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FinVolution Group (FINV) Q4 2025 Earnings Call Transcript

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, /PRNewswire/ -- FinVolution Group ("FinVolution," or the "Company") (NYSE: FINV), a leading fintech platform across China and international markets, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission (the "SEC") on April 29, 2026.

The annual report on Form 20-F can be accessed on the SEC's website at http://www.sec.gov and on the Company's investor relations website at http://ir.finvgroup.com. The Company will also provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request.

About FinVolution Group

FinVolution Group is a leading fintech platform with strong brand recognition across China and international markets, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2025, the Company had 239.6 million cumulative registered users across China and international markets.

For more information, please visit: http://ir.finvgroup.com.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: [email protected] 

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected] 

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

SOURCE FinVolution Group

-Earnings Call Scheduled for 8:30 p.m. ET on May 25, 2026-

, /PRNewswire/ -- FinVolution Group ("FinVolution", or the "Company") (NYSE: FINV), a leading fintech platform across China and international markets, today announced that it will report its first quarter 2026 unaudited financial results, on Monday, May 25, 2026.

The Company's management will host an earnings conference call at 8:30 PM U.S. Eastern Time on May 25, 2026 (8:30 AM Beijing/Hong Kong Time on May 26, 2026).

Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Participant Online Registration:
https://register-conf.media-server.com/register/BIf9feb90f9176441083910b143e67c48d

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.finvgroup.com.

About FinVolution Group

FinVolution Group is a leading fintech platform with strong brand recognition across China and international markets, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2025, the Company had 239.6 million cumulative registered users across China and international markets.

For more information, please visit https://ir.finvgroup.com.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: [email protected]

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]  

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

SOURCE FinVolution Group

, /PRNewswire/ -- FinVolution Group ("FinVolution" or the "Company") (NYSE: FINV), a leading fintech platform across China and overseas markets, today announced its unaudited financial results for the first quarter ended March 31, 2026.

For the Three Months Ended/As of

YoY

Change

March 31, 2025

March 31, 2026

Total Transaction Volume (RMB in billions)1

52.1

42.6

-18.2 %

- Chinese Mainland2

49.1

38.5

-21.6 %

- Overseas Markets3

3.0

4.1

36.7 %

Total Outstanding Loan Balance (RMB in billions)

74.1

67.7

-8.6 %

- Chinese Mainland4

72.2

65.1

-9.8 %

- Overseas Markets5

1.9

2.6

36.8 %

First Quarter 2026 Highlights

Chinese Mainland Market

Cumulative registered users reached 190.0 million as of March 31, 2026, an increase of 7.2% compared with March 31, 2025. Cumulative borrowers reached 29.6 million as of March 31, 2026, an increase of 8.4% compared with March 31, 2025. Number of unique borrowers6 for the first quarter of 2026 was 1.7 million, a decrease of 22.7% compared with the same period of 2025. Transaction volume2 was RMB38.5 billion for the first quarter of 2026, a decrease of 21.6% compared with the same period of 2025. Transaction volume facilitated for repeat individual borrowers7 for the first quarter of 2026 was RMB31.4 billion, a decrease of 26.3% compared with the same period of 2025. Outstanding loan balance4 was RMB65.1 billion as of March 31, 2026, a decrease of 9.8% compared with March 31, 2025. Average loan size was RMB12,098 for the first quarter of 2026, compared with RMB10,494 for the same period of 2025. Average loan tenure was 8.5 months for the first quarter of 2026, compared with 8.2 months for the same period of 2025. 90 day+ delinquency ratio8 was 3.11% as of March 31, 2026. Net revenue9 was RMB2,216.1 million (US$321.3 million) for the first quarter of 2026, compared with RMB2,770.2 million for the same period of 2025. U.S. GAAP operating profit10 was RMB598.7 million (US$86.8 million) for the first quarter of 2026, compared with RMB913.1 million for the same period of 2025. Non-GAAP adjusted EBITDA11, which excludes depreciation and amortization and share-based compensation expenses from operating profit, was RMB614.9 million (US$89.1 million) for the first quarter of 2026, compared with RMB930.1 million for the same period of 2025. Overseas Markets

Cumulative registered users reached 56.5 million as of March 31, 2026, an increase of 45.2% compared with March 31, 2025. Cumulative borrowers reached 13.4 million as of March 31, 2026, an increase of 76.3% compared with March 31, 2025. Number of unique borrowers12 for the first quarter of 2026 was 4.5 million, an increase of 155.4% compared with the same period of 2025. Number of new borrowers13 for the first quarter of 2026 was 1.7 million, an increase of 160.0% compared with the same period of 2025. Transaction volume3 reached RMB4.1 billion for the first quarter of 2026, an increase of 36.7% compared with the same period of 2025. Outstanding loan balance5 reached RMB2.6 billion as of March 31, 2026, an increase of 36.8% compared with March 31, 2025. Net revenue14 was RMB948.9 million (US$137.6 million) for the first quarter of 2026, an increase of 34.5% compared with the same period of 2025, representing 29.6% of total revenue for the first quarter of 2026. U.S. GAAP operating profit10 was RMB45.8 million (US$6.6 million) for the first quarter of 2026, compared with RMB24.4 million for the same period of 2025. Non-GAAP adjusted EBITDA11, which excludes depreciation and amortization and share-based compensation expenses from operating profit, was RMB47.5 million (US$6.9 million) for the first quarter of 2026, compared with RMB25.5 million for the same period of 2025. Group Financial Highlights

Net revenue was RMB3,210.1 million (US$465.4 million) for the first quarter of 2026, compared with RMB3,481.0 million for the same period of 2025. Net profit was RMB421.1 million (US$61.0 million) for the first quarter of 2026, compared with RMB737.6 million for the same period of 2025. U.S. GAAP operating profit was RMB546.8 million (US$79.3 million) for the first quarter of 2026, compared with RMB883.2 million for the same period of 2025. Non-GAAP adjusted operating profit15, which excludes share-based compensation expenses before tax, was RMB585.0 million (US$84.8 million) for the first quarter of 2026, compared with RMB917.9 million for the same period of 2025. Diluted net profit per American depositary share ("ADS") was RMB1.65 (US$0.24) and diluted net profit per share was RMB0.33 (US$0.05) for the first quarter of 2026, compared with RMB2.84 and RMB0.57 for the same period of 2025, respectively. Non-GAAP diluted net profit per ADS was RMB1.80 (US$0.26) and non-GAAP diluted net profit per share was RMB0.36 (US$0.05) for the first quarter of 2026, compared with RMB2.97 and RMB0.59 for the same period of 2025, respectively. Each ADS of the Company represents five Class A ordinary shares of the Company. ________________________________________________________________

1 Represents the total transaction volume facilitated in the Chinese Mainland and overseas markets on the Company's platform during the period presented.

2 Represents our transaction volume facilitated in the Chinese Mainland during the period presented. During the first quarter, RMB15.5 billion was facilitated under the capital-light model, for which the Company does not bear principal risk.

3 Represents our transaction volume facilitated in Indonesia, the Philippines and Australia during the period presented.

4 Outstanding loan balance as of any date refers to the balance of outstanding loans in the Chinese Mainland market excluding loans delinquent for more than 180 days from such date. As of March 31, 2026, RMB35.0 billion was facilitated under the capital-light model, for which the Company does not bear principal risk.

5 Outstanding loan balance as of any date refers to the balance of outstanding loans in Indonesia, the Philippines and Australia excluding loans delinquent for more than 30 days from such date. 

6 Represents the total number of borrowers in the Chinese Mainland who successfully borrowed on the Company's platform during the period presented.

7 Represents the transaction volume facilitated for borrowers who had historically completed a transaction on the Company's platform in the Chinese Mainland during the period presented.

8 "90 day+ delinquency ratio" refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company's platform as of a specific date. Loans that originated outside the Chinese Mainland are not included in the calculation.

9 Represents revenue from the Chinese Mainland. Prior period segment results from the Chinese Mainland have been recast to conform to the current period presentation. Please refer to the "Selected Segment Information" tables at the end of this release for a breakdown by segment for the periods presented.

10 Please refer to the "Selected Segment Information" tables at the end of this release for reconciliation between Operating Segment Profit/(Loss) and GAAP operating profit.

11 Please refer to the "Selected Segment Information" tables at the end of this release for reconciliation between GAAP operating profit and Non-GAAP adjusted EBITDA.

12 Represents the total number of borrowers in Indonesia, the Philippines and Australia who successfully borrowed on the Company's platforms during the period presented.

13 Represents the total number of new borrowers in Indonesia, the Philippines and Australia whose transactions were facilitated on the Company's platforms during the period presented.

14 Represents revenue from overseas markets outside the Chinese Mainland, namely Indonesia, the Philippines, and Australia. Prior period segment results from overseas markets have been recast to conform to the current period presentation. Please refer to "Selected Segment Information" for a breakdown by segment for the periods presented.

15 Please refer to "UNAUDITED Reconciliation of GAAP and Non-GAAP Results" for reconciliation between GAAP and Non-GAAP adjusted operating profit.

Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution, commented, "In the first quarter, we delivered continued growth in our overseas business and a resilient performance in the Chinese Mainland segment against an evolving regulatory backdrop, demonstrating the strength of our two-engine model. Beginning this quarter, we are reporting our overseas business as a separate reportable segment, reflecting our strategic trajectory and the earnings power of our diversified business.

"In our Chinese Mainland segment, we executed with discipline, acquiring approximately 0.6 million new borrowers while prioritizing asset quality, customer quality and unit economics. The segment remained stable and profitable, reinforcing its role as the anchor of our operating cash flow.

"Our Overseas Markets segment delivered robust year-over-year revenue growth, contributing 29.6% of our total first quarter revenue. Our 'Local Excellence, Global Outlook+' strategy of transferring proven risk management and operational capabilities across regions drove strong year-over-year loan volume growth and more than doubled our unique overseas borrowers, underscoring our accelerating global traction.

"Looking ahead, we will continue to manage our China business prudently while expanding our overseas platform with deeper integration into the local ecosystems. Supported by strong technology advantages and a healthy balance sheet, we are well-positioned to continue creating durable value for customers and delivering sustainable financial returns for our stakeholders," concluded Mr. Li.

Mr. Jiayuan Xu, Chief Financial Officer of FinVolution, continued, "Total net revenues for the first quarter were RMB3.2 billion, up 6.2% sequentially. Early signs of credit recovery in our Chinese Mainland business supported a recovery in loan origination volume to RMB38.5 billion, driving a 6.9% sequential increase in Chinese Mainland net revenue to RMB2.2 billion. In our overseas markets, revenue grew 34.5% year over year to RMB948.9 million, and operating profit reached RMB45.8 million, up 87.7% year over year, highlighting our overseas platform's scalability and growing operating leverage.

"Meanwhile, we continued to return capital to our shareholders, executing share repurchases totaling US$39.4 million in the first quarter alongside our 8th annual dividend of US$0.306 per ADS in May, a 10.5% increase year over year. We reiterate our full-year 2026 revenue guidance of approximately RMB11.5 billion to RMB12.9 billion, which reflects the expected near-term impact of China's regulatory environment. We remain confident in the resilience of our model and committed to long-term value creation," concluded Mr. Xu.

First Quarter 2026 Financial Results

Net revenue for the first quarter of 2026 was RMB3,210.1 million (US$465.4 million), compared with RMB3,481.0 million for the same period of 2025. This decrease was primarily due to decreases in loan facilitation service fees, post-facilitation service fees and guarantee income, partially offset by increases in net interest income and other revenue.

Loan facilitation service fees were RMB1,181.3 million (US$171.3 million) for the first quarter of 2026, compared with RMB1,477.8 million for the same period of 2025. The decrease was primarily due to decreases in the transaction volume and average rate of transaction service fees in the Chinese Mainland market, partially offset by the increase in transaction volume in overseas markets.

Post-facilitation service fees were RMB348.3 million (US$50.5 million) for the first quarter of 2026, compared with RMB380.6 million for the same period of 2025. This decrease was primarily due to the rolling impact of deferred transaction fees. 

Guarantee income was RMB886.1 million (US$128.5 million) for the first quarter of 2026, compared with RMB1,099.5 million for the same period of 2025. This decrease was primarily due to the decrease in risk-bearing loans in the Chinese Mainland market, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB484.7 million (US$70.3 million) for the first quarter of 2026, compared with RMB241.6 million for the same period of 2025. This increase mainly resulted from the increase in the average outstanding loan balances of on-balance sheet loans in both the Chinese Mainland and overseas markets, partially offset by the decrease in interest yield in the Chinese Mainland market.

Other revenue was RMB309.7 million (US$44.9 million) for the first quarter of 2026, compared with RMB281.5 million for the same period of 2025. This increase was primarily due to the increase in the contributions from other revenue streams, including other value-added services.

Origination, servicing expenses and other costs of revenue were RMB745.2 million (US$108.0 million) for the first quarter of 2026, compared with RMB620.5 million for the same period of 2025. This increase was primarily driven by the increase in employee expenditures and higher loan collection expenses in both the Chinese Mainland and overseas markets.

Sales and marketing expenses were RMB492.4 million (US$71.4 million) for the first quarter of 2026, compared with RMB529.7 million for the same period of 2025. This decrease was primarily due to improved efficiency and decreased investment in marketing activities in the Chinese Mainland market.

Research and development expenses were RMB125.5 million (US$18.2 million) for the first quarter of 2026, compared with RMB126.0 million for the same period of 2025. This decrease was primarily due to efficiency improvements in technology development.

General and administrative expenses were RMB113.8 million (US$16.5 million) for the first quarter of 2026, compared with RMB106.9 million for the same period of 2025, primarily due to an increase in office expenses.

Provision for accounts receivable and contract assets was RMB111.5 million (US$16.2 million) for the first quarter of 2026, compared with RMB117.7 million for the same period of 2025. The decrease was primarily due to decreased transaction volume of off-balance sheet loans in the Chinese Mainland market, partially offset by the increase in volume of off-balance sheet loans in overseas markets. 

Provision for loans receivable was RMB218.1 million (US$31.6 million) for the first quarter of 2026, compared with RMB85.4 million for the same period of 2025. This increase was primarily due to the increase in the outstanding loan balance of on-balance sheet loans in the Chinese Mainland and overseas markets.

Credit losses for quality assurance commitment were RMB856.6 million (US$124.2 million) for the first quarter of 2026, compared with RMB1,011.6 million for the same period of 2025. The decrease was primarily due to the decrease in risk-bearing loans in the Chinese Mainland market.

Operating profit was RMB546.8 million (US$79.3 million) for the first quarter of 2026, compared with RMB883.2 million for the same period of 2025.

Non-GAAP adjusted operating profit, which excludes share-based compensation expenses before tax, was RMB585.0 million (US$84.8 million) for the first quarter of 2026, compared with RMB917.9 million for the same period of 2025.

Other income/(expenses) was an expense of RMB15.5 million (US$2.3 million) for the first quarter of 2026, compared with income of RMB9.0 million for the same period of 2025. The decrease was mainly due to foreign exchange losses.

Income tax expense was RMB93.1 million (US$13.5 million) for the first quarter of 2026, compared with RMB153.9 million for the same period of 2025. This decrease was mainly due to the decrease in pre-tax profit.

Net profit was RMB421.1 million (US$61.0 million) for the first quarter of 2026, compared with RMB737.6 million for the same period of 2025.

Net profit attributable to ordinary shareholders of the Company was RMB415.1 million (US$60.2 million) for the first quarter of 2026, compared with RMB746.4 million for the same period of 2025.

Diluted net profit per ADS was RMB1.65 (US$0.24) and diluted net profit per share was RMB0.33 (US$0.05) for the first quarter of 2026, compared with RMB2.84 and RMB0.57 for the same period of 2025, respectively.

Non-GAAP diluted net profit per ADS was RMB1.80 (US$0.26) and non-GAAP diluted net profit per share was RMB0.36 (US$0.05) for the first quarter of 2026, compared with RMB2.97 and RMB0.59 for the same period of 2025, respectively. Each ADS represents five Class A ordinary shares of the Company.

As of March 31, 2026, the Company had cash and cash equivalents of RMB4,687.8 million (US$679.6 million) and short-term investments, mainly in wealth management products and term deposits, of RMB2,643.8 million (US$383.3 million).

The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company's platform in the Chinese Mainland as of March 31, 2026. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.

 Click here to view the chart.

Shares Repurchase Update

For the first quarter of 2026, the Company deployed approximately US$39.4 million to repurchase its own Class A ordinary shares in the form of ADSs. As of March 31, 2026, in combination with the Company's historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$516.7 million since 2018.

Business Outlook

Strong execution of the Company's 'Local Excellence, Global Outlook+' Strategy drove a resilient first quarter performance despite domestic macro headwinds and seasonal softness. The Company reiterates its full-year 2026 total revenue guidance to be in the range of approximately RMB11.5 billion to RMB12.9 billion.

The above forecast is based on the current market conditions and reflects the Company's current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers' and institutional partners' demands, all of which are subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:30 PM U.S. Eastern Time on May 25, 2026 (8:30 AM Beijing/Hong Kong Time on May 26, 2026).

Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Participant Online Registration:
https://register-conf.media-server.com/register/BIf9feb90f9176441083910b143e67c48d

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.finvgroup.com.

About FinVolution Group 

FinVolution Group is a leading fintech platform with strong brand recognition across China and overseas markets, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of March 31, 2026, the Company had 246.5 million cumulative registered users across China and overseas markets.

For more information, please visit https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use non-GAAP adjusted operating profit, non-GAAP operating margin, non-GAAP adjusted EBITDA, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating profit, non-GAAP operating margin, non-GAAP adjusted EBITDA, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the rate in effect as of March 31, 2026 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: [email protected] 

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]   

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data, or otherwise noted)

As of December 31,

As of March 31,

2025

2026

RMB

RMB

USD

Assets

Cash and cash equivalents

4,285,121

4,687,773

679,584

Restricted cash

1,912,850

1,862,880

270,061

Short-term investments

3,015,226

2,643,817

383,273

Investments

1,141,816

1,142,087

165,568

Quality assurance receivable, net of credit loss allowance for
  quality assurance receivable of RMB581,475 and RMB616,214
  as of December 31, 2025 and March 31, 2026, respectively  

1,315,184

1,376,678

199,576

Intangible assets

270,246

270,246

39,177

Property, equipment and software, net

641,316

625,456

90,672

Loans receivable, net of credit loss allowance for loans receivable
  of RMB544,905 and RMB572,937 as of December 31, 2025 and
  March 31, 2026, respectively

6,471,619

6,963,186

1,009,450

Accounts receivable and contract assets, net of credit loss
  allowance for accounts receivable and contract assets of
  RMB340,816 and RMB349,157 as of December 31, 2025 and
  March 31, 2026, respectively 

2,028,585

1,599,215

231,838

Deferred tax assets

2,992,071

3,219,281

466,698

Right of use assets

52,020

50,340

7,298

Prepaid expenses and other assets

1,207,791

1,168,487

169,395

Goodwill

79,759

79,759

11,563

Total assets

25,413,604

25,689,205

3,724,153

Deferred guarantee income

1,119,004

1,130,264

163,854

Liability from quality assurance commitment

2,574,842

2,374,176

344,183

Payroll and welfare payable

361,188

186,742

27,072

Taxes payable

177,064

428,808

62,164

Short-term borrowings

170,408

192,101

27,849

Funds payable to investors of consolidated trusts

778,531

974,768

141,312

Contract liability

226

-

-

Deferred tax liabilities

786,556

787,615

114,180

Accrued expenses and other liabilities

1,448,231

1,380,470

200,126

Leasing liabilities

44,711

44,760

6,489

Dividends payable

-

506,708

73,457

Convertible senior notes

1,019,266

1,005,162

145,718

Long-term borrowings

89,590

132,118

19,153

Total liabilities

8,569,617

9,143,692

1,325,557

Commitments and contingencies

FinVolution Group Shareholders' equity

Ordinary shares

103

103

15

Additional paid-in capital

5,908,586

5,942,443

861,473

Treasury stock

(2,465,259)

(2,736,995)

(396,781)

Statutory reserves

1,042,312

1,042,312

151,104

Accumulated other comprehensive income

13,027

38,083

5,521

Retained Earnings

12,051,332

11,959,686

1,733,790

Total FinVolution Group shareholders' equity

16,550,101

16,245,632

2,355,122

Non-controlling interest

293,886

299,881

43,474

Total shareholders' equity

16,843,987

16,545,513

2,398,596

Total liabilities and shareholders' equity

25,413,604

25,689,205

3,724,153

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended March 31,

2025

2026

RMB

RMB

USD

Operating revenue:

Loan facilitation service fees

1,477,798

1,181,314

171,255

Post-facilitation service fees

380,614

348,343

50,499

Guarantee income

1,099,514

886,069

128,453

        Net interest income

241,614

484,681

70,264

Other revenue

281,501

309,655

44,890

Net revenue

3,481,041

3,210,062

465,361

Operating expenses:

       Origination, servicing expenses and other costs of revenue

(620,465)

(745,172)

(108,027)

Sales and marketing expenses

(529,703)

(492,447)

(71,390)

Research and development expenses

(126,041)

(125,459)

(18,188)

General and administrative expenses

(106,894)

(113,843)

(16,504)

Provision for accounts receivable and contract assets

(117,718)

(111,514)

(16,166)

Provision for loans receivable

(85,414)

(218,148)

(31,625)

Credit losses for quality assurance commitment

(1,011,615)

(856,637)

(124,186)

Total operating expenses

(2,597,850)

(2,663,220)

(386,086)

Operating profit

883,191

546,842

79,275

Interest expenses

(652)

(17,147)

(2,486)

Other income/(expenses), net

9,033

(15,521)

(2,250)

Profit before income tax expense

891,572

514,174

74,539

Income tax expenses

(153,931)

(93,117)

(13,499)

Net profit

737,641

421,057

61,040

Less: Net (loss)/profit attributable to non-controlling interest shareholders

(8,765)

5,995

869

Net profit attributable to FinVolution Group

746,406

415,062

60,171

Foreign currency translation adjustment, net of nil tax

(16,273)

25,056

3,632

Total comprehensive income attributable to FinVolution Group

730,133

440,118

63,803

Weighted average number of ordinary shares used in computing net profit per share

Basic

1,265,759,932

1,194,294,986

1,194,294,986

Diluted

1,315,948,116

1,283,838,301

1,283,838,301

Net profit per share attributable to FinVolution Group's ordinary shareholders

Basic

0.59

0.35

0.05

Diluted

0.57

0.33

0.05

Net profit per ADS attributable to FinVolution Group's ordinary shareholders (one ADS equals five ordinary shares)

Basic

2.95

1.74

0.25

Diluted

2.84

1.65

0.24

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands, except share data, or otherwise noted)

Three Months Ended March 31,

2025

2026

RMB

RMB

USD

Net cash provided by operating activities

522,335

225,990

32,760

Net cash provided by investing activities

365,196

146,022

21,168

Net cash (used in)/provided by financing activities

(198,331)

9,418

1,366

Effect of exchange rate changes on cash and cash equivalents

(11,265)

(28,748)

(4,166)

Net increase in cash, cash equivalents and restricted cash

677,935

352,682

51,128

Cash, cash equivalents and restricted cash at beginning of period

6,747,072

6,197,971

898,517

Cash, cash equivalents and restricted cash at end of period

7,425,007

6,550,653

949,645

FinVolution Group

UNAUDITED Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended March 31,

2025

2026

RMB

RMB

USD

Net Revenue

3,481,041

3,210,062

465,361

Less: total operating expenses

(2,597,850)

(2,663,220)

(386,086)

Operating Profit

883,191

546,842

79,275

Add: share-based compensation expenses

34,679

38,173

5,534

Non-GAAP adjusted operating profit

917,870

585,015

84,809

Operating Margin

25.4 %

17.0 %

17.0 %

Non-GAAP operating margin

26.4 %

18.2 %

18.2 %

Non-GAAP adjusted operating profit

917,870

585,015

84,809

Less: interest expenses

(652)

(17,147)

(2,486)

Add: other income/(expenses), net

9,033

(15,521)

(2,250)

Less: income tax expenses

(153,931)

(93,117)

(13,499)

Non-GAAP net profit

772,320

459,230

66,574

Less: Net (loss)/profit attributable to non-controlling interest shareholders

(8,765)

5,995

869

Non-GAAP net profit attributable to FinVolution Group

781,085

453,235

65,705

Weighted average number of ordinary shares used in computing net profit per share

Basic

1,265,759,932

1,194,294,986

1,194,294,986

Diluted

1,315,948,116

1,283,838,301

1,283,838,301

Non-GAAP net profit per share attributable to FinVolution Group's ordinary shareholders

Basic

0.62

0.38

0.06

Diluted

0.59

0.36

0.05

Non-GAAP net profit per ADS attributable to FinVolution Group's ordinary shareholders (one ADS equals
five ordinary shares)

Basic

3.09

1.90

0.28

Diluted

2.97

1.80

0.26

FinVolution Group

Selected Segment Information 

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended March 31, 2026

Chinese Mainland

Overseas Markets(1)

Others(2)

Elimination

Total

RMB

RMB

RMB

RMB

RMB

Net Revenue

2,216,096

948,946

50,148

(5,128)

3,210,062

Less(3): Operating Expenses (4)

(1,617,349)

(903,196)

(88,761)

5,128

(2,604,178)

Operating Segment Profit/(Loss)

598,747

45,750

(38,613)

-

605,884

Less: Unallocated expenses(5)

(59,042)

Operating profit

546,842

For the Three Months Ended March 31, 2025

Chinese Mainland

Overseas Markets(1)

Others(2)

Elimination

Total

RMB

RMB

RMB

RMB

RMB

Net Revenue

2,770,160

705,343

8,250

(2,712)

3,481,041

Less(3): Operating Expenses (4)

(1,857,018)

(680,964)

(27,901)

2,712

(2,563,171)

Operating Segment Profit/(Loss)

913,142

24,379

(19,651)

-

917,870

Less: Unallocated expenses(5)

(34,679)

Operating profit

883,191

Notes:

(1): "Overseas Markets" includes Indonesia, the Philippines and Australia.

(2): "Others" includes a combination of multiple business activities that each does not meet the quantitative thresholds to qualify as reportable segments.

(3): The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(4): "Operating Expenses" includes Origination, servicing expenses and other costs of revenue, Sales and marketing expenses, General and
administrative expenses, Research and development expenses, Credit losses for quality assurance commitment, Provision for loans receivable and Provision
for accounts receivable and contract assets.

(5): Unallocated expenses are mainly related to share-based compensation, impairment of goodwill of prior acquisitions, and other miscellaneous items that
are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

FinVolution Group

Selected Segment Information

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended March 31, 2026

Chinese Mainland

Overseas Markets

Others

Unallocated expenses

Total

RMB

RMB

RMB

RMB

RMB

Operating profit

598,747

45,750

(38,613)

(59,042)

546,842

Add: Depreciation and amortization

16,180

1,785

116

-

18,081

Add: Share-based compensation expenses

-

-

-

38,173

38,173

Non-GAAP Adjusted EBITDA

614,927

47,535

(38,497)

(20,869)

603,096

For the Three Months Ended March 31, 2025

Chinese Mainland

Overseas Markets

Others

Unallocated expenses

Total

RMB

RMB

RMB

RMB

RMB

Operating profit

913,142

24,379

(19,651)

(34,679)

883,191

Add: Depreciation and amortization

16,919

1,104

11

-

18,034

Add: Share-based compensation expenses

-

-

-

34,679

34,679

Non-GAAP Adjusted EBITDA

930,061

25,483

(19,640)

-

935,904

Note:

"Non-GAAP Adjusted EBITDA" represents operating profit (loss) plus (a) depreciation and amortization expenses and (b) share-based compensation expenses.

SOURCE FinVolution Group

Chinese Fintech FinVolution: Buy, Sell, or Hold?PPDAI Group NYSE: FINV, referred to on the call as FinVolution Group, reported a steady first quarter of 2026 as management highlighted improving credit trends in China, continued overseas growth and a new reporting structure designed to give investors more visibility into its international operations.

Chief Executive Officer Tiezheng “Tim” Li said the company entered the year with “clarity, not certainty,” and that early results showed the impact of disciplined decisions made in 2025. Despite normal first-quarter seasonal softness, total transaction volume was RMB 42.6 billion, roughly in line with the prior quarter. Group net revenue reached RMB 3.2 billion, up 6% sequentially, while net profit was RMB 421 million, up 1% sequentially. Li said foreign exchange fluctuations affected bottom-line growth.

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Management said overseas markets accounted for 30% of group revenue during the quarter and have become “a second profitable engine” for the business. For the first time, the company disclosed overseas operations as a separate reportable segment.

China Business Shows Early Risk Improvement Li described the first quarter in mainland China as a period of “patience,” with early signs of recovery but continued regulatory uncertainty. China transaction volume was RMB 38.5 billion, roughly flat sequentially, despite the Chinese New Year holiday period.

Chief Financial Officer Jiayuan “Alexis” Xu said China net revenue was RMB 2.2 billion, up 7% sequentially. The take rate rose from 3.0% to 3.2%, supported by better risk performance.

Management pointed to several indicators showing improved credit conditions in China:

Vintage delinquency eased from 3.0% to 2.7%. Day-one delinquency improved from 5.5% to 5.2%. The 30-day collection rate rose from 85.9% to 86.8%. The M2 default rate declined from 0.77% to 0.68%. Li said actions taken in the second half of 2025 were helping credit risk return to a healthier baseline. Xu added that the company selectively broadened credit appetite as asset quality improved, while maintaining stable funding partnerships with financial institutions.

FinVolution added about 0.6 million new borrowers in China during the quarter, up 7% sequentially. Management said this occurred even as sales and marketing spending in China was reduced, helped by improved targeting, higher conversion and lower customer acquisition costs.

Overseas Segment Gains Scale and Profitability The newly disclosed overseas segment includes Indonesia, the Philippines and Australia. Xu said the segment had reached a point where separate reporting better reflects its scale, profitability and growth trajectory.

Overseas revenue was RMB 949 million in the first quarter, up 35% year over year. Operating profit reached RMB 46 million, up 88% year over year, while adjusted EBITDA was RMB 47.5 million, up 87% year over year. Management said all three overseas markets contributed to profitability.

Overseas transaction volume was RMB 4.1 billion, broadly flat sequentially, with management noting that the first quarter is also seasonally slow in international markets. On a year-over-year basis, overseas loan volume rose 35%, loan balance increased 38% and unique borrowers more than doubled to 4.5 million.

In Indonesia, Xu said offline buy now, pay later remained the primary growth engine despite Ramadan, with both transaction volume and loan balance up 5% sequentially. Unique borrowers in Indonesia reached 3.2 million, nearly five times the level from a year earlier.

In the Philippines, management said it deliberately moderated origination ahead of a new interest rate regime taking effect in the second quarter. Xu said the company had previously navigated pricing transitions in Indonesia and China and was applying a similar approach in the Philippines.

In Australia, Li said the company is expanding customer acquisition channels, migrating the platform to proprietary risk infrastructure and deploying credit models tailored to Australian consumers. Xu said credit trends in Australia moved lower from the prior quarter’s seasonal peak, and transaction volume still grew sequentially despite first-quarter softness.

AI and Technology Remain Central to Operations Li said artificial intelligence is now “how we run the business,” rather than merely a supporting capability. The company has nearly 120 active AI-related initiatives across the business, with more than half embedded directly in frontline operations.

Management cited AI collection agents as one example. Li said they are the default touchpoint for pre-due reminders in some overseas businesses and are handling 50% of early-stage collections at recovery efficiency levels in line with historical benchmarks.

Xu also said large language models are being used in China to refine risk analysis, fraud detection and intelligent post-loan collections. In response to an analyst question, Xu said asset quality continued to improve into the second quarter, with day-one delinquency falling below 5% by the end of April, returning to levels seen in July and August of the prior year.

Buybacks, Dividend and Regulatory Outlook During the question-and-answer session, UBS analyst Xiaoxiong Ye asked about the company’s buyback plans and regulatory developments. Xu said the company repurchased about $14 million of shares in the fourth quarter of 2025, another $39 million in the first quarter of 2026 and an additional $15 million by the end of April, for about $54 million deployed this year. He said about $20 million remained under the current program, and the board had approved a new $150 million buyback program lasting two years.

Xu said capital allocation will balance business expansion, particularly overseas, with share repurchases when the stock trades at what management views as a dislocated price.

On regulation, Li addressed new rules related to online marketing of financial products. He said the regulation continues a trend toward consumer protection, licensed participation in financial products and clearer boundaries between technology and finance. Li said marketing rules are tightening, user traffic flows from third-party platforms may require workflow changes, and core financial decisions such as credit approval and risk assessment must remain with licensed financial institutions.

“This has always been our model,” Li said, adding that FinVolution provides technology and data tools while partners make final decisions. He said the company views the higher regulatory bar as a medium- to long-term positive, though near-term adjustments will be required.

The company reiterated full-year 2026 revenue guidance of RMB 11.5 billion to RMB 12.9 billion. Xu said China remains a resilient foundation while overseas operations are scaling profitability alongside it.

About PPDAI Group NYSE: FINVPPDAI Group Inc operates an online consumer finance marketplace that connects individual and institutional investors with personal and small-business borrowers. Through its digital platform, the company facilitates unsecured consumer loans, auto refinancing loans and small-business financing by leveraging proprietary credit assessment tools and big data analytics. Investors gain exposure to a diversified portfolio of retail credit assets, while borrowers benefit from streamlined application processes and competitive financing rates.

At the core of PPDAI's offering is a multi-layered risk management framework that combines automated credit scoring, manual underwriting oversight and third-party data verification.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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FinVolution remains a Buy as I see multiple tailwinds despite recent underperformance versus the benchmark. FINV trades at a low single-digit forward P/E, with a $150 million share repurchase program supporting bottom-line growth. Management reiterated full-year guidance, signaling confidence despite temporary margin impacts from Chinese regulatory restrictions.

Posted by Defense World Staff on Apr 29th, 2026

Concurrent Investment Advisors LLC acquired a new position in State Street Corporation (NYSE:STT – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 15,187 shares of the asset manager’s stock, valued at approximately $1,959,000.

A number of other hedge funds have also recently made changes to their positions in STT. Chicago Partners Investment Group LLC lifted its position in shares of State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after buying an additional 83 shares in the last quarter. Quent Long Short Global Small Cap Fund LP purchased a new stake in shares of State Street in the fourth quarter worth about $268,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of State Street in the fourth quarter worth about $219,000. Davis Capital Management lifted its position in shares of State Street by 42,766.7% in the fourth quarter. Davis Capital Management now owns 1,286 shares of the asset manager’s stock worth $166,000 after buying an additional 1,283 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG lifted its position in shares of State Street by 34.7% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 31,018 shares of the asset manager’s stock worth $4,002,000 after buying an additional 7,989 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street In other news, EVP Michael L. Richards sold 3,000 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 28,711 shares of company stock valued at $3,933,032 in the last quarter. 0.27% of the stock is currently owned by corporate insiders.

State Street Trading Down 1.0% Shares of STT stock opened at $152.52 on Wednesday. State Street Corporation has a 1 year low of $85.68 and a 1 year high of $156.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.61. The stock’s 50 day simple moving average is $131.82 and its two-hundred day simple moving average is $126.84. The company has a market cap of $42.25 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 0.85 and a beta of 1.37.

State Street (NYSE:STT – Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the business posted $2.04 earnings per share. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. Research analysts predict that State Street Corporation will post 12.26 earnings per share for the current year.

State Street Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were given a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Wall Street Analysts Forecast Growth STT has been the topic of a number of research analyst reports. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Bank of America upgraded State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price on the stock in a research report on Monday, April 6th. The Goldman Sachs Group upped their price objective on State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Finally, Truist Financial upped their price objective on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.00.

View Our Latest Research Report on State Street

State Street Profile (Free Report)

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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Investors interested in stocks from the Banks - Major Regional sector have probably already heard of State Street Corporation (STT) and The Bank of New York Mellon Corporation (BK). But which of these two companies is the best option for those looking for undervalued stocks?

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Stock to Watch: State Street Corporation (STT - Free Report) Incorporated in 1832 and headquartered in Boston, MA, State Street Corporation is a financial holding company. It provides a range of products and services for institutional investors worldwide through its subsidiaries.

STT is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Finance stock. STT has a Momentum Style Score of B, and shares are up 7.2% over the past four weeks.

Eight analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.66 to $12.31 per share. STT boasts an average earnings surprise of +7%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, STT should be on investors' short list.

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

State Street Corporation (STT - Free Report) is headquartered in Boston, and is in the Finance sector. The stock has seen a price change of 17.5% since the start of the year. Currently paying a dividend of $0.84 per share, the company has a dividend yield of 2.22%. In comparison, the Banks - Major Regional industry's yield is 2.83%, while the S&P 500's yield is 1.45%.

Looking at dividend growth, the company's current annualized dividend of $3.36 is up 7.7% from last year. Over the last 5 years, State Street Corporation has increased its dividend 4 times on a year-over-year basis for an average annual increase of 9.16%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. State Street's current payout ratio is 30%, meaning it paid out 30% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, STT expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $12.35 per share, with earnings expected to increase 19.90% from the year ago period.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. It's important to keep in mind that not all companies provide a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, STT presents a compelling investment opportunity; it's not only an attractive dividend play, but the stock also boasts a strong Zacks Rank of #2 (Buy).

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BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE:STT) today announced a quarterly cash dividend of $0.84 per share of common stock, payable on July 13, 2026 to common shareholders of record at the close of business on July 1, 2026.

Additionally, State Street Corporation announced a cash dividend on each of the below outstanding series of non-cumulative perpetual preferred stock:

Series G (represented by depositary shares, each representing a 1/4000th interest in a share of Series G preferred stock). The cash dividend is in the amount of $1,367.22 per share of Series G preferred stock (resulting in a distribution of approximately $0.341805 per depositary share) and is payable on June 15, 2026 to the holders of record of the Series G preferred stock at the close of business on June 1, 2026. Series I (represented by depositary shares, each representing a 1/100th interest in a share of Series I preferred stock). The cash dividend is in the amount of $1,675.00 per share of Series I preferred stock (resulting in a distribution of approximately $16.750000 per depositary share) and is payable on June 15, 2026 to the holders of record of the Series I preferred stock at the close of business on June 1, 2026. Series J (represented by depositary shares, each representing a 1/100th interest in a share of Series J preferred stock). The cash dividend is in the amount of $1,675.00 per share of Series J preferred stock (resulting in a distribution of approximately $16.750000 per depositary share) and is payable on June 15, 2026 to the holders of record of the Series J preferred stock at the close of business on June 1, 2026. Series K (represented by depositary shares, each representing a 1/100th interest in a share of Series K preferred stock). The cash dividend is in the amount of $1,612.50 per share of Series K preferred stock (resulting in a distribution of approximately $16.125000 per depositary share) and is payable on June 15, 2026 to the holders of record of the Series K preferred stock at the close of business on June 1, 2026. About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $54.5 trillion in assets under custody and/or administration and $5.6 trillion* in assets under management as of March 31, 2026, State Street operates globally in more than 100 geographic markets and employs approximately 51,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of March 31, 2026 includes approximately $184 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.

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BOSTON--(BUSINESS WIRE)--State Street Investment Management today announced plans to close and liquidate the State Street® DoubleLine® Emerging Markets Fixed Income ETF (Ticker: EMTL) based on State Street Investment Management’s review of its ETF offerings.

The final day for creations and redemptions in EMTL will be July 21, 2026. Trading of all shares will be suspended on its principal U.S. listing exchange, Cboe BZX Exchange, Inc., at the open of market on July 22, 2026. The ETF will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record on or about July 27, 2026 (the “Liquidation Date”). Proceeds of the liquidation are scheduled to be sent to shareholders remaining on the Liquidation Date on or about July 28, 2026.

About State Street Investment Management

At State Street Investment Management, we have been helping create better outcomes for institutions, financial intermediaries, and investors for nearly half a century. Starting with our early innovations in indexing and ETFs, our rigorous approach continues to be driven by market-tested expertise and a relentless commitment to those we serve. With over $5 trillion in assets managed*, clients in 60 countries, and a global network of strategic partners, we use our scale to deliver a comprehensive and cost-effective suite of investment solutions that help investors get wherever they want to go. State Street Investment Management is the asset management arm of State Street Corporation (NYSE: STT).

*This figure is presented as of March 31, 2026 and includes ETF AUM of $1,940.32 billion USD of which approximately $184.18 billion USD in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated. Please note all AUM is unaudited.

Important Risk Information

Investing involves risk including the risk of loss of principal.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value. Brokerage commissions and ETF expenses will reduce returns.

The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.

All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

Intellectual Property Information: The S&P 500® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI”) and have been licensed for use by State Street Global Advisors. S&P®, SPDR®, S&P 500®,US 500 and the 500 are trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider the fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.ssga.com. Read it carefully.

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State Street Global Advisors (SSGA) is now State Street Investment Management. Please click here for more information.

© 2026 State Street Corporation. All Rights Reserved.

State Street Global Advisors Funds Distributors, LLC, One Congress Street, Boston, MA 02114

8947693.1.1.AM.RTL

Exp. Date 5/31/2027

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BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) announced today that its Chief Financial Officer, John Woods, will present at the Morgan Stanley U.S. Financials Conference in New York, NY on Wednesday, June 10, 2026 at approximately 1:45 pm ET.

An audio webcast of the event will be accessible on the home page of State Street’s Investor Relations website, https://investors.statestreet.com/. A recorded replay will be available on the Investor Relations website later that day, for approximately ninety days following the presentation.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $54.5 trillion in assets under custody and/or administration and $5.6 trillion* in assets under management as of March 31, 2026, State Street operates globally in more than 100 geographic markets and employs approximately 51,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of March 31, 2026 includes approximately $184 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.

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BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) today announced that it has been selected by Principal Financial Group®, a global financial services company specializing in retirement solutions, asset management and insurance, to provide custody, fund accounting and administration services for Principal Funds.

By bringing together our global scale, deep expertise and integrated servicing capabilities, we are well positioned to enhance operational efficiency and support of Principal and the continued evolution of their investment products. - Joerg Ambrosius

Share Under the expanded mandate, Principal® will leverage State Street’s integrated investment servicing platform and global operating scale to support the continued evolution of its mutual fund business. The appointment reflects the focus of Principal on aligning operating strategy with scalable infrastructure as it continues to broaden its investment offerings.

The mandate builds on a relationship between State Street and Principal that spans more than a decade, during which State Street has supported Principal across a range of investment vehicles, including exchange-traded funds (ETFs) and collective investment trusts (CITs), as the firm has grown and diversified its product suite.

“Principal has a strong track record of innovation and client focus, and we are pleased to expand our relationship in support of their next phase of growth,” said Joerg Ambrosius, president of Investment Services at State Street. “By bringing together our global scale, deep expertise and integrated servicing capabilities, we are well positioned to enhance operational efficiency and support of Principal and the continued evolution of their investment products.”

This engagement reinforces State Street’s position as a leading provider of integrated investment servicing solutions and underscores the firm’s ability to execute complex client conversions at scale, while maintaining continuity, resilience and high‑quality service.

“Partnering with State Street gives us access to a scalable operational structure and speed to market as we continue to transform our U.S. wealth and retirement business,” said Kamal Bhatia, president & CEO, Principal Asset Management.® “This transition reflects our focus on strategic partnering and outsourcing that accelerates our business for long‑term profitable growth.”

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With US$54.5 trillion in assets under custody and/or administration and US$5.6 trillion* in assets under management as of March 31, 2026, State Street operates globally in more than 100 geographic markets and employs approximately 51,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of March 31, 2026 includes approximately US$184 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.

About Principal Asset Management®

With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.1 Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $593.9 billion in assets and recognized as a “Best Places to Work in Money Management”2 for 14 consecutive years.
Learn more at www.PrincipalAM.com

[1] As of December 31, 2025
[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2025.

8961469.1.1.GBL.RTL

© 2026 State Street Corporation

State Street Corporation (STT) Presents at Morgan Stanley US Financials Conference 2026 Transcript

Freeport-McMoRan Inc. (FCX) Presents at Bank of America Global Metals, Mining & Steel Conference 2026 Transcript

On May 26, 2026, Freeport-McMoRan Inc FCX shares rose 3.8% today, bringing the current price to $64.36. Over the past year, the stock has seen an impressive 66.9% increase, with a 52-week range between $35.15 and $70.97.

GF Value™ verdict: The current price is $64.36, which is 36.0% above the GF Value™ estimate of $47.32, indicating that the stock is overvalued.GF Score™: 87/100, which is considered strong and suggests potential for higher long-term returns.Most notable signal: There have been no insider transactions in the last three months, indicating a lack of insider trading activity. Is FCX Overvalued or Undervalued? According to the GF Value™, Freeport-McMoRan Inc FCX is currently trading at a price of $64.36, which is significantly above its calculated intrinsic value of $47.32. This represents a 36.0% margin of overvaluation, suggesting that investors may be paying a premium for the stock compared to its intrinsic value. The GF Valuation label categorizes FCX as significantly overvalued, which raises concerns about the sustainability of its current price level. Such overvaluation could expose investors to potential risks should the market correct this disparity.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current market conditions and the significant gap between the market price and the GF Value™, potential investors should exercise caution when considering an investment in FCX at this time.

How Does FCX's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 34.2x 28.0x Forward P/E 24.6x N/A The current P/E ratio of 34.2x is notably above its 5-year median P/E of 28.0x, indicating that the stock is trading at a premium compared to its historical valuation. Additionally, the forward P/E of 24.6x suggests expected earnings growth but still reflects a higher valuation compared to historical trends. This P/E analysis aligns with the GF Value™ verdict of being overvalued, as it indicates that FCX's stock price exceeds historical norms, further validating the concerns raised about its current market price.

What Does FCX's GF Score™ Tell Us? Metric Rating GF Score™ 87 Financial Strength 6/10 Profitability 8/10 Growth 9/10 Valuation 5/10 Momentum 6/10 The GF Score™ of 87/100 indicates that Freeport-McMoRan Inc FCX possesses strong potential for long-term returns. Notably, the strongest areas are in Growth (9/10) and Profitability (8/10), suggesting that the company has solid earnings and growth prospects. However, the Valuation rank of 5/10 indicates that the stock's current valuation is a concern, and the Financial Strength score of 6/10 suggests moderate stability. Overall, while FCX shows promise in growth and profitability, the valuation metrics warrant caution.

What Are Insiders Doing with FCX Stock? In the last three months, there have been no insider transactions reported for Freeport-McMoRan Inc FCX . This lack of insider activity may suggest that company executives are not making significant moves regarding their holdings, which could indicate a neutral outlook on the stock's future performance from those most knowledgeable about the company's operations.

What This Means for Investors Based on the GF Value™ assessment, Freeport-McMoRan Inc FCX is currently considered overvalued. With its market price significantly exceeding the estimated intrinsic value, potential investors may want to approach with caution, as the risks associated with overvaluation could lead to price corrections in the future.

For the complete analysis, visit the Freeport-McMoRan Inc FCX stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is FCX's GF Score™?

FCX's GF Score™ is 87/100, which reflects a strong potential for long-term returns based on key financial metrics.

Is FCX overvalued or undervalued?

FCX is currently considered overvalued, with its market price of $64.36 being 36.0% higher than the GF Value™ estimate of $47.32.

What is FCX's P/E ratio?

FCX's P/E ratio is 34.2x, which is above its 5-year median of 28.0x, indicating that the stock is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Freeport-McMoRan is rated Buy, supported by resilient U.S. operations, a robust expansion pipeline, and discounted valuation at 7.6x EV/EBITDA FWD. Despite a 9% copper and 7% gold production cut at Grasberg, U.S. mines sustain results, with unit net cash costs at $1.91/lb and strong operating margins. FCX's growth pipeline—Bagdad, El Abra, Lone Star, and innovative leach—offers low execution risk and profitability even at conservative copper prices.

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?

Let's take a look at what these Wall Street heavyweights have to say about Freeport-McMoRan (FCX - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Freeport-McMoRan currently has an average brokerage recommendation (ABR) of 1.42, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 24 brokerage firms. An ABR of 1.42 approximates between Strong Buy and Buy.

Of the 24 recommendations that derive the current ABR, 18 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 75% and 8.3% of all recommendations.

Brokerage Recommendation Trends for FCX

Check price target & stock forecast for Freeport-McMoRan here>>>

The ABR suggests buying Freeport-McMoRan, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Is FCX a Good Investment?Looking at the earnings estimate revisions for Freeport-McMoRan, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $2.56.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Freeport-McMoRan. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Freeport-McMoRan.

In the latest close session, Freeport-McMoRan (FCX - Free Report) was up +2.02% at $67.04. The stock outperformed the S&P 500, which registered a daily gain of 0.26%. Meanwhile, the Dow gained 0.09%, and the Nasdaq, a tech-heavy index, added 0.42%.

Prior to today's trading, shares of the mining company had gained 16.2% outpaced the Basic Materials sector's gain of 4.93% and the S&P 500's gain of 6.32%.

The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. In that report, analysts expect Freeport-McMoRan to post earnings of $0.6 per share. This would mark year-over-year growth of 11.11%. Our most recent consensus estimate is calling for quarterly revenue of $6.37 billion, down 15.99% from the year-ago period.

FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.56 per share and revenue of $27.24 billion. These results would represent year-over-year changes of +44.63% and +5.12%, respectively.

Investors might also notice recent changes to analyst estimates for Freeport-McMoRan. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 25.62. Its industry sports an average Forward P/E of 26.63, so one might conclude that Freeport-McMoRan is trading at a discount comparatively.

Meanwhile, FCX's PEG ratio is currently 0.79. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Mining - Non Ferrous industry held an average PEG ratio of 1.67.

The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 160, putting it in the bottom 35% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Key Takeaways FCX sees Q2 unit cash costs rising to $2.24 per pound amid energy and consumable cost and volume pressures.Freeport's Q1 copper sales fell 25% year over year after the Grasberg mine mud rush disruption.FCX expects Q2 copper sales of 690 million pounds, improving sequentially but down year over year. Freeport-McMoRan Inc. (FCX - Free Report) saw a decline in its average unit net cash cost per pound of copper in the first quarter of 2026 to $1.91 from $2.22 in the prior quarter. It also fell from $2.07 a year ago.

Freeport, however, is facing headwinds from higher costs in the second quarter. FCX’s outlook for the second quarter suggests higher costs on a sequential basis. It expects unit net cash costs to rise to $2.24 per pound, while projecting a full-year average of roughly $1.95 (compared with $1.65 in 2025).

The projected second-quarter unit cost reflects a roughly 98% year over year and 17% quarter over quarter increase. The uptick in costs reflects higher costs of energy and other consumables due to the Middle East conflict and persistent pressure on volumes. Higher costs are expected to weigh on the company's margins.

Freeport’s copper sales volumes tumbled approximately 25% year over year in the first quarter to 657 million pounds, and fell from 709 million pounds in the prior quarter. The downside primarily resulted from lower operating rates due to the temporary suspension of operations since the mud rush incident at the Grasberg Block Cave mine. While the company’s outlook for copper sales volumes for the second quarter of 690 million pounds indicates a sequential improvement, it still suggests a 32% year-over-year decline.

  Among FCX’s peers, Southern Copper Corporation (SCCO - Free Report) reported lower unit costs in the first quarter. Southern Copper’s operating cash cost per pound of copper, net of by-product revenue credits, fell by roughly 114% decline from the prior-year quarter. SCCO’s operating cash cost per pound of copper declined roughly 34% year over year in 2025.

BHP Group Limited (BHP - Free Report) lowered its unit cost guidance for the Escondida operation to the band of $1-$1.2 per pound for fiscal 2026, reflecting by-product credits and strong operational performance. BHP also projects Copper South Australia’s unit cost between $1 and $1.5 per pound. Unit costs at BHP’s Spence operation are expected to be between $2.1 and $2.4 per pound for fiscal 2026.

The Zacks Rundown for FCXShares of Freeport are up 69.5% in the past year against the Zacks Mining - Non Ferrous industry’s rise of 76.6%.

Image Source: Zacks Investment Research

From a valuation standpoint, FCX is currently trading at a forward 12-month earnings multiple of 24.07, a 1.9% discount to the industry average of 24.53X. It carries a Value Score of C.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for FCX’s 2026 and 2027 earnings implies a year-over-year rise of 44.6% and 34%, respectively. The EPS estimates for 2026 and 2027 have been trending higher over the past 30 days.

Image Source: Zacks Investment Research

© galinast / Getty Images

Dan Dreyfus, founder of Borneite Capital, made a striking case for copper on a recent appearance on the All-In Podcast. By his calculations, simply keeping up with ordinary GDP growth would require the world to extract 700 million tons of copper over the next 18 years, which is roughly the same amount humanity has mined over the last 10,000 years. That comparison sits at the center of his structural bull case.

The Demand Shock Dreyfus puts current copper consumption at 30 million tons per year, with electrification of the grid, EVs, and data centers driving demand higher. He emphasizes that the shortfall exists even before accounting for AI demand, and that the US grid faces shortfalls even from ordinary electrification. Independent forecasters echo the directional call: an S&P Global study cited in Freeport McMoRan’s filings projects copper demand reaching 42 million metric tons by 2040, and a separate S&P analysis warns the market could face a deficit of more than 10 million metric tons by 2040.

The Supply Shock The other blade of the scissors, leading to a massive copper shortfall, is supply. Dreyfus notes that only a handful of tier-1 copper mines are coming online before 2030 and that new mines take 7 to 12 years to build. Copper supply is structurally inelastic: even with prices at records, meaningful new tonnage is years away. That gap is what underpins his prediction that “the copper price is easily going to double from here.” Recent disruptions reinforce the point. Copper futures recently touched a record above $6.60 per pound, and Freeport’s own Grasberg mine, hit by a September 2025 mud rush, is not expected to be back at full capacity until late 2027.

China and the National Security Dimension Dreyfus ties critical minerals to US strategic vulnerability. As an example, China’s April export cutoffs of rare earth materials nearly shut down Ford Motor Company’s entire production line. The episode shows how concentrated control of critical inputs can stall US manufacturing. Copper itself was added to the USGS List of Critical Minerals, and a 50% US tariff on copper imports took effect in 2025, helping domestic producers.

The Macro Hedge and How to Play It Dreyfus layers a currency-debasement argument on top of the physical thesis, citing $40 trillion in federal debt growing at $2.5 trillion per year. He argues hard assets are the natural hedge, just as commodities were the best-performing asset class of the 1970s. M2 money supply data lends some empirical weight to the backdrop: the Federal Reserve’s latest reading puts M2 at $22.80 trillion as of April 1, 2026, sitting in the 90.9th percentile historically.

Dreyfus spoke at the commodity level rather than naming individual stocks. The available US-listed vehicles for this thesis include Freeport-McMoRan (NYSE:FCX | FCX Price Prediction), which CEO Kathleen Quirk has positioned as “America’s Copper Champion,” with a market cap near $91.9 billion and a forward earnings multiple of 23x. Freeport’s 53.53% one-year gain already reflects part of the move. For direct futures exposure, the United States Copper Index Fund (NYSEARCA:CPER) carries a 1.06% expense ratio on $456.4 million in net assets and is up 25.81% over the past year. Freeport’s Q1 2026 8-K details a realized copper price that has risen sharply year over year.

Key Takeaways on Copper Dreyfus’ copper thesis is ultimately a supply-and-demand story: the world will likely need far more copper than current mines can realistically deliver, and new supply is slow to come online. If global economic growth, electrification, and infrastructure spending continue as expected, copper prices could face sustained upward pressure for years. Investors should remember, however, that commodity markets are cyclical, demand forecasts can prove too optimistic, and new supply may emerge faster than expected. The long-term bull case is compelling, but the path is unlikely to be smooth.

On June 11, 2026, Freeport-McMoRan Inc FCX shares rose 6.9%, bringing the current price to $66.34. This move comes amidst a 52-week range of $35.15 to $72.09, reflecting a significant year-to-date increase of 31.2% and a remarkable one-year gain of 63.6%.

GF Value™ verdict: Current price is $66.34, which is 39.6% above the GF Value™ of $47.53, indicating overvaluation.GF Score™ of 89/100, suggesting a strong overall performance based on key financial metrics.No insider transactions reported in the last 3 months, indicating stability in insider sentiment. Is FCX Overvalued or Undervalued? The current share price of Freeport-McMoRan Inc FCX stands at $66.34, which is significantly above the GF Value™ of $47.53. This valuation gap indicates that the stock is 39.6% overvalued according to GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Such overvaluation presents a risk for potential investors, as there may be limited upside if market conditions shift or earnings do not meet expectations.

The GF Valuation label classifies FCX as "Significantly Overvalued," which aligns with the current price exceeding the calculated intrinsic value. This suggests that the stock may not provide a favorable risk-reward scenario at its current levels, implying that investors could face losses if the price corrects towards its intrinsic value.

How Does FCX's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 35.3x 28.0x Forward P/E 25.9x N/A Freeport-McMoRan's current P/E ratio of 35.3x is significantly above its 5-year median P/E of 28.0x, reflecting a 26% premium. The forward P/E of 25.9x offers a slightly more favorable valuation perspective but still indicates that the stock trades at a premium compared to its historical averages. This analysis supports the GF Value™ verdict of overvaluation, as the high P/E ratios suggest that investors are currently paying more for earnings than they have historically.

What Does FCX's GF Score™ Tell Us? Metric Rating GF Score™ 89/100 Financial Strength 6/10 Profitability 8/10 Growth 9/10 Valuation 5/10 Momentum 9/10 The GF Score™ of 89/100 indicates a strong performance across various metrics. Freeport-McMoRan excels in Growth (9/10) and Momentum (9/10), reflecting its capacity for future earnings expansion and positive price performance. However, the Financial Strength score of 6/10 and Valuation score of 5/10 suggest areas of concern regarding the overall financial health and current pricing levels. This profile highlights that while the company has strong growth potential, its current valuation may not be justified given the financial metrics.

What Are Insiders Doing with FCX Stock? There have been no insider transactions reported for Freeport-McMoRan in the last three months. This lack of activity suggests a period of stability in insider sentiment, with no signs of confidence or concern being expressed through buying or selling of shares. Investors might interpret this as insiders having no immediate plans to alter their positions, which can signify a steady outlook from those closest to the company's operations.

What This Means for Investors Based on the GF Value™ assessment, Freeport-McMoRan Inc FCX is currently overvalued at a price of $66.34 compared to the intrinsic value of $47.53. Investors should be cautious, as the significant premium over fair value presents considerable risk should market conditions change or earnings fail to meet elevated expectations.

For the complete analysis, visit the Freeport-McMoRan Inc FCX stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is FCX's GF Score™?

FCX's GF Score™ is 89/100, indicating a strong overall performance compared to other stocks based on key financial metrics.

Is FCX overvalued or undervalued?

FCX is considered overvalued, with a current price of $66.34 being 39.6% above the GF Value™ of $47.53.

What is FCX's P/E ratio?

FCX's P/E ratio is 35.3x, which is significantly above its 5-year median of 28.0x, indicating a premium valuation compared to its historical performance.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

In the latest trading session, Southern Copper (SCCO - Free Report) closed at $190.76, marking a -1.83% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 0.24% for the day. Meanwhile, the Dow experienced a drop of 0.01%, and the technology-dominated Nasdaq saw a decrease of 0.26%.

Shares of the miner witnessed a gain of 27.25% over the previous month, beating the performance of the Basic Materials sector with its gain of 6.38%, and the S&P 500's gain of 6.42%.

Investors will be eagerly watching for the performance of Southern Copper in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $1.77, marking a 48.74% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $4.26 billion, up 36.33% from the prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $6.79 per share and revenue of $15.51 billion, indicating changes of +29.58% and +15.6%, respectively, compared to the previous year.

Investors should also take note of any recent adjustments to analyst estimates for Southern Copper. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 3.31% higher. Southern Copper currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Southern Copper is presently being traded at a Forward P/E ratio of 28.63. This expresses a premium compared to the average Forward P/E of 28.07 of its industry.

Investors should also note that SCCO has a PEG ratio of 1.96 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. SCCO's industry had an average PEG ratio of 1.51 as of yesterday's close.

The Mining - Non Ferrous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 156, placing it within the bottom 37% of over 250 industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.