodward news, Director Daniel G. Korte sold 14,700 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $356.05, for a total transaction of $5,233,935.00. Following the transaction, the director owned 4,434 shares in the company, valued at approximately $1,578,725.70. This trade represents a 76.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Karrie M. Bem sold 185 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $355.00, for a total value of $65,675.00. Following the transaction, the executive vice president owned 3,648 shares of the company’s stock, valued at $1,295,040. The trade was a 4.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 15,629 shares of company stock valued at $5,570,005. 0.71% of the stock is owned by insiders.

Institutional Inflows and Outflows Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. grew its holdings in Woodward by 122.0% during the third quarter. Invesco Ltd. now owns 905,578 shares of the technology company’s stock valued at $228,849,000 after purchasing an additional 497,722 shares during the period. Findlay Park Partners LLP raised its holdings in Woodward by 136.2% in the fourth quarter. Findlay Park Partners LLP now owns 686,200 shares of the technology company’s stock worth $207,452,000 after purchasing an additional 395,726 shares during the period. Two Sigma Investments LP raised its holdings in Woodward by 1,086.9% in the third quarter. Two Sigma Investments LP now owns 330,514 shares of the technology company’s stock worth $83,524,000 after purchasing an additional 302,666 shares during the period. Lord Abbett & CO. LLC bought a new position in shares of Woodward during the fourth quarter worth $65,918,000. Finally, Soros Fund Management LLC bought a new position in shares of Woodward during the fourth quarter worth $54,798,000. Institutional investors own 81.18% of the company’s stock.

Analyst Ratings Changes A number of analysts recently commented on WWD shares. Truist Financial lifted their price objective on Woodward from $404.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Weiss Ratings restated a “buy (b)” rating on shares of Woodward in a research report on Friday. Susquehanna initiated coverage on shares of Woodward in a research note on Tuesday, May 26th. They issued a “positive” rating and a $423.00 target price on the stock. UBS Group lifted their price target on shares of Woodward from $427.00 to $429.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Royal Bank Of Canada started coverage on shares of Woodward in a research note on Thursday, April 16th. They set an “outperform” rating and a $450.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Woodward currently has an average rating of “Moderate Buy” and an average price target of $395.50.

View Our Latest Stock Report on WWD

About Woodward (Get Free Report)

Woodward, Inc (NASDAQ: WWD) is a global leader in the design, manufacture and service of control systems and components for the aerospace and industrial markets. Founded in 1870 and headquartered in Fort Collins, Colorado, the company specializes in motion control, fuel systems, actuation, and digital control solutions. Its offerings enable precision management of flow, pressure and motion in critical applications ranging from aircraft engines and power turbines to hydraulic systems.

Woodward’s product portfolio is organized into two primary segments: Aerospace and Industrial.

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Otis delivers organic Service sales growth of 9% matching the highest level since spin with strong double-digit growth in modernization and repair and accelerating maintenance trends

Second quarter 2026

Net sales up 7% and organic sales up 6%, driven by Service net sales up 11% with organic sales up 9%, and New Equipment net sales flat with organic sales down (1)%, improving sequentially GAAP operating profit up $28 million and adjusted operating profit down $25 million Modernization orders up 9% at constant currency, backlog up 24%, 26% at constant currency Operating cash flow of $267 million; adjusted free cash flow of $290 million Share repurchases of approximately $400 million First half 2026

Net sales up 7% and organic sales up 4%, driven by Service net sales up 11% with organic sales up 7% GAAP operating profit up $156 million and adjusted operating profit down $35 million Operating cash flow of $680 million; adjusted free cash flow of $562 million Share repurchases of approximately $800 million , /PRNewswire/ -- Otis Worldwide Corporation (NYSE:OTIS) reported second quarter 2026 net sales of $3.9 billion with organic sales up 6% versus the prior year. GAAP earnings per share (EPS) increased 13% to $1.12 and adjusted EPS decreased 4% to $1.01.

"Otis delivered a solid quarter, with net sales up 7%, supported by growth across all Service lines and sequential improvement in New Equipment trends. Our strategy, actions and investments in Service quality are gaining traction as evidenced by double-digit growth in both modernization and repair sales with maintenance growth also accelerating, contributing to Service sales growth that matched the highest level achieved since spin," said Chair, CEO & President Judy Marks. "Strong backlog in both modernization and New Equipment provides good visibility and supports our expectation for continued growth in the quarters ahead. We remain confident in the long-term growth opportunities across our Service portfolio. An aging installed base and our customers' increasing focus on reliability, uptime and Service quality are driving favorable demand in both modernization and repair, contributing to drive sustained growth and value creation."

Judy Marks continued, "As we look to the second half of the year and take a measured approach to our outlook, we remain confident in the durability of our Service-led growth model. We are continuing to invest in our strategic priorities including Service quality, pricing initiatives, and the application of digital technology with a focus on front-line operating excellence and strong execution across the globe. This Service-driven strategy reinforces our conviction in the long-term growth potential of the business and our ability to deliver sustainable value creation for shareholders over time."

Key Figures

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in millions, except per share
amounts)

2026

2025

Y/Y

Y/Y
(CFX)

2026

2025

Y/Y

Y/Y
(CFX)

Net sales

$  3,859

$  3,595

7 %

6 %

$  7,425

$  6,945

7 %

4 %

Organic sales growth

6 %

4 %

GAAP

Operating profit

$    575

$    547

$     28

$  1,114

$    958

$    156

Operating profit margin

14.9 %

15.2 %

(30) bps

15.0 %

13.8 %

120 bps

Net income

$    428

$    393

9 %

$    768

$    636

21 %

Earnings per share

$   1.12

$   0.99

13 %

$   1.99

$   1.60

24 %

Adjusted non-GAAP comparison

Operating profit

$    587

$    612

$   (25)

$  (32)

$  1,137

$  1,172

$   (35)

$  (70)

Operating profit margin

15.2 %

17.0 %

(180) bps

15.3 %

16.9 %

(160) bps

Net income

$    389

$    416

(6) %

$    736

$    784

(6) %

Earnings per share

$   1.01

$   1.05

(4) %

$   1.90

$   1.97

(4) %

Second quarter net sales of $3.9 billion, increased 7% versus the prior year, driven by Service sales with growth in all lines of business.

Second quarter GAAP operating profit of $575 million increased $28 million driven primarily by the absence of UpLift transformation costs, separation-related adjustments, and other non-recurring items in the prior year. Adjusted operating profit of $587 million decreased $25 million at actual currency and $32 million at constant currency, driven by growth in Service more than offset by a decline in New Equipment and other corporate adjustments. GAAP operating profit margin contracted 30 basis points to 14.9% and adjusted operating profit margin of 15.2% declined 180 basis points versus the prior year driven by unfavorable segment performance and other corporate adjustments, partially offset by segment mix. The performance was impacted by ongoing investment in key Service growth initiatives, which were expanded this year to capitalize on strong repair and modernization demand, enhance Service excellence, and build long-term pricing capabilities.

GAAP EPS of $1.12 increased 13% compared to the prior year primarily driven by the absence of UpLift transformation costs, separation-related adjustments, and other non-recurring items in the prior year. Adjusted EPS of $1.01 decreased 4% driven by operational performance, higher interest, and higher tax rate, partially offset by favorable foreign exchange rates, a lower share count, and lower noncontrolling interest.

Service

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in millions)

2026

2025

Y/Y

Y/Y
(CFX)

2026

2025

Y/Y

Y/Y
(CFX)

Net sales

$ 2,580

$ 2,319

11 %

10 %

$ 4,997

$ 4,506

11 %

8 %

Organic sales

9 %

7 %

Segment operating profit

$   599

$   578

$     21

$     16

$ 1,155

$ 1,115

$     40

$      6

Segment operating profit margin

23.2 %

24.9 %

(170) bps

23.1 %

24.7 %

(160) bps

In the second quarter, net sales of $2.6 billion increased 11%, with a 9% increase in organic sales. Organic maintenance and repair sales increased 6% and organic modernization sales increased 24%.

Segment operating profit of $599 million increased $21 million at actual currency and increased $16 million at constant currency as higher volume and favorable pricing more than offset higher labor cost including the impact of ongoing strategic initiatives and productivity, material cost headwinds and unfavorable mix. Segment operating profit margin contracted 170 basis points to 23.2%.

New Equipment

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in millions)

2026

2025

Y/Y

Y/Y
(CFX)

2026

2025

Y/Y

Y/Y
(CFX)

Net sales

$ 1,279

$ 1,276

0 %

(1) %

$ 2,428

$ 2,439

(0) %

(3) %

Organic sales

(1) %

(3) %

Segment operating profit

$     40

$     68

$   (28)

$   (30)

$     78

$   134

$   (56)

$   (57)

Segment operating profit margin

3.1 %

5.3 %

(220) bps

3.2 %

5.5 %

(230) bps

In the second quarter, net sales of $1.3 billion were flat versus the prior year, with approximately 10% organic sales growth in the Americas, and low single digit growth in Asia Pacific, offset by a high teens decline in China, and a mid-single digit decline in EMEA.

Segment operating profit of $40 million decreased $28 million at actual currency and $30 million at constant currency primarily from the impacts of lower volume, unfavorable price, and mix. Segment operating profit margin contracted 220 basis points to 3.1%.

New Equipment orders were down 5% at constant currency with low teens growth in the Americas, and a low single digit growth in EMEA, more than offset by a greater than 20% decline in Asia Pacific, and a high teens decline in China. New Equipment backlog increased 3% at actual currency and 4% at constant currency.

Cash flow

Quarter Ended June 30,

Six Months Ended June 30,

(dollars in millions)

2026

2025

Y/Y

2026

2025

Y/Y

Cash flow from operations

$        267

$        215

$        52

$        680

$        405

$       275

Free cash flow

$        223

$        179

$        44

$        603

$        335

$       268

Adjusted free cash flow

$        290

$        243

$        47

$        562

$        429

$       133

Second quarter cash flow changes were driven by an increase in net income and changes in working capital.

2026 Outlook1

Otis is revising our full year outlook:

Net sales of $15.1 to $15.3 billion Organic sales up low to mid-single digits Organic New Equipment sales down low single digits to flat Organic Service sales up mid to high single digits Adjusted operating profit of approximately $2.4 billion, down $45 to $15 million at constant currency; down $30 million to flat at actual currency Adjusted EPS of $4.01 to $4.05 Adjusted free cash flow of $1.50 to 1.55 billion 1 Note: When we provide outlook for organic sales, adjusted operating profit, adjusted EPS, adjusted effective tax rate and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See "Use and Definitions of Non-GAAP Financial Measures" below for additional information.

About Otis
Otis is the world's leading elevator and escalator manufacturing, installation, service and modernization company. We move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.

Use and Definitions of Non-GAAP Financial Measures

Otis Worldwide Corporation ("Otis") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures (referenced in this press release) to the corresponding amounts prepared in accordance with GAAP appears in the attached tables. These tables provide additional information as to the items and amounts that have been excluded from the adjusted measures. Below are our non-GAAP financial measures:

Non-GAAP measure

Definition

Organic sales

Represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a non-recurring and/or nonoperational nature ("other significant items"). Management believes organic sales is a useful measure in providing period-to-period comparisons of the results of the Company's ongoing operational performance.

Adjusted selling, general and administrative ("SG&A") expense

Represents SG&A expense (a GAAP measure), excluding restructuring costs and other significant items.

Adjusted operating profit

Represents income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items.

Adjusted net interest expense

Represents net interest expense (a GAAP measure), adjusted for the impacts of non-recurring acquisition related financing costs and related net interest expense pending the completion of a transaction and other significant items.

Adjusted noncontrolling interest in earnings

Represents noncontrolling interest in earnings (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects.

Adjusted net income

Represents net income attributable to Otis Worldwide Corporation (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects.

Adjusted earnings per share ("EPS")

Represents diluted earnings per share attributable to common shareholders (a GAAP measure), adjusted for the per share impact of restructuring and other significant items, including related tax effects.

Adjusted effective tax rate

Represents the effective tax rate (a GAAP measure) adjusted for other significant items and the tax impact of restructuring costs and other significant items.

Constant currency

GAAP financial results include the impact of changes in foreign currency exchange rates ("AFX"). We use the non-GAAP measure "at constant currency" or "CFX" to show changes in our financial results without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, income statement results are translated in U.S. dollars at the average exchange rate for the period presented. Management believes that this non-GAAP measure is useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance.

Free cash flow

Represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Otis' ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP.

Adjusted free cash flow

Represents cash flow from operations (a GAAP measure) less capital expenditures, adjusted to exclude certain items management believes affect the comparability of operating results. Management believes adjusted free cash flow is a useful measure of liquidity that provides investors additional information regarding the Company's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Adjusted free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP.

Management believes that organic sales, adjusted SG&A expense, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted EPS and the adjusted effective tax rate are useful measures in providing period-to-period comparisons of the results of the Company's ongoing operational performance.

When we provide our expectations for adjusted net sales, organic sales, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted effective tax rate, adjusted EPS, free cash flow and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected diluted EPS from continuing operations, operating profit, the effective tax rate, net sales and expected cash flow from operations) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

Cautionary Statement

This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for Otis' future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "medium-term," "near-term," "confident," "goals" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, dividends, share repurchases, tax rates, research & development spend, restructuring or transformation actions (including UpLift and related reorganization and outsourcing activities and such actions with respect to our business in China), credit ratings, net indebtedness and other measures of financial performance or potential future plans, strategies or transactions, or statements that relate to climate change and our intent to achieve certain sustainability targets or other corporate responsibility initiatives, including operational impacts and costs associated therewith, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, Otis claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate and any changes therein, including financial market conditions, fluctuations in commodity prices and other inflationary pressures, interest rates and foreign currency exchange rates, levels of end market demand in construction, pandemic health issues, natural disasters, whether as a result of climate change or otherwise, and the financial condition of Otis' customers and suppliers; (2) the effect of changes in political conditions in the U.S. and in other countries in which Otis and its businesses operate, including tensions between the U.S. and China and geopolitical conflicts, including the ongoing conflicts and instability in the Middle East and the conflict between Russia and Ukraine on general market conditions, commodity costs, global trade policies and related sanctions, export controls and tariffs, and currency exchange rates in the near term and beyond; (3) challenges in the development, production, delivery, support, employee adoption, performance and realization of the anticipated benefits of advanced technologies and new products and services; (4) future levels of indebtedness, capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability or costs thereof, including credit market conditions and Otis' capital structure; (6) the timing and scope of future repurchases of Otis' common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (7) fluctuations in prices and delays and disruptions in delivery of materials and services from suppliers, whether as a result of changes in general economic conditions, geopolitical conflicts or otherwise; (8) cost reduction or containment actions, restructuring or transformation costs and related savings and other consequences thereof, including with respect to UpLift and our China business and related impacts of reorganization, change management and outsourcing activities, as applicable; (9) new business and investment opportunities and the realization of anticipated benefits, including meeting customer expectations and maintaining our competitiveness; (10) the outcome of legal proceedings, investigations and other contingencies; (11) pension plan assumptions and future contributions; (12) the impact of the negotiation of collective bargaining agreements and labor disputes, labor actions, including strikes or work stoppages, and labor inflation in the markets in which Otis and its businesses operate globally; (13) the effect of changes in laws, regulations and enforcement priorities in the U.S. and other countries in which Otis and its businesses operate; (14) the ability of Otis to retain and hire key personnel; (15) the scope, nature, impact or timing of acquisition and divestiture activity, the integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; (16) the determination by the Internal Revenue Service (the "IRS") and other tax authorities that the distribution or certain related transactions should be treated as taxable transactions in connection with the separation (the "Separation") of Otis and Carrier Global Corporation ("Carrier") from United Technologies Corporation (now known as RTX Corporation ("RTX"); and (17) our obligations and disputes that have or may hereafter arise under the agreements we entered into with RTX and Carrier in connection with the Separation. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see Otis' registration statement on Form 10 and the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Otis Worldwide Corporation
Condensed Consolidated Statements of Operations

Quarter Ended June 30,

Six Months Ended June 30,

(Unaudited)

(Unaudited)

(dollars in millions, except per share amounts; shares in millions)

2026

2025

2026

2025

Net Sales

$        3,859

$        3,595

$       7,425

$       6,945

Costs and Expenses:

Cost of products and services sold

2,723

2,506

5,207

4,855

Research and development

39

38

77

75

Selling, general and administrative

520

499

1,030

963

Total Costs and Expenses

3,282

3,043

6,314

5,893

Other income (expense), net

(2)

(5)

3

(94)

Operating profit

575

547

1,114

958

Non-service pension cost (benefit)

2

—

2

—

Interest expense (income), net

26

26

85

71

Net income before income taxes

547

521

1,027

887

Income tax expense (benefit)

98

98

225

208

Net income

449

423

802

679

Less: Noncontrolling interest in subsidiaries' earnings

21

30

34

43

Net income attributable to Otis Worldwide Corporation

$          428

$          393

$         768

$         636

Earnings Per Share of Common Stock:

Basic

$         1.12

$         1.00

$        1.99

$        1.61

Diluted

$         1.12

$         0.99

$        1.99

$        1.60

Weighted Average Number of Shares Outstanding:

Basic shares

382.6

393.7

385.2

395.1

Diluted Shares

383.5

395.8

386.4

397.3

Otis Worldwide Corporation
Reconciliation of Reported (GAAP) to Adjusted Operating Profit & Operating Profit Margin

Quarter Ended June 30,

Six Months Ended June 30,

(Unaudited)

(Unaudited)

(dollars in millions)

2026

2025

2026

2025

Net Sales

New Equipment

$     1,279

$     1,276

$     2,428

$     2,439

Service

2,580

2,319

4,997

4,506

Total Net Sales

$     3,859

$     3,595

$     7,425

$     6,945

Operating Profit

New Equipment

$         40

$         68

$         78

$       134

Service

599

578

1,155

1,115

Total segment operating profit

639

646

1,233

1,249

Corporate and Unallocated

(64)

(99)

(119)

(291)

Total Otis GAAP Operating Profit

575

547

1,114

958

UpLift restructuring

—

25

—

45

Other restructuring

11

12

18

35

UpLift transformation costs

—

18

—

41

Separation-related adjustments 1

—

9

5

61

Litigation-related settlement costs 2

—

—

—

21

Held for sale impairment

—

—

—

10

Other, net

1

1

—

1

Total Otis Adjusted Operating Profit

$       587

$       612

$     1,137

$     1,172

Reported Total Operating Profit Margin

14.9 %

15.2 %

15.0 %

13.8 %

Adjusted Total Operating Profit Margin

15.2 %

17.0 %

15.3 %

16.9 %

1 Separation-related adjustments in the quarters and six months ended June 30, 2026 and 2025 represent estimated amounts
due to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement, including those amounts related
to a favorable ruling received in August 2024 regarding a tax litigation in Germany.

2 Litigation-related settlement costs in the six months ended June 30, 2025 represent the aggregate amount of settlement costs
and increase in loss contingency accruals, excluding legal costs, for certain legal matters that are outside of the ordinary
course of business due to the size, complexity and/or unique facts of these matters.

Otis Worldwide Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Net Income, Earnings Per Share, and Effective Tax Rate

Quarter Ended June 30,

Six Months Ended June 30,

(Unaudited)

(Unaudited)

(dollars in millions, except per share amounts)

2026

2025

2026

2025

Adjusted Operating Profit

$       587

$       612

$     1,137

$     1,172

Non-service pension cost (benefit)

2

—

2

—

Adjusted net interest expense 1, 2

68

57

127

103

Adjusted income from operations before income taxes

517

555

1,008

1,069

Income tax expense (benefit)

98

98

225

208

Tax impact on restructuring and non-recurring items

—

11

4

32

Non-recurring tax items 2

20

12

20

12

Adjusted net income from operations

399

434

759

817

Adjusted noncontrolling interest 2, 3

10

18

23

33

Adjusted net income attributable to common
shareholders

$       389

$       416

$       736

$       784

GAAP net income attributable to common shareholders

$       428

$       393

$       768

$       636

UpLift restructuring

—

25

—

45

Other restructuring

11

12

18

35

UpLift transformation costs

—

18

—

41

Separation-related adjustments

—

9

5

61

Litigation-related settlement costs

—

—

—

21

Held for sale impairment

—

—

—

10

Interest income related to non-recurring tax items 1, 2

(31)

(15)

(31)

(16)

Tax effects of restructuring, non-recurring items and other
adjustments

—

(11)

(4)

(32)

Non-recurring tax items 2

(20)

(12)

(20)

(12)

Other, net 3

1

(3)

—

(5)

Adjusted net income attributable to common
shareholders

$       389

$       416

$       736

$       784

Diluted Earnings Per Share

$      1.12

$      0.99

$      1.99

$      1.60

Impact to diluted earnings per share

(0.11)

0.06

(0.09)

0.37

Adjusted Diluted Earnings Per Share

$      1.01

$      1.05

$      1.90

$      1.97

Effective Tax Rate

17.9 %

18.8 %

21.9 %

23.4 %

Impact of adjustments on effective tax rate

4.9 %

3.0 %

2.8 %

0.2 %

Adjusted Effective Tax Rate

22.8 %

21.8 %

24.7 %

23.6 %

1 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. As a result, income tax benefits and
related interest income were recorded in 2024. Net interest expense is reflected as adjusted without $7 million of interest
income for the quarter and six months ended June 30, 2026, compared to $1 million and $2 million for the same periods in
2025.

2 Certain tax reserves were adjusted in the second quarter of 2026 and 2025. As a result, Net interest expense and
Noncontrolling interest are reflected as adjusted without $35 million of interest income and $11 million of the noncontrolling
interest share of the reserves adjustments, respectively, for the quarter and six months ended June 30, 2026, compared to
$30 million and $16 million, respectively, for the same periods in 2025.

3 Noncontrolling interest is reflected as adjusted without $4 million and $6 million of the noncontrolling interest share of
Other restructuring for the quarter and six months ended June 30, 2025.

Otis Worldwide Corporation
Components of Changes in Net Sales

Quarter Ended June 30, 2026 Compared with Quarter Ended June 30, 2025

Factors Contributing to Total % Change in Net Sales

Organic

FX

Translation

Acquisitions /

Divestitures,
net and Other

Total

New Equipment

(1) %

1 %

— %

— %

Service

9 %

1 %

1 %

11 %

Maintenance and Repair

6 %

1 %

1 %

8 %

Modernization

24 %

— %

2 %

26 %

Total Net Sales

6 %

1 %

— %

7 %

Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025

Factors Contributing to Total % Change in Net Sales

Organic

FX

Translation

Acquisitions /

Divestitures,
net and Other

Total

New Equipment

(3) %

3 %

— %

— %

Service

7 %

3 %

1 %

11 %

Maintenance and Repair

5 %

3 %

1 %

9 %

Modernization

16 %

2 %

— %

18 %

Total Net Sales

4 %

3 %

— %

7 %

Components of Changes in New Equipment Backlog

June 30, 2026

Y/Y Growth %

New Equipment Backlog increase at actual currency

3 %

Foreign exchange impact to New Equipment Backlog

1 %

New Equipment Backlog increase at constant currency

4 %

Components of Changes in Modernization Backlog

June 30, 2026

Y/Y Growth %

Modernization Backlog increase at actual currency

24 %

Foreign exchange impact to Modernization Backlog

2 %

Modernization Backlog increase at constant currency

26 %

Otis Worldwide Corporation
Reconciliation of Segment and Total Adjusted Operating Profit at Constant Currency

Quarter Ended June 30, 2026 Compared with Quarter Ended June 30, 2025

(dollars in millions)

2026

2025

Y/Y

New Equipment

Segment Operating Profit

$               40

$               68

$             (28)

Impact of foreign exchange

(2)

—

(2)

Segment Operating Profit at constant currency

$               38

$               68

$             (30)

Service

Segment Operating Profit

$             599

$             578

$               21

Impact of foreign exchange

(5)

—

(5)

Segment Operating Profit at constant currency

$             594

$             578

$               16

Otis Consolidated

Adjusted Operating Profit

$             587

$             612

$             (25)

Impact of foreign exchange

(7)

—

(7)

Adjusted Operating Profit at constant currency

$             580

$             612

$             (32)

Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025

(dollars in millions)

2026

2025

Y/Y

New Equipment

Segment Operating Profit

$               78

$             134

$             (56)

Impact of foreign exchange

(1)

—

(1)

Segment Operating Profit at constant currency

$               77

$             134

$             (57)

Service

Segment Operating Profit

$           1,155

$           1,115

$               40

Impact of foreign exchange

(34)

—

(34)

Segment Operating Profit at constant currency

$           1,121

$           1,115

$                6

Otis Consolidated

Adjusted Operating Profit

$           1,137

$           1,172

$             (35)

Impact of foreign exchange

(35)

—

(35)

Adjusted Operating Profit at constant currency

$           1,102

$           1,172

$             (70)

Otis Worldwide Corporation
Condensed Consolidated Balance Sheet

June 30, 2026

December 31, 2025

(dollars in millions)

(Unaudited)

Assets

Cash and cash equivalents

$                  813

$                1,096

Accounts receivable, net

3,985

3,688

Contract assets

824

699

Inventories

686

613

Other current assets

531

405

Total Current Assets

6,839

6,501

Future income tax benefits

426

407

Fixed assets, net

755

743

Operating lease right-of-use assets

580

554

Intangible assets, net

387

343

Goodwill

1,794

1,695

Other assets

375

410

Total Assets

$              11,156

$              10,653

Liabilities and Equity (Deficit)

Short-term borrowings and current portion of long-term debt

$               1,390

$               1,056

Accounts payable

2,099

2,142

Accrued liabilities

1,713

1,847

Contract liabilities

3,023

2,611

Total Current Liabilities

8,225

7,656

Long-term debt

7,046

6,900

Future pension and postretirement benefit obligations

411

419

Operating lease liabilities

410

397

Future income tax obligations

196

223

Other long-term liabilities

322

329

Total Liabilities

16,610

15,924

Redeemable noncontrolling interest

106

75

Shareholders' Equity (Deficit):

Common Stock and additional paid-in capital

353

333

Treasury Stock

(5,005)

(4,198)

Accumulated deficit

(117)

(440)

Accumulated other comprehensive income (loss)

(979)

(1,087)

Total Shareholders' Equity (Deficit)

(5,748)

(5,392)

Noncontrolling interest

188

46

Total Equity (Deficit)

(5,560)

(5,346)

Total Liabilities and Equity (Deficit)

$              11,156

$              10,653

Otis Worldwide Corporation
Condensed Consolidated Statement of Cash Flows

Quarter Ended June 30,

Six Months Ended June 30,

(Unaudited)

(Unaudited)

(dollars in millions)

2026

2025

2026

2025

Operating Activities:

Net income from operations

$     449

$     423

$     802

$     679

Adjustments to reconcile net income to net cash flows provided by
operating activities:

Depreciation and amortization

42

44

83

86

Deferred income tax expense (benefit)

(42)

(74)

(38)

(74)

Stock compensation cost

20

23

39

44

Change in operating assets and liabilities, net of acquisitions:

Accounts receivable, net

(71)

(42)

(300)

(146)

Contract assets and liabilities, current

(148)

(190)

284

70

Inventories

(21)

3

(79)

(15)

Other current assets

(70)

12

67

10

Accounts payable

128

69

(48)

(212)

Accrued liabilities

49

11

(68)

23

Pension contributions

(10)

(9)

(21)

(27)

Other operating activities, net

(59)

(55)

(41)

(33)

Net cash flows provided by (used in) operating activities

267

215

680

405

Investing Activities:

Capital expenditures

(44)

(36)

(77)

(70)

Acquisitions of businesses and intangible assets, net of cash

(190)

(46)

(193)

(82)

Other investing activities, net

(97)

(77)

(46)

(168)

Net cash flows provided by (used in) investing activities

(331)

(159)

(316)

(320)

Financing Activities:

Increase (decrease) in short-term borrowings, net

(62)

484

(33)

473

Issuance of long-term debt, net

700

—

700

—

Payment of debt issuance costs

(5)

—

(5)

—

Repayment of long-term debt

—

(1,300)

(135)

(1,300)

Dividends paid on Common Stock

(167)

(164)

(330)

(319)

Repurchases of Common Stock

(407)

(308)

(807)

(561)

Acquisition of noncontrolling interest shares

—

—

(10)

—

Dividends paid to noncontrolling interest

(4)

(3)

(7)

(5)

Other financing activities, net

18

(3)

6

(10)

Net cash flows provided by (used in) financing activities

73

(1,294)

(621)

(1,722)

Summary of Activity:

Net cash provided by (used in) operating activities

267

215

680

405

Net cash provided by (used in) investing activities

(331)

(159)

(316)

(320)

Net cash provided by (used in) financing activities

73

(1,294)

(621)

(1,722)

Effect of exchange rate changes on cash and cash equivalents

(4)

12

1

19

Net increase (decrease) in cash, cash equivalents and restricted cash

5

(1,226)

(256)

(1,618)

Cash, cash equivalents and restricted cash, beginning of period

844

1,929

1,105

2,321

Cash, cash equivalents and restricted cash, end of period

849

703

849

703

Less: Restricted cash

36

15

36

15

Cash and cash equivalents, end of period

$     813

$     688

$     813

$     688

Otis Worldwide Corporation
Adjusted Free Cash Flow Reconciliation

Quarter Ended June 30,

Six Months Ended June 30,

(Unaudited)

(Unaudited)

(dollars in millions)

2026

2025

2026

2025

Net cash flows provided by operating activities (GAAP)

$       267

$       215

$       680

$       405

Capital expenditures

(44)

(36)

(77)

(70)

Free cash flow (Non-GAAP)

223

179

603

335

Adjustments for:

UpLift restructuring payments

6

8

14

19

UpLift transformation payments

7

14

11

33

Separation-related payments 1

57

72

63

72

German Tax Litigation refunds 2

(3)

(30)

(129)

(30)

Adjusted free cash flow (Non-GAAP)

$       290

$       243

$       562

$       429

1 These represent payments to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement.

2 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. The Company began receiving
refunds during 2025 and anticipates the refund process to continue through 2026.

Media Contact:
Katy Padgett
+1-860-674-3047
[email protected]

Investor Relations Contact:
Imelda Suit
+1-860-676-6011
[email protected]

SOURCE Otis Worldwide Corporation

Posted by Defense World Staff on Jul 22nd, 2026

D.A. Davidson & CO. raised its stake in Helios Technologies, Inc (NYSE:HLIO – Free Report) by 26.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,980 shares of the company’s stock after buying an additional 6,493 shares during the period. D.A. Davidson & CO. owned approximately 0.09% of Helios Technologies worth $2,005,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of HLIO. Triumph Capital Management acquired a new position in shares of Helios Technologies in the 3rd quarter worth $36,000. Quarry LP raised its position in shares of Helios Technologies by 948.6% during the third quarter. Quarry LP now owns 1,164 shares of the company’s stock worth $61,000 after purchasing an additional 1,053 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of Helios Technologies during the fourth quarter valued at $66,000. Kemnay Advisory Services Inc. acquired a new position in shares of Helios Technologies in the 4th quarter valued at $104,000. Finally, Osaic Holdings Inc. boosted its position in shares of Helios Technologies by 14.1% in the 4th quarter. Osaic Holdings Inc. now owns 2,942 shares of the company’s stock valued at $158,000 after purchasing an additional 363 shares during the period. Institutional investors and hedge funds own 94.72% of the company’s stock.

Helios Technologies Trading Up 1.0% Shares of NYSE HLIO opened at $81.91 on Wednesday. Helios Technologies, Inc has a one year low of $34.95 and a one year high of $95.05. The firm has a market capitalization of $2.71 billion, a PE ratio of 45.00 and a beta of 1.25. The company has a current ratio of 2.86, a quick ratio of 1.58 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average price of $83.05 and a two-hundred day moving average price of $72.94.

Helios Technologies (NYSE:HLIO – Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.12. Helios Technologies had a net margin of 6.98% and a return on equity of 10.49%. The business had revenue of $228.40 million during the quarter. During the same period last year, the company earned $0.44 earnings per share. Helios Technologies’s revenue for the quarter was up 16.8% compared to the same quarter last year. Helios Technologies has set its Q2 2026 guidance at 0.780-0.830 EPS and its FY 2026 guidance at 2.750-3.000 EPS. As a group, analysts predict that Helios Technologies, Inc will post 2.9 earnings per share for the current fiscal year.

Helios Technologies Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Friday, July 10th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, July 10th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. Helios Technologies’s dividend payout ratio (DPR) is 26.37%.

Insider Activity at Helios Technologies In other news, insider Matteo Arduini sold 6,027 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $90.42, for a total transaction of $544,961.34. Following the transaction, the insider directly owned 11,317 shares in the company, valued at $1,023,283.14. The trade was a 34.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 13,027 shares of company stock worth $1,134,121. Insiders own 0.50% of the company’s stock.

Analyst Ratings Changes Several analysts have issued reports on the company. Stifel Nicolaus boosted their price objective on Helios Technologies from $89.00 to $93.00 and gave the stock a “buy” rating in a report on Monday. Robert W. Baird raised their target price on shares of Helios Technologies from $81.00 to $85.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. JPMorgan Chase & Co. lifted their target price on shares of Helios Technologies from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. KeyCorp boosted their price target on shares of Helios Technologies from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, July 13th. Finally, Zacks Research upgraded shares of Helios Technologies from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $93.25.

View Our Latest Stock Report on Helios Technologies

About Helios Technologies (Free Report)

Helios Technologies, Inc develops and manufactures engineered motion control and electronic control products for a wide range of industrial and mobile equipment applications. The company’s Hydraulics segment designs and produces hydraulic cartridge valves, manifold systems, pumps and motors, filtration solutions and off-highway joysticks. Its Electronic Controls segment offers programmable electronic control units, wireless telematics, human-machine interfaces and software to optimize performance, efficiency and safety for equipment OEMs and end users.

Through its global network of manufacturing facilities, service centers and technology centers, Helios Technologies serves markets in agriculture, construction, material handling, mining, municipal and recreational vehicles, as well as industrial automation and infrastructure equipment.

Featured Stories Five stocks we like better than Helios Technologies Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding HLIO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Helios Technologies, Inc (NYSE:HLIO – Free Report).

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Posted by Defense World Staff on Jul 22nd, 2026

Fifth Third Bancorp boosted its holdings in Bruker Corporation (NASDAQ:BRKR – Free Report) by 4,058.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,135 shares of the medical research company’s stock after purchasing an additional 55,761 shares during the quarter. Fifth Third Bancorp’s holdings in Bruker were worth $2,064,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Orbis Allan Gray Ltd acquired a new position in Bruker in the second quarter valued at $192,735,000. Price T Rowe Associates Inc. MD increased its position in Bruker by 2,963.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,366,520 shares of the medical research company’s stock valued at $111,488,000 after acquiring an additional 2,289,269 shares during the period. AQR Capital Management LLC raised its stake in Bruker by 125.3% during the 2nd quarter. AQR Capital Management LLC now owns 3,326,820 shares of the medical research company’s stock valued at $137,065,000 after acquiring an additional 1,850,215 shares during the last quarter. Franklin Resources Inc. lifted its position in Bruker by 317.7% during the 4th quarter. Franklin Resources Inc. now owns 2,309,404 shares of the medical research company’s stock worth $108,796,000 after acquiring an additional 1,756,460 shares during the period. Finally, Millennium Management LLC grew its stake in shares of Bruker by 222.6% in the 4th quarter. Millennium Management LLC now owns 1,839,587 shares of the medical research company’s stock valued at $86,663,000 after purchasing an additional 1,269,316 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company’s stock.

Bruker Price Performance Shares of NASDAQ BRKR opened at $60.43 on Wednesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.72 and a current ratio of 1.55. Bruker Corporation has a one year low of $28.53 and a one year high of $64.54. The firm has a market capitalization of $9.20 billion, a P/E ratio of -251.79, a PEG ratio of 1.80 and a beta of 1.29. The company’s fifty day moving average is $55.29 and its two-hundred day moving average is $46.03.

Bruker (NASDAQ:BRKR – Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The medical research company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.23 by $0.08. Bruker had a negative net margin of 0.65% and a positive return on equity of 11.60%. The firm had revenue of $823.40 million during the quarter, compared to analysts’ expectations of $795.62 million. During the same quarter last year, the business earned $0.47 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Bruker has set its FY 2026 guidance at 2.100-2.150 EPS. Analysts forecast that Bruker Corporation will post 2.12 EPS for the current fiscal year.

Bruker Announces Dividend The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were issued a $0.05 dividend. The ex-dividend date was Monday, June 22nd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. Bruker’s dividend payout ratio is currently -83.33%.

Analyst Upgrades and Downgrades A number of equities analysts recently weighed in on BRKR shares. JPMorgan Chase & Co. lifted their price objective on shares of Bruker from $55.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, June 8th. Barclays lifted their target price on shares of Bruker from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Bruker from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Leerink Partners increased their price target on shares of Bruker from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Finally, TD Cowen restated a “hold” rating on shares of Bruker in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $56.79.

View Our Latest Stock Report on BRKR

Bruker Profile (Free Report)

Bruker Corporation, founded in 1960 by physicist Günther Laukien and headquartered in Billerica, Massachusetts, is a leading developer and manufacturer of high-performance scientific instruments and analytical solutions. The company designs systems that enable molecular and materials research across academic, governmental, and industrial laboratories.

Bruker’s product portfolio encompasses nuclear magnetic resonance (NMR) spectrometers for molecular structure and dynamics studies, mass spectrometry platforms for proteomics and metabolomics, X-ray diffraction and scattering instruments for crystallography and materials characterization, atomic force and scanning probe microscopes for nanoscale surface analysis, as well as preclinical imaging systems such as micro-CT and MRI scanners.

In addition to hardware, Bruker provides software suites, applications support, training services, and long-term maintenance agreements to ensure optimal instrument performance.

See Also Five stocks we like better than Bruker Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible

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California Public Employees Retirement System cut its stake in Sun Communities, Inc. (NYSE:SUI – Free Report) by 8.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 257,182 shares of the real estate investment trust’s stock after selling 24,801 shares during the period. California Public Employees Retirement System owned 0.21% of Sun Communities worth $32,395,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Sun Communities during the fourth quarter worth $753,364,000. Wellington Management Group LLP boosted its holdings in Sun Communities by 1,224.1% in the third quarter. Wellington Management Group LLP now owns 4,485,795 shares of the real estate investment trust’s stock valued at $578,668,000 after acquiring an additional 4,147,015 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Sun Communities by 37,933.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,474,162 shares of the real estate investment trust’s stock worth $182,663,000 after purchasing an additional 1,470,286 shares during the period. M&T Bank Corp increased its position in Sun Communities by 20,348.9% in the fourth quarter. M&T Bank Corp now owns 498,339 shares of the real estate investment trust’s stock worth $61,749,000 after purchasing an additional 495,902 shares during the period. Finally, Balyasny Asset Management L.P. raised its holdings in Sun Communities by 152.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 767,190 shares of the real estate investment trust’s stock worth $95,063,000 after purchasing an additional 463,312 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets A number of research analysts have issued reports on SUI shares. Truist Financial cut their target price on shares of Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a research report on Friday, June 26th. Weiss Ratings downgraded shares of Sun Communities from a “buy (b-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a report on Thursday, May 14th. Wells Fargo & Company dropped their target price on shares of Sun Communities from $150.00 to $142.00 and set an “overweight” rating for the company in a research report on Friday, May 29th. Finally, Mizuho cut their price target on Sun Communities from $143.00 to $137.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $140.05.

Get Our Latest Stock Report on Sun Communities

Sun Communities Stock Down 1.0% Shares of NYSE SUI opened at $119.04 on Wednesday. Sun Communities, Inc. has a 52-week low of $115.53 and a 52-week high of $137.85. The company has a debt-to-equity ratio of 0.60, a quick ratio of 3.39 and a current ratio of 3.39. The stock has a market cap of $14.67 billion, a P/E ratio of 10.81, a P/E/G ratio of 3.97 and a beta of 0.79. The firm has a 50 day moving average price of $122.13 and a 200 day moving average price of $126.48.

Sun Communities (NYSE:SUI – Get Free Report) last issued its quarterly earnings data on Monday, April 27th. The real estate investment trust reported ($0.07) EPS for the quarter, missing the consensus estimate of $1.31 by ($1.38). Sun Communities had a return on equity of 0.16% and a net margin of 62.29%.The business had revenue of $500.50 million for the quarter, compared to analyst estimates of $472.40 million. During the same period in the previous year, the business posted $1.26 EPS. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. Sun Communities has set its Q2 2026 guidance at 1.710-1.790 EPS and its FY 2026 guidance at 6.870-7.070 EPS. Analysts expect that Sun Communities, Inc. will post 6.9 EPS for the current year.

Sun Communities Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Tuesday, June 30th. Sun Communities’s payout ratio is 40.69%.

Insider Activity at Sun Communities In related news, EVP Fernando Castro-Caratini sold 23,750 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the completion of the sale, the executive vice president directly owned 9,998 shares of the company’s stock, valued at approximately $1,244,051.14. This represents a 70.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gary A. Shiffman sold 25,031 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the sale, the director owned 857,761 shares in the company, valued at $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.58% of the stock is currently owned by insiders.

About Sun Communities (Free Report)

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.

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RIDGELAND, Miss., July 22, 2026 (GLOBE NEWSWIRE) -- Cal-Maine Foods, Inc. (Nasdaq: CALM) (“Cal-Maine Foods,” “we,” “us,” “our” or the “company”), the largest egg company in the United States and a leading player in the egg-based food industry, today reported results for its fourth quarter and fiscal year ended May 30, 2026. Unless otherwise indicated, all comparisons are to the comparable period of fiscal 2025.

Financial Highlights

 (in thousands except per share amounts and percentages) Fourth QuarterFiscal Year 2026 2025 $ Change % Change2026 2025 $ Change % ChangeNet sales$552,581  $1,103,658  $(551,077) (49.9)%$2,911,632  $4,261,885  $(1,350,253) (31.7)%Gross profit$34,066  $531,510  $(497,444) (93.6)%$672,049  $1,850,885  $(1,178,836) (63.7)%Operating income (loss)$(58,811) $435,851  $(494,662) (113.5)%$350,186  $1,536,539  $(1,186,353) (77.2)%Net income attributable to Cal-Maine Foods, Inc.$(35,876) $342,475  $(378,351) (110.5)%$316,682  $1,220,048  $(903,366) (74.0)%Income (loss) per share - diluted$(0.76) $7.01  $(7.77) (110.8)%$6.63  $24.95  $(18.32) (73.4)%                                Strategic Execution Highlights

Continued focus on sales diversification and mix shift, expected to strengthen earnings durability and predictability over time In the fourth quarter of fiscal 2026: Prepared Foods accounted for 10.9% of net salesCombined, Specialty Shell Eggs and Prepared Foods increased to 53.0% of net sales In fiscal 2026: Prepared Foods accounted for 8.4% of net salesCombined, Specialty Shell Eggs and Prepared Foods grew to 44.4% of net sales Acquired certain assets of Creighton Brothers LLC and its affiliates, intended to further enhance vertically integrated operating model and strengthen connectivity across shell egg and prepared foods value chainAcquired the Van’s® brand, aimed at accelerating strategic evolution into value-added, consumer-facing prepared foods and further diversifying earnings profileSubsequent to fiscal year-end: Acquired additional Eggland’s Best® franchise territory in Northeast, expanding the company's distribution footprint and increasing its specialty shell egg category penetration across one of the nation’s largest, highest-income consumer marketsAnnounced new $54 million investment to further expand Prepared Foods production capacity: Expected to add approximately 30% incremental production capacity beginning in the first half of fiscal 2028Builds on previously announced 30% organic capacity growth and 6% Van’s® acquisition-driven capacity growthPrepared Foods production capacity projected to increase by over 60% from the end of fiscal 2026 through the first half of fiscal 2028 Commentary

Sherman Miller, president and chief executive officer of Cal-Maine Foods, said, “Fiscal 2026, culminating in a particularly challenging fourth quarter, reinforced the importance of our strategy to enhance the structural mix of our business, expand our portfolio of products that support more stable and predictable financial performance, and reposition our pricing structure by reducing the impact of market-based pricing. Equally important has been maintaining a strong balance sheet, which provides the financial flexibility to navigate market cyclicality while supporting our long-term strategic priorities.

“During the quarter, industry oversupply drove wholesale shell egg prices to historically low inflation-adjusted levels. This dynamic was largely supply-driven rather than demand-driven, and we continue to see favorable long-term demand fundamentals across our end markets. The sustained trough pricing environment in the quarter provides a valuable stress-case reference point, demonstrating the resilience built through our strategic actions to date while highlighting the meaningful upside opportunity as our initiatives continue to mature.

“We are proud of the progress we have made this year executing our strategy. We are advancing our Prepared Foods network optimization and expansion initiatives on schedule, driving improved operating performance and sequential margin improvement in the quarter. We delivered Specialty Shell Egg volume growth for the full fiscal year with broad-based gains across subcategories. Notably, Specialty Shell Eggs plus Prepared Foods represented more than half of our net sales for the fourth quarter of fiscal 2026.”

New Reportable Operating Segments

Cal-Maine Foods previously operated as one operating and one reportable segment. Effective in the fourth quarter of fiscal 2026, the company implemented a new operating segment structure designed to better align with how management reviews operating results and makes decisions about resource allocation and strategic initiatives.

Cal-Maine Foods’ reportable operating segments now consist of the following:

Conventional Shell EggsSpecialty Shell EggsPrepared Foods Cal-Maine Foods’ remaining operations, which include co-pack shell eggs, egg products, hard-cooked eggs and other business activities, are not reportable segments, as defined by the applicable accounting standard. All prior fiscal year periods have been recast to reflect the new reportable segments, and such recast information is included in the schedules accompanying this release.

Segment Results Summary

 Segment Sales (in thousands except percentages) Fourth QuarterFiscal Year 2026 2025 Volume Change Avg. Price Change2026 2025 Volume Change Avg. Price ChangeConventional Shell Eggs$210,765  $702,069  3.1 % (70.9)%$1,348,076  $2,755,859  (0.3)% (50.9)%Specialty Shell Eggs 239,731   305,142  (5.9)% (16.5)% 1,070,458   1,154,951  2.4 % (9.5)%Prepared Foods 60,403   1,565  N.M. % N.M. % 244,802   4,050  N.M. % N.M. %Total Reportable Segments$510,899  $1,008,776       $2,663,336  $3,914,860                                   N.M. – Not Meaningful

 Operating Income (Loss) (in thousands except percentages) Fourth QuarterFiscal Year       Operating Margin      Operating Margin 2026 2025 2026 20252026 2025 2026 2025Conventional Shell Eggs$(40,587) $370,499  (19.3)% 52.8 %$216,641  $1,290,003  16.1 % 46.8 %Specialty Shell Eggs 17,538   87,129  7.3 % 28.6 % 181,544   333,602  17.0 % 28.9 %Prepared Foods 8,820   (647) 14.6 % (41.3)% 33,882   (2,119) 13.8 % (52.3)%Total Reportable Segments$(14,229) $456,981  (2.8)% 45.3 %$432,067  $1,621,486  16.2 % 41.4 %Other - Segment Income (Loss) (7,394)  25,535  N/A   N/A   19,044   42,091  N/A   N/A  Unallocated Corporate SG&A (37,897)  (45,923) N/A   N/A   (108,353)  (127,141) N/A   N/A  Gain (Loss) on Involuntary Conversion 851   —  N/A   N/A   8,819   (156) N/A   N/A  Gain (Loss) Disposal of Fixed Assets (142)  (742) N/A   N/A   (1,391)  259  N/A   N/A  Operating Income (Loss)$(58,811) $435,851  (10.6)% 39.5 %$350,186  $1,536,539  12.0 % 36.1 %                         N/A – Not Applicable

Conventional Shell Eggs

Fourth quarter and full-year performance reflected an egg pricing environment that deteriorated throughout fiscal 2026, with egg prices reaching historically low inflation-adjusted levels in the fourth quarter and remaining well below the record-high prices of the prior fiscal year. Market conditions were driven by elevated supply, resulting in low pricing. During fiscal 2026, supply increased to levels that left the market abundantly supplied, a sharp contrast to the severe shortages experienced in the prior fiscal year. In addition, the fourth and first fiscal quarters are typically the seasonally lowest periods for pricing, even under more normal supply conditions.

These headwinds were partially offset by the benefits of existing grain-based and hybrid pricing arrangements with certain customers and rigorous commercial execution. Volume increased 3.1% in the fourth quarter and was relatively flat for the fiscal year, indicating that lower results were driven by pricing rather than demand. Average selling price per dozen decreased 70.9% in the fourth quarter and 50.9% for the fiscal year. Margins declined due to substantially lower pricing, partially offset by improved price realization relative to both the prior-year fourth quarter and preceding quarter.

Specialty Shell Eggs

Fourth quarter volumes were more consistent with historical seasonal patterns, underlying demand, and typical pricing relationships across adjacent categories. Volumes decreased 5.9% in the fourth quarter primarily due to an unusually strong prior-year comparison, which benefited from temporary demand acceleration driven by an atypical pricing relationship with conventional shell eggs. The average selling price per dozen for the fourth quarter decreased 16.5%, driven by supply-side dynamics.

As a result, the quarter reflects a seasonal reversion from an exceptionally strong prior-year period, while the broader segment continues to benefit from stable long-term pricing and favorable demand fundamentals. For the fiscal year, volume increased 2.4% despite more typical pricing dynamics, an encouraging result that reflects resilient consumer demand and the strength of the company’s commercial execution. The average selling price per dozen for the fiscal year decreased 9.5%. Margins declined in both the fourth quarter and fiscal year, primarily due to pricing that remained below the elevated prior-year levels and lower volumes in the fourth quarter.

Prepared Foods

For the fourth quarter, results reflected continued execution of previously announced network optimization and expansion initiatives. As these initiatives advanced on schedule, higher production improved utilization and fixed-cost absorption, driving stronger operating performance and sequential margin improvement. Sales prices and volume increased compared to the third quarter of fiscal 2026. The integration of Van’s® progressed in line with expectations, with early results demonstrating strong performance. The Crepini® joint venture continued to exhibit robust growth momentum, reinforcing the company’s ability to scale high-performing brands and products.

Outlook

Mr. Miller commented, "Looking ahead, we believe we are increasingly well positioned as market conditions improve, particularly as we move beyond our first quarter. During the first five weeks of our first quarter, Urner Barry reported that market prices averaged just $0.72, approximately 54% below the comparable period in our fourth quarter. More recently, Urner Barry has reported that pricing has strengthened, increasing by more than 90% in only a few weeks. Early indications point to improving supply-demand balance, supporting a more constructive egg pricing environment heading into the fall, which is historically a seasonally stronger period.

“More importantly, we believe the strategy we have been executing is beginning to gain traction. A key component of this strategy is expanding our presence in categories with attractive long-term growth opportunities and strong market positioning.

“We are excited about the expansion of our Eggland’s Best® franchise territory in the Northeast, which provides us with the right to distribute and sell Eggland’s Best® and Land O’Lakes® branded eggs in Maine, Massachusetts, New Hampshire, Rhode Island, and select key areas in Vermont, New York, and Connecticut. This expansion is expected to increase our Specialty Shell Egg volume by approximately 5% annually, and further strengthens our position in an important growth market.

“We are also advancing our long-term growth strategy with a new $54 million investment to further expand our Prepared Foods production capacity. This investment will add approximately 30% incremental production beginning in the first half of fiscal 2028, strengthening our business with a more durable, predictable, and diversified revenue and earnings profile. Together with our previously announced 30% organic capacity growth and 6% Van’s® acquisition-driven capacity growth, Prepared Foods production capacity will increase over 60% from the end of fiscal 2026 through the first half of fiscal 2028.

“We are still in the early stages of our evolution, with substantial runway to grow our value-added businesses through both organic expansion and targeted acquisitions. As our portfolio continues to mature, we expect a greater share of earnings to come from higher-quality, less cyclical sources, creating a more consistent earnings profile and positioning the company for sustainable growth and long-term shareholder value creation.”

Share Repurchase Update

Cal-Maine Foods repurchased 396,083 shares of its common stock under the company’s current share repurchase authorization during the fourth quarter for a total of $30.1 million. The repurchase program permits the company to repurchase up to $500 million, of which $320.7 million remains available.

Dividend Payment

Pursuant to the company’s variable dividend policy, Cal-Maine Foods will not pay a cash dividend for the fourth quarter and will not pay a dividend for a subsequent profitable quarter until the company is profitable on a cumulative basis computed from the date of the last quarter in which a dividend was paid. As of May 30, 2026, the total cumulative loss to be recovered before payment of any future dividends under our variable dividend policy was $35.9 million.

Conference Call and Webcast

Management will host a conference call and webcast at 9:00 a.m. ET on July 22, 2026. Participants can access the live webcast on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations. To join by telephone, participants can register here. Upon registration, participants will receive a confirmation email with detailed instructions, including a dial-in number, unique passcode, and registrant ID. A replay of the webcast will be available for 30 days following the call on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations.

About Cal-Maine Foods

Cal-Maine Foods, Inc. (Nasdaq: CALM) is the largest egg company in the United States and a leading player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods provides nutritious, affordable, and sustainable protein to millions of households every day.

The company’s portfolio spans the full egg value ladder—from conventional to specialty, including cage-free, organic, brown, free-range, pasture-raised, and nutritionally enhanced—serving both retail and foodservice customers nationwide. Cal-Maine Foods also participates in the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Its branded portfolio includes Eggland’s Best®, Land O’Lakes®, Farmhouse Eggs®, 4Grain®, Sunups®, Sunny Meadow®, MeadowCreek Foods®, Van’s®, and Crepini®.

Headquartered in Ridgeland, Mississippi, Cal-Maine’s strategy combines scale, operational excellence, and financial discipline with a commitment to innovation and sustainability, to enable the company to deliver trusted nutrition, enduring partnerships, and long-term value for its stakeholders.

Forward Looking Statements

Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current intent, belief, expectations, estimates and projections regarding our Company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth the company’s SEC Filings (including its Annual Report on Form 10-K, as updated in Part II Item 1A of the company’s quarterly reports on Form 10-Q and Current Reports on Form 8-K), (ii) changes in wholesale shell egg market prices, (iii) changes in the demand for shell eggs and our prepared foods offerings, (iv) increases in feed costs for our shell egg operations as well as increases in input costs for prepared foods, (v) our ability to predict and meet demand for cage-free and other specialty shell eggs, (vi) the risks and hazards inherent in shell egg, egg products and prepared foods operations (including, as applicable, disease, pests, weather conditions, and potential for product recall), including but not limited to the current outbreak of HPAI affecting poultry in the U.S., Canada and other countries that was first detected in commercial flocks in the U.S. in February 2022 and that impacted our flocks in the third and fourth quarters of fiscal 2024 and again in March 2026, (vii) risks, changes, or obligations that could result from our recent or future acquisition of new flocks or businesses, such as our acquisition of Echo Lake Foods completed June 2, 2025, and risks or changes that may cause conditions to completing a pending acquisition not to be met, (viii) our ability to successfully integrate and manage recently acquired businesses like Echo Lake Foods and realize the expected benefits of such acquisitions, including synergies, cost savings, reduction in earnings volatility, margin expansion, financial returns, expanded customer relationships, or sales or growth opportunities, (ix) our ability to produce, supply and distribute shell eggs and prepared foods efficiently and reliably, (x) our ability to compete effectively with existing competitors and new market entrants, retain existing customers, acquire new customers and grow our product mix including our prepared foods product offerings, (xi) the impacts of government, customer and consumer reactions to high market prices for eggs, including, without limitation, potential new or expanded government regulations, (xii) risks relating to potential changes in inflation, interest rates and trade and tariff policies, (xiii) the loss or expiration of any registered trademarks or other intellectual property that we use in our business, (xiv) adverse results in pending litigation and other legal matters, and (xv) global instability, including as a result of geopolitical conflicts and other uncertainties. The Company’s SEC filings may be obtained from the SEC or the company’s website, www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. Further, forward-looking statements included herein are made only as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to update publicly these forward-looking statements, whether because of new information, future events, or otherwise.

CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)SUMMARY STATEMENTS OF INCOME

       13 Weeks Ended 52 Weeks Ended  May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Net sales $552,581  $1,103,658  $2,911,632  $4,261,885 Cost of sales  518,515   572,148   2,239,583   2,411,000 Gross profit  34,066   531,510   672,049   1,850,885 Selling, general and administrative  93,586   94,917   329,291   314,449 (Gain) loss on involuntary conversions  (851)  —   (8,819)  156 (Gain) loss on disposal of fixed assets  142   742   1,391   (259)Operating income (loss)  (58,811)  435,851   350,186   1,536,539 Other income, net  12,285   17,348   60,818   66,603 Income (loss) before income taxes  (46,526)  453,199   411,004   1,603,142 Income tax expense (benefit)  (11,486)  111,069   92,892   384,910 Net income (loss)  (35,040)  342,130   318,112   1,218,232 Less: Income (loss) attributable to noncontrolling interest  836   (345)  1,430   (1,816)Net income (loss) attributable to Cal-Maine Foods, Inc. $(35,876) $342,475  $316,682  $1,220,048              Net income (loss) per common share:            Basic $(0.76) $7.03  $6.65  $25.04 Diluted $(0.76) $7.01  $6.63  $24.95 Weighted average shares outstanding:            Basic  47,000   48,696   47,650   48,719 Diluted  47,000   48,821   47,781   48,891                   CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY BALANCE SHEETS

         May 30, 2026
 May 31, 2025
ASSETS        Cash and short-term investments $924,057  $1,392,100 Receivables, net  264,431   272,361 Inventories, net  375,265   295,670 Prepaid expenses and other current assets  17,789   7,979 Current assets  1,581,542   1,968,110          Property, plant and equipment, net  1,318,335   1,026,684 Other noncurrent assets  207,693   89,825 Total assets $3,107,570  $3,084,619          LIABILITIES AND STOCKHOLDERS' EQUITY        Accounts payable and accrued expenses $205,516  $194,208 Dividends payable  —   114,163 Current liabilities  205,516   308,371          Deferred income taxes and other liabilities  261,522   210,233 Stockholders' equity  2,640,532   2,566,015 Total liabilities and stockholders' equity $3,107,570  $3,084,619           CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY SEGMENT INCOME

 Conventional Shell Eggs               Fiscal Year 2026 1st Qtr 2nd Qtr
 3rd Qtr
 4th QtrNet sales - external customers$486,523  $350,452  $271,556  $201,026 Intersegment sales 11,910   10,035   6,835   9,739 Total segment sales 498,433   360,487   278,391   210,765 Segment COGS 312,205   273,170   240,567   233,237 Segment SG&A 17,992   17,495   18,654   18,115 Segment operating income$168,236  $69,822  $19,170  $(40,587)               Fiscal Year 2025 1st Qtr 2nd Qtr
 3rd Qtr
 4th QtrNet sales - external customers$462,018  $588,004  $964,061  $689,419 Intersegment sales 10,332   12,735   16,640   12,650 Total segment sales 472,350   600,739   980,701   702,069 Segment COGS 308,879   342,667   428,040   313,626 Segment SG&A 17,956   18,221   18,523   17,944 Segment operating income$145,515  $239,851  $534,138  $370,499                Fiscal Year 2024 1st Qtr 2nd Qtr
 3rd Qtr
 4th QtrNet sales - external customers$214,773  $266,782  $392,199  $353,149 Intersegment sales 5,441   4,454   5,476   5,018 Total segment sales 220,214   271,236   397,675   358,167 Segment COGS 228,197   239,499   263,730   238,605 Segment SG&A 16,673   15,893   15,710   15,284 Segment operating income$(24,656) $15,844  $118,235  $104,278                  CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY SEGMENT INCOME

  Specialty Shell Eggs
                 Fiscal Year 2026
 1st Qtr
 2nd Qtr
 3rd Qtr
 4th Qtr
Net sales - external customers$269,579  $271,941  $275,254  $232,454 Intersegment sales 6,011   4,806   3,136   7,277 Total segment sales 275,590   276,747   278,390   239,731 Segment COGS 184,575   186,830   210,693   195,822 Segment SG&A 26,819   28,263   29,541   26,371 Segment operating income$64,196  $61,654  $38,156  $17,538                  Fiscal Year 2025
 1st Qtr
 2nd Qtr
 3rd Qtr
 4th Qtr
Net sales - external customers$241,620  $272,233  $314,590  $298,158 Intersegment sales 6,086   5,554   9,726   6,984 Total segment sales 247,706   277,787   324,316   305,142 Segment COGS 168,890   179,280   178,985   190,256 Segment SG&A 24,923   27,737   23,521   27,757 Segment operating income$53,893  $70,770  $121,810  $87,129                  Fiscal Year 2024
 1st Qtr
 2nd Qtr
 3rd Qtr
 4th Qtr
Net sales - external customers$193,674  $203,503  $243,273  $222,847 Intersegment sales 2,683   2,199   2,721   2,719 Total segment sales 196,357   205,702   245,994   225,566 Segment COGS 157,112   157,392   170,152   163,580 Segment SG&A 20,263   20,904   24,119   23,902 Segment operating income$18,982  $27,406  $51,723  $38,084                  CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY SEGMENT INCOME

 Prepared Foods              Fiscal Year 2026 1st Qtr 2nd Qtr 3rd Qtr 4th QtrNet sales - external customers$72,368  $60,012  $52,019  $60,403 Intersegment sales —   —   —   — Total segment sales 72,368   60,012   52,019   60,403 Segment COGS 53,471   45,218   42,978   43,703 Segment SG&A 5,676   5,784   6,210   7,880 Segment operating income$13,221  $9,010  $2,831  $8,820               Fiscal Year 2025 1st Qtr 2nd Qtr 3rd Qtr 4th QtrNet sales - external customers$—  $1,024  $1,461  $1,565 Intersegment sales —   —   —   — Total segment sales —   1,024   1,461   1,565 Segment COGS —   1,303   1,609   1,599 Segment SG&A —   460   585   613 Segment operating income$—  $(739) $(733) $(647)                 Contacts

Investors: [email protected]
Media: [email protected]
Telephone: (601) 948-6813

Andra AP fonden acquired a new position in shares of Seagate Technology Holdings PLC (NASDAQ:STX – Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 32,687 shares of the data storage provider’s stock, valued at approximately $12,805,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in STX. State Street Corp raised its position in shares of Seagate Technology by 1.0% during the 4th quarter. State Street Corp now owns 9,370,805 shares of the data storage provider’s stock worth $2,587,535,000 after buying an additional 94,527 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Seagate Technology by 5.1% in the fourth quarter. Morgan Stanley now owns 5,317,516 shares of the data storage provider’s stock valued at $1,464,391,000 after acquiring an additional 258,151 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Seagate Technology by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 4,896,815 shares of the data storage provider’s stock valued at $1,343,683,000 after acquiring an additional 234,436 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Seagate Technology by 8.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,193,063 shares of the data storage provider’s stock valued at $879,338,000 after acquiring an additional 243,551 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Seagate Technology by 1,510.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,008,516 shares of the data storage provider’s stock valued at $553,125,000 after acquiring an additional 1,883,769 shares during the period. 92.87% of the stock is owned by institutional investors.

Seagate Technology Stock Performance Shares of STX opened at $891.83 on Wednesday. Seagate Technology Holdings PLC has a one year low of $138.30 and a one year high of $1,145.00. The company has a 50-day moving average of $888.04 and a two-hundred day moving average of $599.64. The stock has a market cap of $199.98 billion, a price-to-earnings ratio of 84.61 and a beta of 2.04. The company has a debt-to-equity ratio of 3.16, a current ratio of 1.33 and a quick ratio of 0.85.

Seagate Technology (NASDAQ:STX – Get Free Report) last announced its earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.51 by $0.59. The company had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $2.96 billion. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The company’s revenue was up 44.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.90 EPS. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. On average, equities research analysts expect that Seagate Technology Holdings PLC will post 14.14 earnings per share for the current year.

Seagate Technology Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Wednesday, June 24th were issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Wednesday, June 24th. Seagate Technology’s dividend payout ratio (DPR) is currently 28.08%.

Insider Transactions at Seagate Technology In other news, EVP John Christopher Morris sold 1,364 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $880.19, for a total transaction of $1,200,579.16. Following the completion of the sale, the executive vice president directly owned 12,088 shares of the company’s stock, valued at $10,639,736.72. This trade represents a 10.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 903 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $880.19, for a total transaction of $794,811.57. Following the completion of the sale, the chief financial officer owned 42,860 shares of the company’s stock, valued at $37,724,943.40. This represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 151,069 shares of company stock valued at $126,191,753 in the last three months. 0.79% of the stock is currently owned by insiders.

Key Seagate Technology News Here are the key news stories impacting Seagate Technology this week:

Positive Sentiment: Analysts say Seagate has the right mix of factors for a likely earnings beat in its next report, with expectations for earnings growth ahead of results. Seagate (STX) Earnings Expected to Grow: Should You Buy? Positive Sentiment: Seagate was included in a Zacks analyst roundup alongside names tied to strong results, AI demand, and improving growth outlooks, reinforcing bullish sentiment. The Zacks Analyst Blog Highlights Johnson & Johnson, Lam Research, Seagate, KVH Industries and Dawson Geophysical Positive Sentiment: Broker commentary and market coverage continue to cite Seagate as a beneficiary of AI infrastructure and memory-related demand trends, which has supported the stock’s recent strength. Banking giant names 7 stocks to buy after memory equities sell-off Neutral Sentiment: Jim Cramer suggested trimming Seagate after its strong comeback ahead of July 28 earnings, which may reflect caution about short-term gains despite the constructive longer-term backdrop. Jim Cramer suggests trimming Seagate position after strong comeback ahead of July 28 earnings Analyst Ratings Changes A number of equities research analysts have weighed in on the company. Wedbush upped their target price on Seagate Technology from $700.00 to $825.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. lifted their price target on Seagate Technology from $775.00 to $920.00 and gave the company an “overweight” rating in a research report on Thursday, June 11th. Barclays boosted their price objective on Seagate Technology from $750.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 27th. Cantor Fitzgerald raised their target price on Seagate Technology from $1,000.00 to $1,300.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Finally, Susquehanna lifted their target price on Seagate Technology from $615.00 to $775.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $898.52.

Get Our Latest Research Report on STX

Seagate Technology Company Profile (Free Report)

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

Recommended Stories Five stocks we like better than Seagate Technology Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding STX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seagate Technology Holdings PLC (NASDAQ:STX – Free Report).

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AT&T Inc. (NYSE:T) will release its second quarter earnings report before the opening bell on Wednesday, July 22.

Analysts expect the Dallas, Texas-based company to report quarterly earnings of 59 cents per share, up from 54 cents per share in the year-ago period. The consensus estimate for AT&T’s quarterly revenue is $31.82 billion. It reported $30.85 billion last year, according to Benzinga Pro.

On July 7, AT&T, Ericsson and MediaTek completed North America’s first in-field trial of enhanced mobility features tied to Ericsson’s 5G Advanced Critical IoT subscription.

Shares of AT&T rose 1.4% to close at $22.26 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

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Posted by Defense World Staff on Jul 22nd, 2026

Andra AP fonden lowered its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 46.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 63,189 shares of the software company’s stock after selling 55,251 shares during the period. Andra AP fonden’s holdings in Adobe were worth $15,360,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Western Pacific Wealth Management LP acquired a new stake in Adobe during the 4th quarter valued at approximately $26,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $26,000. Beacon Financial Strategies CORP purchased a new stake in shares of Adobe during the 4th quarter worth about $28,000. Marquette Asset Management LLC grew its holdings in Adobe by 72.3% in the fourth quarter. Marquette Asset Management LLC now owns 81 shares of the software company’s stock valued at $28,000 after purchasing an additional 34 shares during the period. Finally, TrustBank acquired a new stake in Adobe in the 4th quarter valued at $28,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes Several equities analysts have issued reports on ADBE shares. Barclays decreased their price objective on shares of Adobe from $275.00 to $250.00 and set an “equal weight” rating on the stock in a report on Friday, June 12th. Mizuho reduced their price target on shares of Adobe from $270.00 to $245.00 and set a “neutral” rating for the company in a research report on Friday, June 12th. Citizens Jmp reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, June 12th. Stifel Nicolaus reiterated a “hold” rating and issued a $200.00 price objective (down from $350.00) on shares of Adobe in a report on Friday, June 12th. Finally, Wells Fargo & Company cut their price objective on Adobe from $330.00 to $250.00 and set an “overweight” rating for the company in a research note on Friday, June 12th. Seven equities research analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $271.30.

Check Out Our Latest Report on Adobe

Insiders Place Their Bets In related news, CAO Jillian Forusz sold 755 shares of Adobe stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $246.25, for a total transaction of $185,918.75. Following the sale, the chief accounting officer directly owned 3,521 shares in the company, valued at $867,046.25. This trade represents a 17.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 75,000 shares of Adobe stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $243.54, for a total transaction of $18,265,500.00. Following the completion of the transaction, the chief executive officer owned 359,538 shares in the company, valued at approximately $87,561,884.52. This represents a 17.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.20% of the stock is owned by company insiders.

More Adobe News Here are the key news stories impacting Adobe this week:

Negative Sentiment: Morgan Stanley lowered Adobe to Underweight, saying multiple strategic transitions are happening at once and that AI disruption could make it harder for the company to reaccelerate growth. Adobe stock has been crushed by AI fears. Now Morgan Stanley has cut its rating to underweight Negative Sentiment: More Wall Street downgrades and commentary around Adobe’s AI exposure are adding to the selling pressure, with some analysts saying peers may offer cleaner AI monetization and faster growth. ADBE Stock Drops After Morgan Stanley Downgrade – Sees ‘Cleaner Growth And AI Monetization Elsewhere’ Neutral Sentiment: Adobe continues to push into AI with new features in its experimental Project Indigo camera app, highlighting that it is still investing in product innovation even as investors worry about competitive threats. Adobe crams multiple AI tools into its experimental camera app Neutral Sentiment: Some coverage argues Adobe still looks attractive on valuation and that one analyst sees meaningful upside from current levels, but that view is being outweighed today by broader AI-related concern. ADBE stock is falling again but here’s why one Wall Street analyst sees a 31% upside Adobe Stock Performance NASDAQ ADBE opened at $227.16 on Wednesday. The stock’s fifty day moving average is $228.08 and its two-hundred day moving average is $253.81. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $90.30 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 0.79 and a beta of 1.43. Adobe Inc. has a fifty-two week low of $190.12 and a fifty-two week high of $376.16.

Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data on Thursday, June 11th. The software company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.82 by $0.14. Adobe had a net margin of 28.69% and a return on equity of 65.11%. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the previous year, the firm earned $5.06 EPS. Adobe’s revenue was up 12.7% on a year-over-year basis. Adobe has set its FY 2026 guidance at 24.350-24.450 EPS and its Q3 2026 guidance at 6.050-6.100 EPS. On average, research analysts anticipate that Adobe Inc. will post 19.81 earnings per share for the current year.

Adobe announced that its board has approved a share buyback program on Tuesday, April 21st that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 24.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Adobe Profile (Free Report)

Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.

The company’s core offerings are organized around digital media and digital experience.

Featured Articles Five stocks we like better than Adobe Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).

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Posted by Defense World Staff on Jul 22nd, 2026

Andra AP fonden raised its holdings in shares of Danaher Corporation (NYSE:DHR – Free Report) by 648.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 76,642 shares of the conglomerate’s stock after buying an additional 66,405 shares during the period. Andra AP fonden’s holdings in Danaher were worth $14,531,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in DHR. Sivia Capital Partners LLC boosted its stake in shares of Danaher by 6.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,009 shares of the conglomerate’s stock worth $397,000 after acquiring an additional 119 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Danaher by 34.5% during the second quarter. First Trust Advisors LP now owns 55,418 shares of the conglomerate’s stock valued at $10,947,000 after purchasing an additional 14,217 shares during the last quarter. Main Street Financial Solutions LLC lifted its holdings in shares of Danaher by 40.2% during the second quarter. Main Street Financial Solutions LLC now owns 3,088 shares of the conglomerate’s stock valued at $610,000 after purchasing an additional 886 shares during the last quarter. Ieq Capital LLC boosted its position in shares of Danaher by 64.2% in the 2nd quarter. Ieq Capital LLC now owns 75,714 shares of the conglomerate’s stock valued at $14,957,000 after purchasing an additional 29,592 shares during the period. Finally, HUB Investment Partners LLC boosted its position in shares of Danaher by 30.7% in the 2nd quarter. HUB Investment Partners LLC now owns 1,383 shares of the conglomerate’s stock valued at $273,000 after purchasing an additional 325 shares during the period. Institutional investors and hedge funds own 79.05% of the company’s stock.

Analyst Ratings Changes Several research analysts have commented on DHR shares. Evercore reiterated an “outperform” rating and issued a $230.00 target price on shares of Danaher in a report on Monday, July 6th. Barclays reduced their price target on shares of Danaher from $250.00 to $230.00 and set an “overweight” rating for the company in a research report on Tuesday, April 14th. The Goldman Sachs Group decreased their price objective on shares of Danaher from $265.00 to $230.00 and set a “buy” rating for the company in a research note on Monday, April 13th. Rothschild & Co Redburn set a $205.00 price objective on shares of Danaher in a research report on Friday, April 17th. Finally, Argus cut their target price on shares of Danaher from $265.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $231.64.

Check Out Our Latest Stock Analysis on Danaher

Danaher News Summary Here are the key news stories impacting Danaher this week:

Positive Sentiment: Danaher posted Q2 adjusted EPS of $1.94, above the $1.84 consensus, and revenue of about $6.26 billion to $6.3 billion, also ahead of estimates. Danaher Reports Second Quarter 2026 Results Positive Sentiment: Management raised full-year adjusted EPS guidance, showing confidence in profitability despite the softer sales backdrop. Danaher Corp (DHR) Q2 2026 Earnings Call Highlights Neutral Sentiment: Life Sciences was a bright spot, with stronger sales growth, but bioprocessing revenue came in weaker than expected and was cited as a drag on sentiment. Reuters: Danaher’s revenue outlook cut, biotech miss overshadow profit forecast raise Negative Sentiment: Investors reacted negatively to the reduced core revenue growth outlook and cautious near-term guidance, which outweighed the earnings beat and led to the stock decline. Danaher stock slips despite Q2 earnings beat, raised guidance Negative Sentiment: Analysts also highlighted “surprisingly soft” bioprocessing sales, reinforcing concerns that growth may slow more than expected. Danaher Plummets After One Segment Comes In ‘Surprisingly Soft’ Danaher Trading Down 11.0% Danaher stock opened at $179.01 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.87 and a quick ratio of 1.52. The company has a market capitalization of $126.70 billion, a price-to-earnings ratio of 34.62, a PEG ratio of 2.48 and a beta of 0.79. Danaher Corporation has a one year low of $160.93 and a one year high of $242.80. The company’s fifty day moving average price is $184.22 and its two-hundred day moving average price is $197.69.

Danaher (NYSE:DHR – Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The conglomerate reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.84 by $0.10. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $6.11 billion. Danaher had a return on equity of 10.91% and a net margin of 14.89%.The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.77 earnings per share. On average, analysts forecast that Danaher Corporation will post 8.45 earnings per share for the current fiscal year.

Danaher Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, June 26th will be paid a $0.40 dividend. The ex-dividend date is Friday, June 26th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.9%. Danaher’s payout ratio is presently 30.95%.

Danaher Profile (Free Report)

Danaher Corporation (NYSE: DHR) is a global science and technology company that designs, manufactures and markets products and services for the life sciences, diagnostics, and environmental and applied markets. The company organizes its operations into business segments focused on Life Sciences, Diagnostics, and Environmental & Applied Solutions, supplying instruments, reagents, software and related services that support research, clinical testing, biopharmaceutical development, and industrial and environmental monitoring.

Products and services in Danaher’s portfolio include analytical and diagnostic instruments, laboratory consumables and reagents, digital and software solutions for workflow and data management, field and industrial monitoring equipment, and service and maintenance programs.

Featured Stories Five stocks we like better than Danaher Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible

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« PREVIOUS HEADLINEAndra AP fonden Has $13.79 Million Stake in West Pharmaceutical Services, Inc. $WST

NEXT HEADLINE »California Public Employees Retirement System Buys 33,638 Shares of Southern Copper Corporation $SCCO

Posted by Defense World Staff on Jul 22nd, 2026

California Public Employees Retirement System trimmed its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 13,291,551 shares of the semiconductor manufacturer’s stock after selling 324,634 shares during the quarter. Broadcom makes up about 2.5% of California Public Employees Retirement System’s investment portfolio, making the stock its 7th largest holding. California Public Employees Retirement System owned about 0.28% of Broadcom worth $4,113,868,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. ROSS JOHNSON & Associates LLC grew its position in Broadcom by 1,320.0% in the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 66 shares during the last quarter. SWAN Capital LLC increased its stake in shares of Broadcom by 261.9% in the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 55 shares during the period. Networth Advisors LLC raised its holdings in shares of Broadcom by 546.2% during the first quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 71 shares during the last quarter. Nvest Wealth Strategies Inc. bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $33,000. Finally, Family CFO Inc acquired a new position in shares of Broadcom during the fourth quarter worth approximately $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets A number of equities analysts recently issued reports on the company. Rosenblatt Securities reissued a “buy” rating and issued a $500.00 price objective on shares of Broadcom in a report on Thursday, June 4th. Morgan Stanley set a $502.00 target price on Broadcom and gave the company an “overweight” rating in a research note on Thursday, June 4th. Bank of America boosted their price target on Broadcom from $450.00 to $530.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Zacks Research lowered Broadcom from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 21st. Finally, Erste Group Bank reissued a “hold” rating on shares of Broadcom in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $493.24.

View Our Latest Stock Report on Broadcom

Insider Transactions at Broadcom In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $401.33, for a total value of $10,033,250.00. Following the completion of the sale, the insider directly owned 194,989 shares of the company’s stock, valued at approximately $78,254,935.37. This represents a 11.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 1,602 shares of the firm’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $373.86, for a total transaction of $598,923.72. Following the transaction, the director owned 17,426 shares of the company’s stock, valued at approximately $6,514,884.36. This trade represents a 8.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 61,644 shares of company stock valued at $24,016,214 in the last three months. 1.90% of the stock is currently owned by insiders.

Broadcom Stock Performance AVGO opened at $386.50 on Wednesday. The business has a 50 day moving average price of $399.63 and a two-hundred day moving average price of $365.90. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. The company has a market capitalization of $1.84 trillion, a price-to-earnings ratio of 64.42, a price-to-earnings-growth ratio of 0.66 and a beta of 1.45. Broadcom Inc. has a 1-year low of $273.00 and a 1-year high of $495.00.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The company had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $22.13 billion. During the same period last year, the firm earned $1.58 EPS. The firm’s revenue for the quarter was up 47.9% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom’s payout ratio is presently 43.33%.

Key Broadcom News Here are the key news stories impacting Broadcom this week:

Positive Sentiment: UBS said the recent momentum unwind in semiconductors may be nearing its end, which could allow investors to rebuild positions in names like Broadcom as forced selling eases. UBS sees Broadcom, Sandisk, Oracle stocks rebounding: here’s why Positive Sentiment: Analysts highlighted Broadcom’s VMware Cloud Foundation momentum, saying the software platform is becoming a larger growth engine as enterprises move private clouds and AI workloads to virtualized environments. VCF is Becoming Broadcom’s Growth Engine: More Upside Ahead? Positive Sentiment: Broadcom benefited from a broader semiconductor rebound, with chip stocks rising as investors bought the dip after the recent selloff and AI-related volatility. 5 Things to Know Before the Stock Market Opens on Tuesday Positive Sentiment: Morgan Stanley continued to frame Broadcom as one of the more attractive AI infrastructure names, citing strong cash generation and favorable risk-reward after the sector pullback. Broadcom stock gains 2% today: here’s why Neutral Sentiment: Broadcom also got a boost from a new Standard Chartered deal to power banking cloud modernization across 54 markets, reinforcing the value of its VMware-based infrastructure software. Broadcom (AVGO) Lands Standard Chartered Deal To Power Banking Cloud In 54 Markets Negative Sentiment: Sentiment remains somewhat pressured by an ITC investigation tied to Netlist’s patent complaint, which pulled Broadcom into broader regulatory noise around Samsung memory products and customers. Is Broadcom (AVGO) Still Undervalued As Netlist Patent Claims Test Sentiment? Negative Sentiment: Some headlines also noted that an AI-focused trading model sold Broadcom after its expected return profile weakened, reflecting lingering caution after the recent tech selloff. Claude AI Sells Broadcom (AVGO) Stock Broadcom Profile (Free Report)

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

Further Reading Five stocks we like better than Broadcom Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO – Free Report).

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Posted by Defense World Staff on Jul 22nd, 2026

California Public Employees Retirement System raised its stake in Southern Copper Corporation (NYSE:SCCO – Free Report) by 21.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 192,523 shares of the basic materials company’s stock after acquiring an additional 33,638 shares during the period. California Public Employees Retirement System’s holdings in Southern Copper were worth $33,126,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SCCO. National Wealth Management Group LLC acquired a new position in shares of Southern Copper in the 4th quarter valued at approximately $1,281,000. Nordea Investment Management AB boosted its position in shares of Southern Copper by 74.0% during the 4th quarter. Nordea Investment Management AB now owns 258,341 shares of the basic materials company’s stock worth $37,142,000 after acquiring an additional 109,857 shares in the last quarter. Savvy Advisors Inc. bought a new position in Southern Copper in the fourth quarter valued at approximately $1,434,000. Oak Harvest Investment Services bought a new position in Southern Copper in the fourth quarter valued at approximately $7,650,000. Finally, US Bancorp DE increased its stake in Southern Copper by 16.2% in the fourth quarter. US Bancorp DE now owns 74,484 shares of the basic materials company’s stock valued at $10,687,000 after acquiring an additional 10,360 shares during the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets Several research firms have weighed in on SCCO. Weiss Ratings cut Southern Copper from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, July 8th. The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price target on the stock in a research note on Friday, April 10th. Zacks Research raised Southern Copper from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 9th. Barclays reissued an “underweight” rating and set a $160.00 price target (up from $148.00) on shares of Southern Copper in a report on Wednesday, July 15th. Finally, UBS Group restated a “sell” rating and set a $160.00 price objective (up from $145.00) on shares of Southern Copper in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $148.10.

Get Our Latest Stock Report on SCCO

Southern Copper Stock Up 7.3% Shares of NYSE:SCCO opened at $187.92 on Wednesday. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The company has a market capitalization of $155.24 billion, a PE ratio of 31.06, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38. The company has a fifty day moving average of $180.76 and a 200-day moving average of $182.80.

Southern Copper’s stock is going to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be issued to shareholders after the market closes on Monday, August 10th.

Southern Copper Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $1.10 per share. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.3%. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. Southern Copper’s dividend payout ratio is 72.73%.

Insider Buying and Selling In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the sale, the director directly owned 1,807 shares of the company’s stock, valued at $321,320.74. The trade was a 9.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 404 shares of company stock worth $74,108. 0.07% of the stock is owned by company insiders.

Southern Copper Company Profile (Free Report)

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

Further Reading Five stocks we like better than Southern Copper Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding SCCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southern Copper Corporation (NYSE:SCCO – Free Report).

Receive News & Ratings for Southern Copper Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Southern Copper and related companies with MarketBeat.com's FREE daily email newsletter.

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Domino’s Pizza (NASDAQ:DPZ) executives said second-quarter U.S. demand remained strong in terms of order counts, but a weaker-than-expected ticket dragged on same-store sales as the company lapped last year’s Stuffed Crust Pizza launch.

On the company’s rescheduled second-quarter 2026 earnings call, Chief Executive Officer Russell Weiner said the company grew order counts “meaningfully” across both delivery and carryout, even as the broader quick-service restaurant industry faced pressure from macroeconomic uncertainty and heightened competition. However, he said same-store sales fell short of expectations because the company’s premium series and Slice Sauce promotion did not resonate with customers enough to offset the prior-year benefit from Stuffed Crust.

“The miss on ticket was largely within our control, which means we can and will address it moving forward,” Weiner said.

Leadership Transition Announced The call also featured comments from Joe Jordan, Domino’s incoming CEO. Weiner said the board unanimously elected Jordan, who has spent 15 years with the company and most recently served as chief operating officer. Jordan is expected to become CEO in October, while Weiner said he will transition to executive chairman next year.

Jordan said Domino’s priorities remain focused on serving customers with food, value and experience, supporting franchisees and executing with discipline to drive long-term growth.

“We have an exceptional global franchise system, talented people, a culture of innovation and operational excellence, and a brand that continues to earn the trust of customers every day,” Jordan said.

Second-Quarter Sales Lifted by Store Growth, Pressured by Ticket Chief Financial Officer Sandeep Reddy said income from operations increased 2.6% in the second quarter, excluding foreign currency impacts and refranchising gains from the sale of certain U.S. company-owned store markets in the second quarters of 2026 and 2025. The increase was driven primarily by higher U.S. and international franchise royalties and fees, along with supply chain gross margin dollar growth tied to U.S. order count growth. Those gains were partially offset by higher general and administrative expenses related to the company’s biennial worldwide rally.

Global retail sales rose 3% excluding foreign currency, supported by nearly 1,000 net new stores over the past 12 months. U.S. retail sales increased 1.9%, driven primarily by net store growth, including 26 net new U.S. stores during the quarter. U.S. same-store sales rose 0.1%, with carryout comps up 1.1% and delivery comps down 0.7%. Pricing was up 0.2%.

Reddy said the U.S. comp reflected strong order count growth in the core business and continued growth through aggregator channels, offset by lower average ticket. The company said it believes QSR industry order counts were flat during the quarter, while Domino’s grew orders in total and separately in delivery and carryout.

Weiner said the company’s order count growth is central to its strategy because orders bring customers into its loyalty program and support the company’s supply chain business. He said Domino’s has more than doubled U.S. system orders since he joined the company at the end of 2008, contributing to market share gains, additional retail sales, net new stores and higher franchisee store-level EBITDA.

Aggregator Business and Product Innovation in Focus Executives highlighted continued growth on third-party delivery platforms. Weiner said Domino’s believes it is now the No. 1 pizza company on both Uber and DoorDash, while still seeing “a significant amount of growth ahead” to reach what it views as fair share on those platforms.

In response to an analyst question, Weiner said Domino’s prices at a premium on aggregators and aims to be profit neutral for franchisees. Reddy added that the company is being deliberate in pursuing aggregator growth to protect profitability, calling the channel “one more lever” to drive franchisee profitability.

Weiner also discussed the company’s “orchestration agent,” a back-of-house technology designed to time pizza production so orders are hotter when handed to delivery drivers or customers. He said the system applies to orders placed through Domino’s own channels as well as aggregators.

Domino’s is also preparing to launch a new pizza product later in the third quarter. Weiner said the product is intended to address an unmet consumer need and hit an occasion that the pizza category does not serve well today. He described it as “unlike anything we’ve offered before at Domino’s” and said customer testing showed it was one of the best-tasting products the company has tested.

The company has already changed its third-quarter promotional calendar, including adding Stuffed Crust to its Best Deal Ever promotion. Weiner said customer reaction indicated the change was the right move.

International Results Mixed International retail sales grew 4.1% excluding foreign currency, primarily due to net store growth over the past year, including 183 net new international stores in the quarter. International same-store sales declined 0.1%.

Reddy said international comps continued to be affected by Domino’s Pizza Enterprises, which remains focused on turning around its business, as well as macroeconomic and geopolitical uncertainty across global markets. Weiner said Domino’s is looking forward to working with Andrew Gregory, the incoming CEO of Domino’s Pizza Enterprises, and noted that China and India have continued to be standouts over time.

Guidance and Capital Allocation Domino’s maintained its expectation for U.S. same-store sales to increase in the low single digits for 2026, excluding the impact of a 53rd week. The company also continues to expect international same-store sales growth in the low single digits, including the benefit of the recently concluded World Cup soccer tournament.

The company adjusted its U.S. net store outlook to approximately 175 stores from its prior expectation of 175-plus, citing some pressure on the pipeline from macro conditions and a challenging start to the year that affected franchisee profitability. Domino’s continues to expect approximately 800 net new international stores and mid-single-digit global retail sales growth for the year.

Domino’s also maintained its expectation for mid- to high-single-digit operating income growth, excluding foreign currency, refranchising gains and the gain on the sale of its corporate aircraft.

Through the second quarter, Domino’s repurchased about 632,000 shares for $231 million year to date. Reddy said the company had approximately $1.23 billion remaining on its share repurchase authorization at quarter end and continues to expect to return meaningful cash to shareholders in 2026 and beyond.

About Domino’s Pizza (NASDAQ:DPZ) Domino’s Pizza, Inc (NASDAQ: DPZ) is a global pizza delivery and carryout chain founded in 1960 and headquartered in Ann Arbor, Michigan. The company specializes in a broad range of hand‐crafted pizzas, including hand-tossed, thin crust and specialty offerings, alongside side items such as chicken wings, sandwiches, pasta, desserts and beverages. Domino’s has built its brand on convenience and speed, leveraging proprietary ordering platforms and its Domino’s Tracker system to provide real-time status updates from order placement through delivery.

Operating predominantly under a franchise model, Domino’s has more than 17,000 stores worldwide, with approximately 95% of outlets owned and operated by independent franchisees.