Track market-moving stories before they get noisy

LINK's latest setup combines shrinking exchange supply, rising whale activity, and improving fundamentals, while traders await a confirmation.

Chainlink recorded 1.26 million tokens in net exchange outflows over 24 hours. This was the largest daily outflow since June 29.

Santiment said the drop in exchange supply means fewer LINK tokens are available for quick sell orders, which could potentially lower future sell-off risk.

Bullish Signals The timing of the move is interesting, according to Santiment. In July, the DTCC processed tokenized US securities trades with Chainlink listed among its technology providers. Meanwhile, its Cross-Chain Interoperability Protocol (CCIP) expanded support across institutional and crypto networks, including Canton and Robinhood Chain. Santiment believes that these developments could be positive for patient LINK bulls.

The crypto asset started July near $7.85 and briefly slipped below $7.6 before recovering. The price then climbed higher and even broke above $8, eventually reaching around $8.86. However, the rally did not hold, and by August LINK pulled back toward $8.2.

Against this backdrop, whale activity around Chainlink has picked up significantly, which essentially reflected stronger confidence among major holders. The network also ranked second in Santiment’s RWA development ranking, behind Hedera, after showing improved activity compared with the previous month.

Pseudonymous market watcher, ‘The Boss,’ said the crypto asset is now testing whether it can break out of the downtrend that has controlled its price for weeks. It has held a long-term demand zone while challenging a descending trendline that has repeatedly rejected price. According to the trader, the structure has strengthened, but confirmation is still needed. A break above the first resistance of $11.62 could mark LINK’s greatest technical recovery since the decline began.

The focus is now on whether buyers can form higher highs and higher lows while staying above the demand zone. If that structure fails, the asset could remain trapped inside the broader bearish trend.

You may also like: LINK Whales Move Millions to Binance Before Key Banking News Over 535,000 LINK Holders Signal Quiet Chainlink Accumulation Amid Market Uncertainty CCIP Adoption Zooming out, Chainlink is also seeing wider adoption across its ecosystem. Dozens of projects have switched to its technology in recent months. These include Kraken’s kBTC, along with Solv Protocol’s SolvBTC and xSolvBTC.

BitGo also announced moving its cross-chain infrastructure to Chainlink’s CCIP. The move comes as more projects shift away from LayerZero following the $292 million KelpDAO bridge exploit earlier this year.

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Zcash, a privacy-focused cryptocurrency launched in 2016, is preparing for a pivotal governance event as coinholders prepare to vote on the proposed scope of the upcoming NU7 network upgrade. The voting period will begin on August 25 and is expected to run for approximately 18 days, with several key protocol changes under consideration.

New governance mechanism and voting processThis vote introduces a new governance framework for Zcash. Valar Group and Project Tachyon are coordinating the process using a recently developed Tokenholder Voting Chain. This infrastructure replaces Zcash’s older governance mechanisms and utilizes a distributed election authority composed of at least 10 validators. Tally results can only be accessed after two-thirds of the validator set grants approval, increasing security and collective oversight.

A critical condition for legitimacy has been set: the voting process requires the participation of at least 1,000,000 ZEC. If this quorum is not met, the results will not be recognized as valid, marking a significant engagement threshold for the Zcash community.

To join the vote, users must hold spendable shielded ZEC in Ironwood at the snapshot, scheduled for August 24 at 19:00 UTC. After the snapshot is taken, voters are free to move their funds, and the voting window will remain open until September 12.

Mini dictionary: Ironwood, the Zcash reference wallet developed to support shielded transactions, allowing users to store and transact using ZEC with privacy features enabled.

Key issues on the ballotCoinholders will weigh in on several issues, ranging from technical and schedule matters to fundamental economic parameters. Among the most critical proposals, participants will decide whether to transition Zcash’s current halving schedule to a smoother issuance model through the Network Sustainability Mechanism (NSM). The ballot will also include options on when to activate transaction fee reissuance, plans to deprecate the legacy Sprout transaction format, and whether to reduce block times from 75 seconds to 25 seconds. Additionally, voters will set guidance on how quickly the NU7 upgrade should be released if certain features miss the initial deadline.

Mini dictionary: Network Sustainability Mechanism (NSM), a proposed protocol change to Zcash’s issuance model that replaces sharp halvings with a gradual, predictable reduction in mining rewards, aimed at promoting long-term security and development funding.

Participation threshold and its significanceThe requirement for at least 1 million ZEC to participate represents a significant percentage of Zcash’s circulating supply. Given that Zcash’s total circulating supply is much lower than that of Bitcoin, achieving this quorum would demonstrate robust engagement from the community and could reinforce the legitimacy of future technical changes decided through on-chain governance.

ZEC technical performance and market conditionsZEC’s technical indicators have recently improved. The coin is currently trading above its 20-day, 50-day, and 100-day moving averages, while the 200-day moving average continues to trend upward beneath the current price. The token has climbed above the key $500 psychological level and is consolidating around nearby support zones. With the relative strength index (RSI) recovering toward 54, market momentum appears neutral, and conditions do not indicate significant overbought pressure.

IndicatorCurrent LevelPriceAbove $50020-day MABelow current price50-day MABelow current price100-day MABelow current price200-day MATrending up, below current priceRSIAround 54Should ZEC maintain its position above its cluster of shorter-term moving averages, analysts may anticipate renewed attempts to reach previous highs set earlier this summer.

Zcash coinholders will vote on proposals such as a new issuance schedule, transaction fee policy, and shorter block times, while a 1 million ZEC participation quorum aims to ensure strong governance legitimacy for the decisions made in the forthcoming NU7 upgrade.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Posted by Defense World Staff on Aug 6th, 2026

Amundi cut its holdings in TKO Group Holdings, Inc. (NYSE:TKO – Free Report) by 82.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,233 shares of the company’s stock after selling 116,840 shares during the quarter. Amundi’s holdings in TKO Group were worth $4,887,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Elyxium Wealth LLC acquired a new stake in shares of TKO Group in the fourth quarter valued at about $27,000. Cornerstone Planning Group LLC raised its position in shares of TKO Group by 543.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 148 shares of the company’s stock worth $28,000 after purchasing an additional 125 shares during the last quarter. Torren Management LLC purchased a new position in TKO Group in the 4th quarter valued at about $32,000. CYBER HORNET ETFs LLC purchased a new position in TKO Group in the 2nd quarter valued at about $34,000. Finally, MUFG Securities EMEA plc acquired a new stake in TKO Group in the 2nd quarter worth about $36,000. 89.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity In other TKO Group news, CFO Andrew M. Schleimer acquired 2,696 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were purchased at an average cost of $185.44 per share, for a total transaction of $499,946.24. Following the completion of the acquisition, the chief financial officer owned 30,240 shares of the company’s stock, valued at approximately $5,607,705.60. The trade was a 9.79% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark S. Shapiro purchased 10,807 shares of the stock in a transaction dated Wednesday, May 13th. The shares were acquired at an average price of $185.05 per share, with a total value of $1,999,835.35. Following the completion of the acquisition, the insider owned 129,207 shares in the company, valued at approximately $23,909,755.35. This trade represents a 9.13% increase in their position. The disclosure for this purchase is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders bought 24,308 shares of company stock worth $4,499,679 and sold 42,257 shares worth $7,946,068. 64.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets Several research firms have commented on TKO. Weiss Ratings upgraded TKO Group from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, May 7th. Morgan Stanley raised their target price on TKO Group from $225.00 to $230.00 and gave the company an “overweight” rating in a research report on Tuesday. Benchmark reaffirmed a “hold” rating on shares of TKO Group in a research note on Tuesday. Sanford C. Bernstein dropped their price target on TKO Group from $240.00 to $235.00 and set an “outperform” rating for the company in a research report on Tuesday, July 28th. Finally, Citigroup downgraded TKO Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, TKO Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.33.

View Our Latest Stock Analysis on TKO

TKO Group News Roundup Here are the key news stories impacting TKO Group this week:

Positive Sentiment: TKO reported second-quarter revenue of approximately $1.547 billion, up 18% year over year, while adjusted EBITDA rose 23% to $650 million. Management also raised its 2026 outlook to $5.775–$5.825 billion of revenue and $2.275–$2.305 billion of adjusted EBITDA, signaling continued momentum. Q2 earnings call highlights Positive Sentiment: Guggenheim raised its price target to $235 and initiated or maintained a “Buy” rating, while BTIG reaffirmed its “Buy” rating with a $237 target. Analysts broadly rate TKO a “Moderate Buy.” Benzinga analyst actions Analyst consensus Positive Sentiment: TKO, Legends Global and the Arizona Sports & Events Alliance announced upcoming UFC, WWE Royal Rumble and PBR events in Arizona, supporting future event-related revenue and brand exposure. Arizona event announcement Neutral Sentiment: Management characterized the UFC Freedom 250 event at the White House as a promotional and strategic success despite its financial outcome, but the event’s economics remain a concern for investors. Negative Sentiment: TKO disclosed that UFC Freedom 250 lost approximately $30 million. The unexpected loss is likely weighing on sentiment because it highlights the potential cost of high-profile events, even as executives emphasized broader benefits. Freedom 250 loss report Negative Sentiment: Second-quarter adjusted earnings per share came in at $1.34, below the $1.41 analyst consensus, although revenue modestly exceeded expectations. The earnings shortfall adds pressure alongside the event-related loss. TKO Group Trading Down 0.7% Shares of TKO opened at $183.15 on Thursday. TKO Group Holdings, Inc. has a 12-month low of $152.29 and a 12-month high of $226.94. The firm has a market capitalization of $35.55 billion, a P/E ratio of 64.26 and a beta of 0.63. The firm has a 50-day moving average price of $194.58 and a 200 day moving average price of $197.21. The company has a current ratio of 1.28, a quick ratio of 1.34 and a debt-to-equity ratio of 0.58.

TKO Group (NYSE:TKO – Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported $1.34 EPS for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.07). The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. TKO Group had a return on equity of 2.67% and a net margin of 4.33%.TKO Group’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same period last year, the firm earned $1.17 earnings per share. Sell-side analysts forecast that TKO Group Holdings, Inc. will post 4.81 EPS for the current year.

TKO Group Increases Dividend The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, June 15th. This is a boost from TKO Group’s previous quarterly dividend of $0.78. TKO Group’s dividend payout ratio is presently 117.91%.

TKO Group Profile (Free Report)

TKO Group Holdings (NYSE: TKO) is a global sports and entertainment company formed in 2023 through the combination of two major combat-sports businesses. The company brings together the mixed martial arts organization UFC and the sports entertainment business WWE under a single publicly traded holding company. TKO owns and manages a portfolio of live-event franchises, intellectual property, and media rights centered on combat and sports-entertainment content.

TKO’s core activities include the promotion and production of live events, the licensing and sale of broadcasting and streaming rights, and the development and commercialization of branded consumer products.

Recommended Stories Five stocks we like better than TKO Group SpaceX: Love the Company, But the Stock Is a Harder Call Ulta’s Growth Is Real, But So Are the Risks BWX Technologies Is Turning the AI Power Problem Into a Nuclear Growth Story Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Want to see what other hedge funds are holding TKO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TKO Group Holdings, Inc. (NYSE:TKO – Free Report).

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NEW YORK--(BUSINESS WIRE)--Oscar Health, Inc. (“Oscar” or the “Company”) (NYSE: OSCR) announced today its financial results for the second quarter ended June 30, 2026 and updates to its full year 2026 guidance.

“Oscar delivered record profitability in the first half of the year and we are raising our full-year 2026 guidance,” said Mark Bertolini, CEO of Oscar Health. “Our superior operating performance and execution against the fundamentals of our strategy are accelerating the individual market. More people are moving between full- and part-time jobs, gig work, and retirement – a shift AI will accelerate. A durable individual market gives them greater choice and will power the future of American healthcare. Oscar’s consumer products, disciplined pricing, and scalable technology platform will capture this opportunity and position us for long-term profitable growth.”

Second Quarter 2026 Financial Highlights

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands, except percentages)

2026

2025

2026

2025

Total revenue

$4,880,220

$2,863,945

$9,527,414

$5,910,208

Medical loss ratio (“MLR”)

79.2%

91.1%

75.0%

83.0%

Selling, general, and administrative (“SG&A”) expense ratio

14.2%

18.7%

14.7%

17.2%

Earnings (loss) from operations

$388,635

$(230,483)

$1,092,720

$66,640

Net income (loss) attributable to Oscar Health, Inc.

$361,808

$(228,361)

$1,040,804

$46,910

Adjusted EBITDA (1)

$415,349

$(199,404)

$1,142,421

$129,424

(1) Adjusted EBITDA is a non-GAAP measure. See “Key Operating and Non-GAAP Financial Metrics - Adjusted EBITDA” in this release for a reconciliation to net income, the most directly comparable GAAP measure, and for information regarding Oscar’s use of Adjusted EBITDA.

As of June 30,

Effectuated Membership by Offering

2026

2025

Individual and Small Group (1)

2,963,002

2,017,058

Cigna+Oscar (2)

—

10,090

Total Members (3)

2,963,002

2,027,148

(1) Membership includes members enrolled through an Individual Coverage Health Reimbursement Arrangement (“ICHRA”). 2025 membership includes small group members. The Company no longer offers small group plans effective December 15, 2024.

(2) Represents total membership for our former co-branded partnership with Cigna. We did not renew the Cigna+Oscar Small Group arrangement after its initial term ended on December 31, 2024.

(3) Represents effectuated members. Effectuated members are those who are actively enrolled in one of our plans and whose required premium payments have either been made or are within the payment grace period. A member covered under more than one of our health plans counts as a single member for the purposes of this metric.

2026 Financial Guidance Summary

Prior Full Year 2026 Outlook

Updated Full Year 2026 Outlook

(in thousands, except percentages)

Low

High

Low

High

Total Revenue (1)

$18.7 billion

$19.0 billion

$18.7 billion

$19.0 billion

Medical Loss Ratio (2)

82.4%

83.4%

81.5%

82.5%

SG&A Expense Ratio (3)

15.8%

16.3%

15.6%

16.1%

Earnings from Operations (4)

$250 million

$450 million

$500 million

$700 million

(1) Total revenue includes premium revenue (net of risk adjustment transfers), investment income, and other revenue. We believe total revenue is an important metric to assess the growth of our business, as well as the earnings potential of our investment portfolio.

(2) Medical loss ratio (MLR) is a metric used to calculate medical expenses as a percentage of net premiums before ceded quota share reinsurance. We believe MLR is an important metric to demonstrate the ratio of our costs to pay for the healthcare of our members to the net premiums before ceded quota share reinsurance.

(3) Selling, general, and administrative (SG&A) expense ratio is calculated as selling, general and administrative expenses as a percentage of total revenue (net of risk adjustment transfers). We believe the SG&A expense ratio is useful to evaluate our ability to manage our overall selling, general, and administrative cost base.

(4) Earnings from operations is the Company's total revenue less Total operating expenses. We believe earnings from operations is an important primary metric for assessing operating performance.

Second Quarter 2026 Key Metrics and Non-GAAP Financial Metrics

Total revenue was approximately $4.9 billion for the second quarter of 2026 compared to $2.9 billion for the second quarter of 2025. The increase was driven by higher membership and rate increases, partially offset by an increase in the net risk adjustment transfer accrual. The medical loss ratio was 79.2% for the second quarter of 2026 compared to 91.1% for the second quarter of 2025, which included the entire first half impact of 2025 risk adjustment true-up driven by higher average market morbidity. The decrease was primarily driven by our disciplined pricing strategy and $164 million of favorable prior period reserve development. The SG&A expense ratio was 14.2% for the second quarter of 2026 compared to 18.7% for the second quarter of 2025. The decrease was primarily due to disciplined expense management, greater fixed cost leverage, and the impact of lower risk adjustment as a percentage of premium. Earnings from operations were $388.6 million for the second quarter of 2026 compared to a loss from operations of $230.5 million for the second quarter of 2025. The significant increase reflects strong operating performance driven primarily by improved underwriting performance and favorable prior period development. Net income attributable to Oscar Health, Inc. was $361.8 million, or $1.10 of diluted earnings per share, for the second quarter of 2026 compared to Net loss attributable to Oscar Health, Inc. of $228.4 million, or $(0.89) of diluted earnings per share, for the second quarter of 2025. Adjusted EBITDA was $415.3 million for the second quarter of 2026 compared to an Adjusted EBITDA loss of $199.4 million for the second quarter of 2025. Quarterly Conference Call Details

Oscar will host a conference call to discuss its financial results today, August 6, 2026, at 8:00 a.m. (ET). Investors and other interested parties are invited to listen to the conference call by dialing 1-855-761-5600 and entering the following conference ID: 7768132. A live audio webcast will also be available via the Investor Relations page of Oscar’s website at ir.hioscar.com. A replay of the webcast will be available for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

Non-GAAP Financial Information

This release presents Adjusted EBITDA, a non-GAAP financial metric, which is provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of historical non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. For more information regarding Adjusted EBITDA, please see “Key Operating and Non-GAAP Financial Metrics” below.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained herein are forward-looking statements. These statements include, but are not limited to, statements about our financial outlook and estimates, including Total revenue, Medical loss ratio, SG&A expense ratio, Earnings (loss) from operations, and other financial performance metrics, and the related underlying assumptions, our business and financial prospects, including management’s plans and objectives for future operations, expectations and business strategy, such as our 2026 margins and profitability, and industry and market dynamics and expected trends. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential,” or “continues” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict and generally beyond our control.

Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: our ability to execute our strategy and manage our growth effectively (including our ability to successfully integrate strategic acquisitions); our ability to retain and expand our member base; our ability to accurately estimate our incurred medical expenses or overall market morbidity, or effectively manage our medical costs or related administrative costs; unanticipated results of, or changes to, risk adjustment programs or our estimates thereof; evolving federal or state laws or regulations (including any changes in the interpretation or enforcement of existing laws and regulations), including changes with respect to the Patient Protection and Affordable Care Act (“ACA”) and any regulations enacted thereunder, the expiration of the enhanced Advanced Premium Tax Credits (“eAPTCs”), the implementation of new program integrity rules, including pursuant to the Notice of Benefit and Payment Parameters (“NBPP”) for policy year 2027, the potential funding of a cost-sharing reduction (“CSR”) program, or other government actions, such as the imposition of tariffs; our ability to achieve or maintain profitability in the future; our ability to arrange for the delivery of quality care and maintain good relations with brokers and the physicians, hospitals, and other providers within and outside our provider networks; our ability to comply with ongoing, complex and evolving regulatory requirements, including capital reserve and surplus requirements and applicable performance standards; changes or developments in the regulation of health insurance markets in the United States; our, or any of our vendors’, ability to comply with laws, regulations, and standards related to the handling of information about individuals or applicable consumer protection laws, including as a result of our participation in government-sponsored programs; the ability of our health insurance and Health Maintenance Organization (“HMO”) subsidiaries (collectively, “Health Insurance Subsidiaries”) to make payments of dividends or distributions to us, including to fund our business strategy; our ability to utilize quota share reinsurance to meet our capital and surplus requirements and protect against downside risk on medical claims; adverse market conditions resulting in our investment portfolio suffering losses or reducing our ability to meet our financing needs; unfavorable or otherwise costly outcomes of lawsuits, audits, investigations, and other third party claims that may arise from the extensive laws and regulations to which we are subject, such as fraud, waste and abuse laws; incurrence of data security breaches of our or our partners’ information and technology systems; heightened competition in the markets in which we participate; our ability to attract and retain qualified personnel; uncertainties associated with our utilization of certain artificial intelligence (“AI”) and machine learning models; our ability to detect and prevent material weaknesses or significant control deficiencies in our internal controls over financial reporting or other failure to maintain an effective system of internal controls; adverse publicity or other adverse consequences related to our dual class structure or “controlled company” status; and the other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”), and our other filings with the SEC.

You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Any forward-looking statement speaks only as of the date as of which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise.

About Oscar Health

Oscar Health, Inc. is a leading healthcare technology company built on a full-stack platform and a relentless focus on member experience. Oscar Health helps make high-quality and affordable care more accessible for millions of people through Oscar’s Individual & Family plans and ICHRA solutions, Lucie Health Marketplace, and Trove Group. Consumers benefit from better choice, deeper engagement, and connection to high-value clinical care.

Oscar Health, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

  Three Months Ended June 30,

Six Months Ended June 30,

(in thousands, except per share amounts)

2026

2025

2026

2025

Revenue

Premium

$

4,789,331

$

2,803,444

$

9,370,193

$

5,799,265

Investment income

84,794

54,004

145,408

100,116

Other revenues

6,095

6,497

11,813

10,827

Total revenue

4,880,220

2,863,945

9,527,414

5,910,208

Operating Expenses

Medical

3,794,445

2,552,973

7,024,302

4,812,624

Selling, general, and administrative

691,080

534,485

1,397,314

1,017,244

Depreciation and amortization

6,060

6,970

13,078

13,700

Total operating expenses

4,491,585

3,094,428

8,434,694

5,843,568

Earnings (loss) from operations

388,635

(230,483

)

1,092,720

66,640

Interest expense

4,709

5,847

10,092

11,841

Other expenses (income)

915

(2,794

)

844

124

Earnings (loss) before income taxes

383,011

(233,536

)

1,081,784

54,675

Income tax expense (benefit)

21,183

(5,045

)

40,933

7,660

Net income (loss)

361,828

(228,491

)

1,040,851

47,015

Less: Net income (loss) attributable to noncontrolling interests

20

(130

)

47

105

Net income (loss) attributable to Oscar Health, Inc.

$

361,808

$

(228,361

)

$

1,040,804

$

46,910

Earnings (loss) per Share

Basic

$

1.20

$

(0.89

)

$

3.47

$

0.19

Diluted

$

1.10

$

(0.89

)

$

3.16

$

0.17

Weighted Average Common Shares Outstanding

Basic

302,220

255,531

300,197

253,417

Diluted

333,432

255,531

331,292

270,244

Oscar Health, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

  (in thousands, except per share amounts)

June 30, 2026

December 31, 2025

Assets

Current Assets:

Cash and cash equivalents

$

4,075,612

$

2,774,151

Short-term investments

4,479,906

1,216,461

Accounts receivable (net of allowance for credit losses of $55,298 and $7,226)

380,057

362,682

Reinsurance recoverable

196,544

99,750

Receivables from CMS

180,750

136,029

Other current assets

60,317

24,331

Total current assets

9,373,186

4,613,404

Long-term investments

1,600,770

1,470,987

Property, equipment, and capitalized software, net

101,494

88,350

Restricted deposits

29,178

32,951

Other assets

122,134

119,719

Total assets

$

11,226,762

$

6,325,411

Liabilities and Stockholders' Equity

Current Liabilities:

Payables to CMS

$

6,095,289

$

2,730,095

Benefits payable

1,898,435

1,455,385

Accounts payable and other liabilities

525,709

507,325

Unearned premiums

167,505

166,203

Reinsurance payable

2,564

3,579

Total current liabilities

8,689,502

4,862,587

Long-term debt

431,629

430,095

Other liabilities

50,466

51,994

Total liabilities

9,171,597

5,344,676

Commitments and contingencies

Stockholders' Equity

Class A common stock ($0.00001 par value; 825,000 thousand shares authorized, 273,410 thousand and 261,851 thousand shares outstanding as of June 30, 2026 and December 31, 2025, respectively)

3

3

Class B common stock ($0.00001 par value; 82,500 thousand shares authorized, 35,224 thousand and 35,838 thousand shares outstanding as of June 30, 2026 and December 31, 2025, respectively)

—

—

Treasury stock (315 thousand shares as of June 30, 2026 and December 31, 2025)

(2,923

)

(2,923

)

Additional paid-in capital

4,316,831

4,256,972

Accumulated deficit

(2,253,630

)

(3,294,434

)

Accumulated other comprehensive income (loss)

(8,250

)

18,030

Total Oscar Health, Inc. stockholders' equity

2,052,031

977,648

Noncontrolling interests

3,134

3,087

Total stockholders' equity

2,055,165

980,735

Total liabilities and stockholders' equity

$

11,226,762

$

6,325,411

Oscar Health, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

  Six Months Ended June 30,

(in thousands)

2026

2025

Cash Flows from Operating Activities:

Net income

$

1,040,851

$

47,015

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Change in provision for credit losses

48,072

(23,950

)

Stock-based compensation expense

36,623

49,084

Depreciation and amortization expense

13,049

13,700

Amortization of debt issuance costs

2,163

389

Net accretion of investments

(15,285

)

(15,667

)

Deferred taxes

(7,731

)

—

Net realized gain on sale of financial instruments

(1,732

)

(131

)

Changes in assets and liabilities:

(Increase) / decrease in:

Reinsurance recoverable

(96,794

)

98,839

Accounts receivable

(65,448

)

(51,666

)

Receivables from CMS

(44,721

)

(95,982

)

Other assets

(26,660

)

(26,512

)

Increase / (decrease) in:

Payables to CMS

3,365,194

1,127,430

Benefits payable

443,050

194,902

Accounts payable and other liabilities

20,408

103,024

Unearned premiums

1,302

(4,900

)

Reinsurance payable

(1,016

)

(27,966

)

Net cash provided by operating activities

4,711,325

1,387,609

Cash Flows from Investing Activities:

Sale of investments

983,943

15,761

Maturity and paydowns of investments

553,943

267,419

Change in restricted deposits

606

526

Purchase of investments

(4,942,801

)

(607,838

)

Purchase of property, equipment, and capitalized software

(20,556

)

(18,303

)

Net cash used in investing activities

(3,424,865

)

(342,435

)

Cash Flows from Financing Activities:

Proceeds from exercise of stock options and stock purchase agreement

29,904

29,295

Tax payments related to net settlement of share-based awards

(11,920

)

(2,289

)

Payments of debt issuance costs

(4,919

)

—

Earn-out Liability Payout

(3,370

)

—

Net cash provided by financing activities

9,695

27,006

Increase in cash, cash equivalents and restricted cash equivalents

1,296,155

1,072,180

Cash, cash equivalents, restricted cash and cash equivalents—beginning of period

2,804,123

1,551,118

Cash, cash equivalents, restricted cash and cash equivalents—end of period

4,100,278

2,623,298

Cash and cash equivalents

4,075,612

2,598,942

Restricted cash and cash equivalents included in restricted deposits

24,666

24,356

Total cash, cash equivalents and restricted cash and cash equivalents

$

4,100,278

$

2,623,298

Supplemental Disclosures:

Interest payments

$

6,000

$

11,360

Income tax payments

$

1,107

$

15,478

Key Operating and Non-GAAP Financial Metrics

We regularly review the following key operating and Non-GAAP financial metrics, to evaluate our business, measure our performance, identify trends in our business, prepare financial projections, and make strategic decisions. We believe these operational and financial measures are useful in evaluating our performance, in addition to our financial results prepared in accordance with GAAP.

Total Revenue

Total revenue includes premium revenue (net of risk adjustment transfers), investment income, and other revenues. We believe total revenue is an important metric to assess the growth of our business, as well as the earnings potential of our investment portfolio.

MLR

MLR is a metric used to calculate medical expenses as a percentage of net premiums before ceded quota share reinsurance. The impact of the federal risk adjustment program is included in the denominator of our MLR. We believe MLR is an important metric to demonstrate the ratio of our costs to pay for healthcare of our members to the net premium before ceded quota share reinsurance.

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands, except percentages)

2026

2025

2026

2025

Net claims before ceded quota share reinsurance (A)

$

3,794,445

$

2,552,973

$

7,024,302

$

4,812,624

Net premiums before ceded quota share reinsurance (B)

$

4,789,331

$

2,803,444

$

9,370,193

$

5,799,265

Medical Loss Ratio (A divided by B)

79.2

%

91.1

%

75.0

%

83.0

%

SG&A Expense Ratio

The SG&A expense ratio reflects the Company’s selling, general, and administrative expenses, as a percentage of total revenue (net of risk adjustment transfers). We believe the SG&A expense ratio is useful to evaluate our ability to manage our overall selling, general, and administrative cost base.

Earnings (Loss) from Operations

Earnings (loss) from operations is the Company's total revenue less total operating expenses. We believe earnings (loss) from operations is an important primary metric for assessing operating performance.

Net Income (Loss) Attributable to Oscar Health, Inc.

Net income (loss) attributable to Oscar Health, Inc. is net earnings (loss) allocated to the Company after net income (loss) attributable to noncontrolling interests. It is a key indicator of the Company’s profitability and operational efficiency, allowing management to evaluate performance and make informed decisions on strategic planning, cost management, and resource allocation.

Adjusted EBITDA

Adjusted EBITDA is defined as Net income (loss) for the Company and its consolidated subsidiaries before interest expense, income tax expense (benefit), and depreciation and amortization, as further adjusted for stock-based compensation and other items that are considered unusual or not representative of underlying trends of our business, where applicable for the period presented. We present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is a non-GAAP measure. Management believes that investors’ understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing our ongoing results of operations. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate Adjusted EBITDA in the same manner.

By providing this non-GAAP financial measure, together with a reconciliation to the most comparable U.S. GAAP measure, Net income (loss), we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for, net income (loss) or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance.

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands)

2026

2025

2026

2025

Net income (loss)

$

361,828

$

(228,491

)

$

1,040,851

$

47,015

Interest expense

4,709

5,847

10,092

11,841

Other expenses (income)

915

(2,794

)

844

124

Income tax expense (benefit)

21,183

(5,045

)

40,933

7,660

Earnings (loss) from operations

388,635

(230,483

)

1,092,720

66,640

Depreciation and amortization

6,060

6,970

13,078

13,700

Stock-based compensation (1)

20,654

24,109

36,623

49,084

Adjusted EBITDA

$

415,349

$

(199,404

)

$

1,142,421

$

129,424

(1) Represents non-cash expenses related to equity-based compensation programs, which vary from period to period depending on various factors including the timing, number, and the valuation of awards. Additionally, these expenses are reported net of any stock-based compensation that has been capitalized for software development costs.

Appendix

Supplemental Financial Information

Premium

The Company records premium revenue net of premiums for reinsurance contracts accounted for under reinsurance accounting. The following table reconciles total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of total premium revenue in the Condensed Consolidated Statements of Operations:

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands)

2026

2025

2026

2025

Direct policy premiums

$

5,666,469

$

3,482,764

$

11,696,744

$

6,832,435

Risk adjustment transfers

(871,470

)

(692,245

)

(2,314,281

)

(1,065,994

)

Reinsurance premiums ceded

(4,989

)

(2,690

)

(10,607

)

(5,232

)

Assumed premiums (1)

(679

)

15,615

(1,663

)

38,056

Premium

$

4,789,331

$

2,803,444

$

9,370,193

$

5,799,265

(1) The Company did not renew the Cigna+Oscar Small Group arrangement with Cigna Health and Life Insurance Company after its initial term ended on December 31, 2024. Following termination, the Company has been providing transition and run-off services, and will continue to provide such services through December 31, 2026. The Company also continues to share in premiums and claims for plans sold or issued prior to December 15, 2024.

Medical Expenses

The Company records medical expenses net of reinsurance recoveries for reinsurance contracts accounted for under reinsurance accounting. The following table reconciles total medical expenses to the amount presented in the Condensed Consolidated Statements of Operations:

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands)

2026

2025

2026

2025

Direct claims incurred

$

3,872,861

$

2,562,117

$

7,166,698

$

4,830,401

Ceded reinsurance claims

(78,390

)

(22,203

)

(141,074

)

(53,215

)

Assumed reinsurance claims

(26

)

13,059

(1,322

)

35,438

Medical expenses

$

3,794,445

$

2,552,973

$

7,024,302

$

4,812,624

Risk Adjustment

The risk adjustment programs in the markets the Company serves are administered federally by CMS and are designed to mitigate the potential impact of adverse selection and provide stability for health insurers. Under these programs, each plan is assigned a risk score based upon demographic information and current year claims information related to its members. Plans with lower than average risk scores generally pay into the pool, while plans with higher than average risk scores generally receive distributions. The following table provides a rollforward of the Company’s beginning and ending risk adjustment receivable and payable balances for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30, 2026

Six Months Ended June 30, 2025

(in thousands)

Risk Adjustment Receivable

Risk Adjustment Payable

Net Risk Adjustment Payable

Risk Adjustment Receivable

Risk Adjustment Payable

Net Risk Adjustment Payable

Beginning balance (1)

$

56,066

$

2,587,700

$

2,531,634

$

64,779

$

1,558,341

$

1,493,562

Change in accrual:

Current year

$

27,970

$

2,401,634

$

2,373,664

$

33,303

$

1,021,779

$

988,476

Prior years (2)

11,719

(47,432

)

(59,151

)

(10,465

)

67,067

77,532

Change in accrual, net

$

39,689

$

2,354,202

$

2,314,513

$

22,838

$

1,088,846

$

1,066,008

Ending balance:

Current year

$

27,970

$

2,401,634

$

2,373,664

$

33,303

$

1,021,779

$

988,476

Prior years

67,785

2,540,268

2,472,483

54,314

1,625,408

1,571,094

Ending balance

$

95,755

$

4,941,902

$

4,846,147

$

87,617

$

2,647,187

$

2,559,570

(1) The table includes risk adjustment data validation (“RADV”) receivables and payables. The balance at the beginning of each year presented pertains to prior policy years.

(2) Includes immaterial payments for prior policy years.

More News From Oscar Health, Inc.

Posted by Defense World Staff on Aug 6th, 2026

Amundi lowered its stake in Toll Brothers Inc. (NYSE:TOL – Free Report) by 31.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 73,250 shares of the construction company’s stock after selling 33,703 shares during the period. Amundi owned 0.08% of Toll Brothers worth $9,996,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in shares of Toll Brothers by 8.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,635 shares of the construction company’s stock valued at $496,000 after acquiring an additional 283 shares during the last quarter. California State Teachers Retirement System grew its stake in Toll Brothers by 21.0% during the 1st quarter. California State Teachers Retirement System now owns 110,541 shares of the construction company’s stock worth $15,086,000 after buying an additional 19,155 shares during the last quarter. Readystate Asset Management LP bought a new position in shares of Toll Brothers during the first quarter worth about $2,288,000. Royal Bank of Canada increased its holdings in shares of Toll Brothers by 29.7% in the 1st quarter. Royal Bank of Canada now owns 311,776 shares of the construction company’s stock worth $42,548,000 after acquiring an additional 71,399 shares during the period. Finally, Empowered Funds LLC increased its holdings in shares of Toll Brothers by 6.2% in the 1st quarter. Empowered Funds LLC now owns 185,113 shares of the construction company’s stock worth $25,262,000 after acquiring an additional 10,744 shares during the period. Institutional investors and hedge funds own 91.76% of the company’s stock.

Toll Brothers Trading Up 1.2% Toll Brothers stock opened at $155.07 on Thursday. The company has a 50 day moving average price of $150.01 and a 200 day moving average price of $146.19. Toll Brothers Inc. has a 52 week low of $122.13 and a 52 week high of $168.36. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.59 and a current ratio of 4.67. The firm has a market capitalization of $14.49 billion, a price-to-earnings ratio of 11.73, a P/E/G ratio of 1.27 and a beta of 1.35.

Toll Brothers (NYSE:TOL – Get Free Report) last announced its earnings results on Tuesday, May 19th. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.14. Toll Brothers had a net margin of 11.66% and a return on equity of 15.47%. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.42 billion. During the same period in the previous year, the business earned $3.50 EPS. The company’s revenue was down 7.6% on a year-over-year basis. Research analysts forecast that Toll Brothers Inc. will post 12.69 EPS for the current year.

Toll Brothers Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Friday, July 10th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, July 10th. This represents a $1.04 dividend on an annualized basis and a yield of 0.7%. Toll Brothers’s payout ratio is presently 7.87%.

Insider Activity at Toll Brothers In other Toll Brothers news, COO Robert Parahus sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $149.66, for a total value of $1,122,450.00. Following the transaction, the chief operating officer owned 23,457 shares in the company, valued at approximately $3,510,574.62. This represents a 24.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Douglas C. Jr. Yearley sold 77,957 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $156.58, for a total transaction of $12,206,507.06. Following the completion of the sale, the chairman owned 321,256 shares of the company’s stock, valued at approximately $50,302,264.48. The trade was a 19.53% decrease in their position. The SEC filing for this sale provides additional information. 1.37% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In A number of equities analysts recently issued reports on the company. Barclays increased their price objective on Toll Brothers from $115.00 to $122.00 and gave the stock an “underweight” rating in a report on Tuesday, July 14th. Argus set a $170.00 target price on Toll Brothers in a research note on Tuesday, June 2nd. BTIG Research started coverage on Toll Brothers in a research report on Tuesday, June 9th. They set a “buy” rating for the company. Keefe, Bruyette & Woods raised Toll Brothers from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $158.00 to $161.00 in a research note on Tuesday, June 9th. Finally, Piper Sandler lowered Toll Brothers from an “overweight” rating to a “neutral” rating in a report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Toll Brothers has a consensus rating of “Moderate Buy” and a consensus target price of $164.88.

Check Out Our Latest Research Report on Toll Brothers

Toll Brothers Profile (Free Report)

Toll Brothers, Inc is a publicly traded homebuilding company that focuses on designing and constructing luxury residential properties. The company’s core business encompasses a broad range of housing products, including custom single-family homes, upscale condominium communities and rental apartment ventures. Toll Brothers emphasizes high-end finishes and architectural craftsmanship, positioning itself in the premium segment of the U.S. housing market.

In addition to traditional homebuilding, Toll Brothers operates specialized divisions to address evolving consumer preferences.

See Also Five stocks we like better than Toll Brothers SpaceX: Love the Company, But the Stock Is a Harder Call Ulta’s Growth Is Real, But So Are the Risks BWX Technologies Is Turning the AI Power Problem Into a Nuclear Growth Story Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Want to see what other hedge funds are holding TOL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Toll Brothers Inc. (NYSE:TOL – Free Report).

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Tesla's (TSLA -1.77%) latest earnings report gave investors plenty to worry about.

Automotive profits remained under pressure. The company warned that investments in artificial intelligence (AI) will continue to ramp up. And the stock fell as Wall Street questioned whether Tesla's ambitious AI projects would take longer than expected to pay off.

But if you're thinking about buying Tesla after the pullback, the headline numbers don't tell the whole story. In fact, Tesla's biggest green flag may also be its biggest red flag. Here's why.

Image source: Getty Images.

One green flag: Elon Musk is becoming more realistic For years, one of Tesla's biggest criticisms has been its ambitious timelines. Whether it was full self-driving cars, robotaxis, or Optimus, investors often felt commercialization was just around the corner, but the reality has often been otherwise.

This quarter felt different. Rather than making bold promises, Elon Musk spent much of the earnings call discussing the challenges that still lie ahead.

Speaking about Optimus, Musk said, "It is a very complex problem to solve. It's one of the hardest things to solve, to make an autonomous humanoid robot that can do tasks that you, if you simply ask it to do something or show it a video, it can do the task without any programming."

He went further, describing the manufacturing challenges:

So, it's a lot of work to scale -- to get the design right and to scale production. And I really want to emphasize here that the production scaling challenge is very, very substantial. This is going to be the hardest product to scale manufacturing that we've ever made at Tesla because everything on the robot is new.

Those comments matter. They suggest management is becoming more focused on execution than on setting aggressive expectations. That's encouraging, because commercializing breakthrough technologies is rarely easy or straightforward. Developing a working humanoid robot is one challenge. Producing millions of reliable, affordable robots is another entirely.

The same principle applies to robotaxis, its other major growth project. Building impressive technology that grabs headlines is not that difficult. But building a profitable business around it to create long-term shareholder value is going to be a completely different thing altogether.

The good news is that Musk's comments suggest Tesla understands that difference.

Today's Change

(

-1.77

%) $

-5.80

Current Price

$

321.55

One red flag: Tesla's biggest investment cycle is just beginning Ironically, the same comments also highlight Tesla's biggest risk. The company isn't simply developing new products. It's investing heavily to build entirely new businesses, or arguably new ecosystems altogether.

That means spending billions of dollars on AI infrastructure, custom chips, manufacturing capacity, robotaxis, and Optimus -- all while its core automotive business faces weaker profitability than in past years. To put the capital expenditure (capex) size into perspective, Tesla's capex for 2026 will exceed $25 billion -- more than double that of 2025.

That's an enormous amount of money. The risk isn't that Tesla is investing aggressively. The risk is that these investments may take much longer to generate meaningful profits than investors expect, or even fail to meet the expected hurdle rate.

If robotaxis and Optimus become commercially successful, today's spending could prove to be one of the smartest investment decisions Tesla has ever made. If commercialization takes longer, however, shareholders may have to endure years of elevated spending and volatile earnings before seeing the payoff.

What does it mean for investors? Tesla's latest earnings didn't weaken its long-term vision. If anything, they reinforced it.

What changed was management's tone. Instead of focusing on exciting possibilities, Musk acknowledged the difficulties of the next stage of growth.

That's both the company's biggest green flag and its biggest red flag. The green flag is that Tesla appears increasingly focused on execution rather than optimistic timelines. The red flag is that execution will require enormous amounts of capital, patience, and flawless operational discipline.

For long-term investors, that means your conviction shouldn't be based on next quarter's earnings -- but on whether you believe Tesla can eventually turn its ambitions into highly profitable businesses.

Only if the answer is yes does buying the dip make sense.

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Amazon CEO Andy Jassy Bloomberg/Getty Images Amazon is redesigning part of a massive AI data center campus in rural Indiana into a sprawling cluster of powerful computers to build its next frontier AI models, Business Insider has exclusively learned.

Internal planning documents reviewed by Business Insider describe an effort to consolidate multiple data centers and deploy thousands of Trainium-powered AI servers.

According to people familiar with the matter, the effort is part of a broader initiative called "AGI Pivot" supporting the company's AGI organization and its future in-house AI models. These people asked not to be identified discussing private plans.

The documents suggest Amazon's frontier-model ambitions remain intact despite recent job cuts in its AGI organization and the wind-down of the previous Nova model series. The documents describe faster deployment schedules intended to provide enough computing capacity for the AGI organization to train its next big model before the end of this year, underscoring the urgency amid industrywide capacity constraints.

Maximizing returnsThe redesign also reflects Amazon's broader effort to maximize returns on its record AI infrastructure investments. By linking existing data centers into a larger, more efficient AI cluster, the company is making better use of infrastructure it has already paid for and operates.

The approach aligns with CEO Andy Jassy's comment last week that AI infrastructure should generate attractive long-term returns because data centers remain productive for decades while servers and networking equipment can be refreshed over time.

Working beside AnthropicThe Indiana campus includes facilities that are part of Project Rainier, the Trainium-powered AI supercomputer Amazon built primarily for Anthropic. The new AGI initiative is run out of the same huge data center complex, however, it will not affect the existing Project Rainier servers.

"We're always designing, upgrading, and improving our data center infrastructure to serve the diverse needs of our customers and teams," an Amazon spokesperson told Business Insider. "That work improves speed, cost, and sustainability so we can meet growing demand for compute to train and serve models on AWS."

The AGI SuperClusterThe planning documents suggest Amazon is racing to expand computing capacity for its next frontier AI model push.

One update describes an "emergent request" to deploy more than 6,000 Trainium-powered AI servers, speeding up launch schedules by several weeks. The accelerated timeline was intended to prepare Amazon's next AI model for this year's re:Invent conference, typically held in early December, according to this document.

The documents also describe a broader effort to consolidate computing across the Indiana campus into what Amazon calls an AGI SuperCluster, creating a "larger, more efficient" AI system to maximize performance.

To do that, Amazon is redesigning networking, storage, and fiber-optic infrastructure so multiple data centers function as one.

The project also converts some existing buildings into what Amazon calls "annexes," connecting them to neighboring data centers so they can share core networking equipment instead of operating independently. Some facilities are planning to replace older Trainium 2 systems with newer Trainium 3 servers.

Doubling down on frontier AIAmazon is significantly expanding its AI investment. The company recently raised its projected 2026 capital expenditures to $220 billion from $200 billion as demand for AI computing continues to outstrip available capacity and prices for some components rise.

The latest infrastructure effort fits a broader pattern inside Amazon. Business Insider previously reported on the company's push to upgrade its AI infrastructure through projects such as Houdini and Titus, while reorganizing its AGI division around a new frontier-model effort.

The initiative underscores the growing importance of Trainium inside Amazon. Last week, the company said its custom chip business, including Trainium AI chips and Graviton processors, is on pace to generate more than $25 billion in annual revenue, up from last quarter's $20 billion projection.

The planning documents also offer a glimpse of what Amazon's next frontier-model effort will require. They call for expanding data storage to support multimodal AI training, which requires processing large numbers of high-resolution images and repeatedly saving the model's progress.

One person familiar with the effort said the push has "not slowed down," despite last month's layoffs in the AGI organization.

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Eugene Kim You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Eugene is Business Insider’s Chief Tech Correspondent, where he leads coverage of Amazon. His reporting spans the company’s retail operations, AWS, Alexa, and its secretive internal work culture.Previously, he worked at CNBC, Fortune Magazine Korea, and Japan's Yomiuri Shimbun. He holds degrees from NYU and Columbia University’s Graduate School of Journalism.In 2022, Eugene broke a story uncovering Amazon’s practice of deceptively enrolling customers in Prime and deliberately making cancellation difficult. A year later, the Federal Trade Commission sued the company, citing his reporting. That case culminated in a record $2.5 billion settlement in 2025.His reporting has earned multiple honors, including the SF Press Club’s Bay Area Journalism Award and SPJ NorCal’s Excellence in Journalism Award.Eugene lives in the Bay Area. Contact him via email at [email protected], or Signal, Telegram, or WhatsApp at 650-942-3061. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely. ExpertiseAmazon, Jeff Bezos, Andy Jassy, e-commerce, and cloud computing.Popular ArticlesAmazon:Internal Amazon emails give an exclusive look at how CEO Andy Jassy has started to run the company, with obsessive attention to the retail business and what some employees feel is micromanagingAndy Jassy will be the next CEO of Amazon. Insiders dish on what it's like to work for Jeff Bezos' successor, who built AWS into a $40 billion business.Internal documents show Amazon has for years knowingly tricked people into signing up for Prime subscriptions. 'We have been deliberately confusing,' former employee says.Inside Amazon's flailing brick-and-mortar ambitions: missed projections, pressure to cut costs, and a war with Whole FoodsInside Amazon's complex employee-review system, where workers feel left in the dark and managers expect to give 5% of reports bad reviewsAfter 28 years, 'Day 2' finally arrives at AmazonAWS, Alexa, healthcare:Inside Amazon's struggle to break into the lucrative market for SaaS business applications, including an internal pitch to buy $38 billion HubSpotInside Amazon's struggle to crack Nvidia's AI-chip dominanceAmazon's AI data center dream runs into the reality of 'zombie' facilities, higher costs, and labor shortagesAmazon is gutting its voice assistant, Alexa. Employees describe a division in crisis and huge losses on 'a wasted opportunity.'Amazon is working on a new 'Remarkable Alexa,' but internal politics and technical issues plague the projectAmazon projected huge losses from its healthcare business in 2024, but strong sales growth, internal document reveals

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Nvidia CEO Jensen Huang. Bloomberg/Getty Images Nvidia is quietly assembling a new AI safety and security engineering team, according to a cluster of job listings posted late last month.

The company is hiring a distinguished engineer to serve as a "founding technical leader" for the "newly assembled team," as well as a security research engineer, an evaluation engineer, and a senior manager. The team will evaluate AI agents before they're deployed and build AI-powered tools to patch software vulnerabilities, according to the job listings.

The hiring suggests Nvidia is making AI safety a bigger priority as it bets on a future shaped by open-weight models and AI agents. Open-weight models make their trained "weights" — which determine how they behave — publicly available, even if their training data and source code stay private.

The team is described in one listing as "rooted in the firm belief that open-weight models, transparency, and broad scientific scrutiny are foundational to American AI leadership and cybersecurity defense."

Nvidia did not respond to a request for comment from Business Insider.

Nvidia's case for open modelsIn recent months, Nvidia has steadily elevated its public messaging around open-weight AI models, which stand in contrast to the closed systems built by companies like OpenAI and Anthropic.

In his first post on X last month, Nvidia CEO Jensen Huang shared a letter urging US policymakers to support open models, saying that they "strengthen safety and cybersecurity."

Days later, Nvidia announced it had become a founding member of the Open Secure AI Alliance — a group building open-source security tools for AI. The job listings for the chipmaker's AI safety team appeared prior to this announcement and describe many of the same responsibilities.

The alliance includes 120 companies, such as Microsoft, Palantir, SpaceX, and Hugging Face, which recently relied on an open model to respond to a high-profile security incident.

While critics say open models are more accessible to bad actors, proponents say they bolster innovation through competition and improve security through transparency and collective action.

AI safety sellsThe push toward open models and AI security isn't just philosophical; it reflects key business incentives for Nvidia.

Open models put AI into the hands of far more customers, in turn creating more demand for Nvidia's AI chips needed to power it.

Safety is also critical as Nvidia pushes for broader business adoption of AI, and companies weigh how best to deploy it.

As AI shifts from chatbots to agents that can access sensitive company data and take real-world actions, trust could become the linchpin for widespread adoption.

Have a tip? Contact this reporter via email at [email protected] or Signal at @geoffweiss.25. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.

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Geoff Weiss You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Geoff Weiss is a senior reporter on Business Insider’s tech team, where he writes about AI startups and Y Combinator, the intersection of AI and the media industry, and workplace dynamics within top AI labs and chip companies.Previously, Geoff was on the media desk, covering YouTube and Netflix, and themes like the intersection of Hollywood and the creator economy. His work on Netflix’s video podcasting ambitions and Mr Beast’s lessons for Hollywood won second and first prize, respectively, at the 2025 LA Press Club Awards.Prior to joining Business Insider, Geoff was the senior editor of Tubefilter and a staff writer at Entrepreneur. He graduated from New York University with a degree in English Literature.He can be reached at [email protected], on Signal @geoffweiss.25, and on LinkedIn. Have a tip? Use a personal email address and a nonwork device; here's our guide to sharing information securely.Selected stories:Nvidia crushed its quarter — and CEO Jensen Huang said in a leaked all-hands that 'the market did not appreciate it'Nvidia will foot the bill for Trump's new visa fees. Here's what CEO Jensen Huang told staff.Massive AI salaries and RTO are fueling a real estate boom in San Francisco: 'It's going to rain money'The AI talent wars are ricocheting across startups. Here's how they're competing with Big Tech.

AI Artificial Intelligence

Last night, leading decentralized exchange (DEX) protocol Uniswap announced the official launch of its own launchpad pools.trade on the Robinhood Chain. According to Hayden Adams, the platform had already gained massive traction in the crypto community ahead of its official release, enabling token issuance and trading via on-chain contract interactions, with cumulative trading volume exceeding $150 million. Meanwhile, Uniswap’s move has impacted the interests of existing launchpad players. Multiple industry figures, including Bankr founder (@0xDeployer), have expressed dissatisfaction with what they term Uniswap’s "monopolistic" behavior. Additionally, pons, a previously viral token launch platform on Robinhood Chain, has seen its token market cap decline for multiple consecutive days following pools.trade’s launch, dropping from a peak of $67 million to below $20 million. Almost concurrent with pools.trade’s launch, Bankr’s founder and Sushi’s founder engaged in "close interactions", hinting at deep collaboration in the launchpad space to co-build pools.fun. Some analysts believe Bankr will migrate its existing Robinhood Chain launch process from Doppler/Uniswap v4 to Sushi’s launch framework, while retaining its distribution layer. BlockBeats notes that the current launchpad war on Robinhood Chain has entered a white-hot phase, but market consensus holds that the current environment lacks neither launch platforms nor liquidity; what is missing are narratives and innovations that can truly trigger user FOMO.

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Revenue of $5.0 billion increased 5.4% as reported, 4.4% FXN GAAP and adjusted diluted EPS from continuing operations of $1.64 and $3.23, respectively Year-to-date cash from continuing operations increased 33.3% to $2.1 billion and free cash flow increased 44.6% to $1.7 billion Company updates full-year guidance to reflect ongoing momentum, expects revenue growth toward the high end of its range and raises midpoint of adjusted diluted EPS guidance , /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced results for its fiscal 2026 third quarter, which ended June 30, 2026.

"We delivered a strong third quarter, with revenue, adjusted operating margin and adjusted EPS all ahead of our expectations," said Tom Polen, chairman, CEO and president of BD. "Our first full quarter as New BD demonstrates the early benefits of a more focused MedTech company, with strong momentum across our key growth platforms, continued innovation and further progress through BD Excellence. We remain focused on disciplined execution, advancing our key growth platforms, expanding margins and allocating capital strategically to drive sustainable growth and long-term shareholder value."

Recent Business Highlights

Medical Essentials: Awarded a Vizient Innovative Technology contract for the BD® CentroVena One™ Insertion System, validating CentroVena One™ Insertion System as a breakthrough innovation designed to simplify central line insertion and enhance patient and clinician safety. BioPharma Systems: Announced a collaboration with EMS, one of Brazil's leading pharmaceutical companies, to expand access to GLP-1 therapies through a semaglutide launch utilizing BD's Vystra™ Injection Pen platform to support consistent, reliable self-injection for patients with obesity and type 2 diabetes. Interventional:  Launched the Elyra™ Thulium Fiber Laser System, expanding BD's kidney stone care portfolio with a system designed to help urology teams enhance efficiency, versatility and procedural workflow. BD named to TIME's 2026 List of America's Best Companies. BD issued its Fiscal Year 2025 Together We Advance Corporate Sustainability Report. Basis of Presentation— Continuing Operations

On February 9, 2026, the company completed the spin-off of BD's former Biosciences and Diagnostic Solutions business and the combination of the business with Waters Corporation ("Waters"). The historical results of the former Biosciences and Diagnostic Solutions business, which was previously the Life Sciences segment, are reflected as discontinued operations for all periods presented. Financial information presented in this release reflects BD's results on a continuing operations basis. Prior periods have been recast to conform to this presentation.

Third Quarter Fiscal 2026 Operating Results

(Millions of dollars, except per share amounts)

Three Months Ended June 30,

Reported
Change 

Foreign Currency
Neutral Change1

2026

2025

Revenues

$                4,983

$                4,726

5.4 %

4.4 %

Reported Diluted Earnings per Share

$                  1.64

$                  1.57

4.5 %

3.8 %

Adjusted Diluted Earnings per Share1

$                  3.23

$                  3.08

4.9 %

3.9 %

1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the attached financial tables.

Geographic Results

Revenues (Millions of dollars)

Three Months Ended June 30,

Reported
Change

Foreign Currency
Neutral Change1

2026

2025

United States

$                3,081

$                2,882

6.9 %

6.9 %

International

$                1,902

$                1,844

3.2 %

0.6 %

Total Revenues

$                4,983

$                4,726

5.4 %

4.4 %

1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the attached financial tables.

Segment Results

Revenues (Millions of dollars)

Three Months Ended June 30,

Reported
Change

Foreign Currency
Neutral Change1

2026

2025

Medical Essentials2

$                 1,675

$                 1,602

4.5 %

3.2 %

Connected Care2

$                 1,224

$                 1,166

4.9 %

4.4 %

BioPharma Systems2

$                    670

$                    629

6.6 %

5.2 %

Interventional2

$                 1,414

$                 1,328

6.4 %

5.5 %

Total Revenues

$                 4,983

$                 4,726

5.4 %

4.4 %

1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the attached financial tables. 

2Effective October 1, 2025, the company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of the company's product and service offerings. Subsequent to the spin-off of the company's former Biosciences and Diagnostic Solutions business and the combination of the business with Waters, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis.

Full Year Fiscal 2026 Guidance

The company updates its full year fiscal 2026 guidance as follows; expects revenue growth toward the high end of its range and raises the midpoint of adjusted diluted EPS guidance.

Updated New BD Guidance

as of August 6, 2026

Prior New BD Guidance

as of May 7, 2026

GAAP Revenue Growth

Low single-digit plus

Low single-digit plus

Revenue Growth (FXN)

Low single-digit

Low single-digit

Adjusted Diluted EPS

$12.62 to $12.72

$12.52 to $12.72

BD's guidance for full year fiscal 2026 reflects numerous assumptions that could affect its business, based on the information management has reviewed as of this date. Management will discuss its guidance and several of its assumptions on its third fiscal quarter earnings call. 

The company's expected adjusted diluted EPS for fiscal 2026 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, separation-related costs, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking adjusted diluted EPS guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of BD's financial performance. We also present our revenue growth for our 2026 fiscal year after adjusting for the illustrative impact of foreign currency translation. BD believes that this adjustment allows investors to better evaluate BD's anticipated underlying revenue performance for our 2026 fiscal year in relation to our underlying 2025 fiscal year performance.

Conference Call and Presentation Materials
BD will host an audio webcast today for the public, investors, analysts and news media to discuss its third quarter results. The audio webcast will be broadcast live on BD's website, www.bd.com/investors, at 8 a.m. (ET) Thursday, August 6, 2026. Accompanying slides will be available on BD's website, www.bd.com/investors at approximately 6:30 a.m. (ET). The conference call will be available for replay on BD's website, www.bd.com/investors. Alternatively, you can dial into the replay at 800-688-9445 (domestic) and 402-220-1371 (international) through the close of business on Thursday, August 13, 2026. A confirmation number is not needed to access the replay.

Non-GAAP Financial Measures/Financial Tables
This press release contains certain non-GAAP financial measures. These include revenue growth rates on a currency-neutral basis, adjusted diluted earnings per share and free cash flow. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States. BD management believes that the use of non-GAAP measures to adjust for items that are considered by management to be outside of BD's underlying operational results or that affect period-to-period comparability helps investors to gain a better understanding of our performance year-over-year, to analyze underlying trends in our businesses, to analyze our operating results, and to understand future prospects. Management uses these non-GAAP financial measures to measure and forecast the company's performance, especially when comparing such results to previous periods or forecasts. We believe presenting such adjusted metrics provides investors with greater transparency to the information used by BD management for its operational decision-making and for comparison to other companies within the medical technology industry. Although BD's management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BD's net income, earnings per share or cash flows calculated in accordance with GAAP. Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations. BD strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by BD may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. 

We present adjusted diluted earnings per share for the third quarter and the first nine months of fiscal year 2026, and the corresponding prior periods, after eliminating items we believe are not part of our ordinary operations and affect the comparability of the periods presented. Adjusted diluted earnings per share includes adjustments for the impact of purchase accounting adjustments, integration and restructuring costs, transaction costs, separation-related costs, certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, certain pension settlement costs, and the impact of the extinguishment of debt. 

We also present revenue growth rates for the third quarter and the first nine months of fiscal year 2026 over the corresponding prior periods on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We also show the growth in adjusted diluted earnings per share compared to the prior year periods after eliminating the impact of foreign currency translation to further enable investors to evaluate BD's underlying earnings performance compared to the prior period. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors' ability to understand our operating results and evaluate our performance in comparison to the prior periods. 

We also present free cash flow for the first nine months of fiscal year 2026 over the corresponding prior period, which is net cash provided by continuing operating activities less capital expenditures, to provide a view of the Company's ability to generate cash for use in acquisitions and other investing and financing activities. Free cash flow is not a measure of cash available for discretionary expenditures given that we have certain non-discretionary obligations such as debt service that are not deducted from the measure. We believe the presentation of results of free cash flow in addition to reported results helps improve investors' ability to understand our operating results and evaluate our performance in comparison to the prior period.

New BD refers to BD post the separation of the Biosciences and Diagnostic Solutions business from BD. 

Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

About BD
BD is one of the world's largest pure-play medical technology companies with a Purpose of advancing the world of health™ by driving innovation across medical essentials, connected care, biopharma systems and interventional. The company supports those on the frontlines of healthcare by developing transformative technologies, services and solutions that optimize clinical operations and improve care for patients. Operating across the globe, with more than 60,000 employees, BD delivers billions of products annually that have a positive impact on global healthcare. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase clinical efficiency, improve safety and expand access to healthcare. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/, X @BDandCo or Instagram @becton_dickinson.

***

This press release and accompanying audio webcast on August 6, 2026 contain certain estimates and other forward-looking statements (as defined under federal securities laws) regarding BD's future prospects and performance, including, but not limited to, statements relating to future revenues, margins, earnings per share, leverage targets and capital deployment. All such statements are based upon current expectations and assumptions of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to such forward-looking statements, a number of factors could cause actual results to vary materially. These factors include, but are not limited to, risks relating to macroeconomic conditions and their impact on our operations and healthcare spending generally, including volatility resulting from the imposition of (and changing policies around) tariffs enacted by the U.S. government (and related countermeasures by non-U.S. governments), or our ability to mitigate the impact of such tariffs, including developments regarding refunds of certain tariffs and/or the collection of remaining refunds of certain tariffs; import or export licensing requirements and other governmental restrictions; reductions in U.S. government funding for healthcare, disruptions in global transportation networks or other aspects of our supply chain on our ability to source raw materials, components and energy sources needed to produce our products; inflationary pressures, currency and interest rate fluctuations, global oil prices and increased borrowing costs; conditions in international markets, including geopolitical developments such as the continuation and/or escalation of evolving situations in Iran and the Middle East region (which could result in continued disruption of transportation lanes and global energy supplies, as well as increases in global oil prices and adversely affect our supply chain costs, ability to source raw materials and components and our ability to deliver product to customers), Ukraine and Asia; competitive factors, including changing customer and patient preferences and requirements, such as decreased demand for our products as a result of changes to U.S. federal and state policies (such as for pharmaceutical products and vaccines), and increased demand for products utilizing evolving technologies (including emerging technologies utilizing artificial intelligence ("AI")), as well as new products or novel medical therapies introduced by competitors; changes in research and development efforts, investment or suspension by pharmaceuticals companies with regard to vaccine development; changes in reimbursement practices and coverage policies and third-party payer cost containment measures and health insurance coverage levels and costs; decreases or delays in purchases of our products due to reduced research and development spending; product efficacy or safety concerns and related regulatory actions, changes to the labeled indications or permitted uses of our products, non-compliance with applicable regulatory requirements regarding our products, including marketing authorization, registration, quality system and manufacturing requirements (including as a result of product modifications), or other factors that could result in product recalls, field actions, lost revenue, restrictions on our ability to continue selling existing products or commercialize new products (including limitations on future product clearances or approvals and the imposition of civil penalties); increased exposure to product liability or other claims and damage to our reputation (including products we acquire through acquisitions); changes to legislation or regulations that may impact U.S. or foreign healthcare systems, changes in medical or clinical practices or in customer and patient preferences, efforts to improve compliance of healthcare practitioners, potential cuts or freezes in healthcare spending and/or governmental or private measures to contain healthcare costs, such as China's volume-based procurement tender process or changes in pricing and reimbursement policies, which could result in reduced demand for our products or downward pricing pressure; policy and regulatory changes that may be implemented by the U.S. government, including the further elimination, downsizing and/or reduced funding of certain government agencies and programs, as well as further changes in the policy positions of such agencies (including those related to pharmaceutical products and vaccines); other new or changing laws and regulations impacting our business, including changes in tax laws, new and changing environmental laws and regulations (such as those related to sustainability, climate change or materials of concern) and new and changing cybersecurity, AI or privacy laws; other changes in laws impacting international trade or anti-corruption and bribery, or changes in reporting requirements or enforcement practices with respect to such laws; the adverse impact on our business or products of past, current or future information and technology system disruptions, breaches or breakdowns, including through cyberattacks, ransom attacks or cyber-intrusion, and any investigations, legal proceedings, liability, expense or reputational damage arising in connection with any such events; any adverse impact related to the development, deployment and use of AI in our products and business operations; labor disruptions; our suppliers' ability to provide products needed for our operations and BD's ability to maintain favorable supplier arrangements and relationships; increases in raw material, component, labor, duties, freight, energy and other production costs and their effect on, among other things, the cost of producing BD's products; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations; risks relating to our overall indebtedness; the possible impact of natural disasters and public health crises on our business and the global healthcare system, which could decrease demand for our products, disrupt our operations or the operations of our customers and companies within our supply chain, or increase transportation costs; interruptions in our manufacturing or sterilization processes or those of our third-party providers, including any restrictions placed on the use of ethylene oxide for sterilization; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; the overall timing of the replacement or remediation of the BD Alaris™ Infusion System and return to market in the U.S., which may be impacted by, among other things, customer readiness, supply continuity and our continued engagement with the FDA; our ability to achieve our projected level or mix of product sales; our ability to achieve or maintain growth of our portfolio; our ability to successfully integrate any businesses we acquire; uncertainties of litigation, investigations, regulatory actions, subpoenas, settlements, fines, penalties and/or other sanctions (as described in BD's filings with the Securities and Exchange Commission (the "SEC")); the issuance of new or revised accounting standards; our ability to execute our New BD strategy, Excellence Unleashed, as expected; and other factors discussed in BD's filings with the SEC. Tariff commentary is based on tariff policies in effect as of August 5, 2026. International trade policies, trade restrictions and tariffs (and related countermeasures and developments regarding refunds of certain tariffs) are rapidly evolving and there can be no assurance as to how the landscape may change and what the ultimate impact on our guidance and results of operations will be. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

Contacts:
Investors: Shawn Bevec, SVP, Investor Relations - [email protected]
Media: Matt Marcus, VP, Public Relations - [email protected] 

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in millions, except share and per share data)

Three Months Ended June 30,

2026

2025

% Change

Revenues

$

4,983

$

4,726

5.4

Cost of products sold

2,668

2,491

7.1

Selling and administrative expense

1,261

1,163

8.4

Research and development expense

258

230

12.0

Integration, restructuring and transaction expense

89

96

(6.9)

Other operating expense, net

44

7

544.7

Total Operating Costs and Expenses

4,320

3,986

8.4

Operating Income

663

739

(10.3)

Interest expense

(132)

(152)

(13.4)

Interest income

4

4

(15.8)

Other income (expense), net

19

(22)

183.9

Income from Continuing Operations Before Income Taxes

554

569

(2.7)

Income tax provision

102

118

(13.2)

Net Income from Continuing Operations

451

451

0.1

(Loss) Income from Discontinued Operations, Net of Tax

(74)

123

(159.8)

Net Income

$

377

$

574

(34.3)

Basic Earnings Per Share

Income from Continuing Operations

$

1.64

$

1.57

4.5

(Loss) Income from Discontinued Operations

(0.27)

0.43

(162.8)

Basic Earnings per Share

$

1.37

$

2.00

(31.5)

Diluted Earnings Per Share

Income from Continuing Operations

$

1.64

$

1.57

4.5

(Loss) Income from Discontinued Operations

(0.27)

0.43

(162.8)

Diluted Earnings per Share

$

1.37

$

2.00

(31.5)

Average Shares Outstanding (in thousands)

Basic

274,788

287,170

Diluted

275,158

287,223

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in millions, except share and per share data)

Nine Months Ended June 30,

2026

2025

% Change

Revenues

$

14,183

$

13,539

4.8

Cost of products sold

7,662

7,646

0.2

Selling and administrative expense

3,703

3,435

7.8

Research and development expense

742

706

5.1

Integration, restructuring and transaction expense

729

277

162.9

Other operating expense, net

122

70

74.9

Total Operating Costs and Expenses

12,958

12,134

6.8

Operating Income

1,225

1,405

(12.8)

Interest expense

(434)

(458)

(5.1)

Interest income

16

31

(47.4)

Other income (expense), net

97

(72)

234.4

Income from Continuing Operations Before Income Taxes

904

906

(0.2)

Income tax provision

179

151

18.5

Net Income from Continuing Operations

725

755

(4.0)

(Loss) Income from Discontinued Operations, Net of Tax

(276)

430

(164.3)

Net Income

$

449

$

1,185

(62.1)

Basic Earnings Per Share

Income from Continuing Operations

$

2.59

$

2.62

(1.1)

(Loss) Income from Discontinued Operations

(0.99)

1.49

(166.4)

Basic Earnings per Share

$

1.60

$

4.11

(61.1)

Diluted Earnings Per Share

Income from Continuing Operations

$

2.58

$

2.62

(1.5)

(Loss) Income from Discontinued Operations

(0.98)

1.49

(165.8)

Diluted Earnings per Share

$

1.59

$

4.10

(61.2)

Average Shares Outstanding (in thousands)

Basic

280,332

287,997

Diluted

281,603

288,693

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; Amounts in millions)

June 30, 2026

September 30, 2025

Assets

Cash and equivalents

$

708

$

567

Restricted cash

155

210

Short-term investments

1

8

Trade receivables, net

2,364

2,396

Inventories

3,316

3,149

Prepaid expenses and other

1,595

1,379

Current assets of discontinued operations

—

1,545

Total Current Assets

8,139

9,255

Property, plant and equipment, net

6,083

6,383

Goodwill and other intangibles, net

33,964

35,190

Other assets

2,546

2,383

Noncurrent assets of discontinued operations

—

2,114

Total Assets

$

50,731

$

55,325

Liabilities and Shareholders' Equity

Current debt obligations

$

3,297

$

1,559

Other current liabilities

6,107

6,106

Current liabilities of discontinued operations

—

648

Long-term debt

13,511

17,620

Long-term employee benefit obligations

1,005

1,027

Deferred income taxes and other liabilities

2,394

2,632

Noncurrent liabilities of discontinued operations

—

342

Shareholders' equity

24,416

25,390

Total Liabilities and Shareholders' Equity

$

50,731

$

55,325

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; Amounts in millions)

Nine Months Ended June 30,

2026

2025

Operating Activities

Net income

$

449

$

1,185

Less: (Loss) income from discontinued operations, net of tax

(276)

430

Income from continuing operations, net of tax

725

755

Depreciation and amortization

1,697

1,706

Change in operating assets and liabilities and other, net

(319)

(883)

    Net Cash Provided by Continuing Operating Activities

2,104

1,578

Investing Activities

Capital expenditures

(376)

(383)

Maturities and sales of investments

27

408

Acquisitions, net of cash acquired and adjustments

(22)

13

Other, net

(192)

(267)

    Net Cash Used for Continuing Investing Activities

(563)

(229)

Financing Activities

Change in short-term debt

37

133

Proceeds from long-term debt

704

—

Distribution from spin-off entity, net

3,857

—

Payments of debt

(2,696)

(1,208)

Repurchases of common stock

(2,250)

(750)

Dividends paid

(875)

(899)

Other, net

(70)

(83)

    Net Cash Used for Continuing Financing Activities

(1,293)

(2,807)

Discontinued Operations

Net cash (used for) provided by operating activities

(198)

498

Net cash used for investing activities

(40)

(96)

Net cash provided by (used for) financing activities

71

(8)

    Net Cash (Used for) Provided by Discontinued Operations

(167)

395

Effect of exchange rate changes on cash and equivalents and restricted cash

5

(2)

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

86

(1,065)

Opening Cash and Equivalents and Restricted Cash

777

1,792

Closing Cash and Equivalents and Restricted Cash

$

863

$

727

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Three Months Ended June 30,

(Unaudited; Amounts in millions)

United States

International

Total

% Change

% Change

2026

2025

% Change

2026

2025

FX Impact

Reported

FXN

2026

2025

FX Impact

Reported

FXN

Medical Essentials(1)

Medication Delivery Solutions

$

720

$

680

5.9

$

444

$

452

$

13

(1.8)

(4.7)

$

1,164

$

1,132

$

13

2.8

1.6

Specimen Management

274

240

14.0

237

230

8

3.1

(0.2)

511

470

8

8.7

7.0

Total

$

994

$

920

8.0

$

681

$

682

$

21

(0.1)

(3.2)

$

1,675

$

1,602

$

21

4.5

3.2

Connected Care(1)

Medication Management Solutions

$

737

$

709

3.9

$

178

$

179

$

6

(0.4)

(4.0)

$

915

$

888

$

6

3.0

2.3

Advanced Patient Monitoring

189

176

7.4

120

102

(1)

17.1

17.8

309

278

(1)

10.9

11.2

Total

$

926

$

885

4.6

$

297

$

281

$

6

5.9

3.9

$

1,224

$

1,166

$

6

4.9

4.4

BioPharma Systems(1)(2)

$

204

$

178

14.2

$

467

$

451

$

9

3.6

1.6

$

670

$

629

$

9

6.6

5.2

Interventional(1)

Peripheral Intervention

$

294

$

271

8.4

$

258

$

241

$

9

7.2

3.5

$

552

$

512

$

9

7.8

6.1

Urology and Critical Care

357

334

7.1

82

88

—

(6.7)

(6.9)

440

422

—

4.2

4.2

Surgery

306

294

4.3

116

101

3

15.0

11.7

422

395

3

7.0

6.2

Total

$

957

$

898

6.6

$

457

$

430

$

12

6.2

3.3

$

1,414

$

1,328

$

12

6.4

5.5

Total Revenues from Continuing Operations

$

3,081

$

2,882

6.9

$

1,902

$

1,844

$

48

3.2

0.6

$

4,983

$

4,726

$

48

5.4

4.4

(1)

Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of the Company's product and service offerings. Subsequent to the spin-off of the Company's former Biosciences and Diagnostic Solutions business (which was previously the Life Sciences segment) and the combination of the business with Waters on February 9, 2026, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis.

(2)

The BioPharma Systems segment is comprised of the Company's former Pharmaceutical Systems organizational unit.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Nine Months Ended June 30,

(Unaudited; Amounts in millions)  

United States

International

Total

% Change

% Change

2026

2025

% Change

2026

2025

FX Impact

Reported

FXN

2026

2025

FX Impact

Reported

FXN

Medical Essentials(1)

Medication Delivery Solutions

$

2,124

$

2,060

3.1

$

1,331

$

1,313

$

56

1.4

(2.9)

$

3,455

$

3,373

$

56

2.4

0.8

Specimen Management

772

721

7.2

690

667

32

3.5

(1.2)

1,463

1,387

32

5.4

3.1

Total

$

2,897

$

2,781

4.2

$

2,021

$

1,979

$

88

2.1

(2.3)

$

4,918

$

4,760

$

88

3.3

1.5

Connected Care(1)

Medication Management Solutions

$

2,076

$

2,030

2.3

$

502

$

470

$

27

6.8

1.2

$

2,578

$

2,500

$

27

3.1

2.1

Advanced Patient Monitoring

547

490

11.7

350

317

5

10.6

9.1

897

806

5

11.3

10.7

Total

$

2,623

$

2,520

4.1

$

852

$

787

$

31

8.3

4.4

$

3,475

$

3,307

$

31

5.1

4.2

BioPharma Systems(1)(2)

$

532

$

431

23.4

$

1,157

$

1,191

$

41

(2.8)

(6.2)

$

1,689

$

1,622

$

41

4.1

1.6

Interventional(1)

Peripheral Intervention

$

839

$

793

5.8

$

713

$

673

$

29

6.0

1.6

$

1,552

$

1,466

$

29

5.9

3.9

Urology and Critical Care

1,047

962

8.8

250

249

5

0.4

(1.8)

1,297

1,211

5

7.1

6.6

Surgery

919

885

3.8

333

288

13

15.8

11.1

1,252

1,173

13

6.8

5.6

Total

$

2,805

$

2,640

6.2

$

1,296

$

1,209

$

48

7.2

3.2

$

4,101

$

3,849

$

48

6.5

5.3

Total Revenues from Continuing Operations

$

8,857

$

8,372

5.8

$

5,326

$

5,166

$

208

3.1

(0.9)

$

14,183

$

13,539

$

208

4.8

3.2

(1)

Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of the Company's product and service offerings. Subsequent to the spin-off of the Company's former Biosciences and Diagnostic Solutions business (which was previously the Life Sciences segment) and the combination of the business with Waters on February 9, 2026, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis.

(2)

The BioPharma Systems segment is comprised of the Company's former Pharmaceutical Systems organizational unit.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

Three Months Ended June 30,

(Unaudited)

Three Months Ended June 30,

2026

2025

Change

Translational FX

FXN
Change

Change %

FXN
Change %

Reported Diluted Earnings per Share from Continuing Operations

$

1.64

$

1.57

$

0.07

$

0.01

$

0.06

4.5

%

3.8

%

Purchase accounting adjustments ($363 million and $376 million pre-tax, respectively) (1)

1.32

1.31

—

Integration costs ($41 million and $37 million pre-tax, respectively) (2)

0.15

0.13

—

Restructuring costs ($48 million and $57 million pre-tax, respectively) (2)

0.18

0.20

0.03

Transaction costs ($1 million pre-tax) (3)

—

0.01

—

Separation-related items ($32 million pre-tax) (4) 

0.12

—

—

Product, litigation, and other items ($53 million and $44 million pre-tax, respectively) (5)

0.19

0.15

—

Tax impact of specified items and other tax related (($101) million and $(82) million, respectively)

(0.37)

(0.29)

—

Adjusted Diluted Earnings per Share from Continuing Operations

$

3.23

$

3.08

$

0.15

$

0.03

$

0.12

4.9

%

3.9

%

(1)

Includes amortization and other adjustments related to the purchase accounting for acquisitions.

(2)

Represents costs associated with integration and restructuring activities.

(3)

Represents transaction costs recorded to Integration, restructuring and transaction expense incurred in connection with the Advanced Patient Monitoring acquisition.

(4)

Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters.

(5)

Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the three months ended June 30, 2026 reflects charges to adjust the estimate of certain future product remediation costs, various legal matters, and pension settlement costs. The amount for the three months ended June 30, 2025 reflects a charge of $30 million recorded to Other income (expense), net, related to pension settlement costs.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

Nine Months Ended June 30,

(Unaudited)

Nine Months Ended June 30,

2026

2025

Change

Translational FX

FXN
Change

Change %

FXN
Change %

Reported Diluted Earnings per Share from Continuing Operations

$

2.58

$

2.62

$

(0.04)

$

0.05

$

(0.09)

(1.5)

%

(3.4)

%

Purchase accounting adjustments ($1.113 billion and $1.481 billion pre-tax, respectively) (1)

3.95

5.13

0.01

Integration costs ($123 million and $87 million pre-tax, respectively) (2)

0.44

0.30

—

Restructuring costs ($605 million and $185 million pre-tax, respectively) (2)

2.15

0.64

0.05

Transaction costs ($5 million pre-tax) (3)

—

0.02

—

Separation-related items ($73 million pre-tax) (4)

0.26

—

—

Product, litigation, and other items ($193 million and $255 million pre-tax, respectively) (5)

0.68

0.88

—

Impacts of debt extinguishment (($122) million pre-tax)

(0.43)

—

—

Tax impact of specified items and other tax related (($292) million and ($273) million, respectively)

(1.04)

(0.95)

—

Adjusted Diluted Earnings per Share from Continuing Operations

$

8.59

$

8.65

$

(0.06)

$

0.11

$

(0.17)

(0.7)

%

(2.0)

%

(1)

Includes amortization and other adjustments related to the purchase accounting for acquisitions.

(2)

Represents costs associated with integration and restructuring activities. Restructuring costs for the nine months ended June 30, 2026 reflect non-cash asset impairment charges of $450 million across all reportable segments based upon the Company's commitment to exit certain operational activities and projects which no longer align with and facilitate its current operational strategy, Excellence Unleashed. These exit actions are aimed at simplifying the Company's operations and aligning resources behind its most value-creating platforms. The impairment charges are primarily reflected as decreases of $238 million within Property, plant and equipment, net, and $134 million within Goodwill and other intangibles, net, on the Company's June 30, 2026 condensed consolidated balance sheet.

(3)

Represents transaction costs recorded to Integration, restructuring and transaction expense incurred in connection with the Advanced Patient Monitoring acquisition.

(4)

Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters.

(5)

Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the nine months ended June 30, 2026 reflects charges of $57 million recorded to Cost of products sold to adjust the estimate of certain future product remediation costs, charges of $75 million recorded to Other operating expense, net, related to various legal matters, and a charge of $43 million recorded to Other income (expense), net, related to pension settlement costs. The amount for the nine months ended June 30, 2025 reflects charges of $98 million recorded to Cost of products sold to adjust the estimate of certain future product remediation costs, charges of $64 million recorded to Other operating expense, net, related to various legal matters, and a charge of $30 million recorded to Other income (expense), net, related to pension settlement costs.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION FROM NET CASH PROVIDED BY CONTINUING OPERATING ACTIVITIES TO FREE CASH FLOW

Nine Months Ended June 30,

(Unaudited)

A

B

C=A-B

D=C/B

2026

2025

Change

% Change

Net Cash Provided by Continuing Operating Activities

$

2,104

$

1,578

$

526

33.3

%

Capital Expenditures

(376)

(383)

7

(1.7)

%

Free Cash Flow

$

1,728

$

1,195

$

532

44.6

%

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2026 GUIDANCE RECONCILIATION

Full Year FY2025

Full Year FY2026 Guidance

($ in millions)

% Change

BDX Reported Revenues from Continuing Operations

$

18,544

FY2026 Reported Revenue Growth

Low single-digit plus

Illustrative Foreign Currency (FX) Impact

~+100 basis points

FY2026 Revenue Growth (FXN)

Low single-digit

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2026 GUIDANCE RECONCILIATION CONTINUED

Full Year FY 2026 Guidance

Full Year FY2025

Total Company

Reported Diluted Earnings per Share from Continuing Operations

$

3.81

Purchase accounting adjustments ($1.865 billion pre-tax) (1)

6.46

Integration costs ($127 million pre-tax) (2)

0.44

Restructuring costs ($270 million pre-tax) (2)

0.93

Transaction costs ($6 million pre-tax) (3)

0.02

Separation-related items ($3 million pre-tax) (4)

0.01

Product, litigation, and other items ($506 million pre-tax) (5)

1.75

Tax impact of specified items and other tax related (($443) million)

(1.54)

Adjusted Diluted Earnings per Share from Continuing Operations

$

11.90

$12.62 to $12.72

Reported % Change

+6.1% to +6.9%

(1)

Includes amortization and other adjustments related to the purchase accounting for acquisitions.

(2)

Represents costs associated with integration and restructuring activities.

(3)

Represents transaction costs incurred in connection with the Advanced Patient Monitoring acquisition.

(4)

Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters.

(5)

Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount in 2025 reflects charges of $98 million to Cost of products sold to adjust the estimate of certain future product remediation costs, charges of $297 million to Other operating expense, net, related to product liability and certain other legal matters, and charges of $38 million to Other expense, net, related to pension settlement costs.

SOURCE BD (Becton, Dickinson and Company)

Solana’s deflationary momentum just got another boost.

On the 4th of August, Solana’s Resource and Inclusion Fee proposal cleared the initial voting stage.

If approved, the proposal could increase daily SOL burns from 650 to 9,000 SOL, nearly a 14x increase. This could strengthen Solana’s deflationary narrative and become another bullish factor for its tokenomics. 

The scale of the change is what makes it notable.

How much could SOL inflation fall? As the chart below shows, analysts expect the proposal to reduce SOL emissions by around 18.9 million tokens over six years, worth $1.39 billion at current valuations.

In simple terms, Solana may reduce the number of new SOL tokens entering the market by 18.9 million over the next six years. Under the current inflation schedule, Solana would have created these tokens over time.

Source: X So, by 2032, this could significantly lower SOL’s supply growth, reducing future inflation pressure. That said, the proposal still needs 15% stake support to advance to the final governance phase.

However, with this potential impact on SOL’s supply dynamics, it’s no surprise that market participants expect the proposal to move forward smoothly.

As a result, the focus after the recent vote quickly moved beyond whether it will pass and toward how it could shape Solana’s [SOL] outlook over the next six years. This has shifted attention toward SOL’s technical strength and long-term market structure. 

That said, some analysts believe the market may not wait six years to price in these changes. 

The technical case for Solana after a major tokenomics shift  One question has caught the most attention: What happens to SOL’s price if both proposals pass?

Solana currently has two active proposals that could shape how much SOL enters circulation by 2032. This is where the discussion gets interesting.

Notably, the market is now looking at whether lower emissions and reduced supply growth could create a stronger long-term setup for SOL.

One analyst highlighted that Solana currently issues around 65,500 SOL per day while burning approximately 650 SOL.

If both proposals pass, daily burns could rise to around 9,000 SOL, while SOL’s inflation could reach its minimum level in 2.8 years instead of 5.7 years. Put simply, Solana’s supply growth could slow much earlier than the six-year timeline suggests.

Source: X This is where the numbers start to matter. 

Can lower supply push SOL toward $100? If Solana burns 9,000 SOL per day, there could be 36.9 million fewer SOL in circulation by 2032.

At the same market valuation, that alone could make each SOL worth about 5.3% more. If daily burns increase to 27,000 SOL, the potential upside rises to 11.7%. At Solana’s previous all-time high, that would translate to about $32 more per SOL, assuming demand remains unchanged. 

Looking at Solana’s fundamentals, this thesis doesn’t seem far-fetched. If anything, it puts even more focus on the upcoming governance vote as a potential catalyst.

A successful vote could strengthen the case for a solid Q4 rally, with a move back toward $100 becoming increasingly realistic.

Final Summary Solana’s burn proposal has advanced to the next voting stage. If approved, daily SOL burns could jump from 650 to 9,000, strengthening its deflationary tokenomics. Analysts believe the reduced supply could become a key catalyst for SOL, with the upcoming governance vote potentially setting the stage for a stronger Q4 rally.

Solana has kicked off August by proving why it’s one of the most efficient L1.

On the fundamentals side, two major network upgrades are gaining momentum. The first is the deflationary upgrade, which has officially entered its final voting stage.

Meanwhile, SIMD-0525 is now live on testnet, cutting slot time from 400 ms to 350 ms as the first step toward a 200 ms slot time. Together, these developments point to a faster network, reinforcing Solana’s scalability thesis heading into Q4.

The key takeaway? The impact is already showing up on-chain. As the chart below highlights, Solana’s weekly transaction count crossed the 1 billion mark for the first time, reaching a record 1,012,226,009 transactions from the 27th of July to the 2nd of August.

Source: Blockworks In essence, Solana’s network upgrades aren’t just improving performance on paper.

Instead, they’re supporting record transaction throughput as on-chain activity continues to scale. From a fundamentals standpoint, that’s a strong signal.

Sustained transaction growth reinforces Solana’s core strengths, such as high TPS, low-latency finality, and the network’s ability to process more activity.

However, while the 1 billion weekly transaction milestone clearly validates Solana’s scalability, another key on-chain signal appears to be emerging.

If it continues to build, it could give Solana [SOL] an additional edge as the market heads toward Q4.

Tokenized gold pushes Solana to a new network milestone  The market is already calling August a “huge month” for Solana.

Interestingly, that narrative isn’t being driven by SOL’s price action. The token is up just over 1.8% so far this month, lagging Cardano’s 11% gain over the same period.

Instead, the focus has shifted to Solana’s fundamentals, with network upgrades driving the bullish narrative rather than short-term price speculation.

Notably, this is where the chart below becomes important. While the 1 billion transaction milestone confirms Solana’s growing network activity, another signal is starting to stand out.

Over the past year, Solana has led all major L1s in the growth of tokenized gold, one of the fastest-growing segments within the RWA market.

Source: BirdEye To put into context, since August 2025, Solana’s tokenized gold market cap has grown 689.1%, averaging 18.8% month-over-month growth.

That’s more than 2x the year-over-year growth recorded by BNB Chain and roughly 4.6x the growth seen on Avalanche and Ethereum.

The timing couldn’t be better. From a macro perspective, gold is regaining momentum, with spot prices climbing above $4,200/oz to their highest level since June 2022.

If the rally extends, it could drive fresh demand for tokenized gold, an area where Solana already holds a clear growth advantage. 

That, in turn, could further strengthen the on-chain activity and provide another fundamental tailwind for SOL heading into Q4.

Final Summary Solana hit a record 1 billion weekly transactions, showing its network upgrades are already driving stronger on-chain activity. Solana also leads the tokenized gold market. With gold prices rising again, that could give SOL another boost heading into Q4.

GOLDEN, Colo. & MONTRÉAL--(BUSINESS WIRE)--Molson Coors Beverage Company ("MCBC," "Molson Coors" or "the Company") (NYSE: TAP, TAP.A; TSX: TPX.A, TPX.B) today reported results for the 2026 second quarter.

2026 SECOND QUARTER FINANCIAL HIGHLIGHTS1

Net sales decreased 3.3% reported and 3.6% in constant currency. U.S. GAAP income before income taxes decreased 49.0% to $283.1 million. Underlying (Non-GAAP) income before income taxes decreased 27.8% in constant currency to $383.2 million. U.S. GAAP net income attributable to MCBC of $231.7 million, $1.23 earnings per share on a diluted basis. Underlying (Non-GAAP) diluted earnings per share of $1.58 decreased 22.9%. CEO AND CFO PERSPECTIVES

Rahul Goyal, President and Chief Executive Officer Statement:

"We made progress on key aspects of the Horizon 2030 strategy in the second quarter as we navigated heightened global macroeconomic headwinds that affected both consumer behavior and key input costs in our business. Coors Banquet and Peroni continue to perform well, and we're focused on improving our overall share performance in this competitive environment through ongoing, disciplined execution. As we lean into emerging consumer tastes in flavor and beyond beer, we’re encouraged by Fever-Tree’s continued momentum after more than a year of partnership, and Monaco Cocktails delivered strong performance in its first quarter as part of Molson Coors. Our approach for the balance of the year includes prudent investments designed to drive scale and efficiency across our global portfolio while executing against our cost savings plan to mitigate the impacts of persistent macroeconomic volatility."

Tracey Joubert, Chief Financial Officer Statement:

"Our second quarter financial results largely matched our expectations as we managed through both expected and unanticipated headwinds that weighed on our top and bottom lines. Further progress on our cost savings initiatives partially offset ongoing commodity cost inflation and the impact of lower financial volumes. We are reaffirming our full-year guidance. In the second quarter, we deployed capital toward value-added M&A in support of our Horizon 2030 strategy, enhanced financial flexibility through a series of debt refinancing transactions, and returned capital to shareholders through both dividends and share buybacks. These actions reflect our disciplined approach to balancing our capital allocation priorities.”

CONSOLIDATED PERFORMANCE - SECOND QUARTER 2026

For the three months ended

($ in millions, except per share data)

(Unaudited)

June 30, 2026

June 30, 2025

Reported % Change

Foreign Exchange Impact

Constant Currency Increase (Decrease)(1)

Net sales

$

3,096.5

$

3,200.8

(3.3

)%

$

10.4

(3.6

)%

U.S. GAAP income (loss) before income taxes

$

283.1

$

554.9

(49.0

)%

$

(0.4

)

(48.9

)%

Underlying income (loss) before income taxes(1)

$

383.2

$

531.5

(27.9

)%

$

(0.8

)

(27.8

)%

U.S. GAAP net income (loss)(2)

$

231.7

$

428.7

(46.0

)%

Per diluted share

$

1.23

$

2.13

(42.3

)%

Underlying net income (loss)(1)

$

296.6

$

412.3

(28.1

)%

Per diluted share

$

1.58

$

2.05

(22.9

)%

Financial volume(3)

19.734

20.870

(5.4

)%

Brand volume(3)

19.628

20.612

(4.8

)%

For the six months ended

($ in millions, except per share data)

(Unaudited)

June 30, 2026

June 30, 2025

Reported Increase (Decrease)

Foreign Exchange Impact

Constant Currency Increase (Decrease)(1)

Net sales

$

5,447.6

$

5,504.9

(1.0

)%

$

55.6

(2.1

)%

U.S. GAAP income (loss) before income taxes

$

477.8

$

711.2

(32.8

)%

$

(5.0

)

(32.1

)%

Underlying income (loss) before income taxes(1)

$

531.1

$

662.6

(19.8

)%

$

(5.3

)

(19.0

)%

U.S. GAAP net income (loss)(2)

$

383.0

$

549.7

(30.3

)%

Per diluted share

$

2.03

$

2.71

(25.1

)%

Underlying net income (loss)(1)

$

414.1

$

514.0

(19.4

)%

Per diluted share

$

2.20

$

2.54

(13.4

)%

Financial volume(3)

34.698

36.279

(4.4

)%

Brand volume(3)

34.696

36.159

(4.0

)%

(1) Represents income (loss) before income taxes and net income (loss) attributable to MCBC adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.

  (2) Net income (loss) attributable to MCBC.

  (3) See Worldwide and Segment Brand and Financial Volume in the Appendix for definitions of financial volume and brand volume as well as the reconciliation from financial volume to brand volume. Volume presented in millions of hectoliters.

  QUARTERLY CONSOLIDATED HIGHLIGHTS (VERSUS SECOND QUARTER 2025 RESULTS)

Net sales: The following table highlights the drivers of the change in net sales for the three months ended June 30, 2026, compared to June 30, 2025 (in percentages): Net Sales Drivers (unaudited)

Financial volume

(5.4) %

Price and sales mix

1.8 %

Currency

0.3 %

Total consolidated net sales

(3.3) %

Net sales decreased 3.3%, driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts. Net sales decreased 3.6% in constant currency.

Financial volume decreased 5.4%, due to lower shipments in both the Americas and EMEA&APAC segments. Brand volume decreased 4.8%, including a 5.3% decrease in the Americas segment and 3.4% decrease in the EMEA&APAC segment.

Price and sales mix favorably impacted net sales by 1.8%, primarily due to increased net pricing in the Americas segment and favorable sales mix as a result of premiumization in both the Americas and EMEA&APAC segments. Net sales per hectoliter increased 2.3% reported and 2.0% on a constant currency basis.

Cost of goods sold ("COGS"): increased 6.0% on a reported basis, impacted by higher cost of goods sold per hectoliter and unfavorable foreign currency impacts, partially offset by lower financial volume. COGS per hectoliter: increased 12.1% on a reported basis, primarily due to the unfavorable changes in our unrealized mark-to-market commodity derivative positions of $98.0 million, cost inflation related to materials, logistics and manufacturing expenses including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing, unfavorable mix driven by premiumization and volume deleverage, partially offset by cost savings initiatives. Underlying (Non-GAAP) COGS per hectoliter: increased 6.3% in constant currency, primarily due to cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing, unfavorable mix driven by premiumization and volume deleverage, partially offset by cost savings initiatives. Marketing, general & administrative ("MG&A"): increased 3.7% on a reported basis, primarily due to higher general and administrative expenses as a result of cycling lower incentive compensation expense in the prior year and costs incurred related to our global modernization enterprise resource planning (“ERP”) system implementation project in the current year. Underlying (Non-GAAP) MG&A: increased 3.2% in constant currency. U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes decreased 49.0% on a reported basis, primarily due to unfavorable changes in our unrealized mark-to-market commodity derivative positions of $98.0 million, lower financial volume, cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing, higher MG&A and lower other non-operating income driven by unfavorable changes in the fair value of our investment in Fevertree Drinks plc of approximately $18 million, partially offset by increased net pricing in the Americas segment and cost savings initiatives. Underlying (Non-GAAP) income (loss) before income taxes: Underlying (Non-GAAP) income before income taxes decreased 27.8% in constant currency, primarily due to lower financial volume, cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing and higher MG&A, partially offset by increased net pricing in the Americas segment and cost savings initiatives. Effective Tax Rate and Underlying (Non-GAAP) Effective Tax Rate (Unaudited)

For the three months ended

June 30, 2026

June 30, 2025

U.S. GAAP effective tax rate

22 %

24 %

Underlying (Non-GAAP) effective tax rate(1)

22 %

23 %

(1) See Appendix for definitions of non-GAAP financial measures.

Our U.S. GAAP effective tax rate and Underlying (Non-GAAP) effective tax rates decreased for the three months ended June 30, 2026 compared to the prior year, primarily due to the recognition of a higher discrete tax benefit.

Net income (loss) attributable to MCBC per diluted share: Net income attributable to MCBC per diluted share decreased 42.3%, primarily due to lower U.S. GAAP income before income taxes, partially offset by lower weighted-average diluted shares outstanding driven by share repurchases. Underlying (Non-GAAP) net income (loss) attributable to MCBC per diluted share: Underlying net income attributable to MCBC per diluted share decreased 22.9%, primarily due to lower underlying income before income taxes, partially offset by lower weighted-average shares outstanding driven by share repurchases. QUARTERLY SEGMENT HIGHLIGHTS (VERSUS SECOND QUARTER 2025 RESULTS)

Americas Segment Overview

The following table highlights the Americas segment results for the three and six months ended June 30, 2026 compared to June 30, 2025:

For the three months ended

($ in millions) (Unaudited)

June 30, 2026

June 30, 2025

Reported % Change

FX Impact

Constant Currency % Change (2)

Net sales(1)

$

2,402.4

$

2,504.8

(4.1

)%

$

(0.7

)

(4.1

)%

Income (loss) before income taxes(1)

$

390.1

$

538.2

(27.5

)%

$

(2.1

)

(27.1

)%

Underlying income (loss) before income taxes (1)(2)

$

396.1

$

514.2

(23.0

)%

$

(2.0

)

(22.6

)%

For the six months ended

($ in millions) (Unaudited)

June 30, 2026

June 30, 2025

Reported % Change

FX Impact

Constant Currency % Change (2)

Net sales(1)

$

4,302.9

$

4,386.6

(1.9

)%

$

10.5

(2.1

)%

Income (loss) before income taxes(1)

$

597.5

$

747.5

(20.1

)%

$

(3.7

)

(19.6

)%

Underlying income (loss) before income taxes (1)(2)

$

626.9

$

717.0

(12.6

)%

$

(3.4

)

(12.1

)%

Americas Segment Highlights (Versus Second Quarter 2025 Results)

Net sales: The following table highlights the drivers of the change in net sales for the three months ended June 30, 2026 compared to June 30, 2025 (in percentages): Net Sales Drivers (unaudited)

Financial volume

(6.4) %

Price and sales mix

2.3 %

Currency

— %

Total Americas net sales

(4.1) %

Net sales decreased 4.1%, driven by lower financial volume, partially offset by favorable price and sales mix.

Financial and brand volume decreased 6.4% and 5.3%, respectively, primarily due to lower financial volume in the U.S. in our core and value brands as well as the unfavorable timing of shipments.

Price and sales mix favorably impacted net sales by 2.3%, primarily due to increased net pricing and favorable sales mix as a result of positive brand mix. Net sales per hectoliter increased 2.5% on a reported and constant currency basis.

U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes decreased 27.5% on a reported basis, primarily due to lower financial volume, cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing, higher MG&A, unfavorable changes in the fair value of our investment in Fevertree Drinks plc of approximately $18 million and higher other operating expenses, partially offset by increased net pricing and cost savings initiatives. Higher MG&A was primarily driven by the cycling of lower incentive compensation expense in the prior year and costs incurred related to our global modernization ERP system implementation project in the current year. Higher other operating expenses were primarily driven by restructuring activities and the accelerated amortization of a brand intangible as a result of a decision to exit a brand in our Americas segment. Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes decreased 22.6% in constant currency, primarily due to lower financial volume, cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing and higher MG&A, partially offset by increased net pricing and cost savings. Higher MG&A was primarily driven by the cycling of lower incentive compensation expense in the prior year and costs incurred related to our global modernization ERP system implementation project in the current year. EMEA&APAC Segment Overview

The following table highlights the EMEA&APAC segment results for the three and six months ended June 30, 2026, compared to June 30, 2025:

For the three months ended

($ in millions) (Unaudited)

June 30, 2026

June 30, 2025

Reported % Change

FX Impact

Constant Currency % Change (2)

Net sales(1)

$

700.8

$

703.9

(0.4

)%

$

11.1

(2.0

)%

Income (loss) before income taxes(1)

$

37.9

$

64.8

(41.5

)%

$

0.7

(42.6

)%

Underlying income (loss) before income taxes (1)(2)

$

41.0

$

72.4

(43.4

)%

$

0.7

(44.3

)%

For the six months ended

($ in millions) (Unaudited)

June 30, 2026

June 30, 2025

Reported % Change

FX Impact

Constant Currency % Change (2)

Net sales(1)

$

1,156.9

$

1,131.2

2.3

%

$

45.1

(1.7

)%

Income (loss) before income taxes(1)

$

(13.8

)

$

45.6

N/M

$

(4.7

)

N/M

Underlying income (loss) before income taxes (1)(2)

$

8.3

$

53.2

(84.4

)%

$

(3.7

)

(77.4

)%

N/M = Not meaningful The reported percent change and the constant currency percent change in the above tables are presented as (unfavorable) favorable. (1)

Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.

(2)

Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.

  EMEA&APAC Segment Highlights (Versus Second Quarter 2025 Results)

Net sales: The following table highlights the drivers of the change in net sales for the three months ended June 30, 2026, compared to June 30, 2025 (in percentages): Net Sales Drivers (unaudited)

Financial volume

(2.8) %

Price and sales mix

0.8 %

Currency

1.6 %

Total EMEA&APAC net sales

(0.4) %

Net sales decreased 0.4% driven by lower financial volume, partially offset by favorable foreign currency impacts and favorable price and sales mix. Net sales decreased 2.0% in constant currency.

Financial volume and brand volume decreased 2.8% and 3.4%, respectively, primarily due to lower volume in the U.K. driven by soft market demand and a heightened competitive landscape.

Price and sales mix favorably impacted net sales by 0.8%, primarily due to premiumization, partly offset by increased promotional activity. Net sales per hectoliter increased 2.4% on a reported basis and 0.8% on a constant currency basis.

Foreign currency favorably impacted net sales by 1.6%, primarily due to the weakening of the U.S. Dollar ("USD") compared to the Hungarian Forint ("HUF") and Euro ("EUR").

U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes decreased 41.5% on a reported basis, primarily due to unfavorable mix driven by channel mix, lower financial volume and cost inflation related to materials, logistics and manufacturing expenses, partially offset by lower restructuring related charges. Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes decreased 44.3% in constant currency, primarily due to unfavorable mix, driven by channel mix, lower financial volume and cost inflation related to materials, logistics and manufacturing expenses. CASH FLOW AND LIQUIDITY HIGHLIGHTS

U.S. GAAP cash from operations: Net cash provided by operating activities of $820.4 million for the six months ended June 30, 2026, increased $192.8 million compared to $627.6 million in the prior year. The increase was primarily due to favorable changes in working capital, partially offset by lower net income adjusted for non-cash items. The favorable changes in working capital were primarily driven by the current year cash settlement of our forward starting interest rate swaps of $107.5 million, lower payments for prior year annual incentive compensation, the timing of payables and the cycling of a $60.6 million prior year payment as final resolution of the Keystone litigation case, partially offset by the timing of receivables. Underlying (Non-GAAP) free cash flow: Cash provided of $513.8 million for the six months ended June 30, 2026, represented an increase of $220.3 million from the prior year, primarily due to an increase in net cash provided by operating activities and lower capital expenditures. Debt: Total debt as of June 30, 2026 was $7,709.6 million and cash and cash equivalents totaled $2,128.1 million, resulting in net debt of $5,581.5 million and a net debt to underlying EBITDA ratio of 2.53x. As of June 30, 2025, our net debt to underlying EBITDA ratio was 2.41x. Subsequent to June 30, 2026, we repaid our $2.0 billion 3.0% senior notes using cash proceeds from the May 27, 2026 issuance of our $500 million senior notes due July 2031 and $1.0 billion senior notes due July 2036, as well as cash on hand. Dividends: We paid cash dividends of $183.7 million and $192.7 million for the six months ended June 30, 2026 and June 30, 2025, respectively. Share Repurchase Program: We paid $211.0 million and $306.8 million, including brokerage commissions, for share repurchases for the six months ended June 30, 2026 and June 30, 2025, respectively. 2026 OUTLOOK

We continue to expect to achieve the following targets for full year 2026 despite the inherent uncertainties that exist with inflationary commodity and logistics cost pressures and uncertainty in the global macroeconomic environment.

Net sales: flat, plus or minus 1% versus 2025 on a constant currency basis. Underlying income (loss) before income taxes: decline in the range of 15% to 18% versus 2025 on a constant currency basis. Underlying earnings per share: decline in the range of 11% to 15% versus 2025. Capital expenditures: $650 million incurred, plus or minus 5%. Underlying free cash flow: $1.1 billion, plus or minus 10%. Underlying depreciation and amortization: $720 million, plus or minus 5%. Consolidated net interest expense: $260 million, plus or minus 5%. Underlying effective tax rate: in the range of 22% to 24%. The Company's outlook includes the following considerations:

U.S. financial volumes are expected to slightly outpace brand volumes in the second half of the year. In COGS, commodity and logistics costs are expected to remain elevated compared to the prior year, with the impact of Midwest Premium expected to exceed approximately $130 million for the full year. We expect a reduction in MG&A expenses in the second half of the year compared to the prior year as we carefully manage expenses with a targeted focus on investments that are expected to improve performance and generate the highest returns. SUBSEQUENT EVENT

On July 16, 2026, our Board declared a dividend of $0.48 per share, to be paid on September 18, 2026, to shareholders of Class A and Class B common stock of record on August 28, 2026. Shareholders of exchangeable shares will receive the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.67 per share.

NOTES

Unless otherwise indicated in this release, all $ amounts are in USD, and all comparative results are for the Company’s second quarter ended June 30, 2026, compared to the second quarter ended June 30, 2025. Some numbers may not sum due to rounding.

2026 SECOND QUARTER INVESTOR CONFERENCE CALL

Molson Coors Beverage Company will conduct an earnings conference call with financial analysts and investors at 8:30 a.m. Eastern Time today to discuss the Company’s 2026 second quarter results. The live webcast will be accessible via our website, ir.molsoncoors.com. An online replay of the webcast is expected to be posted within two hours following the live webcast. The Company will post this release and related financial statements on its website today.

OVERVIEW OF MOLSON COORS BEVERAGE COMPANY

For more than two centuries, we have brewed beverages that unite people to celebrate all life’s moments. From our core power brands, Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko, to our above premium brands, including Madrí Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel’s Summer Shandy, to our value brands, like Miller High Life and Keystone Light, we produce many beloved and iconic beers. While our history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer and Monaco, spirits and non-alcoholic beverages. We also have partner brands, such as Simply Spiked, ZOA Energy, Fever-Tree, among others, through license, distribution, partnership and joint venture agreements. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions.

To learn more about Molson Coors Beverage Company, visit molsoncoors.com.

ABOUT MOLSON COORS CANADA INC.

Molson Coors Canada Inc. ("MCCI") is a subsidiary of Molson Coors Beverage Company. MCCI Class A and Class B exchangeable shares offer substantially the same economic and voting rights as the respective classes of common shares of MCBC, as described in MCBC’s annual proxy statement and Form 10-K filings with the U.S. Securities and Exchange Commission. The trustee holder of the special Class A voting stock and the special Class B voting stock has the right to cast a number of votes equal to the number of then outstanding Class A exchangeable shares and Class B exchangeable shares, respectively.

FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Generally, the words "expects," "intends," "goals," "plans," "believes," "confidence," "views," "continues," "may," "anticipate," "seek," "estimate," "outlook," "trends," "future benefits," "potential," "projects," "strategies," and variations of such words and similar expressions are intended to identify forward-looking statements. Statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements, and include, but are not limited to, statements under the headings "CEO and CFO Perspectives" and "2026 Outlook," with respect to, among others, expectations and impacts of macroeconomic forces, beverage industry trends, cost inflation and tariffs, commodity prices, consumer preferences and limited consumer disposable income, overall volume and market share trends, our competitive position, execution of our strategic priorities, anticipated results, pricing trends, cost reduction strategies, including the Americas Restructuring Plan announced in October of 2025 as well as other restructuring projects and the expected charges and benefits of the restructuring, shipment levels and profitability, the sufficiency of capital resources, expectations for funding future capital expenditures and operations, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related environmental initiatives, effective tax rate, and expectations regarding future dividends and share repurchases. In addition, statements that we make in this press release that are not statements of historical fact may also be forward-looking statements.

Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s historical experience, and present projections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the risks discussed in our filings with the SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

MARKET AND INDUSTRY DATA

The market and industry data used, if any, in this press release are based on independent industry publications, customer specific data, trade or business organizations, reports by market research firms and other published statistical information from third parties, including Circana (formerly Information Resources, Inc.) for U.S. market data and Beer Canada for Canadian market data (collectively, the “Third-Party Information”), as well as information based on management’s good faith estimates, which we derive from our review of internal information and independent sources. Such Third-Party Information generally states that the information contained therein or provided by such sources has been obtained from sources believed to be reliable.

APPENDIX

STATEMENTS OF OPERATIONS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

  Condensed Consolidated Statements of Operations

  (In millions, except per share data) (Unaudited)

For the three months ended

For the six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Sales

$

3,604.4

$

3,740.0

$

6,322.3

$

6,430.2

Excise taxes

(507.9

)

(539.2

)

(874.7

)

(925.3

)

Net sales

3,096.5

3,200.8

5,447.6

5,504.9

Cost of goods sold

(2,033.2

)

(1,918.9

)

(3,487.1

)

(3,372.1

)

Gross profit

1,063.3

1,281.9

1,960.5

2,132.8

Marketing, general and administrative expenses

(718.5

)

(693.1

)

(1,328.5

)

(1,346.3

)

Other operating income (expense), net

(16.6

)

(9.2

)

(48.7

)

(25.1

)

Equity income (loss)

3.7

4.0

6.9

8.5

Operating income (loss)

331.9

583.6

590.2

769.9

Interest income (expense), net

(60.5

)

(58.5

)

(118.1

)

(115.1

)

Other pension and postretirement benefit (cost), net

5.0

3.5

9.9

7.3

Other non-operating income (expense), net

6.7

26.3

(4.2

)

49.1

Income (loss) before income taxes

283.1

554.9

477.8

711.2

Income tax benefit (expense)

(61.5

)

(130.6

)

(106.1

)

(163.8

)

Net income (loss)

221.6

424.3

371.7

547.4

Net (income) loss attributable to noncontrolling interests

10.1

4.4

11.3

2.3

Net income (loss) attributable to MCBC

$

231.7

$

428.7

$

383.0

$

549.7

Basic net income (loss) attributable to MCBC per share

$

1.24

$

2.14

$

2.04

$

2.73

Diluted net income (loss) attributable to MCBC per share

$

1.23

$

2.13

$

2.03

$

2.71

Weighted-average shares - basic

187.5

200.5

188.2

201.7

Weighted-average shares - diluted

187.7

201.2

188.6

202.6

Dividends per share

$

0.48

$

0.47

$

0.96

$

0.94

  BALANCE SHEETS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

  Condensed Consolidated Balance Sheets

  (In millions, except par value) (Unaudited)

As of

June 30, 2026

December 31, 2025

Assets

Current assets

Cash and cash equivalents

$

2,128.1

$

896.5

Trade receivables, net

1,004.1

703.0

Other receivables, net

173.7

187.3

Inventories, net

849.1

715.9

Other current assets, net

428.5

432.8

Total current assets

4,583.5

2,935.5

Property, plant and equipment, net

4,677.7

4,768.7

Goodwill

2,144.8

1,944.7

Other intangibles, net

11,839.6

11,991.1

Other assets

1,113.4

1,098.4

Total assets

$

24,359.0

$

22,738.4

Liabilities and equity

Current liabilities

Accounts payable and other current liabilities

$

3,175.0

$

2,876.7

Current portion of long-term debt and short-term borrowings

2,037.1

2,434.1

Total current liabilities

5,212.1

5,310.8

Long-term debt

5,672.5

3,865.4

Pension and postretirement benefits

411.2

427.1

Deferred tax liabilities

2,358.5

2,284.7

Other liabilities

296.0

307.7

Total liabilities

13,950.3

12,195.7

Redeemable noncontrolling interest

102.0

115.6

Molson Coors Beverage Company stockholders' equity

Capital stock

Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)

—

—

Class A common stock, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively)

—

—

Class B common stock, $0.01 par value (authorized: 500.0 shares; issued: 216.6 shares and 216.1 shares, respectively)

2.2

2.2

Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively)

100.8

100.8

Class B exchangeable shares, no par value (issued and outstanding: 7.1 shares and 7.1 shares, respectively)

266.9

266.9

Paid-in capital

7,252.8

7,247.2

Retained earnings

5,925.4

5,723.7

Accumulated other comprehensive income (loss)

(1,181.1

)

(1,071.6

)

Class B common stock held in treasury at cost (42.1 shares and 37.7 shares, respectively)

(2,247.5

)

(2,038.9

)

Total Molson Coors Beverage Company stockholders' equity

10,119.5

10,230.3

Noncontrolling interests

187.2

196.8

Total equity

10,306.7

10,427.1

Total liabilities and equity

$

24,359.0

$

22,738.4

  CASH FLOW STATEMENTS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

  Condensed Consolidated Statements of Cash Flows

  (In millions) (Unaudited)

For the six months ended

June 30, 2026

June 30, 2025

Cash flows from operating activities

Net income (loss) including noncontrolling interests

$

371.7

$

547.4

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Depreciation and amortization

377.7

350.4

Amortization of cloud computing arrangements

7.6

7.0

Amortization of debt issuance costs and discounts

3.8

2.6

Share-based compensation

17.0

18.9

(Gain) loss on sale or impairment of property, plant, equipment and other assets, net

2.3

(6.1

)

Unrealized (gain) loss on foreign currency fluctuations, fair value investments and derivative instruments, net

6.2

(77.4

)

Equity (income) loss

(6.9

)

(8.5

)

Income tax (benefit) expense

106.1

163.8

Income tax (paid) received

(41.7

)

(58.0

)

Interest expense, excluding amortization of debt issuance costs and discounts

125.2

120.3

Interest paid

(141.5

)

(137.2

)

Other non-cash items, net

1.5

(2.1

)

Change in current assets and liabilities (net of impact of business combinations) and other

(8.6

)

(293.5

)

Net cash provided by (used in) operating activities

820.4

627.6

Cash flows from investing activities

Additions to property, plant and equipment

(335.2

)

(400.6

)

Proceeds from sales of property, plant, equipment and other assets

7.4

4.4

Acquisition of business, net of cash acquired

(271.0

)

(20.8

)

Other

(0.6

)

(82.7

)

Net cash provided by (used in) investing activities

(599.4

)

(499.7

)

Cash flows from financing activities

Dividends paid

(183.7

)

(192.7

)

Payments for purchases of treasury stock

(211.0

)

(306.8

)

Payments on debt and borrowings

(382.7

)

(5.8

)

Proceeds on debt and borrowings

1,848.6

—

Other

(44.3

)

(0.9

)

Net cash provided by (used in) financing activities

1,026.9

(506.2

)

Effect of foreign exchange rate changes on cash and cash equivalents

(16.3

)

22.8

Net increase (decrease) in cash and cash equivalents

1,231.6

(355.5

)

Balance at beginning of year

896.5

969.3

Balance at end of period

$

2,128.1

$

613.8

  SUMMARIZED SEGMENT RESULTS ($ in millions and volume in millions of hectoliters) (Unaudited)

  Americas

Q2 2026

Q2 2025

Reported % Change

FX Impact

Constant Currency % Change(3)

YTD 2026

YTD 2025

Reported % Change

FX Impact

Constant Currency % Change(3)

Net sales(1)

$

2,402.4

$

2,504.8

(4.1

)

$

(0.7

)

(4.1

)

$

4,302.9

$

4,386.6

(1.9

)

$

10.5

(2.1

)

COGS(1)(2)

$

(1,461.3

)

$

(1,468.4

)

0.5

$

0.5

0.4

$

(2,668.5

)

$

(2,638.3

)

(1.1

)

$

(6.9

)

(0.9

)

MG&A

$

(546.2

)

$

(526.4

)

(3.8

)

$

0.2

(3.8

)

$

(1,009.9

)

$

(1,040.7

)

3.0

$

(3.6

)

3.3

Income (loss) before income taxes

$

390.1

$

538.2

(27.5

)

$

(2.1

)

(27.1

)

$

597.5

$

747.5

(20.1

)

$

(3.7

)

(19.6

)

Underlying income (loss) before income taxes(3)

$

396.1

$

514.2

(23.0

)

$

(2.0

)

(22.6

)

$

626.9

$

717.0

(12.6

)

$

(3.4

)

(12.1

)

Financial volume(1)(4)

14.326

15.307

(6.4

)

25.753

27.049

(4.8

)

Brand volume

14.246

15.038

(5.3

)

25.821

26.969

(4.3

)

EMEA&APAC

Q2 2026

Q2 2025

Reported % Change

FX Impact

Constant Currency % Change(3)

YTD 2026

YTD 2025

Reported % Change

FX Impact

Constant Currency % Change(3)

Net sales(1)

$

700.8

$

703.9

(0.4

)

$

11.1

(2.0

)

$

1,156.9

$

1,131.2

2.3

$

45.1

(1.7

)

COGS(1)(2)

$

(487.6

)

$

(465.4

)

(4.8

)

$

(7.8

)

(3.1

)

$

(829.0

)

$

(772.4

)

(7.3

)

$

(33.4

)

(3.0

)

MG&A

$

(172.3

)

$

(166.7

)

(3.4

)

$

(3.1

)

(1.5

)

$

(318.6

)

$

(305.6

)

(4.3

)

$

(15.4

)

0.8

Income (loss) before income taxes

$

37.9

$

64.8

(41.5

)

$

0.7

(42.6

)

$

(13.8

)

$

45.6

N/M

$

(4.7

)

N/M

Underlying income (loss) before income taxes(3)

$

41.0

$

72.4

(43.4

)

$

0.7

(44.3

)

$

8.3

$

53.2

(84.4

)

$

(3.7

)

(77.4

)

Financial volume(1)(4)

5.409

5.564

(2.8

)

8.949

9.233

(3.1

)

Brand volume

5.382

5.574

(3.4

)

8.875

9.190

(3.4

)

Unallocated & Eliminations

Q2 2026

Q2 2025

Reported % Change

FX Impact

Constant Currency % Change(3)

YTD 2026

YTD 2025

Reported % Change

FX Impact

Constant Currency % Change(3)

Net sales

$

(6.7

)

$

(7.9

)

15.2

$

—

15.2

$

(12.2

)

$

(12.9

)

5.4

$

—

5.4

COGS(2)

$

(84.3

)

$

14.9

N/M

$

0.5

N/M

$

10.4

$

38.6

(73.1

)

$

1.6

(77.2

)

Income (loss) before income taxes

$

(144.9

)

$

(48.1

)

(201.2

)

$

1.0

(203.3

)

$

(105.9

)

$

(81.9

)

(29.3

)

$

3.4

(33.5

)

Underlying income (loss) before income taxes(3)

$

(53.9

)

$

(55.1

)

2.2

$

0.5

1.3

$

(104.1

)

$

(107.6

)

3.3

$

1.8

1.6

Financial volume

(0.001

)

(0.001

)

—

(0.004

)

(0.003

)

N/M

Consolidated

Q2 2026

Q2 2025

Reported % Change

FX Impact

Constant Currency % Change(3)

YTD 2026

YTD 2025

Reported % Change

FX Impact

Constant Currency % Change(3)

Net sales

$

3,096.5

$

3,200.8

(3.3

)

$

10.4

(3.6

)

$

5,447.6

$

5,504.9

(1.0

)

$

55.6

(2.1

)

COGS

$

(2,033.2

)

$

(1,918.9

)

(6.0

)

$

(6.8

)

(5.6

)

$

(3,487.1

)

$

(3,372.1

)

(3.4

)

$

(38.7

)

(2.3

)

MG&A

$

(718.5

)

$

(693.1

)

(3.7

)

$

(2.9

)

(3.2

)

$

(1,328.5

)

$

(1,346.3

)

1.3

$

(19.0

)

2.7

Income (loss) before income taxes

$

283.1

$

554.9

(49.0

)

$

(0.4

)

(48.9

)

$

477.8

$

711.2

(32.8

)

$

(5.0

)

(32.1

)

Underlying income (loss) before income taxes(3)

$

383.2

$

531.5

(27.9

)

$

(0.8

)

(27.8

)

$

531.1

$

662.6

(19.8

)

$

(5.3

)

(19.0

)

Financial volume(4)

19.734

20.870

(5.4

)

34.698

36.279

(4.4

)

Brand volume

19.628

20.612

(4.8

)

34.696

36.159

(4.0

)

N/M = Not meaningful   The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.   (1) Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.

  (2) The unrealized changes in fair value on our commodity instruments, which are economic hedges, are recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility.

  (3) Represents income (loss) before income taxes adjusted for non-GAAP items. See the Non-GAAP Measures and Reconciliations section for definitions and reconciliations of non-GAAP financial measures including constant currency.

  (4) Financial volume in hectoliters for the Americas and EMEA&APAC segments excludes royalty volume of 0.719 million hectoliters and 0.353 million hectoliters, respectively, for the three months ended June 30, 2026 and excludes royalty volume of 0.693 million hectoliters and 0.336 million, respectively, for the three months ended June 30, 2025.

  Financial volume in hectoliters for the Americas and EMEA&APAC segments excludes royalty volume of 1.441 million hectoliters and 0.576 million hectoliters, respectively, for the six months ended June 30, 2026 and excludes royalty volume of 1.366 million hectoliters and 0.556 million hectoliters, respectively, for the six months ended June 30, 2025.   WORLDWIDE AND SEGMENT BRAND AND FINANCIAL VOLUME

  (In millions of hectoliters) (Unaudited)

For the three months ended

Americas

June 30, 2026

June 30, 2025

Change

Financial Volume

14.326

15.307

(6.4

)%

Contract brewing and wholesale/factored volume

(0.442

)

(0.415

)

(6.5

)%

Royalty volume

0.719

0.693

3.8

%

Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1)

(0.357

)

(0.547

)

(34.7

)%

Total Americas Brand Volume

14.246

15.038

(5.3

)%

EMEA&APAC

June 30, 2026

June 30, 2025

Change

Financial Volume

5.409

5.564

(2.8

)%

Contract brewing and wholesale/factored volume

(0.380

)

(0.326

)

(16.6

)%

Royalty volume

0.353

0.336

5.1

%

Total EMEA&APAC Brand Volume

5.382

5.574

(3.4

)%

Consolidated

June 30, 2026

June 30, 2025

Change

Financial Volume

19.734

20.870

(5.4

)%

Contract brewing and wholesale/factored volume

(0.822

)

(0.741

)

(10.9

)%

Royalty volume

1.072

1.029

4.2

%

Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1)

(0.356

)

(0.546

)

(34.8

)%

Total Worldwide Brand Volume

19.628

20.612

(4.8

)%

(In millions of hectoliters) (Unaudited)

For the six months ended

Americas

June 30, 2026

June 30, 2025

Change

Financial Volume

25.753

27.049

(4.8

)%

Contract brewing and wholesale/factored volume

(0.803

)

(0.800

)

(0.4

)%

Royalty volume

1.441

1.366

5.5

%

Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1)

(0.570

)

(0.646

)

(11.8

)%

Total Americas Brand Volume

25.821

26.969

(4.3

)%

EMEA&APAC

June 30, 2026

June 30, 2025

Change

Financial Volume

8.949

9.233

(3.1

)%

Contract brewing and wholesale/factored volume

(0.650

)

(0.599

)

(8.5

)%

Royalty volume

0.576

0.556

3.6

%

Total EMEA&APAC Brand Volume

8.875

9.190

(3.4

)%

Consolidated

June 30, 2026

June 30, 2025

Change

Financial Volume

34.698

36.279

(4.4

)%

Contract brewing and wholesale/factored volume

(1.453

)

(1.399

)

(3.9

)%

Royalty volume

2.017

1.922

4.9

%

Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1)

(0.566

)

(0.643

)

(12.0

)%

Total Worldwide Brand Volume

34.696

36.159

(4.0

)%

Worldwide brand volume (or "brand volume" when discussed by segment) reflects owned or actively managed brands sold to unrelated external customers within our geographic markets (net of returns and allowances), royalty volume and our proportionate share of equity investment worldwide brand volume calculated consistently with MCBC owned volume. Financial volume represents owned or actively managed brands sold to unrelated external customers within our geographic markets, net of returns and allowances as well as contract brewing, wholesale non-owned brand volume and company-owned distribution volume. Contract brewing and wholesale/factored volume is included within financial volume, but is removed from worldwide brand volume, as this is non-owned volume for which we do not directly control performance. Factored volume in our EMEA&APAC segment represents the distribution of beer, wine, spirits and other products owned and produced by other companies to the on-premise channel such as bars and restaurants, which is a common arrangement in the U.K. Royalty volume consists of our brands produced and sold by third parties under various license and contract brewing agreements and, because this is owned volume, it is included in worldwide brand volume. Our worldwide brand volume definition also includes an adjustment from Sales-to-Wholesaler ("STW") volume to Sales-to-Retailer ("STR") volume. We believe the brand volume metric is important because, unlike financial volume and STWs, it provides the closest indication of the performance of our brands in relation to market and competitor sales trends.

We also utilize net sales per hectoliter and COGS per hectoliter, as well as the year over year changes in this metric, as a key metric for analyzing our results. These metrics are calculated as net sales and COGS per our consolidated statements of operations divided by financial volume for the respective period. We believe these metrics are important and useful for investors and management because it provides an indication of the trends of price and sales mix on our net sales and the trends of mix and other cost impacts on our COGS.

NON-GAAP MEASURES AND RECONCILIATIONS

Use of Non-GAAP Measures

In addition to financial measures presented on the basis of accounting principles generally accepted in the U.S. (“U.S. GAAP”), we also use non-GAAP financial measures, as listed and defined below, for operational and financial decision making and to assess Company and segment business performance. These non-GAAP measures should be viewed as supplements to (not substitutes for) our results of operations presented under U.S. GAAP. We have provided reconciliations of all historical non-GAAP measures to their nearest U.S. GAAP measure and have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure.

Our management uses these metrics to assist in comparing performance from period to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; in communications with the Board of Directors, stockholders, analysts and investors concerning our financial performance; as useful comparisons to the performance of our competitors; and as metrics of certain management incentive compensation calculations. We believe these measures are used by, and are useful to, investors and other users of our financial statements in evaluating our operating performance.

Underlying Income (Loss) before Income Taxes (Closest GAAP Metric: Income (Loss) Before Income Taxes) –Measure of the Company’s or segment's income (loss) before income taxes excluding the impact of certain non-GAAP adjustment items from our U.S. GAAP financial statements. Non-GAAP adjustment items include goodwill and other intangible and tangible asset impairments, certain restructuring and integration related costs, unrealized mark-to-market gains and losses, adjustments to the redemption value of mandatorily redeemable noncontrolling interests, potential or incurred losses related to certain litigation accruals and settlements, impacts of settlement charges related to annuity purchases and gains and losses on sales of non-operating assets, among other items included in our U.S. GAAP results that warrant adjustment to arrive at non-GAAP results (collectively, "Non-GAAP adjustment items"). We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective, involve significant management judgment and can vary substantially from company to company. Underlying COGS (Closest GAAP Metric: COGS) – Measure of the Company’s COGS adjusted to exclude non-GAAP adjustment items (as defined above). Non-GAAP adjustment items include, among other items, unrealized mark-to-market gains and losses on our commodity derivative instruments, which are economic hedges, and are recorded through COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivatives without the resulting unrealized mark-to-market volatility. We also use underlying COGS per hectoliter, as well as the year over year change in such metric, as a key metric for analyzing our results. This metric is calculated as underlying COGS divided by financial volume for the respective period.

Underlying MG&A (Closest GAAP Metric: MG&A) – Measure of the Company’s MG&A expense excluding the impact of certain non-GAAP adjustment items (as defined above). Underlying net income (loss) attributable to MCBC (Closest GAAP Metric: Net income (loss) attributable to MCBC) – Measure of net income (loss) attributable to MCBC excluding the impact of income (loss) before income tax non-GAAP adjustment items (as defined above), adjustments to the carrying value of redeemable noncontrolling interests resulting from subsequent changes in the redemption value of such interests, the related tax effects of non-GAAP adjustment items and certain other discrete tax items. Underlying net income (loss) attributable to MCBC per diluted share (also referred to as Underlying Diluted Earnings per Share) (Closest GAAP Metric: Net income (loss) attributable to MCBC per diluted share) – Measure of underlying net income (loss) attributable to MCBC (as defined above) per diluted share. If applicable, a reported net loss attributable to MCBC per diluted share is calculated using the basic share count due to dilutive shares being antidilutive. If underlying net income (loss) attributable to MCBC becomes income excluding the impact of our non-GAAP adjustment items, we include the incremental dilutive shares, using the treasury stock method, into the dilutive shares outstanding. Underlying effective tax rate (Closest GAAP Metric: Effective Tax Rate) – Measure of the Company’s effective tax rate excluding the related tax impact of pre-tax non-GAAP adjustment items (as defined above) and certain other discrete tax items. Discrete tax items include certain significant tax audit and prior year reserve adjustments, impact of significant tax legislation and tax rate changes and significant non-recurring and period specific tax items. Underlying free cash flow (Closest GAAP Metric: Net Cash Provided by (Used in) Operating Activities) – Measure of the Company’s operating cash flow calculated as Net Cash Provided by (Used In) Operating Activities less Additions to property, plant and equipment and excluding the pre-tax cash flow impact of certain non-GAAP adjustment items (as defined above). We consider underlying free cash flow an important measure of our ability to generate cash, grow our business and enhance shareholder value, driven by core operations and after adjusting for non-GAAP adjustment items, which can vary substantially from company to company depending upon accounting methods, book value of assets and capital structure. Underlying depreciation and amortization (Closest GAAP Metric: Depreciation & Amortization) – Measure of the Company’s depreciation and amortization excluding the impact of non-GAAP adjustment items (as defined above). These adjustments primarily consist of accelerated depreciation or amortization taken related to the Company’s strategic exit or restructuring activities. Net debt and net debt to underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA") (Closest GAAP Metrics: Cash, Debt, & Net Income (Loss)) – Measure of the Company’s leverage calculated as net debt (defined as current portion of long-term debt and short-term borrowings plus long-term debt less cash and cash equivalents) divided by the trailing twelve month underlying EBITDA. Underlying EBITDA is calculated as Net income (loss) excluding Interest expense (income), net, Income tax expense (benefit), depreciation and amortization and the impact of non-GAAP adjustment items (as defined above). Effective January 1, 2025, on a prospective basis, Underlying EBITDA excludes amortization of cloud-based software implementation costs. This measure is not the same as the Company’s maximum leverage ratio as defined under its revolving credit facility, which allows for other adjustments in the calculation of net debt to EBITDA. Constant currency - Constant currency is a non-GAAP measure utilized to measure performance, excluding the impact of translational and certain transactional foreign currency movements, and is intended to be indicative of results in local currency. As we operate in various foreign countries where the local currency may strengthen or weaken significantly versus the U.S. dollar or other currencies used in operations, we utilize a constant currency measure as an additional metric to evaluate the underlying performance of each business without consideration of foreign currency movements. We present all percentage changes for net sales, underlying COGS, underlying MG&A and underlying income (loss) before income taxes in constant currency and calculate the impact of foreign exchange by translating our current period local currency results (that also include the impact of the comparable prior period currency hedging activities) at the average exchange rates during the respective period throughout the year used to translate the financial statements in the comparable prior year period. The result is the current period results in U.S. dollars, as if foreign exchange rates had not changed from the prior year period. Additionally, we exclude any transactional foreign currency impacts, reported within the other non-operating income (expense), net line item, from our current period results. Our guidance or long-term targets for any of the measures noted above are also non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our U.S. GAAP financial statements. When we provide guidance or long-term targets for any of the various non-GAAP metrics described above, we do not provide reconciliations of the U.S. GAAP measures as we are unable to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items. By their very nature, non-GAAP adjustment items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our Company and its financial results. Therefore, we are unable to provide a reconciliation of these measures without unreasonable efforts.

  RECONCILIATION TO NEAREST U.S. GAAP MEASURES

  Reconciliation by Line Item

  (In millions, except per share data) (Unaudited)

For the three months ended June 30, 2026

Cost of goods sold

Marketing, general and administrative expenses

Income (loss) before income taxes

Net income (loss) attributable to MCBC

Diluted earnings per share

Reported (U.S. GAAP)

$

(2,033.2

)

$

(718.5

)

$

283.1

$

231.7

$

1.23

Non-GAAP adjustments (pre-tax)

Restructuring(1)

—

—

7.3

7.2

0.04

(Gains) and losses on disposals and other operating expense (income)(2)

—

—

9.3

9.3

0.05

Unrealized mark-to-market (gains) losses

91.0

—

91.0

91.0

0.48

Other items(3)

—

—

(7.5

)

(7.5

)

(0.04

)

Tax effect of non-GAAP adjustments and other discrete tax items

—

—

—

(24.3

)

(0.13

)

Redeemable noncontrolling interest adjustments

—

—

—

(10.8

)

(0.06

)

Underlying (Non-GAAP)

$

(1,942.2

)

$

(718.5

)

$

383.2

$

296.6

1.58

(1) During the fourth quarter of 2025, we announced the Americas Restructuring Plan designed to create a leaner, more agile Americas segment while advancing our ability to reinvest in the business and position us for future growth. The plan resulted in $0.7 million of employee-related charges recorded during the three months ended June 30, 2026. These actions are substantially complete and any remaining future charges are expected to be immaterial.

During the first quarter of 2026, we committed to various cost savings actions designed to optimize our supply chain within the Americas segment, which resulted in restructuring charges including accelerated depreciation in excess of normal depreciation charges of $3.5 million for the three months ended June 30, 2026. We anticipate additional charges related to these committed actions to be approximately $10 million to $15 million, with the majority of these charges to be recorded during the remainder of 2026 as well as in 2027.

Also during the first quarter of 2026, we committed to various restructuring actions in the EMEA&APAC segment, including the closure of a small brewery in the U.K. by the end of 2026, alongside other operational changes designed to unlock efficiencies as well as modernize and simplify the EMEA&APAC segment to fund growth. During the three months ended June 30, 2026, we recorded employee-related charges of $0.3 million as well as accelerated depreciation in excess of normal depreciation charges of $2.5 million related to these actions. We anticipate additional charges related to these committed actions to be approximately $3 million to $8 million, with the majority of these charges to be recorded during the remainder of 2026.

(2) During the second quarter of 2026, we made the decision to exit a brand in our Americas segment and, as a result, recorded $8.1 million of accelerated amortization of the brand intangible.

(3) During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and holds a minority interest. During the three months ended June 30, 2026, we recorded an unrealized gain of $7.5 million resulting from the change in the fair value of the investment.

(In millions, except per share data) (Unaudited)

For the three months ended June 30, 2025

Cost of goods sold

Marketing, general and administrative expenses

Income (loss) before income taxes

Net income (loss) attributable to MCBC

Diluted earnings per share

Reported (U.S. GAAP)

$

(1,918.9

)

$

(693.1

)

$

554.9

$

428.7

$

2.13

Non-GAAP adjustments (pre-tax)

Restructuring

—

—

8.6

8.6

0.04

(Gains) and losses on disposals and other operating expense (income)

—

—

0.6

0.6

—

Unrealized mark-to-market (gains) losses

(7.0

)

—

(7.0

)

(7.0

)

(0.03

)

Other items(1)

—

(0.1

)

(25.6

)

(25.6

)

(0.13

)

Tax effect of non-GAAP adjustments and other discrete tax items

—

—

—

6.0

0.03

Redeemable noncontrolling interest adjustments

—

—

—

1.0

—

Underlying (Non-GAAP)

$

(1,925.9

)

$

(693.2

)

$

531.5

$

412.3

$

2.05

(In millions, except per share data) (Unaudited)

For the six months ended June 30, 2026

Cost of goods sold

Marketing, general and administrative expenses

Income (loss) before income taxes

Net income (loss) attributable to MCBC

Net income (loss) attributable to MCBC per diluted share(5)

Reported (U.S. GAAP)

$

(3,487.1

)

$

(1,328.5

)

$

477.8

$

383.0

$

2.03

Non-GAAP adjustments (pre-tax)

Restructuring(1)

—

—

38.4

38.3

0.20

(Gains) and losses on disposals and other operating expense (income)(2)

—

—

10.3

10.3

0.05

Unrealized mark-to-market (gains) losses

1.8

—

1.8

1.8

0.01

Other items(3)

—

—

2.8

2.8

0.01

Tax effect of non-GAAP adjustments and other discrete tax items

—

—

—

(13.1

)

(0.07

)

Redeemable noncontrolling interest adjustments

—

—

—

(9.0

)

(0.05

)

Underlying (Non-GAAP)

$

(3,485.3

)

$

(1,328.5

)

$

531.1

$

414.1

2.20

(1) During the fourth quarter of 2025, we announced the Americas Restructuring Plan designed to create a leaner, more agile Americas segment while advancing our ability to reinvest in the business and position us for future growth. The plan resulted in $5.1 million of employee-related charges recorded during the six months ended June 30, 2026. The cumulative restructuring charges recorded through June 30, 2026 related to the Americas Restructuring Plan were $33.8 million. These actions are substantially complete and any remaining future charges are expected to be immaterial.

  During the first quarter of 2026, we committed to various cost savings actions designed to optimize our supply chain within the Americas segment, which resulted in restructuring charges including accelerated depreciation in excess of normal depreciation charges of $10.1 million for the six months ended June 30, 2026. We anticipate additional charges related to these committed actions to be approximately $10 million to $15 million, with the majority of these charges to be recorded during the remainder of 2026 as well as in 2027.

  Also during the first quarter of 2026, we committed to various restructuring actions in the EMEA&APAC segment, including the closure of a small brewery in the U.K. by the end of 2026, alongside other operational changes designed to unlock efficiencies as well as modernize and simplify the EMEA&APAC segment to fund growth. During the six months ended June 30, 2026, we recorded employee-related charges of $15.3 million as well as accelerated depreciation in excess of normal depreciation charges of $5.0 million. We anticipate additional charges related to these committed actions to be approximately $3 million to $8 million, with the majority of these charges to be recorded during the remainder of 2026.

  (2) During the second quarter of 2026, we made the decision to exit a brand in our Americas segment and, as a result, recorded $8.1 million of accelerated amortization of the brand intangible.

  (3) During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and holds a minority interest. During the six months ended June 30, 2026, we recorded an unrealized loss of $2.9 million resulting from the change in the fair value of the investment.

  (In millions, except per share data) (Unaudited)

For the six months ended June 30, 2025

Cost of goods sold

Marketing, general and administrative expenses

Income (loss) before income taxes

Net income (loss) attributable to MCBC

Net income (loss) attributable to MCBC per diluted share

Reported (U.S. GAAP)

$

(3,372.1

)

$

(1,346.3

)

$

711.2

$

549.7

$

2.71

Non-GAAP adjustments (pre-tax)

Restructuring(1)

—

—

28.0

28.0

0.14

(Gains) and losses on disposals and other operating expense (income)

—

—

0.6

0.6

—

Unrealized mark-to-market (gains) losses

(25.7

)

—

(25.7

)

(25.7

)

(0.13

)

Other items(2)

—

(0.2

)

(51.5

)

(51.5

)

(0.25

)

Tax effect of non-GAAP adjustments and other discrete tax items

—

—

—

11.9

0.06

Redeemable noncontrolling interest adjustments

—

—

—

1.0

—

Underlying (Non-GAAP)

$

(3,397.8

)

$

(1,346.5

)

$

662.6

$

514.0

$

2.54

Reconciliation to Underlying (Non-GAAP) Income (Loss) Before Income Taxes by Segment

(In millions) (Unaudited)

For the three months ended June 30, 2026

Americas

EMEA&APAC

Unallocated

Consolidated

U.S. GAAP Income (loss) before income taxes

$

390.1

$

37.9

$

(144.9

)

$

283.1

Cost of goods sold(1)

—

—

91.0

91.0

Other non-GAAP adjustment items(2)

6.0

3.1

—

9.1

Total non-GAAP adjustment items

$

6.0

$

3.1

$

91.0

$

100.1

Underlying (Non-GAAP) income (loss) before income taxes

$

396.1

$

41.0

$

(53.9

)

$

383.2

(In millions) (Unaudited)

For the three months ended June 30, 2025

Americas

EMEA&APAC

Unallocated

Consolidated

U.S. GAAP Income (loss) before income taxes

$

538.2

$

64.8

$

(48.1

)

$

554.9

Cost of goods sold(1)

—

—

(7.0

)

(7.0

)

Marketing, general & administrative

(0.1

)

—

—

(0.1

)

Other non-GAAP adjustment items(2)

(23.9

)

7.6

—

(16.3

)

Total non-GAAP adjustment items

$

(24.0

)

$

7.6

$

(7.0

)

$

(23.4

)

Underlying (Non-GAAP) income (loss) before income taxes

$

514.2

$

72.4

$

(55.1

)

$

531.5

(In millions) (Unaudited)

For the six months ended June 30, 2026

Americas

EMEA&APAC

Unallocated

Consolidated

U.S. GAAP Income (loss) before income taxes

$

597.5

$

(13.8

)

$

(105.9

)

$

477.8

Cost of goods sold(1)

—

—

1.8

1.8

Other non-GAAP adjustment items(2)

29.4

$

22.1

$

—

51.5

Total non-GAAP adjustment items

$

29.4

$

22.1

$

1.8

$

53.3

Underlying (Non-GAAP) income (loss) before income taxes

$

626.9

$

8.3

$

(104.1

)

$

531.1

(In millions) (Unaudited)

For the six months ended June 30, 2025

Americas

EMEA&APAC

Unallocated

Consolidated

U.S. GAAP Income (loss) before income taxes

$

747.5

$

45.6

$

(81.9

)

$

711.2

Cost of goods sold(1)

—

—

(25.7

)

(25.7

)

Marketing, general & administrative

(0.2

)

—

—

(0.2

)

Other non-GAAP adjustment items(2)

(30.3

)

7.6

—

(22.7

)

Total non-GAAP adjustment items

$

(30.5

)

$

7.6

$

(25.7

)

$

(48.6

)

Underlying (Non-GAAP) income (loss) before income taxes

$

717.0

$

53.2

$

(107.6

)

$

662.6

Effective Tax Rate Reconciliation

(Unaudited)

For the three months ended

June 30, 2026

June 30, 2025

U.S. GAAP Effective Tax Rate

22 %

24 %

Tax effect of non-GAAP adjustment items and discrete tax items(1)

— %

(1) %

Underlying (Non-GAAP) Effective Tax Rate

22 %

23 %

Underlying (Non-GAAP) Depreciation and Amortization Reconciliation

(In millions) (Unaudited)

For the three months ended

For the six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

U.S. GAAP depreciation and amortization

$

192.0

$

170.1

$

377.7

$

350.4

Accelerated depreciation(1)

(6.0

)

—

(15.1

)

(17.9

)

Accelerated amortization(2)

(8.8

)

—

(8.8

)

—

Underlying (Non-GAAP) depreciation and amortization

$

177.2

$

170.1

$

353.8

$

332.5

(1) During the first quarter of 2026, we committed to various restructuring actions in the EMEA&APAC segment, including the closure of a small brewery in the U.K. by the end of 2026, alongside other operational changes designed to unlock efficiencies as well as modernize and simplify the EMEA&APAC segment to fund growth. During the three and six months ended June 30, 2026, we recorded accelerated depreciation in excess of normal depreciation charges of $2.5 million and $5.0 million, respectively, related to these actions.

  During the first quarter of 2026, we committed to various cost savings actions designed to optimize our supply chain within the Americas segment. During the three and six months ended June 30, 2026, we recorded accelerated depreciation in excess of normal depreciation charges of $3.5 million and $10.1 million, respectively, related to these actions.

  During the third quarter of 2024, we made the decision to wind down or sell certain U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation of $17.9 million for the six months ended June 30, 2025.

  (2) During the second quarter of 2026, we made the decision to exit a brand in our Americas segment and, as a result, recorded $8.1 million of accelerated amortization of the brand intangible.

  Underlying (Non-GAAP) Free Cash Flow

(In millions) (Unaudited)

For the six months ended

June 30, 2026

June 30, 2025

U.S. GAAP Net Cash Provided by (Used In) Operating Activities

$

820.4

$

627.6

Additions to property, plant and equipment, net(1)

(335.2

)

(400.6

)

Cash impact of non-GAAP adjustment items(2)

28.6

66.5

Underlying (Non-GAAP) Free Cash Flow

$

513.8

$

293.5

Net Debt (Non-GAAP) and Net Debt (Non-GAAP) to Underlying (Non-GAAP) EBITDA Ratio

(In millions except net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio) (Unaudited)

As of

June 30, 2026

June 30, 2025

U.S. GAAP Current portion of long-term debt and short-term borrowings

$

2,037.1

$

62.3

Add: Long-term debt

5,672.5

6,257.0

Less: Cash and cash equivalents

2,128.1

613.8

Net debt (Non-GAAP)

5,581.5

5,705.5

Q2 Underlying EBITDA

624.6

763.9

Q1 Underlying EBITDA

386.0

353.3

Q4 Underlying EBITDA

532.7

558.5

Q3 Underlying EBITDA

665.4

692.3

Underlying (Non-GAAP) EBITDA(1)

$

2,208.7

$

2,368.0

Net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio

2.53

2.41

Underlying (Non-GAAP) EBITDA Reconciliation

($ in millions) (Unaudited)

For the three months ended

June 30, 2026

June 30, 2025

U.S. GAAP Net income (loss)

$

221.6

$

424.3

Interest expense (income), net

60.5

58.5

Income tax expense (benefit)

61.5

130.6

Depreciation and amortization

192.0

170.1

Amortization of cloud computing arrangements

3.8

3.8

Non-GAAP adjustments to arrive at underlying (non-GAAP) EBITDA(1)

85.2

(23.4

)

Underlying (Non-GAAP) EBITDA

$

624.6

$

763.9