, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, announced the launch of Nasdaq CME Crypto Index futures.
At expiration, these contracts are financially settled to the value of the Nasdaq CME Crypto Settlement Price Index, which measures the performance of the largest and most actively traded cryptocurrencies. As of June 9 the index includes bitcoin and bitcoin cash, ether, SOL, XRP, ADA, LINK, and lumens.
"With trading now officially underway, our new Nasdaq CME Crypto Index futures represent a major milestone in the expansion of our regulated digital asset marketplace," said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. "In today's volatile markets, investors are increasingly seeking diversified exposure to the cryptocurrency ecosystem while retaining the capital efficiencies and transparency of a regulated futures marketplace. These contracts give clients a cost-efficient tool to hedge their risk or directly pursue broad-based crypto opportunities."
"As investor participation in digital assets continues to grow, so does demand for benchmarks built with the same governance and transparency expected in other asset classes," said Sean Wasserman, Head of Index Product Management at Nasdaq. "Futures linked to the index are a natural extension of how index-based frameworks support market development."
"The launch of NCI futures is another sign of crypto's maturation and its ongoing intersection with traditional financial market infrastructure," said Mick McLaughlin, U.S. Chief Executive Officer and Head of Global Distribution, Hashdex Asset Management. "Since 2018, our goal has been to provide investors institutional-quality access to digital assets in the same way they access other asset classes. Today's announcement advances our vision, and represents a meaningful step in allowing investors and advisors to proactively manage and hedge crypto portfolios through a regulated and index-oriented approach.
Nasdaq CME Crypto Index futures are listed on and subject to the rules of CME. For more information on these products, please visit https://www.cmegroup.com/nasdaqcrypto.
About CME Group
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
, /PRNewswire/ -- CME Group Inc. will announce earnings for the second quarter of 2026 before the markets open on Wednesday, July 22, 2026. Written highlights for the quarter will be posted on the company's website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts' questions.
A live audio Webcast of the conference call will be available on the Investor Relations section of the company's website. Following the conference call, an archived recording will be available at the same site. Those wishing to listen to the live conference via telephone should dial 877-918-3040 if calling from within the United States, or +1 312-470-7282 if calling from outside the United States, at least 10 minutes before the call begins. The participant passcode for both telephone numbers is 1944793.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
Serving as the Federal Reserve Chair isn't easy. Kevin Warsh is already finding that out. And he hasn't even chaired his first Federal Open Markets Committee (FOMC) meeting yet.
Actually, Warsh's job just got much harder. The U.S. Bureau of Labor Statistics released its May employment numbers last week. Nonfarm payrolls rose to a seasonally adjusted 172,000, more than doubling the Dow Jones (the company, not the stock index) consensus estimate of 80,000.
This blowout jobs report makes it very difficult for Warsh to cut interest rates. Instead, it boosts the chances that a rate increase will be needed. An eventual showdown between the new Fed chair and President Trump now appears to be in motion.
Image source: Official White House Photo by Daniel Torok.
Putting the jobs numbers in context Why would positive employment numbers make Warsh's job harder? Warsh would probably love to cut interest rates and make the president happy. However, like all Fed chairs, he must balance the Federal Reserve's dual mandate of maximizing employment and stabilizing prices.
When job numbers are weak, the Fed can justify lowering interest rates to stimulate the economy. But it can only do so when inflation is also under control, since a booming economy tends to drive inflation higher. Unfortunately for Warsh, the exact opposite of these two scenarios is currently unfolding.
Employment remains strong overall. Granted, job gains were heavily concentrated in two areas. Leisure and hospitality added 70,000 jobs in May, while local governments added 55,000 jobs. However, the Warsh-led Fed won't find much support for rate cuts in the latest data.
Meanwhile, inflation continues to rise. The Consumer Price Index (CPI) for April was 3.8%, well above the 2% level the Fed has historically targeted. The May inflation numbers are scheduled to be released on June 10 (after this article was written and published). If the CPI stays close to 3.8% or rises further, the pressure on Warsh to forgo near-term rate cuts will be intense.
CME Group's (CME +2.80%) FedWatch now projects a 98.2% chance that the FOMC will leave rates unchanged at the meeting next week. Furthermore, FedWatch estimates that the odds of a rate increase rise steadily throughout the rest of this year and into early 2027, topping 80% by March of next year.
President Trump has made it clear that he wants rate cuts. He repeatedly criticized Warsh's predecessor, Jerome Powell, for not lowering rates quickly enough. The president stated at a rally just hours after Warsh was sworn in that everyone will "be very, very happy" if interest rates come down.
Did the strong May jobs report make President Trump more open to the possibility that rate increases may be necessary? Nope. He said in an interview with NBC's Meet the Press, "Nowadays when you have good reports, the market goes down because they think they're going to raise interest rates. There's no reason to raise interest rates."
The president also doubled down on his view about rate cuts, stating, "We should actually lower interest rates." He said, "Growth does not cause inflation."
NBC's Kristen Welker asked Trump if he would be upset if the Fed raises rates. He replied, "I'm-- I'm-- living with Kevin. I have a lot of respect for him, but my feeling is that when a country is doing well, they shouldn't be penalized by immediately raising interest rates."
However, Warsh could quickly find himself the object of Trump's ire just as Powell did if he doesn't go along with the president's wishes. And his desire to dramatically shrink the Fed's balance sheet could push interest rates higher regardless of the FOMC's actions.
Between a rock and a hard place Warsh could advocate for cutting rates at the FOMC meeting next week. If he does so, though, he would go against the views of most economists, given persistent high inflation and better-than-expected employment numbers. He would also almost certainly be outvoted by other FOMC members.
A push for rate cuts would also likely be viewed as a capitulation to the president. Warsh probably doesn't want to be seen as weakening the Fed's political independence in his first FOMC meeting as chair.
On the other hand, President Trump doesn't pull any punches in verbally attacking those who oppose his agenda. Warsh's honeymoon period with the president could come to a grinding halt.
Maybe Warsh can avoid a near-term clash with the president by supporting leaving rates unchanged for now while giving lip service to potential rate cuts in the future. But if inflation remains high and the jobs numbers remain strong, Warsh will either face a showdown with the man who nominated him to his position or lose credibility with Wall Street.
Any way you look at it, the new Fed chair is caught between a rock and a hard place. Investors should be prepared for stock market volatility.
Key Takeaways BGC Group's Q1 2026 revenue hit a record $955.5M, up 43.8% year over year.Fenics posted a Q1 record $206.9M, up 19.8%, with Markets lifted by higher e-volumes and data.FMX: Treasury ADV hit $89.7B ( 51%), share rose to 41%, and SOFR futures ADV topped 39k contracts. BGC Group, Inc. (BGC - Free Report) is pushing harder into electronic execution and platform-led services while still leaning on its legacy brokerage engine. That mix shift is starting to show up in growth rates and key performance indicators, even if the revenue base remains dominated by transactions.
Two pillars stand out. Fenics is scaling as BGC Group’s technology-driven suite for fully electronic markets and related services. FMX is expanding its footprint across U.S. rates and foreign exchange, supported by major banks and market makers.
BGC Group Revenue Mix Is Still Broker-DrivenBGC Group operates as a wholesale markets intermediary, brokering and executing transactions across rates, foreign exchange, credit, equities, energy and commodities, and futures and options. Its platform spans voice, hybrid, and fully electronic execution, alongside market data and analytics, connectivity and network services, and post-trade solutions.
Even with growing electronic exposure, the revenue mix remains broker-driven. In 2025, total revenues were $2.94 billion, and brokerage revenues made up about 91.7% of the total. Data, software, and post-trade revenues were 4.7%, with the remainder coming from smaller lines such as interest and dividend income, fees from related parties, and other revenues.
Sales Estimates
Image Source: Zacks Investment Research
BGC Group’s Electronic Pivot Starts With FenicsFenics is the technology-driven suite that underpins fully electronic execution and also provides market data, network, and post-trade services. It is the clearest expression of BGC’s push toward a more electronic, higher-margin model.
Momentum has been consistent. Fenics revenues have expanded at a double-digit pace for four consecutive quarters, supported by steady market-share gains and broader product adoption. That pattern matters because it suggests the company is not relying on a single burst of volatility, but is seeing sustained adoption as clients deepen usage across electronic workflows.
BGC Platforms Show Scale Signals in Q1 2026The first quarter of 2026 offered a clean snapshot of what the mix shift looks like when trading conditions are supportive. BGC Group posted record quarterly revenues of $955.5 million, up 43.8% year over year, while adjusted earnings per share rose 41.4% to 41 cents.
Electronic momentum was visible inside Fenics. Fenics revenues reached a first-quarter record of $206.9 million, up 19.8% year over year. Within that, Fenics Markets rose 20.3% to $176.7 million, tied to higher electronic volumes in Rates, Credit, and Foreign Exchange, plus increased market data revenues. Fenics Growth Platforms increased 17.4% to $30.2 million, led by FMX, PortfolioMatch, and Lucera.
For context, BGC Group’s competitive set includes other market-structure franchises such as CME Group Inc. (CME - Free Report) and Tradeweb Markets Inc. (TW - Free Report) . This shows how scale and liquidity can become durable advantages when electronic volumes compound.
BGC Group’s FMX Is Broadening Beyond TreasuriesFMX, created with leading banks and market makers, spans a U.S. interest rate futures exchange, a cash U.S. Treasuries platform, and a spot foreign exchange venue. The timeline highlights a deliberate build-out: FMX received Commodity Futures Trading Commission approval in January 2024, launched Secured Overnight Financing Rate (SOFR) futures in September 2024, and added U.S. Treasury futures in May 2025.
In the first quarter, FMX posted record key performance indicators across products. U.S. Treasuries' average daily volume (ADV) reached $89.7 billion, up 51% year over year, and first-quarter market share improved to 41%. Activity in foreign exchange also hit a first-quarter record, and the futures offering showed accelerating engagement, with SOFR futures ADV exceeding 39,000 contracts and quarter-end open interest around 143,000 contracts.
Broader product breadth matters because it can keep the platform relevant as market volumes normalize. With multiple venues and expanding connectivity, FMX’s adoption can be supported by more than one rate or volatility cycle.
BGC Group’s Key Tension: Scale Benefits vs. Mix RealityThe bullish case rests on operating leverage as the platforms scale. Management has also expanded its cost-reduction program to $35 million in annualized savings, targeting compensation and infrastructure, which can support margin expansion if growth holds.
The counterweight is that the revenue mix is still anchored in brokerage. In the first quarter of 2026, Data, Network and Post-trade revenues were only 3.6% of total revenues, compared with nearly 94% from total brokerage. Until higher-quality platform revenues become a larger share, results can remain sensitive to transaction volumes and market conditions.
Over the past six months, BGC shares have soared 22.4%, outperforming the industry’s gain of 1.8%. The stock has also fared better than CME Group and Tradeweb Markets in the same time frame.
Six-Month Price Performance
Image Source: Zacks Investment Research
BGC currently carries a Zacks Rank #3 (Hold), reflecting that investors are weighing real platform progress against the reality that the mix shift is still in its early innings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, along with Morningstar, a leading provider of independent investment insights, today announced that they have entered into a multi-year licensing agreement for CME Group to launch derivatives products based on key Morningstar equity index benchmarks, including the Morningstar US Total Market, Large Cap, Large Cap Value, Large Cap Growth, Mid Cap, and Small Cap Indexes.
Through this exclusive agreement, CME Group will offer derivatives on the Morningstar Market Indexes, currently rebranding from CRSP, for the first time, enabling clients to utilize derivatives based on the indexes which underpin over $3 trillion in linked assets.
"We are pleased to partner with Morningstar to help unlock more precise, next-generation risk management tools for the global investment community," said Tim McCourt, CME Group Senior Managing Director and Global Head of Equities, FX and Alternative Products. "Together, CME Group's deeply liquid equity derivatives marketplace paired with Morningstar's data-driven, benchmark ecosystem is expected to allow us to provide our global clients with an optimized framework to safely navigate market volatility and capture new opportunities."
"We're excited to collaborate with CME Group to offer derivative products for the first time on the Morningstar Market Indexes, the most definitive and comprehensive measures of the US equity market," added Morningstar Indexes President Amelia Furr. "With our acquisition of CRSP earlier this year, we have become a leading provider of U.S. equity benchmarks, and the new relationship with CME Group will accelerate our growth even further. Most exciting, we expect to open new doors and bring our high-quality equity indexes to an entirely new segment of the global investment marketplace."
About CME Group
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "aim," "committed," "consider," "estimate," "future," "goal," "is designed to," "maintain," "may," "might," "objective," "ongoing," "could," "expect," "intend," "plan," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "strive," "will," "would," "determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. These risks and uncertainties include, among others, failing to achieve the anticipated benefits of the licensing agreement between CME Group and Morningstar. If any of these risks and uncertainties materialize, actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information, future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our future filings with the SEC on Forms 10-K, 10-Q, and 8-K. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction.
About Morningstar Indexes
Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. In February 2026, the acquisition of CRSP brought the CRSP Market Indexes – benchmarks for over $3 trillion in US equities – into the Morningstar Indexes family. Additionally, CRSP's Research Data Products, renowned for their academic rigor, historical depth and accuracy, further enhances Morningstar's equity benchmark and data capabilities. This powerful combination unites two trusted sources of market insight, reinforcing a shared commitment to transparency, quality and investor-focused solutions. Please visit indexes.morningstar.com for more information.
, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that it will launch financially-settled Micro E-mini S&P 500 and Nasdaq-100 options on June 29, pending regulatory review.
These new Micro options contracts will be one-tenth the size of their E-mini counterparts with short-dated Monday through Friday expiries. In addition, the contracts will be financially settled, eliminating the additional operational processes tied to underlying futures delivery at expiration.
"The expansion of our deeply liquid equity index options suite directly answers client demand for more versatile, accessible risk management and market access tools," said Joe Hickey, Global Head of Equity Products at CME Group. "By combining a smaller contract size with the operational simplicity of financial settlement, we are providing traders with the capital-efficient and flexible toolset they need to manage benchmark U.S. equity index exposure with absolute precision."
Micro E-mini S&P 500 and Nasdaq-100 options build upon the success of CME Group's existing Micro E-mini Equity Index suite, which has surpassed more than 2.6 billion cumulative contracts traded since its inception, including over 1 billion contracts each for S&P 500 and Nasdaq-100 Micro E-mini products.
These products will be listed on and subject to the rules of CME. For more information, please visit www.cmegroup.com/microeminioptions.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
New platform debuts with more than 225 lectures, 130 hours of educational content, and plans for a comprehensive cancer education curriculum
WASHINGTON--(BUSINESS WIRE)--The Independent Medical Alliance (IMA) today announced the official launch of IMA Academy, a new medical education platform designed to provide healthcare professionals with expert-led, evidence-first education that is independent, transparent, and free from institutional and commercial influence.
"Medical education should challenge assumptions, encourage scientific inquiry, and equip physicians to better serve their patients," said Dr. Joseph Varon, President and Chief Medical Officer of the Independent Medical Alliance.
Share Available at academy.imahealth.org, IMA Academy represents a major milestone in the organization's mission to restore trust in medicine by expanding access to high-quality continuing medical education (CME) grounded in scientific rigor and real-world patient care.
The platform launches with a vast collection of independent medical education content, featuring more than 225 lectures, 130 hours of educational programming, and 56 physician faculty and subject matter experts spanning dozens of specialties.
"Medical education should challenge assumptions, encourage scientific inquiry, and equip physicians to better serve their patients," said Dr. Joseph Varon, President and Chief Medical Officer of the Independent Medical Alliance. "IMA Academy was created to give healthcare professionals access to expert-led education that is evidence-based, intellectually honest, and free from the conflicts that too often influence traditional medical education. We believe physicians deserve more opportunities to learn from experienced clinicians working on the front lines of patient care."
A New Model for Independent Medical Education
IMA Academy combines accredited CME opportunities with open-access learning, allowing physicians, healthcare professionals, and members of the public to access educational content on their own schedule.
The new IMA Academy offers:
Expert-led education from practicing physicians, researchers, and clinicians Open-access enrollment with no subscription required Accredited CME opportunities on select courses Mobile and desktop access with personalized learning dashboards Content driven by practicing clinicians, real-world clinical practice and emerging science Healthcare professionals may purchase CME accreditation for eligible courses, while all educational content remains available for open-access viewing through a suggested donation model that supports IMA's ongoing educational mission.
Launching with IMA's 2026 Medical Education Conference
The platform debuts with the complete 2026 IMA Medical Education Conference: Emerging Trends in Medicine, featuring fifteen on-demand lectures and offering up to 12 CME credits. Retail cost for this course is $249 but IMA Academy is offering an introductory launch rate of $199.
Captured live in Texas this year at IMA's annual conference, this course explores emerging research, innovative clinical approaches, and the latest developments across multiple medical disciplines.
Building a Comprehensive Educational Library
The launch of IMA Academy brings together five years of educational content with 56 expert lecturers including IMA leadership and Senior Fellows, previously housed across multiple formats and platforms, all consolidated in one place.
Current offerings include:
81 conference lectures spanning five years of IMA conferences 144 additional educational presentations and specialty programs 17 Kids Corner lectures hosted by Dr. Elizabeth Mumper focused on children's health and parental education 40 Whole Body Health lectures with Dr. JP Saleeby 87 Long Story Short lectures with Dr. Mobeen Syed covering Long COVID, vaccine injury, and emerging medical research In total, the Academy now offers:
225 educational lectures 130 hours of content 56 expert faculty members Expanding Educational Opportunities in 2026
IMA Academy's launch marks the beginning of a broader educational expansion initiative.
Among the programs currently in development is the Academy's first specialty curriculum, a comprehensive Cancer Care Course expected to launch later this year.
The course will feature approximately 10-12 lessons designed to help healthcare professionals better understand emerging research, integrative and functional approaches, diagnostics, treatment strategies, and patient-centered cancer care.
Future specialty tracks and educational programs are also planned as part of IMA's ongoing commitment to supporting physicians, healthcare professionals, and patients with accessible, independent medical education.
Learn from Physicians, Not Institutions
IMA Academy reflects the organization's belief that some of the most valuable medical education comes directly from experienced clinicians caring for patients every day.
"Our faculty are active physicians, pathologists, researchers, and healthcare professionals teaching from decades of real-world experience," said Dr. Varon. "The goal is simple: provide meaningful education that helps clinicians think critically, stay informed, and improve patient outcomes."
To explore courses and learn more, visit academy.imahealth.org.
About IMA Academy
IMA Academy is the educational platform of the Independent Medical Alliance, providing expert-led courses, conferences, CME opportunities, and open-access learning resources for healthcare professionals and the public. The Academy is dedicated to advancing independent medical education through evidence-based instruction, scientific inquiry, and clinical excellence.
About the Independent Medical Alliance (IMA)
Formerly the Front Line COVID-19 Critical Care Alliance, the Independent Medical Alliance™ is a nonprofit, 501(c)(3) organization that has grown into America’s leading organization of frontline doctors, healthcare providers, and researchers advocating for full reform of government healthcare agencies, including transparency on conflicts of interest, pricing and payments, drug and vaccine injuries, and other essential reforms to restore trust in healthcare agencies. IMA is committed to restoring trust, transparency, and integrity in healthcare through Honest Medicine™. IMA advocates for evidence-based medicine, informed consent, physician autonomy, and patient-centered care. Learn more at IMAHealth.org.
, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced it will expand its benchmark suite of Equity Index futures with the launch of four new E-mini contracts, pending regulatory review.
Starting June 29, these new products will enable market participants to trade futures on broad market indices covering more than 90% of the entire U.S. investable market capitalization. New contracts include:
E-mini Morningstar U.S. Total Market Index futures E-mini Russell 3000® Index Futures E-mini S&P 1500 Composite Index Futures E-mini S&P Total Market Index Futures "These new E-mini futures contracts expand our benchmark equity index ecosystem to meet growing client demand for unified, all-cap risk management tools," said Joe Hickey, Global Head of Equity Products at CME Group. "In any market conditions, choosing the right index is essential, and these contracts will deliver the precision and capital efficiency investors need to seamlessly gain exposure to and hedge U.S. equity portfolios."
"We're so excited to see CME Group kick off our new multi-year index-based derivatives licensing agreement by offering futures contracts on the Morningstar US Total Market Index," said Amelia Furr, President of Morningstar Indexes. "With our acquisition of the CRSP Market Indexes earlier this year and our upcoming rebrand of this series to reflect the Morningstar name, we are proud to open our high-quality equity indexes to an entirely new segment of the global investment marketplace. CME Group clients will now have access to the most definitive and complete measure of the U.S. equity market and an index which currently underpins about $2 trillion in assets including the world's largest mutual fund."
"Transparent, broad market benchmarks play an important role in helping market participants measure and access the U.S. equity market," said Robby Ross, Chief Commercial Officer at S&P Dow Jones Indices. "We are pleased to work with CME Group as they prepare to introduce futures products in support of indices that underlie diversified, broad-market investment strategies, including contracts based on the S&P Composite 1500 and S&P Total Market Index. This collaboration underscores S&P DJI's continued commitment to supporting innovative, index-based solutions across the investment ecosystem."
"The launch of E-mini futures on the Russell 3000 builds on the strength of our broad market benchmarks, which are designed to reflect the depth and diversity of the U.S. equity landscape," said Shawn Creighton, Director of Index Derivatives Solutions at FTSE Russell. "Working with CME Group to extend these indices into the derivatives market supports investor demand for efficient, scalable tools to manage exposure across the full market spectrum and reinforces the role of transparent, rules-based indices in modern portfolio construction."
These products will be listed on and subject to the rules of CME. For more information, please visit www.cmegroup.com/eminiexpansion.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
New 10-Barrel WTI Crude Oil contract allows for more precise hedging and expanded market access 24/7 gold will provide always-on access for continuous price discovery , /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that it will offer 24/7 trading for new, smaller-sized crude oil and gold contracts, pending regulatory review.
The new oil contract will be 1/10th the size of CME Group's existing Micro WTI futures and will launch on August 30. 24/7 trading for the company's existing 1-Ounce Gold futures will begin on July 26.
"Traders are increasingly looking to diversify their portfolios across commodity markets in the face of geopolitical uncertainty," said Derek Sammann, CME Group Senior Managing Director and Global Head of Commodities Markets. "Our new WTI and Gold futures provide regulated products that are right-sized and available 24/7, ensuring traders can manage exposure whenever news breaks."
WTI is the global benchmark for price discovery and risk management for crude oil. In the first quarter of 2026, WTI Crude Oil options reached a record ADV of 320,000 contracts. In addition, Micro WTI Crude Oil futures ADV reached 272,000 contracts in May, which was a 317% increase compared to May 2025.
CME Group offers the world's leading benchmark futures contract for gold, with $100 billion notional traded each day in 2025. CME Group's new, cash settled 1-Ounce Gold futures contract launched in January 2025, with 90,000 contracts ADV traded in 2026.
The 10-Barrel WTI contract will be cash-settled, and it will be listed on and subject to the rules of NYMEX. To learn more, visit here.
1-Ounce Gold is also cash-settled and is listed and subject to the rules of COMEX. To learn more, visit here.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
(Kitco News) - Geopolitical uncertainty doesn’t take the weekend off, and neither will gold and oil futures as the CME prepares to launch 24/7 trading.
The world’s largest derivatives exchange announced Thursday evening that it would launch a smaller oil futures contract that will trade through the weekend, along with its relatively new one-ounce gold contract.
The shift to 24/7 trading comes as both gold and oil have seen extreme volatility during the Asian market open on Sundays. This is the first opportunity traders have as they react to events and news announced during the weekend. Specifically, the uncertainty surrounding peace agreements in the Iran War can create significant volatility at the market open.
Because futures markets are closed from Friday evening to Sunday evening, some traders have turned to cryptocurrency markets and the use of gold-backed tokens to hedge some of the weekend market risks.
"Traders are increasingly looking to diversify their portfolios across commodity markets in the face of geopolitical uncertainty," said Derek Sammann, CME Group Senior Managing Director and Global Head of Commodities Markets. "Our new WTI and Gold futures provide regulated products that are right-sized and available 24/7, ensuring traders can manage exposure whenever news breaks."
The new smaller WTI crude oil futures will be 1/10th the size of CME Group's existing Micro WTI futures. The CME added that the 10-Barrel WTI contract will be cash-settled.
The CME launched its one-ounce gold futures contract in January 2025, and the smaller size was specifically targeted toward retail traders. The exchange said that it has seen solid activity in its smallest gold contract so far this year, with a daily average volume of about 90,000 contracts.
The one-ounce contract is also cash-settled.
Gold futures will start trading through the weekend on July 26 and oil futures will start trading 24/7 on August 30.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Key Takeaways CME plans to launch four new E-mini futures tied to major U.S. equity market benchmarks.The contracts will cover more than 90% of investable U.S. market capitalization.CME is expanding its derivatives ecosystem through partnerships with Morningstar, S&P and FTSE Russell. CME Group (CME - Free Report) recently unveiled four new E-mini contracts in a bid to broaden its benchmark suite of Equity Index Futures. The products are scheduled to launch on June 29, pending regulatory approval.
The new offerings include E-mini Morningstar U.S. Total Market Index futures, E-mini Russell 3000 Index futures, E-mini S&P 1500 Composite Index futures, and E-mini S&P Total Market Index futures. These contracts will provide market participants an opportunity to trade futures on broad market indices covering more than 90% of the investable U.S. investable market capitalization, enabling broad exposure, efficient portfolio hedging and risk management.
The launch is supported by collaborations with Morningstar Indexes, S&P Dow Jones Indices and FTSE Russell, expanding CME Group’s index-based derivatives ecosystem. The new contracts are intended to address growing client demand for unified, all-cap risk management tools. By introducing futures linked to widely followed broad-market benchmarks, the company aims to provide investors with greater precision and capital efficiency in managing all-cap U.S. equity portfolios.
The move underscores the company’s strategy to strengthen its equity index ecosystem and address growing demand for broad-market risk management tools. The expansion aligns with increasing demand for diversified and transparent investment solutions while reinforcing the company’s competitive position in the global equity derivatives market.
How Are Competitors Faring?Peers like Cboe Global Markets, Inc. (CBOE - Free Report) and Intercontinental Exchange, Inc. (ICE - Free Report) are also expanding their equity-index derivatives offerings.
Cboe has been broadening its index derivatives portfolio. In May 2026, the company introduced daily expiries for Dow Jones Industrial Average options and earlier launched the S&P 500 Equal Weight Index, providing investors with greater flexibility for short-term hedging and access to diversified market exposure.
ICE continues to strengthen its equity derivatives business through partnerships with MSCI and FTSE. ICE launched MSCI equity index futures on ICE Futures Abu Dhabi and currently offers more than 90 MSCI index futures spanning global and sector benchmarks, reflecting its focus on providing diversified tools for managing equity exposure.
CME’s Price Performance, Valuation & EstimatesShares of CME have lost 3.2% over the past year compared with the industry’s decline of 12.7%.
Image Source: Zacks Investment Research
From a valuation standpoint, CME Group trades at a forward price-to-earnings ratio of 20.96X, higher than the industry average of 19.73X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CME Group’s 2026 EPS and revenues indicates a year-over-year increase of 9.6% and 8.1%, respectively.
The consensus estimate for 2027 EPS and revenues indicates an increase of 4.3% and 4.7%, respectively, from the corresponding 2026 estimates
The Zacks Consensus Estimate for 2026 and 2027 earnings has moved north 1.2% and 1%, respectively, over the past 60 days.
Image Source: Zacks Investment Research
CME currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
New solution delivers advanced fraud risk scoring, property data reports and automated condition clearing directly within the loan origination workflow
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced the launch of ICE Fraud Monitor, a robust mortgage fraud and property research solution designed to help lenders reduce risk and expedite underwriting.
Integrated directly with Encompass®, ICE’s loan origination system (LOS), Fraud Monitor centralizes fraud risk scoring and property risk data in a user-friendly dashboard, reducing the need for underwriters to navigate between multiple vendor portals. Underwriters can click on fraud categories to view underlying data sources and supporting reports, making it easier to investigate potential issues. The solution’s configurable, exception-based automation can clear conditions and update Encompass, helping to streamline the review process.
“Fraud reviews are often fragmented and highly manual, creating bottlenecks in the underwriting process and contributing to condition fatigue among lenders,” said Bob Hart, President of Mortgage Technology at ICE. “Fraud Monitor helps simplify that process by bringing fraud detection, condition management and supporting documentation into a unified workflow within Encompass. By automating portions of the review process and giving underwriters faster access to detailed reports, they can identify and resolve potential fraud risks more efficiently while keeping loans moving through the pipeline.”
Fraud Monitor incorporates configurable risk scoring and ongoing monitoring capabilities that allow lenders to tailor workflows based on their internal risk management and compliance policies. The solution integrates data from ICE SiteXPro property records, credit and employment validation sources, exclusionary lists and watchlists, and other third-party fraud and verification tools to provide lenders with a more comprehensive view of potential risk indicators. The solution also maintains a full audit trail with automated recordkeeping, user-level permissions, time-stamped condition clearances and compliance-ready reporting.
To learn more about Fraud Monitor, visit: https://mortgagetech.ice.com/products/fraud-monitor.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Shares of exchange stocks are tumbling after the regulatory approval of perpetual futures for bitcoin ignited concerns that a new wave of trading products could pose an existential threat for Wall Street.
CME Group, known for its derivatives and futures trading platforms, dropped more than 2% in Tuesday's session. The stock is down more than 8% over the last two days and is poised to record its biggest weekly drop since 2020.
Cboe Global Markets, an exchange and derivatives network, plunged more than 8% in Tuesday trading. That brought its losses for this week to more than 17%, also pacing for its largest weekly decline going back to 2020.
CME Group, 5 days
New York Stock Exchange parent Intercontinental Exchange slid more than 1% on Tuesday and is down more than 3% for the week. Nasdaq shares tumbled more than 5% in the session, dragging the stock into the red week to date.
The Commodity Futures Trading Commission last week approved perpetual futures — a type of future-style contract with no expiration date — for bitcoin trading on Kalshi. This tool, known in short as "perps," is popular among retail traders abroad.
Investors are worried that the CFTC could give the green light to other asset classes to trade via perpetual futures next. That could increase competition for the traditional exchanges that have long dominated on Wall Street.
Cboe, 5 days
The "concern is that perps could come to equity products, and potentially displace CME/CBOE S&P products," Barclays analyst Ben Budish told clients in a Tuesday note.
'Shooting first'Budish said perpetual futures could provide a competitive challenge to certain products that target retail investors. But the analyst said there's already comparable offerings in the U.S. that haven't meaningfully changed how retail investors trade so far.
Despite the recent pullback, RBC analyst Ashish Sabadra said the competitive risk can be managed because there are "fundamental" differences between perpetual future mechanisms and those offered by exchanges. Sabadra said perpetual futures may face leverage limits from clearing houses as a way to mitigate risk and that there's limited institutional interest.
In other words: Investors are "shooting first and asking questions later," said Jay Woods, chief market strategist at Freedom Capital Markets.
"There [may be] merit on the news for a minor setback," Woods said. "But this seems like a major overreaction to me."
Perpetual futures aren't the only challenge facing exchange providers in the eyes of traders, according to David Krakauer, vice president of portfolio management at Mercer Advisors.
Investors are worried that financial technology companies and other platforms could begin offering products that rival those from traditional exchanges, Krakauer said. What's more, he said stakeholders in these stocks are wondering if the rise of prediction markets will draw attention away from conventional asset classes.
watch now
Growing interestKalshi CEO Tarek Mansour assuaged investors' worries, saying that the prediction market platform is aiming to win approval for and then build out perpetual futures offerings that go beyond solely bitcoin.
"Kalshi is starting with perpetual futures on bitcoin, and then we're going to expand from there," Mansour said Monday on CNBC's "Squawk on the Street."
Perps see more than $90 trillion in volume annually, making it "one of the largest asset classes on the planet today," Mansour said. That's without participation from U.S. investors due to regulatory roadblocks, despite interest in the products, he added.
"The demand has been very clear for a few years in America," Mansour said. "People want it here. Institutions want it here."
To be sure, Piper Sandler analyst Patrick Moley told clients in a note last month that Hyperliquid's perpetual futures platform Trade[XYZ] isn't yet taking significant market share from legacy operators. For instance, Trade[XYZ]'s volume equates to less than 1% of what's seen in products tied to the S&P 500 and oil from the Intercontinental Exchange and CME, the bank found.
Robinhood CEO Vlad Tenev said the potential to bring perps to the U.S. is "very attractive" in an interview with CNBC's "Squawk on the Street" on Tuesday.
Tenev said American traders should be able to use perpetual futures without going through unregulated platforms that are accessed by virtual private networks, also known as VPNs. U.S. crypto investors have been known for years to trade perpetual futures for bitcoin through offshore accounts.
— CNBC's Davis Giangiulio, Sean Conlon and Tanaya Macheel contributed to this report.
Shares of major US exchange operators extended their decline on Tuesday as investors assessed the potential impact of newly approved cryptocurrency perpetual futures contracts.
Analysts say the move could reshape competition across derivatives markets and create new challenges for established exchange operators.
The selloff followed the Commodity Futures Trading Commission's decision to clear the way for regulated crypto platforms to offer Bitcoin perpetual futures in the United States.
The approval marks the first time US investors will have access to perpetual crypto futures through domestic, regulated exchanges.
Cboe Global Markets led the declines, falling about 9%, while CME Group and Intercontinental Exchange ICE each lost roughly 4%.
The move has sparked concerns that perpetual futures, commonly known as "perps," could eventually expand beyond cryptocurrencies into other asset classes, increasing competition for established exchange operators.
Perpetual futures are derivative contracts that do not have a traditional expiration date.
The products have historically been popular on offshore crypto exchanges and are widely used by retail traders seeking leveraged exposure.
Analysts said the approval of regulated crypto perps could create new competition within retail trading markets.
"The question will be how quickly perps get approved across other asset classes, such as equities and commodities," TD Cowen analyst Bill Katz said in a Reuters report.
The possibility that perpetual futures could eventually be introduced for stocks, commodities, or other markets has prompted investors to reassess the long-term competitive position of incumbent exchanges.
According to analysts, the emergence of new products and platforms could pressure valuation multiples across the exchange sector as investors evaluate changing market structures and future growth prospects.
TD Cowen maintained its Hold rating on Cboe despite highlighting the competitive risks.
The firm suggested investors should monitor whether new Bitcoin perpetual futures products affect Cboe's trading volumes and pricing power over time.
While investors reacted negatively to the approval, several analysts argued that perpetual futures are unlikely to meaningfully disrupt traditional futures markets in the near term.
"We believe competitive risk is manageable given fundamental product differences and structural advantages for both exchanges (Cboe, CME)," RBC analyst Ashish Sabadra said in a Reuters report.
Analysts noted that perpetual futures have primarily attracted retail traders because of their leverage and shorter holding periods. Institutional adoption remains limited.
"The contracts are not designed for hedging, but rather retail-oriented speculation. As such, it's hard to envision perpetual futures contracts displacing the existing liquidity and volumes at CME Group and ICE," Raymond James analyst Patrick O'Shaughnessy said.
As a result, analysts generally view the competitive threat as concentrated in retail trading rather than the institutional markets that generate much of the volume and liquidity on established exchanges.
For investors, the key question remains whether the approval of crypto perpetual futures represents a niche expansion within digital assets or the beginning of a broader shift in how derivatives products are offered across US financial markets.
Toronto, Ontario--(Newsfile Corp. - June 2, 2026) - Canlan Ice Sports Corp. (TSX: ICE) ("Canlan Sports") and Entripy Custom Clothing, Canada's leading destination for custom apparel, today announced a landmark naming rights agreement that will see Canlan Sports Oakville renamed the Entripy Centre - a Canlan Sports Community. The agreement includes prominent Entripy branding throughout the sports complex's interior and exterior, effective immediately.
The alliance unites two Canadian brands with deep roots in sport, team culture, and community - bringing together Canlan Sports' legacy in recreational hockey and multi-sport programming with Entripy's identity as the go-to brand for teams across the country. The Entripy Centre will continue to serve as a premier destination for recreational hockey, skating, and community sport programming in the Greater Toronto Area.
Under the agreement, Entripy Custom Clothing will receive brand presence across interior and exterior signage, digital displays, and activation opportunities tied to league play, tournaments, and community events at the Oakville location.
"We are thrilled to welcome Entripy Custom Clothing as a naming rights partner at our Oakville sports complex," said Joey St-Aubin, President and CEO of Canlan Sports. "This partnership is a natural fit. Entripy has built an incredible brand around the spirit of team and community, which are values that are at the very heart of everything we do at Canlan Sports. Together, we look forward to creating an even more vibrant and connected experience for the athletes, families, and teams who call this sports complex home."
The Entripy Centre in Oakville features 4 NHL-sized ice surfaces, year-round programming, and state-of-the-art amenities serving thousands of recreational athletes and their families across the region. The newly branded Entripy Centre is a vital hub for local hockey, hosting tournaments, leagues, hiqh quality programming, public skating, and community events. Work has commenced on slight infrastructure modifications to the Entripy Centre, with a formal ribbon-cutting event to be announced.
"Oakville is our hometown. Entripy started 26 years ago making custom branded apparel and uniforms for local teams, schools and businesses, and has grown to serve customers across Canada- but we’ve never forgotten where it began," said Jas Brar, CEO of Entripy Custom Clothing. "It's no different than kids who lace up at this rink for the first time and go on to play on bigger stages - the journey always starts somewhere. The Entripy Centre puts us at the centre of the community that built us, because every team, every player, and every family that walks through those doors is part of our story too."
About Entripy Custom Clothing:
Entripy is Canada's leader in custom-printed apparel, uniforms and promotional items. With screen printing, digital printing and embroidery all done in-house, Entripy delivers custom-branded solutions for companies and organizations across Canada looking to "put their logo on it." Proudly Canadian, Entripy's use of proprietary technology allows the company to offer one of the fastest turnaround times, on-demand production, and an effortless fulfillment process that is unmatched within the industry. Entripy is a certified member of the Canadian Aboriginal and Minority Supplier Council (CAMSC).
About Canlan Sports:
Canlan Sports is a brand that exists to create a world where everyone can connect and play. Our vision: To be gamechangers, always pushing the boundaries to inspire every recreational sport enthusiast to love the game. Canlan Sports is a leading owner, operator and investor in the multi-sport recreation sector committed to creating sports communities that change lives for the better. Through our portfolio of partnerships, Canlan Sports is the largest private sector owner and operator of recreational sports surfaces with 15 sports complexes and over 70 playing surfaces across Canada and the US, offering a wide array of ice, court, turf and digital sports experiences.
To learn more, please visit us at www.canlansports.com
Media Contacts:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299907
Source: Canlan Ice Sports Corp.
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Cyber security initiative deployed across exchanges and clearinghouses, NYSE, FIDS, and mortgage technology
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced it is part of Anthropic’s cyber security initiative, Project Glasswing.
ICE operates some of the world's most critical financial infrastructure. As part of Project Glasswing, ICE has deployed Anthropic's Claude Mythos Preview into its cybersecurity infrastructure to help identify and remediate any vulnerabilities before they can be exploited through emerging AI capabilities.
Anthropic’s Claude Mythos Preview is deployed across all of ICE's businesses including the NYSE and other exchanges, clearinghouses, data services business, and mortgage technology platform, with the deployment, security architecture and governance of its use managed by ICE.
“The systems we run are the backbone of global financial markets. As part of Project Glasswing, we’re advancing the use and sophistication of AI across our cyber security in a manner that is secure, auditable, and designed for regulated industries,” said Ben Jackson, President of ICE. “Reflecting our uncompromising commitment to the security and resilience of the infrastructure on which the world's global markets rely, we can detect vulnerabilities at scale and deliver the highest quality services to our customers.”
“Working with Anthropic on Project Glasswing, we are advancing our technology-forward innovations while protecting the integrity of our state of the art infrastructure powering the global capital markets,” said Lynn Martin, President, NYSE Group.
ICE joins a select group of members who are part of Project Glasswing which together represent the next frontier of AI-secured financial and technological critical infrastructure.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, today reported May 2026 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
May highlights include:
Total average daily volume (ADV) up 14% y/y; open interest (OI) up 24% y/y, including record OI of 130.6M lots on May 25 Total Energy OI up 6% y/y, including record options OI of 31.2M lots on May 22 Brent ADV up 6% y/y; OI up 3% y/y Total Natural Gas ADV up 3% y/y; OI up 10% y/y, including record OI of 47.9M lots on May 22 North American Gas OI up 10% y/y, including record OI of 41.4M lots on May 25 TTF gas ADV up 11% y/y; OI up 6% y/y Asia gas ADV up 30% y/y; OI up 33% y/y Total Agriculture & Metals ADV up 60% y/y; OI up 39% y/y Sugar ADV up 44% y/y; OI up 23% y/y Cocoa ADV up 85% y/y; OI up 56% y/y Coffee ADV up 23% y/y; OI up 21% y/y Cotton ADV up 151% y/y; OI up 94% y/y Total Financials ADV up 37% y/y; OI up 56% y/y, including record OI of 54.5M lots on May 29 Total Interest Rates ADV up 38% y/y; OI up 63% y/y, including record OI of 50.8M lots on May 29 Euribor ADV up 29% y/y; OI up 45% y/y, including record OI of 27.1M lots on May 29 SONIA ADV up 34% y/y; OI up 96% y/y, including record OI of 19.6M lots on May 14 Gilts ADV up 47% y/y; OI up 13% y/y Total Equity Indices ADV up 25% y/y MSCI ADV up 39% y/y; OI up 4% y/y NYSE Cash Equities ADV up 12% y/y NYSE Equity Options ADV up 54% y/y About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
NYSE issues a midday advisory direct from the trading floor. NEW YORK, June 3, 2026 /PRNewswire/ -- The New York Stock Exchange (NYSE) provides a midday update directly from the NYSE Trading Floor.
BTCK combines exposure to bitcoin and regulated carbon credit futures through a single exchange-traded product
MIAMI--(BUSINESS WIRE)--7RCC Global, a financial technology and research firm focused on bridging traditional capital markets, digital assets, and regulated market infrastructure, today marked the trading debut of the 7RCC Spot Bitcoin and Carbon Credit Futures ETF (NYSE Arca: BTCK), an exchange-traded product designed to provide investors with exposure to bitcoin alongside regulated carbon credit futures through a single investment vehicle. Built around the 7RCC Kaiko Bitcoin Carbon Credit Index, BTCK begins trading on NYSE Arca today.
7RCC paired together bitcoin and regulated carbon credit futures in BTCK’s underlying strategy deliberately. The markets for both underlying assets are driven by largely independent forces, adoption and monetary dynamics on one side, emissions policy and compliance demand on the other, bringing two distinct return drivers into a single allocation.
“We started 7RCC because we believed digital assets would become a permanent part of the global financial system and that investors would want them in familiar, regulated structures built for the long term," said Rali Perduhova, Co-Founder and CEO of 7RCC Global. "BTCK pairs bitcoin with regulated carbon markets, bringing together two asset classes driven by distinct market forces. It's designed to give investors a single, transparent way to access exposures that have historically been difficult to combine within one investment vehicle."
The Fund seeks to reflect the daily changes of the price of bitcoin and the value of carbon credit futures, as represented by the 7RCC Kaiko Bitcoin Carbon Credit Index, less the expenses of the Fund. Under normal market conditions, the Fund allocates approximately 80% of its assets to bitcoin and approximately 20% to carbon credit futures linked to major regulated emissions-allowance markets, including the European Union Emissions Trading System (EU ETS), California Cap-and-Trade (CCA), and the Regional Greenhouse Gas Initiative (RGGI). BTCK differs from a single-asset spot bitcoin ETF by adding a regulated carbon futures allocation.
BTCK trades on NYSE Arca and can be accessed through brokerage accounts that support listed ETFs, allowing investors to gain exposure without maintaining a separate digital asset wallet or exchange account.
7RCC's broader work focuses on expanding access to emerging asset classes through regulated investment vehicles and on developing market infrastructure for regulated investment products. "BTCK is an important milestone for 7RCC, reflecting years of research and our belief that regulated, transparent structures are the right way to bring new asset classes to investors," Perduhova added.
BTCK is a series of Teucrium Commodity Trust, sponsored by Teucrium Trading, LLC, with PINE Distributors LLC serving as Marketing Agent. The Fund tracks the 7RCC Kaiko Bitcoin Carbon Credit Index and trades on NYSE Arca under the ticker BTCK. The Index is provided by Kaiko (benchmark administrator) and calculated by Solactive AG; the Fund's bitcoin is held by Gemini Trust Company, with U.S. Bank serving as cash custodian and administrator.
For more information about BTCK, including the prospectus and risk disclosures, please visit teucrium.com/btck.
About 7RCC Global
7RCC Global is a financial technology and research firm focused on bridging traditional capital markets, digital assets, and regulated market infrastructure. The firm develops index methodologies and technology designed to expand access to emerging asset classes through regulated investment vehicles. 7RCC developed the methodology behind the 7RCC Kaiko Bitcoin Carbon Credit Index. Beyond its index work, the firm is building next-generation infrastructure for digital ownership and transfer within regulated investment products — part of a broader effort to modernize how new asset classes reach investors. 7RCC is not a broker-dealer, an investment adviser, or the Fund's sponsor or distributor.
About Teucrium Trading, LLC
Teucrium is a provider of exchange-traded funds (ETFs) that focuses on offering exposure to alternative asset classes. The company also provides White-Label ETF services, allowing partners to create customized ETF products. For more information, visit www.Teucrium.com.
Important Risk Information
Investing involves risk, including possible loss of principal. Bitcoin is highly volatile and subject to market, regulatory, custody, and technology risks. Carbon credit futures are subject to futures market risks, including liquidity risk, roll risk (which can be negative), and regulatory and political developments affecting emissions-allowance markets. The Fund is a commodity pool regulated by the CFTC and is not registered under the Investment Company Act of 1940 and is not subject to regulation thereunder. As a commodity pool, the Fund issues a Schedule K-1 for tax reporting rather than a Form 1099; consult a tax advisor. Past performance does not guarantee future results. An investor may lose all or substantially all of an investment.
Bitcoin and bitcoin futures are a relatively new asset class. They are subject to unique and substantial risks, and historically, have been subject to significant price volatility. The value of an investment in the Fund could decline significantly and without warning, including to zero. You should be prepared to lose your entire investment. Bitcoin is largely unregulated and bitcoin investments may be more susceptible to fraud and manipulation than more regulated investments.
Because the Fund invests primarily in spot bitcoin, with a portion allocated to carbon credit futures contracts, an investment in the Fund will subject the investor to the risks of bitcoin and the carbon credit markets. This could result in substantial fluctuations in the price of the Fund’s shares.
Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Futures investing is highly speculative and involves a high degree of risk.
7RCC Kaiko Bitcoin Carbon Credit Index: The 7RCC Kaiko Bitcoin Carbon Credit Index is a financial benchmark designed to track the performance of a portfolio that combines digital assets with environmental sustainability. It serves as the underlying index for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF. It is not possible to invest directly in an index.
This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit www.teucrium.com/btck.
Distributed by PINE Distributors LLC, Member FINRA / SIPC. Sponsored by Teucrium Trading, LLC. PINE Distributors LLC is not affiliated with Teucrium Trading, 7RCC, or any affiliates.
Not an offer or solicitation to buy or sell any securities outside the United States. 7rccglobal.com · teucrium.com/btck
LONDON--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced that ICE Benchmark Administration Limited (IBA), a leading administrator of regulated benchmarks, has launched two new ICE Swap Rate® Inflation Swap benchmarks.
The new benchmarks reference the U.K. Retail Prices Index (RPI) for GBP and the Eurozone Harmonised Index of Consumer Prices excluding tobacco (HICP ex-tobacco) for EUR, based on zero-coupon inflation index swaps. The RPI and HICP ex-tobacco are key U.K. and Eurozone indices which measure inflation by tracking the changing cost of a representative basket of goods and services.
ICE Swap Rate® Inflation Swap benchmarks aim to provide market participants with robust, transparent reference rates for use in transactions and valuations. The GBP and EUR reference rates are calculated daily using the ICE Swap Rate® Waterfall Methodology based on dealer-to-client data provided by Tradeweb and are published in tenors from 1 to 30 years.
“As a global leader in regulated benchmark administration, IBA is uniquely positioned to bring the same rigorous governance, data management and technology that underpins the existing ICE Swap Rate® suite of benchmarks to the inflation swap market,” said Clive de Ruig, President of IBA.
“Amid evolving inflationary pressures and shifting central bank policies across the U.K. and Eurozone, the demand for inflation risk management tools has grown, and ICE Swap Rate® Inflation Swap benchmarks are designed to give market participants regulated, transparent reference rates to ensure certainty and predictability in inflation swap settlement,” continued de Ruig.
In addition to ICE Swap Rate® Inflation Swap benchmarks, IBA publishes ICE Swap Rate® benchmarks based on swaps referencing EURIBOR, €STR, SONIA and SOFR, and swap spreads linked to SOFR. IBA also publishes SONIA spread-adjusted and SOFR spread-adjusted ICE Swap Rate® settings.
ICE Swap Rate® is designated as a “critical benchmark” under the U.K. Benchmarks Regulation and has been specified as a “significant benchmark” under the EU Benchmarks Regulation.
ICE Swap Rate® benchmark settings are available under licence, including for redistribution, valuation and pricing activities and for use in transactions and financial products. Prospective licensees should contact IBA's licensing team at [email protected].
About ICE Benchmark Administration
ICE Benchmark Administration is authorized and regulated by the U.K. Financial Conduct Authority for the regulated activity of administering a benchmark under the Financial Services and Markets Act 2000 and the U.K. Benchmarks Regulation and is recognised by the European Securities and Markets Authority as an administrator of significant benchmarks located in a third country under the EU Benchmarks Regulation. IBA reserves all rights in the ICE Swap Rate benchmark methodology and settings. ICE Swap Rate and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates. The "SONIA" mark is used under licence from the Bank of England (the benchmark administrator of SONIA), and the use of such mark does not imply or express any approval or endorsement by the Bank of England. "Bank of England" and "SONIA" are registered trademarks of the Bank of England. IBA is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by IBA.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Key Takeaways ICE's acquisitions built an end-to-end digital mortgage platform and expanded software-based revenues. Deals including Interactive Data, Ellie Mae, and Black Knight broadened data and fixed-income capabilities. Acquisitions support revenue diversification, recurring income growth and long-term competitive advantages. Intercontinental Exchange, Inc.’s (ICE - Free Report) acquisitions have been its core growth driver, helping the company evolve from an energy-trading marketplace into a diversified operator of exchanges, clearing houses, data services, fixed-income platforms and mortgage technology businesses.
A series of acquisitions—including Interactive Data, MERS, Simplifile, Ellie Mae and Black Knight—allowed ICE to build an end-to-end digital mortgage platform covering loan origination, processing, servicing, registration and analytics. Acquisitions increased ICE's exposure to subscription-based software, data and analytics revenues, which tend to be more stable than transaction-driven exchange revenues.
Intercontinental Exchange's acquisition strategy has consistently targeted businesses with strong network effects, proprietary data and recurring revenue streams. The company's largest recent deals have shifted ICE beyond traditional exchange operations and toward technology and software-driven earnings growth. As a result, acquisitions have become one of the most important drivers of ICE's long-term revenue diversification, margin expansion and competitive advantage. ICE strengthens its competitive position through select acquisitions and strategic relationships.
Intercontinental Exchange has completed many acquisitions, and it expects to continue to pursue acquisitions and joint ventures. The success of the acquisitions will depend on the ability to integrate the businesses and realize anticipated cost savings, revenue synergies and growth opportunities.
ICE recently acquired American Financial Exchange (“AFX”) in January 2025. AFX operates an electronic marketplace that enables U.S. banks and financial institutions to lend and borrow directly from one another. Intercontinental Exchange believes AFX expands ICE's fixed-income and data business and enhances interbank lending market capabilities. The deal also creates opportunities to develop new benchmark and data products, and supports recurring revenue growth from data and network services.
ICE does not typically fund acquisitions solely from cash reserves. Instead, it relies on its strong cash generation and investment-grade credit profile to raise debt, while occasionally issuing stock for part of the purchase price. This approach allowed ICE to complete transformative acquisitions such as Ellie Mae and Black Knight without overly straining its balance sheet.
Through acquisitions, ICE has built a broad financial infrastructure ecosystem that competes with companies such as Nasdaq, Inc. (NDAQ - Free Report) , CME Group Inc. (CME - Free Report) and Cboe Global Markets across multiple business lines.
What About Its Peers?Nasdaq: Acquisitions have been a key pillar of Nasdaq's strategy to transform itself from a stock exchange operator into a diversified technology, data, analytics and financial infrastructure company. Through acquisitions, Nasdaq has expanded its presence in market technology, anti-financial-crime solutions, regulatory technology, index businesses and software services.
CME Group: Acquisitions have played a meaningful role in the evolution of CME Group, although the company has generally been more selective and less acquisition-driven than its peers. CME's acquisitions have primarily focused on expanding its derivatives product suite, market infrastructure and data capabilities.
ICE’s Price PerformanceShares of ICE have lost 20.5% in the past year, outperforming the industry.
Image Source: Zacks Investment Research
ICE’s UndervaluationThe stock is undervalued compared with its industry. It is currently trading at a price-to-earnings multiple of 16.81, lower than the industry average of 19.61.
Image Source: Zacks Investment Research
Estimate Movement for ICEThe Zacks Consensus Estimate for ICE’s second-quarter 2026 EPS has moved down 0.5% in the past 30 days. The same for full-year 2026 and 2027 EPS have both moved up 0.5% in the past 30 days.
The consensus estimate for ICE’s 2026 and 2027 EPS and revenues indicates year-over-year increase.
Image Source: Zacks Investment Research
ICE stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, today announced that the European Securities and Markets Authority (ESMA) has granted recognition to ICE Data Indices (IDI) as a third country benchmark administrator under Article 32 of the EU Benchmarks Regulation (EU BMR).
This important recognition decision means that the 100 Climate Transition and Paris-Aligned Benchmarks currently offered by IDI remain available for use by ‘supervised entities’ in the European Union.
The IDI Climate Transition and Paris-Aligned Benchmarks form part of the Climate Index series (“Climate Indices”) offered by IDI which is a range of fixed income indices that incorporate ESG screening criteria along with a carbon reduction methodology to meet our clients’ demand for indices that support the transition to net zero carbon emissions by 2050. The Climate Indices represent different currencies and emissions metrics, and include indices such as the:
ICE Euro Corporate Climate Transition CTB Index (ER00CTB) ICE Sterling Corporate Climate Transition Absolute Emissions CTB Index (UR00CTBA) ICE Emerging Markets Corporate Plus Paris-Aligned Absolute Emissions PAB Index (EMCBPABA) ICE US High Yield Paris-Aligned PAB Index (H0A0PAB) ICE Global Corporate Paris-Aligned Absolute Emissions PAB Index (G0BCPABA) “With the ongoing demand for responsible and sustainable investing, the goal of carbon reduction has become even more important for investors,” said Preston Peacock, Head of ICE Data Indices. “Receiving this recognition from ESMA expands our reach and further supports our efforts to continue helping investors make more informed decisions to achieve their emission reduction goals.”
IDI administers a number of other benchmarks which are not currently in scope of the EU Benchmarks Regulation.
In addition to being recognized by ESMA, IDI is also recognized as a third country benchmark administrator by the U.K. Financial Conduct Authority.
ICE is a leading provider of indices, with over $2 trillion total assets under management benchmarked to ICE Indices, and a deep expertise administering and publishing indices used throughout global markets. Its broad offering includes over 8,000 global equity, fixed income, commodity and foreign exchange indices to support benchmarking and performance measurement by investors, backed by a 50-year track record.
For more information about ICE indices, visit https://www.ice.com/fixed-income-data-services/index-solutions/fixed-income-indices.
For more information about ICE’s corporate climate indices, please visit: Sustainability Indices.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
First-quarter second-lien withdrawals hit an 18-year high as borrowers seek to preserve lower interest rates
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today released its June 2026 ICE Mortgage Monitor report, which found that homeowners tapped equity at the highest first-quarter levels since 2021. The increase was driven in part by second-lien lending, which reached its strongest first-quarter volume in nearly two decades as more borrowers chose to preserve their existing low-rate first mortgages.
“The housing market continues to be defined by the lock-in effect,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “Millions of homeowners are sitting on first mortgages with rates well below current market levels, making second liens and HELOCs an attractive way to access equity without giving up those loans. While higher mortgage rates have reduced refinance opportunities and softened affordability gains in recent months, home prices continue to firm across much of the country and affordability remains improved from year-ago levels.”
Key findings from the June Mortgage Monitor include:
Q1 equity withdrawals increased, and Q1 second-lien lending reached an 18-year high Equity withdrawals rose 2% year over year in Q1, reaching their highest first-quarter level since 2021. More than half (54%) of all equity extraction came through second liens as borrowers continued to preserve historically low first-mortgage rates. Cash-out refinance withdrawals reached their highest first-quarter level since 2022, while second-lien withdrawals posted their strongest first-quarter performance in nearly two decades. 3.9 million homeowners who took out primary loans from 2020–2022 now have a second lien Nearly two-thirds of Q1 second-lien originations came from 2020–2022 vintage borrowers seeking to preserve their below market first-lien rates. Now 3.9 million people who took out a primary mortgage from 2020–2022 have added second liens. Cash-out refinances showed a broader vintage mix, with nearly half coming from 2023-or-later borrowers and a quarter from 2020–2022 vintage borrowers. Falling HELOC rates are helping fuel demand for home equity products Average second-lien HELOC rates fell to 6.6% in March, their most attractive level since late 2022. At those rates, a borrower can access $50,000 in equity with a monthly payment of roughly $275, down significantly from early 2024 levels. Average introductory HELOC rates also dipped slightly below the prime rate, highlighting increasingly aggressive lender competition for home equity business. Affordability remains better than a year ago despite recent rate increases A roughly 50-basis-point increase in mortgage rates since February has reversed some of the affordability gains seen earlier this year. Even so, homebuyers still have roughly 3% more purchasing power than they did a year ago, and the monthly payment on the average-priced home remains $48 lower than last May. Purchasing the average-priced home now requires 29.8% of median household income, down from 31.6% a year ago. Home price growth has become more broad-based across the country Nearly 70% of major markets posted annual home price gains in May, the largest share since July 2025, while almost 90% recorded seasonally adjusted month-over-month appreciation, the strongest reading in two years. The spread between the nation’s strongest and weakest housing markets has narrowed to one of the smallest levels on record, suggesting increasingly synchronized home price performance. Northeastern markets continue to lead annual appreciation, while a handful of formerly high-growth Sun Belt markets remain under pressure. “As refinance opportunities become more limited, home equity products are playing a larger role in helping homeowners access liquidity and meet financial goals,” said Bob Hart, President of ICE Mortgage Technology. “Lenders that can effectively identify, engage and serve those borrowers across both mortgage and home equity channels will be best positioned to capitalize on evolving consumer demand.”
Further detail on mortgage origination, performance, equity and home price trends — including charts — can be found in the full Mortgage Monitor report at https://mortgagetech.ice.com/resources/data-reports.
About the ICE Mortgage Monitor
ICE manages the nation’s leading repository of loan-level residential mortgage data and performance information covering the majority of the overall market. The ICE Home Price Index provides one of the most complete, accurate and timely measures of home prices available, covering 95% of U.S. residential properties down to the ZIP code level. In addition, the company maintains one of the most robust public property records databases available, covering 99.9% of the U.S. population and households from more than 3,100 counties.
ICE’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor report.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Enables Institutional Investors and asset managers to estimate counterparty price commitment prior to indicating intent to trade
T. Rowe Price Signs On As Anchor Client
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced the launch of ICE Compass, an AI-powered trading analytics platform that gives buy-side fixed income trading desks prioritized trader counterparty rankings and price estimates before executing trades. T. Rowe Price, which provided valuable feedback during the development process and beta testing, has signed on as an anchor client.
ICE Compass enables customers to combine their own real-time and historical trading data with ICE’s market data and pricing streams, as well as the millions of bids and offers, indications of interest and other pricing data points that they receive from trading counterparties each day. The model tracks intraday market movements, trading costs and trading behaviors to generate estimates that help support counterparty selection and pre-trade cost analysis.
“Since our founding, innovation and electronification of markets have been key components of the company’s DNA,” said Chris Edmonds, President of ICE’s Fixed Income and Data Services. “ICE Compass embodies those founding principles and builds on the broad platform that we’ve built around fixed income trading and data at ICE over the years to offer a new level of transparency to the pre-trade lifecycle.”
ICE Compass is built on ICE’s proprietary data assets, including ICE Continuous Evaluated Pricing, fixed income liquidity metrics and indices. The Compass data model improves over time and is continuously refined as new trading data is incorporated. By applying AI and data science expertise, the ICE Compass platform is able to estimate trading counterparty price commitment prior to indicating trading intent and ranks trading counterparties on the competitiveness of their prices across corporates and sovereign bonds globally.
“Finding useful, pre-trade intelligence in the enormous amount of data that buyside firms are bombarded with each day has become increasingly difficult,” said Varun Pawar, Chief Product Officer, Data Services at ICE. “By pooling together data from across firms, trading counterparties and ICE’s vast data warehouse, we’re able to create a pre-trade view of dealer rankings and final cost-of-trade estimates across the market, giving customers a powerful new tool for optimizing their trading strategies and managing risk.”
“At T. Rowe Price, we are focused on using data, technology, and market insight to make faster, more informed trading decisions and enhance execution outcomes for our clients,” said Dwayne Middleton, Global Head of Fixed Income Trading at T. Rowe Price. “Our collaboration with ICE on Compass reflects that priority and supports our continued evolution toward a more transparent, data-driven, and scalable trading model.”
ICE Compass leverages ICE’s vast fixed income and data services platform, which includes comprehensive fixed income execution, clearing and data solutions that can help enhance market insights, manage risks, and uncover investment opportunities. ICE provides fixed income evaluations on approximately three million instruments, reference data across global markets, and indices across all asset classes, with $2 trillion in AUM benchmarked to them. For connectivity and data access, ICE offers a suite of desktop solutions and data feeds, as well as the ICE Global Network, which offers high-quality content, delivery and execution services through ultra-secure, highly resilient fiber and wireless networks.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Investors in Intercontinental Exchange, Inc. (ICE - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Jun 18, 2026 $90 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Intercontinental Exchange shares, but what is the fundamental picture for the company? Currently, Intercontinental Exchange is a Zacks Rank #3 (Hold) in the Securities and Exchanges industry that ranks in the Top 21% of our Zacks Industry Rank. Over the last 60 days, five analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.91 per share to $1.97 in that period.
Given the way analysts feel about Intercontinental Exchange right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
On June 10, 2026, we present a DCF analysis for Intercontinental Exchange Inc ICE , a company that has seen a significant decline in its stock price over the past year. The current price of ICE stands at $141.56, reflecting a year-to-date drop of 12.3% and an 18.6% decrease over the past year. Below are key points from our analysis:
DCF Earnings-based intrinsic value of $128.85 vs current price of $141.56 (margin of safety: -9.9%) DCF FCF-based intrinsic value of $134.64 vs current price (second opinion: -5.1% margin of safety) GF Score™ of 88/100 indicates a high reliability of the DCF inputs What Is ICE Worth? DCF Earnings-Based Model The DCF earnings-based model for ICE utilizes a two-stage approach, where we first project earnings growth over the next ten years, followed by a terminal growth phase. The assumptions used in this model are detailed in the table below:
Parameter Value Current EPS (TTM, excl. non-recurring) $7.58 10-Year Growth Rate 10.9% 10-Year Treasury Rate 4.53% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In the growth phase (Years 1-10), we project that EPS will grow at an annual rate of 10.9%, which is then discounted at a rate of 11%. The terminal phase (Years 11-20) assumes a slower growth rate of 4%, also discounted at 11%. The calculation summary is as follows:
Stage Description Value Growth Stage (Years 1-10) EPS growing at 10.9%, discounted at 11% $75.43 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $53.42 Intrinsic Value Growth + Terminal $128.85 Comparing the current price of $141.56 with the intrinsic value of $128.85 indicates that ICE is fairly valued, with a margin of safety of -9.9%. It is important to note that GuruFocus uses EPS excluding non-recurring items, as research shows that stock prices correlate more closely with earnings than with free cash flow. For a detailed calculation, visit the ICE DCF Calculator.
What Does the Free Cash Flow DCF Say? The free cash flow (FCF) based intrinsic value for ICE is calculated at $134.64. When we compare this with the earnings-based intrinsic value of $128.85, we find that both models suggest a similar valuation perspective. The FCF model also indicates that ICE is fairly valued, with a margin of safety of -5.1%. This consistency across both models strengthens the reliability of our valuation analysis.
How Does GF Value™ Compare to the DCF Models? The GF Value™ for ICE is calculated at $167.17, providing a third perspective on the company's valuation. GF Value™ is GuruFocus' proprietary measure that considers historical trading multiples, past business growth, and future performance estimates. While the DCF models suggest that ICE is fairly valued, the GF Value™ indicates that the stock may be undervalued by approximately 15.3%. This discrepancy highlights the importance of considering multiple valuation methods. For more information, visit the GF Value™ page.
What Does ICE's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Higher GF Score™ values have been associated with better long-term returns based on backtested data from 2006 to 2021. Below is the breakdown of ICE's GF Score™:
Metric Rating GF Score™ 88/100 Financial Strength 4/10 Profitability 8/10 Growth 10/10 Valuation 10/10 Momentum 5/10 ICE has a predictability rank of 2/5 stars, indicating that the DCF model may be less reliable for this stock. For further details, visit the ICE stock page.
Key Assumptions and Limitations It is important to note that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Stocks with low predictability ratings tend to produce less reliable DCF estimates. Additionally, the terminal growth rate of 4% is a simplifying assumption that may not reflect actual future performance.
What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find that ICE is currently fairly valued. The DCF models suggest a slight overvaluation, while the GF Value™ indicates potential undervaluation. Overall, investors should consider these insights when evaluating ICE's stock. For the full DCF analysis, visit the ICE DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.
Frequently Asked Questions What is ICE's intrinsic value based on DCF?
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].
Toronto, Ontario--(Newsfile Corp. - June 11, 2026) -
Canlan Ice Sports Corp. (TSX: ICE) ("Canlan Sports"), the operator of 15 sports complexes across Canada and the United States and home to the world's largest adult recreational hockey league, today announced Own Your Play™. The launch of this new narrative marks a significant evolution in how Canlan Sports tells stories — centred on the heroes of its communities and the joy, connection, and purpose that recreational sport creates for people of all ages and backgrounds.
"Own Your Play is a declaration of what we believe: play builds community. It reminds us that play has purpose, creates connection, and carries real power. We're proud to share this new brand story with the world."
- Joey St-Aubin, President and CEO, Canlan Sports
Renewed Mission & Vision
Alongside the Own Your Play™ launch, Canlan Sports has sharpened its Vision and Mission to reflect the company's evolution from facility operator to true community builder - and its enduring belief in the transformational power of play.
Vision
A world where everyone has a team.
Mission
We create experiences where people find their people through the power of play.
About Own Your Play™
Own Your Play™ replaces the previous "It's Where We Play" tagline and reflects how Canlan Sports has grown into something far greater than a facility operator. The new brand story celebrates the emotional connections forged through sport — teammates who bond weekly, families who spend weekends together, and friend groups that form new routines. It recognizes that Canlan Sports' complexes are "third places" — the gathering spots outside of home and work where people come for sport but stay for each other. Own Your Play also brings a new visual identity as play is personal. Our new look and feel reflects that — a bolder, more human creative identity that celebrates community, connection, and the joy of being in it together.
Launching on International Day of Play
The timing of the Own Your Play™ launch is no coincidence. June 11 marks International Day of Play, a United Nations-recognized observance that affirms every child's — and every person's — right to play. For Canlan Sports, a company built entirely around the belief that play is essential to human connection and wellbeing, there is no more fitting day to declare its new brand story to the world. International Day of Play is a global call to action to protect and promote play in all its forms — for children and adults alike. Research consistently shows that play reduces stress, strengthens social bonds, improves mental health, and keeps people physically active across every stage of life. These are values Canlan Sports has championed for more than 30 years through its leagues, programs, and community initiatives.
To mark the occasion, Canlan Sports is releasing its new brand video, launching a dedicated Own Your Play landing page at CanlanSports.com, and inviting customers, partners, and communities across North America to share what play means to them. The campaign celebrates the real people — the recreational athletes, the weekend warriors, the first-time skaters, the league veterans — who are the true heroes of the Canlan Sports community.
Watch the video here.
"International Day of Play is a reminder that play unites us. It's what keeps us human. At Canlan Sports, we've always known this. Own Your Play is our way of saying to every person in our community: this is your game, your place. Own it."
- Liana Guiry, Vice President, Sales, Marketing & Customer Experience, Canlan Sports
About Canlan Sports®
Canlan Sports exists to create experiences where people find their people through the power of play because we believe everyone deserves a team. As North America's largest private sector owner and operator of recreational sports complexes, Canlan Sports brings that belief to life across 15 multi-sport complexes and more than 70 playing surfaces spanning Canada and the United States. From ice and court to turf and digital, we offer a wide array of recreational sports experiences designed to build community, foster connection, and change lives for the better.
To learn more, please visit us at canlansports.com
Media Contacts:
Liana Guiry
Vice President, Sales, Marketing and Customer Experience Canlan Sports [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300990
Source: Canlan Ice Sports Corp.
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Revolutionary Ku/Ka Fully Integrated Aero-Conformal Antenna System Sets a New Standard for Aircraft Connectivity and Paves the Way for Supersonic and Hypersonic Flight — Developed in Collaboration with Qorvo
ATLANTA, March 23, 2026 (GLOBE NEWSWIRE) -- NexSat Space Systems Corporation (NexSat) today announced its official company launch and unveiled its first groundbreaking product development, ACE (Aero Conformal ESA) — an industry-first fully integrated Ku/Ka-band electronically steered antenna (ESA), known as “The Invisible Antenna.”
“With NexSat’s launch, we’re on a mission to rewrite the antenna rulebook with our Aero Conformal Electronically Scanned Array (A.C.E.), bringing a smartphone-like simplicity to users and ubiquitous coverage anywhere in the world,” said David Horton, founder and CEO, NexSat.
Working with Qorvo, a leading provider of connectivity and power solutions, NexSat will deliver the next wave of global connectivity to the SATCOM and aero market.
ACE is a fully conformal, embedded Ku/Ka-band ESA, enabled through Qorvo beamformer IC (BFIC) technologies and SATCOM systems expertise in a resilient composite matrix.
Leveraging Qorvo’s latest advances in BFIC technology and phased-array systems expertise, the ultra-thin, conformal architecture minimizes aerodynamic drag while delivering continuous multi-orbit connectivity across dynamic flight envelopes, including high-G, supersonic, and hypersonic regimes. This revolutionary system seamlessly embeds the antenna into aircraft surfaces using a patented 3D robotic Additive Manufacturing and Compression Mold (AM-CM) process, eliminating the need for traditional radomes and external apertures.
“ACE’s fully integrated Ku/Ka capability, combined with our AM-CM process, delivers performance and reliability once considered impossible,” said Horton. “This technology revolutionizes connectivity for today’s business, commercial and defense aircraft, while establishing the foundation for the next generation of supersonic and hypersonic platforms.”
“The collaboration with NexSat highlights how Qorvo’s advanced beamforming IC technology can accelerate innovation across the aerospace communications market,” said Ryan Jennings, director of SATCOM and Systems Engineering at Qorvo. “Our proven capabilities in RF integration and system architectures are key enablers for high-performance, reliable connectivity across new flight domains.”
Serving Aircraft Connectivity Needs
ACE addresses the need for modern aircraft connectivity, targeting business jet aircraft first, with scaled versions for narrow-body and wide-body commercial aircraft in development. ACE supports multi-orbit, multi-network and multi-band requirements, including Ku/Ka and L-band.
Delivering Aerodynamic Advantage to Hypersonic, UAS Platforms
As the first “invisible,” structurally embedded antenna system engineered for speed and performance, ACE is also suitable for any platform across commercial and defense applications, unmanned aerial systems (UAS), and high-speed aerospace platforms such as hypersonic aircraft learn more about NexSat product capabilities.
Through ACE, NexSat Space Systems Corporation is redefining what’s possible in aerospace communications — delivering the world’s first truly invisible, structurally embedded, electronically steerable antenna system, engineered for the edge of speed, space and performance.
About NexSat
NexSat Space Systems Corporation is an advanced aerospace and communications technology company pioneering embedded, conformal, multi-band, multi-orbit and network-agnostic antenna systems better known as the Universal Antenna Layer (UAL). NexSat brings both multi-domain satellite antenna development experience and FAA certification expertise to redefine connectivity, sensing and intelligence across the defense, aerospace and commercial space sectors.
About Qorvo
Qorvo (Nasdaq: QRVO) is a global leader in radio-frequency (RF) and power solutions that connect, protect, and power the world. The company delivers advanced semiconductor technologies and high-performance RF systems for mobile devices, satellite and terrestrial communications, aerospace and defense, automotive, and Internet of Things applications.
Headquartered in Greensboro, North Carolina, Qorvo leverages expertise in GaN, GaAs, and advanced filtering technologies to enable next-generation communications across multi-band and high-reliability environments.
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.93% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Qorvo (QRVO - Free Report) Qorvo Inc. is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications.
QRVO is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 11.85; value investors should take notice.
Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.17 to $6.53 per share. QRVO boasts an average earnings surprise of +28.6%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, QRVO should be on investors' short list.
Mirae Asset Global Investments Co. Ltd. lifted its holdings in Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 18.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 124,848 shares of the semiconductor company’s stock after buying an additional 19,849 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.14% of Qorvo worth $10,551,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the business. Sage Rhino Capital LLC increased its holdings in shares of Qorvo by 4.4% in the 3rd quarter. Sage Rhino Capital LLC now owns 3,758 shares of the semiconductor company’s stock worth $342,000 after buying an additional 160 shares during the last quarter. Fred Alger Management LLC increased its holdings in shares of Qorvo by 5.3% in the 3rd quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company’s stock worth $290,000 after buying an additional 160 shares during the last quarter. Beacon Investment Advisory Services Inc. increased its holdings in shares of Qorvo by 5.7% in the 4th quarter. Beacon Investment Advisory Services Inc. now owns 3,001 shares of the semiconductor company’s stock worth $254,000 after buying an additional 161 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Qorvo by 4.5% in the 3rd quarter. Versant Capital Management Inc now owns 4,139 shares of the semiconductor company’s stock worth $377,000 after buying an additional 177 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC increased its holdings in shares of Qorvo by 0.3% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 62,938 shares of the semiconductor company’s stock worth $5,479,000 after buying an additional 194 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades A number of analysts have recently weighed in on QRVO shares. Barclays boosted their target price on shares of Qorvo from $90.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 3rd. Craig Hallum dropped their price target on shares of Qorvo from $110.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, January 28th. Zacks Research cut shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Stifel Nicolaus dropped their price target on shares of Qorvo from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, January 28th. Finally, TD Cowen dropped their price target on shares of Qorvo from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, January 28th. Two research analysts have rated the stock with a Buy rating and nineteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $93.88.
View Our Latest Report on Qorvo
Qorvo Stock Performance Shares of QRVO opened at $81.90 on Monday. Qorvo, Inc. has a 1-year low of $56.00 and a 1-year high of $106.30. The company has a 50-day moving average of $80.35 and a 200 day moving average of $84.13. The firm has a market capitalization of $7.59 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 1.29 and a beta of 1.34. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.67 and a quick ratio of 2.89.
Qorvo (NASDAQ:QRVO – Get Free Report) last announced its quarterly earnings data on Tuesday, January 27th. The semiconductor company reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.24. Qorvo had a net margin of 9.11% and a return on equity of 14.57%. The company had revenue of $993.00 million during the quarter, compared to analyst estimates of $984.10 million. During the same quarter last year, the business posted $1.61 EPS. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. Qorvo has set its Q4 2026 guidance at 1.050-1.350 EPS. On average, research analysts expect that Qorvo, Inc. will post 4.09 EPS for the current year.
Qorvo Profile (Free Report)
Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.
Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.
See Also Five stocks we like better than Qorvo
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GREENSBORO, N.C., April 21, 2026 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, will distribute fiscal 2026 fourth quarter financial results at approximately 4:00 p.m. (ET) on Tuesday, May 5, 2026. The press release will be available on the Company's Investor Relations website at the following URL: https://ir.qorvo.com (under "Financial Releases").
Given Qorvo's pending transaction with Skyworks, Qorvo has discontinued conducting conference calls and providing forward-looking guidance.
About Qorvo
Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers' most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers' forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to effectively execute on restructuring initiatives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; negative impacts from activist stockholders; volatility in the price of our common stock; risks and uncertainties relating to the Mergers, including the occurrence of any event, change or other circumstance that could give rise to the right of us or Skyworks to terminate the Merger Agreement; the outcome of any legal proceedings that may be instituted against us or Skyworks in connection with the Mergers; the possibility that the Mergers do not close when expected or at all because of required regulatory, stockholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Mergers); that efforts to complete the Mergers may affect our business relationships with our existing and potential customers, suppliers, service providers and other business partners; that the expected synergies from the Mergers may not be fully realized or may take longer to realize than anticipated; any failure to promptly and effectively integrate the businesses of the Company and Skyworks; and that the Mergers may divert management's attention and time from ongoing business operations and opportunities. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 29, 2025, and Qorvo's subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
At Qorvo®
Doug DeLieto
VP, Investor Relations
1-336-678-7968
GREENSBORO, N.C., May 05, 2026 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2026 fourth quarter ended March 28, 2026.
On a GAAP basis, revenue for Qorvo’s fiscal 2026 fourth quarter was $808.3 million, gross margin was 48.9%, operating income was $31.5 million, and diluted earnings per share was $0.32. On a non-GAAP basis, gross margin was 52.6%, operating income was $190.2 million, and diluted earnings per share was $1.69.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo’s fiscal fourth quarter performance reflects continued operational excellence and the strategic optimization of business mix within and across operating segments. March quarterly non-GAAP gross margin expanded by 670 basis points year-over-year, and full-year fiscal 2026 non-GAAP gross margin expanded by 370 basis points versus the prior fiscal year. Looking forward, we expect continued momentum reducing capital intensity and enhancing profitability. For full-year fiscal 2027, we continue to expect non-GAAP gross margin above 50% and non-GAAP diluted earnings per share approaching $7.00.”
Financial Commentary
Grant Brown, chief financial officer of Qorvo, said, "During the fiscal fourth quarter, Qorvo generated $255 million of free cash flow and repurchased $400 million of shares outstanding, representing a reduction of approximately 5% of common stock outstanding versus the prior quarter. Qorvo completed its fiscal fourth quarter with a cash balance of $1.2 billion."
Given Qorvo's pending transaction with Skyworks, Qorvo has discontinued conducting conference calls and providing forward-looking guidance. Qorvo's fiscal 2027 will be a 53-week year, and its fiscal second quarter, ending Saturday, October 3, 2026, will include 14 weeks.
See "Forward-looking non-GAAP financial measures" below. Qorvo's actual results may differ from these expectations and projections, and such differences may be material.
Selected Financial Information
The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.
SELECTED GAAP RESULTS BY OPERATING SEGMENT(In millions, except percentages)(Unaudited) Q4 Fiscal 2026 Q3 Fiscal 2026 Q4 Fiscal 2025 Sequential Change Year-over-Year ChangeRevenue HPA$202.7 $190.9 $187.9 6.2% 7.9%CSG 93.3 111.3 101.3 (16.2)% (7.9)%ACG 512.3 690.8 580.3 (25.8)% (11.7)%Total revenue$808.3 $993.0 $869.5 (18.6)% (7.0)%Operating income (loss) HPA$70.3 $55.7 $58.4 26.2% 20.4%CSG (6.9) (6.2) (15.6) (11.3)% 55.8%ACG 130.5 202.2 109.7 (35.5)% 19.0%Unallocated amounts(1) (162.4) (59.6) (124.3) (172.5)% (30.7)%Total operating income$31.5 $192.1 $28.2 (83.6)% 11.7%Operating income (loss) as a % of revenue HPA 34.7% 29.2% 31.1% 5.5 ppt 3.6 pptCSG (7.4) (5.6) (15.4) (1.8) ppt 8.0 pptACG 25.5 29.3 18.9 (3.8) ppt 6.6 pptTotal operating income as a % of revenue 3.9% 19.4% 3.3% (15.5) ppt 0.6 ppt (1) Includes stock-based compensation expense; amortization of acquired intangible assets; restructuring-related charges and adjustments; merger-related costs; goodwill and intangible asset impairments; settlements, gains, losses and other charges; costs associated with upgrading certain of the Company's core business systems; and start-up costs.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.
In managing Qorvo's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo's underlying performance.
We believe that these non-GAAP financial measures offer an additional view of Qorvo's operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo's results of operations and the factors and trends affecting Qorvo's business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo's operations, are outlined below:
Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of acquired intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other charges or income. We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.
We view amortization of acquired acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.
We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo's ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo's gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo's ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.
Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of acquired intangible assets, acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges and certain settlements, gains, losses and other charges. We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of acquired intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges and certain settlements, gains, losses and other charges do not constitute part of Qorvo's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.
Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of acquired intangible assets, acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges, certain settlements, gains, losses and other charges, investment and debt-related gains and losses, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.
Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.
EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo's ongoing operations (including goodwill and intangible asset impairments, investment and debt-related gains and losses, acquisition-related costs, merger-related costs, restructuring-related costs and certain settlements, gains, losses and other charges) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes, among other items, changes in working capital and the effect of non-cash charges).
Non-GAAP ROIC. ROIC is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations' use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.
Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments, minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo's indebtedness by reflecting cash and investments that could be used to repay debt.
Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.
Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking gross margin and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, merger-related costs, restructuring-related charges, goodwill and intangible asset impairments, certain settlements, gains, losses and other charges, investment and debt-related gains or losses and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.
Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.
About Qorvo
Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers' forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to effectively execute on restructuring initiatives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; negative impacts from activist stockholders; volatility in the price of our common stock; risks and uncertainties relating to the Mergers, including the occurrence of any event, change or other circumstance that could give rise to the right of us or Skyworks to terminate the Merger Agreement; the outcome of any legal proceedings that may be instituted against us or Skyworks in connection with the Mergers; the possibility that the Mergers do not close when expected or at all because of required regulatory, stockholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Mergers); that efforts to complete the Mergers may affect our business relationships with our existing and potential customers, suppliers, service providers and other business partners; that the expected synergies from the Mergers may not be fully realized or may take longer to realize than anticipated; any failure to promptly and effectively integrate the businesses of the Company and Skyworks; and that the Mergers may divert management’s attention and time from ongoing business operations and opportunities. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 29, 2025, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
Financial Tables to Follow
QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited) Three Months Ended Twelve Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025Revenue$808,277 $869,474 $3,678,517 $3,718,971 Cost of goods sold 413,256 502,911 1,990,415 2,183,382 Gross profit 395,021 366,563 1,688,102 1,535,589 Operating expenses: Research and development 170,388 179,931 726,122 747,709 Marketing and selling 49,526 55,517 215,485 231,912 General and administrative 34,504 35,064 165,189 171,712 Goodwill and intangible asset impairment 82,369 79,503 82,369 192,569 Other operating expense (income) 26,720 (11,673) 87,513 96,160 Total operating expenses 363,507 338,342 1,276,678 1,440,062 Operating income 31,514 28,221 411,424 95,527 Interest expense (17,840) (19,985) (73,134) (78,328)Other income, net 8,016 6,987 59,983 48,700 Income before income taxes 21,690 15,223 398,273 65,899 Income tax benefit (expense) 8,040 16,142 (59,284) (10,284)Net income$29,730 $31,365 $338,989 $55,615 Net income per share: Basic$0.32 $0.34 $3.66 $0.59 Diluted$0.32 $0.33 $3.62 $0.58 Weighted-average shares of common stock outstanding: Basic 91,636 93,249 92,592 94,586 Diluted 92,628 94,105 93,547 95,450 QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited) Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025 GAAP operating income$31,514 $192,141 $28,221 Stock-based compensation expense 26,321 26,849 27,415 Amortization of acquired intangible assets 20,394 21,605 24,040 Restructuring-related charges (adjustments) 22,426 (10,396) (17,252)Goodwill and intangible asset impairment 82,369 — 79,503 Merger-related costs 8,097 14,716 — Settlements, gains, losses and other charges (898) 2,670 9,922 Non-GAAP operating income$190,223 $247,585 $151,849 GAAP net income$29,730 $164,062 $31,365 Stock-based compensation expense 26,321 26,849 27,415 Amortization of acquired intangible assets 20,394 21,605 24,040 Restructuring-related charges (adjustments) 22,426 (10,396) (17,252)Goodwill and intangible asset impairment 82,369 — 79,503 Merger-related costs 8,097 14,716 — Settlements, gains, losses and other charges (898) 2,670 9,922 Investment gains and losses 4,053 (6,108) 3,444 Adjustment of income taxes (35,660) (10,160) (25,095)Non-GAAP net income$156,832 $203,238 $133,342 GAAP weighted-average outstanding diluted shares 92,628 93,571 94,105 Dilutive stock-based awards — — — Non-GAAP weighted-average outstanding diluted shares 92,628 93,571 94,105 Non-GAAP net income per share, diluted$1.69 $2.17 $1.42 QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited) Three Months Ended(in thousands, except percentages)March 28, 2026 December 27, 2025 March 29, 2025GAAP gross profit/margin$395,021 48.9% $464,191 46.7% $366,563 42.2%Stock-based compensation expense 5,252 0.6 6,011 0.6 5,645 0.7 Amortization of acquired intangible assets 18,448 2.3 18,783 1.9 21,684 2.5 Restructuring-related charges (adjustments) 7,084 0.9 (1,015)(0.1) 5,492 0.6 Other income (621)(0.1) (461)— (719)(0.1)Non-GAAP gross profit/margin$425,184 52.6% $487,509 49.1% $398,665 45.9% Three Months EndedNon-GAAP Operating IncomeMarch 28, 2026(as a percentage of revenue) GAAP operating income3.9%Stock-based compensation expense3.2 Amortization of acquired intangible assets2.5 Restructuring-related charges2.8 Goodwill and intangible asset impairment10.2 Merger-related costs1.0 Settlements, gains, losses and other charges(0.1)Non-GAAP operating income23.5% Three Months EndedFree Cash Flow(1)March 28, 2026(in thousands) Net cash provided by operating activities$276,264 Purchases of property and equipment (21,235)Free cash flow$255,029 (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.
QORVO, INC. AND SUBSIDIARIES
ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(In thousands) (Unaudited)Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP research and development expense$170,388 $178,066 $179,931 Less: Stock-based compensation expense 12,496 14,575 14,364 Amortization of acquired intangible assets 402 466 — Other charges 2 2 1 Non-GAAP research and development expense$157,488 $163,023 $165,566 Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP marketing and selling expense$49,526 $49,424 $55,517 Less: Stock-based compensation expense 3,327 3,290 4,067 Amortization of acquired intangible assets 1,543 2,356 2,356 Non-GAAP marketing and selling expense$44,656 $43,778 $49,094 Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP general and administrative expense$34,504 $32,007 $35,064 Less: Stock-based compensation expense 5,379 2,946 3,509 Non-GAAP general and administrative expense$29,125 $29,061 $31,555 Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP other operating expense (including goodwill and intangible asset impairment)$109,089 $12,553 $67,830 Less: Stock-based compensation (adjustment) expense (132) 27 (170)Restructuring-related charges (adjustments) 15,342 (9,381) (22,744)Goodwill and intangible asset impairment 82,369 — 79,503 Merger-related costs 8,097 14,716 — Settlements, gains, losses and other charges (279) 3,129 10,640 Non-GAAP other operating expense$3,692 $4,062 $601 Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP total operating expense$363,507 $272,050 $338,342 Less: Stock-based compensation expense 21,070 20,838 21,770 Amortization of acquired intangible assets 1,945 2,822 2,356 Restructuring-related charges (adjustments) 15,342 (9,381) (22,744)Goodwill and intangible asset impairment 82,369 — 79,503 Merger-related costs 8,097 14,716 — Settlements, gains, losses and other charges (277) 3,131 10,641 Non-GAAP total operating expense$234,961 $239,924 $246,816 QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited) March 28, 2026 March 29, 2025ASSETS Current assets: Cash and cash equivalents$1,219,015 $1,021,176 Accounts receivable, net 382,509 386,719 Inventories 553,718 640,992 Prepaid expenses 36,724 32,808 Other receivables 16,172 11,023 Other current assets 98,176 74,557 Total current assets 2,306,314 2,167,275 Property and equipment, net 710,392 801,895 Goodwill 2,353,226 2,389,741 Intangible assets, net 121,506 273,478 Long-term investments 16,295 23,433 Other non-current assets 317,857 277,309 Total assets$5,825,590 $5,933,131 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable$242,870 $260,663 Accrued liabilities 248,160 287,981 Other current liabilities 221,727 234,538 Total current liabilities 712,757 783,182 Long-term debt 1,549,154 1,549,215 Other long-term liabilities 219,380 208,422 Total liabilities 2,481,291 2,540,819 Commitments and contingent liabilities Stockholders’ equity: Preferred stock, $0.0001 par value; 5,000 shares authorized; no shares issued and outstanding — — Common stock and additional paid-in capital, $0.0001 par value; 405,000 shares authorized; 87,741 and 92,920 shares issued and outstanding at March 28, 2026 and March 29, 2025, respectively 3,301,450 3,431,308 Accumulated other comprehensive income (loss) 4,061 (5,013)Retained earnings (accumulated deficit) 38,788 (33,983)Total stockholders' equity 3,344,299 3,392,312 Total liabilities and stockholders’ equity$5,825,590 $5,933,131 QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) Three Months Ended Twelve Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025Cash flows from operating activities: Net income$29,730 $31,365 $338,989 $55,615 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 35,852 40,310 151,338 163,222 Intangible assets amortization 26,852 30,468 111,051 133,614 Deferred income taxes (14,580) (21,469) (39,384) (84,737)Goodwill and intangible asset impairment 82,369 79,503 82,369 192,569 Stock-based compensation expense 26,321 27,415 136,070 136,346 Other, net 3,235 (25,014) (13,421) 31,966 Changes in operating assets and liabilities: Accounts receivable, net 104,995 43,256 3,154 26,807 Inventories (24,428) 14,369 86,616 18,188 Prepaid expenses and other assets (2,077) 6,162 (18,510) (24,348)Accounts payable and accrued liabilities 5,981 (20,978) (50,211) (38,599)Income taxes payable and receivable 6,191 7,655 942 (4,103)Other liabilities (4,177) (13,859) 19,628 15,662 Net cash provided by operating activities 276,264 199,183 808,631 622,202 Cash flows from investing activities: Purchase of property and equipment (21,235) (28,513) (129,070) (137,600)Proceeds from sale of property and equipment 37,862 7,059 51,711 7,059 Proceeds from sales of businesses — 117,541 21,472 173,117 Other investing activities 1,507 (448) 12,287 (6,021)Net cash provided by (used in) investing activities 18,134 95,639 (43,600) 36,555 Cash flows from financing activities: Repurchase of common stock, including transaction costs (400,050) (49,981) (532,552) (356,336)Proceeds from the issuance of common stock 10,403 11,336 35,492 35,741 Tax withholding paid on behalf of employees for restricted stock units (2,863) (705) (32,018) (31,250)Repurchase of debt — — — (439,124)Net proceeds (payments) from purchase and sale of inventories subject to repurchase 7,367 897 (11,711) 130,204 Other financing activities (6,934) (4,968) (25,737) (23,597)Net cash used in financing activities (392,077) (43,421) (566,526) (684,362)Effect of exchange rate changes on cash and cash equivalents (1,816) 343 (666) (2,477)Net (decrease) increase in cash and cash equivalents (99,495) 251,744 197,839 (28,082)Cash and cash equivalents at the beginning of the period 1,318,510 769,432 1,021,176 1,049,258 Cash and cash equivalents at the end of the period$1,219,015 $1,021,176 $1,219,015 $1,021,176 At Qorvo®
Doug DeLieto
VP, Investor Relations
1.336.678.7968
Qorvo (QRVO - Free Report) came out with quarterly earnings of $1.69 per share, beating the Zacks Consensus Estimate of $1.21 per share. This compares to earnings of $1.42 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +40.17%. A quarter ago, it was expected that this chipmaker would post earnings of $1.87 per share when it actually produced earnings of $2.17, delivering a surprise of +16.04%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Qorvo, which belongs to the Zacks Semiconductors - Radio Frequency industry, posted revenues of $808.28 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.08%. This compares to year-ago revenues of $869.47 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Qorvo shares have added about 9.5% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Qorvo?While Qorvo has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Qorvo was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.04 on $751 million in revenues for the coming quarter and $6.77 on $3.52 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Semiconductors - Radio Frequency is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Perion Network (PERI - Free Report) , another stock in the broader Zacks Computer and Technology sector, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 20.
This digital media company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of -45.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Perion Network's revenues are expected to be $94.43 million, up 5.7% from the year-ago quarter.
For the quarter ended March 2026, Qorvo (QRVO - Free Report) reported revenue of $808.28 million, down 7% over the same period last year. EPS came in at $1.69, compared to $1.42 in the year-ago quarter.
The reported revenue represents a surprise of +1.08% over the Zacks Consensus Estimate of $799.68 million. With the consensus EPS estimate being $1.21, the EPS surprise was +40.17%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Qorvo performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- HPA: $202.7 million compared to the $205.45 million average estimate based on four analysts. The reported number represents a change of +7.9% year over year.Revenue- ACG: $512.3 million versus the four-analyst average estimate of $482.36 million. The reported number represents a year-over-year change of -11.7%.Revenue- CSG: $93.3 million compared to the $111.74 million average estimate based on four analysts. The reported number represents a change of -7.9% year over year.View all Key Company Metrics for Qorvo here>>>
Shares of Qorvo have returned +16.5% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Key Takeaways Qorvo reported Q4 fiscal 2026 earnings and revenues that beat estimates despite lower sales.QRVO offset weak smartphone demand with improved margins, cost control and product mix gains.QRVO saw higher non-GAAP profit and operating cash flow, with a stronger segment mix aiding results. Qorvo, Inc. (QRVO - Free Report) reported relatively healthy fourth-quarter fiscal 2026 results, with both top and bottom lines beating the Zacks Consensus Estimate.
During the quarter, the company’s weak smartphone demand continued to pressure revenues. However, the company managed to improve profitability through better cost control and a stronger product mix.
Net IncomeOn a GAAP basis, the company reported a net income of $29.7 million or 32 cents per share compared with $31.4 million or 33 cents per share in the prior-year quarter, primarily due to lower net sales and higher operating expenses.
Non-GAAP net income was $156.8 million or $1.69 per share compared with $133.3 million or $1.42 per share in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimate by 48 cents.
For 2026, Qorvo reported GAAP net income of $339 million or $3.62 per share compared with $55.6 million or 58 cents per share in 2025.
RevenuesNet sales during the quarter declined to $808.3 million from $869.5 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $799.7 million. For 2026, revenues decreased to $3.68 billion from $3.72 billion in 2025.
Segmental PerformanceThe High-Performance Analog segment contributed $202.7 million in revenues compared with $187.9 million in the year-ago quarter, mainly driven by demand for 5G network equipment, defense and aerospace systems, Wi-Fi devices and industrial electronics.
Revenues from the Connectivity and Sensors Group segment were $93.3 million compared with $101.3 million in the year-earlier quarter. Net sales in the Advanced Cellular Group segment were $512.3 million, down 11.7% year over year.
Other DetailsNon-GAAP gross profit was $425.2 million compared with $398.7 million in the year-ago quarter, with respective margins of 52.6% and 45.9%. Non-GAAP operating expenses decreased to $235 million from $246.8 million a year ago. Non-GAAP operating income was $190.2 million compared with $151.8 million in the year-ago quarter.
Cash Flow & LiquidityAs of March 28, 2026, QRVO had $1.22 billion in cash and cash equivalents and $1.55 billion of long-term debt compared with respective tallies of $1.02 billion and $1.55 billion a year ago.
The company generated $276.3 million in cash from operations compared with $199.2 million in the year-earlier quarter. For 2026, the company generated $808.6 million of cash from operating activities compared with $622.2 million in 2025.
Zacks Rank Qorvo currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming ReleasesHubSpot, Inc. (HUBS - Free Report) is scheduled to release first-quarter 2026 earnings on May 7. The Zacks Consensus Estimate for earnings is pegged at $2.47 per share, suggesting growth of 38.76% from the year-ago reported figure.
HubSpot has a long-term earnings growth expectation of 20%. The company delivered an average earnings surprise of 3.01% in the last four reported quarters.
Workday, Inc. (WDAY - Free Report) is set to release first-quarter fiscal 2027 earnings on May 21. The Zacks Consensus Estimate for earnings is pegged at $2.49 per share, implying growth of 11.7% from the year-ago reported figure.
Workday has a long-term earnings growth expectation of 20.16%. The company delivered an average earnings surprise of 8.53% in the last four reported quarters.
Motorola Solutions, Inc. (MSI - Free Report) is set to release first-quarter 2026 earnings on May 7. The Zacks Consensus Estimate for earnings is pegged at $3.25 per share, implying growth of 2.2% from the year-ago reported figure.
Motorola has a long-term earnings growth expectation of 9.4%. The company delivered an average earnings surprise of 5.66% in the last four reported quarters.
On May 12, 2026, Qorvo Inc QRVO shares rose 3.2% to a current price of $93.41. Over the past year, the stock has exhibited a notable price range, hitting a 52-week high of $106.30 and a low of $71.73.
GF Value™ verdict: Current price is $93.41, compared to GF Value™ of $94.12, indicating it is 0.8% undervalued.GF Score™ of 78/100 suggests that Qorvo Inc is rated above average in terms of its investment potential.Most notable signal: Insider activity shows that insiders sold $2.5 million worth of stock in the last 3 months with no buying activity reported. Is QRVO Overvalued or Undervalued? Qorvo Inc's current market price of $93.41 is slightly below the GF Value™ estimate of $94.12, suggesting that the stock is 0.8% undervalued. This small margin of safety presents a potential opportunity for investors, as it indicates that the stock is trading close to its intrinsic value. However, it is essential to consider that the GF Valuation label categorizes the stock as fairly valued, meaning that while the price is slightly below the estimated intrinsic value, the potential for substantial upside may be limited given the current market conditions.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The slight undervaluation could attract value-focused investors, but caution is warranted due to the recent insider selling, which might reflect management's sentiment about the stock's near-term prospects.
How Does QRVO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 25.8x 23.5x Forward P/E 13.9x N/A Qorvo Inc's current P/E ratio of 25.8x is 10% above its 5-year median P/E of 23.5x, indicating that the stock may be trading above its historical valuation levels. In contrast, the forward P/E of 13.9x suggests a more favorable outlook when assessing future earnings potential. This P/E analysis aligns with the GF Value™ verdict, which suggests the stock is fairly valued, as the higher current P/E indicates that investors may be paying a premium compared to historical averages.
What Does QRVO's GF Score™ Tell Us? Metric Rating GF Score™ 78 Financial Strength 7/10 Profitability 6/10 Growth 4/10 Valuation 9/10 Momentum 7/10 The GF Score™ of 78/100 indicates that Qorvo Inc is performing above average when evaluated across five key aspects. Financial Strength ranks at 7/10, suggesting a solid financial position, while Profitability is rated 6/10, indicating reasonable profitability metrics. The Growth rank, at 4/10, reflects some challenges in growth potential, which is an area to watch. Valuation stands strong at 9/10, confirming that the stock is currently attractively priced relative to its value estimate. However, with a lower Growth rank, investors may need to be cautious about future performance expectations.
What Are Insiders Doing with QRVO Stock? Recent insider activity in Qorvo Inc has shown that insiders sold approximately $2.5 million worth of shares over the last three months, without any reported buying activity. This pattern of selling may suggest a lack of confidence among insiders in the stock's short-term performance. While insider selling does not always indicate a negative outlook, it is a factor that potential investors should consider when evaluating the stock's future prospects. The absence of insider buying could imply that management does not view the current price as an attractive entry point.
What This Means for Investors Based on the GF Value™ assessment, Qorvo Inc QRVO is fairly valued, with a slight undervaluation of 0.8% relative to its intrinsic value estimate. While this suggests a modest opportunity, the recent insider selling and mixed signals in the growth metrics warrant careful consideration before making any investment decisions.
For the complete analysis, visit the Qorvo Inc QRVO 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 QRVO's GF Score™?
QRVO has a GF Score™ of 78/100, indicating that it is rated above average in terms of investment potential based on various key factors.
Is QRVO overvalued or undervalued?
According to GF Value™, Qorvo Inc is currently 0.8% undervalued, suggesting a slight opportunity for investors, although it is categorized as fairly valued overall.
What is QRVO's P/E ratio?
Qorvo Inc's P/E (TTM) is 25.8x, which is 10% above its 5-year median P/E of 23.5x, 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].
Qorvo is executing a recovery, with gross margins already at the FY2028 target of 47% and net debt set to vanish within a year. QRVO trades at a 2-turn EV/EBITDA discount to Qualcomm despite comparable or superior margin performance, offering a compelling re-rating opportunity. The base case price target is $120 (+43%), with bull and bear scenarios at $175 (+109%) and $54 (−35%), respectively, driven by DCF and peer multiples.
IRVINE, Calif., May 20, 2026 (GLOBE NEWSWIRE) -- Skyworks Solutions, Inc. (Nasdaq: SWKS) (“Skyworks”), a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, today announced that, in connection with its anticipated acquisition of Qorvo, Inc. (“Qorvo”), Skyworks has commenced offers to holders of Qorvo Notes (as defined below) to exchange (the “Exchange Offers”) any and all outstanding 4.375% Senior Notes due 2029 (the “2029 Qorvo Notes”) and any and all outstanding 3.375% Senior Notes due 2031 issued by Qorvo (the “2031 Qorvo Notes” and, together with the 2029 Qorvo Notes, the “Qorvo Notes”), for, (1) with respect to the 2029 Qorvo Notes, up to $850,000,000 aggregate principal amount of new 4.375% Senior Notes due 2029 (the “New 2029 Skyworks Notes”) issued by Skyworks or, (2) with respect to the 2031 Qorvo Notes, up to $700,000,000 aggregate principal amount of new 3.375% Senior Notes due 2031 (together with the New 2029 Skyworks Notes, the “New Skyworks Notes”) issued by Skyworks. The Exchange Offers and Consent Solicitations (as defined herein) are being conducted in connection with, and are conditioned upon, among other things, the closing of the transactions pursuant to which Qorvo will merge with and into a subsidiary of Skyworks (the “Mergers”), with such subsidiary continuing as the surviving entity and a wholly-owned subsidiary of Skyworks, which condition may not be waived by Skyworks.
In conjunction with the Exchange Offers, Skyworks, on behalf of Qorvo, is soliciting consents (the “Consent Solicitations”) to adopt certain proposed amendments to each indenture governing the applicable series of Qorvo Notes to, among other changes, eliminate substantially all of the restrictive covenants, certain affirmative covenants and certain events of default (the “Proposed Amendments”) in exchange for the Consent Payment (as defined herein).
The New Skyworks Notes will have the same interest payment dates, maturity date and interest rate as the applicable series of Qorvo Notes. Each series of New Skyworks Notes will replace the fixed redemption schedule currently included in the corresponding series of Qorvo Notes with a customary investment grade redemption schedule, including a three-month par call date and make-whole mechanism as further described in the Registration Statement (as defined herein).
The following table sets forth the applicable Consent Payment, the Exchange Consideration (as defined below), the Early Participation Premium (as defined below) and the Total Consideration (as defined below) for the Qorvo Notes:
Title of Series CUSIP/ISIN No. Principal Amount Outstanding Consent Payment(1) Exchange Consideration(2) Early Participation Premium(3)
Total Consideration(4)
4.375% Senior Notes due 2029 Registered: 74736KAH4/
US74736KAH41 $850,000,000 $2.50 to $5.00 in cash $950.00 principal amount of Skyworks 4.375% Notes due 2029 $50.00 principal amount of Skyworks 4.375% Senior Notes due 2029 $1,000 principal amount of Skyworks 4.375% Notes due 2029 and $2.50 to $5.00 in cash 144A:
74736KAG6 /
US74736KAG67 Regulation S:
U7471QAF1 /
USU7471QAF10 3.375% Senior Notes due 2031 144A:
74736KAJ0 /
US74736KAJ07
$700,000,000 $2.50 to $5.00 in cash $950.00 principal amount of Skyworks 3.375% Notes due 2031 $50.00 principal amount of Skyworks 3.375% Senior Notes due 2031 $1,000 principal amount of Skyworks 3.375% Notes due 2031 and $2.50 to $5.00 in cash Regulation S:
U7471QAJ3 /
USU7471QAJ32 ____________________________
(1)Per $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date (as defined herein), the applicable Consent Payment will be an amount equal to the product of $2.50 multiplied by a fraction, the numerator of which is the aggregate principal amount of such series of Qorvo Notes outstanding as of such Early Participation Date and the denominator of which is the aggregate principal amount of such series of Qorvo Notes validly tendered and not validly withdrawn at or prior to such Early Participation Date. As a result, the applicable Consent Payment for a series of Qorvo Notes will range from $2.50 per $1,000 principal amount (if all holders of such series of Qorvo Notes tender) to approximately $5.00 per $1,000 principal amount (if holders tender a majority of the aggregate principal amount of such series of Qorvo Notes). Any Consent Payment will be paid on the applicable Settlement Date (as defined herein).
For the avoidance of doubt, a holder that validly tenders Qorvo Notes and delivers (and does not validly revoke) a consent at or prior to the applicable Early Participation Date, but withdraws such Qorvo Notes after such Early Participation Date but prior to the applicable Expiration Date, will be eligible to receive the applicable Consent Payment, even if such holder has withdrawn their Qorvo Notes after the applicable Early Participation Date or such holder is no longer the beneficial owner of such Qorvo Notes at such Expiration Date. Consents may not be revoked after the applicable Consent Revocation Deadline (as defined herein). (2) For each $1,000 principal amount of the applicable series of Qorvo Notes accepted for exchange. (3) For each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date and accepted for exchange. (4)For each $1,000 principal amount of the applicable series of Qorvo Notes. Includes the applicable Consent Payment, Exchange Consideration and Early Participation Premium. For the avoidance of doubt, (i) consents may not be revoked after the applicable Consent Revocation Deadline, and (ii) unless the applicable Exchange Offer is amended, in no event will any holder of Qorvo Notes be eligible to receive more than $1,000 aggregate principal amount of Skyworks Notes for each $1,000 aggregate principal amount of the applicable series of Qorvo Notes accepted for exchange.
The Exchange Offers and Consent Solicitations are being made pursuant to the terms and subject to the conditions set forth in Skyworks’ pre-effective registration statement on Form S-4 (including the prospectus contained therein, which is subject to change, the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 20, 2026.
The Exchange Offers will expire at 5:00 p.m., New York City time, on September 1, 2026, unless extended (as it may be extended, the “Expiration Date”). The settlement date (the “Settlement Date”) will be promptly after the Expiration Date and is expected to occur no earlier than the second business day after the closing date of the Mergers.
Each Exchange Offer and Consent Solicitation is conditioned upon, among other things, (i) a minimum of a majority of the aggregate principal amount of Qorvo Notes of such series having been validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date pursuant to the applicable Exchange Offer for such series, which may be waived by Skyworks in its sole discretion, (ii) the Registration Statement having been declared effective by the SEC, which condition may not be waived by Skyworks, and (iii) the closing of the Mergers, which condition may not be waived by Skyworks. The closing of the Mergers is not conditioned upon the results of the Exchange Offers and Consent Solicitations.
Skyworks, in its sole discretion, may modify or terminate either Exchange Offer and may extend the Early Participation Date, the Expiration Date and/or the Settlement Date with respect to either Exchange Offer, subject to applicable law. Any such modification, termination or extension by Skyworks with respect to an Exchange Offer will not automatically modify, terminate or extend the other Exchange Offer, but will automatically modify, terminate or extend the respective Consent Solicitation, as applicable. Neither Exchange Offer nor Consent Solicitation is conditioned upon the respective consummation of the other. The Exchange Offer and Consent Solicitation with respect to a series of Qorvo Notes is not conditioned upon the consummation of the Exchange Offer or Consent Solicitation with respect to the other series of Qorvo Notes.
As indicated in the table above, for each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date, holders of such Qorvo Notes will be eligible to receive a cash payment of an amount equal to the product of $2.50 multiplied by a fraction, the numerator of which is the aggregate principal amount of such series Qorvo Notes outstanding as of such Early Participation Date and the denominator of which is the aggregate principal amount of such series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date (such amount for such series, the “Consent Payment”). With respect to a series of Qorvo Notes, consents may not be revoked after the earlier of (i) 5:00 p.m., New York City time, on June 11, 2026, unless extended or terminated, and (ii) the date the supplemental indenture to the applicable indenture governing such series of Qorvo Notes implementing the Proposed Amendments for such series of Qorvo Notes is executed (the earlier of (i) and (ii), the “Consent Revocation Deadline”).
For each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on June 11, 2026, unless extended or terminated (such date and time, as the same may be extended, the “Early Participation Date”) and accepted for exchange, holders of such series of Qorvo Notes will be eligible to receive an early participation premium, payable in principal amount of the applicable series of New Skyworks Notes, equal to $50.00 (the “Early Participation Premium”); provided that such Qorvo Notes held by the applicable holder have been validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date and either (A) such holder must not have validly withdrawn such Qorvo Notes at or prior to the applicable Expiration Date or (B) if such Qorvo Notes held by such holder have been validly withdrawn at or prior to the applicable Expiration Date, such holder, prior to such Expiration Date must have (i) validly re-tendered, and not validly withdrawn, such Qorvo Notes and (ii) submitted the Early Participation VOI Number (as defined in the Registration Statement) with respect to such tendered Qorvo Notes.
For each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the applicable Expiration Date and accepted for exchange, holders of such Qorvo Notes will be eligible to receive $950 principal amount of the corresponding series of New Skyworks Notes (the “Exchange Consideration”).
Skyworks will pay a soliciting dealer fee of $2.50 for each note per $1,000 principal amount of Qorvo Notes that are validly tendered prior to the applicable Expiration Date and not validly withdrawn to retail brokers that are appropriately designated by their tendering holder clients to receive such fee, provided that such fee will only be paid with respect to tenders by holders whose aggregate principal amount of Qorvo Notes is $250,000 or less.
The complete terms and conditions of the Exchange Offers and Consent Solicitations are described in the Registration Statement, a copy of which may be obtained by contacting Global Bondholder Services Corporation, the exchange agent and information agent in connection with the Exchange Offers and Consent Solicitation, at (855) 654-2015 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or [email protected]. Questions regarding the terms and conditions of the Exchange Offers and Consent Solicitations should be directed to the dealer manager, Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Collect: (212) 357-1452, Toll-Free: (800) 828-3182.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Exchange Offers and Consent Solicitations are being made solely pursuant to the Registration Statement and only to such persons and in such jurisdictions as is permitted under applicable law.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. Skyworks is a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet and wearables.
Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500® market index (Nasdaq: SWKS).
Safe Harbor Statement
This press release includes “forward-looking statements.” Forward-looking statements relate to future events, including, but not limited to, the Exchange Offers, the Consent Solicitations and the Mergers, as applicable. These forward-looking statements include information relating to future events, prospects, expectations and results of Skyworks (e.g., certain projections and business trends, including with respect to future sales and revenue, as well as plans for dividend payments). Forward-looking statements can often be identified by words such as “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “believes,” “plans,” “may,” “will” or “continue,” and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, uncertainties and other important factors that could cause actual results to differ materially and adversely from those projected and may affect Skyworks’ future operating results, financial position and cash flows.
These risks, uncertainties and other important factors include: the risks of doing business internationally, including from trade war or trade protection measures (e.g., tariffs, retaliatory tariffs and other countermeasures or taxes), increased import/export restrictions and controls (e.g., Skyworks’ ability to obtain foreign-sourced raw materials, including from Chinese-based sources, as well as Skyworks’ ability to sell products to certain specified foreign entities only pursuant to a limited export license from the U.S. Department of Commerce), the susceptibility of the semiconductor industry and the markets addressed by Skyworks’, and Skyworks’ customers’, products to economic cycles or changes in economic conditions, including inflation and recession that could result from trade war or trade protection measures; Skyworks’ reliance on a small number of key customers for a large percentage of Skyworks’ sales; decreased gross margins and loss of market share as a result of increased competition; Skyworks’ ability to obtain design wins from customers; Skyworks’ ability to convert design wins into revenue; market acceptance of Skyworks’ products and Skyworks’ customers’ products, including market acceptance of new, emerging technologies such as AI; the mix and volume of phone models sold by Skyworks’ largest customer; the potential impacts on Skyworks’ business, reputation, relationships, results of operations, cash flows and financial condition as a result of the Mergers and related transactions with Qorvo; the possibility that expected benefits related to such transactions with Qorvo may not materialize as expected; such transactions with Qorvo being timely completed, if completed at all; regulatory approvals required for the Mergers and related transactions not being timely obtained, if obtained at all, or being obtained subject to conditions; Skyworks or Qorvo’s business experiencing disruptions as a result of the Mergers and related transactions or due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; Skyworks and Qorvo being unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; the costs, fees, expenses and other charges related to the Mergers and related transactions with Qorvo, including with respect to any related litigation; reduced flexibility in operating Skyworks’ business as a result of the substantial amount of additional indebtedness Skyworks expects to incur in connection with the Mergers and related transactions; delays in the deployment of commercial 5G networks or in consumer adoption of 5G-enabled devices; the volatility of Skyworks’ stock price; changes in laws, regulations and/or policies that could adversely affect Skyworks’ operations and financial results, the economy and Skyworks’ customers’ demand for Skyworks’ products, or the financial markets and Skyworks’ ability to raise capital; fluctuations in Skyworks’ manufacturing yields due to Skyworks’ complex and specialized manufacturing processes; Skyworks’ ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition Skyworks’ products to smaller geometry process technologies and achieve higher levels of design integration; the quality of Skyworks’ products and any defect remediation costs; Skyworks’ products’ ability to perform under stringent operating conditions; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials, including rare earth and similar minerals, supplier components, equipment and shipping and logistics services, including limits on Skyworks’ customers’ ability to obtain such services and materials; risks that Skyworks may not be able to optimize Skyworks’ manufacturing footprint and achieve any financial and operational benefits from such efforts, including reducing fixed costs or improving utilization rates, disruptions to Skyworks’ manufacturing processes, including relating to any relocation of Skyworks’ key facilities; Skyworks’ ability to successfully manage Skyworks’ senior management transitions; Skyworks’ ability to retain, recruit and hire key executives or the departure of any such executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement Skyworks’ business and product plans; the timing, rescheduling or cancellation of significant customer orders and Skyworks’ ability, as well as the ability of Skyworks’ customers, to manage inventory; other economic, social, military and geopolitical conditions in the countries in which Skyworks, Skyworks’ customers or Skyworks’ suppliers operate, including the conflicts in Ukraine, Iran and other regions in the Middle East, possible disruptions in transportation networks, and fluctuations in foreign currency exchange rates; the effects of global health crises on business conditions in Skyworks’ industry, including the risk of significant disruptions to Skyworks’ business operations, as well as negative impacts to Skyworks’ financial condition; Skyworks’ ability to prevent theft of Skyworks’ intellectual property, disclosure of confidential information or breaches of Skyworks’ information technology systems; uncertainties of litigation, including our ongoing securities litigation, potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; Skyworks’ ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; Skyworks’ ability to make certain investments and acquisitions, integrate companies Skyworks acquires and/or enter into strategic alliances; and other risks and uncertainties, including those detailed from time to time in Skyworks’ filings with the Securities and Exchange Commission.
The forward-looking statements contained in this press release are made only as of the date hereof, and Skyworks undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information about the Mergers and Where to Find It
In connection with the Mergers, Skyworks has filed with the SEC a registration statement on Form S-4, which includes a proxy statement of Qorvo that also constitutes a prospectus for the shares of Skyworks common stock to be offered in the Mergers (collectively, the “Mergers Registration Statement and Proxy Statement/Prospectus”). Each of Skyworks and Qorvo may also file other relevant documents with the SEC regarding the Mergers. This communication is not a substitute for the proxy statement/prospectus or registration statement or any other document that Skyworks or Qorvo may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE MERGERS REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT SKYWORKS, QORVO, THE MERGERS AND RELATED MATTERS. Investors and security holders can obtain free copies of the Mergers Registration Statement and Proxy Statement/Prospectus and other documents containing important information about Skyworks, Qorvo and the Mergers filed with the SEC through the website maintained by the SEC at www.sec.gov. The documents filed by Skyworks with the SEC also may be obtained free of charge at Skyworks’ website at https://www.skyworksinc.com/investors or upon written request to Skyworks at [email protected]. The documents filed by Qorvo with the SEC also may be obtained free of charge at Qorvo’s website at https://ir.qorvo.com/ or upon written request to Qorvo at [email protected].
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Shares of Qualcomm (NASDAQ:QCOM | QCOM Price Prediction) are up 11% at midday Friday, with Skyworks Solutions (NASDAQ:SWKS) higher by 9% and Qorvo (NASDAQ:QRVO) tacking on 7%. The mobile and RF (radio frequency) chip trade is rallying broadly, but the bid is concentrated in the smaller, more focused names in the group. Investors are picking pure-play winners while passing on the diversified semiconductor giants.
The curious wrinkle: Broadcom (NASDAQ:AVGO), the long-term explosive winner of the broader chip complex, is essentially flat on the session. Money is rotating into the focused mobile and connectivity names rather than the diversified leader, an unusual pattern after years of the opposite trade dominating.
Qualcomm stock’s recent run has been remarkable. It’s up 76% over the past month and 40% year to date, closing Thursday at $213.41 with a market cap of roughly $251 billion.
Qualcomm Leads on Data Center and Auto Momentum Qualcomm stock is doing the heavy lifting today. The leadership reflects momentum across Snapdragon mobile SoCs, the automotive Snapdragon Digital Chassis, and AI-at-the-edge silicon. QCOM stock’s one-year gain sits at 62%, with the five-year return at 82%.
The April 29 earnings report set the table. Qualcomm posted Q2 FY2026 revenue of $10.6 billion and non-GAAP EPS of $2.65, marking a fourth consecutive beat. QCT Automotive hit a record $1.33 billion, up 38% year over year.
CEO Cristiano Amon stated that a hyperscaler custom silicon engagement remains “on track for initial shipments later this calendar year” as Qualcomm builds its data center push. The June 24 Investor Day on Data Center and Physical AI is the next near-term catalyst. Management also rolled out a $20 billion buyback authorization alongside the quarter.
Skyworks and Qorvo Catch a Mean-Reversion Bid Skyworks shares are riding a one-month gain of 30% and a year-to-date advance of 27%. The company delivered Q1 FY2026 revenue of $1.035 billion and non-GAAP EPS of $1.54, a fourth consecutive quarterly beat. Skyworks CEO Phil Brace observed accelerating broad-markets growth led by Wi-Fi 7 and data center infrastructure programs.
Qorvo stock is up 23% over the past month and 37% over the past year. Qorvo’s Q4 FY2026 non-GAAP EPS of $1.69 blew past the $1.21 consensus, while non-GAAP gross margin expanded 670 basis points year over year to 53%. Moreover, Qorvo returned $400 million through buybacks in the quarter.
The pending Skyworks-Qorvo merger has cleared a major hurdle, securing 81% shareholder approval. Combined with Qualcomm’s read-through on handset, automotive, and IoT recovery, the smaller RF pure-plays are catching a powerful sentiment bid today.
The Five-Year Picture Complicates the Story Today’s rotation doesn’t erase a difficult structural backdrop for the smaller names. Skyworks stock is still down 52% over five years, while Qorvo is down 41% over the same stretch.
Qualcomm has gained 82% over five years, a respectable but middling result. Broadcom, by contrast, has surged 818% over the same window, the kind of dispersion that argues the diversified-giant model has been the winning long-term strategy.
The pure-plays carry heavier customer-concentration risk, capex disadvantages, and less software exposure than Broadcom. One session of mean reversion doesn’t flip that scorecard. The bull case rests on AI-enabled phones lifting RF content per device, plus a sustained automotive radio frequency build-out.
What to Watch For Qualcomm stock, the June 24 Investor Day is the next major checkpoint, with management expected to detail Data Center and Physical AI roadmaps. Q3 FY2026 revenue guidance of $9.2 billion to $10 billion assumes Chinese handset revenues bottom this quarter, with sequential recovery in the following one. The relevant 8-K filing is available on sec.gov.
For Skyworks and Qorvo, regulatory progress on the merger could set the tone. Prudent investors can keep an eye on whether today’s gains hold into the close, since a single session of rotation rarely reprices five years of structural underperformance.
A strong stock as of late has been Qorvo (QRVO - Free Report) . Shares have been marching higher, with the stock up 21.2% over the past month. The stock hit a new 52-week high of $106.46 in the previous session. Qorvo has gained 25.9% since the start of the year compared to the 17.5% gain for the Zacks Computer and Technology sector and the 28.9% return for the Zacks Semiconductors - Radio Frequency industry.
What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, having beaten the Zacks Consensus Estimate in each of the last four quarters. In its last earnings report on May 5, 2026, Qorvo reported EPS of $1.69 versus consensus estimate of $1.21 while it beat the consensus revenue estimate by 1.08%.
For the current fiscal year, Qorvo is expected to post earnings of $6.84 per share on $3.49 in revenues. This represents a -2.29% change in EPS on a -5.12% change in revenues. For the next fiscal year, the company is expected to earn $7.77 per share on $3.58 in revenues. This represents a year-over-year change of 13.61% and 2.64%, respectively.
Valuation MetricsThough Qorvo has recently hit a 52-week high, what is next for Qorvo? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.
On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.
Qorvo has a Value Score of B. The stock's Growth and Momentum Scores are B and D, respectively, giving the company a VGM Score of B.
In terms of its value breakdown, the stock currently trades at 15.6X current fiscal year EPS estimates, which is not in-line with the peer industry average of 16.5X. On a trailing cash flow basis, the stock currently trades at 11.2X versus its peer group's average of 11.2X. Additionally, the stock has a PEG ratio of 1.43. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks RankWe also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Qorvo currently has a Zacks Rank of #2 (Buy) thanks to a solid earnings estimate revision trend.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Qorvo passes the test. Thus, it seems as though Qorvo shares could have a bit more room to run in the near term.
On May 27, 2026, Qorvo Inc QRVO shares fell 4.0% today, trading at $103.91. This decline comes after a strong performance over the past month, where the stock gained 21.1%. Over the last year, Qorvo’s stock has risen by 35.0%, and it has experienced a 52-week range between $74.03 and $109.49.
GF Value™ verdict: Current price is $103.91, compared to a GF Value™ of $93.91, indicating the stock is 10.6% overvalued.GF Score™: 68/100, categorized as Above Average, suggesting potential for long-term returns.Most notable signal: Insiders sold $3.5M in stock over the last 3 months, indicating a lack of insider confidence. Is QRVO Overvalued or Undervalued? Qorvo Inc QRVO is currently trading at $103.91, which is 10.6% higher than its calculated GF Value™ of $93.91. This indicates that the stock is overvalued at its current price. The GF Valuation label categorizes QRVO as Modestly Overvalued, suggesting that while the stock may not be excessively overvalued, there is limited margin of safety for potential investors. The risk associated with investing in QRVO at this price level lies in the possibility of a price correction as the market adjusts to align with its intrinsic value, which could lead to losses for shareholders if the stock price declines.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. When stocks are trading above their GF Value™, it may signal that they are priced optimistically, leading to potential downside risk for investors.
How Does QRVO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 28.7x 23.5x Forward P/E 15.0x N/A Qorvo's current P/E ratio of 28.7x is significantly above its 5-year median P/E of 23.5x, indicating that the stock is trading at a premium compared to its historical valuation. The forward P/E of 15.0x suggests a more favorable outlook, but the current high P/E ratio supports the GF Value™ verdict of being overvalued. This analysis aligns with the observation that the stock is currently priced higher than its historical averages, reinforcing concerns about its valuation.
What Does QRVO's GF Score™ Tell Us? Metric Rating GF Score™ 68 Financial Strength 7/10 Profitability 6/10 Growth 1/10 Valuation 6/10 Momentum 8/10 The GF Score™ of 68/100 reflects an Above Average rating, suggesting that Qorvo has the potential for favorable long-term returns. The strongest aspects of QRVO's score are its Financial Strength (7/10) and Momentum (8/10), indicating a solid financial position and positive recent performance. However, the weakest area is its Growth ranking (1/10), which could be a concern as it suggests limited potential for expansion in revenues or profits. Investors should consider these mixed signals when evaluating QRVO's long-term prospects.
What Are Insiders Doing with QRVO Stock? In the last three months, there has been notable insider selling amounting to $3.5 million, with no significant buying activity reported. This trend may suggest a lack of confidence among insiders regarding the future performance of the stock. The absence of insider buying could indicate a cautious outlook from those who are most familiar with the company's operations and prospects, which is often viewed as a red flag for potential investors.
What This Means for Investors Based on the current GF Value™ assessment, Qorvo Inc QRVO appears to be overvalued at its current price of $103.91. While the stock has shown strong performance over the past year, the valuation metrics and insider activity present potential risks that investors should carefully consider before making investment decisions.
For the complete analysis, visit the Qorvo Inc QRVO 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 QRVO's GF Score™?
QRVO's GF Score™ is 68/100, indicating an Above Average rating, which suggests potential for favorable long-term returns based on various performance metrics.
Is QRVO overvalued or undervalued?
QRVO is considered overvalued based on its GF Value™ of $93.91 compared to the current price of $103.91, indicating a premium that may pose risks for investors.
What is QRVO's P/E ratio?
QRVO's P/E ratio is 28.7x, which is significantly above its 5-year median of 23.5x, 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].
From a technical perspective, Qorvo, Inc. (QRVO - Free Report) is looking like an interesting pick, as it just reached a key level of support. QRVO's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.
There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.
There are three stages to a golden cross. First, there must be a downtrend in a stock's price that eventually bottoms out. Then, the stock's shorter moving average crosses over its longer moving average, triggering a positive trend reversal. The third stage is when a stock continues the upward momentum to higher prices.
A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.
QRVO has rallied 20.2% over the past four weeks, and the company is a #2 (Buy) on the Zacks Rank at the moment. This combination indicates QRVO could be poised for a breakout.
The bullish case solidifies once investors consider QRVO's positive earnings outlook. For the current quarter, no earnings estimate has been cut compared to 3 revisions higher in the past 60 days. The Zacks Consensus Estimate has increased too.
Investors may want to watch QRVO for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
On June 01, 2026, Qorvo Inc QRVO shares fell 3.5% to close at $99.97. The stock has experienced a 52-week range of $74.77 to $109.49, indicating significant volatility over the past year.
GF Value™ verdict: QRVO is currently trading at $99.97, which is 6.5% above the GF Value™ estimate of $93.86.GF Score™: QRVO has a GF Score™ of 69/100, indicating it is above average in terms of quality and potential returns.Most notable signal: Insiders sold $3.5M worth of stock in the last three months, with no buying activity reported. Is QRVO Overvalued or Undervalued? The current price of Qorvo Inc QRVO is $99.97, which is above its GF Value™ estimate of $93.86, marking the stock as 6.5% overvalued. This suggests that the stock may carry a certain level of risk for new investors as the margin of safety is absent at this valuation level. The GF Valuation label indicates that QRVO is considered fairly valued based on current market conditions, but the discrepancy between the current price and the GF Value™ can raise concerns about potential corrections in stock price.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given that QRVO's shares are trading above the GF Value™, it is essential for potential investors to consider the risks associated with this overvaluation, particularly in light of recent insider selling, which may indicate a lack of confidence in the company's near-term performance.
How Does QRVO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 27.6x 23.5x Forward P/E 14.6x N/A Currently, QRVO's trailing P/E is 27.6x, which is 17% above its 5-year median P/E of 23.5x. The forward P/E of 14.6x indicates a more favorable valuation going forward; however, the current P/E suggests that the stock is trading above its historical valuation levels. This analysis aligns with the GF Value™ verdict, indicating that QRVO is indeed overvalued at its current price.
What Does QRVO's GF Score™ Tell Us? Metric Rating GF Score™ 69/100 Financial Strength 7/10 Profitability 6/10 Growth 1/10 Valuation 7/10 Momentum 8/10 The GF Score™ of 69/100 indicates a solid overall quality for Qorvo, with particular strengths in Financial Strength (7/10) and Valuation (7/10). However, the weakest area is Growth, where QRVO only scores 1/10. This suggests that while the company is financially stable and offers some value, it may not be positioned for significant growth in the near future. Momentum is rated highly at 8/10, indicating that the stock has been performing relatively well in the short term.
What Are Insiders Doing with QRVO Stock? In the last three months, insiders have sold approximately $3.5 million worth of Qorvo stock, with no reported buying activity. This pattern of selling may suggest a lack of confidence among insiders regarding the company's future performance or valuation, which can be a red flag for potential investors. The absence of insider buying further emphasizes caution, as it may indicate that those closest to the company do not view the current price as attractive for investment.
What This Means for Investors Based on the GF Value™ assessment, Qorvo Inc QRVO is currently overvalued. With its trading price above the estimated intrinsic value, investors may need to exercise caution and consider the implications of insider selling and market conditions before making any investment decisions.
For the complete analysis, visit the Qorvo Inc QRVO 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 QRVO's GF Score™?
QRVO's GF Score™ is 69/100, indicating that it is considered above average in terms of quality and potential returns based on key financial metrics.
Is QRVO overvalued or undervalued?
QRVO is currently overvalued, trading at a price that is 6.5% above its GF Value™ estimate, which suggests a lack of margin of safety for new investors.
What is QRVO's P/E ratio?
The trailing P/E ratio for QRVO is 27.6x, which is 17% higher than its 5-year median of 23.5x, 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].
It has been about a month since the last earnings report for Qorvo (QRVO - Free Report) . Shares have added about 17.8% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Qorvo due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Qorvo, Inc. before we dive into how investors and analysts have reacted as of late.
Qorvo reported relatively healthy fourth-quarter fiscal 2026 results, with both top and bottom lines beating the Zacks Consensus Estimate.
During the quarter, the company’s weak smartphone demand continued to pressure revenues. However, the company managed to improve profitability through better cost control and a stronger product mix.
Net Income
On a GAAP basis, the company reported a net income of $29.7 million or 32 cents per share compared with $31.4 million or 33 cents per share in the prior-year quarter, primarily due to lower net sales and higher operating expenses.
Non-GAAP net income was $156.8 million or $1.69 per share compared with $133.3 million or $1.42 per share in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimate by 48 cents.
For 2026, Qorvo reported GAAP net income of $339 million or $3.62 per share compared with $55.6 million or 58 cents per share in 2025.
Revenues
Net sales during the quarter declined to $808.3 million from $869.5 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $799.7 million. For 2026, revenues decreased to $3.68 billion from $3.72 billion in 2025.
Segmental Performance
The High-Performance Analog segment contributed $202.7 million in revenues compared with $187.9 million in the year-ago quarter, mainly driven by demand for 5G network equipment, defense and aerospace systems, Wi-Fi devices and industrial electronics.
Revenues from the Connectivity and Sensors Group segment were $93.3 million compared with $101.3 million in the year-earlier quarter. Net sales in the Advanced Cellular Group segment were $512.3 million, down 11.7% year over year.
Other Details
Non-GAAP gross profit was $425.2 million compared with $398.7 million in the year-ago quarter, with respective margins of 52.6% and 45.9%. Non-GAAP operating expenses decreased to $235 million from $246.8 million a year ago. Non-GAAP operating income was $190.2 million compared with $151.8 million in the year-ago quarter.
Cash Flow & Liquidity
As of March 28, 2026, QRVO had $1.22 billion in cash and cash equivalents and $1.55 billion of long-term debt compared with respective tallies of $1.02 billion and $1.55 billion a year ago.
The company generated $276.3 million in cash from operations compared with $199.2 million in the year-earlier quarter. For 2026, the company generated $808.6 million of cash from operating activities compared with $622.2 million in 2025.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in fresh estimates.
VGM ScoresAt this time, Qorvo has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Qorvo has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
IRVINE, Calif., June 11, 2026 (GLOBE NEWSWIRE) -- Skyworks Solutions, Inc. (Nasdaq: SWKS) (“Skyworks”), a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, today announced that, in connection with its previously announced offers to holders of Qorvo Notes (as defined herein) to exchange (the “Exchange Offers”) any and all outstanding 4.375% Senior Notes due 2029 (the “2029 Qorvo Notes”) and any and all outstanding 3.375% Senior Notes due 2031 (the “2031 Qorvo Notes” and, together with the 2029 Qorvo Notes, the “Qorvo Notes”) issued by Qorvo, Inc. (“Qorvo”) as set forth in the table below for, (1) with respect to the 2029 Qorvo Notes, up to $850,000,000 aggregate principal amount of new 4.375% Senior Notes due 2029 (the “New 2029 Skyworks Notes”) issued by Skyworks and (2) with respect to the 2031 Qorvo Notes, up to $700,000,000 aggregate principal amount of new 3.375% Senior Notes due 2031 (together with the New 2029 Skyworks Notes, the “New Skyworks Notes”) issued by Skyworks, and related consent solicitations by Skyworks, on behalf of Qorvo (the “Consent Solicitations”), to adopt certain proposed amendments to each indenture governing the applicable series of Qorvo Notes to, among other things, eliminate substantially all of the restrictive covenants, certain affirmative covenants and certain events of default (the “Proposed Amendments”), in exchange for the applicable Consent Payment (as defined herein), as of 5:00 p.m., New York City time, on June 11, 2026 (the “Early Participation Date” and the “Consent Revocation Deadline”), according to Global Bondholder Services Corporation, the information agent for the Exchange Offers and Consent Solicitations, the following respective principal amounts of each series of Qorvo Notes have been validly tendered and not validly withdrawn (and consents thereby validly given and not validly revoked):
Title of Qorvo Notes /
CUSIP / ISIN No.
Principal Amount Outstanding
Qorvo Notes Tendered at the Early Participation Date and Consent Revocation Deadline Principal Amount Percentage4.375% Senior Notes due 2029Registered:
74736KAH4/
US74736KAH41
144A:
74736KAG6 /
US74736KAG67
Regulation S:
U7471QAF1 /
USU7471QAF10
$850,000,000 $760,095,000 89.42%3.375% Senior Notes due 2031144A:
74736KAJ0 /
US74736KAJ07
Regulation S:
U7471QAJ3 /
USU7471QAJ32
$700,000,000 $651,334,000 93.05% As of the Consent Revocation Deadline, Skyworks, on behalf of Qorvo, has received the requisite consents to adopt the Proposed Amendments to each series of Qorvo Notes. On June 11, 2026, Qorvo entered into two supplemental indentures, one with respect to each series of Qorvo Notes, with the subsidiary guarantors party thereto and the trustee for the Qorvo Notes (the “Supplemental Indentures”) to effect the Proposed Amendments, which, among other changes, eliminate substantially all of the restrictive covenants, certain affirmative covenants and certain events of default. Upon their respective executions, each Supplemental Indenture became effective and constitutes a binding agreement between Qorvo, the subsidiary guarantors party thereto and the trustee for the Qorvo Notes. However, the Proposed Amendments with respect to each series of Qorvo Notes will not become operative until (i) immediately prior to the closing of the transactions pursuant to which Qorvo will merge with and into a subsidiary of Skyworks (the “Mergers”), with such subsidiary continuing as the surviving entity and a wholly-owned subsidiary of Skyworks or (ii) immediately upon the settlement of the Exchange Offer and Consent Solicitation with respect to such series, depending on the specific amendment, and will cease to be operative if the Mergers are not consummated.
As a result of the consents validly tendered and not validly withdrawn by the Consent Revocation Deadline, the consent payment for the 2029 Qorvo Notes will be approximately $2.80 per $1,000 in principal amount of such notes validly tendered and not validly withdrawn at or prior to the Consent Revocation Deadline. As a result of the consents validly tendered and not validly withdrawn by the Consent Revocation Deadline, the consent payment for the 2031 Qorvo Notes will be approximately $2.69 per $1,000 in principal amount of such notes validly tendered and not validly withdrawn at or prior to the Consent Revocation Deadline (the foregoing, with respect to each series, the applicable “Consent Payment”).
Revocation rights for the Consent Solicitations expired at 5:00 p.m., New York City time, on the Consent Revocation Deadline. Withdrawal rights for the Exchange Offers expire as of the Expiration Date (as defined herein). Holders of either series of Qorvo Notes who did not validly tender (or who validly tendered but withdrew) such Qorvo Notes at or prior to the 5:00 p.m., New York City time, deadline on the Consent Revocation Deadline will not be eligible to receive the applicable Consent Payment.
For each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the Early Participation Date and accepted for exchange, holders of such series of Qorvo Notes will be eligible to receive, in addition to $950.00 principal amount of the corresponding series of New Skyworks Notes (the "Exchange Consideration"), an early participation premium, payable in principal amount of the applicable series of New Skyworks Notes, equal to $50.00 (the "Early Participation Premium"); provided that such Qorvo Notes held by the applicable holder have been validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date and either (A) such holder has not validly withdrawn such Qorvo Notes at or prior to the applicable Expiration Date or (B) if such Qorvo Notes held by such holder have been validly withdrawn at or prior to the applicable Expiration Date, such holder, prior to such Expiration Date shall have (i) validly re-tendered, and not validly withdrawn, such Qorvo Notes and (ii) submitted the Early Participation VOI Number (as defined in the Prospectus (as defined herein)) with respect to such tendered Qorvo Notes. Otherwise, for each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn after the Early Participation Date and at or prior to the applicable Expiration Date, holders of such series of Qorvo Notes will be eligible to receive only the Exchange Consideration (and not the Early Participation Premium).
The Exchange Offers will expire at 5:00 p.m., New York City time, on September 1, 2026, unless extended (as it may be extended, the “Expiration Date”). The settlement date (the “Settlement Date”) will be promptly after the Expiration Date and is expected to occur no earlier than the second business day after the closing date of the Mergers.
The Exchange Offers and Consent Solicitations are being made pursuant to the terms and subject to the conditions set forth in Skyworks’ registration statement on Form S-4, which was declared effective on May 29, 2026, and the related final prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 29, 2026 (as it may be amended or supplemented from time to time, the “Prospectus”). Each Exchange Offer and Consent Solicitation is conditioned upon the closing of the Mergers, which condition may not be waived by Skyworks. The closing of the Mergers is not conditioned upon the results of the Exchange Offers and Consent Solicitations.
Skyworks, in its sole discretion, may modify or terminate either Exchange Offer and may extend the Expiration Date and/or the Settlement Date with respect to either Exchange Offer, subject to applicable law. Any such modification, termination or extension by Skyworks with respect to an Exchange Offer will not automatically modify, terminate or extend the other Exchange Offer. The Exchange Offer and Consent Solicitation with respect to a series of Qorvo Notes is not conditioned upon the consummation of the Exchange Offer or Consent Solicitation with respect to the other series of Qorvo Notes.
The complete terms and conditions of the Exchange Offers and Consent Solicitations are described in the Prospectus, a copy of which may be obtained by contacting Global Bondholder Services Corporation, the exchange agent and information agent in connection with the Exchange Offers and Consent Solicitations, at (855) 654-2015 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or [email protected]. Questions regarding the terms and conditions of the Exchange Offers and Consent Solicitations should be directed to the dealer manager, Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Collect: (212) 357-1452, Toll-Free: (800) 828-3182.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to purchase or sell, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Exchange Offers and Consent Solicitations are being made solely pursuant to the Prospectus and only to such persons and in such jurisdictions as is permitted under applicable law.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. Skyworks is a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet and wearables.
Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500® market index (Nasdaq: SWKS).
Safe Harbor Statement
This press release includes “forward-looking statements.” Forward-looking statements relate to future events, including, but not limited to, the Exchange Offers, the Consent Solicitations and the Mergers, as applicable. These forward-looking statements include information relating to future events, prospects, expectations and results of Skyworks (e.g., certain projections and business trends, including with respect to future sales and revenue, as well as plans for dividend payments). Forward-looking statements can often be identified by words such as “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “believes,” “plans,” “may,” “will” or “continue,” and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, uncertainties and other important factors that could cause actual results to differ materially and adversely from those projected and may affect Skyworks’ future operating results, financial position and cash flows.
These risks, uncertainties and other important factors include: the risks of doing business internationally, including from trade war or trade protection measures (e.g., tariffs, retaliatory tariffs and other countermeasures or taxes), increased import/export restrictions and controls (e.g., Skyworks’ ability to obtain foreign-sourced raw materials, including from Chinese-based sources, as well as Skyworks’ ability to sell products to certain specified foreign entities only pursuant to a limited export license from the U.S. Department of Commerce), the susceptibility of the semiconductor industry and the markets addressed by Skyworks’, and Skyworks’ customers’, products to economic cycles or changes in economic conditions, including inflation and recession that could result from trade war or trade protection measures; Skyworks’ reliance on a small number of key customers for a large percentage of Skyworks’ sales; decreased gross margins and loss of market share as a result of increased competition; Skyworks’ ability to obtain design wins from customers; Skyworks’ ability to convert design wins into revenue; market acceptance of Skyworks’ products and Skyworks’ customers’ products, including market acceptance of new, emerging technologies such as AI; the mix and volume of phone models sold by Skyworks’ largest customer; the potential impacts on Skyworks’ business, reputation, relationships, results of operations, cash flows and financial condition as a result of the Mergers and related transactions with Qorvo; the possibility that expected benefits related to such transactions with Qorvo may not materialize as expected; such transactions with Qorvo being timely completed, if completed at all; regulatory approvals required for the Mergers and related transactions not being timely obtained, if obtained at all, or being obtained subject to conditions; Skyworks or Qorvo’s business experiencing disruptions as a result of the Mergers and related transactions or due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; Skyworks and Qorvo being unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; the costs, fees, expenses and other charges related to the Mergers and related transactions with Qorvo, including with respect to any related litigation; reduced flexibility in operating Skyworks’ business as a result of the substantial amount of additional indebtedness Skyworks expects to incur in connection with the Mergers and related transactions; delays in the deployment of commercial 5G networks or in consumer adoption of 5G-enabled devices; the volatility of Skyworks’ stock price; changes in laws, regulations and/or policies that could adversely affect Skyworks’ operations and financial results, the economy and Skyworks’ customers’ demand for Skyworks’ products, or the financial markets and Skyworks’ ability to raise capital; fluctuations in Skyworks’ manufacturing yields due to Skyworks’ complex and specialized manufacturing processes; Skyworks’ ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition Skyworks’ products to smaller geometry process technologies and achieve higher levels of design integration; the quality of Skyworks’ products and any defect remediation costs; Skyworks’ products’ ability to perform under stringent operating conditions; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials, including rare earth and similar minerals, supplier components, equipment and shipping and logistics services, including limits on Skyworks’ customers’ ability to obtain such services and materials; risks that Skyworks may not be able to optimize Skyworks’ manufacturing footprint and achieve any financial and operational benefits from such efforts, including reducing fixed costs or improving utilization rates, disruptions to Skyworks’ manufacturing processes, including relating to any relocation of Skyworks’ key facilities; Skyworks’ ability to successfully manage Skyworks’ senior management transitions; Skyworks’ ability to retain, recruit and hire key executives or the departure of any such executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement Skyworks’ business and product plans; the timing, rescheduling or cancellation of significant customer orders and Skyworks’ ability, as well as the ability of Skyworks’ customers, to manage inventory; other economic, social, military and geopolitical conditions in the countries in which Skyworks, Skyworks’ customers or Skyworks’ suppliers operate, including the conflicts in Ukraine, Iran and other regions in the Middle East, possible disruptions in transportation networks, and fluctuations in foreign currency exchange rates; the effects of global health crises on business conditions in Skyworks’ industry, including the risk of significant disruptions to Skyworks’ business operations, as well as negative impacts to Skyworks’ financial condition; Skyworks’ ability to prevent theft of Skyworks’ intellectual property, disclosure of confidential information or breaches of Skyworks’ information technology systems; uncertainties of litigation, including Skyworks’ ongoing securities litigation, potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; Skyworks’ ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; Skyworks’ ability to make certain investments and acquisitions, integrate companies Skyworks acquires and/or enter into strategic alliances; and other risks and uncertainties, including those detailed from time to time in Skyworks’ filings with the Securities and Exchange Commission.
The forward-looking statements contained in this press release are made only as of the date hereof, and Skyworks undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Note to Editors: Skyworks and the Skyworks symbol are trademarks or registered trademarks of Skyworks Solutions, Inc., or its subsidiaries in the United States and other countries. Third-party brands and names are for identification purposes only and are the property of their respective owners.
Additional Information about the Mergers and Where to Find It
In connection with the Mergers, Skyworks has filed with the SEC a registration statement on Form S-4, which includes a proxy statement of Qorvo that also constitutes a prospectus for the shares of Skyworks common stock to be offered in the Mergers (collectively, the “Mergers Registration Statement and Proxy Statement/Prospectus”). Each of Skyworks and Qorvo may also file other relevant documents with the SEC regarding the Mergers. This communication is not a substitute for the proxy statement/prospectus or registration statement or any other document that Skyworks or Qorvo may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE MERGERS REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT SKYWORKS, QORVO, THE MERGERS AND RELATED MATTERS. Investors and security holders can obtain free copies of the Mergers Registration Statement and Proxy Statement/Prospectus and other documents containing important information about Skyworks, Qorvo and the Mergers filed with the SEC through the website maintained by the SEC at www.sec.gov. The documents filed by Skyworks with the SEC also may be obtained free of charge at Skyworks’ website at https://www.skyworksinc.com/investors or upon written request to Skyworks at [email protected]. The documents filed by Qorvo with the SEC also may be obtained free of charge at Qorvo’s website at https://ir.qorvo.com/ or upon written request to Qorvo at [email protected].
Keysight Technologies NYSE: KEYS is a company sitting in the middle of two big economic trends: the artificial intelligence (AI) buildout and defense modernization.
Keysight Technologies Today
KEYS
Keysight Technologies
$349.99 +9.96 (+2.93%)
As of 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$152.85▼
$370.17P/E Ratio57.56
Price Target$371.92
With these forces behind it, Keysight shares have performed very well over the recent past. Since the start of 2025, the stock is up more than 100%, and in 2026, shares have gained about 70%.
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Keysight spiked 23% following its February earnings report, leading the stock to near $300 per share. Since then, Keysight has continued to climb, now trading closer to $350. Keysight just released its fiscal Q2 earnings, and the results were the best the company has ever seen. Although the stock did not receive a big boost from markets, the opposite was true for Wall Street price targets. After the report, analysts issued big-time price target increases, signaling support for the continuation of Keysight’s impressive run.
Keysight Wallops Adjusted EPS Estimates, Issues Large Guidance RaiseIn its report, Keysight posted revenue of $1.72 billion, or an increase of just over 31% year-over-year (YOY). (Note that Keysight reports its fiscal results slightly ahead of the calendar year.) This marked Keysight’s fastest revenue growth rate in five years since the company saw sales rise by 36% YOY in early 2021. Keysight’s revenue very slightly beat estimates of $1.71 billion.
The much larger beat came on the bottom line. Keysight saw its adjusted earnings per share (EPS) rise by a massive 69% YOY to $2.87. Meanwhile, analysts had forecasted a figure of $2.32, implying growth of only 36% YOY. Still, it is important to note that a $96 million tariff refund benefited adjusted EPS significantly. Without this benefit, the company still would have beat, but by a much smaller margin. The tariff refund still benefits Keystone, but it is a factor outside the firm’s control.
Orders grew even more impressively than sales, rising by 56% YOY to more than $2 billion—a strong sign for the company’s growth outlook. Considering these results, Keysight increased its full-year fiscal 2026 guidance, expecting revenue growth in the high 20% range. This is a significant boost over prior expectations of “growth just above 20%.”
Strength was broad-based across Keysight’s end markets. Commercial Communications, which houses much of its data center and AI-related revenue, rose 40% YOY. This was a solid acceleration over 33% YOY growth in the prior quarter. Meanwhile, Aerospace, Defense & Government saw sales rise 24% YOY, up from 18% YOY last quarter. Electronic Industrial Solutions, which houses some semiconductor revenue, rose 24% YOY, a nice move up compared to 15% growth last quarter.
Keysight Shares Didn’t Budge, But Price Targets Moved Way UpDespite its very strong earnings, Keysight shares were nearly unchanged afterward, falling 0.6%. This likely reflects the fact that the tariff benefit contributed significantly to its adjusted EPS beat. Furthermore, shares had risen 14% since the company’s last post-earnings spike, indicating that investors had already priced in Keysight’s record results.
Keysight Technologies Inc. (KEYS) Price Chart for Friday, June, 12, 2026
Nonetheless, after Keysight’s report, Wall Street analysts drastically upped their forecasts on the stock. Overall, among analysts for whom MarketBeat had previous price target data, the average price target moved up by a hefty 15% to $391. This figure sits notably higher than the MarketBeat consensus price target of $372. Using this updated average price target, the implied upside in Keysight stock is close to 10%.
10% upside isn’t something to write home about. However, the more important thing to note is that Keysight is consistently exceeding analysts' expectations. The firm has exceeded estimates on both sales and adjusted EPS in 11 out of its last 12 reports.
With this, Wall Street forecasters have had little choice but to move their targets higher as Keysight shows its business is firing on all cylinders. When a stock performs very well, analysts often have to play catch-up, and implied upside figures don’t necessarily tell the whole story.
Keysight: Strong Fundamental Improvement Versus Elevated ValuationKeysight currently trades at a forward price-to-earnings (P/E) ratio near 43x. This is significantly higher than its average forward P/E of 23x over the past three years. While this metric is clearly elevated compared to history, it is also difficult to argue with the results Keysight is putting up. The firm is growing at a rate not seen in years, and profits are rising rapidly even without the tariff benefit. Given the strong underlying tailwinds in AI and defense supporting Keysight’s growth, it would not be overly surprising to see the stock continue to perform.
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