Track market-moving stories before they get noisy

Xperi (XPER - Free Report) came out with quarterly earnings of $0.28 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +33.33%. A quarter ago, it was expected that this media software company would post earnings of $0.2 per share when it actually produced earnings of $0.23, delivering a surprise of +15%.

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

Xperi, which belongs to the Zacks Technology Services industry, posted revenues of $114.49 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.89%. This compares to year-ago revenues of $105.93 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.

Xperi shares have added about 35.7% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Xperi?While Xperi 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 Xperi 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 $0.21 on $114.47 million in revenues for the coming quarter and $0.85 on $458.7 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Red Cat Holdings, Inc. (RCAT - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This company is expected to post quarterly loss of $0.21 per share in its upcoming report, which represents a year-over-year change of -50%. The consensus EPS estimate for the quarter has been revised 4.4% lower over the last 30 days to the current level.

Red Cat Holdings, Inc.'s revenues are expected to be $22.31 million, up 592.7% from the year-ago quarter.

Clover Health Investments, Corp. (CLOV) Q2 2026 Earnings Call August 5, 2026 5:00 PM EDT

Company Participants

Ryan Schmidt - Investor Relations Analyst
Andrew Toy - Co-Founder, CEO & Director
Clay Thornton - Interim Chief Financial Officer

Conference Call Participants

Richard Close - Canaccord Genuity Corp., Research Division
Jonathan Yong - UBS Investment Bank, Research Division
Dean Rosales - Leerink Partners LLC, Research Division

Presentation

Operator

Hello, and welcome to Clover Health's Second Quarter 2026 Earnings Call. [Operator Instructions] Also as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Ryan, you may begin.

Ryan Schmidt
Investor Relations Analyst

Good afternoon, everyone. Joining me on our call today to discuss the company's second quarter 2026 results are Andrew Toy, Clover Health's Chief Executive Officer; and Clay Thornton, the company's Interim Chief Financial Officer.

You can find today's press release and the accompanying supplemental slides as well as the company's most recent investor deck in the Investor Events and Presentations section of our website at investors.cloverhealth.com. This webcast is being recorded, and a replay will be available in the Investor Relations section of the Clover Health website.

I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties, including expectations about future performance. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including in the Risk Factors section of our most recent annual report on Form 10-K and other SEC filings. Information about non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures, can be found in the earnings materials available on our website.

With that, I'll now turn the call over to Andrew.

Andrew Toy
Co-Founder, CEO & Director

Thank you, Ryan, and

Uwe Krejci/DigitalVision via Getty Images

During the last few months, we've written articles on three of Rithm Capital's (RITM) preferred shares on Seeking Alpha. We discussed:

RITM-D (RITM.PR.D) as one of our favorite fixed-to-reset preferred shares.

RITM-B (RITM.PR.B) when it dipped into our buy range with an attractive stripped yield.

RITM-A (RITM.PR.A) because of its high floating spread and stripped yield.

That Raises a Question Why aren’t we talking about RITM-C (RITM.PR.C)?

The answer isn't that RITM-C is a terrible preferred share. It simply has the habit of competing against three other preferred shares that usually offer investors a better deal. Those other three preferred shares all come from the same company.

Today, RITM-C is a good example of why relative valuation plays a major role in the preferred share space.

Current Valuation The REIT Forum

Our current rating on RITM-C is a hold.

We don't have any major concerns when it comes to Rithm Capital's preferred shares. I think they're a reasonable investment for many investors, if the price is right. If you’re not looking for securities that offer a big dividend yield, they're probably not a great fit for you. If you're looking for that kind of income, then I think any of these shares could work if the valuation is right. Consequently, we’re going to focus more on relative values than on evaluating the share by itself. If you’re looking for analysis of the underlying company, Seeking Alpha has many articles on RITM. Scott Kennedy also provides his research on RITM on The REIT Forum. The question is which Rithm preferred share has the best value. That's an important distinction.

Too many investors become attached to a specific ticker or a specific yield threshold. We are attached to which preferred share offers the best relative value. The ticker doesn't care if you like it. In the interest of transparency, I recently posted my latest 100 trades in preferred shares and baby bonds. I have placed a few more trades since then, but it gives you a clean look at our record with the securities.

As of writing this article, RITM-C trades at roughly 101.3% of our buy target, making it the most expensive preferred share from RITM in our view. That isn't enough by itself to make RITM-C a poor choice. However, once you consider the other three preferred shares, RITM-C is a tiny bit behind.

Same Company, Different Yields The REIT Forum

One of the nice things about covering preferred shares from the same company is that you don’t need to compare the issuers to each other. Credit quality is the same. Capital structure is the same. The management team is the same. With all those being the same, investors can focus more on pricing and the structure of the preferred share.

As of writing this article, RITM-C has:

A stripped yield of about 9.16%

A floating yield on price of about 9.27%

Are those good yields? Yes.

However, there starts to be a valuation problem when RITM-B currently offers a stripped yield around 9.65% and RITM-A has a stripped yield around 9.8%. For RITM-A, the negative yield to call becomes a problem, but it’s still close to our buy range.

That's roughly 50 basis points of additional income for the same underlying credit risk. RITM-A has a higher stripped yield at around 9.8%, but the negative yield to call is a problem. However, it’s still close to our buy range (closer than RITM-C).

Income investors frequently focus too much on whether or not the yield is “high.” We think it's more useful to ask what risks come with the yield and what other preferred shares offer with a similar risk level. That's where RITM-C has generally come up short.

Why Relative Valuation Matters One of the biggest advantages individual investors have is the ability to look at valuation. Institutional investors often have certain rules they follow based on their index and liquidity requirements. We don't. If two preferred shares are issued by the same company and one offers materially more yield while trading at a more attractive valuation, then we can jump on the opportunity.

We've spent a lot of time discussing relative value over the years. Sometimes the best investment decision isn’t finding a great company. Sometimes it's simply buying the best preferred share issued by the same company.

Those little differences compound over time.

How We View The Other Preferred Shares Readers who want to read about the other Rithm's preferred shares can look at our previous articles.

We recently covered RITM-B, which remains one of the more attractive floating-rate preferred shares in the mortgage REIT sector despite being in our hold range.

For investors interested in the fixed-to-reset feature, RITM-D remains a decent choice because of its upcoming reset and high yield if shares remain outstanding after call protection ends.

Several months ago we discussed RITM-A, which has one of the stronger floating spreads among the mortgage REIT preferred shares we cover.

In those three articles, we discussed why the three preferred shares stood out. Today's article is different.

RITM-C doesn't stand out. That's precisely why we're discussing it.

Sometimes investors learn just as much from understanding why we don’t particularly like a preferred share as from reading about one of our favorites. We believe the additional yield on RITM-A and RITM-B is significant enough to offset the moderate call risk for those shares. However, if prices were to swing a little bit, the relative valuation proposition would change.

Is RITM-C Doomed? Absolutely. Not. We don't dislike RITM-C because it’s a bad preferred share. If the share price declined enough, our opinion would change. And that’s the great thing about investing in preferred shares. Unlike looking at the common stocks, we usually aren't debating which preferred share has the best management team (though we do evaluate the risk of each individual company). Instead, we're comparing very similar investments.

The market will give investors opportunities. Sometimes that happens because one preferred share is materially more attractive than another. If that happens with RITM-C, we would happily swap into RITM-C. Currently, we have an allocation to RITM-D.

Final Thoughts RITM-C is a good preferred share. It just isn’t at a price we’d buy today. At current prices:

RITM-A: Closest to our buy range. While the annualized yield to call is negative, the actual dollar impact (based on prices recorded in our screenshot) would only be a few pennies.

RITM-B: Also close to our buy range while offering a materially higher stripped yield and floating yield than RITM-C.

RITM-C: A good preferred share, but currently the furthest above our buy target and therefore our least attractive choice today.

RITM-D: Also closer to our buy range than RITM-C and remains attractive because of its upcoming reset.

That leaves RITM-C in an awkward situation. There's nothing fundamentally wrong with the preferred share. It's simply too expensive relative to the other preferreds issued by RITM.

In my experience, that's more likely to happen when a few criteria are met:

Many preferred shares are trading relatively close to call value.

The share being evaluated has a lower coupon rate than other shares from the same company.

The shares are all floating. This last one is less precise, but lately it’s been included each time.

So in this case, we see RITM-C has the thinner spread over short-term rates. The price is modestly lower than RITM-A and RITM-B, but the difference in the share price was too small to accept the smaller yield. In the event the market were to become more concerned about credit quality (such as a recession), we would expect that many preferred shares would trade moderately lower. In that scenario, the shares with thinner spreads typically decline further. Consequently, we would expect RITM-A and RITM-B to be slightly less exposed to a decline in valuations than RITM-C if recessionary concerns came up.

Lido DAO price rebounded more than 5% on Thursday as holders voted on the NEST automated buyback system, although concerns over Ethereum’s proposed staking changes kept LDO under pressure.

Summary

Lido DAO price rose 5.2% in 24 hours after briefly falling to $0.2757. The token remains down 16.7% over seven days but has gained about 5% monthly. Lido DAO’s NEST vote runs until Aug. 8 at 2:00 p.m. UTC. Ethereum’s proposed EIP-8361 raised concerns about Lido’s future staking revenue. Lido DAO price rebounds after 16% weekly decline According to data from crypto.news, Lido DAO (LDO) price traded near $0.293 at the time of writing. The token moved between $0.2757 and $0.3048 over the previous 24 hours before recovering about 5.2%.

Despite the rebound, LDO remained down approximately 16.7% over the past week. It underperformed the broader cryptocurrency market, which gained about 1.3% over the same period.

The monthly performance was more positive. LDO remained about 5.1% higher over 30 days after rallying during July. The token had gained roughly 65% at one point last month before encountering resistance around $0.40.

Trading volume reached about $62.2 million over 24 hours. However, volume was 11% lower than the previous day, suggesting that participation eased after the initial sell-off.

Ethereum staking proposal pressures LDO LDO’s weekly decline accelerated as the Ethereum community debated EIP-8361, a proposal called the Tapered Issuance Burn.

The proposal would burn a growing portion of validator issuance rewards as the share of ETH committed to staking increases. Issuance-based rewards could eventually approach zero if approximately 50% of Ethereum’s supply becomes staked.

EIP-8361 remains a draft and has not been approved for implementation. However, traders appear to be pricing in its possible effect on liquid-staking providers.

Lower Ethereum staking rewards could make products such as Lido’s stETH less attractive. Reduced demand could affect the protocol’s total value locked, fees and DAO revenue.

Critics participating in the Ethereum Magicians discussion warned that lower rewards could force higher-cost solo validators out before large providers that can spread expenses across thousands of validators. The proposal’s authors argue that ending issuance incentives beyond a 50% staking ratio would limit ETH issuance and reduce the risk of excessive staking concentration.

NEST vote links Lido revenue with LDO Lido DAO opened the final on-chain vote for its NEST automated buyback and liquidity system on Aug. 5. The main voting phase will close on Aug. 8 at 2:00 p.m. UTC.

NEST, short for Network Economic Support Tokenomics, would allocate part of Lido’s eligible revenue surplus to LDO purchases and DAO-owned liquidity.

The proposed mechanism uses a $40 million annual staking-revenue baseline. When daily revenue exceeds the equivalent baseline, 50% of the eligible surplus can enter NEST, subject to a $50,000 daily limit and a rolling annual cap of $10 million.

Under the initial LP configuration, half of the eligible budget would purchase LDO through CoW Swap. The other half would be converted into wstETH and paired with the acquired LDO in a Curve liquidity pool.

Lido DAO would retain ownership of the resulting liquidity-provider tokens. The purchased LDO would not be burned.

A previous Snapshot vote approving the final NEST design passed with 52.37 million LDO, or 94.5% of participating tokens, in support.

LDO price remains below key resistance The daily chart shows that LDO recovered after briefly falling to $0.2751. The resulting lower wick indicates that buyers entered near the $0.275–$0.280 support area.

Lido Dao price daily chart — Aug. 5 | Source: crypto.news However, price remains slightly below the lower Bollinger Band at $0.2946. The Bollinger midpoint at $0.3577 is well above the current price, while the upper band sits near $0.4208.

Daily RSI has fallen to 37.57 and remains below its signal average of 53.56. The reading shows that bearish momentum has weakened the July uptrend, although LDO has not yet reached deeply oversold territory.

A close below $0.275 could expose $0.250 and the June low near $0.235. Conversely, reclaiming $0.305 would mark the first recovery signal. LDO would then face resistance around $0.320–$0.330 and the Bollinger midpoint near $0.358.

The NEST vote provides a potential token-value mechanism, but its future buying capacity depends on Lido producing sufficient staking revenue. That leaves EIP-8361 and the wider Ethereum staking debate as key risks for LDO holders.

Motorloa SL1600 two way radio walkie-talkies. REUTERS/Kevin Coombs Purchase Licensing Rights, opens new tab

Aug 5 (Reuters) - Motorola Solutions (MSI.N), opens new tab raised its full-year revenue outlook above Wall Street estimates, betting ​on strong demand for public safety ‌communications equipment and software.

The company, which makes radio communication equipment, 911 emergency call handling software, ​and body cameras widely used by ​law enforcement agencies, has benefited from strong ⁠demand from U.S. public safety agencies, ​with the D-Fend acquisition extending its capabilities into ​counter-drone technology.

Learn about the latest breakthroughs in AI and tech with the Reuters Artificial Intelligencer newsletter. Sign up here.

Here are some details:

Motorola forecast annual revenue of about $12.98 billion versus its guidance of $12.8 billion earlier. Analysts estimate ​revenue of $12.8 billion, according to LSEG ​data.

It expects third-quarter revenue growth of about 8% ‌with ⁠adjusted earnings per share of $4.39 to $4.44, compared with analysts' estimate of $4.41 per share.

Revenue for the second quarter ended July 4 came in ​at $3.13 billion, ​topping ⁠market expectations of $3 billion.

The quarter benefited from $60 million, or $0.25 per share, ​in tariff refunds.

The company ended the second ​quarter with ⁠a record backlog of $15.6 billion.

It also updated its annual adjusted earnings guidance to $17.62 to $17.72 per ⁠share from $16.87 ​to $16.99 per share previously, above ​analysts' average estimate of $16.98 per share.

Reporting by Nithyashree R ​B in Bengaluru; Editing by Diti Pujara

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

For the quarter ended June 2026, McKesson (MCK - Free Report) reported revenue of $105.38 billion, up 7.7% over the same period last year. EPS came in at $9.93, compared to $8.26 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $104.39 billion, representing a surprise of +0.95%. The company delivered an EPS surprise of +5.19%, with the consensus EPS estimate being $9.44.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how McKesson performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- North American Pharmaceutical: $86.77 billion versus the two-analyst average estimate of $86.53 billion. The reported number represents a year-over-year change of -3.5%.Revenue- Prescription Technology Solutions: $1.57 billion versus $1.5 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +9.2% change.Revenue- Oncology & Multispecialty: $14.22 billion versus the two-analyst average estimate of $12.71 billion.Revenue- Medical-Surgical Solutions: $2.82 billion versus $2.79 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.4% change.Adjusted Operating Profit- North American Pharmaceutical: $894 million compared to the $806.45 million average estimate based on two analysts.Adjusted Operating Profit- Medical-Surgical Solutions: $195 million versus $241.06 million estimated by two analysts on average.Adjusted Operating Profit- Corporate: $-144 million compared to the $-142.83 million average estimate based on two analysts.Adjusted Operating Profit- Oncology & Multispecialty: $405 million versus $367.82 million estimated by two analysts on average.Adjusted Operating Profit- Prescription Technology Solutions: $303 million compared to the $302.62 million average estimate based on two analysts.View all Key Company Metrics for McKesson here>>>

Shares of McKesson have returned +2.9% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Novanta (NOVT - Free Report) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $0.76 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.23%. A quarter ago, it was expected that this photonic and motion control components maker would post earnings of $0.78 per share when it actually produced earnings of $0.81, delivering a surprise of +3.85%.

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

Novanta, which belongs to the Zacks Electronics - Miscellaneous Components industry, posted revenues of $265.81 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.64%. This compares to year-ago revenues of $241.05 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.

Novanta shares have added about 34% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Novanta?While Novanta 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 Novanta 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 $0.95 on $264.11 million in revenues for the coming quarter and $3.59 on $1.05 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, Electronics - Miscellaneous Components is currently in the top 22% 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, OSI Systems (OSIS - Free Report) , is yet to report results for the quarter ended June 2026.

This airport security and full-body scanner manufacturer is expected to post quarterly earnings of $3.76 per share in its upcoming report, which represents a year-over-year change of +16.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

OSI Systems' revenues are expected to be $528.34 million, up 4.6% from the year-ago quarter.

Central Garden (CENT - Free Report) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.51 per share. This compares to earnings of $1.56 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.99%. A quarter ago, it was expected that this maker of products for the pet supply and lawn and garden markets would post earnings of $1.08 per share when it actually produced earnings of $1.29, delivering a surprise of +19.44%.

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

Central Garden, which belongs to the Zacks Consumer Products - Discretionary industry, posted revenues of $882.36 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.66%. This compares to year-ago revenues of $960.91 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Central Garden shares have added about 37.1% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Central Garden?While Central Garden 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 Central Garden 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 -$0.05 on $586.21 million in revenues for the coming quarter and $2.89 on $2.99 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, Consumer Products - Discretionary is currently in the bottom 22% 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 Consumer Discretionary sector, Savers Value Village (SVV - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This retailer of second-hand merchandise is expected to post quarterly earnings of $0.14 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Savers Value Village's revenues are expected to be $450.09 million, up 7.9% from the year-ago quarter.

Fidelity National Financial (FNF - Free Report) came out with quarterly earnings of $1.39 per share, beating the Zacks Consensus Estimate of $1.26 per share. This compares to earnings of $1.12 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +10.32%. A quarter ago, it was expected that this provider of title insurance and mortgage services would post earnings of $1.09 per share when it actually produced earnings of $0.93, delivering a surprise of -14.68%.

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

Fidelity National Financial, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $3.72 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.09%. This compares to year-ago revenues of $3.64 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.

Fidelity National Financial shares have lost about 5.6% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Fidelity National Financial?While Fidelity National Financial 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 Fidelity National Financial 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 $1.39 on $3.92 billion in revenues for the coming quarter and $5.11 on $15.35 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 - Multi line is currently in the bottom 32% 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, American International Group (AIG - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This insurer is expected to post quarterly earnings of $1.89 per share in its upcoming report, which represents a year-over-year change of +4.4%. The consensus EPS estimate for the quarter has been revised 0.8% lower over the last 30 days to the current level.

American International Group's revenues are expected to be $7.27 billion, up 6.3% from the year-ago quarter.

AppLovin Corporation (APP) Q2 2026 Earnings Call August 5, 2026 5:00 PM EDT

Company Participants

David Hsiao - Head of Investor Relations
Adam Foroughi - Co-Founder, CEO & Director
Matt Stumpf - Chief Financial Officer

Conference Call Participants

Jason Bazinet - Citigroup Inc., Research Division
James Heaney - Jefferies LLC, Research Division
Stephen Ju - UBS Investment Bank, Research Division
Ralph Schackart - William Blair & Company L.L.C., Research Division
Omar Dessouky - BofA Securities, Research Division
Robert Sanderson - Loop Capital Markets LLC, Research Division
Alec Brondolo - Wells Fargo Securities, LLC, Research Division
Robert Coolbrith - Evercore ISI Institutional Equities, Research Division
James Callahan - Piper Sandler & Co., Research Division
Matthew Swanson - RBC Capital Markets, Research Division
William Lampen - BTIG, LLC, Research Division
Aaron Lee - Macquarie Research
Martin Yang - Oppenheimer & Co. Inc., Research Division
Vasily Karasyov - Cannonball Research, LLC
Timothy Nollen - SSR LLC

Presentation

David Hsiao
Head of Investor Relations

Welcome to AppLovin's earnings call for the second quarter ended June 30, 2026. I'm David Hsiao, Head of Investor Relations. Joining me today to discuss our results are Adam Foroughi, our Co-Founder and CEO; and Matt Stumpf, our CFO. Please note our SEC filings to date, as well as our financial update and press release discussing our second quarter performance, are available at investor.applovin.com.

During today's call, we will be making forward-looking statements, including, but not limited to, the future development and reach of our platform, our expected growth opportunities, the expected future financial performance of the company and other future events. These statements are based on our current assumptions and beliefs, and we assume no obligation to update them except as required by law. Our actual results may differ materially from the results predicted. We encourage you to review the risk factors in our most recently filed Form 10-Q for the fiscal quarter ended March 31, 2026. Additional information may also be found in our quarterly

Radian (RDN - Free Report) came out with quarterly earnings of $1.14 per share, missing the Zacks Consensus Estimate of $1.38 per share. This compares to earnings of $1.01 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -17.39%. A quarter ago, it was expected that this mortgage insurer would post earnings of $1.17 per share when it actually produced earnings of $1.27, delivering a surprise of +8.55%.

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

Radian, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $580.75 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.30%. This compares to year-ago revenues of $311.75 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Radian shares have added about 10.1% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Radian?While Radian 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 Radian 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 $1.34 on $579.9 million in revenues for the coming quarter and $5.17 on $2.21 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 - Multi line is currently in the bottom 32% 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, MBIA (MBI - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This insurance and reinsurance company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +70.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

MBIA's revenues are expected to be $20 million, down 13% from the year-ago quarter.

Aug 5, 2026 6:30 PM Eastern Daylight Time

HAMILTON, Bermuda--(BUSINESS WIRE)--Everest Group, Ltd. (“Everest” or “the Company”) (NYSE: EG), a global specialty reinsurance and insurance leader, today announced that it has entered into a definitive agreement to sell Compañía de Seguros Generales Everest México S.A. de C.V. (“Everest Mexico”) to Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U).

“This agreement reflects the disciplined execution of our strategic priorities and continues the transformation of Everest into a more focused, higher-performing organization,” said Jim Williamson, President and Chief Executive Officer of Everest. “By sharpening our investment in our core Reinsurance and Global Wholesale and Specialty franchises, we are positioning the Company to capitalize on the most attractive opportunities across our portfolio. At the same time, we are pleased to have found a strong long-term owner in Fairfax for our Mexico business. I want to thank our colleagues in Mexico for their dedication and contributions to Everest, and I am confident they will continue to thrive as part of Fairfax.”

The transaction follows Everest's recent announcements of agreements to sell its Colombia and Canada insurance operations as part of its planned exit from its remaining commercial retail insurance businesses. It is expected to close in 2027, subject to customary regulatory approvals and closing conditions.

Advisors to the transaction include Guy Carpenter Capital & Advisory, a division of MMC Securities LLC, as financial advisor and Debevoise & Plimpton LLP as legal counsel to Everest.

About Everest

Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.

Everest common stock (NYSE: EG) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestglobal.com.

Forward-looking Statements

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. Forward-looking statements about the sale transaction, strategic repositioning and Commercial Retail Insurance operations exit plans reflect management’s current expectations based on assumptions we believe are reasonable but are not guarantees of performance. Actual results may differ materially from those contained in forward-looking statements made on behalf of the Company. Forward-looking statements involve risks and uncertainties including the actual impact of the sale transaction, strategic repositioning and Commercial Retail Insurance operations exit plans and other factors described in our SEC filings, including but not limited to our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

More News From Everest Group, Ltd.

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Sunrun Inc. (RUN) Q2 2026 Earnings Call August 5, 2026 4:30 PM EDT

Company Participants

Patrick Jobin - Senior VP of Finance & Investor Relations
Mary Powell - CEO & Director
Danny Abajian - CFO & Principal Financial Officer
Paul Dickson - President & Chief Revenue Officer

Conference Call Participants

Brian Lee - Goldman Sachs Group, Inc., Research Division
Praneeth Satish - Wells Fargo Securities, LLC, Research Division
Maheep Mandloi - Mizuho Securities USA LLC, Research Division
Colin Rusch - Oppenheimer & Co. Inc., Research Division
Philip Shen - ROTH Capital Partners, LLC, Research Division
Sophie Karp - KeyBanc Capital Markets Inc., Research Division

Presentation

Operator

Good afternoon, and welcome to Sunrun's Second Quarter 2026 Earnings Conference Call. Please note that this call is being recorded and that the 1 hour has been allotted for the call, including the Q&A session. [Operator Instructions]

I will now turn the call over to Patrick Jobin, Sunrun's Investor Relations Officer. Please go ahead.

Patrick Jobin
Senior VP of Finance & Investor Relations

Thank you, Latanya. Before we begin, please note that certain remarks we will make on this call constitute forward-looking statements related to the expected future results of our company, including our Q3 and full year 2026 financial outlook and other statements that are not historical in nature, are predictive in nature or depend upon or refer to future events or conditions, such as our expectations, estimates, predictions, strategies, beliefs or other statements that may be considered forward-looking. Though we believe these statements reflect our best judgment based on factors currently known to us, actual results may differ materially or adversely. Please refer to the company's filings with the SEC for a more inclusive discussion of risks and other factors that may cause our actual results to differ from projections made in any forward-looking statements. Please also note, these statements are being made as of today, and we disclaim any obligation to update or

Power Integrations (POWI - Free Report) came out with quarterly earnings of $0.37 per share, beating the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +15.63%. A quarter ago, it was expected that this maker of integrated circuits used for power conversion would post earnings of $0.23 per share when it actually produced earnings of $0.25, delivering a surprise of +8.7%.

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

Power Integrations, which belongs to the Zacks Semiconductors - Power industry, posted revenues of $118.94 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.44%. This compares to year-ago revenues of $115.85 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Power Integrations shares have added about 81.7% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Power Integrations?While Power Integrations 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 Power Integrations 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 $0.38 on $125.45 million in revenues for the coming quarter and $1.29 on $474.4 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Semiconductors - Power is currently in the bottom 5% 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 Computer and Technology sector, Palo Alto Networks (PANW - Free Report) , has yet to report results for the quarter ended July 2026. The results are expected to be released on September 1.

This security software maker is expected to post quarterly earnings of $0.97 per share in its upcoming report, which represents a year-over-year change of +2.1%. The consensus EPS estimate for the quarter has been revised 0.2% higher over the last 30 days to the current level.

Palo Alto Networks' revenues are expected to be $3.35 billion, up 32.1% from the year-ago quarter.

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DoorDash unveiled its Dot delivery robot last September. Bloomberg/Getty Images DoorDash's delivery robot isn't quite ready for prime time.

The delivery service has spent the last several months testing its Dot delivery robot as it makes deliveries in parts of Phoenix, Arizona. And while the company is working on securing permits for Dot to expand to other cities, there's still a lot that the company needs to figure out before it expands the autonomous delivery option, CEO Tony Xu said on a second-quarter earnings call on Wednesday.

"I'm a big believer that you really have to nail something before you scale it," Xu said.

To make autonomous deliveries work, DoorDash has to correctly estimate how long it will take restaurants to prepare orders, Xu said. The company also has to figure out how Dot can drop off orders at gated communities or interact with a doorman at an apartment building.

Xu also pointed to the issue of loading the robots. The company is paying some DoorDash workers about $5 to load orders into Dot robots, Business Insider reported on Sunday.

Those challenges "might be literally one one thousandth the number of issues that you have to solve to actually have a chance at making autonomous deliveries actually happen," Xu said on Wednesday's call.

DoorDash will also have to solve similar problems for DoorDash Air, the drone delivery service that it announced last month. The company expects to start drone deliveries later this year.

Companies like Uber and DoorDash have turned to autonomous vehicles to make more ride-hailing trips and deliver more orders over the past year. Without people driving them, though, the companies must solve a number of problems.

With Dot, DoorDash is trying to solve issues from maintenance and manufacturing to having infrastructure to charge the robots, the company wrote in a press release on its second-quarter earnings.

Those "are all extremely difficult and must be addressed at scale," DoorDash said in the release.

Do you have a story idea about DoorDash? Contact this reporter at [email protected] or via encrypted messaging app Signal at 808-854-4501. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.

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

Alex Bitter is a senior retail reporter covering the gig economy, food, and retail. His work focuses major gig delivery and ride-hailing apps, including Uber, Lyft, DoorDash, Instacart, and Walmart's Spark. He is interested in everything from what it's like to work on the apps to the companies' business strategies.Some of his recent stories feature gig workers who have been deactivated on the apps, DoorDash hiring traditional employees to make deliveries, gig workers' use of bots, and gig work expanding into new professions, such as nursing.Alex has also written about Aldi's US expansion, Starbucks' turnaround efforts, and the fallout from Kraft-Heinz's budget cutting. Convenience store chain Sheetz ended its "smile policy" after his reporting.Before joining Insider in September 2020, he wrote about consumer and retail companies for S&P Global Market Intelligence. He's a graduate of the University of Hawai'i at Mānoa and grew up on the Big Island.Alex lives in the Washington, DC, area, where you can find him studying ancient coins or searching for Civil War artifacts with his metal detector in his free time.Got a tip? Reach out at [email protected] or via encrypted messaging app Signal at +1 (808) 854-4501.

Delivery automation

Dutch Bros Inc (NYSE:BROS) stock is trading lower after the company reported second-quarter financial results Wednesday after market close.

• Dutch Bros stock is feeling bearish pressure.

Here are the key highlights.

Dutch Bros Q2 ResultsDutch Bros reported second-quarter revenue of $550.9 million, up 32.5% year-over-year. The revenue total beat a Street consensus estimate of $525.5 million, according to data from Benzinga Pro.

The company reported earnings of 33 cents per share, beating a Street consensus estimate of 29 cents per share.

Company-owned same-shop sales were +8.3% year-over-year in the quarter. Systemwide same shop sales growth was +5.8% year-over-year in the quarter.

Dutch Bros opened 48 new stores in the quarter, with 44 being company-operated.

This marked the 13th consecutive quarter of positive same-shop sales growth and eighth consecutive quarter of same-shop transaction growth.

"We also maintained exceptionally strong development momentum, while AUVs climbed to record levels," Dutch Bros CEO Christine Barone said.

What’s Next for Dutch BrosThe company raised guidance for revenue, EBITDA and same-shop sales growth after the quarterly results.

Dutch Bros now expects full-year revenue to be between $2.1 billion and $2.13 billion. The previous guidance was $2.05 billion to $2.08 billion. The Street is estimating full-year revenue at $2.084 billion, according to data from Benzinga Pro.

Guidance for same-shop sales growth is in the range of 5% to 6%.

Adjusted EBITDA is expected to be in a range of $385 million to $390 million.

"We enter the second half of the year from a position of strength, with a focused plan, strong visibility into our growth initiatives, and a clear path to turning the significant whitespace ahead of us into durable growth," Dutch Bros Chief Financial Officer Josh Guenser said.

The company expects to open at least 185 new shops in the fiscal year.

Company Announces Real Estate AcquisitionWhile the double beat and raised guidance comes in strong, investors may be reacting to news that Dutch Bros has acquired the real estate and related site assets of up to 65 Salad and Go locations across Arizona, Nevada, Oklahoma and Texas.

Salad and Go recently filed for bankruptcy and is shutting down all locations.

The company’s announcement said the deal is expected to close in the third quarter and will give Dutch Bros a portfolio of "established drive-thru locations" that will be converted to Dutch Bros stores in 2027.

"New shop growth is one of the most important drivers of our long-term strategy, and this potential site acquisition demonstrates how we’re investing to accelerate that growth," Barone said.

Financial terms of the acquisition were undisclosed.

Dutch Bros Stock Price ActionDutch Bros stock is down 14.47% to $56.17 in after-hours trading Wednesday versus a 52-week trading range of $44.58 to $74.65.

Photo: Shutterstock

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Amdocs (DOX - Free Report) reported $1.17 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 2.7%. EPS of $1.84 for the same period compares to $1.72 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.18 billion, representing a surprise of -0.04%. The company has not delivered EPS surprise, with the consensus EPS estimate being $1.84.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Amdocs performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Geographic Revenue- North America: $748.1 million versus $763.13 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +0.4% change.Geographic Revenue- Rest of the World: $233.3 million versus $219.61 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +11.3% change.Geographic Revenue- Europe: $193.5 million compared to the $193.32 million average estimate based on two analysts. The reported number represents a change of +2.2% year over year.View all Key Company Metrics for Amdocs here>>>

Shares of Amdocs have returned +8.5% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Cirrus Logic (CRUS - Free Report) came out with quarterly earnings of $1.84 per share, beating the Zacks Consensus Estimate of $1.8 per share. This compares to earnings of $1.51 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.22%. A quarter ago, it was expected that this chipmaker would post earnings of $1.76 per share when it actually produced earnings of $1.95, delivering a surprise of +10.8%.

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

Cirrus Logic, which belongs to the Zacks Electronics - Semiconductors industry, posted revenues of $459.72 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.03%. This compares to year-ago revenues of $407.27 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Cirrus Logic shares have added about 12.7% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Cirrus Logic?While Cirrus Logic 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 Cirrus Logic 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 $2.71 on $569.12 million in revenues for the coming quarter and $9.33 on $2.11 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, Electronics - Semiconductors is currently in the top 20% 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.

Synaptics (SYNA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This maker of touch-screen technology is expected to post quarterly earnings of $1.21 per share in its upcoming report, which represents a year-over-year change of +19.8%. The consensus EPS estimate for the quarter has been revised 2.1% lower over the last 30 days to the current level.

Synaptics' revenues are expected to be $305 million, up 7.9% from the year-ago quarter.

Exelixis (EXEL - Free Report) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.86 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +5.81%. A quarter ago, it was expected that this drug developer would post earnings of $0.75 per share when it actually produced earnings of $0.87, delivering a surprise of +16%.

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

Exelixis, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $628.69 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.99%. This compares to year-ago revenues of $568.26 million. 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.

Exelixis shares have added about 27.8% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Exelixis?While Exelixis 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 Exelixis 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 $0.87 on $659.3 million in revenues for the coming quarter and $3.53 on $2.59 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, Medical - Biomedical and Genetics is currently in the top 44% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Arcturus Therapeutics (ARCT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This pharmaceutical company is expected to post quarterly loss of $1.07 per share in its upcoming report, which represents a year-over-year change of -214.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Arcturus Therapeutics' revenues are expected to be $2.51 million, down 91.1% from the year-ago quarter.

Outfront Media (OUT - Free Report) came out with quarterly funds from operations (FFO) of $0.68 per share, beating the Zacks Consensus Estimate of $0.59 per share. This compares to FFO of $0.51 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +15.25%. A quarter ago, it was expected that this billboard, transit and digital display advertising company would post FFO of $0.28 per share when it actually produced FFO of $0.34, delivering a surprise of +21.43%.

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

Outfront Media, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $522.5 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.69%. This compares to year-ago revenues of $460.2 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Outfront Media shares have added about 32.7% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Outfront Media?While Outfront Media 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 FFO outlook. Not only does this include current consensus FFO 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 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 estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Outfront Media 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 FFO estimate is $0.63 on $506.3 million in revenues for the coming quarter and $2.24 on $1.98 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, REIT and Equity Trust - Other is currently in the top 28% 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, Park Hotels & Resorts (PK - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This company is expected to post quarterly earnings of $0.62 per share in its upcoming report, which represents a year-over-year change of -3.1%. The consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level.

Park Hotels & Resorts' revenues are expected to be $663.52 million, down 1.3% from the year-ago quarter.

Pacific Biosciences of California (PACB - Free Report) came out with a quarterly loss of $0.14 per share in line with the Zacks Consensus Estimate. This compares to a loss of $0.13 per share a year ago. These figures are adjusted for non-recurring items.

A quarter ago, it was expected that this maker of genetic analysis technology would post a loss of $0.17 per share when it actually produced a loss of $0.12, delivering a surprise of +29.41%.

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

Pacific Biosciences, which belongs to the Zacks Medical - Instruments industry, posted revenues of $39.01 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 4.16%. This compares to year-ago revenues of $39.77 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Pacific Biosciences shares have lost about 23% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Pacific Biosciences?While Pacific Biosciences 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 Pacific Biosciences 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 -$0.12 on $42.9 million in revenues for the coming quarter and -$0.41 on $165.8 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Instruments is currently in the bottom 35% 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.

CVRx (CVRX - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This medical device company is expected to post quarterly loss of $0.52 per share in its upcoming report, which represents a year-over-year change of +8.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

CVRx's revenues are expected to be $15.64 million, up 15.1% from the year-ago quarter.

HubSpot Inc (NYSE:HUBS) stock is trading lower after second-quarter financial results were reported Wednesday after market close.

• HubSpot stock is feeling bearish pressure. What’s pressuring HUBS stock?

Here are the key highlights.

HubSpot Q2 EarningsHubSpot reported second-quarter revenue of $911.7 million, up 20% year-over-year. The revenue total beat a Street consensus estimate of $898.3 million, according to data from Benzinga Pro.

The company reported subscription revenue of $894 million for the quarter, up 20% year-over-year. Professional services and other revenue was $17.7 million in the quarter, up 8% year-over-year.

HubSpot reported adjusted earnings per share of $3.26, beating a Street consensus estimate of $3.02.

The company grew customers to 306,446 in the quarter, up 14% year-over-year. The average subscription revenue per customer was $11,800 in the quarter, up 4% on an as-reported basis.

The company ended the quarter with cash and cash equivalents of $1.4 billion.

In the second quarter, the company bought back $531.9 million in shares. On Monday, the company authorized an additional share repurchase program for up to $1 billion in shares over the next 24 months.

"In Q2, we made deliberate choices to accelerate our AI transformation," HubSpot CEO Yamini Rangan said. "Scaling companies want real outcomes and predictable pricing when adopting AI, and we are evolving our product, pricing and go-to-market to meet those needs."

Rangan said the AI shift unlocks a larger opportunity for the company.

"I’m confident these choices position us to drive long-term, compounding growth."

What’s Next for HubSpotWhile the company posted a double beat and strong year-over-year growth in several areas, guidance from the company is weighing on the stock in after-hours trading Wednesday.  

The company expects third-quarter revenue to be in a range of $924 million to $925 million, up 14% year-over-year.

Adjusted earnings per share for the third quarter are expected to be in a range of $3.25 to $3.27.

The Street expects third quarter earnings per share of $3.45 and revenue of $942.3 million, both higher than the guidance.

For the full fiscal year, HubSpot expects revenue in a range of $3.678 billion to $3.686 billion and adjusted earnings per share in a range of $13.23 to $13.31.

This new full-year guidance is higher for adjusted earnings per share than previously forecast, while revenue is lowered from a prior range of $3.70 billion to $3.708 billion.

The Street sees full-year adjusted earnings per share of $13.10 and revenue of $3.707 billion.

HubSpot Stock Price ActionHubSpot stock is down 19.2% to $202.16 in after-hours trading Wednesday on the new guidance.

Image via Shutterstock

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NICE Ltd. (NICE) Q2 2026 Earnings Call August 5, 2026 8:30 AM EDT

Company Participants

Ryan Gilligan - Vice President of Investor Relations
Scott Russell - Chief Executive Officer
Beth Gaspich - Chief Financial Officer

Conference Call Participants

Sitikantha Panigrahi - Mizuho Securities Co., Ltd., Research Division
Rishi Jaluria - RBC Capital Markets, Research Division
Julian Serafini
Ryan Abbott - Piper Sandler & Co., Research Division
Tyler Radke - Citigroup Inc., Research Division
Willow Miller - William Blair & Company L.L.C., Research Division
Patrick Walravens - Citizens JMP Securities, LLC, Research Division
Elizabeth Elliott - Morgan Stanley, Research Division
Catharine Trebnick - Rosenblatt Securities Inc., Research Division

Presentation

Operator

Welcome to the NICE conference call discussing second quarter 2026 results, and thank you all for holding. [Operator Instructions] Following management's formal presentation, instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded August 5, 2026.

I would now like turn this call over to Mr. Ryan Gilligan, Vice President, Investor Relations at NICE. Please go ahead.

Ryan Gilligan
Vice President of Investor Relations

Thank you, operator. With me on today's call are Scott Russell, Chief Executive Officer and Beth Gaspich, Chief Financial Officer.

Before we start, I would like to point out that some of the statements made on this call will constitute forward-looking statements in accordance with the safe harbor provision of the Private Securities Litigation Reform Act of 1995, please be advised that the company's actual results could differ materially from these forward-looking statements. Additional information regarding the factors that could cause actual results or performance of the company to differ materially is contained in the section entitled Risk Factors in Item 3 of the company's 2025 annual report on Form 20-F as filed with the Securities and Exchange Commission on February 26, 2026.

During today's call, we will present a

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Redwire Corporation (NYSE:RDW, “Redwire” or the “Company”), a global leader in space and defense technology solutions, today announced results for its second quarter ended June 30, 2026.

“With new record highs for both revenue of $117.1 million and gross margin of 27.8%, Redwire’s second quarter of 2026 was defined by successful execution,” said Peter Cannito, Chairman, Chief Executive Officer, and President of Redwire. “With a record Backlog1 of $542.1 million and a strengthened balance sheet to enable strategic investments, Redwire is scaling to meet the strong demand we see for our mission critical space and defense tech offerings.”

Second Quarter 2026 Highlights

Announced key follow-on awards for Stalker Block 30 from both the Marine Corps Portfolio Acquisition Executive Robotic Autonomous Systems and the 1st Aviation Brigade, U.S. Army Aviation Center of Excellence. Awarded contracts to deliver Penguin uncrewed aerial systems across the globe, including a multi-year contract valued at high eight-figures from an undisclosed NATO country and a contract from Taiwan Color Optics, Inc. for the Taiwan Coast Guard. Delivered nearly 200 Octopus ISR payloads year-to-date, a more than 15% increase year-over-year, and announced two new Octopus products, the Octopus E140 MWIR and E180 HD MWIR. Completed on-orbit operations for pharmaceutical drug development investigations in partnership with researchers at Aspera Biomedicines, Bristol Myers Squibb, Rowan University, and Purdue University, marking more than 50 PIL-BOXes flown since the inaugural mission in November 2023. Subsequent to the end of the second quarter of 2026, held a grand opening in Georgetown, Indiana and announced a facility expansion in Huntsville, Alabama, bringing new capabilities and additional capacity online to support growth. Revenues increased 89.6% year-over-year to $117.1 million for the second quarter of 2026. Year-over-year improvement in gross margins to 27.8% for the second quarter of 2026 compared to (30.9)% for the second quarter of 2025. Net Loss improved by $56.0 million year-over-year to $(41.0) million for the second quarter of 2026. Adjusted EBITDA2 increased by $24.2 million year-over-year to $(3.2) million for the second quarter of 2026, inclusive of $12.5 million in Research and Development expense. Achieved Book-to-Bill3 ratio of 1.42 for the second quarter of 2026 with a meaningful year-over-year increase on a last twelve months basis to 1.52 as of the second quarter of 2026. Ended second quarter 2026 with total liquidity4 of $607.8 million, a 366.9% increase over the end of 2025. 2026 Forecast

For the full year ended December 31, 2026, Redwire reaffirms that it is forecasting revenues of $450 million to $500 million. “Consistent with our expectations, during the second quarter of 2026, Redwire expanded gross margins to 27.8%, and achieved sequential and year-over-year improvement in Adjusted EBITDA5 to $(3.2) million, while investing $12.5 million in Research and Development,” said Chris Edmunds, Chief Financial Officer of Redwire. “During the quarter we reduced the aggregate amount of our term loans from $90.0 million to $50.0 million and ended the quarter with record total liquidity4 of $607.8 million. With $214.0 million of recorded revenue during the first half of 2026 and Backlog3 providing significant visibility for the back half of the year, we are again pleased to reaffirm our 2026 revenue forecast.”

Webcast and Investor Call

Management will conduct a conference call starting at 9:00 a.m. ET on Thursday, August 6, 2026 to review financial results for the second quarter ended June 30, 2026. This release is available in the investor section of Redwire’s website at RDW.com.

Redwire will live stream a presentation with slides during the call. Please use the following link to follow along with the live stream: https://event.choruscall.com/mediaframe/webcast.html?webcastid=ITIRLOWy. The dial-in number for the live call is 877-485-3108 (toll free) or 201-689-8264 (toll), and the conference ID is 13761352.

A telephone replay of the call will be available for two weeks following the event by dialing 877-660-6853 (toll-free) or 201-612-7415 (toll) and entering the access code 13761352. The webcast replay and accompanying investor presentation will be available on August 6, 2026 in the investor section of Redwire’s website at RDW.com.

Any replay, rebroadcast, transcript or other reproduction or transmission of this conference call, other than the replay accessible by calling the number and website above, has not been authorized by Redwire and is strictly prohibited. Investors should be aware that any unauthorized reproduction of this conference call may not be an accurate reflection of its contents.

About Redwire Corporation

Redwire Corporation (NYSE:RDW) is an integrated space and defense tech company focused on advanced technologies. We are building the future of aerospace infrastructure, autonomous systems and multi-domain operations leveraging digital engineering and AI automation. Redwire’s approximately 1,400 employees located throughout North America and Europe are committed to delivering innovative space and airborne platforms transforming the future of multi-domain operations. For more information, please visit RDW.com.

Use of Projections

The financial outlook and projections, estimates and targets in this press release are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainty and contingencies, many of which are beyond Redwire’s control. Redwire’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the financial projections for purposes of inclusion in this press release, and, accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purposes of this press release. While all financial projections, estimates and targets are necessarily speculative, Redwire believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results for the Company are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that Redwire, or its representatives, considered or consider the financial projections, estimates or targets to be a reliable prediction of future events. Further, inclusion of the prospective financial information in this press release should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

Cautionary Statement Regarding Forward-Looking Statements

Readers are cautioned that the statements contained in this press release regarding expectations of our performance or other matters that may affect our business, results of operations, or financial condition are “forward-looking statements” as defined by the “safe harbor” provisions in the Private Securities Litigation Reform Act of 1995. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release, including statements regarding our strategy, financial projections, including the prospective financial information provided in this press release, financial position, funding for continued operations, cash reserves, liquidity, projected costs, plans, projects, awards and contracts, and objectives of management, among others, are forward-looking statements. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “continued,” “project,” “plan,” “opportunity,” “estimate,” “potential,” “predict,” “demonstrates,” “may,” “will,” “could,” “intend,” “shall,” “possible,” “forecast,” “trends,” “contemplate,” “would,” “approximately,” “likely,” “outlook,” “schedule,” “pipeline,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are not guarantees of future performance, conditions or results. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.

These factors and circumstances include, but are not limited to (1) risks associated with economic uncertainty, including high inflation, market volatility, and the potential worsening of macro-economic conditions; (2) geopolitical and macroeconomic events; (3) tariffs impacting demand for our products; (4) the failure of financial institutions or transactional counterparties; (5) our evolving industry, limited operating history since our acquisition of Redwire Defense Tech Intermediate Holdings, LLC and its subsidiaries (f/k/a Edge Autonomy Intermediate Holdings, LLC) (“Edge Autonomy”) and history of losses makes it difficult to evaluate our future prospects and the risks and challenges we may encounter; (6) the inability to successfully integrate recently completed and future acquisitions, including the recent acquisition of Edge Autonomy, or successfully select, execute or integrate future acquisitions into the business and realize the anticipated benefits or do so within the expected timeframe; (7) the development and continued refinement of many of Redwire’s proprietary technologies, products and service offerings; (8) competition with new or existing companies; (9) a limited number of customers make up a high percentage of our revenue; (10) potential litigation arising from time to time; (11) natural disasters, geopolitical conflicts, or other natural or man-made catastrophic events; (12) adverse publicity stemming from any incident or perceived risk involving Redwire or our competitors; (13) incurring significant risks and uncertainties not covered by insurance or indemnity; (14) failure to respond to industry cycles in terms of our cost structure, manufacturing capacity, and/or personnel needs; (15) customers unwillingness to adopt our core offerings; (16) delays in the development, design, engineering and manufacturing of our core offerings; (17) unsatisfactory performance of our core offerings; (18) impacts to our cash flows caused by our mix of fixed-price, cost-plus and time-and-material type contracts; (19) incurrence of expenditures prior to final receipt of a contract; (20) failure of new offerings and technologies to materialize; (21) the inability to convert orders in backlog into revenue; (22) the inability to properly manage the use of artificial intelligence in our business; (23) reliance on third-party launch vehicles to launch our spacecraft and customer payloads; (24) risk of an accident on launch or during a journey into space; (25) Redwire’s inability to meet expected financial results; (26) unfavorable changes in the proportion of cost-plus-fee or fixed-price contracts in our total contract mix and the resulting impact on our margins and operating results; (27) shorter lives than anticipated for our systems, products, technologies, services and related equipment; (28) cyber-attacks and other security threats and disruptions; (29) risks resulting from broader geographic operations; (30) impairment of goodwill; (31) inability to use net operating loss carryforwards and certain other tax attributes; (32) requirements of the National Industrial Security Program Operating Manual for our facility security clearance, which is a prerequisite to performing on classified contracts for the U.S. government; (33) changes to the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and any resulting government shutdowns; (34) dependence on U.S. government contracts; (35) disputes with our subcontractors or the inability of our subcontractors to perform, or of our key suppliers to timely deliver components, parts or services, resulting in our core offerings being produced or delivered in an untimely or unsatisfactory manner; (36) the potential application of U.S. foreign investment regulations to investments in us, which may impose conditions on or limit certain investors' ability to purchase our common stock, potentially making our common stock less attractive to investors; (37) Redwire is subject to stringent U.S. economic sanctions, and trade control laws and regulations, as well as risks related to doing business in other countries; (38) the wide variety of extensive and evolving government laws and regulations to which our business is subject, and the potential material adverse effect of any failure to comply with such laws and regulations; (39) the potential impact on our reputation and ability to do business resulting from improper conduct of our employees, agents or business partners; (40) failure to comply with federal, state and foreign laws and regulations relating to privacy, data protection and consumer protection, or the expansion of current or enactment of new laws or regulations relating to privacy, data protection and consumer protection, and the resulting adverse effect on our business and financial condition; (41) changes in tax laws or regulations and the resulting increase in tax uncertainty and adverse effect on our results of operations and effective tax rate; (42) failure to adequately protect our intellectual property rights; (43) potential violations of third-party proprietary rights by our technology; (44) failure to obtain necessary additional funding; (45) the possibility of sales of a substantial amount of our common stock by our current stockholders; (46) the inability to remain in compliance with the continued listing requirements of the New York Stock Exchange; (47) the issuance of additional common stock or other equity securities and the resulting dilution of our shareholders' ownership interests; (48) volatility in the trading price of our common stock; (49) our existing material weaknesses and the identification of material weaknesses of other deficiencies or failure to maintain effective internal controls over financial reporting and (50) other risks and uncertainties described in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and those indicated from time to time in other documents filed or to be filed with the Securities and Exchange Commission by Redwire. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. If underlying assumptions to forward-looking statements prove inaccurate, or if known or unknown risks or uncertainties materialize, actual results could vary materially from those anticipated, estimated, or projected. The forward-looking statements contained in this press release are made as of the date of this press release, and Redwire disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Persons reading this press release are cautioned not to place undue reliance on forward-looking statements.

Non-GAAP Financial Information

This press release contains financial measures that have not been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). These financial measures include Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, Segment Adjusted EBITDA, Adjusted EPS and Free Cash Flow.

Non-GAAP financial measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies. We encourage investors and stockholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Adjusted EBITDA is defined as net income (loss) adjusted for interest expense, net, income tax expense (benefit), depreciation and amortization, impairment expense, transaction expenses, acquisition integration costs, acquisition earnout costs, purchase accounting fair value adjustment related to deferred revenue and inventory, severance costs, capital market and advisory fees, disposal of long-lived assets, litigation-related expenses, equity-based compensation, committed equity facility transaction costs, debt financing costs and extinguishment losses, gains on sale of joint ventures, net of costs incurred, and warrant liability change in fair value adjustment.

Adjusted Gross Profit is defined as revenues less cost of sales as computed in accordance with U.S. GAAP, excluding adjustments resulting from the application of purchase accounting included in cost of sales and Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations as the calculation of these measures excludes the impact of certain non-recurring charges. Management believes that by using Adjusted Gross Margin in conjunction with GAAP Gross Margin, investors will get a more complete view of what management considers to be the Company’s core operating performance and allow for comparison of this measure when compared to those of prior periods.

Segment Adjusted EBITDA is defined as income (loss) before taxes, excluding, depreciation and amortization, impairment expense, transaction expenses, acquisition integration costs, acquisition earnout costs, purchase accounting fair value adjustment related to deferred revenue and inventory, severance costs, disposal of long-lived assets, equity-based compensation and gains on sale of joint ventures, net of costs incurred. Segment Adjusted EBITDA also excludes intra- and inter-segment sales and costs and corporate pushdown costs.

Adjusted EPS is defined as U.S. GAAP diluted earnings per share (the most directly comparable U.S. GAAP measure) before transaction expenses, acquisition integration costs, purchase accounting fair value adjustment related to deferred revenue and inventory, litigation expenses, equity-based compensation, debt financing costs and extinguishment losses and changes in fair value of private warrants, adjusted to assume the Company’s Convertible Preferred Stock does not exist. Adjusted EPS is a useful measure because it eliminates the impact of infrequent or non-recurring items that do not relate to operational performance and provides additional information to investors about certain material non-cash items that we do not expect to continue at the same level in the future.

Free Cash Flow is computed as net cash provided by (used in) operating activities less capital expenditures.

We use Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, Segment Adjusted EBITDA, and Adjusted EPS to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. We use Free Cash Flow as an indicator of liquidity to evaluate our period-over-period operating cash generation that will be used to service our debt, and can be used to invest in future growth through new business development activities and/or acquisitions, among other uses. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure.

Key Performance Indicators

Management uses Key Performance Indicators (“KPIs”) to assess the financial performance of the Company, monitor relevant trends and support financial, operational and strategic decision-making. Management frequently monitors and evaluates KPIs against internal targets, core business objectives as well as industry peers and may, on occasion, change the mix or calculation of KPIs to better align with the business, its operating environment, standard industry metrics or other considerations. If the Company changes the method by which it calculates or presents a KPI, prior period disclosures are recast to conform to current presentation.

REDWIRE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands of U.S. dollars, except share data)

  June 30, 2026

December 31, 2025

Current assets:

Cash, cash equivalents and restricted cash

$

557,718

$

95,183

Accounts receivable, net

27,495

37,251

Contract assets

72,045

44,019

Inventory, net

85,364

55,847

Prepaid expenses and other current assets

18,538

20,512

Total current assets

761,160

252,812

Property, plant and equipment, net of accumulated depreciation of $20,013 and $14,558

56,092

49,199

Right-of-use assets

34,390

31,741

Intangible assets, net of accumulated amortization of $62,817 and $46,192

319,104

336,153

Goodwill

772,170

779,114

Other non-current assets

428

118

Total assets

$

1,943,344

$

1,449,137

Liabilities, Convertible Preferred Stock and Equity (Deficit)

Current liabilities:

Accounts payable

$

54,158

$

32,295

Notes payable to sellers

3,171

2,171

Short-term debt, including current portion of long-term debt

4,500

5,162

Short-term operating lease liabilities

4,545

4,088

Short-term finance lease liabilities

611

595

Accrued expenses

29,715

32,034

Deferred revenue

84,970

60,119

Other current liabilities

12,568

19,150

Total current liabilities

194,238

155,614

Long-term debt, net

43,561

80,036

Long-term operating lease liabilities

32,698

30,471

Long-term finance lease liabilities

1,189

1,276

Warrant liabilities

692

4,213

Deferred tax liabilities

39,885

38,358

Other non-current liabilities

1,224

2,119

Total liabilities

$

313,487

$

312,087

Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; issued and outstanding: 2026—none and 2025—46,505.13. Liquidation preference: 2026—none and 2025—$118,434

$

—

$

77,034

Shareholders’ Equity (Deficit):

Preferred stock, $0.0001 par value, 99,874,708 shares authorized; none issued and outstanding

—

—

Common stock, $0.0001 par value, 500,000,000 shares authorized; issued and outstanding 2026—249,221,102 and 2025—191,915,804

25

19

Treasury stock, at cost: 2026—1,036,294 shares and 2025—1,036,294 shares

(7,342

)

(7,342

)

Additional paid-in capital

2,377,689

1,678,799

Accumulated deficit

(739,235

)

(621,762

)

Accumulated other comprehensive income (loss)

(1,280

)

10,302

Total shareholders’ equity (deficit)

1,629,857

1,060,016

Total liabilities, convertible preferred stock and equity (deficit)

$

1,943,344

$

1,449,137

REDWIRE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

Unaudited

(In thousands of U.S. dollars, except share and per share data)

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Revenues

$

117,074

$

61,760

$

214,046

$

123,155

Cost of sales

84,530

80,824

155,694

133,178

Gross profit

32,544

(19,064

)

58,352

(10,023

)

Operating expenses:

Selling, general and administrative expenses

42,076

54,464

124,963

73,210

Transaction expenses

11

16,643

51

20,442

Research and development

12,547

1,720

25,129

2,533

Operating income (loss)

(22,090

)

(91,891

)

(91,791

)

(106,208

)

Interest expense, net

796

23,755

3,263

27,349

Loss on extinguishment of debt

1,186

—

3,731

—

Other (income) expense, net

15,037

13,937

16,185

(844

)

Income (loss) before income taxes

(39,109

)

(129,583

)

(114,970

)

(132,713

)

Income tax expense (benefit)

1,862

(32,604

)

2,503

(32,786

)

Net income (loss)

(40,971

)

(96,979

)

(117,473

)

(99,927

)

Less: dividends on Convertible Preferred Stock

504

29,739

2,016

33,179

Net income (loss) available to common shareholders

$

(41,475

)

$

(126,718

)

$

(119,489

)

$

(133,106

)

Net income (loss) per common share:

Basic and diluted

$

(0.19

)

$

(1.41

)

$

(0.58

)

$

(1.66

)

Weighted-average shares outstanding:

Basic and diluted

220,466,669

89,554,940

207,143,490

80,424,270

Comprehensive income (loss):

Net income (loss)

$

(40,971

)

$

(96,979

)

$

(117,473

)

$

(99,927

)

Foreign currency translation gain (loss), net of tax

(5,157

)

10,174

(11,582

)

11,009

Total other comprehensive income (loss), net of tax

(5,157

)

10,174

(11,582

)

11,009

Total comprehensive income (loss)

$

(46,128

)

$

(86,805

)

$

(129,055

)

$

(88,918

)

REDWIRE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

(In thousands of U.S. dollars)

  Six Months Ended

June 30, 2026

June 30, 2025

Cash flows from operating activities:

Net income (loss)

$

(117,473

)

$

(99,927

)

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

Depreciation and amortization expense

22,710

8,106

Amortization of debt issuance costs and discount

657

642

Equity-based compensation expense

50,635

35,598

Loss on extinguishment of debt

3,731

—

(Gain) loss on change in fair value of warrants

14,787

2,692

Deferred provision (benefit) for income taxes

2,485

(32,069

)

Other

1,961

(3,677

)

Changes in assets and liabilities:

(Increase) decrease in accounts receivable

9,553

(3,468

)

(Increase) decrease in contract assets

(28,388

)

(5,724

)

(Increase) decrease in inventory

(30,170

)

1,449

(Increase) decrease in prepaid expenses and other assets

68

(3,024

)

Increase (decrease) in accounts payable and accrued expenses

19,358

(5,586

)

Increase (decrease) in deferred revenue

25,344

(28,433

)

Increase (decrease) in operating lease liabilities

(427

)

(55

)

Increase (decrease) in other liabilities

(7,433

)

732

Increase (decrease) in notes payable to sellers

1,000

—

Net cash provided by (used in) operating activities

(31,602

)

(132,744

)

Cash flows from investing activities:

Acquisition of businesses, net of cash acquired

—

(151,791

)

Purchases of property, plant and equipment

(13,287

)

(4,752

)

Purchase of intangible assets

(3,154

)

(5,186

)

Net cash provided by (used in) investing activities

(16,441

)

(161,729

)

Cash flows from financing activities:

Proceeds received from debt

89,728

190,327

Repayments of debt

(129,537

)

(125,876

)

Payment of debt issuance fees

(1,914

)

(105

)

Repayment of finance leases

(294

)

(227

)

Proceeds from (repayment of) third-party advances

—

(7,820

)

Proceeds from issuance of common stock

566,243

328,684

Payment of equity issuance costs

(13,881

)

—

Proceeds from common stock issued for options exercise

4,155

—

Shares repurchased for settlement of employee tax withholdings on share-based awards

—

(8

)

Convertible preferred stock dividend

(3,039

)

—

Repurchase of convertible preferred stock

—

(61,486

)

Net cash provided by (used in) financing activities

511,461

323,489

Effect of foreign currency rate changes on cash, cash equivalents and restricted cash

(883

)

472

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

462,535

29,488

Cash, cash equivalents and restricted cash at beginning of period

95,183

49,071

Cash, cash equivalents and restricted cash at end of period

$

557,718

$

78,559

REDWIRE CORPORATION

Reportable Segment Results

Unaudited

(In thousands of U.S. dollars)

  Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Revenues

Space

$

55,192

$

56,682

$

107,859

$

108,815

Defense Tech

61,882

5,078

106,187

14,340

Total revenues

$

117,074

$

61,760

$

214,046

$

123,155

Segment Adjusted EBITDA

Space

$

(4,203

)

$

1,040

$

(5,732

)

$

8,484

Defense Tech

14,083

(15,041

)

19,481

(12,614

)

Total Segment Adjusted EBITDA

$

9,880

$

(14,001

)

$

13,749

$

(4,130

)

Reconciliation of Segment Adjusted EBITDA to consolidated net income (loss):

Interest expense, net

(796

)

(23,755

)

(3,263

)

(27,349

)

Depreciation and amortization expense

(11,460

)

(5,060

)

(22,710

)

(8,106

)

Severance costs

(294

)

(1,999

)

(556

)

(2,176

)

Equity-based compensation expense

(3,900

)

(32,686

)

(50,635

)

(35,598

)

Transaction expenses

(11

)

(16,643

)

(51

)

(20,442

)

All other corporate charges(1)

(30,800

)

(32,459

)

(46,626

)

(31,932

)

Debt financing costs and extinguishment losses

(1,260

)

(105

)

(4,185

)

(105

)

Purchase accounting fair value adjustment related to inventory

—

(2,418

)

—

(2,418

)

Acquisition integration cost

(259

)

(457

)

(484

)

(457

)

Disposal of long-lived assets

(209

)

—

(209

)

—

Income (loss) before income taxes

$

(39,109

)

$

(129,583

)

$

(114,970

)

$

(132,713

)

(1) All other corporate charges mainly consists of corporate overhead costs maintained at the corporate level, including gains and losses related to financial instruments measured at fair value. These expenses include costs relating to treasury, accounting, consulting, advisory, legal, tax and audit, insurance, financial reporting services and various administrative expenses related to the corporate headquarters.

REDWIRE CORPORATION

Supplemental Non-GAAP Information

Unaudited

Adjusted EBITDA

The following table presents the reconciliations of Adjusted EBITDA to net income (loss), computed in accordance with U.S. GAAP.

  Three Months Ended

Six Months Ended

(in thousands)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income (loss)

$

(40,971

)

$

(96,979

)

$

(117,473

)

$

(99,927

)

Interest expense, net

796

23,755

3,263

27,349

Income tax expense (benefit)

1,862

(32,604

)

2,503

(32,786

)

Depreciation and amortization

11,460

5,060

22,710

8,106

Transaction expenses (i)

11

16,643

51

20,442

Acquisition integration costs (i)

259

457

484

457

Purchase accounting fair value adjustment related to inventory (ii)

—

2,418

—

2,418

Severance costs (iii)

294

1,999

556

2,176

Capital market and advisory fees (iv)

2,742

2,740

4,757

3,708

Disposal of long-lived assets (v)

209

—

209

—

Litigation-related expenses (vi)

477

—

903

—

Equity-based compensation (vii)

3,900

32,686

50,635

35,598

Debt financing costs and extinguishment loss (viii)

1,260

105

4,185

105

Warrant liability change in fair value adjustment (ix)

14,469

16,326

14,787

2,692

Adjusted EBITDA

$

(3,232

)

$

(27,394

)

$

(12,430

)

$

(29,662

)

i.

Redwire incurred acquisition costs including due diligence, integration costs and additional expenses related to pre-acquisition activity.

ii.

Redwire adjusted inventory related to the application of purchase accounting for the Edge Autonomy acquisition and recognized expense for the amount of the fair value adjustment included in cost of sales for the inventory sold after the acquisition date.

iii.

Redwire incurred severance costs related to separation agreements entered into with former employees.

iv.

Redwire incurred capital market and advisory fees related to advisors assisting with the implementation of internal controls over financial reporting, including material weakness remediation efforts, and the internalization of corporate services, including, but not limited to, implementing enhanced enterprise resource planning systems across U.S. and foreign operations.

v.

Redwire incurred a loss on the disposal of long-lived assets.

vi.

Redwire incurred expenses related to settlements of legal matters.

vii.

Redwire incurred expenses related to equity-based compensation under Redwire’s equity-based compensation plan and Edge Autonomy’s incentive units.

viii.

Redwire incurred expenses related to debt financing agreements, including amendment related fees paid to third parties that are expensed in accordance with U.S. GAAP and losses on debt extinguishments.

ix.

Redwire adjusted the private warrant liability to reflect changes in fair value recognized as a gain or loss during the respective periods.

REDWIRE CORPORATION

Supplemental Non-GAAP Information

Unaudited

Adjusted Gross Profit and Margin

The following table presents the reconciliation of Adjusted Gross Profit to Gross Profit, computed in accordance with U.S. GAAP, and the calculation of Adjusted Gross Margin.

  Three Months Ended

Six Months Ended

(in thousands)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Gross Profit

$

32,544

$

(19,064

)

$

58,352

$

(10,023

)

Purchase accounting adjustments(1)

—

2,418

—

2,418

Adjusted Gross Profit

$

32,544

$

(16,646

)

$

58,352

$

(7,605

)

Adjusted Gross Margin

27.8

%

(27.0

)%

27.3

%

(6.2

)%

  (1) Relates to the application of purchase accounting for the Edge Autonomy acquisition and represents the amount of the fair value adjustment recognized in cost of sales for the inventory sold after the acquisition date.

Free Cash Flow

The following table presents the reconciliation of Free Cash Flow to Net cash provided by (used in) operating activities, computed in accordance with U.S. GAAP.

  Three Months Ended

Six Months Ended

(in thousands)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net cash provided by (used in) operating activities

$

(24,936

)

$

(87,663

)

$

(31,602

)

$

(132,744

)

Less: Capital expenditures

(10,405

)

(5,883

)

(16,441

)

(9,938

)

Free Cash Flow

$

(35,341

)

$

(93,546

)

$

(48,043

)

$

(142,682

)

Adjusted EPS

The table below presents a reconciliation of Adjusted EPS to diluted EPS, computed in accordance with U.S. GAAP for the following periods:

  Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Diluted EPS

$

(0.19

)

$

(1.41

)

$

(0.58

)

$

(1.66

)

Dividends on convertible preferred stock

—

0.33

0.01

0.41

Transaction expenses (i)

—

0.19

—

0.25

Acquisition integration costs (i)

—

0.01

—

0.01

Purchase accounting fair value adjustment (ii)

—

0.03

—

0.03

Litigation-related expenses (iii)

—

—

—

—

Equity-based compensation (iv)

0.02

0.36

0.24

0.44

Debt financing costs and extinguishment losses (v)

0.01

—

0.02

—

Warrant liability change in fair value adjustment (vi)

0.07

0.18

0.07

0.03

Adjusted EPS

$

(0.09

)

$

(0.31

)

$

(0.24

)

$

(0.49

)

i.

Redwire incurred acquisition costs including due diligence, integration costs and additional expenses related to pre-acquisition activity.

ii.

Redwire adjusted inventory related to the application of purchase accounting for the Edge Autonomy acquisition and recognized expense for the amount of the fair value adjustment included in cost of sales for the inventory sold after the acquisition date.

iii.

Redwire incurred expenses related to settlements of legal matters.

iv.

Redwire incurred expenses related to equity-based compensation under Redwire’s equity-based compensation plan and Edge Autonomy’s incentive units.

v.

Redwire incurred expenses related to debt financing agreements, including amendment related fees paid to third parties that are expensed in accordance with U.S. GAAP, and losses on debt extinguishments.

vi.

Redwire adjusted the private warrant liability to reflect changes in fair value recognized as a gain or loss during the respective periods.

REDWIRE CORPORATION

KEY PERFORMANCE INDICATORS

Unaudited

Book-to-Bill

Our book-to-bill ratio was as follows for the periods presented:

  Three Months Ended

Last Twelve Months Ended

(in thousands, except ratio)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Contracts awarded

Space

$

20,648

$

9,537

$

309,733

$

138,789

Defense Tech

145,139

81,026

337,255

88,269

Total contracts awarded

$

165,787

$

90,563

$

646,988

$

227,058

Revenues

Space

$

55,192

$

56,682

$

208,871

$

220,304

Defense Tech

61,882

5,078

217,401

41,049

Total revenues

$

117,074

$

61,760

$

426,272

$

261,353

Book-to-bill ratio

Space

0.37

0.17

1.48

0.63

Defense Tech

2.35

15.96

1.55

2.15

Total book-to-bill ratio

1.42

1.47

1.52

0.87

Book-to-bill is the ratio of total contracts awarded to revenues recorded in the same period. The contracts awarded balance includes firm contract orders, including time-and-material contracts, awarded during the period and does not include unexercised contract options or potential orders under indefinite delivery/indefinite quantity contracts. Although the contracts awarded balance reflects firm contract orders, terminations, amendments, or contract cancellations may occur which could result in a reduction to the contracts awarded balance.

We view book-to-bill as an indicator of future revenue growth potential. To drive future revenue growth, our goal is for the level of contracts awarded in a given period to exceed the revenue recorded, thus yielding a book-to-bill ratio greater than 1.0.

Our book-to-bill ratio was 1.42 for the three months ended June 30, 2026, as compared to 1.47 for the three months ended June 30, 2025. For the three months ended June 30, 2026 none of the contracts awarded balance relates to acquired contract value. For the three months ended June 30, 2025, the contracts awarded includes $73.7 million of acquired contract value from the Edge Autonomy acquisition.

Our book-to-bill ratio was 1.52 for the Last Twelve Months (“LTM”) ended June 30, 2026, as compared to 0.87 for the LTM ended June 30, 2025. For the LTM ended June 30, 2026 none of the contracts awarded balance relates to acquired contract value. For the LTM ended June 30, 2025, contracts awarded includes $73.7 million of acquired contract value from the Edge Autonomy acquisition, which was completed in the second quarter of 2025 and included in the Defense Tech segment, and $21.9 million of acquired contract value from the Hera Systems acquisition, which was completed in the third quarter of 2024, and included in the Space segment.

Backlog

The following table presents our contracted backlog as of June 30, 2026 and December 31, 2025, and related activity for the six months ended June 30, 2026 as compared to the year ended December 31, 2025.

  (in thousands)

June 30, 2026

December 31, 2025

Organic backlog, beginning balance

$

411,246

$

296,652

Organic additions during the period

352,316

441,478

Organic revenue recognized during the period

(214,046

)

(335,381

)

Foreign currency translation

(7,389

)

8,497

Organic backlog, ending balance

542,127

411,246

Acquisition-related contract value, beginning balance

—

—

Acquisition-related backlog, ending balance

—

—

Contracted backlog, ending balance

$

542,127

$

411,246

Contracted backlog by segment:

Space

$

321,950

$

299,804

Defense Tech

220,177

111,442

We view growth in backlog as a key measure of our business growth. Contracted backlog represents the estimated dollar value of firm funded executed contracts for which work has not been performed (also known as the remaining performance obligations on a contract). Our contracted backlog includes $186.2 million and $81.0 million in remaining contract value from contracts which recognize revenue at a point in time as of June 30, 2026 and as of December 31, 2025, respectively.

Organic backlog change excludes backlog activity from acquisitions for the first four full quarters since the entities’ acquisition date. Contracted backlog activity for the first four full quarters since the entities’ acquisition date is included in acquisition-related contracted backlog change. After the completion of four fiscal quarters, acquired entities are treated as organic for current and comparable historical periods.

Organic contract value includes the remaining contract value as of January 1 not yet recognized as revenue and additional orders awarded during the period for those entities treated as organic. Acquisition-related contract value includes remaining contract value as of the acquisition date not yet recognized as revenue and additional orders awarded during the period for entities not treated as organic. Organic revenue includes revenue earned during the period presented for those entities treated as organic, while acquisition-related revenue includes the same for all other entities, excluding any pre-acquisition revenue earned during the period. There is no acquisition-related backlog activity presented in the table above as all acquired entities have completed four fiscal quarters post-acquisition.

Although contracted backlog reflects business associated with contracts that are considered to be firm, terminations, amendments or contract cancellations may occur, which could result in a reduction in our total backlog. In addition, some of our multi-year contracts are subject to annual funding. Management expects all amounts reflected in contracted backlog to ultimately be fully funded. Contracted backlog from foreign operations was $229.0 million and $193.1 million as of June 30, 2026 and December 31, 2025, respectively. These amounts are primarily subject to foreign exchange rate translations from their respective local currencies to U.S. dollars that could cause the remaining backlog balance to fluctuate with the foreign exchange rate at the time of measurement.