ZoomInfo ve 2. čtvrtletí zvýšila tržby na 310 milionů USD a upravený provozní zisk na 110 milionů USD, zároveň zvedla celoroční výhled po lepším než očekávaném výsledku.
3 High-Yield Banks for Investors to Buy on the DipZoomInfo Technologies NASDAQ: ZI reported second-quarter revenue of $310 million, up 1.2% from a year earlier, as the company emphasized profitability, free-cash-flow generation and product development aimed at embedding its data in AI-driven go-to-market workflows.
Founder and CEO Henry Schuck said the company exceeded the guidance it issued after the first quarter. Adjusted operating income rose 5% year over year to $110 million, producing a 35% margin, while unlevered free cash flow increased 7% to $107 million.
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New York Community Bank stock plummets amid real estate risks“We exceeded our guidance coming out of Q1 and are making good progress on our path forward,” Schuck said, citing the company’s enterprise-focused product strategy, profitability efforts and goal of returning to durable growth.
AI product expansion and pricing changes During the quarter, ZoomInfo launched GTM.AI, which Schuck described as a “headless GTM context layer” that provides API, MCP and other connectors for embedding ZoomInfo data and insights into agentic workflows. The company has integrated its tools with platforms including Codex, Cursor, Claude, Gemini, Amazon Q, Copilot, Vercel, Perplexity and Zapier, he said.
Banking and trucking: Is the economy rolling toward troubles?Schuck said customers increasingly want to use ZoomInfo’s data in both traditional seat-based software environments and in large language models, coding agents and internally developed applications. ZoomInfo plans to begin offering more flexible pricing and packaging later in the third quarter, allowing customers historically served through per-seat subscriptions to access data, applications and agents through pre-purchased consumption.
The company is testing migration approaches with selected customer groups and has not finalized the timing, pricing or packaging of the new model. Chief Financial Officer Graham O’Brien said the company’s third-quarter outlook assumes little impact from the rollout, as it expects to begin primarily with new business near the end of the quarter and migrate existing customers later in 2026 and into 2027.
In response to analyst questions, Schuck said the intended behavior behind the hybrid pricing model is “consumption.” He also said the company is seeing healthy consumption growth among customers using GTM.AI tools, though ZoomInfo is not incorporating upside from new products or GTM.AI growth into its financial outlook.
Upmarket growth offsets software weakness ZoomInfo said 76% of annual contract value, or ACV, now comes from upmarket customers. Upmarket ACV grew 3% from a year ago, though O’Brien said a substantial software customer base, especially in the lower half of the upmarket segment, remained a headwind.
The company’s ZoomInfo Operations business, which is primarily data-driven and not tied to seats, delivered 20% ACV growth year over year. ZoomInfo ended the quarter with 1,891 customers generating at least $100,000 in ACV, nine more than a year earlier but nine fewer than in the prior quarter. ACV from customers spending at least $1 million grew 16% year over year.
O’Brien said non-software verticals continued to show healthy growth and improved gross retention, while software remained challenged. Longer sales cycles that began in the first quarter continued to pressure upsells and net revenue retention. Downmarket ACV declined 12% year over year, and ZoomInfo is reducing downmarket sales resources while shifting more toward a product-led growth motion.
Net revenue retention was 89%, down from 90% in each of the prior three quarters. Gross retention remained relatively strong, supported by improvement outside the software sector, O’Brien said. Schuck added that retention improved year over year among the company’s largest enterprise customers, while smaller upmarket software customers continued to face pressure.
Schuck said ZoomInfo completed its largest ACV deal to date during the quarter, a multiyear renewal with a software customer that expanded both its data and seat deployment. The company also cited upmarket wins with Legora, Cohere, Bank of Montreal and Korn Ferry.
Restructuring, capital allocation and balance sheet The quarter included a $651 million non-cash goodwill impairment charge, primarily tied to a decline in ZoomInfo’s market capitalization after its first-quarter results. O’Brien said the charge did not affect cash, taxes payable, liquidity, debt covenants or non-GAAP results.
ZoomInfo also recorded a $35 million charge, primarily related to severance and employee benefits under the restructuring announced in May. Headcount declined by approximately 350 employees sequentially and was down 15% from a year earlier. O’Brien said headcount is expected to fall by several hundred additional employees as transition plans are completed later this year.
The company repurchased 6.3 million shares for $28 million during the quarter, at an average price of $4.51 each. It also retired $58.5 million in aggregate principal of senior notes for $48 million, recording an $11 million gain on debt extinguishment and expecting to reduce annual cash interest expense by $2.3 million.
ZoomInfo ended the quarter with $151 million of cash equivalents and investments, $1.27 billion of gross debt and a net leverage ratio of 2.3 times trailing-12-month adjusted EBITDA. O’Brien said the company was comfortable with its debt maturity profile and had sufficient liquidity and cash generation to manage its obligations.
Outlook raised after second-quarter outperformance For the third quarter, ZoomInfo expects revenue of $298 million to $301 million, adjusted operating income of $113 million to $115 million, and non-GAAP net income of $0.28 to $0.29 per share.
For full-year 2026, the company raised its outlook following second-quarter outperformance. ZoomInfo now expects:
GAAP revenue of $1.207 billion to $1.217 billion, representing a 3% year-over-year decline at the midpoint; Adjusted operating income of $446 million to $451 million, for a 37% margin at the midpoint; Non-GAAP net income of $1.12 to $1.13 per share; and Unlevered free cash flow of $403 million to $423 million. O’Brien said the higher outlook primarily reflects second-quarter outperformance while maintaining the company’s prior assumptions on downmarket pressure, software-sector weakness and uncertainty surrounding the rollout of new pricing and packaging.
About ZoomInfo Technologies (NASDAQ:ZI)ZoomInfo Technologies Inc is a cloud-based software company specializing in business-to-business (B2B) intelligence and go-to-market solutions. Its platform aggregates firmographic, demographic, technographic and intent data to help sales, marketing and recruiting professionals identify, engage and close on high-value prospects. Subscribers gain access to a proprietary database of company and contact information, enabling targeted outreach and data enrichment across various workflows.
Founded in 2007 and headquartered in Vancouver, Washington, ZoomInfo has expanded its capabilities through both internal development and strategic acquisitions.
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Nuclear energy is entering a new growth cycle as rising power demand, expanding data centers, and renewed policy support bring the sector back into focus. After strong gains in recent years, the most impactful phase of nuclear investment may still be ahead. This report highlights seven nuclear energy stocks positioned across the value chain—combining near-term revenue with long-term upside as next-generation technologies scale. Click the link below to unlock the full list.
Zakladatel jazyka Move Sam Blackshear odchází z Mysten Labs do Anthropic, ale zůstane poradcem ekosystému Sui. SUI se po oznámení obchodoval kolem 0,6848 USD a za posledních 24 hodin klesl o 1,02 %.
Move programming language creator and Mysten Labs co-founder Sam Blackshear has announced his departure from the company to join Anthropic, where he will focus on defensive security research. While stepping away from day-to-day operations, Blackshear confirmed he will continue supporting the Sui ecosystem as an advisor to Mysten Labs, Sui builders, and the planned Move Foundation.
Following the announcement, SUI traded around $0.6848, down 1.02% over the past 24 hours.
I am leaving Mysten Labs and joining Anthropic to work on defensive security research.
— Sam Blackshear (@b1ackd0g) August 5, 2026 Leadership Transition at Mysten LabsWith Blackshear leaving, Evan Web3 will take over the company’s technical leadership.
Evan said he will return to leading engineering and research teams directly, overseeing the full research-to-product cycle as both CEO and CTO. He described the next 12 months as a crucial period for Mysten Labs and said he plans to stay closely involved with product development.
With Sam's departure, I'm returning to my roots: leading technical teams and the research > engineering > product cycle. As CTO & CEO, I'll be close to the work, hands-on, in the trenches.
The next twelve months are pivotal. I'm energized. Let's go. https://t.co/Acd53A29IW
— evan.sui (@EvanWeb3) August 5, 2026 August Price Action Keeps SUI in FocusDespite the leadership change, some market watchers are paying closer attention to SUI’s on-chain activity than its price. Analyst Benji said stablecoin supply on the network jumped 30% this week, the biggest increase he has tracked in the past two months, while monthly net inflows reached $921,000, compared to a previous baseline of around $40,000.
🚨 For a month I said the same thing about $SUI: I don't trust any turn until stablecoin supply confirms. It kept failing. Every green week faded.
This week it didn't fade. It ripped.
Stablecoin supply +30% on the week the biggest jump in the entire stretch I've been tracking.… pic.twitter.com/iCvA0K9aVK
— Benji (@benjamin_woods) August 5, 2026 Even with stronger capital inflows, SUI continues to trade near $0.69, which he described as a gap between improving network activity and price performance. Benji says this is the first time in months that capital inflows have strengthened while price has remained largely unchanged. However, he added that total value locked (TVL), network fees, and a move above $0.72 are still needed before the trend becomes more convincing.
Another analyst, Kaleo, pointed out that the SUI/BTC pair is approaching the same support zone where it rebounded in August 2024, before delivering a 5x rally over the following four months.
While he did not make a price prediction, he said the current setup is worth monitoring if buyers continue defending that level.
Story Ends Here
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Big 3 Music Giant Warner: Streaming Boom Sends Shares HigherWarner Music Group NASDAQ: WMG reported fiscal third-quarter revenue growth and margin expansion, citing subscription price increases, streaming-market-share progress, cost reductions and strong cash-flow generation.
For the quarter ended June 30, total revenue rose 9%, or 11% on an adjusted constant-currency basis. Adjusted OIBDA increased 15%, producing 100 basis points of margin expansion. Operating cash flow increased 209%, lifting the company’s cash balance by roughly $100 million to $618 million.
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How to Invest in Music Stocks CEO Robert Kyncl said the company had met or exceeded its targets for five consecutive quarters. He reiterated Warner Music’s long-term objectives of high-single-digit consolidated revenue growth, double-digit Adjusted OIBDA and adjusted EPS growth, and operating cash flow conversion of 50% to 60%.
Streaming, physical and publishing results Recorded-music revenue increased 9%, led by 12% adjusted growth in subscription streaming revenue. Acting CFO Lou Dickler said subscriber growth contributed roughly 6% to 7% to subscription-streaming growth, while pricing added about 3.5 percentage points and market share accounted for about 1 percentage point.
The Market Is Suddenly All Ears on Warner Music GroupDickler said the pricing contribution reflects contractual per-subscriber minimum, or PSM, increases negotiated with digital service providers. Kyncl said the company now has PSM increases across 88% of subscription-streaming revenue, compared with none two years ago. Warner Music’s recently renewed agreement with Apple completed alignment with its major digital service partners on contractual pricing increases, according to Kyncl.
Ad-supported streaming revenue grew 10% on an adjusted basis. Dickler attributed the performance to a healthy advertising market, improved digital-service-provider economics and elevated spending related to the FIFA World Cup. He said the company expects ad-supported streaming growth to normalize to the mid-single digits in the fourth quarter, as World Cup-related spending does not recur.
Physical revenue increased 17%, supported by new releases as well as catalog and carryover sales. Artist services and expanded-rights revenue rose 15%, driven primarily by concert-promotion revenue in Japan and higher merchandising revenue. Licensing revenue declined 1%.
Music publishing revenue increased 11%, including 14% streaming growth. Sync revenue rose 7% and mechanical revenue increased 19%, while performance revenue declined 2%. Recorded music Adjusted OIBDA rose 16% to a 25.3% margin, up 150 basis points, while music publishing Adjusted OIBDA rose 14% to a 28.9% margin, up 70 basis points.
Management transition and cost initiatives Kyncl addressed the departure of former CFO Armin Zerza, who stepped down for personal reasons. He said Zerza helped sharpen the company’s focus on capital allocation, forecasting and investor communications, and that those practices are now institutionalized. Global Controller and Chief Accounting Officer Lou Dickler is serving as acting CFO while Warner Music conducts a search.
Tom Corson, previously co-chairman and chief operating officer of Warner Records, has been named chief operating officer of Warner Music Group.
Kyncl said the company’s performance reflects a multiyear strategy that included restructurings in fiscal 2023 and 2024 totaling $300 million, alongside reinvestment in technology and artists and repertoire. Dickler said Warner Music remains on track to realize $200 million in savings during fiscal 2026 and $300 million on an annualized basis in fiscal 2027 from its 2025 restructuring plan.
The company expects to deliver fiscal 2026 margin expansion at the high end of its previously stated 150- to 200-basis-point range. Dickler said Warner Music continues to target margins in the mid-20% range in the short term and the high-20% range over the longer term.
Catalog, distribution and capital allocation Kyncl said Warner Music’s year-to-date U.S. streaming share and U.S. new-release streaming share have increased. During the question-and-answer session, he said publicly disclosed U.S. data showed streaming share up 0.3 percentage points year to date and new-release streaming share up 0.8 percentage points, while noting that the company focuses primarily on global trends and longer-term performance.
The company is using proprietary artificial-intelligence tools across a catalog of more than 1 million songs to identify marketing opportunities, optimize music for streaming services and automate workflows. Kyncl cited Chris Rainbow’s 1979 recording “Be Like a Woman,” which grew from 50,000 streams during all of 2025 to more than 140 million streams so far this year after the company used those tools.
Warner Music also expanded its distribution operation through the acquisition of Revelator, a platform providing digital distribution, rights-management, royalty-accounting and analytics tools. The company recently entered distribution arrangements with GoDigital Music and Berlin-based AIM Music.
Kyncl said Warner Music’s joint venture with Bain Capital has deployed $650 million toward catalog acquisitions, out of $1.65 billion in capacity. He said the company is targeting roughly 20% returns on investments, including investments made through the Bain venture, and is focusing on high-margin catalogs with growth potential.
AI licensing and artist protections Management said artificial intelligence represents a prospective revenue source but emphasized the need for artist and songwriter protections. Warner Music has licensing partnerships with Suno, Stability AI, KLAY and Udio, and expects AI licensing agreements to begin contributing materially to subscription-streaming revenue in fiscal 2027.
Kyncl said Suno remains on schedule to transition to a licensed model later this year. He also said operationalizing artist permissions is a complex and labor-intensive process for AI products, rather than a reflection of whether artists support the products.
On protections, Kyncl said Warner Music has agreements with distributors to take down deepfakes and has expanded arrangements requiring fully generative AI content to be identified and excluded from pro-rata revenue pools. He cited Deezer’s public data showing that more than 90,000 AI-generated tracks are uploaded daily, but said their consumption represents approximately 1% to 3% of total listening and monetization is a fraction of that level.
As of June 30, Warner Music had total debt of $4.7 billion and net debt of $4.1 billion. Management said it expects continued growth from global subscriber additions, pricing, catalog, distribution and future AI licensing revenue.
About Warner Music Group (NASDAQ:WMG)Warner Music Group is a major global music company that operates across recorded music and music publishing. Its recorded-music business comprises a portfolio of well-known labels—including Atlantic, Warner Records and Parlophone—as well as distribution and artist-services operations that support both established and emerging artists. The company's publishing arm, Warner Chappell Music, manages songwriting catalogs and administers rights for compositions across multiple media, providing licensing for film, television, advertising and other commercial uses.
WMG's activities span the full music value chain: signing and developing artists, producing and marketing recordings, distributing music through physical channels and streaming platforms, and monetizing rights through licensing, synchronization and neighboring-rights collection.
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Blair Vernon - CEO, MD & Director
Jackie Cleary - Chief Financial Officer
Adrian Ryan - Acting Chief Financial Officer
Jason Bounassif - Group Treasurer & Investor Relations
Conference Call Participants
Simon Fitzgerald - Jefferies LLC, Research Division
Julian Braganza - Goldman Sachs Group, Inc., Research Division
Siddharth Parameswaran - JPMorgan Chase & Co, Research Division
Lafitani Sotiriou - MST Financial Services Pty Limited, Research Division
Freya Kong - BofA Securities, Research Division
Nigel Pittaway - Citigroup Inc., Research Division
Andrew Buncombe - Macquarie Research
Andrei Stadnik
Presentation
Operator
Good day, and thank you for standing by. Welcome to AMP Half Year 2026 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I'd now like to hand the conference over to your first speaker today, Blair Vernon, Chief Executive Officer of AMP. Please go ahead.
Blair Vernon
CEO, MD & Director
Thank you. Welcome to the first half 2026 results briefing for AMP, my first as CEO. I'm delighted to be joined today by our new CFO, Jackie Cleary.
I'd like to acknowledge the traditional custodians of the land upon which we meet today here at AMP in Sydney, that's the Gadigal People of the Eora Nation, and I'd like to pay my respects to elders past and present. I extend that respect to the traditional custodians of the lands on which all participants on this call are joining from today.
I'm going to kick things off with an overview of our first half 2026 results and also provide some brief context to our strategic focus and immediate priorities. Jackie will then discuss the results in more detail, including business unit performance, key metrics and also our revised FY '26 guidance. I will then conclude with a brief summary of our immediate priorities
Datadog, Inc. (NASDAQ:DDOG) will release its second quarter earnings report before the opening bell on Thursday, Aug. 6.
Analysts expect the New York-based company to report quarterly earnings of 58 cents per share, up from 46 cents per share in the year-ago period. The consensus estimate for Datadog’s quarterly revenue is $1.08 billion. It reported $826.76 million last year, according to Benzinga Pro.
On June 30, Datadog announced it has acquired Adaptive ML.
Shares of Datadog fell 1.7% to close at $283.17 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
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DoorDash, Inc. (DASH) Q2 2026 Earnings Call August 5, 2026 4:30 PM EDT
Company Participants
Weston Twigg - Vice President of Finance & Investor Relations
Tony Xu - Co-Founder, CEO & Chair
Ravi Inukonda - Chief Financial Officer
Conference Call Participants
Michael Morton - MoffettNathanson LLC
Mark Stephen Mahaney - Evercore ISI Institutional Equities, Research Division
Nikhil Devnani - Bernstein Institutional Services LLC, Research Division
Deepak Mathivanan - Cantor Fitzgerald & Co., Research Division
Dominic Ball - Rothschild & Co Redburn, Research Division
Jason Helfstein - Oppenheimer & Co. Inc., Research Division
Shweta Khajuria - Wolfe Research, LLC
Josh Beck - Raymond James & Associates, Inc., Research Division
Youssef Squali - Truist Securities, Inc., Research Division
Ross Sandler - Barclays Bank PLC, Research Division
Brian Nowak - Morgan Stanley, Research Division
Ronald Josey - Citigroup Inc., Research Division
Justin Post - BofA Securities, Research Division
Douglas Anmuth - JPMorgan Chase & Co, Research Division
Thomas Champion - Piper Sandler & Co., Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the DoorDash Q2 2026 Earnings Call. [Operator Instructions]
I will now hand the call over to Weston Twigg. Please go ahead.
Weston Twigg
Vice President of Finance & Investor Relations
Thanks, Connor. Good afternoon, everyone, and thanks for joining us for our Q2 2026 Earnings Call. I'm pleased to be joined today by Co-Founder, Chair and CEO Tony Xu; and CFO, Ravi Inukonda. We'll be making forward-looking statements during today's call, including without limitation, our expectations for our business, financial position, operating performance, profitability, our guidance, strategies, capital allocation approach, and broader economic environment. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described.
Many of these uncertainties are described in our SEC filings, including our most recent Form 10-K and 10-Q. You should not rely on forward-looking statements as predictions of
Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid Purchase Licensing Rights, opens new tab
CompaniesAug 6 (Reuters) - Swedish healthcare provider Medicover (MCOVb.ST), opens new tab agreed on Thursday to sell its India hospital business to funds managed by global investment firm KKR (KKR.N), opens new tab for €1.2 billion ($1.39 billion).
Medicover said the deal would help it focus strategically and operationally on Poland, Germany and Romania.
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The divestment will bring Medicover gross cash proceeds of €740 million
Medicover's financial targets remain unchanged until after completion of the transaction, the company said
It expects to complete the divestment in the fourth quarter of 2026
Medicover’s ownership in Medicover Hospitals India (MHI) amounts to 66.1%, while minority shareholders hold 33.9%
MHI generated annual revenue of €220.5 million on a last-twelve-months basis as of June 30, 2026
In the second quarter, India made up 10% of Medicover's revenue, according to its quarterly report
($1 = 0.8663 euros)
Reporting by Vera Dvorakova in Gdansk; Editing by Izabela Niemiec
Our Standards: The Thomson Reuters Trust Principles., opens new tab
, /PRNewswire/ -- Manulife's Board of Directors today announced a quarterly common shareholders' dividend of $0.485 per share on the common shares of Manulife, payable on and after September 21, 2026, to shareholders of record at the close of business on August 21, 2026.
In respect of the Company's Canadian Dividend Reinvestment and Share Purchase Plan and its U.S. Dividend Reinvestment and Share Purchase Plan, the Company will purchase common shares on the open market in connection with the reinvestment of dividends and optional cash purchases under these plans. The purchase price of these common shares will be based on the average of the actual cost to purchase them and there are no applicable discounts.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' in Hong Kong stock exchange. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
Media Contact
Fiona McLean
Manulife
437-441-7491
[email protected]
, /PRNewswire/ -- Manulife's Board of Directors today announced quarterly shareholders' dividends on the following non-cumulative preferred shares of Manulife Financial Corporation, payable on or after September 19, 2026 to shareholders of record at the close of business on August 21, 2026:
Class A Shares Series 2 - $0.29063 per share Class A Shares Series 3 - $0.28125 per share Class 1 Shares Series 3 - $0.29000 per share Class 1 Shares Series 9 - $0.373625 per share Class 1 Shares Series 11 - $0.384938 per share Class 1 Shares Series 13 - $0.396875 per share Class 1 Shares Series 15 - $0.360938 per share Class 1 Shares Series 17 - $0.346375 per share Class 1 Shares Series 19 - $0.323063 per share Class 1 Shares Series 25 - $0.371375 per share About Manulife
Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' in Hong Kong stock exchange. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
Media Contact:
Fiona McLean
Manulife
437-441-7491
[email protected]
Uber podle CTO Praveena Neppalli Naga končí s érou „tokenmaxxingu“, protože náklady na AI klesají rychleji než její využití. Počet uživatelů nástrojů frontier AI se od začátku roku zčtyřnásobil.
Uber's CTO said the company's tokenmaxxing era is coming to an end. Big Event Media/Getty Images for HumanX Conference Uber is shutting the door on its infamous tokenmaxxing era.
In a Wednesday X post, Uber CTO Praveen Neppalli Naga said the company is seeing some "very interesting trends on AI costs," and that this was "another signal that we're coming to the end of the so-called 'tokenmaxxing' era."
Tokenmaxxing is an enterprise AI trend that emerged in the first half of 2026, in which companies urge their employees to adopt AI as much as possible in their workflows. Some companies made AI usage a performance metric that staff would be evaluated on.
Naga said that since the beginning of the year, the number of people at Uber using frontier AI tools has quadrupled, but this has coincided with a decline in per-AI-token costs.
The company managed to lower costs by improving its prompt caching process, using better default models, giving engineers better visibility into their AI usage, and experimenting with open-weight models, Naga wrote in his post.
"The next phase, whatever we call it, will not be characterized by who spends the most tokens, but about how people use them as efficiently as possible," he added.
Uber's finance chief, Balaji Krishnamurthy, shared similar updates during the company's second-quarter earnings call on Wednesday.
"On AI, we are very early, but what we are seeing is that we are able to cost-efficiently deliver some productivity lifts with developers," he said.
"And for the measurement that we are looking at right now, we are seeing doubling in the code output for engineers," Krishnamurthy added.
Uber made headlines earlier this year for igniting the tokenmaxxing trend, with Naga saying in April that the company had already blown through its 2026 budget for Anthropic's Claude Code. He said in a March LinkedIn post that 1,800 code changes weekly were entirely written by its internal coding agent.
But in May, Uber COO Andrew Macdonald said in an interview that it was getting harder to justify the trade-offs of AI investments in the company. He said he wasn't seeing proportional productivity gains from the increased AI costs.
This is not only an Uber problem; the rest of the tech industry has been grappling with how to get better returns on investment from their highly inflated AI spending. Some, like Coinbase, have said they're experimenting with model switching, which involves assigning the most challenging tasks to frontier models and offloading easier, repetitive tasks to cheaper ones.
The problem of enterprise AI spending has also driven a new wave of businesses geared toward helping companies reduce their costs. Some are consultancies that give executives advice on how to allocate their AI budgets; others are building products like inference infrastructure to help companies scale their AI products cost-effectively.
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Bill Ackman v prvním čtvrtletí koupil 5,7 milionu akcií Microsoftu za 2,1 miliardy USD. Akcie Microsoftu po zveřejnění výsledků za čtvrté fiskální čtvrtletí vzrostly z 390 USD na 488 USD, tedy o 25 %.
Billionaire hedge fund manager Bill Ackman, founder of Pershing Square Capital Management, made a big bet earlier this year on "Magnificent Seven" stock Microsoft (MSFT -1.09%).
In the first-quarter 13F filing, released in May, Pershing Square revealed it bought 5.7 million shares of Microsoft stock at a value of $2.1 billion. The tech giant immediately became Ackman's fourth-largest holding, making up 15.2% of the portfolio.
The purchase came when Microsoft stock was trading at a price-to-earnings (P/E) ratio of 21, the lowest it had been since 2017 and some 32% below Microsoft's average P/E ratio of 31.
At that valuation, getting a powerhouse stock like Microsoft was a no-brainer.
Pershing Square Capital Management founder Bill Ackman. Image source: Getty Images.
In mid-2017, Microsoft was trading at about $75 per share. Over the next four years, the stock price surged some 300% to over $300 per share by October 2021.
The value was not lost on Ackman.
"In our 13F which we will file later today, we will disclose a new position in Microsoft, a company we have followed for many years now offered at a highly compelling valuation," Ackman wrote in an X post on May 15. "Microsoft operates two of the most valuable franchises in enterprise technology, which account for approximately 70% of the company's overall profits: M365 and Azure."
Microsoft stock goes parabolic Since Microsoft reported earnings on July 29, its stock has gone parabolic, as I predicted a few weeks ago. In the past few days, Microsoft stock has gone from $390 per share on July 29 to $488 per share on Aug. 5 -- a 25% jump.
As of the end of June, Microsoft stock had been down about 23% year to date, trading at around $373 per share. The reason the stock was down was mainly due to concerns about too much spending on AI, the potential for AI disruption, and slightly slowing cloud growth, among other factors. In addition, some investors were worried about Microsoft's exclusive partnership with OpenAI, given concerns about OpenAI's profitability.
But those concerns were soon alleviated as Microsoft showed cloud growth in the March-ended quarter and reworked its deal with OpenAI so that it was no longer exclusive. Based on management's projections for accelerating cloud growth in the second half of the year, it seemed that the AI spending was starting to pay off.
Today's Change
(
-1.09
%) $
-5.35
Current Price
$
487.46
These trends continued when the fiscal Q4 earnings were released on July 29. Revenue rose 18% and earnings climbed 32% in the period ended June 30, crushing estimates. Further, Azure cloud revenue blasted past estimates, rising 43%, compared to 40% the previous quarter.
For the current quarter, its fiscal Q1, Microsoft sees 45% growth in its Azure cloud business, showing that the spending on AI infrastructure is providing capacity for growth.
Even after the big jump, Microsoft has more room to run. It's still trading below its average at around 25 times earnings, so it remains a great call by Ackman and a good buy.
Nvidia za 12 měsíců zvýšila výnosy o 71 % na 253 miliard USD a zisk více než zdvojnásobila. Akcie se přesto obchodují asi za 21násobek forwardového zisku na akcii.
Over the past 12 months, Nvidia (NVDA +3.44%) grew revenue 71% to $253 billion and more than doubled its net income, to about $160 billion. The stock, meanwhile, trades at about 21 times forward earnings (the profits the company is expected to produce over the next year) as of this writing.
That's the kind of price tag the market usually puts on a mature business with ordinary prospects -- not on the largest company in the stock market, worth about $5.1 trillion, while its revenue climbs 71% a year. A price like this says the market expects the extraordinary part of Nvidia's growth to end, and to end fairly soon.
I think that bet overshoots. Here's a closer look at why.
Image source: The Motley Fool.
Growth is moving the wrong way for the skeptics In the quarter Nvidia reported a year ago, revenue grew 56% year over year. In the fiscal first quarter of 2027 (the period ended April 26), revenue grew 85% year over year to $81.6 billion. For perspective, that's more revenue in one quarter than Nvidia generated in its entire fiscal 2024. And management's guidance calls for revenue of about $91 billion in the fiscal second quarter, nearly double the $46.7 billion the company generated in the same period a year earlier.
Guidance is a forecast, not a result, and forecasts can miss. But it's management's most concrete signal about demand, and it points up.
In other words, growth isn't decelerating toward that mature-company price tag. It has been accelerating away from it.
The engine of all this is the data center business, which supplies the chips and networking gear behind artificial intelligence (AI) computing. Its revenue rose 92% year over year to $75.2 billion in the fiscal first quarter.
Profitability kept pace, too. Nvidia's gross margin came in near 75%, and non-GAAP (adjusted) earnings per share rose 140% year over year to $1.87.
Alongside the results, Nvidia raised its quarterly dividend from a penny per share to $0.25 and announced an $80 billion buyback authorization. That's a small dividend, but it says a lot about how much cash the business now generates.
"The buildout of AI factories -- the largest infrastructure expansion in human history -- is accelerating at extraordinary speed," CEO Jensen Huang said in the company's fiscal first-quarter earnings release.
Management's tone could prove too optimistic, of course. But the numbers, so far, keep agreeing with it.
Today's Change
(
3.44
%) $
7.28
Current Price
$
219.22
Priced as if the surge is already over Now look at the price. Shares trade around $210 as of this writing, below the $236.54 they reached within the past year, even as the results kept strengthening. At about 21 times forward earnings, the market expects Nvidia to earn about $10 per share over the next year -- up more than 50% from the $6.53 it earned over the trailing 12 months. So even the skeptical price concedes next year.
The skepticism is aimed at everything after that. When the market pays 21 times forward earnings for an average large company, it's paying for modest, dependable growth. Applied to Nvidia, the same price treats the years beyond the next one as ordinary, as if growth flattens out quickly once the current wave of AI spending passes.
Maybe it does. Semiconductors have always been cyclical, and some of Nvidia's biggest customers are designing chips of their own. If AI spending pauses, a stock valued on next year's earnings could still get hit hard.
Investors should take that possibility seriously. After all, it's the strongest argument for caution here, and it's probably the reason the shares don't command a premium price despite premium growth.
But there's a difference between growth slowing and growth stopping, and today's valuation sits closer to the second. Nvidia's own guidance implies the quarter it reports next nearly doubled year over year. And if growth a few years out lands anywhere near respectable (say, 20% or 30% instead of zero), then today's buyer paid an ordinary price for what could be an extraordinary stretch of compounding.
I think the market has the direction right and the timing wrong. Growth this fast will cool eventually -- it always does. But a price built for a company whose growth is cooling now doesn't match the evidence, which keeps pointing the other way. I like the stock here. I'd just keep the position sized for the swings that come with a cyclical business.
Jamie Dimon uvedl, že miliardy investované do AI infrastruktury se podle něj nakonec vrátí. Zároveň řekl, že tento výdaj podporuje americkou ekonomiku.
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Jamie Dimon said companies are mindful of their token and data center spending. SAUL LOEB / AFP via Getty Images Jamie Dimon is optimistic that the country's AI spending will pay off.
The JPMorgan CEO told CNBC's Leslie Picker in a video interview that aired on Wednesday that he believes the billions pouring into AI infrastructure will ultimately prove worthwhile.
"In my own view, and I may be wrong, it'll ultimately play out and pay out," Dimon said. "These people are doing real calculations about what's needed. They see what it costs to do the frontier models. They see what it costs to do inferencing. The need is going up dramatically."
He said that AI spending is also driving the American economy, "because the increase alone is 1% of GDP, and next year it's going to be another 1% of GDP increase."
"You've got to get steel and cement and all these things to build the data centers," he added.
When asked about whether a cooling AI market would be a threat to the nation's economy, Dimon said that while there are "a lot of things to worry about," this specific scenario is "not high on the list."
JPMorgan has poured significant capital into tech and AI projects this year, with Dimon saying on a January earnings call that he didn't want the bank to fall behind other Wall Street rivals and fintech companies.
"We are going to stay out front, so help us God," he said in response to a question about the bank's spending from Wells Fargo analyst Mike Mayo.
The bank then announced in February that it was planning to boost its technology budget to $19.8 billion this year, which included investments in some AI projects.
Since then, the company has pushed its engineers to use AI more, tracking their usage on internal dashboards. Business Insider saw screenshots of some of these tracking systems and spoke to current and former developers, most of whom were worried about being labeled as underperformers if their AI use didn't increase.
During a second-quarter earnings call in July, Dimon said that AI has led to as much as a 40% reduction in jobs in some areas of the firm, but that it wouldn't suddenly shrink its operational budget.
But that's not to say he hasn't been skeptical about high AI spending, particularly in recent months, as the tokenmaxxing trend has been on the decline. In July, the executive said during a CNBC appearance that companies need to be rational about AI spending, "like any other resource we use."
The company's AI leadership is also undergoing a reset following the July announcement by its AI chief, Teresa Heitsenrether, that she would retire after four decades at the bank.
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Beyond Meat, Inc. (BYND) Q2 2026 Earnings Call August 5, 2026 5:00 PM EDT
Company Participants
Paul Sheppard - Vice President of Financial Planning & Analysis and Investor Relations
Ethan Brown - Founder, President, CEO & Director
Lubi Kutua - CFO & Treasurer
Conference Call Participants
Benjamin Theurer - Barclays Bank PLC, Research Division
Thomas Palmer - JPMorgan Chase & Co, Research Division
Presentation
Operator
Good day, everyone. Once again, thank you for your patience, and we would like to welcome everyone to Beyond Meat's Second Quarter 2026 Conference Call. [Operator Instructions] Please also note today's event is being recorded.
It is now my pleasure to turn the conference call over to Paul Sheppard, Vice President of FP&A and Investor Relations. Please go ahead.
Paul Sheppard
Vice President of Financial Planning & Analysis and Investor Relations
Thank you. Hello, everyone, and thank you for participating in today's call. Joining me are Ethan Brown, Founder, President, and Chief Executive Officer; and Lubi Kutua, Chief Financial Officer and Treasurer.
By now, everyone should have access to our second quarter 2026 earnings press release filed today after market close. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.
Before we begin, please note that during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Forward-looking statements in our earnings release, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. We refer you to today's press release, our quarterly report on Form 10-Q for the quarter ended June 27, 2026, to be filed with the SEC, our annual
Applied Materials před zveřejněním výsledků 13. srpna čeká na potvrzení silného růstu: vedení zvýšilo výhled růstu v oblasti polovodičových zařízení pro rok 2026 na více než 30 %. Analytici zároveň očekávají tržby 8,95 miliardy USD a non-GAAP EPS 3,36 USD.
At $534.24, Applied Materials (NASDAQ:AMAT | AMAT Price Prediction) sits at a decision point heading into the August 13 earnings report. The stock has staged one of the sharpest recoveries in large-cap semis this year, and the earnings report will decide whether the next leg is toward $600 or back into the low $400s.
Applied Materials is the largest wafer fab equipment vendor by revenue, selling deposition, etch, and inspection tools to TSMC, Samsung, SK hynix, Micron and Intel. It has ridden the Gate-All-Around transition and the HBM buildout hard: shares are up 108.4% year to date and 200.44% over the past year. After peaking near $739.67, a July drawdown pulled the stock back before a 22.41% one-week rebound heading into the report.
Why the Setup Looks Explosive Management raised its calendar 2026 semi equipment growth outlook to more than 30%, and Q3 guidance calls for revenue of $8.95 billion and non-GAAP EPS of $3.36, up nearly 36% year over year. Q2 already delivered $7.91 billion in revenue and $2.86 EPS, a 6.56% beat.
CEO Gary Dickerson expects packaging revenues to grow more than 50% in calendar 2026, with leading-edge foundry logic, DRAM and advanced packaging driving more than 80% of WFE growth. Morningstar raised its fair value to $520 and flagged global WFE spending above $150 billion in 2026. Polymarket puts the odds of another beat at 92.5%.
Why the Rally Could Snap Applied trades at 32 times forward earnings and 51 times trailing, rich for a cyclical toolmaker. Free cash flow collapsed 80.21% year over year to $210 million on working capital build, and operating cash flow fell 46.21%.
China still contributes 27% of revenue after a $253 million BIS settlement, and history shows Applied often sells off on earnings day. The average day-of reaction across the last five beats is -2.18%, including a -14.07% drop after Q3 2025. KLA beat last week and still dipped, a warning that the bar is high.
Why Patience Wins Buy conviction requires the October-quarter guide to hold above $8.95 billion with commentary confirming 2027 strength; Sell conviction requires softness on China licenses or a walk-back on the 30% growth outlook. Both answers arrive only with Wednesday’s report.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Applied Materials didn't make the cut. Grab the names FREE today.
Q2 gross margin at 50%, Semi Systems operating margin at 35.1%, and a 15% dividend hike make it hard to sell here. But the 108.4% YTD move makes it hard to chase.
What the Numbers Say Applied Materials trades at $534.24 against an analyst average target of $629.09, implying roughly 18% upside if consensus is right, though targets are one data point rather than a promise. Of 39 analysts, 32 rate it Buy or Strong Buy, 7 Hold, and none Sell.
YTD, AMAT is up 108.4%, dwarfing the S&P 500’s low-single-digit gain implied by SPY’s move to $769.79. The 200-day moving average sits at $374.97, showing how much technical distance the stock has traveled.
The Verdict: Hold Through the Earnings Report At $534.24, Applied Materials is a Hold. A clean beat plus October-quarter guidance confirming the 2027 record year commentary from CFO Brice Hill would validate the analyst target and open a path back toward $600. Any hedge on China license timing, HBM order pacing, or 2027 buildouts pushes shares back into the range-bound zone described earlier.
The cost of waiting one week is small; the cost of buying at a 32 forward multiple into a report where the crowd already prices in a 92.5% beat probability is asymmetric to the downside. Investors should watch the October revenue guide, packaging commentary, and China licensing color. When a stock has doubled YTD and history shows a -2.18% average earnings-day move, patience through one report is the cheapest option available.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Applied Materials didn't make the cut. Grab the names FREE today.
MIDLAND, Texas--(BUSINESS WIRE)--Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) today announced that its Board of Directors declared a quarterly base cash dividend of $0.16 per share of Class A common stock, or $0.64 per share on an annualized basis. The base dividend is payable on September 30, 2026 to shareholders of record as of September 16, 2026.
About Permian Resources
Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on driving peer-leading returns through the acquisition, optimization and development of high-return oil and natural gas properties. The Company’s assets are located in the Permian Basin, with a concentration in the core of the Delaware Basin. Through its position of approximately 535,000 net acres in West Texas and Southeast New Mexico, Permian Resources is the second largest Permian Basin pure-play E&P. For more information, please visit www.permianres.com.
Intercontinental Exchange v červenci 2026 vykázala meziroční růst celkového průměrného denního objemu o 25 % a otevřeného zájmu o 18 %. Silný růst hlásila i energie, finanční kontrakty a akciové indexy.
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, today reported July 2026 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
July highlights include:
Total average daily volume (ADV) up 25% y/y; open interest (OI) up 18% y/y Total Energy ADV up 13% y/y; OI up 6% y/y Total Oil ADV up 16% y/y Brent ADV up 40% y/y Gasoil ADV up 10% y/y Other Crude & Refined products ADV up 10% y/y Total Natural Gas ADV up 9% y/y; OI up 9% y/y North American Gas OI up 8% y/y TTF gas ADV up 36% y/y; OI up 16% y/y Asia gas ADV up 73% y/y; OI up 40% y/y, including record OI of 272k lots on July 14 Total Environmentals ADV up 18% y/y Total Agriculture & Metals ADV up 38% y/y; OI up 42% y/y Sugar ADV up 11% y/y; OI up 27% y/y Cocoa ADV up 65% y/y; OI up 71% y/y Coffee ADV up 58% y/y; OI up 18% y/y Cotton ADV up 71% y/y; OI up 88% y/y Total Financials ADV up 39% y/y; OI up 38% y/y Total Interest Rates ADV up 40% y/y; OI up 43% y/y Euribor ADV up 25% y/y; OI up 26% y/y SONIA ADV up 66% y/y; OI up 66% y/y Gilts ADV up 7% y/y; OI up 18% y/y Total Equity Indices ADV up 30% MSCI ADV up 45% y/y NYSE Equity Options ADV up 26% y/y About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Motorola Solutions ve 2. čtvrtletí zvýšila tržby o 13 % na 3,133 mld. USD a upravený EPS o 24 % na 4,41 USD. Zároveň zvýšila celoroční výhled tržeb na 12,975 mld. USD.
CHICAGO--(BUSINESS WIRE)--Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the second quarter of 2026.
“Q2 was exceptional across the board,” said Greg Brown, chairman and CEO, Motorola Solutions. “This performance, along with record Q2 orders, is driving very strong momentum into the second half of this year.”
KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)
Q2 2026
Q2 2025
% Change
Sales
$3,133
$2,765
13 %
GAAP
Operating Earnings2
$809
$692
17 %
% of Sales2
25.8 %
25.0 %
EPS2
$3.33
$3.04
10 %
Non-GAAP1
Operating Earnings2
$1,032
$818
26 %
% of Sales2
32.9 %
29.6 %
EPS2
$4.41
$3.57
24 %
Products and Systems Integration Segment
Sales
$1,908
$1,653
15 %
GAAP Operating Earnings2
$453
$363
25 %
% of Sales2
23.7 %
22.0 %
Non-GAAP1 Operating Earnings2
$599
$442
36 %
% of Sales
31.4 %
26.7 %
Software and Services Segment
Sales
$1,225
$1,112
10 %
GAAP Operating Earnings
$356
$329
8 %
% of Sales
29.1 %
29.6 %
Non-GAAP1 Operating Earnings
$433
$376
15 %
% of Sales
35.3 %
33.8 %
OTHER SELECTED FINANCIAL RESULTS
Revenue - Sales were $3.1 billion, up 13% from the year-ago quarter driven by growth in North America and International. Revenue from acquisitions was $243 million and foreign currency tailwinds were $35 million in the quarter. The Products and Systems Integration segment grew 15% driven by growth in Mission Critical Networks ("MCN") and Video Security and Access Control ("Video"). The Software and Services segment grew 10% driven by growth in MCN, Command Center and Video. Operating margin - GAAP operating margin was 25.8% of sales, up from 25.0% in the year-ago quarter and Non-GAAP operating margin was 32.9% of sales, up 330 basis points from 29.6% a year ago. The increase in both GAAP and non-GAAP operating margin was driven by higher sales and improved operating leverage, inclusive of higher direct material costs and a $60 million benefit, or 190 bps, from IEEPA refunds recorded during the quarter. Taxes - The GAAP effective tax rate during the quarter was 24.8%, versus 24.3% in the year-ago quarter and the non-GAAP effective tax rate was 22.6%, versus 23.5% in the year-ago quarter. The decrease in the non-GAAP effective tax rate was primarily driven by a higher deduction for income generated from export sales recognized in the current quarter. Cash flow - Operating cash flow was $469 million, compared to $272 million in the year-ago quarter, and free cash flow was $414 million, compared to $224 million in the year-ago quarter. Both the operating cash flow and free cash flow for the quarter increased primarily due to higher earnings, net of non-cash charges and lower tax payments, partially offset by higher investments in inventory. Capital allocation - During the quarter, the company repurchased $326 million of common stock at an average price of $413.53 per share, paid $201 million in cash dividends and invested $55 million in capital expenditures. The company also entered into a definitive agreement to acquire D-Fend Solutions ("D-Fend"), an industry leader in counter-drone technology, for $1.5 billion. Backlog - The company ended the quarter with record Q2 backlog of $15.6 billion, up 11% or $1.5 billion from the year-ago quarter driven by record Q2 orders. Products and Systems Integration segment backlog was up $329 million, or 10%, driven primarily by strong demand in MCN and Video. Software and Services segment backlog was up $1.2 billion, or 11%, driven by strong demand across all three technologies. NOTABLE WINS AND ACHIEVEMENTS
Products and Systems Integration
$52 million P25 systems order for a U.S. federal customer $36 million P25 device and SVX order for a U.S. federal customer $34 million P25 system upgrade for a U.S. state and local customer $22 million P25 system upgrade for St. Louis County, MO $20 million P25 device order for Atlanta, GA $17 million P25 device order for Miami-Dade Corrections, FL Software and Services
$25 million mobile video order for the Florida Highway Patrol $24 million mobile video order for Kansas City Police Dept, MO $24 million P25 services order for a North American energy company $20 million Command Center order for the State of Montana Dept of Justice $16 million P25 services order for Fulton County, GA $14 million Command Center order for Hillsborough County, FL BUSINESS OUTLOOK
Third quarter 2026 - The company expects revenue growth of approximately 8% compared to the third quarter of 2025 and non-GAAP EPS between $4.39 and $4.44 per share. This assumes approximately 168 million of fully diluted shares and a non-GAAP effective tax rate of approximately 23%. Full-year 2026 - The company now expects revenue of approximately $12.975 billion, up from its prior guidance of $12.8 billion and non-GAAP EPS between $17.62 and $17.72 per share, up from the prior guidance of between $16.87 and $16.99 per share. This outlook assumes approximately 168 million of fully diluted shares and a non-GAAP effective tax rate between 22% and 22.5%. The company has not quantitatively reconciled its guidance for forward-looking non-GAAP measurements in this news release to their most comparable GAAP measurements because the company does not provide specific guidance for the various reconciling items as certain items that impact these measurements have not occurred, are out of the company’s control, or cannot be reasonably predicted. Accordingly, a reconciliation to the most comparable GAAP financial measurement is not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company’s results.
RECENT EVENTS
MACROECONOMIC ENVIRONMENT UPDATE
The global trade landscape continues to shift rapidly, including evolving tariffs and import/export regulations, such as restrictions around rare earth minerals, trade barriers and trade disputes.
On February 20, 2026, a U.S. Supreme Court ruling invalidated tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). On April 20, 2026, the U.S. Customs and Border Protection launched a system to process IEEPA tariff refund claims. Following the implementation of this system, the company determined that the recovery of a portion of these refunds is now probable. Accordingly, during the quarter ended July 4, 2026, the company recognized a favorable adjustment of $60 million recorded within Cost of sales in its Condensed Consolidated Statements of Operations.
In addition, the company is experiencing higher costs for memory in its products which is a result of substantial demand in the market driven by AI. As a result, the company continues to observe elevated volatility and uncertainty around the global supply chain. The company engages with global suppliers across a diverse network of locations around the world. The company is actively managing its inventory and continues to work with its global supply base to mitigate its exposure to elevated volatility and uncertainty from these rising memory costs, as well as global tariffs and import/export regulations that have developed, and which may continue to develop, to ensure supply continues at levels necessary to meet its current customer demand. The company expects inventory levels to remain elevated as it mitigates this dynamic supply chain environment. The current environment has led to increased costs on materials and components, for which the company continues to develop mitigation actions going forward.
CONFERENCE CALL AND WEBCAST Motorola Solutions will host its quarterly conference call beginning at 4 p.m. U.S. Central Time (5 p.m. U.S. Eastern Time) on Wednesday, August 5. The conference call will be webcast live at www.motorolasolutions.com/investors. An archive of the webcast will be available for a limited period of time thereafter.
CONSOLIDATED GAAP RESULTS (presented in millions, except per share data)
A comparison of results from operations is as follows:
Q2 2026
Q2 2025
Net sales
$3,133
$2,765
Gross margin
$1,678
$1,413
Operating earnings
$809
$692
Amounts attributable to Motorola Solutions, Inc. common stockholders
Net earnings
$557
$513
Diluted EPS
$3.33
$3.04
Weighted average diluted common shares outstanding
167.2
168.8
USE OF NON-GAAP FINANCIAL INFORMATION
In addition to the results presented in accordance with accounting principles generally accepted in the U.S. ("GAAP") included in this news release, Motorola Solutions also has included non-GAAP measurements of results, including free cash flow, non-GAAP operating earnings, non-GAAP EPS, non-GAAP operating margin, non-GAAP net earnings attributable to MSI, non-GAAP tax rate, and organic revenue. The company has provided these non-GAAP measurements to help investors better understand its core operating performance, enhance comparisons of core operating performance from period-to-period and allow better comparisons of its operating performance to that of its competitors. Among other things, management uses these operating results, excluding the identified items, to evaluate the performance of its businesses and to evaluate results relative to certain incentive compensation targets. Management uses operating results excluding these items because it believes these measurements enable it to make better period-to-period evaluations of the financial performance of its core business operations. The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and the company compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements. As a result, investors should consider these non-GAAP measurements in addition to, and not in substitution for or as superior to, GAAP measurements.
Reconciliations: Details and reconciliations of such non-GAAP measurements to the corresponding GAAP measurements can be found at the end of this news release.
Free cash flow: Free cash flow represents net cash provided by operating activities less capital expenditures. The company believes that free cash flow is useful to investors as the basis for comparing its performance and coverage ratios with other companies in the company's industries, although the company's measure of free cash flow may not be directly comparable to similar measures used by other companies. This measure is also used as a component of incentive compensation.
Organic Revenue: Organic revenue reflects net sales calculated under GAAP excluding net sales from acquired business owned for less than four full quarters. The company believes organic revenue provides useful information for evaluating the periodic growth of the business on a consistent basis and provides for a meaningful period-to-period comparison and analysis of trends in the business.
Non-GAAP operating earnings, non-GAAP EPS, non-GAAP operating margin and non-GAAP net earnings attributable to MSI each excludes highlighted items, including share-based compensation expenses and intangible assets amortization expense, as follows:
Highlighted items: The company has excluded the effects of highlighted items including, but not limited to, acquisition-related transaction fees, tangible and intangible asset impairments, reorganization of business charges, certain non-cash pension adjustments, legal settlements and other contingencies, gains and losses on investments and businesses, Hytera-related legal expenses, gains and losses on the extinguishment of debt, adjustments to contingent earnout, and the income tax effects of significant tax matters, from its non-GAAP operating expenses and net income measurements because the company believes that these historical items do not reflect expected future operating earnings or expenses and do not contribute to a meaningful evaluation of the company's current operating performance or comparisons to the company's past operating performance. For the purposes of management's internal analysis over operating performance, the company uses financial statements that exclude highlighted items, as these charges do not contribute to a meaningful evaluation of the company's current operating performance or comparisons to the company's past operating performance.
Hytera-Related Legal Expenses: In 2017, the company filed a complaint against Hytera Communications Corporation Limited of Shenzhen, China; Hytera America, Inc.; and Hytera Communications America (West), Inc. (collectively, "Hytera"), in the U.S. District Court for the Northern District of Illinois (the "District Court"), alleging trade secret theft and copyright infringement, and seeking injunctive relief. In 2020, a jury decided in the company's favor, ultimately resulting in an award to the company of $543.7 million, plus $51.1 million in pre-judgment interest and $2.6 million in costs, as well as $34.2 million in attorneys' fees.
In 2024, after both parties appealed to the U.S. Court of Appeals for the Seventh Circuit (the "Court of Appeals"), the Court of Appeals, among other items, affirmed the District Court's award of $407.4 million in damages under the Defend Trade Secrets Act, and directed the District Court to recalculate and reduce its award of $136.3 million in copyright infringement damages, which remains subject to ruling by the District Court. As of July 4, 2026, as a result of this civil litigation and 2020 bankruptcy proceedings by Hytera America, Inc. and Hytera Communications America (West), Inc., Hytera had paid $232 million against this award, $60 million of which was paid in the first half of 2026. These payments were recorded as a gain within Other charges within the Consolidated Statement of Operations.
Further, in 2022, the District Court ordered Hytera to pay the company a forward-looking reasonable royalty on Hytera’s products (“I-Series”) that use the company’s stolen trade secrets, applicable to I-Series products sold from July 1, 2019 forward. In 2024, the company received royalties of $61 million related to the I-Series products, which was recorded as a gain within Other charges within the Consolidated Statement of Operations. Beginning in 2025, a favorable ruling in a related legal proceeding in the District Court (which Hytera has subsequently appealed to the Court of Appeals) also ordered Hytera to pay the company for Hytera’s continued use of the company’s trade secrets and copyrighted source code in Hytera’s currently shipping products (“H-Series”), and Hytera has subsequently reported to the company approximately $116 million in royalties subject to the Court's order. While several aspects of the court proceedings related to the H-Series are subject to appeal, the company continues to seek collection of the amounts owed by Hytera through the ongoing legal process.
Management typically considers legal expenses associated with defending the company's intellectual property as “normal and recurring.” Since 2020, the company has believed that Hytera-related legal expenses have not been part of its “normal and recurring” legal expenses incurred to operate its business and has accordingly excluded such expenses from its GAAP operating Income. In addition, as any contingent or actual gains associated with the Hytera litigation are recognized, they will be similarly excluded from the company's non-GAAP operating income, consistent with the company's treatment of the approximately $15 million realized in 2022, $61 million realized in 2024, $157 million realized in 2025, and $60 million realized in the first half of 2026. The company believes after the jury award, the presentation of excluding both Hytera-related legal expenses and gains related to awards better aligns with how management evaluates the company's ongoing underlying business performance.
Share-based compensation expenses: The company has excluded share-based compensation expense from its non-GAAP operating expenses and net income measurements. Although share-based compensation is a key incentive offered to the company’s employees and the company believes such compensation contributed to the revenue earned during the periods presented and also believes it will contribute to the generation of future period revenues, the company continues to evaluate its performance excluding share-based compensation expense primarily because it represents a significant non-cash expense. Share-based compensation expense will recur in future periods.
Intangible assets amortization expense: The company has excluded intangible assets amortization expense from its non-GAAP operating expenses and net earnings measurements primarily because it represents a non-cash expense and because the company evaluates its performance excluding intangible assets amortization expense. Amortization of intangible assets is consistent in amount and frequency but is significantly affected by the timing and size of the company’s acquisitions. Investors should note that the use of intangible assets contributed to the company’s revenues earned during the periods presented and will contribute to the company’s future period revenues as well. Intangible assets amortization expense will recur in future periods.
FORWARD LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. The company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent the company’s views only as of today and should not be relied upon as representing the company’s views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause the company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, Motorola Solutions’ financial outlook for the third quarter and full-year of 2026; and the impact of changes in the global trade environment, the dynamic supply chain environment and the memory market on Motorola Solutions' business, and Motorola Solutions' actions in response thereto (including with respect to inventory levels). Motorola Solutions cautions the reader that the risks and uncertainties below, as well as those in Part I Item 1A of Motorola Solutions’ 2025 Annual Report on Form 10-K and in its other SEC filings available for free on the SEC’s website at www.sec.gov and on Motorola Solutions’ website at www.motorolasolutions.com/investors, could cause Motorola Solutions’ actual results to differ materially from those estimated or predicted in the forward-looking statements. Many of these risks and uncertainties cannot be controlled by Motorola Solutions, and factors that may impact forward-looking statements include, but are not limited to: (i) impact of current global economic and political conditions in the markets in which the company operates; (ii) increased areas of risk, increased competition and additional compliance obligations associated with the introduction of new or enhanced products and services in our segments; (iii) challenges relating to the use of artificial intelligence ("AI") in our products and services; (iv) impact of catastrophic events on our business or our customers' or suppliers' business; (v) the effectiveness of our strategic acquisitions, including the integrations of such acquired businesses; (vi) the inability of our products to meet our customers’ expectations or regulatory or industry standards, or actual or perceived systems or service failures of our products and services; (vii) our inability to purchase a sufficient amount of materials, parts, and components, as well as software and services, at acceptable prices to meet the demands of our customers, and any disruption to our suppliers or significant increase in the price of supplies; (viii) risks related to our large, multi-year system and services contracts; (ix) the global nature of our employees, customers, suppliers and outsource partners; (x) our use of third-parties to develop, design and/or manufacture many of our components and some of our products, and to perform portions of our business operations; (xi) the inability of our subcontractors to perform in a timely and compliant manner or adhere to our Human Rights Policy; (xii) inability to attract and retain senior management and key employees; (xiii) evolving and sometimes conflicting expectations from investors, customers, lawmakers, regulators and other stakeholders regarding social and sustainability considerations and disclosures; (xiv) challenges relating to existing or future legislation and regulations pertaining to AI, AI-enabled products and the use of biometrics and other video analytics; (xv) the impact, including increased costs and potential liabilities, associated with changes in laws and regulations regarding cybersecurity, privacy, data protection, data sovereignty and information security; (xvi) the impact of government regulation of radio frequencies; (xvii) regulations, laws and other compliance requirements and risks applicable to our U.S. government customer contracts and grants; (xviii) the impact, including increased costs and additional compliance obligations, associated with existing or future telecommunications-related laws and regulations; (xix) impact of product regulatory and safety, consumer, worker safety and environmental product compliance and remediation laws; (xx) impact of tax matters; (xxi) increased cybersecurity threats, a security breach or other significant disruption of our IT systems or those of our outsource partners, suppliers or customers; (xxii) our inability to protect our intellectual property or potential infringement of intellectual property rights of third parties; (xxiii) risks relating to intellectual property licenses and intellectual property indemnities in our customer and supplier contracts; (xxiv) our license of the MOTOROLA, MOTO, MOTOROLA SOLUTIONS and the Stylized M logo and all derivatives and formatives thereof from Motorola Trademark Holdings, LLC; (xxv) inability to access the capital markets for financing on acceptable terms and conditions; (xxvi) exposure to exchange rate fluctuations on cross-border transactions and the translation of local currency results into U.S. dollars; (xxvii) impact of returns on pension and retirement plan assets and interest rate changes; and (xxviii) the return of capital to shareholders through dividends and/or repurchasing shares. Motorola Solutions undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
The company uses its website as a means of disclosing material, non-public information and for complying with the company's disclosure obligations under Regulation FD. Therefore, the company encourages investors to monitor the Investor Relations page of the company's website at www.motorolasolutions.com/investors, and review the information the company posts on that page.
About Motorola Solutions | Solving for safer
Safety and security are at the heart of everything we do at Motorola Solutions. We build and connect technologies to help protect people, property and places. Our solutions foster the collaboration that’s critical for safer communities, safer schools, safer hospitals, safer businesses, and ultimately, safer nations. Learn more about our commitment to innovating for a safer future for us all at www.motorolasolutions.com.
GAAP-1 Motorola Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In millions, except per share amounts) Three Months Ended July 4, 2026 June 28, 2025 Net sales from products $
1,818
$
1,533
Net sales from services 1,315
1,232
Net sales 3,133
2,765
Costs of products sales 702
646
Costs of services sales 753
706
Costs of sales 1,455
1,352
Gross margin 1,678
1,413
Selling, general and administrative expenses 496
450
Research and development expenditures 260
231
Other charges 18
1
Intangibles amortization 95
39
Operating earnings 809
692
Other income (expense): Interest expense, net (103
)
(55
)
Other, net 36
43
Total other expense (67
)
(12
)
Net earnings before income taxes 742
680
Income tax expense 184
165
Net earnings 558
515
Less: Earnings attributable to non-controlling interests 1
2
Net earnings attributable to Motorola Solutions, Inc. $
557
$
513
Earnings per common share: Basic $
3.36
$
3.08
Diluted $
3.33
$
3.04
Weighted average common shares outstanding: Basic 165.8
166.8
Diluted 167.2
168.8
Percentage of Net Sales* Net sales from products 58.0
%
55.4
%
Net sales from services 42.0
%
44.6
%
Net sales 100.0
%
100.0
%
Costs of products sales 38.6
%
42.1
%
Costs of services sales 57.3
%
57.3
%
Costs of sales 46.4
%
48.9
%
Gross margin 53.6
%
51.1
%
Selling, general and administrative expenses 15.8
%
16.3
%
Research and development expenditures 8.3
%
8.4
%
Other charges 0.6
%
—
%
Intangibles amortization 3.0
%
1.4
%
Operating earnings 25.8
%
25.0
%
Other income (expense): Interest expense, net (3.3
)%
(2.0
)%
Other, net 1.1
%
1.6
%
Total other expense (2.1
)%
(0.4
)%
Net earnings before income taxes 23.7
%
24.6
%
Income tax expense 5.9
%
6.0
%
Net earnings 17.8
%
18.6
%
Less: Earnings attributable to non-controlling interests —
%
0.1
%
Net earnings attributable to Motorola Solutions, Inc. 17.8
%
18.6
%
* Percentages may not add up due to rounding GAAP-2 Motorola Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In millions, except per share amounts) Six Months Ended July 4, 2026 June 28, 2025 Net sales from products $
3,300
$
2,980
Net sales from services 2,548
2,313
Net sales 5,848
5,293
Costs of products sales 1,332
1,220
Costs of services sales 1,476
1,360
Costs of sales 2,808
2,580
Gross margin 3,040
2,713
Selling, general and administrative expenses 935
886
Research and development expenditures 512
464
Other charges 74
13
Intangibles amortization 185
76
Operating earnings 1,334
1,274
Other income (expense): Interest expense, net (208
)
(106
)
Other, net 56
59
Total other expense (152
)
(47
)
Net earnings before income taxes 1,182
1,227
Income tax expense 256
280
Net earnings 926
947
Less: Earnings attributable to non-controlling interests 3
4
Net earnings attributable to Motorola Solutions, Inc. $
923
$
943
Earnings per common share: Basic $
5.57
$
5.65
Diluted $
5.51
$
5.57
Weighted average common shares outstanding: Basic 165.8
166.8
Diluted 167.6
169.4
Percentage of Net Sales* Net sales from products 56.4
%
56.3
%
Net sales from services 43.6
%
43.7
%
Net sales 100.0
%
100.0
%
Costs of products sales 40.4
%
40.9
%
Costs of services sales 57.9
%
58.8
%
Costs of sales 48.0
%
48.7
%
Gross margin 52.0
%
51.3
%
Selling, general and administrative expenses 16.0
%
16.7
%
Research and development expenditures 8.8
%
8.8
%
Other charges 1.3
%
0.2
%
Intangibles amortization 3.2
%
1.4
%
Operating earnings 22.8
%
24.1
%
Other income (expense): Interest expense, net (3.6
)%
(2.0
)%
Other, net 1.0
%
1.1
%
Total other expense (2.6
)%
(0.9
)%
Net earnings before income taxes 20.2
%
23.2
%
Income tax expense 4.4
%
5.3
%
Net earnings 15.8
%
17.9
%
Less: Earnings attributable to non-controlling interests 0.1
%
0.1
%
Net earnings attributable to Motorola Solutions, Inc. 15.8
%
17.8
%
* Percentages may not add up due to rounding GAAP-3 Motorola Solutions, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In millions) July 4, 2026 December 31, 2025 Assets Cash and cash equivalents $
710
$
1,165
Accounts receivable, net 2,160
2,200
Contract assets 1,455
1,574
Inventories, net 1,333
983
Other current assets 474
378
Total current assets 6,132
6,300
Property, plant and equipment, net 1,167
1,165
Operating lease assets 571
581
Investments 300
187
Deferred income taxes 733
761
Goodwill 6,883
6,800
Intangible assets, net 2,951
3,104
Other assets 505
491
Total assets $
19,242
$
19,389
Liabilities and Stockholders' Equity Short-term borrowings $
615
$
749
Accounts payable 957
1,134
Contract liabilities 2,341
2,265
Accrued liabilities 1,666
1,930
Total current liabilities 5,579
6,078
Long-term debt 8,417
8,413
Operating lease liabilities 442
471
Other liabilities 2,116
2,000
Total Motorola Solutions, Inc. stockholders’ equity 2,672
2,410
Non-controlling interests 16
17
Total liabilities and stockholders’ equity $
19,242
$
19,389
GAAP-4 Motorola Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In millions) Three Months Ended July 4, 2026 June 28, 2025 Operating Net earnings $
558
$
515
Adjustments to reconcile Net earnings to Net cash provided by operating activities: Depreciation and amortization 148
86
Contingent earnout adjustment 16
—
Non-cash other income (8
)
(12
)
Share-based compensation expenses 104
74
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments: Accounts receivable (119
)
(68
)
Inventories (156
)
(22
)
Other current assets and contract assets (94
)
(44
)
Accounts payable, accrued liabilities and contract liabilities 82
(281
)
Other assets and liabilities (72
)
24
Deferred income taxes 10
—
Net cash provided by operating activities 469
272
Investing Acquisitions and investments, net (100
)
(14
)
Proceeds from sales of investments and businesses, net 4
2
Capital expenditures (55
)
(48
)
Net cash used for investing activities (151
)
(60
)
Financing Net proceeds from issuance of debt —
1,983
Net proceeds from short-term borrowings 65
—
Repayments of short-term debt —
(252
)
Revolving credit facility renewal fees —
(5
)
Issuances of common stock, net of tax (3
)
54
Purchases of common stock (331
)
(218
)
Payments of dividends (201
)
(182
)
Payments of dividends to non-controlling interests (4
)
(4
)
Net cash provided by (used for) financing activities (474
)
1,376
Effect of exchange rate changes on total cash and cash equivalents (20
)
54
Net increase (decrease) in total cash and cash equivalents (176
)
1,642
Cash and cash equivalents, beginning of period 886
1,564
Cash and cash equivalents, end of period $
710
$
3,206
GAAP-5 Motorola Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In millions) Six Months Ended July 4, 2026 June 28, 2025 Operating Net earnings $
926
$
947
Adjustments to reconcile Net earnings to Net cash provided by operating activities: Depreciation and amortization 291
167
Contingent earnout adjustment 91
—
Non-cash other income —
(5
)
Share-based compensation expenses 204
140
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments: Accounts receivable 36
129
Inventories (355
)
(84
)
Other current assets and contract assets 9
(122
)
Accounts payable, accrued liabilities and contract liabilities (208
)
(455
)
Other assets and liabilities (84
)
49
Deferred income taxes 10
17
Net cash provided by operating activities 920
783
Investing Acquisitions and investments, net (224
)
(464
)
Proceeds from sales of investments and businesses, net 6
12
Capital expenditures (117
)
(85
)
Proceeds from sales of property, plant and equipment 1
—
Net cash used for investing activities (334
)
(537
)
Financing Net proceeds from issuance of debt —
1,983
Net proceeds from short-term borrowings 65
—
Repayments of short-term debt (200
)
(252
)
Revolving credit facility renewal fees —
(5
)
Issuances of common stock, net of tax (9
)
(37
)
Purchases of common stock (449
)
(543
)
Payments of dividends (402
)
(364
)
Payments of dividends to non-controlling interests (4
)
(4
)
Net cash provided by (used for) financing activities (999
)
778
Effect of exchange rate changes on total cash and cash equivalents (42
)
80
Net increase (decrease) in total cash and cash equivalents (455
)
1,104
Cash and cash equivalents, beginning of period 1,165
2,102
Cash and cash equivalents, end of period $
710
$
3,206
Non-GAAP-1 Motorola Solutions, Inc. and Subsidiaries Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (In millions) Three Months Ended Six Months Ended July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025 Net cash provided by operating activities $
469
$
272
$
920
$
783
Capital expenditures (55
)
(48
)
(117
)
(85
)
Free cash flow $
414
$
224
$
803
$
698
Non-GAAP-2 Motorola Solutions, Inc. and Subsidiaries Reconciliation of Net Earnings Attributable to MSI to Non-GAAP Net Earnings Attributable to MSI (In millions) Three Months Ended Six Months Ended Statement Line July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025 Net earnings attributable to MSI $
557
$
513
$
923
$
943
Non-GAAP adjustments before income taxes: Share-based compensation expenses Cost of sales, SG&A and R&D 104
Contingent earnout adjustment Other charges (income) 16
—
91
—
Reorganization of business charges Cost of sales and Other charges (income) 15
14
30
31
Acquisition-related transaction fees Other charges (income) 5
2
13
8
Operating lease asset impairments Other charges (income) 3
—
5
—
Legal settlements Other charges (income) 3
1
4
5
Hytera-related legal expenses SG&A 1
6
6
20
Assessments of uncertain tax positions Interest income, net, Other (income) expense 1
—
1
1
Fixed asset impairments Other charges (income) 1
—
1
—
Loss on financing issuance costs Other (income) expense —
2
—
2
Fair value adjustments to equity investments Other (income) expense (13
)
(18
)
(8
)
(13
)
Gain on Hytera litigation Other charges (income) (20
)
(10
)
(60
)
(20
)
Total Non-GAAP adjustments before income taxes $
211
$
110
$
472
$
250
Income tax expense on Non-GAAP adjustments 31
21
92
51
Total Non-GAAP adjustments after income taxes 180
89
380
199
Non-GAAP Net earnings attributable to MSI $
737
$
602
$
1,303
$
1,142
Calculation of Non-GAAP Tax Rate (In millions) Three Months Ended Six Months Ended July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025 Net earnings before income taxes $
742
$
680
$
1,182
$
1,227
Total Non-GAAP adjustments before income taxes* 211
110
472
250
Non-GAAP Net earnings before income taxes 953
790
1,654
1,477
Income tax expense 184
165
256
280
Income tax expense on Non-GAAP adjustments** 31
21
92
51
Total Non-GAAP Income tax expense $
215
$
186
$
348
$
331
Non-GAAP Tax rate 22.6
%
23.5
%
21.0
%
22.4
%
*See reconciliation on Non-GAAP-2 table above for detail on Non-GAAP adjustments before income taxes **Income tax impact of highlighted items Reconciliation of Earnings Per Share to Non-GAAP Earnings Per Share* Three Months Ended Six Months Ended Statement Line July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025 Net earnings attributable to MSI $
3.33
$
3.04
$
5.51
$
5.57
Non-GAAP adjustments before income taxes: Share-based compensation expenses Cost of sales, SG&A and R&D $
Contingent earnout adjustment Other charges (income) 0.10
—
0.54
—
Reorganization of business charges Cost of sales and Other charges (income) 0.09
0.08
0.18
0.18
Acquisition-related transaction fees Other charges (income) 0.03
0.01
0.08
0.05
Operating lease asset impairments Other charges (income) 0.02
—
0.03
—
Legal settlements Other charges (income) 0.02
0.01
0.02
0.03
Hytera-related legal expenses SG&A 0.01
0.04
0.04
0.12
Assessments of uncertain tax positions Interest income, net, Other (income) expense 0.01
—
0.01
0.01
Fixed asset impairments Other charges (income) 0.01
—
0.01
—
Loss on financing issuance costs Other (income) expense —
0.01
—
0.01
Fair value adjustments to equity investments Other (income) expense (0.08
)
(0.11
)
(0.05
)
(0.08
)
Gain on Hytera litigation Other charges (income) (0.12
)
(0.06
)
(0.36
)
(0.12
)
Total Non-GAAP adjustments before income taxes $
1.26
$
0.65
$
2.82
$
1.48
Income tax expense on Non-GAAP adjustments 0.18
0.12
0.55
0.31
Total Non-GAAP adjustments after income taxes 1.08
0.53
2.27
1.17
Non-GAAP Net earnings attributable to MSI $
4.41
$
3.57
$
7.78
$
6.74
Diluted Weighted Average Common Shares 167.2
168.8
167.6
169.4
Adjusted for dilutive shares outstanding** —
—
—
—
Non-GAAP Diluted Weighted Average Common Shares 167.2
168.8
167.6
169.4
*Indicates Non-GAAP Diluted EPS Non-GAAP-3 Motorola Solutions, Inc. and Subsidiaries Reconciliations of Operating Earnings to Non-GAAP Operating Earnings and Operating Margin to Non-GAAP Operating Margin (In millions) Three Months Ended July 4, 2026 June 28, 2025 Products and
Systems Integration Software and
Services Total Products and
Systems Integration Software and
Services Total Net sales $
Operating earnings as a percentage of net sales - GAAP 23.7
%
29.1
%
25.8
%
22.0
%
29.6
%
25.0
%
Operating earnings as a percentage of net sales - after non-GAAP adjustments 31.4
%
35.3
%
32.9
%
26.7
%
33.8
%
29.6
%
Non-GAAP-4 Motorola Solutions, Inc. and Subsidiaries Reconciliations of Operating Earnings to Non-GAAP Operating Earnings and Operating Margin to Non-GAAP Operating Margin (In millions) Six Months Ended July 4, 2026 June 28, 2025 Products and Systems Integration Software and Services Total Products and Systems Integration Software and Services Total Net sales $
Operating earnings as a percentage of net sales - GAAP 19.2
%
28.1
%
22.8
%
22.4
%
26.7
%
24.1
%
Operating earnings as a percentage of net sales - after non-GAAP adjustments 28.4
%
34.8
%
31.0
%
27.4
%
31.4
%
29.0
%
Non-GAAP-5 Motorola Solutions, Inc. and Subsidiaries Reconciliation of Revenue to Non-GAAP Organic Revenue (In millions) Three Months Ended July 4, 2026 June 28, 2025 % Change Net sales $
3,133
$
2,765
13
%
Non-GAAP adjustments: Sales from acquisitions 243
—
Organic revenue $
2,890
$
2,765
5
%
Six Months Ended July 4, 2026 June 28, 2025 % Change Net sales $
Royal Gold ve 2. čtvrtletí zvýšil tržby na 450,5 mil. USD a provozní cash flow na rekordních 335,2 mil. USD. Zároveň splatil dluh ve výši 200 mil. USD a odkoupil 147 205 akcií.
DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) released financial results for the quarter ended June 30, 2026 ("second quarter").
“Financial results for the second quarter were strong and we made meaningful progress on executing our priorities,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “We continued our disciplined approach to capital allocation. We repaid debt, repurchased and cancelled shares, and invested capital toward our Warintza and Hod Maden portfolio interests. We also continued progress on simplifying the Sandstorm portfolio with the restructuring of the Hod Maden joint venture interest and the settlement of the fixed delivery obligations at the Relief Canyon mine. After a solid first half of the year driven by our large and diversified portfolio, our outlook for the second half remains positive, and we will maintain our discipline and long term focus as we consider alternatives to accretively deploy capital in an active environment for new business development opportunities."
Second Quarter Highlights
Financial/Operating
Revenue of $450.5 million (compared to $209.6 million in the prior year period) Revenue split by commodity: 76% gold, 12% silver, 8% copper Record operating cash flow of $335.2 million (compared to $152.8 million in the prior year period) Net income of $236.4 million ($2.78 per share), and adjusted net income1 of $218.2 million ($2.56 per share) (compared to $132.3 million and $118.8 million, respectively, in the prior year period) Sales volume of 100,000 GEOs2 (compared to 63,900 in the prior year period) Adjusted EBITDA margin1 of 83% (compared to 84% in the prior year period) Corporate
Repaid $200 million on the revolving credit facility Increased total available liquidity to approximately $1.2 billion Paid quarterly dividend of $0.475 per share, a 6% increase over the prior year period Repurchased 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million Sold 5,000 ounces of gold received from the settlement of remaining fixed delivery obligations with Americas Gold and Silver Corporation ("Americas") related to the Relief Canyon mine Advanced a further $50 million under the stream agreement to Solaris Resources Inc. ("Solaris") following technical approval of the environmental impact assessment ("EIA") and publication of a pre-feasibility study ("PFS") for the Warintza Project Restructured ownership of the Hod Maden Project interests and funded $70 million in project costs Added a new $600 million uncommitted accordion facility to the $1.4 billion revolving credit facility Post Quarter Events
Repaid $75 million on the revolving credit facility on July 15, 2026, reducing the amount currently drawn to $325 million and increasing the amount available and undrawn to $1.075 billion Closed the Hod Maden ownership restructuring and received a new 2.5% net smelter return ("NSR") royalty on the Hod Maden Project Revenue Summary
Three Months Ended
June 30,
Six Months Ended
June 30,
Revenue (millions)
2026
2025
% Change
2026
2025
% Change
Gold
$
343.9
$
164.3
109.3
%
$
677.8
$
310.0
118.6
%
Silver
55.6
24.1
131.0
%
128.6
47.7
169.8
%
Copper
37.9
14.8
156.4
%
84.5
31.6
167.7
%
Other Metals
13.2
6.5
103.7
%
28.8
13.8
108.5
%
Total revenue
$
450.5
$
209.6
114.9
%
$
919.7
$
403.1
128.2
%
GEOs2
100,000
63,900
56.5
%
196,000
131,500
49.0
%
Revenue split stream / royalty
69% / 31%
64% / 36%
68% / 32%
63% / 37%
Outlook for 2026
Royal Gold provided guidance for 2026 metal sales volumes, depreciation, depletion and amortization ("DD&A") expense and effective tax rate in March, 2026. We are currently forecasting that performance against these metrics will be within the ranges provided with the exceptions of sales of copper and other metals, which are trending to be around or above the top end of the respective guidance ranges.
2026 Guidance Ranges
Actual Performance Through
June 30, 2026
Total Sales
Gold
(oz)
290,000–320,000
143,968
Silver
(M oz)
3.0–3.5
1.6
Copper
(M lb)
21.0–25.0
14.2
Other Metals
(M)
$34–$38
$29
DD&A
(M)
$339–379
$187
Effective Tax Rate
17–22%
19.9%*
* Year to date effective tax rate excluding discrete tax items.
Corporate Activity
Buyback and Cancellation of Shares
During the second quarter, and in accordance with the previously-announced $500 million share repurchase program approved by the Board of Directors on May 4, 2026, we repurchased 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million. The repurchased shares were cancelled and 84,673,027 shares remain outstanding as of June 30, 2026.
The manner, timing, pricing and amount of any repurchases under the program will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital.
Settlement of Fixed Delivery Obligations for the Relief Canyon Mine
On June 11, 2026, Royal Gold and Americas closed an agreement to settle the remaining fixed delivery obligations owed to Royal Gold related to the Relief Canyon mine. Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas. The common shares are subject to a four-month hold period after closing.
We recognized a $2.6 million gain due to the agreement in the second quarter, and the proceeds from the sale of the gold delivery were recognized as stream revenue and resulted in the recognition of approximately $12 million of additional DD&A expense. Royal Gold's royalty and stream interest on Relief Canyon remain in place and the net book value of the stream interest was reduced to $0.
Payment to Solaris Resources Upon EIA Approval
As previously announced, on April 14, 2026, after technical approval of the EIA and publication of a PFS for the Warintza project, we advanced Solaris $50 million of the total $100 million outstanding conditional funding under the stream agreement dated May 21, 2025. The remaining $50 million payable to Solaris is subject to the completion of all filings necessary to perfect security in Ecuador, which is underway, and payment is anticipated in the third or fourth quarter of 2026.
Completion of Restructured Ownership Interests in the Hod Maden Project
On May 18, 2026, we announced the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”). The restructuring included a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% NSR royalty interest over the Project (the “New RG Royalty”), and certain rights pertaining to a new effective 4.0% NSR royalty interest over the Project (the “SSR Royalty”) granted to SSR Mining, Inc. (“SSR”). Additionally, as part of this restructuring, Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, acquired SSR's interests in Artmin and assumed operatorship of the Project. Closing of the transactions required to complete this restructuring occurred on July 17, 2026.
Artmin is now owned 15% by Royal Gold and 85% by Lidya, and Royal Gold holds acquisition and certain other rights over the SSR Royalty. Royal Gold retains a perpetual right of first refusal (“ROFR”) over the sale of the SSR Royalty to a third party, and SSR will not be permitted to sell the royalty without Royal Gold’s consent prior to January 1, 2028. SSR also granted Royal Gold the option to acquire half of the SSR Royalty (an equivalent 2.0% NSR royalty interest) for $160 million, exercisable from closing through the period that ends 12 months after the achievement of commercial production at the Project.
As part of the restructuring, Royal Gold further agreed to fund $70 million of Project costs, which was completed in May, 2026. Lidya will complete the funding of the next $397 million of Project costs and further funding will be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin. Equity funding requirements may be reduced should Artmin secure debt financing for Project development.
Added $600 Million Accordion Feature to the $1.4 Billion Revolving Credit Facility
As previously announced, on May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $600 million uncommitted accordion feature to the revolving credit facility. The new accordion feature permits the Company to request additional commitments from the credit facility bank syndicate that would increase aggregate commitments under the revolving credit facility to up to $2.0 billion, subject to customary conditions, including the consent of each lender providing an additional commitment.
Portfolio Revenue and Developments
Overall Revenue and Realized Metal Prices
Three Months Ended
June 30,
Six Months Ended
June 30,
Revenue by Region (millions)
2026
2025
2026
2025
North America
$
250.4
56
%
$
160.3
76
%
$
508.4
55
%
$
301.1
75
%
South and Central America
99.5
22
%
19.1
9
%
209.8
23
%
41.5
10
%
Europe, Middle East, Africa (EMEA)
85.4
19
%
20.4
10
%
170.1
18
%
42.8
11
%
Australia Pacific
15.3
3
%
9.8
5
%
31.4
3
%
17.8
4
%
Total revenue
$
450.5
$
209.6
$
919.7
$
403.1
* Percentages may not sum to 100% due to rounding
Three Months Ended
June 30,
Six Months Ended
June 30,
Average Metal Prices
2026
2025
Change
2026
2025
Change
Gold
($/oz)
$4,506
$3,280
37%
$4,693
$3,067
53%
Silver
($/oz)
$73.15
$33.68
117%
$78.83
$32.76
141%
Copper
($/lb)
$6.05
$4.32
40%
$5.93
$4.28
39%
North America
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
2026
2025
Mount Milligan**
Gold, copper
35% of payable gold and 18.75% of payable copper
$
57,576
$
63,655
$
114,898
$
106,463
Pueblo Viejo**
Gold, silver
7.5% of Barrick's interest in payable gold and 75% of Barrick's interest in payable silver
44,904
25,618
100,773
54,369
Cortez**
Legacy Zone
Gold
Approx. 9.0% GSR Equivalent
16,312
8,508
32,738
19,650
CC Zone
Gold
Approx. 1.6%–2.6% GSR Equivalent
9,651
8,088
18,444
11,642
Rainy River
Gold, silver
6.5% of gold produced and 60% of silver produced
25,777
9,095
56,992
19,517
Relief Canyon
Gold, silver
2.0% NSR, 1.4% to 2.8% NSR, 4% of payable gold and silver
24,752
–
27,340
–
Peñasquito
Gold, silver, lead, zinc
2.0% NSR
14,373
16,306
40,776
31,715
Voisey's Bay
Copper, nickel, cobalt
2.7% NVR
6,293
3,165
12,359
5,665
Greenstone
Gold
2.375% of payable gold
6,059
–
14,244
–
Manh Choh
Gold, silver
3.0% NSR, 28% NSR (silver)
4,616
6,306
9,769
11,930
Robinson
Gold, copper
3.0% NSR
4,414
4,697
9,792
9,094
Leeville
Gold
1.8% NSR
3,873
2,533
7,515
4,160
South Arturo
Silver
40% of silver produced
2,784
–
6,019
–
Côté Gold
Gold
1.0% NSR
2,671
1,746
4,552
3,061
Granite Creek
Gold
3.0% NSR and 2.94% NSR
2,560
2,368
4,064
2,368
LaRonde Zone 5
Gold
2.0% NSR
2,454
929
5,961
2,102
Other -
North America
Various
Various
21,312
7,296
42,141
19,344
Total revenue - North America
$
250,381
$
160,310
$
508,377
$
301,080
* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Mount Milligan: On July 28, 2026, Centerra Gold Inc. (“Centerra”) reported production of 38,175 ounces of gold and 13.1 million pounds of copper in the second quarter of 2026. Centerra further reported that year-to-date gold and copper production through June 30, 2026, is in line with the PFS mine plan and that production remains on track to achieve the previously provided guidance of between 140,000 and 155,000 ounces of gold and 50 to 60 million pounds of copper for 2026. As previously disclosed, Centerra expects gold production to be higher in the third quarter of 2026, reflecting planned mine sequencing, which we expect to be reflected in our results in 2027 based on the delivery lag between production and deliveries.
Pueblo Viejo: On July 23, 2026, Newmont Corporation ("Newmont") (40% non-operating joint venture partner) reported that gold production increased 17% in the second quarter over the prior year period primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery and lower ore grade milled.
Cortez: Production attributable to our royalty interests at the Cortez Complex was approximately 169,200 ounces of gold for the three months ended June 30, 2026, of which 38,400 ounces were attributable to the Legacy Zone, and 130,800 ounces were attributable to the CC Zone, compared to approximately 176,900 ounces of gold for the three months ended June 30, 2025, of which 27,900 ounces were attributable to the Legacy Zone, and 149,000 ounces were attributable to the CC Zone.
Rainy River: After completing the acquisition of New Gold Inc. on March 20, 2026, Coeur Mining Inc. ("Coeur”) has disclosed that it commenced a more aggressive exploration program in May focused on near-mine drill testing and exploration of the large land package in the Rainy River district, which extends over 50 kilometers. Additionally, Coeur has reported that it expects annual gold and silver production at Rainy River to average 287,000 ounces and 527,000 ounces, respectively, through 2028.
Peñasquito: On July 23, 2026, Newmont reported that second quarter gold and other metals production was lower due to lower ore grade milled and lower mill recovery, and planned maintenance was completed in the second quarter with higher throughput expected in the third quarter. Newmont confirmed that 2026 production guidance of 185,000 ounces of gold, 32 million ounces of silver, 90,000 tonnes of lead and 220,000 tonnes of zinc is unchanged.
Greenstone: On July 9, 2026, Equinox Gold Corp. (“Equinox”) reported that mining rates averaged more than 199,000 tonnes per day following the winter months and mill throughput averaged 26,856 tonnes per day, and 69% of days exceeded the nameplate capacity of 27,000 tonnes per day in the second quarter compared to 51% in the first quarter. Equinox expects that this trend will continue into the second half of the year resulting in expected higher production quarter over quarter for the balance of the year.
Red Chris: On July 2, 2026, the Government of Canada and the Province of British Columbia signed the new Canada-British Columbia Cooperative Prosperity Agreement, which is intended to accelerate the construction of major energy and trade corridors throughout the province, and includes a C$500 million investment in the block cave project to expand the Red Chris mine. On July 23, 2026, Newmont provided a progress update on the project, which included the receipt of key regulatory approvals from the province of British Columbia, including an amended Environmental Assessment Certificate, the continuation of the feasibility study and advancement of the project toward Board approval toward the end of the year.
Voisey's Bay: On June 9, 2026, Vale S.A. ("Vale") hosted an investor tour of Voisey's Bay and Long Harbour and reported that ramp-up at the underground mines is largely complete, and nickel production at Long Harbour is expected to increase to over 45,000 tonnes in 2026. Vale also reported the expansion of annual mill capacity from the current year-to-date 2.8 million tonnes to 3.8 million tonnes by 2030, with the potential for mine life extension from orebodies that are open at depth and along strike. On July 21, 2026, Vale further reported finished nickel production of 10,400 tonnes in the second quarter.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Great Bear (2.0% NSR royalty): On July 29, 2026, Kinross Gold Corporation ("Kinross") provided an update on activity at the Great Bear Project in Ontario. According to Kinross, detailed engineering of the Main Project is 50% complete, and the Advanced Exploration program surface construction is approximately 93% complete and the first blast of the exploration decline was completed on July 27, 2026. Kinross also reported that permitting and procurement progressing as planned for the Main Project.
Cactus (2.0% NSR royalty): On June 24, 2026, Hudbay Minerals Inc. ("Hudbay") announced completion of the acquisition of Arizona Sonoran Copper Company Inc., the owner and operator of the Cactus Project in Arizona. According to Hudbay, the Cactus Project will be integrated into its Arizona portfolio where there are opportunities to realize development, operational and regional synergies with its Copper World Project and create a copper district in Arizona. On July 29, 2026, Hudbay reported that it expects to spend approximately $30 million at the Cactus Project in the second half of 2026 to advance an updated PFS, perform site de-risking activities, conduct exploration activities and for other ongoing site costs. Hudbay expects the updated Cactus Project PFS to be completed in the second half of 2027.
South and Central America
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
2026
2025
Andacollo**
Gold
100% of payable gold
49,107
9,489
76,258
22,234
Antamina
Copper, zinc, molybdenum
1.66% NPI
13,665
–
26,675
–
Xavantina
Gold
25% of gold produced
8,256
4,945
36,529
10,322
Caserones
Copper, molybdenum
0.63% NSR
4,956
–
11,107
–
Fruta del Norte
Gold, silver
0.9% NSR (precious metals)
4,150
–
8,851
–
Cerro Moro
Silver
9% of silver produced
3,381
–
7,506
–
Chapada
Copper
4.2% of payable copper
3,124
–
12,529
–
El Limón
Gold, silver
3.0% NSR
2,938
3,024
7,678
6,302
Other -
South and Central America
Various
Various
9,969
1,671
22,646
2,601
Total revenue - South and Central America
$
99,546
$
19,129
$
209,779
$
41,459
* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Andacollo: On July 23, 2026, Teck Resources Limited (“Teck”) reported higher copper production in the quarter ended June 30, 2026, compared to the prior year period driven by higher copper grades, stable operations and strong recoveries. Teck also confirmed 2026 annual copper production guidance despite the partial suspension of operations on July 17, 2026, due to the impact of severe weather conditions. Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.
Antamina: On July 22, 2026, Teck reported second quarter copper production of 108,500 tonnes and zinc production of 54,000 tonnes (100% basis). According to Teck, the mix of mill feed in the quarter was 67% copper-only ore and 33% copper-zinc ore as expected in the mine plan, compared with 23% copper-only ore and 77% copper-zinc ore in the same period last year. Teck also reaffirmed guidance for 2026 production of 422,000 to 467,000 tonnes of copper, and 156,000 to 200,000 tonnes of zinc (100% basis).
Caserones: On June 16, 2026, Lundin Mining Corporation ("Lundin Mining") provided an update on production expansion and exploration opportunities at Caserones. According to the update, work is underway to increase utilization of the cathode plant and grow copper production from 25,800 tonnes in 2025 to 40,000 tonnes, and 39,000 meters of drilling is planned in 2026 on more than 10 exploration targets in the Caserones district. Lundin Mining is targeting 26,900 meters of drilling at the Angelica target and deep sulphide targets adjacent to the Caserones pit, and expects to complete an initial resource estimate in the first quarter of 2027. Additionally on July 21, 2026, Lundin Mining reported that severe winter weather had disrupted site power and operations were temporarily suspended on July 18, 2026. On July 27, 2026, Lundin Mining reported that full power restoration and gradual restart of operations is expected to take approximately two to three weeks.
Chapada: On June 16, 2026, Lundin Mining provided an update on the Saúva growth project. Lundin Mining expects the Saúva project to increase copper and gold production by approximately 30% and 75%, respectively, with the potential to extend the mine plan beyond 4 years. Lundin Mining reported that earthworks for the additional ball mill were expected to begin in July, and first ore from Saúva is targeted in early 2029.
Fruta del Norte: On July 8, 2026, Lundin Gold Inc. (“Lundin Gold”) reported second quarter gold production of 119,000 ounces and confirmed 2026 gold production guidance of 475,000 to 525,000 ounces. On July 21, 2026, Lundin Gold further reported continued success from its district exploration programs with the discovery of two additional copper-gold porphyries, increasing the district total to seven, with a maiden resource for the Sandia porphyry expected in early 2027. On July 27, 2026, Lundin Gold reported that results from its ongoing conversion and near-mine drilling programs also continue to deliver positive results with four gold-silver epithermal deposits identified to date providing a pipeline to continue growing resources and reserves.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Lobo-Marte (NSR royalty): On July 29, 2026, Kinross provided an update on the economics of the Lobo-Marte Project in Chile based on a refresh of the 2021 feasibility study. Kinross reported that Lobo-Marte has the potential to become a long-life, low-cost cornerstone asset in its portfolio, and based on the initial mine plan, is expected to produce an average of approximately 350,000 ounces of gold per year during steady state operations. Kinross also reported that the EIA was accepted for review by the Environmental Assessment Service of Chile in the second quarter of 2026, and engineering and execution planning is progressing with first gold production targeted for the early 2030s.
MARA (NSR royalty with gold stream option): On August 5, 2026, Glencore plc ("Glencore") provided an update on progress at the MARA project in Argentina. According to Glencore, mining restarted at Alumbrera ahead of schedule in June 2026, and Agua Rica feasibility engineering is underway with the environmental permitting submission expected in the coming weeks and RIGI approval expected shortly thereafter.
EMEA
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
2026
2025
Kansanshi**
Gold
75 ounces of gold per million pounds of recovered copper produced
$
34,303
$
–
$
59,814
$
–
Khoemacau
Silver
100% of payable silver
19,766
10,238
39,334
20,200
Wassa
Gold
10.5% of payable gold
18,578
10,149
37,387
22,568
Bonikro
Gold
6% of gold produced
5,441
–
18,597
–
Houndé
Gold
2.0% NSR
4,554
–
9,412
–
Other - EMEA
Various
Various
2,708
–
5,580
–
Total revenue - EMEA
$
85,350
$
20,387
$
170,124
$
42,768
* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Kansanshi: On July 28, 2026, First Quantum Minerals Ltd. ("First Quantum") reported second quarter copper production of 43,997 tonnes, which was 10% higher than the same quarter of 2025, primarily due to contribution from the S3 plant, which was at construction stage in the same period last year. According to First Quantum, S3 throughput was sustained above design capacity in the second quarter, achieving the highest monthly processed tonnes in May 2026 since commissioning in August 2025, driven by higher operating time, strong utilization and milling rates. First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes.
Khoemacau: On July 21, 2026, MMG Limited ("MMG") reported contained silver production of 370,877 ounces for the second quarter and 697,660 ounces for the year to date through the end of the second quarter. According to MMG, first-half production was affected by development delays and equipment availability constraints, and the operation is expected to benefit from improved equipment utilization, the introduction of new mining equipment, continued access to higher-grade mining areas and the progressive commissioning of refurbished fleet units in the second half of the year. MMG further reported that the expansion to 130,000 tonnes of copper concentrate per year remains on track for first concentrate production in the first half of 2028. MMG reported that construction activities continued to advance with steady progress across engineering, procurement and site works.
Bonikro: On June 10, 2026, Allied Gold Corporation ("Allied") provided an update on studies to extend the mine life and expand processing capacity. According to Allied, the mine life is expected to extend from 2029 to 2036, with average annual gold production of 120,000 ounces per year. Additionally, Allied is studying an increase in processing capacity intended to bring forward the processing of low grade stockpiles at a rate of 15,000 to 20,000 gold ounces per year, beginning in late 2026 to early 2027.
Houndé: On July 30, 2026, Endeavour Mining plc ("Endeavour") confirmed 2026 gold production guidance of 220,000 to 255,000 ounces, with production weighted towards the second half of 2026. Additionally, Endeavour reported that it is finalizing resource definition at the Vindaloo Deeps discovery, and resource definition drilling is underway at the Vindaloo Deeps South East target, a downdip extension of Vindaloo Deeps. Endeavour expects a resource update on Vindaloo Deeps in the second half of 2026 and a maiden resource at Vindaloo Deeps South East in 2027.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Platreef: On July 29, 2026, Ivanhoe Mines Ltd. (“Ivanhoe”) reported that Phase 1 operations have not yet reached commercial production and mining rates are expected to ramp up throughout the second half of 2026 with commercial production now expected in the fourth quarter of 2026. Ivanhoe further reported that Shaft #3 commissioning was completed in June and is expected to support the Phase 1 ramp-up to full capacity and Phase 2 expansion, and construction of the Phase 2 concentrator is on schedule for completion in the fourth quarter of 2027.
Hod Maden (15% joint venture interest and various royalty interests): Following the transition of operatorship to Lidya in the second quarter, construction activities have continued while Lidya undertakes a comprehensive review of the Hod Maden Project schedule and execution plan. Based on the work completed to date, project expenditures and commitments remain within the scope reflected in the SLR Technical Report Summary published by SSR on January 29, 2026. Construction activity during the second quarter included work on the main access road, tunnels, site preparation, permanent camp, utility works, water management and diversion, geotechnical investigations and other site infrastructure. As of June 30, 2026, overall project progress was approximately 25% (comprising completion of 74% engineering, 44% contracts and procurement, 8% construction) and cumulative expenditures were approximately $175 million. Lidya continues to target initial concentrate production in 2028 subject to completion of the updated schedule and cost-to-complete review, timely execution of the remaining major construction and procurement packages and other customary development conditions.
Australia Pacific
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
2026
2025
Bellevue
Gold
2.0% NSR
$
3,383
$
2,508
$
7,415
$
3,847
South Laverton
Gold
1.5% NSR, 4.0% NPI
3,304
2,889
7,074
5,380
King of the Hills
Gold
1.5% NSR
2,401
1,544
4,753
3,129
Other -
Australia Pacific
Various
Various
6,174
2,876
12,142
5,417
Total revenue - Australia Pacific
$
15,262
$
9,817
$
31,384
$
17,773
* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Bellevue: On July 7, 2026, Bellevue Gold Limited ("Bellevue") reported full year gold production of approximately 144,000 ounces, within guidance of 130,000 to 150,000 ounces for the fiscal year ending June 30, 2026. According to Bellevue, mined and processed grades were in line with expectations through the quarter ended June 30, 2026, as ore is now sourced from five established mining areas. On July 28, 2026, Bellevue provided gold production guidance of 150,000 to 170,000 ounces for the fiscal year ending June 30, 2027.
King of the Hills: On July 14, 2026, Vault Minerals Limited ("Vault") and Genesis Minerals Limited ("Genesis") agreed to merge, with Genesis acquiring all outstanding shares of Vault. Genesis intends to release its new strategic plan in the first half of 2027 after completing a strategic review of optimization opportunities and the merged group's asset portfolio. Royal Gold holds additional royalty interests at the Gwalia and Ulysses operations owned by Genesis.
Second Quarter 2026 Overview
For the second quarter, we recorded net income attributable to Royal Gold stockholders of $236.4 million, or $2.78 per basic and diluted share, as compared to net income of $132.3 million, or $2.01 per basic and diluted share, for the three months ended June 30, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities, partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.
Revenue
For the second quarter, we recognized total revenue of $450.5 million, comprised of stream revenue of $311.0 million and royalty revenue of $139.6 million at an average gold price of $4,506 per ounce, an average silver price of $73.15 per ounce and an average copper price of $6.05 per pound. This is compared to total revenue of $209.6 million for the three months ended June 30, 2025, comprised of stream revenue of $133.2 million and royalty revenue of $76.5 million, at an average gold price of $3,280 per ounce, an average silver price of $33.68 per ounce and an average copper price of $4.32 per pound.
The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”) assets, higher gold sales at Andacollo and Rainy River, and higher production from the Cortez Legacy Zone. These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period.
Cost of Sales and Other Costs
Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.1 million for the three months ended June 30, 2026, from $24.2 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Rainy River and Wassa. These increases were partially offset by lower gold sales from Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.
General and administrative costs increased to $13.4 million for the three months ended June 30, 2026, from $10.3 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to increases in non-cash stock compensation and employee and office related costs.
DD&A increased to $96.2 million for the three months ended June 30, 2026, from $31.2 million for the three months ended June 30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.
Fair value changes in equity securities was $21.9 million for the three months ended June 30, 2026 primarily due to the increase in value of the Entrée Resources Ltd. shares acquired as a result of the Sandstorm and Horizon acquisition.
Interest and other expense increased to $10.0 million for the three months ended June 30, 2026, from $1.5 million for the three months ended June 30, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended June 30, 2026, amounts outstanding under our revolving credit facility averaged $476.6 million at an average all-in borrowing rate of 4.8% compared to no outstanding debt for the three months ended June 30, 2025.
For the three months ended June 30, 2026, we recorded income tax expense of $58.2 million, compared to $10.5 million for the three months ended June 30, 2025. The income tax expense resulted in an effective tax rate of 19.7% in the current period, compared with 7.4% for the three months ended June 30, 2025. The three months ended June 30, 2025, included a $9.3 million discrete benefit related to a withholding tax refund on a foreign royalty and a discrete benefit of $4.3 million attributable to the release of a valuation allowance.
Cash Flows
Net cash provided by operating activities totaled a record $335.2 million for the three months ended June 30, 2026, compared to $152.8 million for the three months ended June 30, 2025. The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $222.7 million, partially offset by higher income tax payments of $28.1 million, higher general and administrative costs of $8.1 million and higher interest payments on outstanding debt of $6.7 million when compared to the prior year period.
Net cash used in investing activities totaled $117.2 million for the three months ended June 30, 2026, compared to net cash used in investing activities of $112.8 million for the three months ended June 30, 2025. The increase in cash used was primarily due to lower cash payments for acquisitions of $62.7 million and higher cash calls of $70.0 million for the Hod Maden equity method investment when compared to the prior year period.
Net cash used in financing activities totaled $269.6 million for the three months ended June 30, 2026, compared to net cash used in financing activities of $32.6 million for the three months ended June 30, 2025. The increase in cash used was primarily due to higher debt repayments of $200.0 million, stock repurchase payments of $30.0 million and higher dividend payments of $10.7 million when compared to the prior year period.
Liquidity
Total liquidity at the end of the second quarter was approximately $1.2 billion, which consisted of $243.8 million of working capital and $1.0 billion undrawn and available under the revolving credit facility.
At June 30, 2026, we had $400 million of outstanding debt drawn on the revolving credit facility. Subsequent to the end of the quarter, on July 15, 2026, we repaid $75 million of this amount, resulting in $325 million outstanding and $1.075 billion available as of the date of this press release, excluding the uncommitted accordion feature. In keeping with Royal Gold’s capital allocation strategy to repay outstanding debt as cash flow allows, the Company expects to repay the outstanding balance from future cash flow in the fourth quarter of 2026 at current metal prices and absent further acquisitions.
At June 30, 2026, our contractual cash obligations comprised operating leases and the conditional Warintza funding. With respect to the Warintza funding, we expect to pay the final $50.0 million in the third or fourth quarter of 2026, subject to the completion of all filings necessary to perfect security in Ecuador, which is underway.
Second Quarter 2026 Call Information
Management’s conference call reviewing the second quarter results will be held on Thursday, August 6, 2026, at 12:00 pm Eastern Time (10:00 am Mountain Time). The call will be webcast live and archived on the Company’s website for a limited time.
Royal Gold is a high-margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including our 2026 guidance; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; opportunities for, and anticipated benefits from investments, acquisitions and other transactions; receipt and timing of future metal deliveries and sales of metals; anticipated liquidity, capital resources, financing, and stockholder returns, including share repurchases; borrowings and repayments under our revolving credit facility; and prices for gold, silver, copper and other metals.
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon; failure to realize the anticipated benefits from the Sandstorm and Horizon acquisition in the timeframe expected or at all; risks associated with our equity interests in the Hod Maden project; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A, Risk Factors of our most recent Annual Report. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release or our reports filed with the Securities and Exchange Commission could also have material adverse effects on forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
Statement Regarding Third-Party Information
Certain information provided in this press release, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties (including limited information provided by the operator of the Hod Maden project in connection with our equity interests and board representation) or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.
ROYAL GOLD, INC.
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
June 30, 2026
December 31, 2025
ASSETS
Cash and equivalents
$
182,468
$
233,719
Royalty receivables
131,708
110,846
Income tax receivable
19,460
2,108
Stream inventory
30,486
25,883
Prepaid expenses and other
5,913
4,890
Total current assets
370,035
377,446
Stream and royalty interests, net
8,600,469
8,583,875
Equity method investment
228,275
300,854
Marketable securities
132,087
172,880
Other assets
118,442
102,469
Total assets
$
9,449,308
$
9,537,524
LIABILITIES
Accounts payable
$
4,635
$
10,060
Dividends payable
40,263
40,186
Income tax payable
51,616
33,303
Other current liabilities
30,034
37,367
Total current liabilities
126,548
120,916
Debt
395,892
895,436
Deferred tax liabilities
1,164,553
1,190,672
Mount Milligan deferred liability
69,211
69,211
Other liabilities
59,458
55,942
Total liabilities
1,815,662
2,332,177
Commitments and contingencies
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued
–
–
Common stock, $.01 par value, 200,000,000 shares authorized; and 84,673,027 and 84,499,692 shares outstanding, respectively
844
845
Additional paid-in capital
5,922,062
5,928,123
Accumulated other comprehensive income
–
993
Accumulated earnings
1,664,100
1,227,169
Total Royal Gold stockholders’ equity
7,587,006
7,157,130
Non-controlling interests
46,640
48,217
Total equity
7,633,646
7,205,347
Total liabilities and equity
$
9,449,308
$
9,537,524
ROYAL GOLD, INC.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited, in thousands except share data)
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Revenue
$
450,539
$
209,643
$
919,664
$
403,080
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)
60,094
24,180
120,431
48,685
General and administrative
13,445
10,269
30,976
21,333
Production taxes
3,437
2,201
6,729
3,962
Depreciation, depletion and amortization
96,200
31,153
187,075
64,148
Total costs and expenses
173,176
67,803
345,211
138,128
Gain on settlement of Relief Canyon fixed obligation
2,575
–
2,575
–
Operating income
279,938
141,840
577,028
264,952
Fair value changes in equity securities
21,863
3
27,813
(34
)
Gain on sale of marketable securities
458
–
14,573
–
Interest and other income
3,551
2,713
6,743
4,762
Interest and other expense
(10,010
)
(1,544
)
(23,253
)
(2,701
)
Income before income taxes
295,800
143,012
602,904
266,979
Income tax expense
(58,241
)
(10,538
)
(83,638
)
(20,927
)
Net income
237,559
132,474
519,266
246,052
Net income attributable to non-controlling interests
(1,166
)
(125
)
(1,743
)
(205
)
Net income attributable to Royal Gold common stockholders
$
236,393
$
132,349
$
517,523
$
245,847
Net income
$
237,559
$
132,474
$
519,266
$
246,052
Adjustments to comprehensive income, net of tax:
Realized gain on available-for-sale debt securities
–
–
(993
)
–
Comprehensive income
237,559
132,474
518,273
246,052
Comprehensive income attributable to non-controlling interests
(1,166
)
(125
)
(1,743
)
(205
)
Comprehensive income attributable to Royal Gold stockholders
$
236,393
$
132,349
$
516,530
$
245,847
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share
$
2.78
$
2.01
$
6.10
$
3.73
Basic weighted average shares outstanding
84,781,861
65,748,410
84,751,231
65,726,903
Diluted earnings per share
$
2.78
$
2.01
$
6.07
$
3.73
Diluted weighted average shares outstanding
85,052,094
65,820,530
85,068,765
65,806,160
Cash dividends declared per common share
$
0.475
$
0.450
$
0.950
$
0.900
ROYAL GOLD, INC.
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Cash flows from operating activities:
Net income
$
237,558
$
132,474
$
519,266
$
246,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization
96,200
31,153
187,075
64,148
Non-cash employee stock compensation expense
3,294
2,713
6,886
5,911
Fair value changes in equity securities
(21,863
)
(3
)
(27,813
)
34
Gain on sale of marketable securities
(458
)
–
(14,573
)
–
Gain on settlement of Relief Canyon fixed obligation
(2,575
)
–
(2,575
)
–
Deferred tax benefit
18,106
(2,191
)
(9,658
)
(11,019
)
Other
1,636
222
3,163
446
Changes in assets and liabilities:
Royalty receivables
11,096
(7,265
)
(20,862
)
(1,534
)
Stream inventory
378
1,220
(4,603
)
(363
)
Income tax receivable
(19,351
)
(12,203
)
(17,352
)
(12,434
)
Prepaid expenses and other assets
(702
)
(3,870
)
264
(3,525
)
Accounts payable
(2,634
)
3,043
(5,424
)
3,178
Income tax payable
19,147
9,076
18,313
1,244
Other liabilities
(4,679
)
(1,567
)
(3,392
)
(2,967
)
Net cash provided by operating activities
$
335,153
$
152,802
$
628,715
$
289,171
Cash flows from investing activities:
Acquisition of stream and royalty interests
(50,031
)
(112,733
)
(50,031
)
(170,979
)
Proceeds from the sale of marketable securities
2,892
–
51,865
–
Cash calls for Hod Maden equity method investment
(70,000
)
–
(84,700
)
–
Other
(95
)
(21
)
(261
)
(70
)
Net cash used in investing activities
$
(117,234
)
$
(112,754
)
$
(83,127
)
$
(171,049
)
Cash flows from financing activities:
Repayment of debt
(200,000
)
–
(500,000
)
–
Net payments from issuance of common stock
(24
)
(1,488
)
(5,600
)
(4,499
)
Net proceeds from Sandstorm option exercises
2,482
–
22,655
–
Distributions to non-controlling interests
(1,664
)
(248
)
(3,321
)
(438
)
Stock repurchase
(30,003
)
–
(30,003
)
–
Common stock dividends
(40,330
)
(29,634
)
(80,516
)
(59,245
)
Other
(54
)
(1,258
)
(54
)
(1,258
)
Net cash used in financing activities
$
(269,593
)
$
(32,628
)
$
(596,839
)
$
(65,440
)
Net increase (decrease) in cash and equivalents
(51,674
)
7,420
(51,251
)
52,682
Cash and equivalents at beginning of period
234,142
240,760
233,719
195,498
Cash and equivalents at end of period
$
182,468
$
248,180
$
182,468
$
248,180
Schedule A – Non-GAAP Financial Measures and Certain Other Measures
Overview of non-GAAP financial measures:
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.
We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgment. Non-GAAP financial measures used by management in this release or elsewhere include the following:
Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. Net debt (or net cash) is a non-GAAP financial measure that is calculated by the Company as debt (excluding debt issuance costs) as of a date minus cash and equivalents for that same date. Net debt (or net cash) to trailing twelve months (TTM) adjusted EBITDA is a non-GAAP financial measure that is calculated by the Company as net debt (or net cash) as of a date divided by the TTM adjusted EBITDA (as defined above) ending on that date. We believe that these measures are important to monitor leverage and evaluate the balance sheet. Cash and equivalents are subtracted from the GAAP measure because they could be used to reduce our debt obligations. A limitation associated with using net debt (or net cash) is that it subtracts cash and equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. We believe that investors may find these measures useful to monitor leverage and evaluate the balance sheet. Adjusted net income and adjusted net income per share are non-GAAP financial measures that are calculated by the Company as net income and net income per share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliations below. We consider these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of our operating results excluding items that we believe are not indicative of our fundamental ongoing operations. The tax effect of adjustments is computed by applying the statutory tax rate in the applicable jurisdictions to the income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero. Free cash flow is a non-GAAP financial measure that is calculated by the Company as net cash provided by operating activities for a period minus acquisition of stream and royalty interests for that same period. We believe that free cash flow represents an additional way of viewing liquidity as it is adjusted for contractual investments made during such period. Free cash flow does not represent the residual cash flow available for discretionary expenditures. We believe it is important to view free cash flow as a complement to our consolidated statements of cash flows. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation. Reconciliation of non-GAAP financial measures to U.S. GAAP measures
Adjusted EBITDA, Adjusted EBITDA margin, net debt, and net debt to TTM adjusted EBITDA:
Three Months Ended
June 30,
Six Months Ended
June 30,
(amounts in thousands)
2026
2025
2026
2025
Net income
237,559
$
132,474
$
519,266
$
246,052
Depreciation, depletion and amortization
96,200
31,153
187,075
64,148
Non-cash employee stock compensation
3,294
2,714
6,886
5,911
Fair value changes in equity securities
(21,863
)
(3
)
(27,813
)
34
Gain on settlement of Relief Canyon fixed obligation
(2,575
)
–
(2,575
)
–
Gain on sale of marketable securities
(458
)
–
(14,573
)
–
Interest and other, net
6,459
(1,169
)
16,510
(2,061
)
Income tax expense
58,241
10,538
83,638
20,927
Non-controlling interests in operating income of consolidated subsidiaries
(1,166
)
(125
)
(1,743
)
(205
)
Adjusted EBITDA
$
375,691
$
175,582
$
766,671
$
334,806
Net income margin
53
%
63
%
56
%
61
%
Adjusted EBITDA margin
83
%
84
%
83
%
83
%
Three Months Ended
June 30,
March 31,
December 31,
September 30,
(amounts in thousands)
2026
2026
2025
2025
Net income
$
237,559
$
281,708
$
93,719
$
131,805
Depreciation, depletion and amortization
96,200
90,875
80,031
32,903
Non-cash employee stock compensation
3,294
3,592
2,952
2,942
Acquisition related costs
–
–
13,710
12,798
Fair value changes in equity securities
(21,863
)
(5,950
)
(362
)
–
Gain on settlement of Relief Canyon fixed obligation
(2,575
)
–
–
–
Loss (gain) on sale of marketable securities
(458
)
(14,115
)
50,017
–
Interest and other, net
6,459
10,050
14,838
1,835
Income tax expense
58,241
25,398
52,659
28,704
Non-controlling interests in operating income of consolidated subsidiaries
(1,166
)
(578
)
(108
)
(4,981
)
Adjusted EBITDA
$
375,691
$
390,980
$
307,456
$
206,006
Net income margin
53
%
60
%
25
%
52
%
Adjusted EBITDA margin
83
%
83
%
82
%
82
%
TTM adjusted EBITDA
$
1,280,133
Debt
$
395,892
Debt issuance costs
4,108
Cash and equivalents
(182,468
)
Net debt / (cash)
$
217,532
Net debt / (cash) to TTM adjusted EBITDA
0.17x
Cash G&A:
Three Months Ended
June 30,
Six Months Ended
June,
(amounts in thousands)
2026
2025
2026
2025
General and administrative expense
$
13,445
$
10,269
$
30,976
$
21,333
Non-cash employee stock compensation
(3,294
)
(2,714
)
(6,886
)
(5,911
)
Cash G&A
$
10,151
$
7,555
$
24,090
$
15,422
Three Months Ended
June 30,
Mar 31,
December 31,
September 30,
(amounts in thousands)
2026
2026
2025
2025
General and administrative expense
$
13,445
$
17,531
$
17,638
$
10,213
Non-cash employee stock compensation
(3,294
)
(3,592
)
(2,952
)
(2,942
)
Cash G&A
$
10,151
$
13,939
$
14,686
$
7,271
TTM cash G&A
$
46,047
Adjusted net income and adjusted net income per share:
Three Months Ended
June 30,
Six Months Ended
June 30,
(amounts in thousands, except per share data)
2026
2025
2026
2025
Net income attributable to Royal Gold common stockholders
$
236,393
$
132,349
$
517,523
$
245,847
Fair value changes in equity securities
(21,863
)
(3
)
(27,813
)
34
Gain on settlement of Relief Canyon fixed obligation
(2,575
)
–
(2,575
)
–
Gain on sale of marketable securities
(458
)
–
(14,573
)
–
Withholding tax refund
(9,302
)
–
(11,017
)
Discrete tax benefit for basis adjustment, net of valuation allowance
–
–
–
(12,008
)
Discrete tax benefit for statutory rate change
–
–
(33,657
)
–
Other discrete tax expense (benefit)
–
(4,256
)
–
(4,256
)
Tax effect of adjustments
6,722
1
12,139
(9
)
Adjusted net income attributable to Royal Gold common stockholders
$
218,219
$
118,789
$
451,044
$
218,591
Net income attributable to Royal Gold common stockholders per diluted share
$
2.78
$
2.01
$
6.07
$
3.73
Fair value changes in equity securities
(0.26
)
–
(0.33
)
–
Gain on settlement of Relief Canyon fixed obligation
(0.03
)
–
(0.03
)
–
Gain on sale of marketable securities
(0.01
)
–
(0.17
)
–
Withholding tax refund
–
(0.14
)
–
(0.17
)
Discrete tax benefit for basis adjustment, net of valuation allowance
–
–
–
(0.18
)
Discrete tax benefit for statutory rate change
–
–
(0.40
)
–
Other discrete tax expense (benefit)
–
(0.06
)
–
(0.06
)
Tax effect of adjustments
0.08
–
0.14
–
Adjusted net income attributable to Royal Gold common stockholders per diluted share
$
2.56
$
1.81
$
5.28
$
3.32
Free cash flow:
Three Months Ended
June 30,
Six Months Ended
June 30,
(amounts in thousands)
2026
2025
2026
2025
Net cash provided by operating activities
$
335,153
$
152,802
$
628,715
$
289,171
Acquisition of stream and royalty interests
(50,031
)
(112,733
)
(50,031
)
(170,979
)
Cash calls for Hod Maden equity method investment
(70,000
)
—
(84,700
)
—
Free cash flow
$
215,122
$
40,069
$
493,984
$
118,192
Net cash used in investing activities
$
(117,234
)
$
(112,754
)
$
(83,127
)
$
(171,049
)
Net cash used in financing activities
$
(269,593
)
$
(32,628
)
$
(596,839
)
$
(65,440
)
Other measures
We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this release and elsewhere include the following:
Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period. Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period. Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility. Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period. Schedule B – Stream Segment Sales, Purchases and Inventories
Three Months Ended
June 30, 2026
Three Months Ended
June 30, 2025
As of
June 30, 2026
As of
December 31, 2025
Purchases
Sales
Cost
Purchases
Sales
Cost
Inventory
Inventory
Gold Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Mount Milligan
10,200
9,700
435
8,200
16,600
435
7,200
6,700
Kansanshi
7,500
7,500
912
—
—
—
2,500
2,500
Pueblo Viejo
6,900
7,000
1,222
6,100
5,800
1,017
6,900
7,000
Andacollo
11,300
10,700
707
5,100
3,000
476
4,700
4,100
Rainy River
4,000
4,500
1,181
2,300
2,200
790
1,600
2,100
Xavantina
2,700
1,800
1,795
1,900
1,500
654
1,300
400
Wassa
3,400
4,000
903
2,900
3,100
657
1,700
2,300
Bonikro
1,600
1,300
400
—
—
—
400
—
Greenstone
1,500
1,400
903
—
—
—
400
300
Other
6,700
6,600
Varies
—
—
—
700
700
Total Gold Streams
55,800
54,500
780
26,500
32,200
647
27,400
26,100
Silver Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Pueblo Viejo1
254,000
171,200
19.14
196,900
204,700
10.85
254,000
171,200
Khoemacau
317,400
263,200
15.00
335,300
310,700
6.60
87,300
33,100
Rainy River
66,600
65,500
19.31
74,300
63,300
8.20
23,000
21,900
Cerro Moro
45,800
45,800
22
—
—
—
—
—
South Arturo
36,800
36,800
16
—
—
—
—
—
Woodlawn
19,900
13,000
—
—
—
—
6,900
—
Total Silver Streams
740,500
595,500
16.90
606,500
578,700
8.18
371,200
226,200
Copper Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
Mount Milligan
2.7
2.0
0.89
1.4
2.3
0.58
0.7
—
Chapada
0.6
0.6
1.71
—
—
—
—
—
Total Copper Streams
3.3
2.5
1.03
1.4
2.3
0.58
0.7
—
Zinc Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
CEZinc
1.3
1.3
0.29
—
—
—
—
—
Total Zinc Streams
1.3
1.3
0.29
—
—
—
—
—
Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement. Six Months Ended
June 30, 2026
Six Months Ended
June 30, 2025
As of
June 30, 2026
As of
December 31, 2025
Purchases
Sales
Cost
Purchases
Sales
Cost
Inventory
Inventory
Gold Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Mount Milligan
22,300
19,000
435
24,300
28,400
435
7,200
3,800
Kansanshi
15,100
12,600
949
—
—
—
2,500
—
Pueblo Viejo
13,800
14,600
1,382
11,900
13,500
956
6,900
7,600
Andacollo
19,000
16,300
714
10,600
7,400
441
4,700
2,100
Rainy River
9,800
9,700
1,166
4,700
5,300
735
1,600
1,500
Xavantina
6,700
7,600
1,841
3,200
3,500
619
1,300
2,300
Wassa
7,100
7,900
950
8,000
7,300
600
1,600
2,500
Bonikro
4,300
3,900
400
—
—
—
400
—
Greenstone
3,500
3,100
944
—
—
—
500
—
Other
9,000
8,300
Varies
—
—
—
700
—
Total Gold Streams
110,600
103,000
851
62,700
65,400
588
27,400
19,800
Silver Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Pueblo Viejo1
425,200
384,800
21.95
401,600
424,200
10.39
254,000
213,600
Khoemacau
478,200
489,700
15.35
644,100
629,600
6.47
87,300
98,800
Rainy River
141,900
135,400
19.16
133,000
122,300
8.00
23,000
16,400
Cerro Moro
97,500
97,500
23
—
—
—
—
—
South Arturo
73,100
73,100
17
—
—
—
—
—
Woodlawn
32,600
25,700
—
—
—
—
6,900
—
Total Silver Streams
1,248,500
1,206,200
18.32
1,178,700
1,176,100
7.98
371,200
328,800
Copper Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
Mount Milligan
4.1
4.1
0.89
4.5
4.5
0.61
0.7
0.7
Chapada
2.1
2.1
1.74
—
—
—
—
—
Total Copper Streams
6.2
6.2
1.18
4.5
4.5
0.61
0.7
0.7
Zinc Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
CEZinc
2.5
2.5
0.29
—
—
—
—
—
Total Zinc Streams
2.5
2.5
0.29
—
—
—
—
—
Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement.
NEW YORK--(BUSINESS WIRE)--Warner Music Group Corp. today announced its third-quarter financial results for the period ended June 30, 2026.
“For the fifth consecutive quarter, WMG has delivered or over-delivered on our targets, proving the strength of our strategy and the momentum of our business," said Robert Kyncl, CEO, Warner Music Group. "Our performance - driven by robust subscription streaming growth, market share gains, and disciplined operating leverage - highlights our ability to champion human creativity while deploying tech and AI to scale long-term profitability. We are closing the year with sharp operational focus and strong positioning to generate compounding value for our artists, songwriters, and shareholders for many years to come.”
“Our strong results were highlighted by double-digit subscription streaming growth bolstered by contractual per-subscriber minimum increases and sustained global share performance,” said Lou Dickler, Acting CFO, Warner Music Group. “We delivered healthy margin expansion and remain on track to meet the high end of our fiscal '26 margin expansion targets while remaining laser-focused on long-term value creation.”
Total WMG
Total WMG Summary Results
(dollars in millions)
For the Three
Months Ended
June 30, 2026
For the Three
Months Ended
June 30, 2025
% Change
For the Nine
Months Ended
June 30, 2026
For the Nine
Months Ended
June 30, 2025
% Change
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue
$
1,864
$
1,689
10
%
$
5,436
$
4,839
12
%
Recorded Music revenue
1,488
1,354
10
%
4,348
3,874
12
%
Music Publishing revenue
377
336
12
%
1,092
969
13
%
Operating income
305
169
80
%
857
551
56
%
Adjusted OIBDA(1)
433
373
16
%
1,293
1,039
24
%
Net income (loss)
200
(16
)
—
%
556
261
—
%
Net cash provided by operating activities
142
46
—
%
708
447
58
%
Free Cash Flow
114
7
—
%
633
336
88
%
(1) See "Supplemental Disclosures Regarding Non-GAAP Financial Measures" at the end of this release for details regarding this measure.
Revenue was up 10.4% (or 9.3% in constant currency). Recorded Music revenue comparisons were impacted by $16 million of digital revenue from the settlement of certain copyright infringement cases in the prior-year quarter (the “Copyright Settlement”). Consistent with prior quarters, Recorded Music revenue growth was also unfavorably impacted by the termination of the distribution agreement with BMG (the “BMG Termination”), which resulted in $10 million less Recorded Music digital revenue compared to the prior-year quarter. Excluding these items, total revenue increased 12.1% (or 11.0% in constant currency).
Digital revenue was up 10.5% (or 9.1% in constant currency) and streaming revenue was up 12.3% (or 10.8% in constant currency). Adjusted for the $16 million impact of the Copyright Settlement and the $10 million impact of the BMG Termination compared to the prior-year quarter, digital revenue increased 13.1% (or 11.6% in constant currency), and adjusted for the $10 million impact of the BMG Termination compared to the prior-year quarter, streaming revenue increased 13.3% (or 11.8% in constant currency). Recorded Music streaming revenue increased 11.8% (or 10.1% in constant currency); however, adjusted for the $10 million impact of the BMG Termination compared to the prior-year quarter, Recorded Music streaming revenue was up 13.1% (or 11.3% in constant currency). Music Publishing streaming revenue increased 14.4% (or 13.8% in constant currency). The increase in total revenue was also driven by higher Recorded Music artist services and expanded-rights and physical revenue, and growth across Music Publishing synchronization, mechanical and performance revenue.
Operating income increased 80.5% (or 75.3% in constant currency) to $305 million from $169 million in the prior-year quarter, primarily due to the factors affecting Adjusted OIBDA discussed below, as well as a decrease in restructuring and impairment charges of $62 million, partially offset by higher amortization expense of $11 million.
Adjusted OIBDA increased 16.1% (or 14.6% in constant currency) to $433 million from $373 million and Adjusted OIBDA margin increased 1.1 percentage points to 23.2% from 22.1% in the prior-year quarter (or 1.0 percentage point from 22.2% in constant currency). The increases include the $9 million impact of the Copyright Settlement and the $1 million impact of the BMG Termination compared to the prior-year quarter. Excluding these items, Adjusted OIBDA increased 19.3% (or 17.7% in constant currency) and Adjusted OIBDA margin increased 1.4 percentage points to 23.2% from 21.8% (or 1.3 percentage points from 21.9% in constant currency). The increases in Adjusted OIBDA and Adjusted OIBDA margin were primarily driven by strong operating performance, revenue mix and savings from the Company’s restructuring plans, a portion of which has been reinvested into the Company’s business, partially offset by unfavorable movements in foreign currency exchange rates of approximately $16 million.
Net income was $200 million compared to a loss of $16 million in the prior-year quarter. The change in net income was due to the impact of exchange rates on the Company’s Euro-denominated debt resulting in a $3 million gain in the quarter compared to a $70 million loss in the prior-year quarter and a currency exchange loss on intercompany loans of $1 million in the quarter compared to a $63 million loss in the prior-year quarter, partially offset by realized and unrealized losses on hedging activity of $1 million in the quarter compared to $8 million in the prior-year quarter. The change in net income was also driven by an impairment charge of $70 million for long-lived assets associated with EMP in the prior-year quarter. The increase in net income was partially offset by a $62 million increase in income tax expense, primarily due to an increase in pre-tax income in the quarter and a $20 million smaller benefit from EMP impairment in the quarter.
Basic earnings per share was $0.39 for both the Class A and Class B shareholders due to the net income attributable to the Company in the quarter of $200 million. Diluted earnings per share was $0.38 for Class A shareholders and $0.39 for Class B shareholders due to the net income attributable to the Company in the quarter of $200 million.
As of June 30, 2026, the Company reported a cash balance of $618 million, total debt of $4.710 billion and net debt (defined as total debt, net of deferred financing costs, premiums and discounts, minus cash and equivalents) of $4.092 billion. Total debt includes $303 million of subsidiary debt acquired in the Company’s acquisition of Tempo Music Holdings, LLC (“Tempo Music”) and $363 million in loans outstanding under the Beethoven JV. This debt is secured only by certain music rights owned by Tempo Music and the Beethoven JV, respectively, and is nonrecourse to the Company and its subsidiaries, other than Tempo Music and the Beethoven JV, respectively.
Cash provided by operating activities increased $96 million, or 209%, to $142 million in the quarter compared to $46 million in the prior-year quarter. The increase was largely a result of strong operating performance. Free Cash Flow, as defined below, increased to $114 million from $7 million in the prior-year quarter, primarily due to the factors affecting cash provided by operating activities described above and due to a decrease in capital expenditures of $11 million, or 28%, to $28 million from $39 million in the prior-year quarter, primarily driven by lower investments in technology and costs associated with our finance transformation initiative.
Recorded Music
Recorded Music Summary Results
(dollars in millions)
For the Three
Months Ended
June 30, 2026
For the Three
Months Ended
June 30, 2025
% Change
For the Nine
Months Ended
June 30, 2026
For the Nine
Months Ended
June 30, 2025
% Change
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue
$
1,488
$
1,354
10
%
$
4,348
$
3,874
12
%
Operating income
326
201
62
%
943
642
47
%
Adjusted OIBDA(1)
377
321
17
%
1,126
914
23
%
(1) See "Supplemental Disclosures Regarding Non-GAAP Financial Measures" at the end of this release for details regarding this measure.
Recorded Music Revenue
(dollars in millions)
For the Three
Months Ended
June 30, 2026
For the Three
Months Ended
June 30, 2025
For the Three
Months Ended
June 30, 2025
For the Nine
Months Ended
June 30, 2026
For the Nine
Months Ended
June 30, 2025
For the Nine
Months Ended
June 30, 2025
As reported
As reported
Constant
As reported
As reported
Constant
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Digital
$
1,016
$
929
$
943
$
2,967
$
2,643
$
2,717
Physical
137
119
117
426
397
404
Total Digital and Physical
1,153
1,048
1,060
3,393
3,040
3,121
Artist services and expanded-rights
224
195
195
619
508
523
Licensing
111
111
112
336
326
336
Total Recorded Music
$
1,488
$
1,354
$
1,367
$
4,348
$
3,874
$
3,980
Recorded Music revenue was up 9.9% (or 8.9% in constant currency) driven by increases across digital, artist services and expanded-rights and physical revenue. Licensing revenue remained constant with the prior-year quarter (or decreased 0.9% in constant currency). Excluding the $16 million impact of the Copyright Settlement and the $10 million impact of the BMG Termination compared to the prior-year quarter, Recorded Music revenue was up 12.0% (or 11.0% in constant currency). Digital revenue was up 9.4% (or 7.7% in constant currency) and streaming revenue was up 11.8% (or 10.1% in constant currency). Adjusted for the $16 million impact of the Copyright Settlement and the $10 million impact of the BMG Termination compared to the prior-year quarter, Recorded Music digital revenue was up 12.5% (or 10.8% in constant currency). Adjusted for the $10 million impact of the BMG Termination compared to the prior-year quarter, streaming revenue was up 13.1% (or 11.3% in constant currency). Streaming revenue reflects growth in subscription revenue of 12.5% (or 10.8% in constant currency) and in ad-supported revenue of 10.0% (or 8.0% in constant currency). Subscription revenue, adjusted for the $6 million impact of the BMG Termination compared to the prior-year quarter, was up 13.5% (or 11.8% in constant currency). Ad-supported revenue, adjusted for the $4 million impact of the BMG Termination compared to the prior-year quarter, was up 12.0% (or 10.0% in constant currency). The increase in subscription revenue reflects positive market share trends, subscriber growth and improved deal economics. The increase in ad-supported revenue reflects strong performance in the quarter, as well as improved deal economics. Artist services and expanded-rights revenue was up 14.9% (the same in constant currency) due to higher concert promotion revenue primarily in Japan and higher merchandising revenue. Physical revenue increased 15.1% (or 17.1% in constant currency) primarily driven by strong releases in the quarter as well as catalog and carryover success. Top sellers in the quarter included Bruno Mars, Don Toliver, sombr, Alex Warren and Madonna.
Recorded Music operating income increased 62.2% (or 58.3% in constant currency) to $326 million from $201 million in the prior-year quarter, and operating margin was up 7.1 percentage points to 21.9% versus 14.8% in the prior-year quarter (or up 6.8 percentage points from 15.1% in constant currency). The increase in operating income and operating income margin was driven by the factors affecting Adjusted OIBDA discussed below, as well as decreases in restructuring and impairment charges of $63 million and depreciation expense of $4 million primarily relating to EMP, partially offset by higher amortization expense of $10 million attributable to acquisitions.
Adjusted OIBDA increased 17.4% (or 15.6% in constant currency) to $377 million from $321 million and Adjusted OIBDA margin increased 1.6 percentage points to 25.3% from 23.7% in the prior-year quarter (or increased 1.5 percentage points from 23.8% in constant currency). The increases include the $9 million impact of the Copyright Settlement and the $1 million impact of the BMG Termination. Excluding these items, Adjusted OIBDA increased 21.2% (or 19.3% in constant currency) and Adjusted OIBDA margin increased 1.9 percentage points to 25.3% from 23.4% (or 1.7 percentage points from 23.6% in constant currency). The increases in Adjusted OIBDA and Adjusted OIBDA margin were primarily driven by revenue growth and strong operating performance, and savings from the Company’s restructuring plans, of which a portion has been reinvested in the Company’s business, partially offset by unfavorable movements in foreign currency exchange rates of approximately $12 million.
Music Publishing
Music Publishing Summary Results
(dollars in millions)
For the Three
Months Ended
June 30, 2026
For the Three
Months Ended
June 30, 2025
% Change
For the Nine
Months Ended
June 30, 2026
For the Nine
Months Ended
June 30, 2025
% Change
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue
$
377
$
336
12
%
$
1,092
$
969
13
%
Operating income
71
60
18
%
197
167
18
%
Adjusted OIBDA(1)
109
96
14
%
308
264
17
%
(1) See "Supplemental Disclosures Regarding Non-GAAP Financial Measures" at the end of this release for details regarding this measure.
Music Publishing Revenue
(dollars in millions)
For the Three
Months Ended
June 30, 2026
For the Three
Months Ended
June 30, 2025
For the Three
Months Ended
June 30, 2025
For the Nine
Months Ended
June 30, 2026
For the Nine
Months Ended
June 30, 2025
For the Nine
Months Ended
June 30, 2025
As reported
As reported
Constant
As reported
As reported
Constant
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Performance
$
59
$
58
$
60
$
181
$
167
$
174
Digital
235
204
204
674
599
610
Mechanical
19
16
16
54
46
47
Synchronization
60
54
56
170
142
146
Other
4
4
4
13
15
16
Total Music Publishing
$
377
$
336
$
340
$
1,092
$
969
$
993
Music Publishing revenue was up 12.2% (or 10.9% in constant currency) driven by growth across digital, synchronization, mechanical and performance revenue. Digital revenue increased 15.2% (the same in constant currency) and streaming revenue increased 14.4% (or 13.8% in constant currency) driven by continued market growth and the impact of new deals and renewals. Synchronization revenue increased 11.1% (or 7.1% in constant currency) primarily due to an increase in other copyright infringement settlements and mechanical revenue increased 18.8% (the same in constant currency) driven by the timing of distributions. Performance revenue increased 1.7% (or decreased 1.7% in constant currency).
Music Publishing operating income was up 18.3% (or 16.4% in constant currency) to $71 million from $60 million in the prior-year quarter and operating margin increased 0.9 percentage points to 18.8% from 17.9% in the prior-year quarter (the same in constant currency). The increases in operating income and operating margin were driven by the same factors affecting Adjusted OIBDA discussed below.
Music Publishing Adjusted OIBDA increased 13.5% (the same in constant currency) to $109 million from $96 million in the prior-year quarter. Adjusted OIBDA margin increased 0.3 percentage points to 28.9% from 28.6% in the prior-year quarter (or 0.7 percentage points from 28.2% in constant currency). The increases in Adjusted OIBDA and Adjusted OIBDA margin were primarily driven by revenue growth and strong operating performance, partially offset by unfavorable movements in foreign currency exchange rates of approximately $5 million.
Recent Announcements
In addition, the Company also announced today that its Board of Directors declared a regular quarterly cash dividend of $0.20 per share on the Company’s Class A Common Stock and Class B Common Stock. The dividend is payable on September 1, 2026, to stockholders of record as of the close of business on August 20, 2026.
Financial details for the quarter can be found in the Company’s current Quarterly Report on Form 10-Q for the period ended June 30, 2026, which will be filed this afternoon with the Securities and Exchange Commission.
This afternoon, management will be hosting a conference call to discuss the results at 4:30 P.M. EDT. The call will be webcast on www.wmg.com.
About Warner Music Group
With a legacy extending back over 200 years, Warner Music Group today is home to an unparalleled family of creative artists, songwriters, and companies that are moving culture across the globe. At the core of WMG’s Recorded Music division are four of the most iconic companies in history: Atlantic, Elektra, Parlophone and Warner Records. They are joined by renowned labels such as TenThousand Projects, 300 Entertainment, Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Fueled by Ramen, Nonesuch, Reprise, Rhino, Roadrunner, Sire, Spinnin’ Records, Warner Classics and Warner Records Nashville. Warner Chappell Music - which traces its origins back to the founding of Chappell & Company in 1811 - is one of the world's leading music publishers, with a catalog of more than one million copyrights spanning every musical genre from the standards of the Great American Songbook to the biggest hits of the 21st century.
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995
This communication includes forward-looking statements that reflect the current views of Warner Music Group about future events and financial performance. Words such as "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts" and variations of such words or similar expressions that predict or indicate future events or trends, or that do not relate to historical matters, identify forward-looking statements. All forward-looking statements are made as of today, and we disclaim any duty to update such statements. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that management's expectations, beliefs and projections will result or be achieved. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. Please refer to our Form 10-K, Form 10-Qs and our other filings with the U.S. Securities and Exchange Commission concerning factors that could cause actual results to differ materially from those described in our forward-looking statements.
We maintain an Internet site at www.wmg.com. We use our website as a channel of distribution for material company information. Financial and other material information regarding Warner Music Group is routinely posted on and accessible at http://investors.wmg.com. In addition, you may automatically receive email alerts and other information about Warner Music Group by enrolling your email address through the “email alerts” section at http://investors.wmg.com. Our website and the information posted on it or connected to it shall not be deemed to be incorporated by reference into this communication.
Figure 1. Warner Music Group Corp. - Condensed Consolidated Statements of Operations, Three Months Ended June 30, 2026 versus June 30, 2025
(dollars in millions)
For the Three Months Ended
June 30, 2026
For the Three Months Ended
June 30, 2025
% Change
(unaudited)
(unaudited)
Revenue
$
1,864
$
1,689
10
%
Cost and expenses:
Cost of revenue
(1,010
)
(913
)
11
%
Selling, general and administrative expenses
(464
)
(471
)
-1
%
Restructuring and impairments
(7
)
(69
)
-90
%
Amortization expense
(78
)
(67
)
16
%
Total costs and expenses
$
(1,559
)
$
(1,520
)
3
%
Operating income
$
305
$
169
80
%
Interest expense, net
(49
)
(43
)
14
%
Other income (expense), net
11
(137
)
—
%
Income (loss) before income taxes
$
267
$
(11
)
—
%
Income tax expense
(67
)
(5
)
—
%
Net income (loss)
$
200
$
(16
)
—
%
Less: (Income) loss attributable to noncontrolling interest
4
—
—
%
Net income (loss) attributable to Warner Music Group Corp.
$
204
$
(16
)
—
%
Net income (loss) per share attributable to common stockholders:
Class A – Basic
$
0.39
$
(0.03
)
Class A – Diluted
$
0.38
$
(0.03
)
Class B – Basic
$
0.39
$
(0.03
)
Class B – Diluted
$
0.39
$
(0.03
)
For the Nine Months Ended
June 30, 2026
For the Nine Months Ended
June 30, 2025
% Change
(unaudited)
(unaudited)
Revenue
$
5,436
$
4,839
12
%
Cost and expenses:
Cost of revenue
(2,927
)
(2,598
)
13
%
Selling, general and administrative expenses
(1,382
)
(1,395
)
-1
%
Restructuring and impairments
(47
)
(109
)
-57
%
Amortization expense
(218
)
(186
)
17
%
Total costs and expenses
$
(4,574
)
$
(4,288
)
7
%
Net gain on divestiture
(5
)
—
—
%
Operating income
$
857
$
551
56
%
Loss on extinguishment of debt
(7
)
—
—
%
Interest expense, net
(135
)
(119
)
13
%
Other income (expense), net
52
(48
)
—
%
Income before income taxes
$
767
$
384
100
%
Income tax expense
(211
)
(123
)
72
%
Net income
$
556
$
261
—
%
Less: Income attributable to noncontrolling interest
7
(5
)
—
%
Net income attributable to Warner Music Group Corp.
$
563
$
256
—
%
Net income per share attributable to common stockholders:
Class A – Basic
$
1.07
$
0.49
Class A – Diluted
$
1.05
$
0.49
Class B – Basic
$
1.07
$
0.49
Class B – Diluted
$
1.06
$
0.49
Figure 2. Warner Music Group Corp. - Condensed Consolidated Balance Sheets at June 30, 2026 versus September 30, 2025
(dollars in millions)
June 30, 2026
September 30, 2025
% Change
(unaudited)
Assets
Current assets:
Cash and equivalents
$
618
$
532
16
%
Accounts receivable, net
1,607
1,340
20
%
Inventories
69
62
11
%
Royalty advances expected to be recouped within one year
671
581
15
%
Assets held for sale
68
89
-24
%
Prepaid and other current assets
227
166
37
%
Total current assets
$
3,260
$
2,770
18
%
Royalty advances expected to be recouped after one year
1,118
1,079
4
%
Property, plant and equipment, net
416
441
-6
%
Operating lease right-of-use assets, net
163
189
-14
%
Goodwill
2,126
2,061
3
%
Intangible assets subject to amortization, net
3,098
2,725
14
%
Intangible assets not subject to amortization
153
154
-1
%
Deferred tax assets, net
58
111
-48
%
Other assets
335
299
12
%
Total assets
$
10,727
$
9,829
9
%
Liabilities, Redeemable Noncontrolling Interest and Equity
Current liabilities:
Accounts payable
$
354
$
257
38
%
Accrued royalties
3,030
2,740
11
%
Accrued liabilities
494
666
-26
%
Accrued interest
40
31
29
%
Operating lease liabilities, current
44
43
2
%
Deferred revenue
330
286
15
%
Liabilities held for sale
39
49
-20
%
Other current liabilities
112
129
-13
%
Total current liabilities
$
4,443
$
4,201
6
%
Acquisition Corp. long-term debt
4,044
4,063
—
%
Other long-term debt
666
302
—
%
Operating lease liabilities, noncurrent
165
200
-18
%
Deferred tax liabilities, net
184
164
12
%
Other noncurrent liabilities
139
142
-2
%
Total liabilities
$
9,641
$
9,072
6
%
Redeemable noncontrolling interests
133
—
—
%
Equity:
Class A common stock
$
—
$
—
—
%
Class B common stock
1
1
—
%
Additional paid-in capital
2,141
2,166
-1
%
Accumulated deficit
(1,068
)
(1,331
)
-20
%
Accumulated other comprehensive loss, net
(220
)
(189
)
16
%
Total Warner Music Group Corp. equity
$
854
$
647
32
%
Noncontrolling interest
99
110
-10
%
Total equity
953
757
26
%
Total liabilities, redeemable noncontrolling interest and equity
$
10,727
$
9,829
9
%
Figure 3. Warner Music Group Corp. - Summarized Statements of Cash Flows, Three Months Ended June 30, 2026 versus June 30, 2025
(dollars in millions)
For the Three Months Ended
June 30, 2026
For the Three Months Ended
June 30, 2025
(unaudited)
(unaudited)
Net cash provided by operating activities
$
142
$
46
Net cash used in investing activities
(151
)
(71
)
Net cash used in financing activities
(110
)
(96
)
Effect of foreign currency exchange rates on cash and equivalents
1
11
Cash balances classified as assets held for sale
(5
)
$
—
Net decrease in cash and equivalents
$
(123
)
$
(110
)
Figure 4. Warner Music Group Corp. - Digital Revenue Summary, Three Months Ended June 30, 2026 versus June 30, 2025
We evaluate our operating performance based on several factors, including the following non-GAAP financial measures:
Adjusted OIBDA
We allocate resources and evaluate performance based on several factors, including Adjusted OIBDA. We define Adjusted OIBDA as operating income (loss) adjusted to exclude the following items: (i) non-cash depreciation of tangible assets, (ii) non-cash amortization of intangible assets, (iii) non-cash stock-based compensation and other related expenses, (iv) gains or losses on divestitures, (v) expenses related to restructuring and transformation initiatives, which include costs associated with the Company’s financial transformation initiative to design and implement new information technology and upgrade our finance infrastructure, and (vi) executive transition costs. Items excluded are not viewed to contribute directly to management’s evaluation of operating results. We consider Adjusted OIBDA to be an important indicator of the operational strengths and performance of our businesses. However, a limitation of the use of Adjusted OIBDA as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in our businesses. Accordingly, Adjusted OIBDA should be considered in addition to, not as a substitute for, operating income (loss), net income (loss) attributable to Warner Music Group Corp. and other measures of financial performance reported in accordance with United States generally accepted accounting principles (“U.S. GAAP”). In addition, our definition of Adjusted OIBDA may differ from similarly titled measures used by other companies.
Adjusted Net Income and Adjusted EPS
We define Adjusted Net Income as net income (loss) attributable to Warner Music Group Corp. adjusted to exclude the following items: (i) non-cash amortization of intangible assets, (ii) expenses related to restructuring and transformation initiatives, which include costs associated with the Company’s financial transformation initiative to design and implement new information technology and upgrade our finance infrastructure, (iii) gains or losses on divestitures, (iv) non-cash stock-based compensation, (v) loss on extinguishment of debt, and (vi) other (income) expenses. These exclusions are then further adjusted to account for tax effects. Adjusted Net Income should be considered in addition to, not as a substitute for, net income (loss) attributable to Warner Music Group Corp. and other measures of financial performance reported in accordance with U.S. GAAP. We use Adjusted Net Income to calculate Adjusted Earnings (Loss) Per Share (“EPS”), which we define as Adjusted Net Income divided by the basic weighted-average shares outstanding for the period. Our definition of Adjusted Net Income and Adjusted EPS may differ from similarly titled measures used by other companies.
Figure 5. Warner Music Group Corp. - Reconciliation of Net Income to Adjusted OIBDA, Three Months Ended June 30, 2026 versus June 30, 2025
(dollars in millions)
For the Three Months Ended
June 30, 2026
For the Three Months Ended
June 30, 2025
% Change
(unaudited)
(unaudited)
Net income (loss) attributable to Warner Music Group Corp.
$
204
$
(16
)
—
%
Income attributable to noncontrolling interest
(4
)
—
—
%
Net income (loss)
$
200
$
(16
)
—
%
Income tax expense
67
5
—
%
Income including income taxes
$
267
$
(11
)
—
%
Other (income) expense, net
(11
)
137
—
%
Interest expense, net
49
43
14
%
Operating income
$
305
$
169
80
%
Amortization expense
78
67
16
%
Depreciation expense
33
29
14
%
Restructuring and impairments
7
69
-90
%
Transformation initiative costs
10
19
-47
%
Executive transition costs
—
4
-100
%
Non-cash stock-based compensation and other related costs
—
16
-100
%
Adjusted OIBDA
$
433
$
373
16
%
Operating income margin
16.4
%
10.0
%
Adjusted OIBDA margin
23.2
%
22.1
%
Net income (loss) attributable to Warner Music Group Corp.
$
204
$
(16
)
—
%
Less: Net income attributable to participating securities
(1
)
—
—
%
Net income (loss) attributable to common shareholders
$
203
$
(16
)
—
%
Amortization expense
78
67
16
%
Restructuring and impairments
7
69
-90
%
Transformation initiative costs
10
19
-47
%
Executive transition costs
—
4
-100
%
Non-cash stock-based compensation and other related costs
—
16
-100
%
Other (income) expense, net
(11
)
137
—
%
Tax impact (a)
(21
)
(76
)
-72
%
Adjusted Net Income
$
266
$
220
21
%
Weighted Avg Shares Outstanding - Class A - Basic
146,297
145,878
Weighted Avg Shares Outstanding - Class B - Basic
375,380
375,380
Unadjusted (GAAP) EPS - Class A - Basic
$
0.39
$
(0.03
)
Adjusted EPS - Class A - Basic
$
0.51
$
0.42
a) Represents the tax effect of the adjustments to reflect corporate income taxes at assumed effective tax rates of 25% and 24% for the three months ended June 30, 2026 and June 30, 2025, respectively.
For the Nine Months Ended
June 30, 2026
For the Nine Months Ended
June 30, 2025
% Change
(unaudited)
(unaudited)
Net income attributable to Warner Music Group Corp.
$
563
$
256
—
%
Income (loss) attributable to noncontrolling interest
(7
)
5
—
%
Net income
$
556
$
261
—
%
Income tax expense
211
123
72
%
Income including income taxes
$
767
$
384
100
%
Other (income) expense, net
(52
)
48
—
%
Interest expense, net
135
119
13
%
Loss on extinguishment of debt
7
—
—
%
Operating income
$
857
$
551
56
%
Amortization expense
218
186
17
%
Depreciation expense
95
86
10
%
Restructuring and impairments
47
109
-57
%
Transformation initiatives and other related costs
39
54
-28
%
Executive transition costs
—
4
-100
%
Net loss on divestitures
5
—
—
%
Non-cash stock-based compensation and other related costs
32
49
-35
%
Adjusted OIBDA
$
1,293
$
1,039
24
%
Operating income margin
15.8
%
11.4
%
Adjusted OIBDA margin
23.8
%
21.5
%
Net income (loss) attributable to Warner Music Group Corp.
$
563
$
256
120
%
Less: Net income attributable to participating securities
(5
)
(3
)
67
%
Net income attributable to common shareholders
$
558
$
253
121
%
Amortization expense
218
186
17
%
Restructuring and impairments
47
109
-57
%
Transformation initiative costs
39
54
-28
%
Net loss on divestitures
5
—
—
%
Executive transition costs
—
4
-100
%
Non-cash stock-based compensation and other related costs
32
49
-35
%
Loss on extinguishment of debt
7
—
—
%
Other (income) expense, net
(52
)
48
—
%
Tax impact (a)
(81
)
(110
)
-26
%
Adjusted Net Income
$
773
$
593
30
%
Weighted Avg Shares Outstanding - Class A - Basic
146,542
144,623
Weighted Avg Shares Outstanding - Class B - Basic
375,380
375,380
Unadjusted (GAAP) EPS - Class A - Basic
$
1.07
$
0.49
Adjusted EPS - Class A - Basic
$
1.48
$
1.14
a) Represents the tax effect of the adjustments to reflect corporate income taxes at assumed effective tax rates of 28% and 24% for the nine months ended June 30, 2026 and June 30, 2025, respectively.
Figure 6. Warner Music Group Corp. - Reconciliation of Segment Operating Income to Adjusted OIBDA, Three Months Ended June 30, 2026 versus June 30, 2025
(dollars in millions)
For the Three Months Ended
June 30, 2026
For the Three Months Ended
June 30, 2025
% Change
(unaudited)
(unaudited)
Total WMG operating income – GAAP
$
305
$
169
80
%
Depreciation and amortization expense
111
96
16
%
Restructuring and impairments
7
69
-90
%
Transformation initiative costs
10
19
-47
%
Executive transition costs
—
4
-100
%
Non-cash stock-based compensation and other related costs
—
16
-100
%
Total WMG Adjusted OIBDA
$
433
$
373
16
%
Total WMG Adjusted OIBDA margin
23.2
%
22.1
%
Recorded Music operating income – GAAP
$
326
$
201
62
%
Depreciation and amortization expense
53
47
13
%
Restructuring and impairments
6
69
-91
%
Non-cash stock-based compensation and other related costs
$
(8
)
$
4
—
%
Recorded Music Adjusted OIBDA
$
377
$
321
17
%
Recorded Music Adjusted OIBDA margin
25.3
%
23.7
%
Music Publishing operating income – GAAP
$
71
$
60
18
%
Depreciation and amortization expense
37
35
6
%
Non-cash stock-based compensation and other related costs
1
1
—
%
Music Publishing Adjusted OIBDA
$
109
$
96
14
%
Music Publishing Adjusted OIBDA margin
28.9
%
28.6
%
For the Nine Months Ended
June 30, 2026
For the Nine Months Ended
June 30, 2025
% Change
(unaudited)
(unaudited)
Total WMG operating income – GAAP
$
857
$
551
56
%
Depreciation and amortization expense
313
272
15
%
Restructuring and impairments
47
109
-57
%
Transformation initiatives and other related costs
39
54
-28
%
Executive transition costs
—
4
-100
%
Net loss on divestitures
5
—
—
%
Non-cash stock-based compensation and other related costs
32
49
-35
%
Total WMG Adjusted OIBDA
$
1,293
$
1,039
24
%
Total WMG Adjusted OIBDA margin
23.8
%
21.5
%
Recorded Music operating income – GAAP
$
943
$
642
47
%
Depreciation and amortization expense
146
138
6
%
Restructuring and impairment
34
110
-69
%
Non-cash stock-based compensation and other related costs
3
24
-88
%
Recorded Music Adjusted OIBDA
$
1,126
$
914
23
%
Recorded Music Adjusted OIBDA margin
25.9
%
23.6
%
Music Publishing operating income – GAAP
$
197
$
167
18
%
Depreciation and amortization expense
107
93
15
%
Non-cash stock-based compensation and other related costs
4
4
—
%
Music Publishing Adjusted OIBDA
$
308
$
264
17
%
Music Publishing Adjusted OIBDA margin
28.2
%
27.2
%
Constant Currency
Because exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of revenue on a constant-currency basis in addition to reported revenue helps improve the ability to understand our operating results and evaluate our performance in comparison to prior periods. Constant-currency information compares results between periods as if exchange rates had remained constant period over period. We use results on a constant-currency basis as one measure to evaluate our performance. We calculate constant-currency results by applying current-year foreign currency exchange rates to prior-year results. However, a limitation of the use of the constant-currency results as a performance measure is that it does not reflect the impact of exchange rates on our revenue. These results should be considered in addition to, not as a substitute for, results reported in accordance with U.S. GAAP. Results on a constant-currency basis, as we present them, may not be comparable to similarly titled measures used by other companies and are not a measure of performance presented in accordance with U.S. GAAP.
Figure 7. Warner Music Group Corp. - Revenue by Geography and Segment, Three Months Ended June 30, 2026 versus June 30, 2025 As Reported and Constant Currency
(dollars in millions)
For the Three
Months Ended
June 30, 2026
For the Three
Months Ended
June 30, 2025
For the Three
Months Ended
June 30, 2025
% Change
As reported
As reported
Constant
Constant
(unaudited)
(unaudited)
(unaudited)
(unaudited)
U.S. revenue
Recorded Music
$
587
$
536
$
536
10
%
Music Publishing
194
186
186
4
%
International revenue
Recorded Music
$
901
$
818
$
831
8
%
Music Publishing
183
150
154
19
%
Intersegment eliminations
(1
)
(1
)
(2
)
-50
%
Total Revenue
$
1,864
$
1,689
$
1,705
9
%
Revenue by Segment:
Recorded Music
Digital
$
1,016
$
929
$
943
8
%
Physical
137
119
117
17
%
Total Digital and Physical
$
1,153
$
1,048
$
1,060
9
%
Artist services and expanded-rights
224
195
195
15
%
Licensing
111
111
112
-1
%
Total Recorded Music
$
1,488
$
1,354
$
1,367
9
%
Music Publishing
Performance
$
59
$
58
$
60
-2
%
Digital
235
204
204
15
%
Mechanical
19
16
16
19
%
Synchronization
60
54
56
7
%
Other
4
4
4
—
%
Total Music Publishing
$
377
$
336
$
340
11
%
Intersegment eliminations
(1
)
(1
)
(2
)
-50
%
Total Revenue
$
1,864
$
1,689
$
1,705
9
%
Total Digital Revenue
$
1,251
$
1,132
$
1,147
9
%
For the Nine
Months Ended
June 30, 2026
For the Nine
Months Ended
June 30, 2025
For the Nine
Months Ended
June 30, 2025
% Change
As reported
As reported
Constant
Constant
(unaudited)
(unaudited)
(unaudited)
(unaudited)
U.S. revenue
Recorded Music
$
1,729
$
1,565
$
1,565
10
%
Music Publishing
562
520
520
8
%
International revenue
Recorded Music
$
2,619
$
2,309
$
2,415
8
%
Music Publishing
530
449
473
12
%
Intersegment eliminations
(4
)
(4
)
(5
)
(20
)%
Total Revenue
$
5,436
$
4,839
$
4,968
9
%
Revenue by Segment:
Recorded Music
Digital
$
2,967
$
2,643
$
2,717
9
%
Physical
426
397
404
5
%
Total Digital and Physical
$
3,393
$
3,040
$
3,121
9
%
Artist services and expanded-rights
619
508
523
18
%
Licensing
336
326
336
—
%
Total Recorded Music
$
4,348
$
3,874
$
3,980
9
%
Music Publishing
Performance
$
181
$
167
$
174
4
%
Digital
674
599
610
10
%
Mechanical
54
46
47
15
%
Synchronization
170
142
146
16
%
Other
13
15
16
(19
)%
Total Music Publishing
$
1,092
$
969
$
993
10
%
Intersegment eliminations
(4
)
(4
)
(5
)
(20
)%
Total Revenue
$
5,436
$
4,839
$
4,968
9
%
Total Digital Revenue
$
3,640
$
3,241
$
3,326
9
%
Figure 8. Warner Music Group Corp. - Adjusted OIBDA by Segment, Three Months Ended June 30, 2026 versus June 30, 2025 As Reported and Constant Currency
(dollars in millions)
For the Three
Months Ended
June 30, 2026
For the Three
Months Ended
June 30, 2025
For the Three
Months Ended
June 30, 2025
Change %
As reported
As reported
Constant
Constant
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Total WMG Adjusted OIBDA
$
433
$
373
$
378
14.6
%
Adjusted OIBDA margin
23.2
%
22.1
%
22.2
%
Recorded Music Adjusted OIBDA
$
377
$
321
$
326
15.6
%
Recorded Music Adjusted OIBDA margin
25.3
%
23.7
%
23.8
%
Music Publishing Adjusted OIBDA
$
109
$
96
$
96
13.5
%
Music Publishing Adjusted OIBDA margin
28.9
%
28.6
%
28.2
%
Figure 9. Warner Music Group Corp. - Notable Items, As Reported
(dollars in millions)
FY 2026
FY 2025
Three Months Ended
December 31, 2025
Three Months Ended
March 31, 2026
Three Months Ended
June 30, 2026
Three Months Ended
December 31, 2024
Three Months Ended
March 31, 2025
Three Months Ended
June 30, 2025
Revenue
Recorded Music
Streaming - BMG Termination (a)
—
—
—
6
6
10
Streaming - DSP True-up and Settlement Payments
12
—
—
(7
)
11
—
Download and Other Digital - Copyright Settlement
—
—
—
—
—
16
Music Publishing
Streaming - MLC Historical Matched Royalties
—
—
—
17
—
—
Adjusted OIBDA
Recorded Music
BMG Termination (a)
—
—
—
—
1
1
DSP True-up and Settlement Payments
7
—
—
(4
)
7
—
Copyright Settlement
—
—
—
—
—
9
Music Publishing
MLC Historical Matched Royalties
—
—
—
4
—
—
(a) The BMG Termination impact shown in FY 2025 represents the incremental revenue and Adjusted OIBDA compared to the current fiscal year.
Free Cash Flow
Our definition of Free Cash Flow is defined as cash flow provided by operating activities less capital expenditures. We use Free Cash Flow, among other measures, to evaluate our operating performance. Management believes Free Cash Flow provides investors with an important perspective on the cash available to fund our debt service requirements, ongoing working capital requirements, capital expenditure requirements, strategic acquisitions and investments, and any dividends, prepayments of debt or repurchases or retirement of our outstanding debt or notes in open market purchases, privately negotiated purchases, any repurchases of our common stock or otherwise. As a result, Free Cash Flow is a significant measure of our ability to generate long-term value. It is useful for investors to know whether this ability is being enhanced or degraded as a result of our operating performance. We believe the presentation of Free Cash Flow is relevant and useful for investors because it allows investors to view performance in a manner similar to the method management uses.
Free Cash Flow is not a measure of performance calculated in accordance with U.S. GAAP and therefore it should not be considered in isolation of, or as a substitute for, net income (loss) as an indicator of operating performance or cash flow provided by operating activities as a measure of liquidity. Free Cash Flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. In addition, Free Cash Flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Because Free Cash Flow deducts capital expenditures from “net cash provided by operating activities” (the most directly comparable U.S. GAAP financial measure), users of this information should consider the types of events and transactions that are not reflected. We provide below a reconciliation of Free Cash Flow to the most directly comparable amount reported under U.S. GAAP, which is “net cash provided by operating activities.”
Figure 10. Warner Music Group Corp. - Calculation of Free Cash Flow, Three Months Ended June 30, 2026 versus June 30, 2025
August 05, 2026 16:05 ET | Source: Wave Life Sciences USA, Inc.
CAMBRIDGE, Mass., Aug. 05, 2026 (GLOBE NEWSWIRE) -- As previously announced, Wave Life Sciences Ltd. (NASDAQ: WVE), a clinical-stage biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health (“Wave” or “Wave Life Sciences”), has obtained the requisite shareholder approvals required in connection with its proposed redomiciliation (“Redomiciliation”) to the United States by way of the implementation of a statutory procedure known as a scheme of arrangement under Section 210 of the Companies Act 1967 of Singapore (the “Scheme of Arrangement”).
The Scheme of Arrangement was subsequently approved by order of the High Court of the Republic of Singapore on July 14, 2026 (Singapore Time), and is expected to become effective after the close of trading on Friday, August 7, 2026 (Eastern Time), upon filing of such court order with the Accounting and Corporate Regulatory Authority of Singapore. As required following the effectiveness of the Redomiciliation, Wave plans to make a series of filings with the Securities and Exchange Commission (“SEC”) after-market on the same day.
About Wave Life Sciences
Wave Life Sciences (Nasdaq: WVE) is a biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health. Wave’s RNA medicines platform, PRISM®, combines multiple modalities, chemistry innovation, and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Its toolkit of RNA-targeting modalities, including RNAi (SpiNA) and RNA editing (AIMers), provides Wave with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Wave’s pipeline is focused on its obesity (WVE-007), alpha-1 antitrypsin deficiency (WVE-006) and PNPLA3 I148M liver disease (WVE-008) programs, and also includes clinical programs in Duchenne muscular dystrophy and Huntington’s disease, as well as several preclinical programs utilizing the company’s versatile RNA medicines platform. Driven by the calling to “Reimagine Possible,” Wave is leading the charge toward a world in which human potential is no longer hindered by the burden of disease. Wave is headquartered in Cambridge, MA. For more information on Wave’s science, pipeline and people, please visit www.wavelifesciences.com and follow Wave on X and LinkedIn.
Some of the statements included in this announcement may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, in particular, statements about our expectations regarding the change of the parent company of the group from a Singapore company to a Delaware corporation. These statements include, but are not limited to, statements that address our expected future business and statements about the Redomiciliation and other statements identified by words such as “will”, “expect”, “believe”, “anticipate”, “estimate”, “should”, “intend”, “plan”, “potential”, “predict”, “project”, “aim”, and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of the management of Wave Life Sciences, as well as assumptions made by, and information currently available to, such management, current market trends and market conditions and involve risks and uncertainties, many of which are outside Wave Life Sciences’ and management’s control, and which may cause actual results to differ materially from those contained in forward looking statements. Accordingly, you should not place undue reliance on such statements.
Particular uncertainties that could materially affect future results include risks associated with the Redomiciliation, including our ability to satisfy other closing conditions to the completion of the Redomiciliation within the expected timeframe or at all; our ability to realize the expected benefits from the Redomiciliation; the occurrence of difficulties or material timing delays in connection with the Redomiciliation, including any unanticipated costs in connection therewith; any delays, challenges and expenses associated with receiving governmental and regulatory approvals; changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by the tax authorities in Singapore, the United States and other jurisdictions following the Redomiciliation; our critical accounting policies; the ability of our preclinical studies to produce data sufficient to support the filing of global clinical trial applications and the timing thereof; our ability to continue to build and maintain the company infrastructure and personnel needed to achieve our goals; the clinical results and timing of our programs, which may not support further development of our product candidates; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials; our effectiveness in managing current and future clinical trials and regulatory processes; the success of our platform in identifying viable candidates; the continued development and acceptance of nucleic acid therapeutics as a class of drugs; our ability to demonstrate the therapeutic benefits of our stereopure candidates in clinical trials, including our ability to develop candidates across multiple therapeutic modalities; our ability to obtain, maintain and protect intellectual property; our ability to enforce our patents against infringers and defend our patent portfolio against challenges from third parties; our ability to fund our operations and to raise additional capital as needed; competition from others developing therapies for similar uses; and any impacts on our business as a result of or related to any local and global health epidemics, geopolitical conflicts, global economic uncertainty, the impact of tariffs and changes in economic policies, volatility in inflation, volatility in interest rates or market disruptions on our business.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are set forth in our definitive proxy statement filed on May 7, 2026 and our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the other documents that we file with the SEC, including under the heading “Risk Factors” in our most recent Annual Report on Form 10-K. You may obtain copies of these documents as described under the heading “Additional Information and Where to Find It.”
Our filings with the SEC, which you may obtain without charge at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no intent or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investors:
James Salierno
Director, Investor Relations
+1 617-949-4043 [email protected]
UWM Holdings oznámila strategické kapitálové partnerství za 2,05 mld. USD s rodinou Ishbia a Oaktree. Firma zároveň pozastaví dividendu, aby upřednostnila snižování dluhu a posílila rozvahu.
Transaction provides significant permanent capital, strengthens UWM’s balance sheet, enhances liquidity and positions the nation’s leading mortgage lender to continue investing through the cycle
PONTIAC, Mich.--(BUSINESS WIRE)--UWM Holdings Corporation (NYSE: UWMC) (“UWMC” or the “Company”), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced a $2.05 billion strategic capital partnership with the Ishbia Family via their new family investment vehicle, SFS Group Capital, LLC (“SFS”) and Oaktree Capital Management, L.P. (“Oaktree”) to fortify UWM’s balance sheet and position the Company for continued long-term success at a time when many competitors are pulling back. The initial investment was made in the form of preferred equity together with warrants. The Company is also announcing a suspension of its common dividend to prioritize debt reduction and balance-sheet strength.
The Company also intends to launch a $400 million rights offering to Class A shareholders, with the support of the Ishbia Family and Oaktree, if needed. The rights offering will have a record date of October 2, 2026 (the “Record Date”) and is expected to commence on October 5, 2026 and expire at 5:00 p.m. Eastern Time on November 12, 2026. Each holder of Class A Common Stock as of the Record Date will receive one subscription right for each share of Class A Common Stock owned (each, a “Right”). Each Right will entitle the holder to purchase its pro rata portion of the 200 million shares of Class A Common Stock offered at a subscription price per share equal to the greater of: (i) $2.00 and (ii) 85% of the volume-weighted average price per share of the Class A Common Stock during the ten consecutive trading days commencing on October 27, 2026 and ending on November 9, 2026. The Rights will be transferable and listed on the NYSE. There will also be an oversubscription option for the holders of the Rights. Complete terms will be set forth in the Company's Current Report on Form 8-K to be filed with the SEC.
The transaction represents a proactive step by UWM to add permanent capital and financial flexibility while continuing to execute from its position as the nation's leading mortgage lender. UWM has been the nation’s leading mortgage originator since 2022 and the clear leader in the wholesale channel for 11 consecutive years, and this strategic capital partnership is designed to ensure the Company can continue serving its clients, team members, counterparties, bondholders, equity holders and the investor community at large while maintaining its competitive position.
The net proceeds will primarily be used to repay existing debt and MSR financing facilities and strengthen UWM's equity base and liquidity. With a fortified balance sheet, the Company will have greater flexibility to continue investing in the independent mortgage broker channel, proprietary technology and AI, and its servicing platform through the cycle. With Oaktree as a scaled strategic partner and the Ishbia Family investing alongside the transaction, UWM is further aligning its balance sheet and capital strategy with its long-term objective of expanding market share, improving durability and continuing to build the best mortgage company in America.
“We’re taking decisive action to make UWM stronger, more liquid and better positioned to win for years to come,” said Mat Ishbia, Chairman, President and Chief Executive Officer of UWM. “This is not just about capital. This is about bringing in a strategic partner that understands our business, understands MSRs, understands the mortgage industry and believes in the same long-term vision we have for UWM.”
Ishbia continued, “We’re already the No. 1 mortgage lender in America and the undisputed leader in wholesale. We’ve been able to achieve this by playing offense, and that’s not changing. This strategic partnership gives us even more firepower to sustain that offense by continuing to invest, innovate, and grow broker channel share. It strengthens our ability to support our broker partners, deliver for our clients and borrowers, and create long-term value for our team members, investors, and stakeholders. We’re going to continue investing in technology, AI, servicing and the tools that help brokers win. This transaction makes us stronger today and puts us in an even better position to continue dominating as the market recovers.”
“We are thrilled to partner with Mat and the UWM team at a pivotal time for the mortgage industry,” said Nick Basso, Co-Head of North America for Oaktree’s Global Opportunities Group. “Mat has built an exceptional business, and Oaktree’s commitment reflects our conviction in UWM’s differentiated platform, market leadership and long-term growth potential. We look forward to leveraging our experience in the mortgage sector and serving as a strategic partner to the Company and its stakeholders.”
Transaction Overview
Reflects the largest equity capital investment into a mortgage originator $2.05 billion total capital investment from Oaktree and the Ishbia Family, providing UWM with significant permanent capital and financial flexibility. $1.65 billion of preferred equity capital to be funded at closing, with a planned $400 million rights offering to Class A shareholders to be raised with the support of the Ishbia Family and Oaktree, if needed. Use of proceeds focused on balance sheet fortification, including repayment of existing debt, repayment of MSR financing facilities and support for general corporate purposes. Investors will receive warrants in connection with the transaction, aligning all parties in the performance of the business over the long term. A representative from Oaktree will join the UWM Board of Directors, and Oaktree will additionally have the right to nominate one additional independent director. In connection with the transaction, UWM will suspend its quarterly dividend, but will continue to opportunistically evaluate capital return opportunities that are in the best interest of the Company and its investors as the market evolves. In the near term, UWM plans to use its earnings and any leverage it can comfortably apply to opportunistically pay down the preferred equity. Key Benefits to UWM and its Constituents
Supports brokers, clients and borrowers. A stronger balance sheet allows UWM to continue delivering the speed, service, technology and pricing that help independent mortgage brokers compete and grow. Underscores UWM's industry-leading position, resilient earnings power, and long-term outlook, while aligning the Company with a highly respected global investment firm known for its disciplined, long-term approach to capital allocation. Positions UWM to play offense as the market recovers. With a fortified balance sheet, added liquidity, and a strategic partner alongside the Company, UWM is better positioned to capture share as housing activity and refinance demand improve. Accelerates balance sheet deleveraging by enabling the repayment of outstanding senior notes and mortgage servicing rights financing facilities, materially reducing leverage and improving key financial metrics. Pro forma structure results in strong leverage and liquidity ratios that will continue to improve through earnings. Enhances long-term financial stability by increasing total liquidity, equity base, and maintaining a healthy cash position, positioning UWM to remain resilient regardless of market conditions and interest rate volatility. Additional board members affiliated with Oaktree provide UWM with alignment and interest from individuals with world-class experience, expertise, and strategic relationships. Supports continued investment in technology and innovation, reinforcing UWM's commitment to providing independent mortgage brokers with industry-leading tools, operational efficiency, and AI-powered solutions that enhance the borrower experience. Aligns with UWM's long-term strategic focus of growing through the broker channel, expanding its leadership position in wholesale mortgage lending, and driving sustainable profitability over time. Advisors
J.P. Morgan Securities LLC is serving as financial advisor to UWMC in connection with the transaction, and Greenberg Traurig, P.A. is serving as legal counsel to UWMC. Wells Fargo Securities is serving as financial advisor to Oaktree, and Kirkland & Ellis LLP is serving as legal counsel to Oaktree.
About UWM Holdings Corporation and United Wholesale Mortgage
Headquartered in Pontiac, Michigan, UWM Holdings Corporation (“UWMC”) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for eleven consecutive years and is the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.
Other Important Information
The rights offering will be made pursuant to the Company’s effective shelf registration statement on Form S-3 (Reg. No. 333- 297986) on file with the Securities and Exchange Commission (the "SEC") and a prospectus supplement to be filed with the SEC prior to the commencement of the rights offering.
The information herein is not complete and is subject to change. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the rights, Class A Common Stock or any other securities, nor will there be any sale of the rights, Class A Common Stock or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. This document is not an offering, which can only be made by a prospectus. The base prospectus contains additional information about the Company and the prospectus supplement will contain additional information about the rights offering, and should be read carefully before investing.
This communication includes forward-looking statements. These forward-looking statements are generally identified using words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict” and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this communication include statements regarding our expectations and beliefs related to (i) the benefits of the strategic partnership with Oaktree; (ii) the impact the strategic partnership with have on UWM’s financial results; (iii) expectations regarding the rights offering and the timing and terms thereof; (iv) UWM’s ability to continue to drive shareholder value; (v) UWM’s ability to opportunistically pay down the preferred equity; (vi) UWM’s investment in technology; (vii) UWM’ ability to maintain market share; and (viii) UWM’s intrinsic value. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) the ability to obtain benefits of the strategic partnership with Oaktree; (ii) that the strategic partnership with Oaktree will not provide the expected benefits or impact on the financial condition of UWM; (iii) UWM’s ability to successfully implement strategic decisions and product launches; (iv) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by the Presidential Administration that affect interest rates and inflation; (v) UWM’s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (vi) UWM’s ability to sell loans in the secondary market; (vii) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (viii) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (ix) our ability to comply with all rules and regulations in connection with the launch of our internal servicing and the new risks that may be presented as a result of the transition; (x) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (xi) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (xii) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xiii) UWM’s ability to continue to attract and retain its broker relationships; (xiv) UWM’s ability to implement technological innovation, such as AI in our operations; (xv) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xvi) reliance on third-party software and services; the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xvii) UWM’s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xviii) other risks and uncertainties indicated from time to time in our filings with the SEC including those under “Risk Factors” therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
LCI Industries ve 2. čtvrtletí zvýšila čistý zisk o 16 % na 67,1 mil. USD, i když tržby klesly o 12,5 % na 968,7 mil. USD. Firma zároveň zvedla celoroční výhled upraveného zisku na akcii (EPS) na 8,25 až 8,75 USD.
ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported second quarter 2026 results.
"We delivered solid second quarter results with expanded profitability despite continued soft outdoor recreation industry demand. Our 2026 performance has been driven first and foremost by our self-help initiatives. Through disciplined operational efficiencies and strategic cost reduction actions, we've structurally improved our cost base and expanded net margins despite a challenging wholesale RV production environment and continued retail softness. Our disciplined cost management execution and increased product content per unit has fundamentally strengthened our earnings power and position us to generate higher returns throughout the cycle," said Johnny Sirpilla, Interim Chief Executive Officer.
Mr. Sirpilla continued, "I am energized by the opportunities ahead and appreciate the value LCI delivers to its customers across the many dynamic markets we serve. I’m equally excited about the compelling strategic and financial rationale for our proposed merger with Patrick. Together, we expect to create a broader, more innovative product platform, expand our addressable market, and cost-effectively bring more products within reach of outdoor recreation consumers. In the meantime, our talented, innovation-minded team remains squarely focused on advancing our strategic investments and cost optimization initiatives and we look forward to finishing the year strong in our drive to enhance shareholder value."
Second Quarter 2026 Results
Consolidated net sales decreased 12.5% to $968.7 million in the second quarter of 2026, down from $1,107.3 million in the same period of 2025. Excluding the $88.8 million negative impact of IEEPA tariff refunds expected to be passed through to customers, adjusted net sales decreased 4.5% to $1,057.5 million. The decrease in consolidated net sales and adjusted net sales was primarily driven by lower North American RV wholesale shipments, partially offset by sales price increases for targeted products and to cover higher material costs, sales from acquired businesses ($16.7 million in the second quarter), growth in the automotive aftermarket, and content gains in North American RV sales driven by recent product innovations, and, in the case of consolidated net sales, the impact of IEEPA tariff refunds expected to be passed through to customers.
Net income was up 16% to $67.1 million, or $2.75 per diluted share, compared to $57.6 million, or $2.29 per diluted share, in the second quarter of 2025. Adjusted net income increased to $65.9 million, or $2.70 per adjusted diluted share, compared to $60.1 million, or $2.39 per adjusted diluted share. Adjusted EBITDA increased 7% to $129.4 million, compared to $121.3 million in the second quarter of 2025. Operating profit margin increased to 9.9% in the second quarter of 2026 compared to 7.9% in the same period of 2025. Year-over-year margin expansion was driven primarily by cost improvement actions, including materials sourcing strategies, and the benefit of the net impact of IEEPA tariff refunds, partially offset by merger-related expenses, and investments in capacity and distribution to support the Aftermarket Segment.
*Additional information regarding adjusted net income, adjusted diluted EPS, adjusted net sales, and adjusted EBITDA used throughout this release, as well as reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure, is provided in the "Supplementary Information - Reconciliation of Non-GAAP Measures" section below.
OEM Segment - Second Quarter Performance
OEM net sales decreased $164.8 million, or 20%, to $674.8 million for the second quarter of 2026, compared to $839.6 million in the same period of 2025. RV OEM net sales decreased 33% to $336.1 million, primarily due to a reduction for IEEPA tariff refunds expected to be passed through to customers, a decrease in North American travel trailer and fifth-wheel shipments, and an increase in RV sales mix toward lower content single axle travel trailers, partially offset by sales price increases for targeted products and to cover increased material costs, and recent product innovations. Adjacent Industries OEM net sales increased 1% year-over-year to $338.7 million, primarily driven by sales from acquired businesses and higher sales to North American marine OEMs, partially offset by a reduction for IEEPA tariff refunds expected to be passed through to customers.
Operating profit of the OEM Segment was $44.1 million in the second quarter of 2026, or 6.5% of net sales, compared to $51.7 million, or 6.2% of net sales, in the same period in 2025. Operating profit of the OEM Segment included a net positive impact related to IEEPA tariff refunds after deducting the related refunds expected to be passed through to customers. In addition to the favorable net impact of tariff refunds, the operating profit margin benefitted primarily from increases in selling prices contractually tied to indices of select commodities, increases in selling prices for targeted products and to cover increased material costs, and cost improvement actions, including materials sourcing strategies. The positive factors, other than the favorable net impact of tariff refunds, were more than offset by the impact of fixed costs spread over decreased production volumes, higher material costs related to tariffs, higher steel and aluminum costs, rising fuel costs, as well as merger-related expenses.
Aftermarket Segment - Second Quarter Performance
Aftermarket net sales increased 10% to $293.9 million for the second quarter of 2026, compared to $267.7 million in the same period of 2025. The increase was primarily driven by sales price increases for targeted products and to cover increased material costs, sales from acquired businesses, and increases in volume in the automotive aftermarket, partially offset by a reduction for IEEPA tariff refunds expected to be passed through to customers.
Operating profit of the Aftermarket Segment was $51.9 million, or 17.7% of net sales in the second quarter of 2026, compared to $36.1 million, or 13.5% of net sales, in the same period of 2025. Operating profit of the Aftermarket Segment included a net positive impact related to IEEPA tariff refunds after deducting the related refunds expected to be passed through to customers. In addition to the favorable net impact of IEEPA tariff refunds, the operating profit margin benefitted primarily from increases in selling prices for targeted products and to cover increased material costs and cost improvement actions, including materials sourcing strategies. These positive factors, other than the favorable net impact of IEEPA tariff refunds, were more than offset by higher material and freight costs related to tariffs, higher steel and aluminum costs, rising fuel costs, merger-related expenses, and investments in capacity and distribution.
Income Taxes
The Company's effective tax rate was 25.6% for the quarter ended June 30, 2026, compared to 26.2% for the quarter ended June 30, 2025. The improvement in the effective tax rate was primarily due to the recognition of a discrete tax benefit related to an increase in the cash surrender value of company-owned life insurance policies compared to the prior year period and a statute release of an uncertain tax position on state R&D tax credits, partially offset by a write-off of projected non-deductible deferred executive compensation.
Balance Sheet and Other Items
At June 30, 2026, the Company's cash and cash equivalents balance was $216.5 million, relative to $222.6 million at December 31, 2025. The Company used $92.0 million to pay off the remaining balance of its 2026 Convertible Notes at maturity, $55.9 million for dividend payments to shareholders, and $28.4 million for capital expenditures in the six months ended June 30, 2026.
The Company's outstanding long-term indebtedness, including current maturities, was $852.6 million at June 30, 2026. As of June 30, 2026, the Company had $595.2 million of borrowing availability under its revolving credit facility.
Outlook
Based on current market and economic conditions along with existing tariffs, the Company expects the following:
July 2026 net sales of approximately $315 million, down 4% from prior year 2026 North American RV wholesale shipments of 280,000 to 300,000, lowering from the previous range of 315,000 to 330,000 2026 revenue of $3.9 billion to $4.1 billion, reduced to reflect softened market conditions 2026 operating profit margin of 7.5% to 8.0%, reaffirming prior guidance range 2026 adjusted EPS of $8.25 to $8.75 Conference Call & Webcast
LCI Industries will host a conference call to discuss its second quarter results on Wednesday, August 5, 2026, at 8:30 a.m. Eastern time. An online, real-time webcast, as well as a supplemental earnings presentation, will be available on the Company's website, investors.lci1.com. The conference call and webcast can also be accessed by dialing (888) 596-4144 for participants in the U.S. and (646) 968-2525 for participants outside the U.S. using the required access code 5713129#. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call.
A replay of the conference call will be available for two weeks by dialing (800) 770-2030 for participants in the U.S. and (609) 800-9909 for those outside the U.S. and referencing access code 5713129#. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.
About LCI Industries
LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margins, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.
Forward-looking statements, including, without limitation, those relating to the Company's 2026 outlook and related assumptions, production levels, future financial results and business prospects, net sales, expenses and income (loss), operating margins, capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand and shipments, run rates, integration of acquisitions, planned divestitures and facility consolidations, optimization of facilities and infrastructure, R&D investments, commodity prices, addressable markets, industry trends, and the Company's proposed merger with Patrick Industries, Inc. ("Patrick"), whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, (1) the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, (2) tariff refunds and related pass through to customers, (3) future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, team members, business and cash flows, (4) pricing pressures due to domestic and foreign competition, (5) seasonality and cyclicality in the industries to which we sell our products, (6) availability of credit for financing the retail and wholesale purchase of products for which we sell our components, (7) inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, (8) the financial condition of our customers, (9) the financial condition of retail dealers of products for which we sell our components, (10) retention and concentration of significant customers, (11) the costs, pace of and successful integration of acquisitions and other growth initiatives, (12) availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, (13) efficiency improvements and cost reductions, (14) the disruption of business resulting from natural disasters or other unforeseen events, (15) the successful entry into new markets, (16) the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, (17) information technology performance and security, (18) the ability to protect intellectual property, (19) warranty and product liability claims or product recalls, (20) interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, (21) risks related to the pending merger with Patrick, including (a) the risk that the cost savings and any revenue synergies from the transaction may not be fully realized or may take longer than anticipated to be realized, (b) disruption to each party’s business as a result of the announcement and pendency of the transaction, (c) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate as a result of unexpected factors or events, (d) the failure to obtain the necessary approvals by the stockholders of the Company or Patrick, (e) the ability by each of the Company and Patrick to obtain required governmental approvals of the transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction, (f) reputational risk and the reaction of each party’s customers, suppliers, employees or other business partners to the transaction, (g) the failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (h) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (i) risks related to management and oversight of the expanded business and operations of the combined company due to the increased size and complexity, (j) the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the transaction or the size, scope and complexity of the combined company’s business operations, and (k) the outcome of any legal or regulatory proceedings that may be currently pending or later instituted against the Company, Patrick or the combined company before or after the transaction, and (22) other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 and in the Company's subsequent filings with the Securities and Exchange Commission (the "SEC"). Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
Important Information About the Proposed Transaction and Where to Find It
In connection with the proposed transaction between the Company and Patrick, the Company and Patrick intend to file relevant materials with the SEC, including, among other filings, a Patrick registration statement on Form S-4 that will include a joint proxy statement of the Company and Patrick that also constitutes a prospectus of Patrick with respect to shares of Patrick’s common stock to be issued in the proposed transaction, and a definitive joint proxy statement/prospectus, which will be mailed to stockholders of the Company and Patrick (the “Joint Proxy Statement/Prospectus”). The Company and Patrick may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Joint Proxy Statement/Prospectus or any other document which the Company and Patrick may file with the SEC. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND PATRICK ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the registration statement and the Joint Proxy Statement/Prospectus (when available) and other documents filed with the SEC by the Company and Patrick through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge on Company’s website at lippert.com under the tab “Investors” and under the heading “Financials” and subheading “SEC Filings.” Copies of the documents filed with the SEC by Patrick will be available free of charge on Patrick’s website at patrickind.com under the tab “Investors” and under the heading “SEC Filings.”
Certain Information Regarding Participants
The Company, Patrick and their respective directors and executive officers may be considered participants in the solicitation of proxies from the stockholders of each of the Company and Patrick in connection with the proposed transaction. Information about the directors and executive officers of the Company and their ownership of Company common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 26, 2026 and its proxy statement for its 2026 annual meeting, which was filed with the SEC on March 27, 2026. Information about the directors and executive officers of Patrick and their ownership of Patrick common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 19, 2026 and its proxy statement for its 2026 annual meeting, which was filed with the SEC on March 30, 2026. To the extent holdings of Company’s or Patrick’s securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Information about the directors and executive officers of the Company and Patrick, including a description of their direct or indirect interests, by security holdings or otherwise, and other information regarding the potential participants in the proxy solicitations, which may be different than those of the Company’s stockholders and Patrick’s stockholders generally, will be contained in the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at http://www.sec.gov and from Company’s or Patrick’s website as described above.
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering or sale of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
LCI INDUSTRIES
OPERATING RESULTS
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
Last Twelve
2026
2025
2026
2025
Months
(In thousands, except per share amounts)
Net sales
$
968,675
$
1,107,250
$
2,059,192
$
2,152,840
$
4,028,369
Cost of sales
667,531
837,229
1,484,383
1,631,070
2,995,035
Gross profit
301,144
270,021
574,809
521,770
1,033,334
Warehouse and transportation
61,342
54,235
117,224
104,090
218,194
Selling, general and administrative expenses
143,842
127,982
266,466
248,559
513,220
Operating profit
95,960
87,804
191,119
169,121
301,920
Interest expense, net
6,319
9,689
16,232
15,680
36,262
Loss on extinguishment of debt
—
—
—
8,053
806
Gain on sale of real estate
(554
)
—
(554
)
—
(20,270
)
Income before income taxes
90,195
78,115
175,441
145,388
285,122
Provision for income taxes
23,054
20,480
45,353
38,315
73,857
Net income
$
67,141
$
57,635
$
130,088
$
107,073
$
211,265
Net income per common share:
Basic
$
2.76
$
2.29
$
5.36
$
4.23
$
8.69
Diluted
$
2.75
$
2.29
$
5.29
$
4.23
$
8.66
Weighted average common shares outstanding:
Basic
24,314
25,157
24,274
25,297
24,301
Diluted
24,392
25,157
24,571
25,297
24,395
Depreciation
$
17,670
$
16,826
$
34,020
$
33,489
$
67,586
Amortization
$
13,188
$
13,497
$
26,636
$
26,376
$
54,436
Capital expenditures
$
18,764
$
12,736
$
28,432
$
21,774
$
59,302
LCI INDUSTRIES
SEGMENT RESULTS
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
Last Twelve
2026
2025
2026
2025
Months
(In thousands)
Net sales:
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels
$
282,349
$
441,926
$
724,355
$
913,120
$
1,519,471
Motorhomes
53,771
61,372
121,609
120,980
236,605
Adjacent Industries OEMs
338,673
336,261
681,643
629,014
1,298,070
Total OEM Segment net sales
674,793
839,559
1,527,607
1,663,114
3,054,146
Aftermarket Segment:
Total Aftermarket Segment net sales
293,882
267,691
531,585
489,726
974,223
Total net sales
$
968,675
$
1,107,250
$
2,059,192
$
2,152,840
$
4,028,369
Operating profit:
OEM Segment
$
44,083
$
51,684
$
120,587
$
113,657
$
191,050
Aftermarket Segment
51,877
36,120
70,532
55,464
110,870
Total operating profit
$
95,960
$
87,804
$
191,119
$
169,121
$
301,920
Depreciation and amortization:
OEM Segment depreciation
$
12,307
$
12,169
$
23,565
$
24,496
$
47,400
Aftermarket Segment depreciation
5,363
4,657
10,455
8,993
20,186
Total depreciation
$
17,670
$
16,826
$
34,020
$
33,489
$
67,586
OEM Segment amortization
$
9,150
$
9,638
$
18,561
$
18,752
$
38,474
Aftermarket Segment amortization
4,038
3,859
8,075
7,624
15,962
Total amortization
$
13,188
$
13,497
$
26,636
$
26,376
$
54,436
LCI INDUSTRIES
BALANCE SHEET INFORMATION
(unaudited)
June 30,
December 31,
2026
2025
(In thousands)
ASSETS
Current assets
Cash and cash equivalents
$
216,512
$
222,615
Accounts receivable, net
383,004
243,425
Inventories, net
768,976
809,094
Prepaid expenses and other current assets
116,232
74,552
Total current assets
1,484,724
1,349,686
Fixed assets, net
414,775
428,031
Goodwill
619,125
622,183
Other intangible assets, net
372,869
402,568
Operating lease right-of-use assets
275,225
272,995
Other long-term assets
101,184
100,524
Total assets
$
3,267,902
$
3,175,987
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term indebtedness
$
3,658
$
3,683
Accounts payable, trade
208,855
202,257
Current portion of operating lease obligations
45,233
44,174
Accrued expenses and other current liabilities
339,504
223,253
Total current liabilities
597,250
473,367
Long-term indebtedness
848,932
941,502
Operating lease obligations
248,358
246,047
Deferred taxes
27,820
27,495
Other long-term liabilities
113,790
126,743
Total liabilities
1,836,150
1,815,154
Total stockholders' equity
1,431,752
1,360,833
Total liabilities and stockholders' equity
$
3,267,902
$
3,175,987
LCI INDUSTRIES
SUMMARY OF CASH FLOWS
(unaudited)
Six Months Ended
June 30,
2026
2025
(In thousands)
Cash flows from operating activities:
Net income
$
130,088
$
107,073
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization
60,656
59,865
Stock-based compensation expense
12,303
10,949
Loss on extinguishment of debt
—
8,053
Gain on sale of real estate
(554
)
—
Other non-cash items
901
6,514
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net
(140,583
)
(168,012
)
Inventories, net
38,774
62,977
Prepaid expenses and other assets
(43,906
)
(4,899
)
Accounts payable, trade
8,698
33,012
Accrued expenses and other liabilities
103,841
39,405
Net cash flows provided by operating activities
170,218
154,937
Cash flows from investing activities:
Capital expenditures
(28,432
)
(21,774
)
Acquisition of businesses
—
(98,187
)
Proceeds from sale of real estate
2,156
—
Other investing activities
3,159
(3,389
)
Net cash flows used in investing activities
(23,117
)
(123,350
)
Cash flows from financing activities:
Vesting of stock-based awards, net of shares tendered for payment of taxes
(6,695
)
(4,858
)
Repayments under revolving credit facility
—
(19,261
)
Proceeds from term loan borrowings
—
391,000
Repayments under term loan and other borrowings
(2,222
)
(281,525
)
Proceeds from issuance of convertible notes
—
448,500
Repurchase of convertible notes
(92,000
)
(368,920
)
Purchases of convertible note hedge contracts
—
(67,574
)
Proceeds from issuance of warrants concurrent with note hedge contracts
—
27,600
Partial unwind of convertible note hedge and warrants
—
1,378
Payment of debt issuance costs
—
(4,821
)
Payment of dividends
(55,879
)
(58,388
)
Repurchases of common stock
—
(66,338
)
Other financing activities
—
(895
)
Net cash flows used in financing activities
(156,796
)
(4,102
)
Effect of exchange rate changes on cash and cash equivalents
3,592
(1,310
)
Net (decrease) increase in cash and cash equivalents
(6,103
)
26,175
Cash and cash equivalents at beginning of period
222,615
165,756
Cash and cash equivalents at end of period
$
216,512
$
191,931
LCI INDUSTRIES
SUPPLEMENTARY INFORMATION
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
Last Twelve
2026
2025
2026
2025
Months
Industry Data(1) (in thousands of units):
Industry Wholesale Production:
Travel trailer and fifth-wheel RVs
65.5
81.4
138.9
167.7
269.3
Motorhome RVs
9.8
9.3
20.5
18.7
37.9
Industry Retail Sales:
Travel trailer and fifth-wheel RVs
86.0
100.7
139.0
163.3
281.8
Impact on dealer inventories
(20.5
)
(19.3
)
(0.1
)
4.4
(12.5
)
Motorhome RVs
10.3
10.7
17.8
19.7
36.0
Twelve Months Ended
June 30,
2026
2025
Lippert Content Per Industry Unit Produced(2):
Travel trailer and fifth-wheel RV
$
5,831
$
5,234
Motorhome RV
$
3,852
$
3,793
June 30,
December 31,
2026
2025
2025
Balance Sheet Data (debt availability in millions):
Remaining availability under the revolving credit facility (3)
$
595.2
$
595.3
$
595.2
Days sales in accounts receivable, based on last twelve months
30.6
29.6
29.7
Inventory turns, based on last twelve months
3.8
4.2
4.2
Estimated Full Year Data:
2026
Revenue
$3.9 - $4.1 billion
Operating profit margin(4)
7.5% - 8.0%
Adjusted diluted EPS
$8.25 - $8.75
Capital expenditures
$55 - $65 million
Depreciation and amortization
$115 - $125 million
Stock-based compensation expense
$24 - $27 million
Annual tax rate
25% - 27%
(1)
Industry wholesale production data for travel trailer and fifth-wheel RVs and motorhome RVs provided by the Recreation Vehicle Industry Association. Industry retail sales data provided by Statistical Surveys, Inc.
(2)
Excludes the impact on net sales in 2026 from IEEPA tariff refunds expected to be passed through to customers.
(3)
Remaining availability under the revolving credit facility is subject to covenant restrictions.
(4)
Estimate excludes impact of IEEPA tariff refunds and merger-related expenses.
LCI INDUSTRIES
SUPPLEMENTARY INFORMATION
RECONCILIATION OF NON-GAAP MEASURES
(unaudited)
The following table reconciles net income to Adjusted EBITDA, net sales to adjusted net sales, and net income as a percentage of net sales to Adjusted EBITDA as a percentage of adjusted net sales.
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(In thousands)
Net income
$
67,141
$
57,635
$
130,088
$
107,073
Interest expense, net
6,319
9,689
16,232
15,680
Provision for income taxes
23,054
20,480
45,353
38,315
Depreciation expense
17,670
16,826
34,020
33,489
Amortization expense
13,188
13,497
26,636
26,376
EBITDA
$
127,372
$
118,127
$
252,329
$
220,933
Loss on extinguishment of debt
—
—
—
8,053
Gain on sale of real estate
(554
)
—
(554
)
—
Restructuring costs
4,421
—
4,421
—
Merger expenses
14,124
—
14,124
—
Net impact of IEEPA tariff refunds
(15,972
)
—
(15,972
)
—
Executive separation costs
—
3,193
—
3,193
Adjusted EBITDA
$
129,391
$
121,320
$
254,348
$
232,179
Net sales
$
968,675
$
1,107,250
$
2,059,192
$
2,152,840
IEEPA tariff refunds impact on net sales
88,792
—
88,792
—
Adjusted net sales
$
1,057,467
$
1,107,250
$
2,147,984
$
2,152,840
Net income as a percentage of net sales
6.9
%
5.2
%
6.3
%
5.0
%
Adjusted EBITDA as a percentage of adjusted net sales
12.2
%
11.0
%
11.8
%
10.8
%
The following table reconciles net income to adjusted net income and net income per diluted share to adjusted net income per adjusted diluted share ("Adjusted EPS").
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(In thousands, except per share amounts)
Net income
$
67,141
$
57,635
$
130,088
$
107,073
Loss on extinguishment of debt
—
—
—
8,053
Gain on sale of real estate
(554
)
—
(554
)
—
Restructuring costs
4,421
—
4,421
—
Merger expenses
14,124
—
14,124
—
Net impact of IEEPA tariff refunds, including interest income
(19,664
)
—
(19,664
)
—
Executive separation costs
—
3,193
—
3,193
Tax effect of adjustments
402
(765
)
402
(2,695
)
Adjusted net income
$
65,870
$
60,063
$
128,817
$
115,624
Weighted average common shares outstanding - diluted
24,392
25,157
24,571
25,297
Dilutive effect of 2030 Convertible Notes (1)
—
—
(213
)
—
Weighted average common shares outstanding - adjusted diluted
24,392
25,157
24,358
25,297
Net income per common share - diluted
$
2.75
$
2.29
$
5.29
$
4.23
Loss on extinguishment of debt
—
—
—
0.32
Gain on sale of real estate
(0.02
)
—
(0.02
)
—
Restructuring costs
0.18
—
0.18
—
Merger expenses
0.58
—
0.57
—
Net impact of IEEPA tariff refunds, including interest income
(0.81
)
—
(0.80
)
—
Executive separation costs
—
0.13
—
0.13
Tax effect of adjustments
0.02
(0.03
)
0.02
(0.11
)
Dilutive effect of 2030 Convertible Notes (1)
—
—
0.05
Adjusted net income per common share - adjusted diluted (Adjusted EPS)
$
2.70
$
2.39
$
5.29
$
4.57
In addition to reporting financial results in accordance with U.S. GAAP, the Company has provided the non-GAAP performance measures of Adjusted EBITDA, adjusted net sales, Adjusted EBITDA as a percentage of adjusted net sales, adjusted net income, and Adjusted EPS to illustrate and improve comparability of its results from period to period. Adjusted EBITDA is defined as net income before interest expense, net, provision for income taxes, depreciation expense, amortization expense, loss on extinguishment of debt, gain on sale of real estate, restructuring costs, merger expenses, the net impact of IEEPA tariff refunds, and executive separation costs, as applicable, during the three and six month periods ended June 30, 2026 and 2025. Adjusted net sales is defined as net sales adjusted for the reduction in net sales related to IEEPA tariff refunds expected to be passed through to customers. Adjusted net income is defined as net income adjusted for loss on extinguishment of debt, gain on sale of real estate, restructuring costs, merger expenses, the net impact of IEEPA tariff refunds, including interest income, executive separation costs, and the related tax effects, as applicable, during the three and six month periods ended June 30, 2026 and 2025. Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding - adjusted diluted, which includes an adjustment for the dilutive effect of the 2030 Convertible Notes under the if-converted method for the six month period ended June 30, 2026. The restructuring costs adjusted out of the non-GAAP measures relate to the Company's plant consolidations at our U.S. glass and automotive aftermarket facilities. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. These measures are not in accordance with, nor are they substitutes for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.
Further, the Company has provided its outlook for full-year 2026 Adjusted EPS and adjusted operating profit margin in this release. The Company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because the Company is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. The financial impact of such items is uncertain and is dependent on various factors, including timing, and could be material to the Company's consolidated statements of income.
IQVIA a Medera oznámily strategickou spolupráci na urychlení vývoje srdeční genové terapie a lidských platforem pro objevování léčiv. IQVIA má podpořit nábor pacientů, kvalitu dat a regulační podání.
RESEARCH TRIANGLE PARK, N.C. & BOSTON--(BUSINESS WIRE)--IQVIA (NYSE:IQV), a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries, and Medera Inc. (“Medera”), a clinical-stage biopharmaceutical company pioneering next-generation therapeutics for cardiovascular disease, today announced a strategic collaboration to accelerate the development of cardiac gene therapies and human-based drug discovery platforms.
The collaboration brings together IQVIA’s global clinical trial and commercialization infrastructure with Medera’s pioneering platforms: Sardocor, focused on developing disease-modifying gene therapies for difficult-to-treat cardiovascular diseases, and Novoheart, a leader in engineered human-based cardiac tissue for disease modelling and drug screening.
Sardocor will leverage IQVIA’s regulatory and trial execution expertise to advance its FDA-cleared, first-in-human AAV-based gene therapy programs. IQVIA will support patient recruitment, data quality and regulatory filings, including applications for expedited FDA designations.
Novoheart’s mini-Heart platform is already instrumental in securing IND and Fast Track designations and offers a predictive, human-based alternative to animal testing. The platform is expanding into multiple organ systems to support drug discovery and safety testing under the FDA Modernization Act 2.0.
“By combining IQVIA’s global expertise with Medera’s mini-Heart platform and gene therapy programs, we can bring safer, more effective therapies to patients faster,” said Ronald Li, Co-Founder, Chairman & CEO of Medera. “This collaboration expands our reach, while reinforcing the scientific and regulatory momentum around human-based drug discovery and cardiac gene therapy innovation.”
About IQVIA
IQVIA (NYSE:IQV) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI®, advanced analytics, the latest technologies and extensive domain expertise. IQVIA is committed to using AI responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry. With approximately 94,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.
IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com.
About Medera Inc.
Medera is a clinical-stage biopharmaceutical company focused on targeting difficult-to-treat and currently incurable diseases by developing next-generation therapeutics. Medera operates via two business units: Sardocor, its clinical development arm advancing a pipeline of cardiac gene therapy trials (HFpEF, HFrEF, DMD-CM), and Novoheart, its preclinical subsidiary pioneering the world’s first and award-winning “mini-Heart” technology for human-based disease modelling, drug discovery, and toxicity testing. Novoheart’s platforms have already supported FDA IND and Fast Track designations, and the company is advancing a broader pipeline of gene therapy, cell therapy, and small molecule candidates. For more information, visit www.medera.bio.
IonQ získala prodloužení kontraktu DARPA v hodnotě 28 milionů USD na výrobu atomových hodin Evergreen-05. Má dodat 125 kusů pro zákazníky americké vlády.
COLLEGE PARK, Md.--(BUSINESS WIRE)--IonQ (NYSE: IONQ) announced today that it has been awarded a $28 million contract extension through the Defense Advanced Research Projects Agency (DARPA) It’s About Time program. Under the program, IonQ will advance its scalable clock production capabilities for its Evergreen-05 optical atomic clocks and deliver 125 units to U.S. government customers. The clocks are designed for mission-critical applications including radar, secure communications, and precision geolocation.
Evergreen-05 Atomic Clock Performance
Originally developed under DARPA’s Robust Optical Clock Network program, IonQ’s Evergreen-05 is a compact, fully integrated optical atomic clock with a 5-liter, shoe box-sized form factor. It delivers timing stability of 50 femtoseconds at one second and nanosecond holdover over 10 days–projecting to a timing error of less than one second over 30 million years.
Compared with active hydrogen masers, Evergreen-05 delivers superior phase noise and short-term stability with comparable long-term drift. The clock provides this performance in 1/75th of the volume of an active hydrogen maser. Its tactical package and broader environmental operating range extend IonQ’s existing clock technology across land, maritime, and airborne platforms. Program Background
DARPA’s support for the core Evergreen-05 technology began in 2019, when it funded an initial effort for Vector Atomic, then a year-old startup in Pleasanton, California. IonQ acquired Vector Atomic in October 2025 to expand its capabilities into quantum position, navigation, and timing.
Executive Perspective
“We added Vector Atomic to the IonQ family because their clocks and sensors are the best in the world,” said IonQ Chairman and CEO Niccolo de Masi. “DARPA’s investment under the It's About Time program confirms that we made the right choice.”
“DARPA has been a partner every step of the way. That initial support was critical to prove the core concepts of our clock,” said Marty Boyd, director of IonQ’s timekeeping division and co-founder of Vector Atomic. “We joined IonQ to accelerate and scale up delivery of our commercial products, and DARPA's continued support gives us the opportunity to do that.”
Production Investment
To support Evergreen-05 delivery, IonQ will invest $15 million in dedicated production space, advanced manufacturing and test equipment, and support staff.
About IonQ
IonQ, Inc. [NYSE: IONQ] is the world’s leading quantum platform and foundry - delivering integrated quantum solutions across computing, networking, sensing, and security. IonQ’s newest generation of quantum computers, the IonQ Tempo, is the latest in a line of cutting-edge systems. Earlier systems have helped customers and partners including Amazon Web Services, AstraZeneca, and NVIDIA achieve a 20x performance increase over previous quantum solutions and accelerate innovation in drug discovery, materials science, financial modeling, logistics, cybersecurity, and defense. In 2025, the company achieved 99.99% two-qubit gate fidelity, setting a world record in quantum computing performance.
Headquartered in College Park, Maryland, IonQ has operations in California, Colorado, Massachusetts, Tennessee, Washington, Italy, South Korea, Sweden, Switzerland, Canada, and the United Kingdom. Our quantum computing services are available through all major cloud providers, while we also meet the needs of networking and sensing customers across land, sea, air, and space. IonQ is making quantum platforms more accessible and impactful than ever before. Learn more at IonQ.com.
Note to Investors Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding the anticipated scope, value, funding and benefits to IonQ of the contract extension under DARPA's It's About Time program; the expected timing, quantity and completion of deliveries of Evergreen-05 optical atomic clocks to U.S. government customers; the anticipated amount, timing and benefits of IonQ's planned investment in production space, manufacturing and test equipment, testing capabilities and support staff; IonQ's ability to scale and accelerate clock production; the expected performance, specifications, stability, holdover, form factor and environmental operating range of Evergreen-05, and its performance relative to alternative timing technologies; the anticipated applications, use cases and platforms for IonQ's clocks and sensors; the anticipated benefits to IonQ of its acquisition of Vector Atomic; and IonQ's business strategy, technology roadmap and future operations.. These statements are only predictions based on our expectations and projections about future events as of the date of this press release and are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause actual results to differ materially from those expressed or implied by such statements, including, among others, those described under the heading “Risk Factors” in our most recently filed Annual Reports on Form 10-K filed with the Securities and Exchange Commission. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement we make. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as otherwise required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Vertiv vykázal ve 2. čtvrtletí tržby ve výši 3,27 miliardy USD, meziročně o 24,12 % více, a volný peněžní tok vyskočil o 234,04 %. Firma těží z prudce rostoucí poptávky po AI a datových centrech.
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Vertiv (NYSE:VRT | VRT Price Prediction) and Eaton (NYSE:ETN) both reported Q2 2026 last week, framing a fascinating split. Vertiv is refining itself into a pure-play, AI-native answer to Schneider Electric’s EcoStruxure model. Eaton is reshaping a 112-year-old industrial conglomerate around the same data center thesis using acquisitions and a Mobility spin-off.
AI Infrastructure Lifts One. A Portfolio Reset Lifts the Other. Vertiv posted revenue of $3.27 billion, up 24.12%, with adjusted operating margin expanding 410 basis points to 22.6% and free cash flow leaping 234.04%. Americas revenue jumped 29.2% as hyperscale power and thermal orders compounded. CEO Giordano Albertazzi told investors “Demand for AI and general compute continues to intensify and with each technology advancement, deployments grow more complex and more infrastructure-intensive.”
Eaton delivered $8.53 billion in revenue, 14% organic growth plus 7% from acquisitions, and adjusted EPS of $3.15. Electrical Global surged 44% as Boyd Thermal contributed its first full quarter, adding $432 million in revenue. Data center organic revenue climbed 65%. The tradeoff: segment margins slipped 80 basis points on acquisition dilution and long-term debt swelled to $18.5 billion from $8.8 billion.
Pure-Play Digital Twin vs. Grid-to-Chip Conglomerate The strategic divide is sharp. Vertiv is closing the historic software gap with Schneider Electric by pairing roughly 80% data center revenue concentration with AI-native digital twin software co-engineered alongside NVIDIA, without the legacy building or residential overhead. Eaton is assembling a “grid to chip” portfolio through the $9.55 billion Boyd Thermal deal, $1.53 billion Ultra PCS in aerospace, and a Reverse Morris Trust separation of Mobility with Dana expected to close Q1 2027.
Lens Vertiv Eaton Core Bet Pure-play AI power and thermal Diversified electrical plus aerospace FY26 Organic Guide 30-32% 11-13% Key Vulnerability EMEA softness, long sales cycles Integration debt, interest expense tripled The Next Test Is 800-Volt DC and Software Attach Watch whether Vertiv can convert its $6.65 to $6.75 EPS guide into a durable software attach story, especially as Q3 organic growth is guided at 34-36%. For Eaton, the tell will be whether Electrical Americas can sustain its 41% rolling order growth and progress on all four 800-volt DC building blocks. Reddit’s r/wallstreetbets crowd is leaning on Vertiv with a sentiment score of 85, though that is speculative energy, not fundamental conviction.
Why I Lean Toward Vertiv for AI Purity, Eaton for Ballast For the cleanest expression of the AI infrastructure buildout, Vertiv is the sharper instrument. Its 71.63% year-to-date move reflects that, though shares gave back 12.73% over the last month, so entry timing matters. Eaton fits better as ballast. The 26.92% one-year gain plus aerospace and utility exposure smooths the ride when AI capex debates intensify. I would wait on both if debt costs or EMEA weakness worsen. But right now, Vertiv looks like the purer bet and Eaton looks like the more forgiving one.
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Power Integrations ve 2. čtvrtletí zvýšila tržby na 118,9 milionu USD a upravenou provozní marži na 17,1 %. Na 3. čtvrtletí očekává tržby 122 až 130 milionů USD.
Dividends Meet Chips: Top 3 Semiconductor Stocks for GrowthPower Integrations NASDAQ: POWI reported second-quarter revenue of $118.9 million, up 10% sequentially and 3% from a year earlier, as all four of its end-market categories improved from the prior quarter. The company also expanded non-GAAP operating margin to 17.1% and generated $22 million in operating cash flow.
President and CEO Jen Lloyd said the results reflected progress in the company’s effort to produce near-term profitable growth while directing more investment toward longer-term opportunities in data centers, energy infrastructure, rail, automotive and high-power industrial markets.
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Second-Quarter Financial Results American Superconductor faster than a speeding bullet on EPS beatNon-GAAP gross margin was 55.1%, up 160 basis points sequentially and slightly above the high end of the company’s outlook. Chief Financial Officer Nancy Erba attributed the increase to improved product mix, higher volume and a favorable yen-dollar exchange-rate effect. Industrial sales represented 43% of total revenue during the quarter.
Non-GAAP operating expenses were $45.2 million, slightly below the prior quarter and below the company’s outlook range. Erba said Power Integrations continued to align spending with revenue following a first-quarter restructuring and other efficiency initiatives, while maintaining investments in strategic growth markets.
Power Integrations Stock Can Power Your Portfolio Non-GAAP net income was $20.9 million, or $0.37 per diluted share, compared with $0.25 per diluted share in the prior quarter. Free cash flow totaled $18 million, reflecting $22 million in operating cash flow and $4 million in capital expenditures.
Inventory on the company’s balance sheet declined by $5 million, while days on hand fell by 27 days to 265 days at quarter-end. Channel inventory also improved, with weeks on hand declining by more than one-and-a-half weeks to 7.3 weeks. Erba said the company views seven to eight weeks as an appropriate range for channel inventory and expects further reductions in inventory days during the second half of 2026.
Industrial Growth and Product Activity Industrial revenue increased 14% during the quarter, led by home and building automation, power tools and broader industrial applications. For the first half of 2026, industrial revenue rose 16% year over year, following 15% growth in 2025, according to Erba.
Consumer revenue rose 5% sequentially, with seasonal air-conditioning demand offsetting continued softness in major appliances. Communications revenue increased 16% sequentially and computer revenue grew 5%, both recovering from seasonal lows in the first quarter.
Lloyd said the company’s appliance and low-power industrial markets will remain key contributors to revenue and cash flow as it shifts additional research, development and go-to-market resources to higher-power markets. She cited TOPSwitch-GaN and TinySwitch-5 as recent releases designed to build on existing customer familiarity and product architectures.
TinySwitch-5 has entered production designs and is expected to make a meaningful revenue contribution in the second half of 2026, particularly among appliance customers, Lloyd said. The company also said it has a healthy appliance-design pipeline, supported largely by TinySwitch-5 and TOPSwitch-GaN.
Automotive revenue, which Power Integrations includes within industrial, is on track to double in 2026, according to Lloyd. During the second quarter, the company won a design at a major tier-one supplier for a gallium-nitride-based micro DC-DC converter scheduled to enter production next year. Lloyd said the company continues to target $100 million in automotive revenue in the 2029-to-2030 timeframe, subject to electric-vehicle market conditions.
High-Voltage GaN Roadmap and Data Centers Power Integrations demonstrated its 2,200-volt PowiGaN technology, extending its high-voltage gallium-nitride roadmap beyond prior 750-volt, 900-volt, 1,250-volt and 1,700-volt platforms. Lloyd said the technology is currently a demonstration rather than a commercial product and that meaningful revenue is likely several years away.
The company sees potential applications for the 2,200-volt technology in data centers and automotive systems. Lloyd said the roadmap could help customers planning for future 1,500-volt power architectures, while the company’s current products address opportunities associated with 800-volt data-center systems.
Power Integrations is pursuing two data-center opportunity tracks: auxiliary power applications that can use products available today, and the main power path to graphics processing units. Lloyd said auxiliary-power revenue could begin in 2028, while the main power-path opportunity remains earlier in development and is further out in time.
In June, the company published two reference designs for NVIDIA 800-volt racks using its 1,700-volt InnoMux products. Lloyd said the auxiliary power supplies would sit on compute trays in native 800-volt systems and could provide about 30% space savings relative to discrete silicon-carbide designs.
The company also said it is shipping gate drivers into battery-storage systems used alongside renewable-energy installations. During the second quarter, it won a utility-scale design at a supplier of batteries for energy-storage systems and electric vehicles.
Third-Quarter Outlook For the third quarter, Power Integrations forecast revenue of $122 million to $130 million, representing a 6% sequential increase at the midpoint. The company expects consumer revenue to decline seasonally, while communications, computer and industrial revenue continue to increase.
Non-GAAP gross margin is expected to be 54% to 55%. Non-GAAP operating expenses are projected at $45 million to $46 million. Non-GAAP operating margin is expected to range from 17% to 19%. Erba said the company now expects a low-single-digit decline in non-GAAP operating expenses for the full year, compared with its prior expectation for low-single-digit growth, while continuing investments in data center, industrial, energy, automotive and rail initiatives.
About Power Integrations (NASDAQ:POWI)Power Integrations, Inc, based in Hillsboro, Oregon, specializes in the design and development of high-performance analog and mixed-signal integrated circuits for energy-efficient power conversion. The company's products are used to convert and regulate electrical power in a wide range of applications, from consumer electronics and industrial systems to communications equipment and electric vehicle charging. By providing compact, reliable, and highly integrated solutions, Power Integrations aims to reduce system size, improve efficiency, and simplify thermal management for its customers.
The firm's product portfolio encompasses isolated and non-isolated switching controllers for both AC-DC and DC-DC power conversion.
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Astera Labs ve 2. čtvrtletí zvýšila výnosy na 392,40 milionu USD, meziročně o 104,45 %, a upravený EPS byl 0,80 USD proti očekávaným 0,692 USD. Amphenol vykázal výnosy ve výši 8,76 miliardy USD, meziročně o 55 %.
Astera Labs (NASDAQ: ALAB | ALAB Price Prediction) and Amphenol (NYSE: APH) delivered earnings reflecting the same thesis: sell the picks and shovels of AI rack-scale density. Astera reported Q2 revenue of $392.40 million, up 104.45% year over year. Amphenol posted $8.76 billion in sales, up 55%. Same tailwind, different vehicles.
Scorpio Ignites Astera. CommScope Supercharges Amphenol. Astera’s story is Scorpio. CEO Jitendra Mohan said “Scorpio X-Series is in volume production, and we expect our Scorpio family to become our largest product category by revenue in Q3”, arriving one quarter earlier than previously flagged. Aries retimers hit a record too, and PCIe 6.0 crossed 50% of company revenue. Non-GAAP EPS came in at $0.80 versus $0.692 expected. That is the eighth straight beat, explaining the 244 P/E.
Amphenol’s engine differs. Communications Solutions grew 85% to $5.38 billion, powered by IT datacom and the CommScope CCS deal. Management lifted the 2026 CommScope revenue outlook to $4.6 billion from $4.1 billion, doubling EPS accretion to $0.30. Orders hit a record $10.7 billion, a 1.23:1 book-to-bill. Adjusted EPS of $1.35 beat the $1.1949 consensus.
Driver Astera Labs Amphenol Main Growth Engine Scorpio fabric switches IT datacom + CommScope Gross Margin Profile 73.7% ~40% (component economics) Customer Base Hyperscaler-concentrated ~40 countries, diversified Tight Focus Versus Wide Net Astera doubles down on AI fabric silicon. Mohan pointed to “content opportunity for Scorpio X series solutions alone to grow well beyond $1,000 per XPU”, with optical interconnects and UALink 2.0 pushing that higher into 2027. It is a concentrated bet on scale-up connectivity inside the rack.
Amphenol widens the aperture. CEO Adam Norwitt framed AI demand as “more of everything: more high-speed copper, more fiber optic solutions, and more power solutions”. Defense grew 37%, industrial 56%, mobile devices 17%. The trade-off is $18.8 billion in total debt and China tax accruals totaling $290 million.
The Next Test Is Scorpio Ramp and Book-to-Bill Durability Astera guided Q3 revenue to $540 million to $560 million, implying roughly 40% sequential growth. Watch whether Scorpio X-Series design wins broaden past the lead hyperscaler before optical revenue arrives in 2027. Amphenol guided Q3 to $9.30 billion to $9.40 billion. Watch whether that 1.23 book-to-bill holds once CommScope laps its first full year in the portfolio.
Why I Split the Difference For pure AI connectivity content growth exposure, Astera is the more thrilling ticket. The 91.41% year-to-date rally already reflects much of it, and a 244 multiple leaves no room for a single hyperscaler pause. Amphenol is the version for compounding. The 40 P/E carries a premium, and diversified end markets plus $1.21 billion in free cash flow cushion the ride. For a growth-and-quality blend, Amphenol offers the steadier compounding profile while Astera carries higher beta.
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Revolution Medicines oznámila, že FDA přijala k přezkumu její žádost o registraci daraxonrasibu pro dříve léčený metastatický karcinom pankreatu. Společnost zároveň uvedla, že její čistá ztráta ve 2. čtvrtletí vzrostla na 644 milionů USD.
Revolution Medicines NASDAQ: RVMD said its second-quarter 2026 results reflected continued investment in late-stage cancer programs, commercial launch preparations and manufacturing capacity as it advances daraxonrasib and other RAS-targeted therapies across pancreatic and lung cancer.
The company ended the quarter with $3.9 billion in cash and investments, including proceeds from April offerings of common stock and convertible notes that generated $2.2 billion in gross proceeds, as well as a $250 million second royalty tranche from Royalty Pharma. Revolution Medicines said up to an additional $1.5 billion remains available under that funding arrangement if specified milestones are achieved.
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Net loss for the quarter ended June 30 widened to $644 million from $248 million a year earlier. The quarterly loss included a $151 million non-cash charge related to the increased fair value of warrants assumed in the EQRx acquisition, driven by an increase in Revolution Medicines’ stock price.
Daraxonrasib regulatory and access progress Chairman and Chief Executive Officer Mark Goldsmith said the company’s new drug application for daraxonrasib in previously treated metastatic pancreatic cancer has been accepted for review by the U.S. Food and Drug Administration. The application is supported by the completed Phase III RASolute 302 study, whose results were presented at the American Society of Clinical Oncology meeting and published in the New England Journal of Medicine.
Goldsmith said RASolute 302 showed statistically significant and clinically meaningful improvements in overall survival, progression-free survival and patient-reported quality-of-life measures for daraxonrasib monotherapy compared with chemotherapy, with what the company described as a manageable safety and tolerability profile.
Revolution Medicines has also established an FDA-cleared expanded access program for eligible U.S. patients. Goldsmith said the program has activated sites in nearly all 50 states and Puerto Rico, spanning academic cancer centers and community oncology practices. The company has approved more than 90% of reviewed requests and provided daraxonrasib on behalf of more than 2,000 eligible patients.
In Europe, the European Medicines Agency has designated daraxonrasib as a high priority under its Cancer Medicines Pathfinder and started a phased review intended to accelerate assessment ahead of a full marketing authorization application. Goldsmith said the company is continuing discussions with the EMA and other regulatory authorities.
The company said its U.S. commercial infrastructure is in place for a potential launch, including a sales organization, field access team, patient services program, commercial supply and distribution network. Anthony Mancini, chief global commercialization officer, said the sales organization includes about 60 individuals and is designed to support a pancreatic cancer launch while broader commercialization infrastructure could support future indications.
Pancreatic cancer pipeline expands Revolution Medicines continues to enroll patients in the Phase III RASolute 303 study in first-line metastatic pancreatic cancer and RASolute 304 study in the adjuvant setting, both involving daraxonrasib. The company is also enrolling patients in RASolute 305, a Phase III study of zoldonrasib plus chemotherapy in first-line metastatic pancreatic cancer with RAS G12D mutations.
The company recently initiated RASolute 309, a Phase III study evaluating the combination of daraxonrasib and zoldonrasib in the first-line RAS G12D pancreatic cancer setting.
At the European Society for Medical Oncology Gastrointestinal Cancers Congress, Revolution Medicines reported preliminary data for zoldonrasib combined with chemotherapy in first-line RAS G12D pancreatic cancer. The company reported objective response rates of 82% with modified FOLFIRINOX and 61% with gemcitabine plus nab-paclitaxel, with disease control rates of 96% and 90%, respectively. It said longer follow-up is needed to assess durability.
In another study, the daraxonrasib-zoldonrasib doublet produced objective response rates of 50% in second-line patients and 47% in patients treated in the third line or later, according to the company. Median progression-free survival was 9.6 months in the second-line group and 7.6 months in the later-line group. Median overall survival had not been reached in the second-line setting, while it was 10.5 months in the third-line-or-later group.
Lung cancer programs move toward registrational studies Chief Development Officer Alan Sandler said the company is advancing mutant-selective RAS(ON) inhibitors in first-line non-small cell lung cancer. The FDA has granted breakthrough therapy designation to daraxonrasib for previously treated metastatic non-small cell lung cancer with KRAS mutations other than G12C in patients who previously received platinum chemotherapy and PD-1 or PD-L1 therapy.
Revolution Medicines expects to complete enrollment in its Phase III RASolve 301 study of daraxonrasib in previously treated RAS-mutant non-small cell lung cancer this year, supporting an initial readout in 2027.
The company also disclosed early combination data for zoldonrasib and elironrasib with pembrolizumab and platinum-based chemotherapy in previously untreated non-small cell lung cancer. In KRAS G12D disease, zoldonrasib’s combination produced an 82% objective response rate and disease control in all evaluable patients after a median 3.4 months of follow-up as of May 11.
For elironrasib in RAS G12C non-small cell lung cancer, the company reported an 85% confirmed objective response rate, a 97% disease control rate and a 95% progression-free survival rate at six months, based on median follow-up of 8.7 months. Sandler said safety findings for both regimens were broadly consistent with pembrolizumab-based chemotherapy, with no new or unexpected safety signals reported for zoldonrasib.
Revolution Medicines has initiated RASolve 308, a randomized placebo-controlled study of zoldonrasib plus pembrolizumab and platinum-doublet chemotherapy in RAS G12D non-small cell lung cancer. It expects to begin RASolve 307, a similar study of elironrasib in RAS G12C disease, in the fourth quarter of 2026.
Expenses and outlook Research and development expense increased to $395 million from $224 million a year earlier, primarily reflecting higher clinical trial and manufacturing costs for daraxonrasib and zoldonrasib, additional personnel and stock-based compensation. General and administrative expense rose to $110 million from $41 million, driven by headcount, commercialization preparations and administrative costs.
The company increased its full-year 2026 GAAP operating expense forecast to between $2.1 billion and $2.2 billion, including expected non-cash stock-based compensation of $270 million to $290 million. Chief Financial Officer Jack Anders said the higher outlook reflects accelerated manufacturing for clinical and potential commercial supply, expanded clinical development activity and increased U.S. and international commercialization investments.
Goldsmith said Revolution Medicines plans to provide a colorectal cancer data update and outline its development plans in the fourth quarter. The company also expects to identify a recommended Phase II dose for RMC-5127 in the second half of 2026 and initiate a first-in-human study of RM-055 in the fourth quarter.
About Revolution Medicines (NASDAQ:RVMD)Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company's research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.
The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.
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For the quarter ended June 2026, Howard Hughes Holdings (HHH - Free Report) reported revenue of $1.12 billion, up 330.2% over the same period last year. EPS came in at $2.68, compared to $0.44 in the year-ago quarter.
The reported revenue represents no surprise over the Zacks Consensus Estimate of $0 million. With the consensus EPS estimate being -$999,900.00, the EPS surprise was +100%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Howard Hughes Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenues- Master Planned Community land sales: $170.94 million versus $97.57 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +36.7% change.Revenues- Condominium rights and unit sales: $706.31 million versus the two-analyst average estimate of $299.11 million.Revenues- Strategic Developments Segment: $4.41 million versus the two-analyst average estimate of $299.75 million.Revenues- Operating Assets Segment: $119.96 million versus $121.95 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +3% change.Revenues- Master Planned Communities Segment: $181.74 million versus the two-analyst average estimate of $115.08 million. The reported number represents a year-over-year change of +26.5%.Segment EBT- Master Planned Communities: $134.68 million compared to the $89.62 million average estimate based on two analysts.View all Key Company Metrics for Howard Hughes Holdings here>>>
Shares of Howard Hughes Holdings have returned -11.1% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
Old Money, New Tech: Western Union's Crypto RebootRemitly Global NASDAQ: RELY reported second-quarter results above its guidance range, with revenue rising 20% year over year to $495 million and adjusted EBITDA reaching a record $115 million, or a 23% margin.
Chief Executive Officer Sebastian Gunningham said the company also surpassed 10 million quarterly active users for the first time, supported by record new-customer additions. Quarterly active customers increased 20% from a year earlier to 10.2 million, while send volume rose 27% to $23.5 billion. Send volume per active customer reached a record $2,300, up 6% year over year.
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3 Stocks Well Below 52-Week Highs With Strong Growth Projections“Record revenue, record adjusted EBITDA, both above the high end of guidance again,” Gunningham said. He attributed the results to the company’s remittance strategy, network scale and what he described as structural cost discipline.
Network expansion and core remittance performance Remitly added five receive countries during the quarter—New Zealand, Niger, Mali, Angola and Botswana—bringing its network to 179 receive geographies. Thirty-two countries are now enabled for both sending and receiving, according to the company.
The company said new real-time pay-in rails, including FedNow and real-time payments in the U.S., helped improve funding speeds. Nearly 70% of globally funded transfers were delivered in less than 20 seconds during the quarter, an all-time high, Gunningham said. The company also cited record pay-in acceptance rates and record-low defect rates.
In the U.S., revenue grew 24% year over year, while revenue from the rest of the world rose 18%, Chief Financial Officer Vikas Mehta said. Revenue from receive regions outside India, the Philippines and Mexico grew faster than overall company revenue and accounted for more than half of the revenue mix.
Mehta said regulatory changes in the U.S. continued to support a shift toward digital remittances, contributing to record customer acquisition. He also said volume over Mother’s Day weekend exceeded the company’s expectations.
Growth products gain traction Remitly continued expanding products beyond its core consumer remittance service, which it calls “growth accelerators.” These include high-value senders, Remitly Business, receiver products, and offerings to spend, save and borrow. The company expects these categories to represent about 5% of total revenue in 2026 and more than 10% by 2028.
High-value sender volume, defined as transfers of $5,000 or more, increased 37% year over year and gained 70 basis points of mix. The company completed its first $300,000 transfer and had a customer send more than $1 million in a single quarter. Remitly added bank wires as a funding method, with customers using wires sending nearly three times more per transaction, Mehta said.
Gunningham said high-value send volume more than doubled in the U.S.-Mexico corridor after the company reduced customer friction, raised send limits and added Wise as a funding option. Mehta noted, however, that high-value volume growth softened in June because of Indian rupee fluctuations and foreign-currency mobilization measures announced by the Reserve Bank of India. He said the company expects those trends affecting Indian corridors to normalize during the year.
Remitly Business ended the quarter with more than 25,000 users, with sequential growth in both revenue and volume accelerating from the prior quarter. More than 80% of customers added to the business platform were new to Remitly, and the average business customer sent money 10 times per quarter, Gunningham said.
The company expanded its receiver product from six countries to 130 countries. The offering generated revenue for the first time in the second quarter. Management said the product could provide direct access to more than 30 million receivers on its platform, although Gunningham said monetization remains in its early stages.
Global Card, stablecoins and AI initiatives Remitly launched the Remitly Global Card last week, offering customers a single account for sending, spending, saving and receiving money. The product includes no-fee everyday spending, direct deposit, global ATM access, multicurrency and USDC capabilities, instant transfers between cardholders, and no foreign transaction fees, according to Gunningham.
The company also offers a $9.99 monthly membership plan that includes an open-end line of credit, which customers can use to remit money before payday and repay over time. Mehta said the associated lines of credit are funded by a third-party bank partner and that the newer card plan format has shown response and conversion rates above prior benchmarks.
Separately, Remitly launched a global stablecoin wallet with a debit card in Latin America, allowing receivers to receive, hold and spend USDC. The company also joined the OpenUSD stablecoin consortium as a founding member. Gunningham said the stablecoin could potentially reduce pay and settlement times by up to one day. Mehta said stablecoins are already producing early treasury-settlement benefits, though the absolute impact remains modest.
Management emphasized artificial intelligence as a contributor to productivity and operating leverage. Technology and development expense increased in the mid-single digits, while declining 175 basis points as a percentage of revenue to 11.2%. General and administrative expense fell 11% year over year to $41 million, its first annual decline as a public company, Mehta said.
The company said AI-driven fraud prevention and detection helped keep provisions for transaction losses below expectations. Transaction margin, formerly called revenue less transaction expense, increased 25% to $334 million, with margin improving 235 basis points to 67%.
Cash flow, repurchases and outlook Net income was $206 million, including a $140.6 million release of a tax valuation allowance. Free cash flow nearly tripled from a year earlier to more than $130 million, aided by operating leverage, favorable working capital and lower property and equipment spending.
Remitly repurchased $21 million of stock, or more than 1.1 million shares, during the quarter. Year to date, it has repurchased nearly 4 million shares.
For the third quarter, the company forecast revenue of $505 million to $507 million, representing 20% to 21% growth, and adjusted EBITDA of $92 million to $94 million, implying an 18% to 19% margin. For the full year, Remitly raised its revenue outlook to $1.978 billion to $1.988 billion, or 21% to 22% growth, and projected adjusted EBITDA of $410 million to $415 million, for an approximately 21% margin.
Gunningham said the company intends to pursue market-share gains aggressively through sharper pricing, faster money movement and improved service, while continuing to invest selectively in its newer products.
About Remitly Global (NASDAQ:RELY)Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.
Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.
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Zlato (XAU/USD) vystoupalo na nejvyšší úroveň od 18. června, protože slabší americká data a nižší sázky na zářijové zvýšení sazeb Fedu tlačí dolů dolar.
Gold (XAU/USD) builds on the previous day's blowout rally of over 4% and advances for the fourth straight session, rising to its highest level since June 18 during the Asian session on Thursday. Hopes of a potential US-Iran peace deal and the reopening of the Strait of Hormuz dragged crude oil prices to an over three-week low on Wednesday. Iran said on Wednesday that it is in the final stage of drafting an agreement with Oman over the strategic waterway, which could help bring an end to the five-month-old US-Iran war. This eased inflation fears and forced traders to scale back their bets for a more aggressive tightening by the US Federal Reserve (Fed). The outlook keeps US Treasury bond yields and the US Dollar (USD) depressed, and is seen supporting the bullion.
Adding to this, the Automatic Data Processing (ADP) reported on Wednesday that private-sector employment in the US grew by 40K in July, marking a notable slowdown from the 95K in the prior month and missing consensus estimates. Separately, data from the Institute for Supply Management (ISM) showed the Services PMI improved a tad to 54.1 in July from 54.0 in the previous month, coming in below expectations for a reading of 54.5. Following the softer data, the probability for a September Fed rate hike eased to roughly 55% from 67%, which continues to undermine the Greenback and acts as a tailwind for the non-yielding Gold. That said, a slew of prominent Fed officials recently warned that persistent inflation risks could necessitate further interest rate hikes.
Fed Governor Lisa Cook stated that inflation remains too high and she is prepared to act by raising interest rates if disinflation stalls, warning that the central bank cannot afford to wait indefinitely if price pressures fail to ease. Meanwhile, San Francisco Fed President Mary Daly noted that officials need more data before the September meeting to see if inflation is temporary or lasting. Nevertheless, traders are still pricing in around an 80% chance that the US central bank will raise borrowing costs by the end of this year amid inflation risks stemming from supply disruptions through the Red Sea. In fact, Iran-backed Houthis in Yemen said that they had launched a missile attack on a Saudi oil tanker off the coast of the port city of Yanbu and another in the Gulf of Aden.
This keeps the geopolitical risk premium in play and helps limit the downside in crude oil prices. Moreover, USD bears seem hesitant and opt to wait for the release of the closely-watched US monthly employment details – popularly known as the Nonfarm Payrolls (NFP) report on Friday – for more cues about the Fed's future policy path. In the meantime, Thursday's US economic docket features the usual Weekly Initial Jobless Claims, which, along with comments from influential FOMC members, will drive the USD demand. Apart from this, further developments surrounding the Middle East crisis could infuse volatility in the global financial markets, which could further provide some impetus to the buck and produce short-term trading opportunities around Gold.
XAU/USD daily chart
Technical Analysis: Gold bulls now await move beyond 23.6% Fibo. before placing fresh betsThe overnight strong move up beyond the 50-day Simple Moving Average (SMA) for the first time since March 17, was seen as a fresh trigger for XAU/USD bulls. Moreover, a firming Moving Average Convergence Divergence (MACD) at 29.52 and a Relative Strength Index (RSI) at 61.28 hint at improving bullish momentum. However, it will still be prudent to wait for some follow-through buying beyond the 23.6% Fibonacci retracement level of the March-June downfall before positioning for any further gains.
The precious metal might then aim to challenge the $4,500 psychological mark – representing the 200-day SMA and the 38.2% Fibo. level confluence. Higher up, the 50.0%, 61.8% and 78.6% retracements at $4,678.89, $4,853.49 and $5,102.07 respectively outline subsequent bullish objectives if the current band is cleared. On the downside, immediate support is provided by the 50-day SMA at $4,157.24, while a deeper setback would likely look toward the Fibonacci cycle low area near $3,939.05 as a more substantial structural floor.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Fed FAQs Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.
The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar.
Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.
Encore Capital Group (ECPG - Free Report) came out with quarterly earnings of $2.81 per share, missing the Zacks Consensus Estimate of $3.07 per share. This compares to earnings of $2.49 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -8.47%. A quarter ago, it was expected that this provider of debt-management and recovery services would post earnings of $3.26 per share when it actually produced earnings of $3.86, delivering a surprise of +18.4%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Encore Capital Group, which belongs to the Zacks Financial - Consumer Loans industry, posted revenues of $491.87 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.44%. This compares to year-ago revenues of $442.12 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Encore Capital Group shares have added about 75.8% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for Encore Capital Group?While Encore Capital Group has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Encore Capital Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.03 on $461.68 million in revenues for the coming quarter and $13.01 on $1.87 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Consumer Loans is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the broader Zacks Finance sector, Cherry Hill Mortgage (CHMI - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10.
This residential real estate finance company is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of +30%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Cherry Hill Mortgage's revenues are expected to be $4.1 million, up 55.3% from the year-ago quarter.
Figma, Inc. (FIG) Q2 2026 Earnings Call August 5, 2026 5:00 PM EDT
Company Participants
Kate DeLeo - VP of Business Operations & Investor Relations
Dylan Field - CEO, President & Chairman
Praveer Melwani - CFO & Treasurer
Conference Call Participants
Aleksandr Zukin - Wolfe Research, LLC
Gabriela Borges - Goldman Sachs Group, Inc., Research Division
Michael Turrin - Wells Fargo Securities, LLC, Research Division
Arjun Bhatia - William Blair & Company L.L.C., Research Division
William Fitzsimmons - Piper Sandler & Co., Research Division
Rishi Jaluria - RBC Capital Markets, Research Division
Elizabeth Elliott - Morgan Stanley, Research Division
Samik Chatterjee - JPMorgan Chase & Co, Research Division
Nicholas Altmann - BTIG, LLC, Research Division
Tyler Radke - Citigroup Inc., Research Division
John McShane - Stifel, Nicolaus & Company, Incorporated, Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the Figma Second Quarter 2026 Earnings Call.
[Operator Instructions]
I will now hand the conference over to Kate DeLeo, Vice President of Investor Relations. Kate, please go ahead.
Kate DeLeo
VP of Business Operations & Investor Relations
Good afternoon, and thank you for joining us on today's conference call to discuss Figma's results for the second quarter of 2026. On the call, we have Dylan Field, Figma's Co-Founder and Chief Executive Officer; and Praveer Melwani, our Chief Financial Officer.
During the course of today's call, we may make forward-looking statements, including, but not limited to, statements regarding our guidance and future financial performance, market demand, product development, growth prospects, business strategies and plans, partnerships, ability to attract and retain customers and ability to compete effectively.
These forward-looking statements are based on management's current views and assumptions and should not be relied upon as of any subsequent date, and we disclaim any obligation to update any forward-looking statements. Actual results may vary materially from today's statements. Information concerning our risks, uncertainties
Jamie Dimon varuje, že zadlužení na trzích je velmi vysoké a skryté pákové pozice mohou rychle vyvolat volatilitu. Margin debt je podle něj nejvyšší v historii.
JPMorgan Chief Executive Officer Jamie Dimon has warned that leverage across financial markets remained elevated, adding that investors should be mindful that hidden borrowing could amplify market disruptions.
"Margin debt is the highest it has ever been," he said in an interview with CNBC's Leslie Picker. "There's a lot of margin debt you don't see because it's not called margin debt. It's called other things. It's that kind of leverage, some hidden, some public."
He pointed to borrowing through prime brokerages, hedge funds, exchange-traded funds and Treasury arbitrage strategies. "The market leverage is pretty high."
The remarks come amid renewed scrutiny of leverage in financial markets, as elevated equity valuations, near-record hedge-fund leverage and large Treasury basis trades have fueled concerns that vulnerabilities may be building in parts of the financial system.
Dimon said that heavy leverage increases the risk that a single investor or fund could trigger broader volatility. "When you have that, you do have a higher chance that somebody will disrupt the market in a quick way, and people get rattled over it."
AI-focused hedge fund Situational Awareness suffered heavy losses recently after leveraged technology bets turned against it, triggering margin calls and forcing it to liquidate much of its public-equity portfolio.
When asked about the recent collapse of Situational Awareness, for which JPMorgan was one of the prime brokers, Dimon said the episode demonstrated that markets can absorb its failure without broader disruption.
He also stopped short of describing the high leverage as a systemic threat, noting that markets have generally been able to absorb isolated failures.
"I'm not going to say it's systemic high, it's going to cause a disaster, but it's high," he said.
Dimon distinguished today's environment from the 2008 financial crisis, arguing that leverage alone does not necessarily cause systemic stress.
"The worst thing is if you have actual losses in the marketplace," he said. "It wasn't the leverage. It was the amount of losses that were going to be realized on mortgages."
The JPMorgan top boss highlighted that banks would continue adjusting collateral requirements in response to changing market conditions.
"When volatility goes up, clearing houses and banks generally ask for more collateral," he said. "So you'll probably see a little bit of that."
Dimon also warned that structural demand for capital could reignite inflationary pressures, pointing to government deficits, infrastructure investment and global rearmament as forces supporting higher long-term interest rates.
"The remilitarization of the world would be inflationary," he said, reiterating his statement earlier this year that those dynamics "could be the skunk of the party," if they lead investors to seek greater compensation for holding long-dated bonds.
Zlato poprvé za sedm týdnů krátce otestovalo hranici 4 300 USD, protože naděje na znovuotevření Hormuzského průlivu tlačí dolů ropu i dolar. Trh zároveň vyhlíží páteční údaje NFP z USA.
Gold is extending the previous big breakout, briefly testing the $4,300 level for the first time in seven weeks in the Asian session on Thursday.
Gold cheers Strait of Hormuz reopening hopesNothing seems to have changed fundamentally for Gold since a day ago, as hopes for the reopening of the Strait of Hormuz are coming to life after Iran said on Wednesday that it is close to finalizing a proposed framework for commercial shipping through the Strait with Omar, per The Guardian.
The optimism around the reopening of the vital waterway in the Gulf eases supply disruption concerns and keeps Oil prices mired in three-week lows.
Weakening Oil prices alleviate inflation worries, prompting markets to scale back their bets on a US Federal Reserve (Fed) interest rate hike in September.
Markets are pricing in a roughly 55% chance that the Fed will raise rates in September, down from about 60% a day ago, according to the CME Group’s FedWatch Tool.
That’s exactly what is weighing on the US Dollar (USD), while boosting non-yielding assets such as Gold.
Earlier on, Fed's Daly delivered a moderately cautious message, with a FXS Speechtracker score of 5.4/10, slightly softer relative to the historical average of 5.6/10. Daly highlighted that tariffs had a clear impact on inflation but now show signs of fading, while technology investment is currently adding upward pressure, and supply shocks are seen as largely temporary with longer-run inflation expectations still well anchored but not to be taken for granted. The tone leans toward balanced risk management, supportive of holding rates steady while emphasizing data dependence and the evolving mix of supply-side forces.
The FXS Fed Sentiment Index fell by 2.23 points to 138.69, signaling a modest pullback in perceived hawkishness following the speech. Despite the decline, the index remains firmly in hawkish territory above 100, indicating that markets still see the Fed as biased toward tighter policy even as the tone cools slightly compared to recent communications.
Further, disappointing US ADP jobs and headline ISM Services PMI data continue to undermine the USD and Fed rate hike odds, keeping Gold price upside going strong.
The ADP said on Wednesday that US private sector employment increased by 44,000 jobs in July, against a growth of 70,000 jobs expected. Meanwhile, the ISM Services PMI came in at 54.1 in July, but missed the forecast of 54.5.
Looking ahead, all eyes will remain on the Middle East developments, especially after Israel launched attacks in southern Lebanon after accusing Hezbollah of violating the ceasefire.
The Mideast situation remains fragile also after Yemen’s Iran-aligned Houthi rebels said they targeted a Saudi oil tanker in the Red Sea as part of their naval blockade of Saudi Arabia.
If the Gulf conflict re-escalates, hampering the Strait of Hormuz reopening deal, Gold could see a steep correction toward the $4,150 demand area.
However, the daily technical setup suggests that more upside remains in the offing, as traders brace for Friday’s US Nonfarm Payrolls (NFP) release.
Gold price technical analysis: Daily chart
In the daily chart, XAU/USD trades at $4,274.80. The metal holds a bullish near-term bias as it trades above the 21-day and 50-day simple moving averages (SMAs) at $4,078.38 and $4,157.48, while the 100-day SMA at $4,393.96 and the 200-day SMA at $4,493.07 still loom overhead as medium-term caps. The Relative Strength Index (14) at 61.94 shows firm positive momentum, hinting that buyers retain control though conditions are edging toward overbought territory.
On the topside, initial resistance is located at the 100-day SMA near $4,394, followed by the 200-day SMA around $4,493, where a break would open the way for a stronger extension of the bullish trend. On the downside, immediate support is seen at the recent price pivot around $4,275, ahead of the 50-day SMA at $4,157 and the 21-day SMA near $4,078; a deeper slide could revisit the rising trend-line support drawn from $3,951, where buyers would be expected to re-emerge.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Gold positioning shifts as TD Securities flags renewed macro supportAccording to TD Securities, "macro headwinds being pushed out on the horizon, along with US-Iran deal hope, have put some major wind in the precious metals sails." Strategists at the bank note that, when "decomposing managed money gold positions," macro discretionary funds "have more than doubled their positions since June," acting as consistent dip buyers and "protecting the $4000/oz level." TD Securities adds that "the momentum generated from these cohorts' renewed appetite is now forcing CTAs to turn heavy buyers, exaggerating the move to the upside," as systematic accounts are drawn into the rally by the improving trend in positioning.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
Company expects supply to be available in select retailers in the coming weeks
CAMBRIDGE, MA / ACCESS Newswire / August 5, 2026 / Moderna, Inc. (NASDAQ:MRNA) today announced that the U.S. Food and Drug Administration (FDA) has approved mFLUSIVA® (mRNA-1010), a new vaccine against seasonal influenza, for use in all adults 50 years and older. This approval follows unanimous recommendations from the FDA's Vaccines and Related Biological Products Advisory Committee (VRBPAC) supporting mFLUSIVA for adults 50 years of age and older.
"The FDA approval of mFLUSIVA, our fourth approved product in the United States and the first mRNA-based flu vaccine, demonstrates the continued strength and versatility of our mRNA platform," said Stéphane Bancel, Chief Executive Officer of Moderna. "Flu remains a significant public health challenge, and mFLUSIVA provides an important new option for America's seniors. This approval also reflects the ongoing potential of our mRNA platform to help address important public health challenges through continued scientific innovation. We are grateful to the clinical trial participants, investigators, regulators and Moderna teams whose contributions made this milestone possible."
The FDA's approval of mFLUSIVA in adults 50 through 64 years of age is based on results from a randomized, observer-blind, active-controlled, Phase 3 clinical trial (ClinicalTrials.gov Identifier: NCT06602024), which enrolled 40,805 adults aged 50 years and older across 11 countries. The primary objectives in this study were to evaluate the safety and reactogenicity of mFLUSIVA, and to evaluate relative vaccine efficacy (rVE) of mFLUSIVA versus a standard dose (SD) active comparator against reverse transcription polymerase chain reaction (RT-PCR)-confirmed protocol-defined influenza-like illness (ILI) caused by any influenza A or B strains.
Use in adults 65 years of age and older was granted accelerated approval based on results from a randomized, observer-blind, active-controlled clinical trial (ClinicalTrials.gov Identifier: NCT05827978), which enrolled 2,992 adults 65 years of age and older in the United States. The primary objective in this study was to evaluate the immunogenicity of mFLUSIVA versus a high-dose (HD) inactivated influenza vaccine comparator. The effectiveness of mFLUSIVA in adults 65 years of age and older is also supported by the descriptive analysis of rVE in the randomized, observer-blind, active-controlled, Phase 3 clinical trial (ClinicalTrials.gov Identifier: NCT06602024). Confirmation of clinical benefit in this population will be assessed in a postmarketing clinical trial.
The Phase 3 program demonstrated an acceptable safety profile for mFLUSIVA, with no new safety concerns identified, consistent with previously reported studies of mFLUSIVA.
Moderna expects to have mFLUSIVA available for eligible populations in the U.S. for the 2026-2027 respiratory virus season, alongside Spikevax® (COVID-19 Vaccine, mRNA), mRESVIA® (Respiratory Syncytial Virus Vaccine) and mNEXSPIKE® (COVID-19 Vaccine, mRNA).
mRNA-1010 has been accepted for regulatory review in the European Union, Canada and Australia. Regulatory submissions in additional countries are planned during 2026.
About Moderna
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.
With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.
mFLUSIVA®, mNEXSPIKE®, mRESVIA® and Spikevax® are registered trademarks of Moderna.
INDICATION
What is mFLUSIVA® (Influenza vaccine, mRNA)?
mFLUSIVA is a vaccine indicated for active immunization for the prevention of influenza disease caused by influenza virus subtypes A and type B represented in the vaccine. mFLUSIVA is approved for use in persons 50 years of age and older.
The indication for persons 65 years of age and older is approved under accelerated approval based on immune responses. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.
IMPORTANT SAFETY INFORMATION
You should not get mFLUSIVA if you had a severe allergic reaction to any ingredient in mFLUSIVA.
Tell your healthcare provider about all of your medical conditions, including if you:
have any allergies or have had a severe allergic reaction after receiving a previous dose of any other vaccine
have had Guillain-Barré syndrome (severe muscle weakness) after getting an influenza vaccine
are immunocompromised or are on a medicine that affects your immune response
are breastfeeding, pregnant or plan to become pregnant
have ever fainted in association with an injection
What are the risks of mFLUSIVA?
Severe allergic reactions are rare but can happen after vaccination with mFLUSIVA. If a severe allergic reaction occurs, it would usually happen within minutes to one hour after a dose of mFLUSIVA. Because of this, your healthcare provider may ask you to stay for a short time after your vaccination.
Side effects that have been reported in clinical trials with mFLUSIVA include:
Injection site reactions: pain, tenderness and swelling of the lymph nodes in the same arm as the injection, swelling (hardness), and redness.
General side effects: fatigue, headache, muscle pain, joint pain, chills, nausea or vomiting, and fever.
These may not be all the possible side effects of mFLUSIVA. Ask your healthcare provider about any side effects that concern you. You may report side effects to Vaccine Adverse Event Reporting System (VAERS) at 1-800-822-7967 or http://vaers.hhs.gov.
Please click for mFLUSIVA Full Prescribing Information and Information for Recipients and Caregivers.
Moderna Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: the availability of mFLUSIVA in the U.S. for the 2026-2027 respiratory season; the results of postmarketing clinical studies for mFLUSIVA; ongoing regulatory review in the European Union, Canada and Australia; and planned regulatory submissions in additional countries. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.
Moderna Contacts
Media:
Chris Ridley
Vice President, Global Head of Communications
+1 617-800-3651 [email protected]
Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834 [email protected]
For the quarter ended June 2026, MetLife (MET - Free Report) reported revenue of $19.08 billion, up 6.4% over the same period last year. EPS came in at $2.43, compared to $2.02 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $19.34 billion, representing a surprise of -1.38%. The company delivered an EPS surprise of +5.65%, with the consensus EPS estimate being $2.30.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how MetLife performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Institutional Client AUM: $320.46 billion versus $346.62 billion estimated by three analysts on average.Total AUM: $748.13 billion compared to the $741.21 billion average estimate based on three analysts.METLIFE INVESTMENT MANAGEMENT(MIM)-GA AUM: $427.67 billion compared to the $394.59 billion average estimate based on three analysts.Adjusted Revenue- Corporate & other- Net investment income: $944 million versus the three-analyst average estimate of $974.37 million. The reported number represents a year-over-year change of +1309%.Adjusted Revenue- Corporate & other- Premiums: $596 million compared to the $637.33 million average estimate based on three analysts. The reported number represents a change of +7350% year over year.Adjusted Revenue- EMEA- Net investment income: $67 million versus the three-analyst average estimate of $67.41 million. The reported number represents a year-over-year change of +9.8%.Adjusted Revenue- Latin America- Net investment income: $587 million versus $440.74 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +31.9% change.Revenue- Premiums: $11.44 billion versus $11.97 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +5.8% change.Revenue- Other Revenues: $845 million compared to the $742.31 million average estimate based on four analysts. The reported number represents a change of +24.5% year over year.Revenue- Net investment income: $6.7 billion versus $5.5 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +18.4% change.Revenue- Universal life and investment-type product policy fees: $1.37 billion versus $1.32 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +9% change.Adjusted Revenue- Retirement & Income Solutions- Premiums: $1.59 billion versus $2.03 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +31.2% change.View all Key Company Metrics for MetLife here>>>
Shares of MetLife have returned +4.9% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
AbbVie ve 2. čtvrtletí zvýšila tržby o 10,2 % na téměř 17 miliard USD a upravený zisk na akcii o 23 % na 3,65 USD. Wall Street čeká během 12 měsíců téměř 12% nárůst akcie.
Over the past few years, AbbVie (ABBV +0.98%) has faced significant challenges, including the loss of patent exclusivity for its longtime growth driver, Humira, an immunology medicine. The drugmaker also encountered clinical setbacks, while weakness in the broader healthcare sector hasn't helped either. However, AbbVie continues to post robust financial results.
In the second quarter, the company's revenue increased 10.2% year over year to nearly $17 billion, while its adjusted earnings per share climbed 23% year over year to $3.65. AbbVie's troubles in recent years haven't destroyed its business, not even close. In fact, Wall Street thinks the stock could perform fairly well over the next 12 months. Its average price target of $272.14 (according to Yahoo! Finance) implies an almost 12% jump from current levels. Here's why I think Wall Street is right.
Image source: The Motley Fool.
A dividend you can take straight to the bank AbbVie replaced Humira with Skyrizi and Rinvoq, a pair of immunology medicines that, together, are performing even better than their predecessor. They have earned approvals across many of Humira's old indications and are seeing significant momentum. Management expects them to combine for $31 billion in sales this year, and neither will lose patent exclusivity until the next decade.
So, AbbVie's medium-term outlook seems bright thanks to Skyrizi and Rinvoq, especially when we factor in the rest of the company's approved portfolio, which includes several other growth drivers, such as Qulipta, a migraine treatment. Just as important, AbbVie is already making plans to replace its current growth pillars. The pharmaceutical giant recently announced the acquisition of Apogee Therapeutics, a biotech that specializes in immunology. That's right up AbbVie's alley.
The key asset from that transaction, zumilokibart, is being developed to treat eczema. It could also target asthma and eosinophilic esophagitis (a chronic disease that causes symptoms such as difficulty swallowing). This could be AbbVie's next blockbuster in immunology, potentially making the $10.9 billion in cash it is paying for Apogee Therapeutics worth it.
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AbbVie has many other pipeline candidates, and we should expect significant clinical and regulatory progress over the next five years, enabling the company to maintain strong financial results. Lastly, AbbVie has a rock-solid dividend program that hasn't faltered despite the headwinds it has faced in recent years. AbbVie continues to raise its payouts amid major patent cliffs and broader macroeconomic challenges.
When factoring in the time it spent as a division of Abbott Laboratories, AbbVie is a Dividend King, or a corporation with at least 50 consecutive years of payout increases (AbbVie's streak is 54 years). Income-seeking investors will find what they are looking for in AbbVie: A reliable dividend payer with a robust business that can navigate periods of economic instability, attractive growth prospects, and the means to continue innovating and expanding its portfolio to support its income program for a long time.
eBay uspořádal konferenční hovor k výsledkům za 2. čtvrtletí 2026. Společnost uvedla, že veškerý meziroční růst je organický, bez vlivu kurzových pohybů.
eBay Inc. (EBAY) Q2 2026 Earnings Call August 5, 2026 5:30 PM EDT
Company Participants
John Egbert - Vice President of Investor Relations
Jamie Iannone - CEO, President & Director
Peggy Alford - Senior VP & CFO
Conference Call Participants
Colin Sebastian - Robert W. Baird & Co. Incorporated, Research Division
Michael Morton - MoffettNathanson LLC
Kenneth Gawrelski - Wells Fargo Securities, LLC, Research Division
Ross Sandler - Barclays Bank PLC, Research Division
Deepak Mathivanan - Cantor Fitzgerald & Co., Research Division
Thomas Champion - Piper Sandler & Co., Research Division
Michael McGovern - BofA Securities, Research Division
Nikhil Devnani - Bernstein Institutional Services LLC, Research Division
Presentation
Operator
Good day, everyone. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome you to the eBay Second Quarter 2026 Earnings Call. [Operator Instructions]
At this time, I would like to turn the call over to John Egbert, Vice President of Investor Relations.
John Egbert
Vice President of Investor Relations
Good afternoon. Thank you all for joining us for eBay's Second Quarter 2026 Earnings Conference Call. Joining me today on the call are Jamie Iannone, our Chief Executive Officer; and Peggy Alford, our Chief Financial Officer. We're providing a slide presentation to accompany our commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com.
Before we begin, I'll remind you that during this conference call, we will discuss certain non-GAAP measures related to our performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation.
Additionally, all growth rates noted in our prepared remarks will reflect organic FX-neutral year-over-year comparisons, and all earnings per share amounts reflect earnings per diluted share, unless indicated otherwise. Additionally, all year-over-year growth rates versus 2025 are based on recast financials, reflecting
SummaryI upgrade Palantir to Buy, as Q2 results provide strong medium-term revenue visibility and mitigate near-term AI commoditization risks.PLTR’s Q2 revenue growth (~19% sequentially) and raised full-year guidance ($8.15b) reduce downside risk and support consensus estimates through 2027.US commercial revenue acceleration (~149% YoY) demonstrates resilience against AI commoditization, while high net dollar retention (157%) underpins forward growth.International expansion remains a longer-term concern, but robust existing customer growth supports a 3–18 month Buy thesis despite elevated valuation (forward PS ~50x). Tom Werner/DigitalVision via Getty Images
I have been maintaining a Hold rating on Palantir (PLTR) since November last year, and the caution on deploying fresh capital was not as much the strength of the business as valuations. The
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
AGNC Investment se obchoduje asi 25 % nad tangible book value 8,58 USD na akcii. Ve 2. čtvrtletí měl čistý spreadový výnos 0,40 USD na akcii oproti dividendě 0,36 USD.
The biggest selling point for AGNC Investment (AGNC +0.28%) is usually its huge yield. As of this writing, the yield is an ultra-high 13.5%. To put that yield into perspective, the S&P 500 index (^GSPC -0.17%) yields only about 1%. Before you buy for the yield, you need to consider another company statistic: Tangible net book value per share.
AGNC: Know what you own Sometimes, in the search for yield, dividend investors overlook important risks. AGNC's 13.5% yield is incredibly enticing, given today's low-yield environment. However, if you look back at the company's dividend history, you'll see it is highly volatile, with long periods of dividend decline. The stock price tends to track the dividend, keeping the yield high. It isn't a great investment choice if you are looking for reliable and growing dividends over time to support spending needs in retirement.
Image source: Getty Images.
That said, AGNC is a well-respected business. But you have to understand what it does. As a mortgage real estate investment trust (REIT), it buys mortgages that have been pooled into bond-like securities. The company's value is basically the value of its portfolio, and it reports that figure every quarter. At the end of the second quarter of 2026, the company's tangible net book value per share was $8.58. That means that buying at recent prices near $10.65 is a roughly 25% premium over that value.
For that premium to be worth it, a lot has to go right for the mortgage REIT.
Key factors to watch with AGNC Investment The big factor for AGNC's dividend is its net spread income, which came in at $0.40 per share in the second quarter. That is the income available to pay the $0.36-per-share quarterly dividend (paid in monthly installments of $0.12). So, right now, the dividend looks well covered.
Another key factor is the net tangible book value, which increased by $0.20 per share in the quarter, or roughly 2.4%. Clearly, a rising book value is preferable to a falling one, as it indicates the portfolio's value is increasing. Interest rates play a big role in the trends there, with bonds moving in the opposite direction to rates. So interest rates are a key external factor to monitor.
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Complicating this is AGNC's use of leverage, which increases the impact of price changes in its portfolio. Leverage stood at 7.4x at the end of the first quarter, down from 7.6x a year ago. That's a directionally positive sign, though the change isn't huge. The concern is that inflation is running hot, which could lead to higher interest rates and a decline in the portfolio's value. Higher rates would also increase the company's borrowing costs. Both would reduce the safety of the dividend.
Probably not a great fit for most dividend investors While AGNC's dividend looks secure for now, the uncertain market and rate environment bring risks. Most dividend investors would probably be better off with a different income stock if dividend reliability is an important investment criterion. Notably, even if the company performs well as a business, it would take only a negative shift in investor sentiment for the stock price to retreat toward the tangible net book value. And if the trends in the above statistics turn negative, the stock would likely reprice quickly to a lower level.
Magnite (MGNI - Free Report) came out with quarterly earnings of $0.26 per share, beating the Zacks Consensus Estimate of $0.15 per share. This compares to earnings of $0.2 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +73.33%. A quarter ago, it was expected that this digital ad exchange operator would post earnings of $0.05 per share when it actually produced earnings of $0.13, delivering a surprise of +160%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Magnite, which belongs to the Zacks Internet - Software industry, posted revenues of $189.6 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.28%. This compares to year-ago revenues of $161.96 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Magnite shares have added about 28.5% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for Magnite?While Magnite has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Magnite was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.16 on $186.2 million in revenues for the coming quarter and $0.95 on $745.6 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 44% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Salesforce (CRM - Free Report) , another stock in the same industry, has yet to report results for the quarter ended July 2026.
This customer-management software developer is expected to post quarterly earnings of $3.27 per share in its upcoming report, which represents a year-over-year change of +12.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Salesforce's revenues are expected to be $11.3 billion, up 10.4% from the year-ago quarter.
Magnite zveřejnila výsledky hospodaření za 2. čtvrtletí 2026. CFO David Day na konferenčním hovoru oznámil, že to bylo jeho poslední čtvrtletní vystoupení před odchodem do důchodu.
Magnite, Inc. (MGNI) Q2 2026 Earnings Call August 5, 2026 4:30 PM EDT
Company Participants
Nick Kormeluk - VP of Investor Relations & Head of Global Real Estate
Michael Barrett - CEO & Director
David Day - Chief Financial Officer
Conference Call Participants
Matthew Swanson - RBC Capital Markets, Research Division
Shyam Patil - Susquehanna Financial Group, LLLP, Research Division
Jason Kreyer - Craig-Hallum Capital Group LLC, Research Division
Laura Martin - Needham & Company, LLC, Research Division
Robert Coolbrith - Evercore ISI Institutional Equities, Research Division
Tyler DiMatteo - BTIG, LLC, Research Division
Kenneth Wu - Wolfe Research, LLC
Barton Crockett - Rosenblatt Securities Inc., Research Division
Ethan Widell - B. Riley Securities, Inc., Research Division
Timothy Nollen - SSR LLC
Presentation
Operator
Hello, and thank you for standing by. Ladies and gentlemen, welcome to Magnite Q2 2026 Earnings Call. Please note that this call is being recorded. [Operator Instructions] I'd now like to hand the call over to Nick Kormeluk, Investor Relations. Please go ahead.
Nick Kormeluk
VP of Investor Relations & Head of Global Real Estate
Thank you, operator, and good afternoon, everyone. Welcome to Magnite's Second Quarter 2026 Earnings Conference Call. As a reminder, this conference call is being recorded. Joining me on the call today are Michael Barrett, CEO; and David Day, our CFO, for his final earnings call prior to retiring. I would like to point out that we have posted financial highlight slides on our Investor Relations website to accompany today's presentation.
Before we get started, I will remind you that our prepared remarks and answers to questions will include information that might be considered to be forward-looking statements, including, but not limited to, statements concerning our anticipated financial performance and strategic objectives, including the potential impacts of macroeconomic factors on our business. These statements are not guarantees of future performance. They reflect our current views with respect to
Schrodinger, Inc. (SDGR - Free Report) came out with quarterly earnings of $0.08 per share, beating the Zacks Consensus Estimate of a loss of $0.6 per share. This compares to a loss of $0.59 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +113.33%. A quarter ago, it was expected that this company would post a loss of $0.56 per share when it actually produced a loss of $0.81, delivering a surprise of -44.64%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Schrodinger, which belongs to the Zacks Medical Info Systems industry, posted revenues of $58.89 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 15.58%. This compares to year-ago revenues of $54.76 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Schrodinger shares have lost about 12.5% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for Schrodinger?While Schrodinger has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Schrodinger was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.64 on $51.84 million in revenues for the coming quarter and -$1.89 on $230.28 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Info Systems is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Phreesia (PHR - Free Report) , has yet to report results for the quarter ended July 2026.
This developer of health care software is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +1000%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Phreesia's revenues are expected to be $129.63 million, up 10.6% from the year-ago quarter.
Western Digital uspořádala konferenční hovor k výsledkům za 4. fiskální čtvrtletí 2026. Společnost uvedla, že prezentace bude vycházet z ne-GAAP výsledků z pokračujících operací.
Western Digital Corporation (WDC) Q4 2026 Earnings Call August 5, 2026 4:30 PM EDT
Company Participants
Ambrish Srivastava - Vice President of Investor Relations
Tiang Yew Tan - CEO & Director
Kris Sennesael - Executive VP & CFO
Conference Call Participants
Christopher Muse - Cantor Fitzgerald & Co., Research Division
Amit Daryanani - Evercore ISI Institutional Equities, Research Division
Aaron Rakers - Wells Fargo Securities, LLC, Research Division
Wamsi Mohan - BofA Securities, Research Division
Sreekrishnan Sankarnarayanan - TD Cowen, Research Division
Michael Cadiz - Citigroup Inc., Research Division
Erik Woodring - Morgan Stanley, Research Division
Benjamin Reitzes - Melius Research LLC
Karl Ackerman - BNP Paribas, Research Division
Ananda Baruah - Loop Capital Markets LLC, Research Division
Presentation
Operator
Good afternoon, and welcome to the Western Digital's Fourth Quarter Fiscal 2026 Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mr. Ambrish Srivastava, Vice President of Investor Relations. Please go ahead.
Ambrish Srivastava
Vice President of Investor Relations
Thank you, and good afternoon, everyone. Joining me today are Irving Tan, WD's Chief Executive Officer; and Kris Sennesael, WD's Chief Financial Officer. Before we begin, please note that today's discussion will contain forward-looking statements based on management's current assumptions and expectations, which are subject to various risks and uncertainties.
These forward-looking statements include expectations for our product portfolio, our business plans and performance, ongoing market trends and our future financial results. We assume no obligation to update these statements. Please refer to our most recent annual report on Form 10-K and our other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations.
In our prepared remarks, our comments will be related to non-GAAP results on a continuing operations basis, unless stated otherwise. Reconciliations between the non-GAAP and
Rivian ve 2. čtvrtletí zvýšil hrubý zisk na 179 milionů USD a zlepšil výhled dodávek na 65 000 až 70 000 vozidel za celý rok. Software a služby přinesly hrubý zisk 215 milionů USD při marži 42 %.
Rivian (RIVN -1.27%) posted a strong second quarter that showed significant improvements in many metrics, and the back half of 2026 should only get more interesting as production of the R2 ramps up. The electric vehicle (EV) maker only began delivering R2 units to customers on June 9, leaving little time before the end of the quarter and causing Rivian to absorb roughly $100 million in additional cost of revenue as it brought the production line up to speed.
Let's take a look not just at the R2 hype and expectations, but also at why this young EV maker is poised to move higher in the near term.
To say Rivian has other driving forces beyond the R2 would be fair, but it is important to note what investors can expect over the back half of 2026. Investors might overlook just how significantly Rivian expects to accelerate production of the R2 over the next few months.
More specifically, Rivian delivered 10,365 vehicles in the first quarter and 12,194 in the second quarter, for a total of just over 22,500 vehicles. Rivian recently raised its delivery guidance range by 3,000 units to between 65,000 and 70,000 vehicles for the full year.
Let's say Rivian production ramps up flawlessly and quickly enough to deliver 18,000 vehicles during the third quarter and then another significant jump to 27,000 vehicles during the fourth quarter. It would land right in the middle of its guidance -- but that feels like a challenging target.
What will be key for Rivian to execute its production ramp and lofty delivery targets is its ability to implement a second production shift. Management noted strong progress in new team member training and process improvements during the R2's first shift and expects to operate with two shifts by the end of the third quarter. While the R2 hype is real and it remains the overall growth engine for Rivian, it's not all the company has going for it.
Image source: Rivian.
Software and services Achieving gross profit was one of Rivian's largest and most impressive accomplishments of late, further separating it from rivals such as Lucid (LCID -13.88%), which has had more trouble scaling and improving vehicle unit economics. Consolidated gross profit checked in at $179 million during the second quarter, a significant $385 million improvement over the prior year, but the breakdown gives us a clue about how lucrative its software business is.
Automotive gross profit checked in at a $36 million loss, which was a sizable near-$300 million improvement over the prior year but was held back by the previously mentioned $100 million in incremental cost of revenues due to the R2 production ramp. Losses in the automotive segment were offset by software and services, which posted a $215 million gross profit at a staggering 42% margin.
Investors often quickly dismiss this as purely a function of Rivian's joint venture with Volkswagen, but there's more to it. Yes, the joint venture has been instrumental and hugely beneficial for Rivian, and it drove 60% of software and services revenue during the second quarter. There was also growth in its vehicle repair and maintenance services and in Autonomy+, which are Rivian's advanced driverless technology features. Rivian noted it's happy with its take rate and believes Autonomy+ will be a key differentiator in the future, and that developing this advantage will help it gain market share over EV rivals.
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What it all means Rivian posted a strong second quarter, improved its guidance on several metrics, delivered strong gross profitability driven by a blossoming software and services segment, and is confident it can lock in a second production shift and drive deliveries toward 70,000 vehicles this year.
One aspect that some investors also overlook is Rivian's better-than-it-appears liquidity position. Rivian ended the second quarter with $5.31 billion in cash, equivalents, and short-term investments. In July, Rivian sold over 86 million Class A shares to raise another $1.3 billion.
The young EV maker also expects $1 billion in non-recourse debt from Volkswagen and a $250 million equity investment from Uber, adding in capital from its Department of Energy loan. Rivian expects future capital to be around $14 billion, nearly three times what it exited the second quarter with.
Rivian is about to shift into a higher gear, its financials are improving, and it's stacked up a lot of capital without diluting shareholders nearly as badly as its rival Lucid. Rivian is positioned for its stock price to rise, and it's not just all R2 hype, either.
Array Technologies, Inc. (ARRY - Free Report) came out with quarterly earnings of $0.24 per share, beating the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +118.18%. A quarter ago, it was expected that this company would post a loss of $0.06 per share when it actually produced earnings of $0.06, delivering a surprise of +200%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Array Technologies, which belongs to the Zacks Solar industry, posted revenues of $342.07 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.63%. This compares to year-ago revenues of $362.24 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Array Technologies shares have lost about 34.8% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for Array Technologies?While Array Technologies has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Array Technologies was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.28 on $460.4 million in revenues for the coming quarter and $0.73 on $1.45 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Solar is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Oils-Energy sector, Canadian Natural Resources (CNQ - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This oil and natural gas company is expected to post quarterly earnings of $1.43 per share in its upcoming report, which represents a year-over-year change of +180.4%. The consensus EPS estimate for the quarter has been revised 14.4% lower over the last 30 days to the current level.
Canadian Natural Resources' revenues are expected to be $9.25 billion, up 47.2% from the year-ago quarter.
UWM Holdings Corporation (UWMC - Free Report) came out with a quarterly loss of $0.23 per share versus the Zacks Consensus Estimate of $0.07. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -428.57%. A quarter ago, it was expected that this company would post earnings of $0.06 per share when it actually produced earnings of $0.09, delivering a surprise of +50%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
UWM, which belongs to the Zacks Financial - Mortgage & Related Services industry, posted revenues of $888 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.88%. This compares to year-ago revenues of $758.7 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
UWM shares have lost about 55.5% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for UWM?While UWM has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for UWM was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.09 on $907.08 million in revenues for the coming quarter and $0.30 on $3.58 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Mortgage & Related Services is currently in the bottom 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Rocket Companies (RKT - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This company is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of +300%. The consensus EPS estimate for the quarter has been revised 14.6% lower over the last 30 days to the current level.
Rocket Companies' revenues are expected to be $2.82 billion, up 110.3% from the year-ago quarter.
Kinetik Holdings Inc. ve 2. čtvrtletí vykázala zisk 0,64 USD na akcii a výnosy 581,44 mil. USD, obojí nad odhady. Zisk byl také vyšší než 0,33 USD před rokem.
Kinetik Holdings Inc. (KNTK - Free Report) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.33 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +236.84%. A quarter ago, it was expected that this company would post earnings of $0.16 per share when it actually produced a loss of $0.07, delivering a surprise of -143.75%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
KINETIK HLDGS, which belongs to the Zacks Oil and Gas - Field Services industry, posted revenues of $581.44 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 37.95%. This compares to year-ago revenues of $426.74 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
KINETIK HLDGS shares have added about 35% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for KINETIK HLDGS?While KINETIK HLDGS has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for KINETIK HLDGS was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.30 on $509.24 million in revenues for the coming quarter and $0.81 on $1.92 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Field Services is currently in the bottom 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Drilling Tools International Corp. (DTI - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This company is expected to post quarterly loss of $0.04 per share in its upcoming report, which represents a year-over-year change of -100%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Drilling Tools International Corp.'s revenues are expected to be $38.16 million, down 3.2% from the year-ago quarter.
