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Mark Zuckerberg has Meta investing heavily in AI. Bloomberg/Getty Images As tech giants aggressively build out compute to meet the demands of the AI boom, some face a tricky dilemma: how much should they hoard and how much should they sell?

Meta CEO Mark Zuckerberg addressed the issue on the company's Q2 earnings call this week. While Meta doesn't currently have a business selling compute — the data center processing power used to run AI — to customers, Zuckerberg has said it's on the cards.

Zuckerberg said that a "significant portion" of its compute will go toward training Meta's AI models, powering agents, and growing its core business. "But we also expect to grow a large business serving large customers as well," he said.

Tech giants are racing to build out more compute to power soaring demand for artificial intelligence. Google and Meta both just slightly raised their capex forecast for the year, and Google signaled 2027 will likely be even bigger (in a rare move, Microsoft held the line on its capex projections).

All that spending is now showing up in the financials: Google's cash flow went negative in Q2 for the first time in the company's history, and Meta's plunged 91% from the previous year.

Selling compute is one way to offset that cash problem, but it also comes with an opportunity cost. The common refrain from execs across the companies is that there simply isn't enough compute to go around. These companies are racing to stay ahead in the AI race, and employees sometimes compete for access to compute.

It's a conundrum for Microsoft, too. As Business Insider's Dan DeFrancesco put it earlier this week: "Does it cash in on demand today or focus more on its long-term goals?"

On Wednesday's earnings call, Microsoft CFO Amy Hood said that "customer demand continues to exceed available capacity" for its cloud business.

'Foolish' to take a short-term profitZuckerberg returned to this problem later in the call on Wednesday. "Obviously, a common trade-off that we need to make is around how much do you monetize something today versus develop future assets for the future?" he said.

"It would be foolish to basically just sell all of the compute and take a short-term profit," he said, adding that improved intelligence would compound the value of the compute.

Hoarding too much compute could also be bad for the lucrative cloud businesses of hyperscalers like Google. "If you don't have enough compute for enterprises, they'll go right back to Amazon or Microsoft," said Bernstein analyst Mark Shmulik in a research note on Google last week.

Last week, Google said it would buy more third-party compute to satisfy customer demand as it builds out more internal compute for itself.

Google CEO Sundar Pichai.  Raj K Raj/Hindustan Times via Getty Images Google is also building its own chips, known as tensor processing units, or TPUs, which it is putting into other data centers with partners to unlock more capacity.

"Our first priority is making sure we are allocating what we need to compete at the frontier in terms of AGI development," said CEO Sundar Pichai on last week's earnings call, referring to how Google is using TPUs. "That is the foundation for everything we do."

While Google leans on its cloud business to boost growth, it also needs to hold enough compute for itself to protect its moat around Search, Shmulik said in last week's note.

Oh, and it also needs to keep developers happy and locked into its ecosystem, which means allocating — you guessed it — more compute.

Microsoft CEO Satya Nadella Sven Hoppe/picture alliance via Getty Images Meta's message to investors: The AI spending will continue until returns improve.

Investors' response: No thanks.

AI spend was the big focus during Meta's Q2 earnings report. And the pitch wasn't convincing enough to stop an after-hours selloff.

Meta was happy to credit AI with helping its advertising business (its bread and butter) rise 27%. And it wasn't just pure growth. Ad impressions grew 14%, while the average price per ad climbed 12%.

There's just one catch. Meta is still spending an incredible amount — $31.1 billion, roughly double what it spent last year — on its AI bets. That's eating up a significant portion of its free cash flow, which went from $8.55 BILLION to $784 MILLION. One analyst said the AI strategy is like "throwing spaghetti at the wall."

Investors were unimpressed, with Meta's stock falling nearly 10% at one point after the bell.

Compare that to another tech giant that reported yesterday: Microsoft. It logged wins in Azure and Microsoft 365 Copilot, which Microsoft CFO Amy Hood touted in her quarterly memo to employees viewed by BI's Ashley Stewart. Perhaps more importantly, its AI budget forecast didn't budge.

Investors noticed. Microsoft's stock jumped almost 8% in after-hours trading.

The difference between the two is clear: AI spending is fine … as long as there is a direct and measurable return.

CEO Mark Zuckerberg made the case for why Meta's AI bets might need more time.

A lot of the most immediate use cases for AI are for developers. Just look at the boom in vibe coding. "Building for consumers is a little bit different," Zuckerberg said during Wednesday's earnings call, but it's also a "massive market opportunity."

And who better to serve that market than the king of all social networks? Between Facebook, Instagram, WhatsApp, and Threads, Meta has billions of users across its platforms. Zuckerberg said Meta's making a big bet on AI agents.

That all tracks with one small exception: A lot of Americans are really nervous about AI.

Meta has tried to ease those fears with a big AI PR push, including a Zuckerberg op-ed and some interviews with reporters. (The request to speak to BI Today must have got caught in my spam inbox. I'm happy to chat, Mark. Sounds like you have a really cool gym.)

BI's Peter Kafka has an idea about how Meta could better convince people to get on board with AI. (Hint: It's green.)

Whatever the plan is, Meta had better figure something out fast. Investors are running out of patience.

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

Dan is the lead writer for BI Today, Business Insider's flagship daily newsletter. Dan often interviews executives about everything from AI's impact on capitalism to robotics to the potential SaaSpocalypse as part of his work on the newsletter.Dan was an editor and reporter at BI, covering financial technology and market structure.His previous work includes everything from inside Robinhood's failed "Checking and Savings" product that eventually led to Congress getting involved to the internal arguments over JPMorgan's failed attempt to launch a finance app for millennials.Before joining Business Insider, Dan wrote about risk management in derivatives markets for Risk.net and fintech for WatersTechnology. He initially covered local sports for The Journal News, a daily newspaper serving the lower Hudson Valley. Got a tip? Contact this editor via email at [email protected].

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Along with producing a 9.82% extended-session stock upsurge from $390.54 to $428.91, Microsoft’s (NASDAQ: MSFT) latest earnings report led to a veritable deluge of analyst rating and price target upgrades.

Furthermore, among more than a dozen notes, only one positioned MSFT shares as a ‘Hold.’ Still, even the comparatively bearish assessment by Stifel Nicolaus’ Brad Reback came with a stock price forecast lift from $400 to $450.

On the other end of the spectrum, Rishi Jaluria of RBC Capital assessed that Microsoft shares are headed toward $640 in the coming 12 months, while Bernstein’s Mark Moerdler dropped the old $646 price target in favor of the new $647.

Both of the bullish analysts also issued positive recommendations for MSFT stock, much like the vast majority of their peers.

Overall, and following the latest string of notes, Microsoft is considered a ‘Strong Buy’ on Wall Street and expected to rally 42.44% to $556.29 on average by analysts, per the data Finbold retrieved from TipRanks on July 30.

Wall Street sets Microsoft stock price target for the next 12 months. Source: TipRanks Why Microsoft stock is seen as a ‘Strong Buy’ on Wall Street Meanwhile, the Thursday morning positivity can be linked directly to the blue-chip technology giant’s latest earnings report. Specifically, Microsoft reported $90.01 billion in revenue and earnings per share (EPS) of $4.74.

Forecasts called for $4.24 EPS and $87.62 billion in sales, meaning the big tech company managed a double beat. 

Additionally, Azure cloud growth accelerated to 43% – faster than the predicted 40% – reinforcing the positivity, and investors appear to have remained unfazed concerning capital expenditures (CapEx), in stark contrast to Google’s (NASDAQ: GOOGL) filing made a week before and Meta’s (NASDAQ: META) presentation made public on Wednesday afternoon.

Investors react to latest Microsoft earnings report Indeed, after dropping 17.42% between January 2 – the first regular session of the year – and the closing bell on July 29, Microsoft stock suddenly soared 9.82% to its press time price of $428.91.

Microsoft stock price YTD chart. Source: TipRanks The move might present a turning point for the embattled technology giant, and it decreased the year-to-date (YTD) market capitalization loss to roughly $500 billion, down from $750 billion.

Featured image via Shutterstock

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AMD (NASDAQ:AMD | AMD Price Prediction) trades at $429.56 against an average Wall Street price target of $575.49, a gap of roughly 34% between current levels and consensus. Baird analyst Tristan Gerra recently pushed a target of $1,250, implying roughly 191% upside. That outlier reflects AMD’s emergence as the number-two AI accelerator franchise behind NVIDIA at a moment the market is repricing the group.

The disconnect matters because operating performance held firm. Q1 FY2026 revenue of $10.253 billion grew 37.85% year over year, non-GAAP EPS of $1.37 beat the $1.2939 consensus, and Data Center revenue jumped 57%. The tape tells a different story than the P&L.

A Violent Reset in a Stock That Just Beat AMD is down 20.38% over the past month and 22.23% in the past week. Measured from the June 30 close, shares have fallen 26.05%. That qualifies as violent for a large-cap semiconductor name that just guided Q2 revenue to approximately $11.2 billion, implying 46% year-over-year growth.

Catalysts trace to broader macro pressures. Broader tech sentiment has been pressured by renewed U.S.-Iran tensions, surging crude oil prices, and concerns about restrictive Federal Reserve policy, layered onto a narrative hitting AMD directly: fears that cheaper AI models could reduce demand for expensive AI infrastructure. JPMorgan CEO Jamie Dimon separately flagged potential credit risks from AI infrastructure financing, denting hyperscale capex sentiment.

Fundamentals held up cleanly. Non-GAAP gross margin expanded 170 basis points year over year to 55%, and free cash flow surged 252.96% to $2.566 billion. This looks like a valuation reset.

What Baird Sees at $1,250 The bull case has not softened. Consensus target of $575.49 still implies roughly 34% upside, and the rating profile of 42 Buys, 9 Holds, and zero Sells reflects reiterations rather than downgrades in recent weeks.

Gerra sits at the aggressive end with a multi-year full-stack capture thesis. He frames AMD’s server CPU and GPU total addressable market as expanding toward $220 billion-plus, and projects data center AI GPU revenue reaching roughly $147 billion by 2030 as AMD captures about 15% market share in enterprise and hyperscale AI accelerators.

Catalysts are MI450 accelerator platform and next-generation Venice EPYC architecture ramping into hyperscale deployments alongside Meta, OpenAI, and Microsoft. Lisa Su told investors on the Q1 call that Meta has committed to up to 6 gigawatts of AMD Instinct GPU deployment, OpenAI to another 6 GW, and Oracle Cloud is standing up a 50,000-GPU Helios supercluster. The $1,250 is a swing rather than a base case, but underlying commitments are real.

The AI Chip Cohort Did Not Sell Off Together AMD’s dislocation stands out. The rest of the AI accelerator complex barely moved.

NVIDIA (NASDAQ:NVDA) fell just 2.54% over the past month. At $190.01 versus an average target of $302.83, implied upside runs near 59%, on a rating stack of 58 Buys, 2 Holds, and 1 Sell. Recent revisions skewed higher after the Q1 FY27 report.

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Broadcom (NASDAQ:AVGO) is down only 0.57%. Shares at $370.32 against a $527.00 target imply roughly 42% upside, with 44 Buys and 4 Holds and estimates trending up after AI semiconductor revenue guided to $16.0 billion for Q3.

Intel (NASDAQ:INTC) fell harder than AMD, off 37.84% over the month. At $81.88 versus a $115.27 average target, implied upside is around 41%, but conviction is thinner: 32 Holds against 13 Buys and 4 Sell-side ratings.

On consensus, largest analyst-implied upside sits at NVIDIA. Excluding Baird’s outlier, AMD ranks below NVDA and roughly even with AVGO and INTC. Include Gerra’s $1,250 target and AMD’s ceiling towers over the entire cohort.

What the Tape Actually Says AMD trades at $429.56, with consensus target of $575.49 implying roughly 34% upside. Analyst posture across the 51-analyst coverage universe skews decisively bullish.

Buy ratings: 42 Hold ratings: 9 Sell ratings: 0 The stock is up 100.58% year to date and 142.09% over the past year, even after the recent drawdown. The S&P 500 is up 6.97% year to date and down 1.56% over the past month. AMD has demolished the index on the year and given a large chunk back in four weeks.

Where I Come Out on AMD Here The bull case holds if the Baird framework is directionally correct: MI450 and Venice EPYC convert announced Meta, OpenAI, and Oracle commitments into hyperscale revenue at the pace Su has signaled, and AMD holds mid-teens share of AI accelerators through the decade. That path leads back to the $575 consensus, with $1,250 sitting on top only if 2030 modeling proves right.

The bear case builds if the market correctly prices a demand ceiling on high-end AI infrastructure, or if China export controls on MI308 returns as a recurring drag. At 69x forward earnings, there is not much cushion for either.

My lean is modestly constructive. Q1 was too strong to read the 20% drawdown as fundamental, and peer tape shows selective damage across the cohort. The consensus $575 target looks defensible if August 4 earnings confirm trajectory. Baird’s $1,250 is a valid ceiling to note.

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Although Wall Street keeps rehearsing the dot-com script every time a semiconductor stock rips higher, Fox Business host Charles Payne argues on the Rich Habits Podcast that the comparison “wastes a lot of time” and “creates a lot of hesitation” for investors watching a generational buildout pass them by. The reflex is understandable. Cisco Systems (NASDAQ:CSCO | CSCO Price Prediction) was briefly the most valuable company on earth in March 2000, then collapsed roughly 89% by 2002, and the stock still has not recaptured that peak 26 years later. But the load-bearing question is not whether the chart looks similar. It is whether the earnings underneath match.

The Long Memory pattern Payne cites concerns the mechanism that caused the crash, not the crash itself. Cisco’s growth in the late 1990s came largely from acquisitions rather than organic expansion, and its customers were money-losing dot-coms burning venture capital that later imploded. That is what a bubble looks like from the inside: revenue growth that depends on other people’s speculation. What Payne asks investors to do is boring and useful. Check whether earnings per share are following the stock price higher. Check organic versus acquisition-driven growth. Check PE, forward PE, and PEG.

NVIDIA Broke the Mold Run that test on NVIDIA (NASDAQ:NVDA) and the parallel breaks. In its most recent quarter, filed May 20, NVIDIA posted revenue of $81.615 billion, up 85.23% year over year, non-GAAP EPS of $1.87 against a $1.77 estimate, and non-GAAP gross margin of 75.0%. Data Center revenue alone reached $75.246 billion, up 92% year over year, with networking up 199%. Net income climbed 210.63%. That is operating leverage, not acquisition accounting.

The valuation gut-check matters here. Cisco at its 2000 peak carried a price-to-earnings ratio in the 130x to 200x range with revenue growth in the 40s to 50s. NVIDIA today trades at a trailing P/E of 40 with 85% revenue growth and a return on equity of 101.49%. The tape looks like the dot-com era. The math does not. NVIDIA has beaten EPS estimates in every single quarter from FY2023 Q1 through FY2026 Q2, and the surprise magnitudes have compressed as analysts finally catch up to the run rate.

Payne’s second test is who is writing the checks. The customer base is where dot-com Cisco failed the audit. NVIDIA’s customers are the most profitable enterprises on the planet, and their AI revenue is contracted, not vaporware. Microsoft (NASDAQ:MSFT) told investors on its most recent call that its “AI business surpassed $37 billion ARR, up 123%”, with commercial remaining performance obligations, its committed backlog, at $627 billion. Microsoft added “another gigawatt of capacity this quarter” and is on track to double its footprint in just two years. Money that has already been signed for is not a bubble.

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A Historical Comparison Payne’s deeper historical mirror is the 1860s, well before 1999. Between 1860 and the early 1900s, America eclipsed the rest of the world, life expectancy grew and disposable income appeared for the first time, largely on the back of the railroads and the second industrial revolution. That buildout also produced spectacular busts and forgotten winners. Payne concedes the point directly: “Not all the AI winners today may be relevant 10 years from now.” The pattern is that the platform survives even when specific tickers do not. What is different this time, in his framing, is access. In the railroad era “maybe there were 1,000 investors, period,” where today “everyone’s got an opportunity to get involved and to ride this wave.”

The Cisco cautionary tale still deserves respect. Even now, with Cisco riding a real AI networking cycle of its own, revenue of $15.8 billion up 12% year over year and a raised FY26 hyperscaler AI order outlook of roughly $9 billion, the stock has returned only 171.25% cumulatively since March 1, 2000. That is the ceiling a broken multiple can impose on a good business for a quarter century. Jensen Huang’s read on the current cycle is a different order of magnitude. He told analysts NVIDIA sees “$1 trillion in Blackwell and Rubin revenue” through calendar 2027 and forecasts AI infrastructure spending on track to reach $3 trillion to $4 trillion annually by the end of this decade.

The pattern that repeats is the buildout, well beyond the crash. Railroads, electrification, the internet, and now AI factories all produced periods where the stock market ran ahead of proof, then waited for earnings to catch the tape. Payne’s argument, tested against the numbers, is that NVIDIA’s earnings are pulling the tape higher rather than chasing it. Long term, Wall Street tends to sort platform winners from tourists on the strength of free cash flow, and $48.554 billion of quarterly free cash flow is the sort of receipt that Cisco in 2000 could not produce. The window Payne describes is open. The homework he demands is what keeps investors on the right side of it.

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Contact [email protected] for any questions or corrections.

Priority Review reinforces the significant potential of subcutaneous amivantamab in recurrent or metastatic head and neck cancer, where the current five-year survival rate is only 15 percent  Patients achieved rapid, deep and durable responses, including a 42 percent overall response rate with one-third achieving a complete response  Subcutaneous amivantamab is the only therapy in head and neck cancer engineered to target both EGFR and MET, proven drivers of tumor growth and treatment resistance , /PRNewswire/ -- Johnson & Johnson (NYSE:JNJ) today announced that the U.S. Food and Drug Administration (FDA) has granted Priority Review to the supplemental Biologics License Application (sBLA) for subcutaneous amivantamab and hyaluronidase-lpuj for adults with recurrent or metastatic head and neck squamous cell carcinoma (HNSCC). If approved, it would provide a new treatment for patients whose disease has progressed following platinum-based chemotherapy and a PD-1 or PD-L1 inhibitor. Priority Review is granted to medicines that may offer significant improvements in safety or effectiveness for serious conditions and shortens the FDA review timeline to approximately six months.1

"One of the hardest things about advanced head and neck cancer is that it can impact our most basic functions, like the ability to speak, eat, and even breathe easily, profoundly affecting patients' daily lives. For those whose disease progresses despite prior treatment, that burden is compounded by limited treatment options and poor outcomes," said Yusri Elsayed, M.D., M.H.Sc., Ph.D., Global Therapeutic Area Head, Oncology, Johnson & Johnson. "Building on the established role of subcutaneous amivantamab in lung cancer, this milestone underscores its continued potential across multiple tumor types and reflects our commitment to bringing innovative treatment options to patients with cancers driven by EGFR and MET pathways."

Subcutaneous amivantamab was designed to target both epidermal growth factor receptor (EGFR) and mesenchymal-epithelial transition (MET) while engaging the immune system, offering a differentiated scientific approach in recurrent or metastatic head and neck squamous cell carcinoma.2 Overexpression of EGFR and MET receptors is seen in 80 to 90 percent of head and neck squamous cell carcinoma tumors and has been implicated in tumor progression and treatment resistance.3

Priority Review supported by pivotal results

The FDA's decision to grant Priority Review is supported by results from the pivotal Phase 1b/2 OrigAMI-4 study, which showed that 42 percent of patients responded to treatment with monotherapy subcutaneous amivantamab, with more than one-third of responders achieving a complete response. The study excluded patients with oropharyngeal squamous cell carcinoma caused by human papillomavirus (HPV), as well as those who had received prior anti-EGFR therapy. The findings were presented at the 2026 American Society for Clinical Oncology (ASCO) and published simultaneously in the Journal of Clinical Oncology.4,5

RYBREVANT FASPRO™ is approved in more than 40 countries, including the United States, Europe, and Japan, as a subcutaneous treatment for non-small cell lung cancer and continues to be evaluated in additional tumor types as part of Johnson & Johnson's broader commitment to advancing transformational oncology therapies.

About the OrigAMI-4 Study

OrigAMI-4 (NCT06385080) is an open-label Phase 1b/2 study evaluating RYBREVANT FASPRO™ (amivantamab and hyaluronidase-lpuj) in recurrent or metastatic head and neck squamous cell carcinoma (R/M HNSCC). The study includes six cohorts exploring RYBREVANT FASPRO™ across different treatment settings and regimens.

Cohort 1 evaluated RYBREVANT FASPRO™ as monotherapy in patients with R/M HNSCC who had received prior platinum-based chemotherapy and PD-1/PD-L1 immunotherapy. Patients with HPV-positive oropharyngeal squamous cell carcinoma were excluded, as well as those with prior anti-EGFR therapy.

RYBREVANT FASPRO™ was administered on a weekly schedule during the initial treatment period followed by dosing every three weeks (Q3W), with weight-based dosing adjustments. The primary endpoint across cohorts is overall response rate (ORR), as assessed by investigators, using RECIST v1.1.† 6

About Head and Neck Squamous Cell Carcinoma

Head and neck squamous cell carcinoma (HNSCC) is the most common form of head and neck cancer, a group of cancers that arise in the mouth, throat, voice box, sinuses, nasal cavity, and salivary glands.7 It represents approximately 4.5 percent of all cancers worldwide and is the seventh most common cancer globally.7 Major risk factors include tobacco and alcohol use, as well as infection with high-risk human papillomavirus (HPV).7 Approximately 80 percent of recurrent or metastatic HNSCC are not driven by HPV, and are typically associated with poorer prognosis and reduced response to treatment.7,8,9 Despite advances in surgery, radiation, chemotherapy, and immunotherapy, many patients ultimately progress to advanced recurrent or metastatic disease.10,11

About RYBREVANT FASPRO™ and RYBREVANT®

RYBREVANT FASPRO™ (amivantamab and hyaluronidase-lpuj) received U.S. FDA approval in December 2025 and is approved in multiple markets worldwide for the treatment of adults with EGFR-mutated non-small cell lung cancer (NSCLC), including those with exon 19 deletions, exon 21 L858R substitution mutations, and exon 20 insertion mutations. It is the only subcutaneous therapy approved for these EGFR-mutated NSCLC populations and may be used as monotherapy or in combination with LAZCLUZE® (lazertinib) or chemotherapy, depending on the specific mutation and treatment setting. For eligible patients, RYBREVANT FASPRO™ offers a once-monthly dosing option following initial weekly dosing. RYBREVANT FASPRO™ is co-formulated with recombinant human hyaluronidase PH20 (rHuPH20), Halozyme's ENHANZE® drug delivery technology.

RYBREVANT FASPRO™ is approved in the U.S. for the same indications as intravenous RYBREVANT® (amivantamab-vmjw) across multiple markets. RYBREVANT® is a first-in-class, fully human bispecific antibody targeting EGFR and MET, designed to inhibit tumor growth while engaging the immune system.

The effectiveness of RYBREVANT FASPRO™ is supported by the established clinical profile of RYBREVANT®, including data from multiple Phase 3 studies such as MARIPOSA, which demonstrated improvements in progression-free and overall survival when used in combination with LAZCLUZE® in first-line advanced EGFR-mutated NSCLC.

The National Comprehensive Cancer Network® (NCCN®) Clinical Practice Guidelines in Oncology (NCCN Guidelines®)‡ 12 include amivantamab-vmjw (RYBREVANT®) across its FDA-approved treatment settings, including as a Category 1 preferred option in combination with lazertinib (LAZCLUZE®) for first-line treatment of patients with locally advanced or metastatic NSCLC with EGFR exon 19 deletions or exon 21 L858R mutations. Subcutaneous amivantamab and hyaluronidase-lpuj (RYBREVANT FASPRO™) may be substituted for IV amivantamab-vmjw (RYBREVANT®) where appropriate. See the latest NCCN Guidelines® for NSCLC for complete information.§ ||

The NCCN Guidelines for Central Nervous System Cancers also include amivantamab (RYBREVANT®)-based regimens, including in combination with lazertinib (LAZCLUZE®), as the only NCCN-preferred combination options for patients with EGFR-mutated NSCLC and brain metastases.§ ||

Beyond NSCLC, RYBREVANT-based therapies are being investigated across other solid tumors, including head and neck and colorectal cancers.

The legal manufacturer for RYBREVANT FASPRO™ and RYBREVANT® is Janssen Biotech, Inc. For more information, visit www.rybrevanthcp.com.

INDICATIONS

RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) and RYBREVANT (amivantamab-vmjw) are indicated:

in combination with LAZCLUZE (lazertinib) for the first-line treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 19 deletions or exon 21 L858R substitution mutations, as detected by an FDA-approved test. in combination with carboplatin and pemetrexed for the treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 19 deletions or exon 21 L858R substitution mutations, whose disease has progressed on or after treatment with an EGFR tyrosine kinase inhibitor. in combination with carboplatin and pemetrexed for the first-line treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 20 insertion mutations, as detected by an FDA-approved test. as a single agent for the treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 20 insertion mutations, as detected by an FDA approved test, whose disease has progressed on or after platinum-based chemotherapy. IMPORTANT SAFETY INFORMATION FOR RYBREVANT FASPRO AND RYBREVANT 13,14

CONTRAINDICATIONS

RYBREVANT FASPRO is contraindicated in patients with known hypersensitivity to hyaluronidase or to any of its excipients.

WARNINGS AND PRECAUTIONS

Hypersensitivity and Administration-Related Reactions with RYBREVANT FASPRO

RYBREVANT FASPRO can cause hypersensitivity and administration-related reactions (ARR); signs and symptoms of ARR include dyspnea, flushing, fever, chills, chest discomfort, hypotension, and vomiting. The median time to ARR onset is approximately 2 hours.

RYBREVANT FASPRO with LAZCLUZE

In PALOMA-3 (n=206), all Grade ARR occurred in 13% of patients, including 0.5% Grade 3. Of the patients who experienced ARR, 89% occurred with the initial dose (Week 1, Day 1).

Premedicate with antihistamines, antipyretics, and glucocorticoids and administer RYBREVANT FASPRO as recommended. Monitor patients for any signs and symptoms of administration-related reactions during injection in a setting where cardiopulmonary resuscitation medication and equipment are available. Interrupt RYBREVANT FASPRO injection if ARR is suspected. Resume treatment upon resolution of symptoms or permanently discontinue RYBREVANT FASPRO based on severity.

Infusion-Related Reactions with RYBREVANT

RYBREVANT can cause infusion-related reactions (IRR) including anaphylaxis; signs and symptoms of IRR include dyspnea, flushing, fever, chills, nausea, chest discomfort, hypotension, and vomiting. The median time to IRR onset is approximately 1 hour.

RYBREVANT with LAZCLUZE

In MARIPOSA (n=421), IRRs occurred in 63% of patients, including Grade 3 in 5% and Grade 4 in 1% of patients. IRR-related infusion modifications occurred in 54%, dose reduction in 0.7%, and permanent discontinuation of RYBREVANT in 4.5% of patients.

RYBREVANT with Carboplatin and Pemetrexed

Based on the pooled safety population (n=281), IRRs occurred in 50% of patients including Grade 3 (3.2%) adverse reactions. IRR-related infusion modifications occurred in 46%, and permanent discontinuation of RYBREVANT in 2.8% of patients.

RYBREVANT as a Single Agent

In CHRYSALIS (n=302), IRRs occurred in 66% of patients. IRRs occurred in 65% of patients on Week 1 Day 1, 3.4% on Day 2 infusion, 0.4% with Week 2 infusion, and were cumulatively 1.1% with subsequent infusions. 97% were Grade 1-2, 2.2% were Grade 3, and 0.4% were Grade 4. The median time to onset was 1 hour (range: 0.1 to 18 hours) after start of infusion. IRR-related infusion modifications occurred in 62%, and permanent discontinuation of RYBREVANT in 1.3% of patients.

Premedicate with antihistamines, antipyretics, and glucocorticoids and infuse RYBREVANT as recommended. Administer RYBREVANT via a peripheral line on Week 1 and Week 2 to reduce the risk of IRRs. Monitor patients for signs and symptoms of IRRs in a setting where cardiopulmonary resuscitation medication and equipment are available. Interrupt infusion if IRR is suspected. Reduce the infusion rate or permanently discontinue RYBREVANT based on severity. If an anaphylactic reaction occurs, permanently discontinue RYBREVANT.

Interstitial Lung Disease/Pneumonitis

RYBREVANT FASPRO and RYBREVANT can cause severe and fatal interstitial lung disease (ILD)/pneumonitis.

RYBREVANT FASPRO with LAZCLUZE

In PALOMA-3, ILD/pneumonitis occurred in 6% of patients, including Grade 3 in 1%, Grade 4 in 1.5%, and fatal cases in 1.9% of patients. 5% of patients permanently discontinued RYBREVANT FASPRO and LAZCLUZE due to ILD/pneumonitis.

RYBREVANT with LAZCLUZE

In MARIPOSA, ILD/pneumonitis occurred in 3.1% of patients, including Grade 3 in 1.0% and Grade 4 in 0.2% of patients. There was one fatal case of ILD/pneumonitis and 2.9% of patients permanently discontinued RYBREVANT and LAZCLUZE due to ILD/pneumonitis.

RYBREVANT with Carboplatin and Pemetrexed

Based on the pooled safety population, ILD/pneumonitis occurred in 2.1% of patients with 1.8% of patients experiencing Grade 3 ILD/pneumonitis. 2.1% discontinued RYBREVANT due to ILD/pneumonitis.

RYBREVANT as a Single Agent

In CHRYSALIS, ILD/pneumonitis occurred in 3.3% of patients, with 0.7% of patients experiencing Grade 3 ILD/pneumonitis. Three patients (1%) permanently discontinued RYBREVANT due to ILD/pneumonitis.

Monitor patients for new or worsening symptoms indicative of ILD/pneumonitis (e.g., dyspnea, cough, fever). Immediately withhold RYBREVANT FASPRO or RYBREVANT and LAZCLUZE (when applicable) in patients with suspected ILD/pneumonitis and permanently discontinue if ILD/pneumonitis is confirmed.

Venous Thromboembolic (VTE) Events with Concomitant Use with LAZCLUZE

RYBREVANT FASPRO and RYBREVANT in combination with LAZCLUZE can cause serious and fatal venous thromboembolic (VTE) events, including deep vein thrombosis and pulmonary embolism. Without prophylactic anticoagulation, the majority of these events occurred during the first four months of treatment.

RYBREVANT FASPRO with LAZCLUZE

In PALOMA-3 (n=206), all Grade VTE occurred in 11% of patients and 1.5% were Grade 3. 80% (n=164) of patients received prophylactic anticoagulation at study entry, with an all Grade VTE incidence of 7%. In patients who did not receive prophylactic anticoagulation (n=42), all Grade VTE occurred in 17% of patients. In total, 0.5% of patients had VTE leading to dose reductions of RYBREVANT FASPRO and no patients required permanent discontinuation. The median time to onset of VTEs was 95 days (range: 17 to 390).

RYBREVANT with LAZCLUZE

In MARIPOSA (n=421), VTEs occurred in 36% of patients including Grade 3 in 10% and Grade 4 in 0.5% of patients. On-study VTEs occurred in 1.2% of patients (n=5) while receiving anticoagulation therapy. There were two fatal cases of VTE (0.5%), 9% of patients had VTE leading to dose interruptions of RYBREVANT, and 7% of patients had VTE leading to dose interruptions of LAZCLUZE; 1% of patients had VTE leading to dose reductions of RYBREVANT, and 0.5% of patients had VTE leading to dose reductions of LAZCLUZE; 3.1% of patients had VTE leading to permanent discontinuation of RYBREVANT, and 1.9% of patients had VTE leading to permanent discontinuation of LAZCLUZE. The median time to onset of VTEs was 84 days (range: 6 to 777).

Administer prophylactic anticoagulation for the first four months of treatment. The use of Vitamin K antagonists is not recommended.

Monitor for signs and symptoms of VTE events and treat as medically appropriate. Withhold RYBREVANT FASPRO or RYBREVANT and LAZCLUZE based on severity. Once anticoagulant treatment has been initiated, resume RYBREVANT FASPRO or RYBREVANT and LAZCLUZE at the same dose level at the discretion of the healthcare provider. In the event of VTE recurrence despite therapeutic anticoagulation, permanently discontinue RYBREVANT FASPRO or RYBREVANT. Treatment can continue with LAZCLUZE at the same dose level at the discretion of the healthcare provider. Refer to the LAZCLUZE Prescribing Information for recommended LAZCLUZE dosage modification.

Dermatologic Adverse Reactions

RYBREVANT FASPRO and RYBREVANT can cause severe rash including toxic epidermal necrolysis (TEN), dermatitis acneiform, pruritus and dry skin.

RYBREVANT FASPRO with LAZCLUZE

In PALOMA-3, rash occurred in 80% of patients, including Grade 3 in 17% and Grade 4 in 0.5% of patients. Rash leading to dose reduction occurred in 11% of patients, and RYBREVANT FASPRO was permanently discontinued due to rash in 1.5% of patients.

RYBREVANT with LAZCLUZE

In MARIPOSA, rash occurred in 86% of patients, including Grade 3 in 26% of patients. The median time to onset of rash was 14 days (range: 1 to 556 days). Rash leading to dose interruptions occurred in 37% of patients for RYBREVANT and 30% for LAZCLUZE, rash leading to dose reductions occurred in 23% of patients for RYBREVANT and 19% for LAZCLUZE, and rash leading to permanent discontinuation occurred in 5% of patients for RYBREVANT and 1.7% for LAZCLUZE.

RYBREVANT with Carboplatin and Pemetrexed

Based on the pooled safety population, rash occurred in 82% of patients, including Grade 3 (15%) adverse reactions. Rash leading to dose reductions occurred in 14% of patients, and 2.5% permanently discontinued RYBREVANT and 3.1% discontinued pemetrexed.

RYBREVANT as a Single Agent

In CHRYSALIS, rash occurred in 74% of patients, including Grade 3 in 3.3% of patients. The median time to onset of rash was 14 days (range: 1 to 276 days). Rash leading to dose reduction occurred in 5% and permanent discontinuation due to rash occurred in 0.7% of patients. Toxic epidermal necrolysis occurred in one patient (0.3%). 

When initiating treatment with RYBREVANT FASPRO or RYBREVANT and LAZCLUZE, prophylactic and concomitant medications are recommended to reduce the risk and severity of dermatologic adverse reactions. Instruct patients to limit sun exposure during and for 2 months after treatment. Advise patients to wear protective clothing and use broad spectrum UVA/UVB sunscreen.

If skin reactions develop, administer supportive care including topical corticosteroids and topical and/or oral antibiotics. For Grade 3 reactions, add oral steroids and consider dermatologic consultation. Promptly refer patients presenting with severe rash, atypical appearance or distribution, or lack of improvement within 2 weeks to a dermatologist. For patients receiving RYBREVANT FASPRO or RYBREVANT in combination with LAZCLUZE, withhold, reduce the dose, or permanently discontinue both drugs based on severity. For patients receiving RYBREVANT FASPRO or RYBREVANT as a single agent or in combination with carboplatin and pemetrexed, withhold, dose reduce or permanently discontinue RYBREVANT FASPRO or RYBREVANT based on severity.

Hepatotoxicity

LAZCLUZE in combination with amivantamab can cause severe hepatotoxicity (including increased ALT and AST).

RYBREVANT with LAZCLUZE

In MARIPOSA, based on adverse reaction data, hepatotoxicity occurred in 49% of patients treated with LAZCLUZE, including Grade 3 in 9.3% of patients and Grade 4 in 0.5%. LAZCLUZE was interrupted for an adverse reaction of hepatotoxicity in 8% of patients, the dose was reduced in 1.4% and permanently discontinued in 0.2%.

Perform liver function tests (including ALT, AST, and total bilirubin) before initiation of LAZCLUZE and during treatment, as clinically indicated. Withhold, reduce the dose, or permanently discontinue LAZCLUZE and amivantamab based on severity.

Ocular Toxicity

RYBREVANT FASPRO and RYBREVANT can cause ocular toxicity including keratitis, blepharitis, dry eye symptoms, conjunctival redness, blurred vision, visual impairment, ocular itching, eye pruritus and uveitis.

RYBREVANT FASPRO with LAZCLUZE

In PALOMA-3, all Grade ocular toxicity occurred in 13% of patients, including 0.5% Grade 3.

RYBREVANT with LAZCLUZE

In MARIPOSA, ocular toxicity occurred in 16%, including Grade 3 or 4 ocular toxicity in 0.7% of patients.

RYBREVANT with Carboplatin and Pemetrexed

Based on the pooled safety population, ocular toxicity occurred in 16% of patients. All events were Grade 1 or 2.

RYBREVANT as a Single Agent

In CHRYSALIS, keratitis occurred in 0.7% and uveitis occurred in 0.3% of patients. All events were Grade 1-2.

Promptly refer patients presenting with new or worsening eye symptoms to an ophthalmologist. Withhold, dose reduce or permanently discontinue RYBREVANT FASPRO or RYBREVANT and continue LAZCLUZE based on severity.

Embryo-Fetal Toxicity

Based on animal models, RYBREVANT FASPRO, RYBREVANT and LAZCLUZE can cause fetal harm when administered to a pregnant woman. Verify pregnancy status of females of reproductive potential prior to initiating RYBREVANT FASPRO and RYBREVANT. Advise pregnant women and females of reproductive potential of the potential risk to the fetus. Advise patients of reproductive potential to use effective contraception during treatment and for 3 months after the last dose of RYBREVANT FASPRO or RYBREVANT, and for 3 weeks after the last dose of LAZCLUZE.

ADVERSE REACTIONS

RYBREVANT FASPRO with LAZCLUZE

In PALOMA-3 (n=206), the most common adverse reactions (≥20%) were rash (80%), nail toxicity (58%), musculoskeletal pain (50%), fatigue (37%), stomatitis (36%), edema (34%), nausea (30%), diarrhea (22%), vomiting (22%), constipation (22%), decreased appetite (22%), and headache (21%). The most common Grade 3 or 4 laboratory abnormalities (≥2%) were decreased lymphocyte count (6%), decreased sodium (5%), decreased potassium (5%), decreased albumin (4.9%), increased alanine aminotransferase (3.4%), decreased platelet count (2.4%), increased aspartate aminotransferase (2%), increased gamma-glutamyl transferase (2%), and decreased hemoglobin (2%).

Serious adverse reactions occurred in 33% of patients, with those occurring in ≥2% of patients including ILD/pneumonitis (6%); and pneumonia, VTE and fatigue (2.4% each). Death due to adverse reactions occurred in 5% of patients treated with RYBREVANT FASPRO, including ILD/pneumonitis (1.9%), pneumonia (1.5%), and respiratory failure and sudden death (1% each).

RYBREVANT with LAZCLUZE

In MARIPOSA (n=421), the most common adverse reactions (ARs) (≥20%) were rash (86%), nail toxicity (71%), infusion-related reactions (IRRs) (RYBREVANT) (63%), musculoskeletal pain (47%), stomatitis (43%), edema (43%), VTE (36%), paresthesia (35%), fatigue (32%), diarrhea (31%), constipation (29%), COVID-19 (26%), hemorrhage (25%), dry skin (25%), decreased appetite (24%), pruritus (24%), and nausea (21%). The most common Grade 3 or 4 laboratory abnormalities (≥2%) were decreased albumin (8%), decreased sodium (7%), increased ALT (7%), decreased potassium (5%), decreased hemoglobin (3.8%), increased AST (3.8%), increased GGT (2.6%), and increased magnesium (2.6%).

Serious ARs occurred in 49% of patients, with those occurring in ≥2% of patients including VTE (11%), pneumonia (4%), ILD/pneumonitis and rash (2.9% each), COVID-19 (2.4%), and pleural effusion and IRRs (RYBREVANT) (2.1% each). Fatal ARs occurred in 7% of patients due to death not otherwise specified (1.2%); sepsis and respiratory failure (1% each); pneumonia, myocardial infarction, and sudden death (0.7% each); cerebral infarction, pulmonary embolism (PE), and COVID-19 infection (0.5% each); and ILD/pneumonitis, acute respiratory distress syndrome (ARDS), and cardiopulmonary arrest (0.2% each).

RYBREVANT with Carboplatin and Pemetrexed

In MARIPOSA-2 (n=130), the most common ARs (≥20%) were rash (72%), IRRs (59%), fatigue (51%), nail toxicity (45%), nausea (45%), constipation (39%), edema (36%), stomatitis (35%), decreased appetite (31%), musculoskeletal pain (30%), vomiting (25%), and COVID-19 (21%). The most common Grade 3 to 4 laboratory abnormalities (≥2%) were decreased neutrophils (49%), decreased white blood cells (42%), decreased lymphocytes (28%), decreased platelets (17%), decreased hemoglobin (12%), decreased potassium (11%), decreased sodium (11%), increased alanine aminotransferase (3.9%), decreased albumin (3.8%), and increased gamma-glutamyl transferase (3.1%).

In MARIPOSA-2, serious ARs occurred in 32% of patients, with those occurring in >2% of patients including dyspnea (3.1%), thrombocytopenia (3.1%), sepsis (2.3%), and PE (2.3%). Fatal ARs occurred in 2.3% of patients; these included respiratory failure, sepsis, and ventricular fibrillation (0.8% each).

In PAPILLON (n=151), the most common ARs (≥20%) were rash (90%), nail toxicity (62%), stomatitis (43%), IRRs (42%), fatigue (42%), edema (40%), constipation (40%), decreased appetite (36%), nausea (36%), COVID-19 (24%), diarrhea (21%), and vomiting (21%). The most common Grade 3 to 4 laboratory abnormalities (≥2%) were decreased albumin (7%), increased alanine aminotransferase (4%), increased gamma-glutamyl transferase (4%), decreased sodium (7%), decreased potassium (11%), decreased magnesium (2%), and decreases in white blood cells (17%), hemoglobin (11%), neutrophils (36%), platelets (10%), and lymphocytes (11%).

In PAPILLON, serious ARs occurred in 37% of patients, with those occurring in ≥2% of patients including rash, pneumonia, ILD, PE, vomiting, and COVID-19. Fatal adverse reactions occurred in 7 patients (4.6%) due to pneumonia, cerebrovascular accident, cardio-respiratory arrest, COVID-19, sepsis, and death not otherwise specified.

RYBREVANT as a Single Agent

In CHRYSALIS (n=129), the most common ARs (≥20%) were rash (84%), IRR (64%), paronychia (50%), musculoskeletal pain (47%), dyspnea (37%), nausea (36%), fatigue (33%), edema (27%), stomatitis (26%), cough (25%), constipation (23%), and vomiting (22%). The most common Grade 3 to 4 laboratory abnormalities (≥2%) were decreased lymphocytes (8%), decreased albumin (8%), decreased phosphate (8%), decreased potassium (6%), increased alkaline phosphatase (4.8%), increased glucose (4%), increased gamma-glutamyl transferase (4%), and decreased sodium (4%).

Serious ARs occurred in 30% of patients, with those occurring in ≥2% of patients including PE, pneumonitis/ILD, dyspnea, musculoskeletal pain, pneumonia, and muscular weakness. Fatal adverse reactions occurred in 2 patients (1.5%) due to pneumonia and 1 patient (0.8%) due to sudden death.

LAZCLUZE DRUG INTERACTIONS

Avoid concomitant use of LAZCLUZE with strong and moderate CYP3A4 inducers. Consider an alternate concomitant medication with no potential to induce CYP3A4.

Monitor for adverse reactions associated with a CYP3A4 or BCRP substrate where minimal concentration changes may lead to serious adverse reactions, as recommended in the approved product labeling for the CYP3A4 or BCRP substrate.

Please see full Prescribing Information for RYBREVANT FASPRO, RYBREVANT and LAZCLUZE.

cp-491009v2

About Johnson & Johnson

At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow and profoundly impact health for humanity. Learn more at https://www.jnj.com/ or at www.innovativemedicine.jnj.com. Follow us at @JNJInnovMed.

Cautions Concerning Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding product development and the potential benefits and treatment impact of RYBREVANT-based regimens. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges and uncertainties inherent in product research and development, including the uncertainty of clinical success and of obtaining regulatory approvals; uncertainty of commercial success; manufacturing difficulties and delays; competition, including technological advances, new products and patents attained by competitors; challenges to patents; product efficacy or safety concerns resulting in product recalls or regulatory action; changes in behavior and spending patterns of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's most recent Annual Report on Form 10-K, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com, www.investor.jnj.com or on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

† RECIST (version 1.1) refers to Response Evaluation Criteria in Solid Tumors, which is a standard way to measure how well
solid tumors respond to treatment and is based on whether tumors shrink, stay the same or get bigger.

‡ The NCCN content does not constitute medical advice and should not be used in place of seeking professional medical advice, diagnosis or treatment by licensed practitioners. NCCN makes no warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or use in any way.

§ See the NCCN Guidelines for detailed recommendations, including other treatment options.

|| The NCCN Guidelines for NSCLC provide recommendations for certain individual biomarkers that should be tested and recommend testing techniques but do not endorse any specific commercially available biomarker assays or commercial laboratories.

______________________________________
1 U.S. Food & Drug Administration. Priority Review. Accessed July 2026. https://www.fda.gov/patients/fast-track-breakthrough-therapy-accelerated-approval-priority-review/priority-review
2 Harrington KJ, Rosenberg AJ, Yang MH, et al. Subcutaneous amivantamab in recurrent/metastatic head and neck squamous cell cancer after disease progression on checkpoint inhibitor and chemotherapy: Preliminary results from the phase 1b/2 OrigAMI-4 study. Oral Oncol. 2025;171:107791.
3 Kalyankrishna S, Grandis JR. Epidermal growth factor receptor biology in head and neck cancer. J Clin Oncol. 2006;24(17):2666–2672.
4 Burtness B, Rosenberg AJ, Calderon B, et al. Amivantamab in recurrent/metastatic head and neck squamous cell cancer after disease progression on immune checkpoint inhibitor and chemotherapy. Pivotal results from the phase 1b/2 OrigAMI-4 study. Presented at: The 2026 American Society of Clinical Oncology (ASCO) Annual Meeting; May 31, 2026; Chicago, Illinois.
5 Burtness B, Rosenberg AJ, Calderon B, et al. Amivantamab in recurrent/metastatic head and neck squamous cell carcinoma after checkpoint inhibitor and chemotherapy: pivotal results from the phase 1b/2 OrigAMI-4 study. J Clin Onc. May 31, 2026. doi:10.1200/JCO-26-01042.
6 ClinicalTrials.gov. A study of amivantamab alone or in addition to other treatment agents in participants with recurrent/metastatic head and neck cancer (OrigAMI-4). Accessed July 2026. https://clinicaltrials.gov/study/NCT06385080?term=OrigAMI-4&limit=10&rank=1.
7 Barsouk A, Aluru JS, Rawla P, Saginala K, Barsouk A. Epidemiology, risk factors, and prevention of head and neck squamous cell carcinoma. Med Sci (Basel). 2023;11(2):42. Published 2023 Jun 13. doi:10.3390/medsci11020042
8 Haddad RI, Ferrarotto R, Guo Y, et al. OrigAMI-5: A randomized, phase 3 study of amivantamab plus pembrolizumab and carboplatin vs standard of care pembrolizumab plus platinum and 5-fluorouracil as first-line treatment in recurrent/metastatic head and neck cancer. Presented at: The 2026 American Society of Clinical Oncology (ASCO) Annual Meeting; May 30, 2026; Chicago, Illinois.
9 Ghiani L, Chiocca S. High risk-human apillomavirus in HNSCC: Present and future challenges for pigenetic therapies. Int J Mol Sci. 2022;23(7):3483. doi.org/10.3390/ijms23073483
10 Ferris RL, Blumenschein Jr G, Fayette J, et al. Nivolumab for recurrent squamous-cell carcinoma of the head and eck. New Eng J Med. 2016;375(19):1856-1867. doi:10.1056/NEJMoa1602252
11 Wise-Draper TM, Bahig H, Tonneau M, Karivedu V, Burtness B. Current therapy for metastatic head and neck ancer: Evidence, opportunities, and challenges. Am Soc Clin Oncol Educ Book. 2022;42:1-14. doi:10.1200/EDBK_350442
12 Referenced with permission from the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) for Non-Small Cell Lung Cancer V.3.2026 © National Comprehensive Cancer Network, Inc. All rights reserved. Accessed July 2026.To view the most recent and complete version of the guideline, go online to NCCN.org.
13 RYBREVANT FASPRO [Prescribing Information]. Horsham, PA: Janssen Biotech, Inc.
14 RYBREVANT [Prescribing Information]. Horsham, PA: Janssen Biotech, Inc.

SOURCE Johnson & Johnson

Xerox Holdings Corporation (XRX - Free Report) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to a loss of $0.64 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +500.00%. A quarter ago, it was expected that this company would post a loss of $0.2 per share when it actually produced a loss of $0.11, delivering a surprise of +45%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Xerox, which belongs to the Zacks Office Supplies industry, posted revenues of $1.92 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.96%. This compares to year-ago revenues of $1.58 billion. The company has topped consensus revenue estimates two 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.

Xerox shares have added about 11.4% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for Xerox?While Xerox 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 Xerox 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 $0.10 on $1.88 billion in revenues for the coming quarter and $0.03 on $7.59 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, Office Supplies is currently in the top 38% 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 Industrial Products sector, Astec Industries (ASTE - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This maker of equipment for building, paving and mining is expected to post quarterly earnings of $1.05 per share in its upcoming report, which represents a year-over-year change of +19.3%. The consensus EPS estimate for the quarter has been revised 1.4% higher over the last 30 days to the current level.

Astec Industries' revenues are expected to be $402.5 million, up 21.9% from the year-ago quarter.

Arete Wealth Advisors LLC increased its stake in PayPal Holdings, Inc. (NASDAQ:PYPL – Free Report) by 273.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,804 shares of the credit services provider’s stock after purchasing an additional 18,158 shares during the period. Arete Wealth Advisors LLC’s holdings in PayPal were worth $1,121,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PYPL. Vanguard Group Inc. boosted its stake in PayPal by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 90,376,927 shares of the credit services provider’s stock worth $5,276,205,000 after acquiring an additional 5,534,462 shares during the last quarter. Rule One Partners LLC bought a new stake in PayPal in the fourth quarter valued at approximately $2,043,000. Step Capital Management Pte. Ltd. bought a new position in shares of PayPal during the fourth quarter worth $6,130,000. Swiss National Bank boosted its position in shares of PayPal by 4.9% during the first quarter. Swiss National Bank now owns 2,608,600 shares of the credit services provider’s stock worth $117,987,000 after purchasing an additional 121,400 shares in the last quarter. Finally, Easterly Investment Partners LLC grew its holdings in shares of PayPal by 705.2% in the 4th quarter. Easterly Investment Partners LLC now owns 100,651 shares of the credit services provider’s stock valued at $5,876,000 after buying an additional 88,151 shares during the period. Institutional investors and hedge funds own 68.32% of the company’s stock.

Wall Street Analysts Forecast Growth Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $45.00 target price on shares of PayPal in a report on Wednesday. Citigroup raised their price target on PayPal from $48.00 to $61.00 and gave the stock a “neutral” rating in a research report on Wednesday. The Goldman Sachs Group set a $50.00 price objective on PayPal in a report on Tuesday. Clear Str raised PayPal to a “hold” rating in a research note on Thursday, July 16th. Finally, Keefe, Bruyette & Woods raised their target price on shares of PayPal from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating, thirty-four have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, PayPal presently has a consensus rating of “Hold” and an average target price of $55.50.

View Our Latest Stock Report on PayPal

PayPal Trading Up 0.1% NASDAQ PYPL opened at $58.35 on Thursday. PayPal Holdings, Inc. has a 52 week low of $38.46 and a 52 week high of $79.21. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.26 and a current ratio of 1.29. The stock’s 50 day moving average price is $46.50 and its two-hundred day moving average price is $47.02. The stock has a market capitalization of $51.47 billion, a price-to-earnings ratio of 11.03, a PEG ratio of 1.46 and a beta of 1.33.

PayPal (NASDAQ:PYPL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The credit services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.10. PayPal had a net margin of 14.36% and a return on equity of 24.39%. The company had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.47 billion. During the same period last year, the business earned $1.40 EPS. The business’s quarterly revenue was up 4.8% on a year-over-year basis. As a group, analysts anticipate that PayPal Holdings, Inc. will post 5.31 earnings per share for the current fiscal year.

PayPal Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, September 4th. PayPal’s dividend payout ratio is currently 10.51%.

Insider Transactions at PayPal In related news, insider Suzan Kereere sold 3,379 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $42.79, for a total transaction of $144,587.41. Following the sale, the insider owned 30,983 shares in the company, valued at approximately $1,325,762.57. This represents a 9.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Frank Keller sold 4,612 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $42.54, for a total value of $196,194.48. Following the transaction, the insider directly owned 41,567 shares of the company’s stock, valued at $1,768,260.18. This trade represents a 9.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 8,543 shares of company stock valued at $364,325. Company insiders own 0.63% of the company’s stock.

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

Positive Sentiment: PayPal reported second-quarter adjusted EPS of $1.38, above the $1.28 consensus, while revenue rose 4.8% year over year to $8.68 billion, exceeding the $8.47 billion estimate. Total payment volume increased 10% to $486.4 billion. PayPal Reports Second Quarter 2026 Results Positive Sentiment: Management raised its full-year adjusted earnings outlook to $5.38 per share and highlighted improving branded checkout, Venmo growth, cost savings and investments in AI, digital identity and stablecoin-enabled payments. The guidance increase supports the view that CEO Enrique Lores’ turnaround is gaining traction. PayPal’s Q2 Earnings Call Focuses on Checkout Stability Positive Sentiment: Several analysts raised their price targets following the results. Keefe, Bruyette & Woods moved its target to $70 and upgraded PayPal to Outperform, while JPMorgan raised its target to $65 and retained a Neutral rating. PayPal also declared a quarterly dividend of $0.14 per share and repurchased approximately $1.5 billion of stock. Neutral Sentiment: Takeover speculation remains a catalyst. Stripe and Advent International reportedly offered $60.50 per share, but PayPal’s board viewed the proposal as too low. The company appears open to a higher offer while continuing its standalone turnaround, leaving investors to balance potential deal value against execution of the recovery plan. PayPal Leaves the Door Open to a Higher Takeover Offer Negative Sentiment: Wall Street remains divided. Goldman Sachs issued a Sell warning, while Wells Fargo, Baird, Canaccord, TD Cowen and other firms maintained Neutral or Hold ratings, citing slower branded-checkout growth, margin pressure from investment spending, competitive threats and execution risk. Several targets remain below the current share price. PayPal Stock Splits Wall Street PayPal Profile (Free Report)

PayPal Holdings, Inc operates a global digital payments platform that enables consumers and merchants to send and receive payments online, on mobile devices and at the point of sale. The company provides a broad set of payment solutions, including a digital wallet, merchant payment processing, checkout services, invoicing and fraud-management tools. PayPal’s platform is designed to support e-commerce, in-person retail and person-to-person transfers, targeting both individual consumers and businesses of varying sizes.

Key products and services in PayPal’s portfolio include the PayPal wallet and checkout ecosystem, the Venmo peer-to-peer mobile app, Braintree’s developer-focused payment gateway, Xoom for international money transfers, and PayPal Credit and buy-now-pay-later options.

See Also Five stocks we like better than PayPal Why SK hynix Could Be the Best AI Chip Stock to Buy Now Seagate Technology Stock Surges as Earnings Beat Silences AI Doubters Alphabet Is Down 18% From Its High After a Stellar Quarter—Overdone, or More Downside Ahead? Why Bloom Energy May Be the Most Important AI Infrastructure Stock Want to see what other hedge funds are holding PYPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PayPal Holdings, Inc. (NASDAQ:PYPL – Free Report).

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The Pfizer logo is seen in this illustration taken August 3, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesJuly 30 (Reuters) - Pfizer (PFE.N), opens new tab said on Thursday its oral drug helped restore skin color in patients with a common form of vitiligo in ​two late-stage trials, paving the way for regulatory submissions seeking ‌approval in the autoimmune skin disease.

Here are the details:

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The U.S. drugmaker was testing Litfulo in patients with nonsegmental vitiligo, the most common type of the ​disease, which causes patches of skin to lose pigment.

Pfizer said ​both studies showed significantly more patients treated with the ⁠drug achieved at least a 75% improvement in facial repigmentation and ​at least a 50% improvement in total-body repigmentation after 52 weeks ​compared with those given placebo.

"Litfulo could become a new oral systemic treatment option for adults living with NSV, significantly improving and potentially maintaining facial and total ​body repigmentation," Michael Vincent, Pfizer's chief inflammation and immunology officer, said ​in a statement.

The trials, which enrolled a combined 2,174 patients across 50 mg ‌and ⁠100 mg once-daily doses, were the largest late-stage programs to evaluate an oral treatment for nonsegmental vitiligo, the company said.

The drug works by blocking specific proteins inside immune cells, called JAK3 and TEC ​family kinases, which helps ​stop the ⁠immune system from attacking the pigment-producing cells in the skin.

Litfulo is already approved in several countries, including ​the United States, for severe alopecia areata, an ​autoimmune disorder ⁠that causes hair loss.

Pfizer said the drug's safety profile in vitiligo patients was consistent with that seen in studies of alopecia areata, with ⁠no ​new safety signals identified.

Pfizer plans to submit ​the data to health regulators globally to seek approval for the treatment in adults ​with nonsegmental vitiligo.

Reporting by Kamal Choudhury in Bengaluru; Editing by Vijay Kishore

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

Integrations can help Oracle Fusion Cloud Applications and Oracle NetSuite customers automate processes, accelerate decisions, and securely execute mission-critical work

Gemini models, including 3.1 Flash-Lite and 3.5 Flash, enable Oracle customers to deploy Agentic applications and enhance AI price-performance

, /PRNewswire/ -- Oracle and Google Cloud have expanded their partnership to bring Google's Gemini models to Oracle's extensive portfolio of enterprise applications. The partnership builds on customers' existing access to Gemini models through Oracle Cloud Infrastructure (OCI) Enterprise AI and is planned to make Gemini models available in Oracle AI Agent Studio for Fusion Applications, a complete development platform that enables organizations to build, connect, execute, and run AI automation and agentic applications using reusable Oracle, partner, and external agents. In addition, Oracle plans to use Gemini models for embedded AI use cases in Oracle Fusion Applications and Oracle NetSuite.

"Organizations around the world trust Google Cloud's full AI stack to power critical enterprise workflows and agents," said Satish Thomas, Vice President, Google Cloud. "Our expanded partnership with Oracle is designed to make it easier for organizations to use Gemini in the applications and agentic workflows they rely on to automate workflows, accelerate decisions, and drive outcomes."

"Our partnership with Oracle brings Google's most capable AI models directly into the core application workflows global businesses rely on every day," said Kevin Ichhpurani, President, Global Partner Ecosystem at Google Cloud. "Together, we are making it seamless for enterprises to apply powerful and cost-efficient AI directly where business decisions happen."

With access to Google's Gemini models in Oracle AI Agent Studio, customers and partners will be able to gain more choice when building Fusion-native agents and agentic applications, and expanded multi-modal capabilities. For example, customers and partners will be able to access Gemini 3.1 Flash Lite, a high-efficiency model engineered for optimal price-performance, and Gemini 3.5 Flash for more complex reasoning and specialized tasks, including video and presentation creation, in addition to models from other leading providers.

"To achieve the best business outcomes, organizations need the flexibility to choose the AI model best suited to each problem," said Chris Leone, executive vice president, applications development, Oracle. "By bringing Gemini to Oracle AI Agent Studio for Fusion Applications, we are giving customers and partners greater choice as they build and extend agents and agentic applications that reason through complex, real-world business challenges. Oracle Fusion Applications then turn that reasoning into action through governed workflows, approvals, and transactions."

Oracle also plans to use Gemini models for embedded AI use cases in Oracle Fusion Applications and NetSuite. In each case, Oracle expects to tap into Gemini where it can deliver optimal price-performance for specific customer scenarios.

"AI is at the core of how customers use and experience NetSuite and choosing the right model for the right use case is critical to helping them get more value from AI," said Evan Goldberg, founder and executive vice president, Oracle NetSuite. "As we evaluate various AI use cases in NetSuite, we are working with leading large language models, like Google's Gemini, to help customers improve visibility, automate work, and move from insight to action within NetSuite."

The addition of Gemini models to Oracle's enterprise applications complements Oracle's existing developer offerings, which provide access to Gemini models available via OCI Enterprise AI through integration with Gemini Enterprise Agent Platform. Together, Oracle and Google Cloud are giving customers broader access to powerful, secure, and cost-effective Gemini models that can support AI agents, accelerate development and data integration, and drive innovation across industries.

About Oracle Fusion Cloud Applications

Oracle Fusion Cloud Applications provide an integrated suite of AI-powered cloud applications that enable organizations to execute faster, make smarter decisions, and lower costs. Oracle Fusion Applications include:

Oracle Fusion Cloud Enterprise Resource Planning (ERP): Provides a comprehensive suite of AI-powered finance and operations applications that help organizations increase productivity, reduce costs, expand insights, improve decision-making, and enhance controls. Oracle Fusion Cloud Human Capital Management (HCM): Provides a unified AI-powered HR platform that connects people, processes, and data to help organizations automate the employee lifecycle, enhance the employee experience, and drive better business outcomes with a human-agent workforce. Oracle Fusion Cloud Supply Chain & Manufacturing (SCM): Provides a unified AI-powered platform that integrates supply chain and operations processes and helps organizations enhance resilience and quickly adapt to market changes. Oracle Fusion Cloud Customer Experience (CX): Provides a suite of AI-powered applications that helps organizations manage marketing, sales, and service processes to win business, build stronger customer relationships, and improve customer experiences. About Oracle NetSuite

For more than 25 years, Oracle NetSuite has helped organizations of all sizes reach their goals faster and more efficiently. NetSuite provides an integrated business system with embedded AI that delivers powerful financial management, supply chain, customer experience, and HR capabilities. Relied on by more than 44,000 customers in 220 countries and dependent territories, NetSuite is the #1 AI cloud enterprise resource planning (ERP) solution.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Trademarks 

Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

Future Product Disclaimer

The preceding is intended to outline our general product direction. It is for informational purposes only and may not be incorporated into any contract. The development, release, timing, and pricing of any features or functionality described for Oracle's products may change at Oracle Corporation's sole discretion.

About Google Cloud

Google Cloud offers a powerful, optimized AI stack — including AI infrastructure, leading models like Gemini, data management capabilities, multicloud security solutions, developer tools and platform, as well as agents and applications — that enables organizations to transform their business for the Agentic Era. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

SOURCE Oracle

Key Takeaways LyondellBasell reports second-quarter 2026 results before the opening bell on July 31. LYB sees North America and Europe benefiting from stronger demand, exports and higher operating rates. LyondellBasell targets $500M incremental cash flow in 2026 through cost and portfolio initiatives. LyondellBasell Industries N.V. (LYB - Free Report) is set to release second-quarter 2026 results before the opening bell on Friday. 

LyondellBasell missed the Zacks Consensus Estimate for earnings in two of the trailing four quarters, and beat it twice, with the average negative earnings surprise being 47.2%.

The company is expected to have faced headwinds from higher feedstock costs amid improved seasonal demand in the second quarter.

LYB's shares are up 4.4% in the past year compared with the Zacks Chemicals Diversified industry’s 1.7% rise.

Image Source: Zacks Investment Research

Let’s see how things are shaping up for this announcement. 

What Our Model Unveils for LYB Our proven model doesn’t predict an earnings beat for LYB this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here. 

Earnings ESP: Earnings ESP for LYB is -5.07%. The Zacks Consensus Estimate for the second quarter is currently pegged at $3.56 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: LYB currently carries a Zacks Rank #3. 

What Do LYB’s Revenue Estimates Say ?The Zacks Consensus Estimate for second-quarter consolidated revenues for LYB is currently pegged at $8,900.6 million, implying a year-over-year increase of 16.2%. 

For the Olefins and Polyolefins – Americas division, the consensus estimate is $3,456 million, suggesting a year-over-year rise of 26.5%. The same for the Olefins and Polyolefins – Europe, Asia & International division is pegged at $3,243 million, implying a 24.7% increase from last year’s tally. 

For LYB’s Advanced Polymer Solutions (APS) segment, the Zacks Consensus Estimate for second-quarter revenues is $973 million, suggesting a 5.1% rise year over year. 

The consensus estimate for the Intermediaries and Derivatives segment’s revenues is pinned at $2,606 million, suggesting a 12.2% rise from the year-ago reported figure. 

The same for the Technology segment's revenues is pegged at $163 million, indicating a 12.4% fall from a year ago. 

Factors at Play for LYB LyondellBasell is expected to have benefited from a stronger operating environment in the second quarter, supported by tightening global petrochemical supply, improving pricing and higher operating rates. Ongoing geopolitical tensions in the Middle East have disrupted energy and petrochemical supply chains, reducing production and exports from key regions. Management expects these supply disruptions to persist for several quarters, creating structurally tighter supply-demand balances across polyethylene, polypropylene and other petrochemical products. This environment is expected to have driven stronger export demand, higher product prices and improved margins. 

North America is expected to have been LYB's strongest growth driver in the second quarter, supported by improving seasonal demand, higher polyethylene and polypropylene prices, and robust export demand. Tight global supply is expected to have kept the company's North American assets running at around 90% of nameplate capacity, boosting volumes and margins.  

Europe is expected to have seen improved demand, stronger polymer margins and an operating rate of around 80%, supported by lower imports from the Middle East and China. The recent sale of four European assets might have further strengthened LYB's portfolio and improved profitability. 

The Intermediates & Derivatives segment is expected to have benefited from stronger seasonal demand, improved oxyfuels margins and the restart of the Bayport PO/TBA facility by the end of the second quarter. The Bayport outage reduced first-quarter EBITDA by around $40 million and is estimated to have negatively impacted earnings by roughly $25 million per week while the asset remained offline, making its restart a key catalyst for second-quarter profitability. 

The APS segment is expected to have faced mixed conditions. While automotive and other durable goods markets remain soft, the company is actively passing through higher raw material, energy and logistics costs to customers. Although contractual pricing mechanisms may temporarily delay margin recovery, customer demand has remained relatively resilient in packaging and other essential end markets, supporting the company's long-term transformation strategy. 

LYB continues to execute initiatives aimed at strengthening profitability and cash generation. The company remains focused on its portfolio transformation, disciplined capital allocation and cost-reduction efforts under its Cash Improvement Plan. Management is targeting $500 million of incremental cash flow in 2026, bringing cumulative improvements since 2025 to $1.3 billion. Lower fixed costs, improved working capital management and ongoing productivity initiatives are expected to have further supported earnings in the June quarter despite higher raw material and logistics costs.  

LyondellBasell Industries N.V. Price and EPS SurpriseBasic Materials Stocks That Warrant a LookHere are some companies in the basic materials space you may want to consider, as our model shows they have the right combination of elements to post an earnings beat this quarter: 

The Chemours Company (CC - Free Report) , scheduled to release earnings on Aug. 4, has an Earnings ESP of +27.17% and carries a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here. 

The consensus estimate for CC’s second-quarter earnings is currently pegged at 43 cents per share. 

Avient Corporation (AVNT - Free Report) , scheduled to release earnings on Aug. 6, has an Earnings ESP of +0.87% and carries a Zacks Rank #2 at present. 

The consensus mark for AVNT’s second-quarter earnings is currently pegged at 89 cents per share. 

Ternium S.A. (TX - Free Report) , slated to release earnings on Aug. 4, has an Earnings ESP of +21.4%. 

The Zacks Consensus Estimate for TX's second-quarter earnings is currently pegged at $1.29 per share. TX currently carries a Zacks Rank #1.

Posted by Defense World Staff on Jul 30th, 2026

Amundi increased its position in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) by 19.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,990,741 shares of the real estate investment trust’s stock after purchasing an additional 317,901 shares during the quarter. Amundi owned 0.61% of Simon Property Group worth $371,334,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Stance Capital LLC acquired a new position in shares of Simon Property Group during the 3rd quarter worth $26,000. Wilkerson Advisory Group LLC purchased a new position in Simon Property Group during the 4th quarter valued at about $29,000. SHP Wealth Management acquired a new position in Simon Property Group during the fourth quarter worth about $34,000. Dynamic Wealth Strategies LLC raised its position in Simon Property Group by 195.8% during the first quarter. Dynamic Wealth Strategies LLC now owns 210 shares of the real estate investment trust’s stock worth $39,000 after acquiring an additional 139 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its holdings in shares of Simon Property Group by 79.3% in the fourth quarter. Cullen Frost Bankers Inc. now owns 251 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 111 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth Several analysts have recently commented on SPG shares. Stifel Nicolaus increased their price target on shares of Simon Property Group from $185.00 to $194.00 and gave the company a “hold” rating in a research report on Tuesday, May 12th. Weiss Ratings raised Simon Property Group from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 14th. Citigroup upped their target price on Simon Property Group from $189.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Jefferies Financial Group upgraded Simon Property Group to a “strong-buy” rating in a report on Friday, June 26th. Finally, Evercore set a $215.00 price target on Simon Property Group in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $216.14.

Check Out Our Latest Stock Analysis on SPG

Simon Property Group Stock Down 0.5% Shares of SPG opened at $235.44 on Thursday. Simon Property Group, Inc. has a fifty-two week low of $159.70 and a fifty-two week high of $238.50. The company’s fifty day moving average is $217.90 and its two-hundred day moving average is $202.78. The firm has a market cap of $76.35 billion, a PE ratio of 16.36, a price-to-earnings-growth ratio of 3.06 and a beta of 1.29. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 4.68.

Simon Property Group (NYSE:SPG – Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The real estate investment trust reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.02. Simon Property Group had a net margin of 70.60% and a return on equity of 104.54%. The firm had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the prior year, the company earned $2.95 EPS. The firm’s revenue was up 19.3% on a year-over-year basis. Simon Property Group has set its FY 2026 guidance at 13.100-13.250 EPS. Analysts forecast that Simon Property Group, Inc. will post 13.21 earnings per share for the current year.

Simon Property Group Increases Dividend The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th were given a dividend of $2.25 per share. The ex-dividend date of this dividend was Tuesday, June 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.20. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.8%. Simon Property Group’s dividend payout ratio is presently 62.54%.

Insiders Place Their Bets In other Simon Property Group news, Director Larry C. Glasscock acquired 397 shares of the stock in a transaction on Tuesday, June 30th. The stock was purchased at an average price of $223.38 per share, for a total transaction of $88,681.86. Following the purchase, the director directly owned 45,902 shares in the company, valued at $10,253,588.76. This trade represents a 0.87% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Daniel C. Smith acquired 372 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were acquired at an average price of $223.31 per share, for a total transaction of $83,071.32. Following the completion of the acquisition, the director directly owned 34,480 shares in the company, valued at $7,699,728.80. The trade was a 1.09% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders bought 2,387 shares of company stock valued at $533,056. Corporate insiders own 8.73% of the company’s stock.

Simon Property Group Company Profile (Free Report)

Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.

Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.

Featured Articles Five stocks we like better than Simon Property Group Why SK hynix Could Be the Best AI Chip Stock to Buy Now Seagate Technology Stock Surges as Earnings Beat Silences AI Doubters Alphabet Is Down 18% From Its High After a Stellar Quarter—Overdone, or More Downside Ahead? Why Bloom Energy May Be the Most Important AI Infrastructure Stock Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group, Inc. (NYSE:SPG – Free Report).

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Regeneron (REGN - Free Report) came out with quarterly earnings of $14.29 per share, beating the Zacks Consensus Estimate of $10 per share. This compares to earnings of $12.89 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +42.90%. A quarter ago, it was expected that this biopharmaceutical company would post earnings of $8.52 per share when it actually produced earnings of $9.47, delivering a surprise of +11.15%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Regeneron, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $4.29 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 11.74%. This compares to year-ago revenues of $3.68 billion. 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.

Regeneron shares have lost about 9.9% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for Regeneron?While Regeneron 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 Regeneron 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 $12.58 on $4.1 billion in revenues for the coming quarter and $45.50 on $15.75 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, Medical - Biomedical and Genetics is currently in the top 37% 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, Geron (GERN - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This drugmaker is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of +50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Geron's revenues are expected to be $55.01 million, up 12.2% from the year-ago quarter.

Posted by Defense World Staff on Jul 30th, 2026

Altshuler Shaham Ltd lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 238.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 434,535 shares of the semiconductor manufacturer’s stock after purchasing an additional 306,010 shares during the period. Broadcom accounts for approximately 2.1% of Altshuler Shaham Ltd’s investment portfolio, making the stock its 15th biggest holding. Altshuler Shaham Ltd’s holdings in Broadcom were worth $134,493,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Fullerton Advisors LLC boosted its position in shares of Broadcom by 1.3% in the first quarter. Fullerton Advisors LLC now owns 1,989 shares of the semiconductor manufacturer’s stock valued at $616,000 after acquiring an additional 25 shares during the period. NORTHSTAR ASSET MANAGEMENT Co grew its stake in shares of Broadcom by 0.5% in the first quarter. NORTHSTAR ASSET MANAGEMENT Co now owns 5,350 shares of the semiconductor manufacturer’s stock valued at $1,656,000 after acquiring an additional 25 shares in the last quarter. RFG Holdings Inc. increased its position in Broadcom by 0.3% during the first quarter. RFG Holdings Inc. now owns 8,499 shares of the semiconductor manufacturer’s stock worth $2,631,000 after acquiring an additional 26 shares during the period. Yukon Wealth Management Inc. increased its position in Broadcom by 1.1% during the first quarter. Yukon Wealth Management Inc. now owns 2,501 shares of the semiconductor manufacturer’s stock worth $774,000 after acquiring an additional 26 shares during the period. Finally, Capital Planning LLC raised its stake in Broadcom by 0.7% in the 1st quarter. Capital Planning LLC now owns 4,044 shares of the semiconductor manufacturer’s stock worth $1,252,000 after purchasing an additional 28 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets In other Broadcom news, Director Harry L. You acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was acquired at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the transaction, the director directly owned 38,466 shares in the company, valued at $14,369,743.62. This represents a 2.67% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $401.33, for a total value of $10,033,250.00. Following the completion of the sale, the insider directly owned 194,989 shares in the company, valued at $78,254,935.37. This trade represents a 11.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 61,644 shares of company stock worth $24,016,214. 1.90% of the stock is currently owned by company insiders.

Broadcom Stock Performance Shares of Broadcom stock opened at $370.32 on Thursday. The company has a 50 day moving average of $395.11 and a 200-day moving average of $367.66. Broadcom Inc. has a 1-year low of $281.61 and a 1-year high of $495.00. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. The company has a market cap of $1.76 trillion, a PE ratio of 61.72, a price-to-earnings-growth ratio of 0.73 and a beta of 1.45.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The business had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $22.13 billion. During the same period last year, the firm posted $1.58 earnings per share. The firm’s quarterly revenue was up 47.9% compared to the same quarter last year. As a group, equities research analysts forecast that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets AVGO has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Broadcom from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. TD Cowen reiterated a “buy” rating and issued a $500.00 price target on shares of Broadcom in a research report on Thursday, June 4th. DA Davidson lifted their price target on shares of Broadcom from $375.00 to $400.00 and gave the company a “neutral” rating in a research report on Thursday, June 4th. Benchmark increased their price target on Broadcom from $485.00 to $545.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Finally, KeyCorp reissued an “overweight” rating and set a $575.00 price target (up from $500.00) on shares of Broadcom in a research report on Thursday, June 4th. Twenty-eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $493.24.

Read Our Latest Report on AVGO

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

Positive Sentiment: Broadcom reportedly signed a five-year, $200 billion agreement with Samsung covering memory chips, including high-bandwidth memory (HBM), and potentially advanced packaging. The deal could help solve a key constraint for Broadcom’s AI accelerators by securing critical memory supply and supporting long-term growth. Broadcom Just Signed a $200 Billion AI Agreement Positive Sentiment: Analysts and investors remain optimistic that Broadcom’s custom AI-chip business and relationships with hyperscale cloud providers can continue benefiting from infrastructure spending. Some valuation analysis indicates AVGO may be below estimated fair value based on discounted cash flow and earnings multiples despite its strong long-term appreciation. Is Broadcom Stock Below Fair Value After Its AI Deals? Neutral Sentiment: The Samsung agreement highlights both the scale of AI demand and the industry’s rising costs. While guaranteed memory access may support revenue, the size of the commitment could pressure margins, capital requirements, and returns if AI demand or customer orders weaken. Broadcom’s $200 Billion Samsung Deal Negative Sentiment: Chip stocks have continued to pull back amid fears that AI-related valuations and capital spending expectations have become excessive, creating a broader headwind for AVGO. Chip Stocks Extend Pullback Amid AI Bubble Fears Negative Sentiment: One analyst raised concerns about AI “backstop” arrangements involving Broadcom and Nvidia, warning that these structures could leave the companies with additional liabilities if customers do not meet expected commitments. AI Backstop Concerns Broadcom Company Profile (Free Report)

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

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

Further Reading Five stocks we like better than Broadcom Why SK hynix Could Be the Best AI Chip Stock to Buy Now Seagate Technology Stock Surges as Earnings Beat Silences AI Doubters Alphabet Is Down 18% From Its High After a Stellar Quarter—Overdone, or More Downside Ahead? Why Bloom Energy May Be the Most Important AI Infrastructure Stock

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A.O. Smith (AOS - Free Report) came out with quarterly earnings of $1.03 per share, beating the Zacks Consensus Estimate of $0.96 per share. This compares to earnings of $1.07 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.29%. A quarter ago, it was expected that this maker of water heaters and boilers would post earnings of $0.94 per share when it actually produced earnings of $0.85, delivering a surprise of -9.57%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

A.O. Smith, which belongs to the Zacks Manufacturing - Electronics industry, posted revenues of $1 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.81%. This compares to year-ago revenues of $1.01 billion. The company has topped consensus revenue estimates two 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.

A.O. Smith shares have lost about 7.2% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for A.O. Smith?While A.O. Smith 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 A.O. Smith 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 $0.96 on $986.49 million in revenues for the coming quarter and $3.74 on $3.9 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, Manufacturing - Electronics is currently in the top 34% 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.

Powell Industries (POWL - 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 3.

This energy equipment company is expected to post quarterly earnings of $1.49 per share in its upcoming report, which represents a year-over-year change of +12.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Powell Industries' revenues are expected to be $318.25 million, up 11.2% from the year-ago quarter.

Posted by Defense World Staff on Jul 30th, 2026

Arkadios Wealth Advisors raised its holdings in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 5.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,181 shares of the semiconductor company’s stock after buying an additional 6,415 shares during the quarter. Arkadios Wealth Advisors’ holdings in Lam Research were worth $25,250,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Fideuram Asset Management Ireland dac purchased a new stake in shares of Lam Research in the fourth quarter valued at about $10,035,000. Generali Investments Management Co LLC lifted its holdings in Lam Research by 62.0% in the fourth quarter. Generali Investments Management Co LLC now owns 36,274 shares of the semiconductor company’s stock valued at $6,209,000 after acquiring an additional 13,878 shares during the last quarter. Rokos Capital Management LLP grew its position in Lam Research by 42.0% in the first quarter. Rokos Capital Management LLP now owns 259,921 shares of the semiconductor company’s stock worth $55,532,000 after acquiring an additional 76,840 shares during the period. Aware Super Pty Ltd as trustee of Aware Super purchased a new stake in Lam Research in the first quarter valued at $59,973,000. Finally, Krilogy Financial LLC increased its position in shares of Lam Research by 19.5% during the 1st quarter. Krilogy Financial LLC now owns 28,111 shares of the semiconductor company’s stock worth $6,006,000 after purchasing an additional 4,584 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Trading Down 6.4% NASDAQ:LRCX opened at $252.35 on Thursday. The firm has a market cap of $315.58 billion, a PE ratio of 47.61, a price-to-earnings-growth ratio of 1.60 and a beta of 1.80. The stock has a fifty day moving average price of $341.14 and a 200 day moving average price of $275.79. Lam Research Corporation has a 12-month low of $90.93 and a 12-month high of $438.50. The company has a current ratio of 2.54, a quick ratio of 1.77 and a debt-to-equity ratio of 0.35.

Lam Research (NASDAQ:LRCX – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.13. The company had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.66 billion. Lam Research had a return on equity of 66.21% and a net margin of 30.94%.Lam Research’s revenue was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.33 EPS. Lam Research has set its Q1 2027 guidance at 2.000-2.300 EPS. Sell-side analysts anticipate that Lam Research Corporation will post 5.68 earnings per share for the current fiscal year.

Lam Research Announces Dividend The company also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Wednesday, June 17th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, June 17th. Lam Research’s dividend payout ratio is presently 19.62%.

Lam Research News Roundup Here are the key news stories impacting Lam Research this week:

Positive Sentiment: Lam Research earned $1.82 per share, above the $1.69 analyst consensus and up from $1.33 a year earlier. Revenue rose 30% year over year to a record $6.72 billion, slightly exceeding estimates. Lam Research Surpasses Q4 Earnings and Revenue Estimates Positive Sentiment: The company issued substantially stronger-than-expected first-quarter fiscal 2027 guidance, calling for revenue of $7.7 billion to $8.5 billion and EPS of $2.00 to $2.30, versus consensus estimates of $7.0 billion and $1.81, respectively. Lam Research Forecasts Strong Revenue on AI Boom Positive Sentiment: Management cited robust demand for semiconductor manufacturing equipment, particularly from continued artificial-intelligence infrastructure investment and advanced chip production. The outlook suggests AI-related capital spending is supporting near-term orders. Lam Research Posts Record Quarterly Revenue Neutral Sentiment: The results were broadly viewed as a beat-and-raise report, although investors are assessing whether the unusually strong outlook is sustainable given Lam Research’s cyclical semiconductor-equipment business and elevated valuation. Negative Sentiment: LRCX remained under pressure amid a broad semiconductor pullback, tighter Federal Reserve expectations, Middle East tensions and renewed concerns that advances in Chinese lithography could alter China’s demand for foreign chipmaking equipment. These sector and geopolitical risks overshadowed the favorable quarterly figures. Lam Research Is Down After China Lithography Jitters Analyst Ratings Changes Several research analysts have weighed in on LRCX shares. Berenberg Bank increased their target price on shares of Lam Research from $265.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Mizuho boosted their price objective on Lam Research from $380.00 to $400.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Wall Street Zen downgraded Lam Research from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Susquehanna reiterated a “positive” rating and set a $475.00 price target (up from $385.00) on shares of Lam Research in a research note on Tuesday, June 30th. Finally, TD Cowen reissued a “buy” rating and set a $400.00 price target (up from $340.00) on shares of Lam Research in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Lam Research currently has an average rating of “Moderate Buy” and an average target price of $364.04.

Get Our Latest Research Report on Lam Research

Insider Buying and Selling In related news, SVP Neil J. Fernandes sold 7,659 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $309.60, for a total value of $2,371,226.40. Following the sale, the senior vice president owned 58,470 shares of the company’s stock, valued at $18,102,312. This trade represents a 11.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Brandt sold 54,500 shares of Lam Research stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $350.80, for a total transaction of $19,118,600.00. Following the completion of the transaction, the director owned 199,205 shares of the company’s stock, valued at $69,881,114. This represents a 21.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 98,611 shares of company stock worth $32,250,190. Company insiders own 0.31% of the company’s stock.

Lam Research Profile (Free Report)

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.

Read More Five stocks we like better than Lam Research Why SK hynix Could Be the Best AI Chip Stock to Buy Now Seagate Technology Stock Surges as Earnings Beat Silences AI Doubters Alphabet Is Down 18% From Its High After a Stellar Quarter—Overdone, or More Downside Ahead? Why Bloom Energy May Be the Most Important AI Infrastructure Stock

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Yum Brands (YUM - Free Report) came out with quarterly earnings of $1.62 per share, beating the Zacks Consensus Estimate of $1.59 per share. This compares to earnings of $1.44 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.89%. A quarter ago, it was expected that this parent company of KFC, Taco Bell and Pizza Hut would post earnings of $1.39 per share when it actually produced earnings of $1.5, delivering a surprise of +7.91%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Yum, which belongs to the Zacks Retail - Restaurants industry, posted revenues of $2.17 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.55%. This compares to year-ago revenues of $1.93 billion. 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.

Yum shares have added about 0.4% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for Yum?While Yum 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 Yum 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 $1.71 on $2.2 billion in revenues for the coming quarter and $6.74 on $9.13 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, Retail - Restaurants is currently in the bottom 24% 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, First Watch Restaurant Group, Inc. (FWRG - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.

This company is expected to post quarterly earnings of $0.06 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.

First Watch Restaurant Group, Inc.'s revenues are expected to be $351.03 million, up 14% from the year-ago quarter.

Scorpio Tankers (STNG - Free Report) came out with quarterly earnings of $4.68 per share, beating the Zacks Consensus Estimate of $4.51 per share. This compares to earnings of $1.41 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.77%. A quarter ago, it was expected that this shipping company would post earnings of $2.73 per share when it actually produced earnings of $3.02, delivering a surprise of +10.62%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Scorpio Tankers, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $391.8 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.90%. This compares to year-ago revenues of $222.76 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.

Scorpio Tankers shares have added about 54.5% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for Scorpio Tankers?While Scorpio Tankers 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 Scorpio Tankers 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 $1.56 on $220.78 million in revenues for the coming quarter and $12.15 on $1.15 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, Transportation - Shipping is currently in the top 17% 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 same industry, Navigator Holdings (NVGS - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.

This transportaion company for the natural gas and and chemical industry is expected to post quarterly earnings of $0.52 per share in its upcoming report, which represents a year-over-year change of +271.4%. The consensus EPS estimate for the quarter has been revised 10.3% higher over the last 30 days to the current level.

Navigator Holdings' revenues are expected to be $130.42 million, up 14% from the year-ago quarter.

EL SEGUNDO, Calif., July 30, 2026 (GLOBE NEWSWIRE) -- Rangeview Inc., an advanced investment casting company, today announced it has been selected by Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS) to develop advanced cast components for its advanced turbine engine programs.

Under the funded development effort, Rangeview will develop and deliver flight quality cast superalloy hardware with significantly shortened development lead times. The program addresses a component class the Department of Defense has repeatedly identified as a critical gap in the domestic casting industrial base.

“Kratos is redefining what affordable engine production looks like, and we are proud to support that mission,” said Cameron Schiller, CEO and founder of Rangeview. “The industry needs new casting capacity and a new generation of suppliers to deliver it. Rangeview was built to be that supplier, winning programs, standing up capacity, and taking complex superalloy castings from design to flight hardware in a fraction of the traditional time, at home, in the United States.”

“Rangeview’s casting technology gives a level of flexibility, speed, and capability that cannot be achieved with conventional methods,” said Russ Jones, Chief Engineer at Kratos. “Their process enables complex geometries that previously required laser powder bed additive manufacturing but with high-capability cast superalloys. This development approach is accelerating our engineering timelines while preserving the performance and material properties we need for advanced turbine applications.”

Stacey Rock, President of Kratos’ Turbine Technologies Division, said, “Kratos is solidifying our supply chain with outstanding partners as we prepare for large volume production of our leading technology to sell jet engines for drones and missiles. Our agreement with Rangeview is another milestone as we execute our strategy.”

The award comes as engine manufacturers publicly cite castings as a leading constraint on gas turbine engine production and expands Rangeview's portfolio of funded programs across U.S. propulsion, defense, and energy customers.

About Rangeview
Rangeview Inc. is an advanced investment casting foundry based in El Segundo, California. Combining robotics, software, and digital tooling, Rangeview delivers cast superalloy turbine components with rapid first articles and scalable capacity for aerospace, defense, and energy customers. As demand for turbine castings outpaces legacy supply, Rangeview is building the next generation of American foundries. Learn more at rangeview.com.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for C2 and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com and follow Kratos on LinkedIn and X.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/62a2ae5b-d858-469e-807b-99c9b67e9456

Gas turbine bladed disk Representative bladed disk (blisk). Rangeview manufactures similar critical superalloy components fo...

Lincoln National (LNC - Free Report) came out with quarterly earnings of $2.24 per share, beating the Zacks Consensus Estimate of $2 per share. This compares to earnings of $2.36 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +12.00%. A quarter ago, it was expected that this insurance and retirement business would post earnings of $1.63 per share when it actually produced earnings of $1.66, delivering a surprise of +1.84%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Lincoln National, which belongs to the Zacks Insurance - Life Insurance industry, posted revenues of $4.93 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.40%. This compares to year-ago revenues of $4.73 billion. The company has topped consensus revenue estimates two 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.

Lincoln National shares have lost about 7% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for Lincoln National?While Lincoln National 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 Lincoln National 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 $2.03 on $4.92 billion in revenues for the coming quarter and $7.73 on $19.69 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, Insurance - Life Insurance is currently in the bottom 23% 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.

Manulife Financial (MFC - 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 5.

This financial services company is expected to post quarterly earnings of $0.78 per share in its upcoming report, which represents a year-over-year change of +13%. The consensus EPS estimate for the quarter has been revised 2.4% lower over the last 30 days to the current level.

Manulife Financial's revenues are expected to be $7.42 billion, down 34.3% from the year-ago quarter.

Net sales of $2.6 billion, down 1.0% year-over-year Reported earnings per share of $1.08 and adjusted earnings per share(1) of $1.43 Full-year adjusted earnings per share outlook of approximately $5.50 - $5.75 , /PRNewswire/ -- AGCO (NYSE: AGCO) reported net sales of $2.6 billion for the second quarter ended June 30, 2026, a decrease of 1.0% compared to the second quarter of 2025. Reported net income was $1.08 per share for the quarter and adjusted net income(1) was $1.43 per share. These results compare to reported net income of $4.22 per share and adjusted net income(1) of $1.35 per share for the second quarter of 2025. Excluding favorable foreign currency translation of 2.7%, net sales in the quarter decreased 3.7% compared to the second quarter of 2025.

AGCO IR Earnings Release Q2 - Newsroom Thumbnail "AGCO's second-quarter results reflect our ongoing emphasis on delivering productivity for farmers while driving greater efficiency throughout the company to further strengthen profitability through the economic cycle. Farmers responded to rising uncertainty around input costs and demand by taking a more cautious approach to equipment purchases," said Eric Hansotia, AGCO's Chairman, President and CEO. "With this significant shift and mixed market dynamics, we continue to take decisive actions to align production with retail demand, manage inventory levels across our dealer network and maintain strong discipline around operating expenses and working capital. At the same time, our teams remained committed to serving farmers, gaining share in key markets, including high-horsepower offerings in North America, advancing our precision agriculture initiatives and improving the quality and efficiency of our operations."

Hansotia continued, "Given weaker-than-expected industry conditions, currency fluctuations and a more cautious outlook for the balance of the year, we are adjusting our full-year outlook. Farmers continue to face pressure from elevated operating costs, uneven crop economics and broader macroeconomic uncertainty, resulting in delayed equipment investments and limited visibility into demand recovery. In response, we remain focused on our cost-reduction efforts, closely managing production schedules and prioritizing cash flow and margin performance. While near-term market conditions are difficult, we are confident in the strategic actions we have taken to strengthen AGCO's competitive position and are committed to executing our Farmer-First strategy, expanding technology adoption and creating long-term value for our shareholders."

Net sales for the first six months of 2026 were approximately $5.0 billion, an increase of 5.7% compared to the same period in 2025. For the first six months of 2026, reported net income was $1.84 per share and adjusted net income(1) was $2.37 per share. These results compare to reported net income of $4.36 per share and adjusted net income(1) of $1.76 per share for the same period in 2025. Excluding favorable foreign currency translation of 5.2%, net sales in the first six months of 2026 increased 0.5% compared to the same period in 2025.

Second Quarter Highlights

Reported regional sales results(2): Europe/Middle East ("EME") (2.4)%, North America +19.7%, Latin America ("LATAM") (17.9)%, Asia/Pacific/Africa ("APA") (1.0)% Constant currency regional sales results(1)(2)(3): EME (4.7)%, North America +19.8%, LATAM (25.0)%, APA (6.4)% Regional operating margin performance: EME 15.0%, North America (5.2)%, LATAM (8.0)%, APA 7.7% The Company completed $345 million of share repurchases in the second quarter On April 30, 2026, the Company completed the sale of its 49% equity interests in the AGCO Finance U.S. and Canada joint ventures for approximately $190 million. Approximately $20 million of the total consideration was recognized in "Other expense, net" during the quarter representing future earnings that were effectively monetized and recognized upon closing, resulting in upfront recognition of the estimated income associated with the run-off of the U.S. and Canada AGCO Finance portfolios (1) See reconciliation of non-GAAP measures in appendix.

(2)  As compared to second quarter 2025.

(3) Excludes currency translation impact.

Market Update

Industry Unit Retail Sales

Tractors

Combines

Six Months Ended June 30, 2026

Change from

Prior Year Period

Change from

Prior Year Period

North America(4)

(9) %

(7) %

Brazil(5)

(11) %

(39) %

Western Europe(5)

3 %

(3) %

(4)  Excludes compact tractors.

(5)  Based on Company estimates.

Hansotia concluded, "As we move into the second half of 2026, farmers around the world have a heightened focus on maximizing net farm income through prioritizing productivity and performance from every acre and machine. Global trade discussions, geopolitical developments and changes in energy and input costs continue to influence farmer confidence and investment activity. Demand for agricultural equipment remains well below historical mid-cycle levels, and retail activity generally reflects producer profitability and replacement requirements. Technology-enabled solutions continue to gain traction as farmers look to improve operating efficiency and adopt more precision agriculture, automation and digital tools. AGCO's focus on innovation, customer success and disciplined execution positions us to navigate the current environment and capitalize on opportunities as agricultural markets strengthen."

North American industry retail tractor sales were 9% lower in the first six months of 2026 compared to the same period in 2025 with the largest change occurring in higher-horsepower categories. Combine unit sales were 7% lower year-over-year during the same period. Current farm economics, evolving grain export demand and elevated input costs are expected to continue to pressure industry demand throughout 2026.

Brazil industry retail tractor sales were 11% lower in the first six months of 2026 compared to the same period in 2025 reflecting softer demand for larger tractors partially offset by improved demand for smaller and mid-size equipment. Brazil's farm profitability is under pressure due to high production costs, particularly for imported fertilizer and demand for larger equipment has not yet shown renewed growth. Financing costs, credit conditions and broader political dynamics are expected to continue to constrain demand in 2026.

Western Europe industry retail tractor sales were 3% higher during the first six months of 2026 compared to the same period in 2025 led by strong growth in the United Kingdom and Scandinavia and stable demand across the broader Western European markets. Farm income levels in 2025, supported primarily by dairy and livestock producers, together with an aging equipment fleet, provide a favorable foundation for 2026 industry demand to remain consistent with 2025 levels despite higher input costs.

Regional Results

AGCO Regional Net Sales (in millions)

Three Months Ended June 30,

2026

2025

% change
from 2025

% change
from 2025
due to
currency
translation(6)

% change
excluding
currency

 translation

North America

$    471.5

$    393.9

19.7 %

(0.1) %

19.8 %

LATAM(7)

271.3

330.4

(17.9) %

7.1 %

(25.0) %

EME

1,732.4

1,774.9

(2.4) %

2.3 %

(4.7) %

APA

134.5

135.8

(1.0) %

5.4 %

(6.4) %

Total

$  2,609.7

$  2,635.0

(1.0) %

2.7 %

(3.7) %

Six Months Ended June 30,

2026

2025

% change
from 2025

% change
from 2025
due to
currency
translation(6)

% change
excluding
currency

 translation

North America

$    877.9

$    763.4

15.0 %

0.5 %

14.5 %

LATAM(7)

483.0

586.4

(17.6) %

7.2 %

(24.8) %

EME

3,333.2

3,105.4

7.3 %

5.8 %

1.5 %

APA

258.5

230.3

12.2 %

7.4 %

4.8 %

Total

$  4,952.6

$  4,685.5

5.7 %

5.2 %

0.5 %

(6) See footnotes for additional disclosures.

(7) Note: Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

North America
Net sales in the North American region increased 19.8% during the second quarter of 2026 compared to the second quarter of 2025, excluding the impact of unfavorable currency translation. Higher unit sales compared to the prior year supported the increase in sales. The most significant sales increases occurred in high-horsepower tractors and hay tools. Loss from operations for the second quarter of 2026 was approximately flat compared to the same period in 2025, primarily due to higher tariff-related costs, partially offset by the benefit of approximately $22 million of certain IEEPA tariff refunds recognized during the period.

Latin America
Latin America region net sales decreased 25.0% during the second quarter of 2026 compared to the second quarter of 2025, excluding the impact of favorable currency translation. Softer industry demand resulted in lower sales across all product categories. Income from operations for the second quarter of 2026 was $48.7 million lower compared to the same period in 2025. This decrease was primarily the result of significantly lower sales and production volumes and higher engineering expenses.

Europe/Middle East
Net sales in the Europe/Middle East region decreased 4.7% during the second quarter of 2026 compared to the second quarter of 2025, excluding the impact of favorable currency translation. Sales declines across most European markets were partially offset by growth in Germany and the United Kingdom. Income from operations in the second quarter of 2026 was approximately flat compared to the same period in 2025, despite lower sales, resulting in an operating margin of 15.0%.

Asia/Pacific/Africa
Asia/Pacific/Africa region net sales decreased 6.4% during the second quarter of 2026 compared to the second quarter of 2025, excluding favorable currency translation impacts. Lower sales across most of the Asian and African markets were partially offset by higher sales in Australia. Despite lower sales, income from operations in the second quarter of 2026 was approximately flat compared to the same period in 2025.

Outlook
AGCO's net sales for 2026 are expected to be from $10.1 to $10.2 billion. Adjusted operating margins are projected to be about 7.5% reflecting continued emphasis on pricing discipline, cost management and operational alignment. Production volumes are planned to align dealer inventory with market demand, while cost controls and positive pricing continue to support performance. Based on these assumptions, 2026 earnings per share are targeted between $5.50 and $5.75. These estimates reflect tariff policies as of July 30, 2026, together with AGCO's established mitigation actions and sourcing strategies. Any changes to tariff policies or related responses could affect these projections.

* * * * *

AGCO will host a conference call for this earnings announcement at 10 a.m. Eastern Time on Thursday, July 30. The Company will refer to slides on its conference call. Interested persons can access the conference call and slide presentation via AGCO's website at www.agcocorp.com under the "Investors" section. The webcast will also be archived immediately afterward for 12 months. A copy of this press release will be available on AGCO's website for at least 12 months following the call.

* * * * *

Safe Harbor Statement
Statements that are not historical facts, including the projections of earnings per share, production levels, sales, industry demand, market conditions, commodity prices, currency translation, farm income levels, margin levels, strategy, investments in product and technology development, new product introductions, restructuring and other cost reduction initiatives, production volumes, tax rates and general economic conditions, are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. The following are among the factors that could cause actual results to differ materially from the results discussed in or implied by the forward-looking statements.

Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, adverse weather, tariffs, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us. We maintain an independent dealer and distribution network in the markets where we sell products. The financial and operational capabilities of our dealers and distributors are critical to our ability to compete in these markets. Higher inventory levels at our dealers and high utilization of dealer credit limits as well as the financial health of our dealers could negatively impact future sales and adversely impact our performance. On April 1, 2024, we completed the acquisition of the ag assets and technologies of Trimble through the formation of a joint venture, PTx Trimble, of which we own 85%. Financing the PTx Trimble transaction significantly increased our indebtedness and interest expense. We also have made various assumptions relating to the acquisition that may not prove to be correct, and we may fail to realize all of the anticipated benefits of the acquisition. All acquisitions involve risk, and there is no certainty that the acquired business will operate as expected. Each of these items, as well as similar acquisition-related items, would adversely impact our performance. A majority of our sales and manufacturing takes place outside the United States, and many of our sales involve products that are manufactured in one country and sold in a different country. As a result, we are exposed to risks related to foreign laws, taxes and tariffs, trade restrictions, economic conditions, labor supply and relations, political conditions and governmental policies. In 2025, the U.S. government implemented a series of tariffs on goods imported into the United States from various countries, and in many cases these measures resulted in reciprocal tariffs and other actions on goods exported from the United States. These tariffs and related actions are complex, continuously evolving and remain highly volatile as trade negotiations and legal challenges proceed. In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act ("IEEPA"), which the U.S. government had relied on to impose certain tariffs, does not authorize the administration to impose such tariffs. Following that decision, on March 4, 2026, the U.S. Court of International Trade ("CIT") ordered U.S. Customs and Border Protection ("CBP") to process refunds of tariffs imposed under IEEPA, and on March 27, 2026, the CIT issued an amended order expanding the scope of entries subject to reliquidation. On April 20, 2026, the Consolidated Administration and Processing of Entries system opened for the first phase of refund filings. We have submitted certain refund claims under this initial phase; however, these claims remain subject to CBP review, and we cannot predict the timing, amount or ultimate collectability of any refunds to which we may be entitled. The IEEPA tariffs refund process remains subject to CBP review, and the administration has appealed the CIT's refund order to the U.S. Court of Appeals for the Federal Circuit, contesting both the scope of the refund obligation and the reliquidation of finally liquidated entries for importers who have not filed individual lawsuits. It remains uncertain when, or to what extent, such refunds will ultimately be collected. Following the U.S. Supreme Court's ruling, the administration has also imposed tariffs under alternative statutory authorities, the validity of which is also subject to legal challenge. As a result, the timing and extent of any refunds, the structure and scope of any new tariffs and the overall tariff framework remain uncertain and could create significant risks for our business. Depending on the countries affected, increases in tariffs have raised, and may continue to raise, the costs of inputs used in manufacturing our products, which in turn has impacted, and may further impact, our cost of goods sold. In addition, higher tariffs may lead to increased after‑tariff sales prices for the products we sell. Additionally, the economic uncertainty caused by the tariffs may result in customers delaying planned purchases of products and services. While impacts of the tariffs may be partially mitigated by the fact that a majority of our sales and manufacturing takes place outside the United States, there can be no guarantee that we will be able to fully offset the impact of existing or future tariffs through pricing, sourcing changes or other measures. Furthermore, retaliatory tariffs imposed by other countries on our exported products could negatively affect our sales and marketplace access in those countries. The economic uncertainty caused by these tariffs and related trade policy developments, together with uncertainty regarding their enforceability, continuation or modification, has adversely impacted, and is expected to continue to adversely impact, our sales. We cannot predict or control the impact of the conflicts in Ukraine or the Middle East on our business. These conflicts have already driven increased volatility across global energy, logistics and input markets, leading to higher fuel, fertilizer, transportation and input costs, as well as general uncertainty for farmers. There is a potential for natural gas shortages, as well as shortages in other energy sources, throughout Europe, which could negatively impact our production in Europe both directly and through interrupting the supply of parts and components that we use. It is unclear how long these conditions will continue, or whether they will worsen, and what the ultimate impact on our performance will be. In addition, AGCO sells products in, and purchases parts and components from, other regions where there could be hostilities. Any hostilities likely would adversely impact our performance. Most retail sales of the products that we manufacture are financed, either by our joint ventures with Rabobank or by a bank or other private lender. The AGCO Finance joint ventures with Rabobank, which are wholly owned or controlled by Rabobank and are dependent upon Rabobank for financing as well, finance approximately 50% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty by Rabobank to continue to provide that financing, or any business decision by Rabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, can be expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted. In addition, Rabobank also is the lead lender in our revolving credit facility and term loans and for many years has been an important financing partner for us. Any interruption or other challenges in that relationship would require us to obtain alternative financing, which could be difficult. Both AGCO and our finance joint ventures have substantial accounts receivable from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was less than optimal; this collectability is dependent upon the financial strength of the farm industry, which in turn is dependent upon the general economy and commodity prices, as well as several of the other factors listed in this section. We can experience substantial and sustained volatility with respect to currency exchange rate and interest rate changes, which can adversely affect our reported results of operations and the competitiveness of our products. Our success depends on the introduction of new products, particularly engines that comply with emission requirements and sustainable smart farming technology, which require substantial expenditures; there is no certainty that we can develop the necessary technology or that the technology that we develop will be attractive to farmers or available at competitive prices. Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks. Our business is increasingly subject to regulations relating to privacy and data protection, and if we violate any of those regulations, or otherwise are the victim of a cyberattack, we could be subject to significant claims, penalties and damages. Cybersecurity breaches including ransomware attacks and other means are rapidly increasing. We continue to review and improve our safeguards to minimize our exposure to future attacks. However, there always will be the potential of the risk that a cyberattack will be successful and will disrupt our business, either through shutting down our operations, destroying data, exfiltrating data or otherwise. We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell products. In addition, the potential of future natural gas shortages in Europe, as well as predicted overall shortages in other energy sources, could also negatively impact our production and that of our supply chain in the future. There can be no assurance that there will not be future disruptions. Any future pandemics could negatively impact our business through reduced sales, facility closures, higher absentee rates and reduced production at both our plants and the plants that supply us with parts and components. In addition, logistical and transportation-related issues and similar problems may also arise. We have previously experienced significant inflation in a range of costs, including for parts and components, shipping and energy. While we have been able to pass along most of those costs through increased prices, there can be no assurance that we will be able to continue to do so. If we are not, it will adversely impact our performance. We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and performance would decline. We have a substantial amount of indebtedness (and have incurred additional indebtedness as part of the PTx Trimble joint venture transaction), and, as a result, we are subject to certain restrictive covenants and payment obligations, as well as increased leverage generally, that may adversely affect our ability to operate and expand our business. Further information concerning these and other factors is included in AGCO's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2025, and subsequent Form 10-Qs. AGCO disclaims any obligation to update any forward-looking statements except as required by law.

* * * * *

About AGCO
AGCO (NYSE: AGCO) is a global leader in agricultural machinery and precision agriculture technologies. Driven by a Farmer-First strategy, AGCO delivers value through its differentiated leading brands, Fendt™, Massey Ferguson™, PTx™ and Valtra™. AGCO's high-performance equipment and smart farming solutions, including brand-agnostic retrofit technologies and autonomous offerings, empower farmers to drive productivity while sustainably feeding the world. For more information, visit www.agcocorp.com. 

# # # # #

AGCO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in millions)

June 30, 2026

December 31, 2025

ASSETS

Current Assets:

Cash and cash equivalents

$              573.4

$              861.8

Accounts and notes receivable, net

1,232.1

1,079.4

Inventories, net

3,007.1

2,709.3

Other current assets

525.1

545.6

Total current assets

5,337.7

5,196.1

Property, plant and equipment, net

1,939.9

1,996.2

Right-of-use lease assets

153.0

167.3

Investments in affiliates

490.6

609.9

Deferred tax assets

974.4

905.5

Other assets

455.0

481.0

Intangible assets, net

644.6

673.0

Goodwill

1,883.2

1,898.8

Total assets

$           11,878.4

$          11,927.8

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY

Current Liabilities:

Borrowings due within one year

$              546.7

$              117.7

Accounts payable

1,030.8

951.0

Accrued expenses

2,340.1

2,538.7

Other current liabilities

123.6

121.7

Total current liabilities

4,041.2

3,729.1

Long-term debt, less current portion and debt issuance costs

2,180.3

2,323.1

Operating lease liabilities

111.9

122.1

Pension and postretirement health care benefits

167.2

169.2

Deferred tax liabilities

123.0

126.5

Other noncurrent liabilities

881.8

885.1

Total liabilities

7,505.4

7,355.1

Redeemable noncontrolling interests

292.4

299.2

Stockholders' Equity:

Preferred stock

—

—

Common stock

0.7

0.7

Additional paid-in capital

10.9

0.5

Retained earnings

5,800.9

6,047.2

Accumulated other comprehensive loss

(1,731.9)

(1,774.9)

Total stockholders' equity

4,080.6

4,273.5

Total liabilities, redeemable noncontrolling interests and stockholders' equity

$           11,878.4

$          11,927.8

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)

Three Months Ended June 30,

2026

2025

Net sales

$           2,609.7

$           2,635.0

Cost of goods sold

1,963.8

1,976.4

Gross profit

645.9

658.6

Operating expenses:

Selling, general and administrative expenses

335.7

326.4

Engineering expenses

141.2

117.8

Amortization of intangibles

17.1

15.7

Impairment charges

—

6.8

Restructuring and business optimization expenses

11.2

15.6

Loss on sale of business

—

12.3

Income from operations

140.7

164.0

Interest expense, net

17.0

17.8

Other expense, net

15.5

48.9

Income before income taxes and equity in net earnings of affiliates

108.2

97.3

Income tax provision (benefit)

40.4

(205.5)

Income before equity in net earnings of affiliates

67.8

302.8

Equity in net earnings of affiliates

7.0

11.6

Net income

74.8

314.4

Net loss attributable to noncontrolling interests

2.4

0.4

Net income attributable to AGCO Corporation

$              77.2

$             314.8

Net income per common share attributable to AGCO Corporation:

Basic

$              1.08

$              4.22

Diluted

$              1.08

$              4.22

Cash dividends declared and paid per common share

$              0.30

$              0.29

Weighted average number of common and common equivalent shares outstanding:

Basic

71.1

74.6

Diluted

71.2

74.6

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)

Six Months Ended June 30,

2026

2025

Net sales

$           4,952.6

$           4,685.5

Cost of goods sold

3,725.3

3,506.3

Gross profit

1,227.3

1,179.2

Operating expenses:

Selling, general and administrative expenses

674.8

652.2

Engineering expenses

273.8

233.8

Amortization of intangibles

34.0

31.0

Impairment charges

2.1

7.9

Restructuring and business optimization expenses

21.2

28.6

Loss on sale of business

—

12.3

Income from operations

221.4

213.4

Interest expense, net

32.2

36.3

Other expense, net

42.0

81.2

Income before income taxes and equity in net earnings of affiliates

147.2

95.9

Income tax provision (benefit)

45.0

(203.5)

Income before equity in net earnings of affiliates

102.2

299.4

Equity in net earnings of affiliates

25.0

23.7

Net income

127.2

323.1

Net loss attributable to noncontrolling interests

5.0

2.2

Net income attributable to AGCO Corporation

$             132.2

$             325.3

Net income per common share attributable to AGCO Corporation

Basic

$              1.84

$              4.36

Diluted

$              1.84

$              4.36

Cash dividends declared and paid per common share

$              0.59

$              0.58

Weighted average number of common and common equivalent shares outstanding:

Basic

71.8

74.6

Diluted

71.9

74.6

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in millions)

Six Months Ended June 30,

2026

2025

Cash flows from operating activities:

Net income

$             127.2

$             323.1

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

Depreciation

133.8

124.6

Amortization of intangibles

34.0

31.0

Stock compensation expense

27.9

17.9

Impairment charges

2.1

7.9

Loss on sale of business

—

12.3

Equity in net earnings of affiliates, net of cash received

(25.0)

(23.1)

Deferred income tax benefit

(64.5)

(301.3)

Other

(14.0)

14.0

Changes in operating assets and liabilities:

Accounts and notes receivable, net

(177.7)

107.5

Inventories, net

(298.8)

(146.5)

Other current and noncurrent assets

43.8

(70.3)

Accounts payable

114.9

176.1

Accrued expenses

(156.5)

(244.5)

Other current and noncurrent liabilities

7.8

124.8

Total adjustments

(372.2)

(169.6)

Net cash provided by (used in) operating activities

(245.0)

153.5

Cash flows from investing activities:

Purchases of property, plant and equipment

(101.8)

(90.4)

Proceeds from sale of property, plant and equipment

0.3

1.1

Proceeds from sale of business

—

(12.3)

Investments in unconsolidated affiliates

(34.7)

(1.2)

Proceeds from sale of investments in unconsolidated affiliates

188.4

—

Other

(15.5)

(5.3)

Net cash provided by (used in) investing activities

36.7

(108.1)

Cash flows from financing activities:

Proceeds from indebtedness

376.6

518.0

Repayments of indebtedness

(56.2)

(367.5)

Purchases and retirement of common stock

(347.0)

—

Payment of dividends to stockholders

(42.0)

(43.3)

Payment of minimum tax withholdings on stock compensation

(7.0)

(9.1)

Net cash provided by (used in) financing activities

(75.6)

98.1

Effects of exchange rate changes on cash, cash equivalents and restricted cash

(4.5)

27.7

Increase (decrease) in cash, cash equivalents and restricted cash

(288.4)

171.2

Cash, cash equivalents and restricted cash, beginning of period

861.8

612.7

Cash, cash equivalents and restricted cash, end of period

$             573.4

$             783.9

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, in millions)

1.    SEGMENT REPORTING

The Company has four operating segments which are also its reportable segments which consist of the North America, Latin America, Europe/Middle East and Asia/Pacific/Africa regions. Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change. The Company's reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Company's Chief Operating Decision Maker ("CODM"), Eric P. Hansotia, Chairman of the Board, President and Chief Executive Officer, evaluates segment performance primarily based on income from operations. The CODM utilizes income from operations to evaluate each segment's performance including the allocation of resources. Sales for each segment are based on the location of the third-party customer. The Company's selling, general and administrative expenses and engineering expenses are generally charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income (loss) from operations for one segment may not be comparable to another segment. Segment results for the three and six months ended June 30, 2026 and 2025 based on the Company's reportable segments are as follows (in millions): 

Three Months Ended June 30,

North
America

Latin
America

Europe/Middle
East

Asia/Pacific/
Africa

Total
Segments

2026

Net sales

$    471.5

$    271.3

$     1,732.4

$       134.5

$  2,609.7

Cost of goods sold

378.9

236.0

1,242.4

106.5

1,963.8

Selling, general and administrative expenses

77.1

42.1

146.5

14.8

280.5

Engineering expenses

40.0

15.0

83.3

2.9

141.2

Income (loss) from operations

$    (24.5)

$    (21.8)

$       260.2

$        10.3

$    224.2

2025

Net sales

$    393.9

$    330.4

$     1,774.9

$       135.8

$  2,635.0

Cost of goods sold

305.3

265.8

1,299.3

106.0

1,976.4

Selling, general and administrative expenses

78.7

31.7

140.1

17.9

268.4

Engineering expenses

35.1

6.0

74.2

2.5

117.8

Income (loss) from operations

$    (25.2)

$      26.9

$       261.3

$          9.4

$    272.4

Six Months Ended June 30,

North
America

Latin
America

Europe/Middle
East

Asia/Pacific/
Africa

Total

Segments

2026

Net sales

$    877.9

$    483.0

$     3,333.2

$       258.5

$  4,952.6

Cost of goods sold

717.0

439.9

2,361.9

206.5

3,725.3

Selling, general and administrative expenses

159.3

78.1

288.6

32.2

558.2

Engineering expenses

77.1

27.7

163.5

5.5

273.8

Income (loss) from operations

$    (75.5)

$    (62.7)

$       519.2

$        14.3

$    395.3

2025

Net sales

$    763.4

$    586.4

$     3,105.4

$       230.3

$  4,685.5

Cost of goods sold

581.0

470.9

2,270.1

184.3

3,506.3

Selling, general and administrative expenses

163.5

65.8

275.3

34.4

539.0

Engineering expenses

68.3

16.3

144.3

4.9

233.8

Income (loss) from operations

$    (49.4)

$      33.4

$       415.7

$          6.7

$    406.4

A reconciliation from the segment information to the consolidated balances for income from operations is set forth below (in millions):

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Segment income from operations

$          224.2

$          272.4

$          395.3

$           406.4

Impairment charges

—

(6.8)

(2.1)

(7.9)

Loss on sale of business

—

(12.3)

—

(12.3)

Corporate expenses

(38.1)

(47.7)

(89.2)

(95.8)

Amortization of intangibles

(17.1)

(15.7)

(34.0)

(31.0)

Stock compensation expense

(17.1)

(10.3)

(27.4)

(17.4)

Restructuring and business optimization expenses

(11.2)

(15.6)

(21.2)

(28.6)

Consolidated income from operations

$          140.7

$          164.0

$          221.4

$           213.4

RECONCILIATION OF NON-GAAP MEASURES

This earnings release discloses adjusted income from operations, adjusted operating margin, adjusted net income, adjusted net income per share and net sales on a constant currency basis, each of which excludes amounts that are typically included in the most directly comparable measure calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). A reconciliation of each of those measures to the most directly comparable GAAP measure is included below.

The following is a reconciliation of reported income from operations, net income attributable to AGCO and net income per share attributable to AGCO to adjusted income from operations, adjusted net income and adjusted net income per share for the three and six months ended June 30, 2026 and 2025 (in millions, except per share data):

Three Months Ended June 30,

2026

2025

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

As reported

$       140.7

$       77.2

$       1.08

$       164.0

$     314.8

$       4.22

Restructuring and business optimization expenses(2)

11.2

8.7

0.12

15.6

11.6

0.16

Amortization of PTx Trimble acquired intangibles(3)

14.3

11.0

0.16

13.0

7.9

0.11

Transaction-related costs(4)

0.1

—

—

5.8

1.6

0.02

Impairment charges(5)

—

—

—

6.8

6.8

0.09

Loss on sale of business(6)

—

—

—

12.3

12.7

0.17

Divestiture-related foreign currency translation release(7)

5.3

5.3

0.07

—

—

—

Discrete tax items(8)

—

—

—

—

(255.2)

(3.42)

As adjusted

$       171.6

$     102.2

$       1.43

$       217.5

$     100.2

$       1.35

(1)

Net income and net income per share amounts are after tax.

(2)

The restructuring expenses recorded during the three months ended June 30, 2026 and 2025 related primarily to severance, business optimization and other related costs associated with the Company's restructuring program.

(3)

Amortization of intangibles related to intangibles acquired as part of the Company's acquisition of PTx Trimble.

(4)

The transaction-related costs recorded during the three months ended June 30, 2026 related to the Company's divestiture of the majority of its Grain & Protein ("G&P") business. The transaction-related costs recorded during the three months ended June 30, 2025 related to the Company's divestiture of the majority of its G&P business and the formation of the PTx Trimble joint venture.

(5)

The impairment charges recorded during the three months ended June 30, 2025 primarily related to the impairment of certain other assets.

(6)

The loss on sale of business recorded during the three months ended June 30, 2025 related to the finalization of the preliminary working capital and other adjustments related to the sale of the majority of the Company's G&P business.

(7)

During the three months ended June 30, 2026, the Company divested its interests in its Canadian finance joint venture. Foreign currency translation impacts since inception of the finance joint venture previously recognized within "Accumulated other comprehensive loss" were recorded within "Other expense, net" in the Company's Condensed Consolidated Statements of Operations.

(8)

During the three months ended June 30, 2025, the Company's income tax provision included a net tax benefit of $255.2 million related to a legal entity reorganization.

Six Months Ended June 30,

2026

2025

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

As reported

$       221.4

$     132.2

$       1.84

$       213.4

$     325.3

$       4.36

Restructuring and business optimization expenses(2)

21.2

17.1

0.24

28.6

21.3

0.29

Amortization of PTx Trimble acquired intangibles(3)

28.7

22.1

0.31

25.8

15.5

0.21

Transaction-related costs(4)

0.3

—

—

12.9

3.6

0.05

Impairment charges(5)

2.1

2.1

0.03

7.9

7.9

0.10

Loss on sale of business(6)

—

—

—

12.3

12.7

0.17

Divestiture-related foreign currency translation release(7)

5.3

5.3

0.07

—

—

—

Discrete tax items(8)

—

(8.5)

(0.12)

—

(255.2)

(3.42)

As adjusted

$       279.0

$     170.3

$       2.37

$       300.9

$     131.1

$       1.76

(1)

Net income and net income per share amounts are after tax.

(2)

The restructuring expenses recorded during the six months ended June 30, 2026 and 2025 related primarily to severance, business optimization and other related costs associated with the Company's restructuring program.

(3)

Amortization of intangibles related to intangibles acquired as part of the Company's acquisition of PTx Trimble.

(4)

The transaction-related costs recorded during the six months ended June 30, 2026 related to the Company's divestiture of the majority of its G&P business. The transaction-related costs recorded during the six months ended June 30, 2025 related to the Company's divestiture of the majority of its G&P business and the formation of the PTx Trimble joint venture.

(5)

The impairment charges recorded during the six months ended June 30, 2026 and 2025 primarily related to the impairment of certain other assets.

(6)

The loss on sale of business recorded during the six months ended June 30, 2025 related to the finalization of the preliminary working capital and other adjustments related to the sale of the majority of the Company's G&P business.

(7)

During the six months ended June 30, 2026, the Company divested its interests in its Canadian finance joint venture. Foreign currency translation impacts since inception of the finance joint venture previously recognized within "Accumulated other comprehensive loss" were recorded within "Other expense, net" in the Company's Condensed Consolidated Statements of Operations.

(8)

During the six months ended June 30, 2026, the Company received a refund resulting from a favorable resolution related to a prior settlement under the Brazilian government's "Litigation Zero" tax amnesty program. During the six months ended June 30, 2025, the Company's income tax provision included a net tax benefit of $255.2 million related to a legal entity reorganization.

The following is a reconciliation of adjusted operating margin for the three and six months ended June 30, 2026 and 2025 (in millions, except margin data):

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net sales

$       2,609.7

$       2,635.0

$       4,952.6

$       4,685.5

Income from operations

140.7

164.0

221.4

213.4

Adjusted income from operations(1)

$         171.6

$         217.5

$         279.0

$         300.9

Operating margin(2)

5.4 %

6.2 %

4.5 %

4.6 %

Adjusted operating margin(2)

6.6 %

8.3 %

5.6 %

6.4 %

(1)

Refer to the previous table for the reconciliation of income from operations to adjusted income from operations.

(2)

Operating margin is defined as the ratio of income from operations divided by net sales. Adjusted operating margin is defined as the ratio of adjusted income from operations divided by net sales.

The Company does not provide a quantitative reconciliation of forward-looking, non-GAAP financial measures to the most directly comparable GAAP financial measure because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have a significant impact on such calculations and providing them may imply a degree of precision that would be confusing or potentially misleading.

The following tables set forth, for the three and six months ended June 30, 2026 and 2025, the impact to net sales of currency translation by geographical segment (in millions, except percentages):

Three Months Ended June 30,

Change due to currency translation

2026

2025

% change
from 2025

$

%

North America

$     471.5

$     393.9

19.7 %

$       (0.2)

(0.1) %

Latin America(1)

271.3

330.4

(17.9) %

23.5

7.1 %

Europe/Middle East

1,732.4

1,774.9

(2.4) %

41.1

2.3 %

Asia/Pacific/Africa

134.5

135.8

(1.0) %

7.3

5.4 %

$   2,609.7

$   2,635.0

(1.0) %

$       71.7

2.7 %

(1)

Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

Six Months Ended June 30,

Change due to currency translation

2026

2025

% change
from 2025

$

%

North America

$     877.9

$     763.4

15.0 %

$        3.5

0.5 %

Latin America(1)

483.0

586.4

(17.6) %

42.0

7.2 %

Europe/Middle East

3,333.2

3,105.4

7.3 %

179.7

5.8 %

Asia/Pacific/Africa

258.5

230.3

12.2 %

17.0

7.4 %

$   4,952.6

$   4,685.5

5.7 %

$     242.2

5.2 %

(1)

Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

SOURCE AGCO Corporation

BOSTON, July 30, 2026 (GLOBE NEWSWIRE) -- Cabot Corporation (NYSE: CBT) announced today that Sean Keohane has notified the Board of Directors of his decision to retire as President and Chief Executive Officer (CEO) of the Company and to step down from the Company’s Board of Directors, each effective September 30, 2026. Erica McLaughlin, Executive Vice President, Chief Financial Officer (CFO) and Head of Corporate Strategy, has been elected to succeed Keohane as President and CEO, and to serve on the Board as a member of the class of directors whose term expires at the 2029 Annual Meeting of Stockholders, both effective October 1, 2026.

Keohane will remain with the Company in an advisory capacity through the end of the 2026 calendar year to ensure a smooth transition. In connection with McLaughlin’s appointment, the Company has commenced a search process to identify a new CFO.

McLaughlin joined Cabot in 2002 and has held a broad range of senior leadership positions within the Company’s finance and strategy organizations and Reinforcement Materials business. Prior to her current role, which she has held since 2018, she was Vice President, Business Operations for Reinforcement Materials and General Manager of its tire business and Vice President of Investor Relations, positions from which she has developed a deep understanding of finance, corporate strategy and business operations. She has played a key role in shaping the company’s strategic direction, driving operational discipline, and advancing major initiatives across the portfolio. She also currently serves on the Board of Directors of Azenta Life Sciences (Nasdaq: AZTA) and on the Advisory Board of FM Global.

“Erica brings deep industry expertise and a strong understanding of Cabot’s businesses, markets and global operations. This experience, coupled with her commitment to the company’s long-term strategic priorities, positions her exceptionally well to lead Cabot,” said Board Chair Michael Morrow. “Our decision to appoint Erica as the next President and CEO reflects a thoughtful and deliberate succession planning process. Her deep knowledge of the organization and commitment to the values and culture that have been integral to Cabot’s success will provide continuity as we execute this leadership transition. We believe she brings the leadership, discipline and strategic clarity needed to lead Cabot forward and deliver on our long-term vision.”

“I am deeply honored to succeed Sean as President and CEO and lead Cabot into our next chapter,” said McLaughlin. “Having been at Cabot for close to 25 years, I know firsthand the strength of our people and our businesses. I look forward to working with the Board and our global team to build on our success, grow the company by supporting our customers with innovative chemistry solutions to advance their businesses, and create value for our stockholders.”

Keohane has had a distinguished career spanning nearly 25 years with Cabot and has served as the company’s President and CEO since 2016. During his tenure, he has led the company through a period of meaningful change; focusing the portfolio, strengthening its core businesses, developing its entry and scale up into battery materials, advancing the company’s sustainability agenda, and deepening the company’s commitment to operational and commercial excellence. Under his leadership, Cabot has delivered strong performance and generated long-term value for shareholders.

“The Board is deeply appreciative of Sean’s exceptional leadership and distinguished career at Cabot,” said Morrow. “We extend our congratulations on a well-deserved retirement. During his tenure as CEO, Sean provided strong, steady and thoughtful leadership, focusing the company’s portfolio around its core businesses and advancing new strategic long-term growth priorities. His collaborative leadership style has strengthened our organization and leadership team, leaving a strong foundation for continued success in the years ahead.”

“It has been a tremendous privilege to lead Cabot and to work alongside such a talented and dedicated global team,” said Keohane. “I am incredibly proud of what we have accomplished together and the foundation we have created. I am confident Cabot is in excellent hands under Erica’s leadership. We have worked side by side for almost my entire tenure as CEO and I have seen first-hand her strong leadership, operational discipline, and sharp strategic mind. Erica is a trusted and highly capable leader with deep knowledge of our business and a commitment to our people, the culture, and the unique heritage of this great company. I look forward to supporting a seamless transition in the months ahead.”

ABOUT CABOT CORPORATION
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed metal oxides and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com.

Forward-Looking Statements: This press release contains forward-looking statements. All statements that address expectations or projections about the future, including with respect to the planned leadership transition and expectations for future performance, growth and value creation for stockholders, are forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, potentially inaccurate assumptions, and other factors, some of which are beyond our control and difficult to predict. If known or unknown risks materialize, or should underlying assumptions prove inaccurate, our actual results could differ materially from past results and from those expressed or implied by forward-looking statements. Important factors that could cause our results to differ materially from those expressed or implied in the forward-looking statements include, but are not limited to: the inherent uncertainty of management transitions and the ability of the Company to successfully execute its planned leadership transition; industry capacity utilization and competition from other specialty chemical companies; safety, health and environmental requirements and related constraints imposed on our business; regulatory and financial risks related to climate change developments; volatility in the price and availability of energy and raw materials; negative or uncertain worldwide or regional economic conditions and market opportunities, including from trade relations, global health matters or geo-political conflicts; failure to achieve growth expectations from new products, applications and technology developments; failure to realize benefits from acquisitions, alliances, or joint ventures or achieve our portfolio management objectives; litigation or legal proceedings; interest rates, tax rates, currency exchange controls, tariffs and fluctuations in foreign currency rates; and other risks and uncertainties described in the reports we file with the Securities and Exchange Commission ("SEC"). These factors are discussed more fully in the reports we file with the SEC, particularly under the heading "Risk Factors" in our annual report on Form 10-K for our fiscal year ended September 30, 2025, which is filed with the SEC and available at www.sec.gov. We assume no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Contact:
Vanessa Craigie
Corporate Communications
[email protected]
(617) 342-6015

Robert Rist
Investor Relations
[email protected]
(617) 342-6374