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LONDON, May 20, 2026 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, announced that its Board of Directors approved a regular quarterly cash dividend of $0.96 per common share for the quarter ended March 31, 2026. The dividend is payable on or about July 15, 2026 to shareholders of record at the close of business on June 30, 2026.

NEW YORK, May 27, 2026 (GLOBE NEWSWIRE) -- Willis, a WTW business (NASDAQ: WTW), today announced three leadership appointments in FINEX North America designed to strengthen its cyber strategy, deepen client engagement and support continued growth across the region. Annice Ma has been appointed Head of Cyber for FINEX North America.

LONDON, June 01, 2026 (GLOBE NEWSWIRE) -- 59% of directors and officers now consider geopolitical risks to be very important or extremely important to their organisation, according to the latest Directors and officers liability insurance survey by Willis, a WTW business, (NASDAQ:WTW), conducted in collaboration with international law firm, Reed Smith LLP. Geopolitical risks in particular has hit the top 7 global risks for directors and officers in a marked change from last year where it was only ranked 15th (out of 30 risks canvassed).

LONDON, June 02, 2026 (GLOBE NEWSWIRE) -- WTW (NASDAQ:WTW), a leading global advisory, broking and solutions company has today announced its acquisition of Redefind, an end-to-end web-based platform, designed to facilitate access to insurance products for crypto and digital assets.

This investment reflects WTW’s long-term strategy to expand into next-generation protection solutions for clients exposed to digital finance, crypto ecosystems and tokenised asset environments.

The proposition launches as a non-custodial, cost-of-recovery insurance solution, intended to support digital asset owners in the event of theft or loss. Coverage is designed to support expenses associated with forensic investigation, asset tracing, and legal recovery of stolen digital assets.

As part of the acquisition, Redefind’s founders, Richard Daws and Connor Edward joined Willis upon completion of the transaction.

The service will initially launch in the UK, with broader market and product expansion planned as capabilities continue to evolve.

Alastair Swift, head of global specialities at Willis said: “As digital assets continue to move further into the mainstream, demand for credible regulated protection solutions is increasing. Through this investment, WTW is taking a leading position to shape the future of risk transfer and protection in the digital economy.

“We are committed to supporting clients in navigating emerging financial and technology risks and to delivering trusted, regulated solutions backed by our global insurance expertise.”

Anthony Borgman, head of GB Affinity at Willis said: “We are delighted to have acquired Redefind and welcome its founders to WTW. Under Richard’s stewardship the business will continue to evolve with support from WTW’s Affinity practice and for wider distribution.

“This marks an important milestone in WTW’s broader digital strategy, providing a foundation to expand our capabilities in digital asset protection and crypto insurance.”

About Redefind

Redefind is a proprietary, end-to-end crypto insurance platform enabling individuals and institutions to purchase cryptocurrency and digital asset insurance across all forms of custody. Its enterprise-grade web application uses cryptographic proof of ownership to make previously uninsurable digital assets insurable.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Media contact
Lauren David
[email protected] / +44 7385 947619

Willis Towers Watson remains a 'buy' despite a 20% share price decline and persistent AI disintermediation fears. WTW's bespoke insurance broking and consulting model is less vulnerable to rapid AI disruption than commoditized segments; AI also enhances internal productivity. Q1 results showed muted 3% organic growth, but 19% EPS growth and expanding margins, supported by buybacks and cost efficiency.

NEW YORK, June 03, 2026 (GLOBE NEWSWIRE) -- Willis, a WTW business (NASDAQ: WTW), today announced the launch of Capacity Revenue Protection, an innovative solution designed to help PJM energy producers safeguard revenue when physical damage leads to UCAP (Accredited Unforced Capacity) reductions and prolonged capacity payment impacts. As this region continues to serve more than 65 million customers across the region and evolve its capacity market, this new offering provides a proactive way to stabilize revenue during uncertain moments such as extended recovery and recertification periods.

LONDON, June 08, 2026 (GLOBE NEWSWIRE) -- Willis, a WTW business (NASDAQ: WTW), today announced the expansion of its international property facility, now able to offer up to USD 60 million of follow capacity per placement. The facility’s expanded lead panel of Lloyd’s syndicates is able to quote competitively across a range of primary and excess layers.

The automatic follow capacity, which is supported by Willis’ algorithmic digital platform Neuron, has also expanded with new markets. The territories are specifically focused internationally, covering Europe, Asia, Australia, New Zealand, South Africa, Latin America, the Caribbean and Canada, with appetite for risks such as airports, leisure and hospitality, industrial sites, infrastructure, manufacturing, retail, tech and transportation.

Edward Day, head of international property, Willis direct and facultative, said: “Since launching the facility in 2024, we’ve seen strong, positive engagement from the market. Our clients benefit from a streamlined placement approach, powered by our algorithmic digital trading platform Neuron, that’s particularly useful for creating competitive alternative options or completing placements and filling gaps in layered programmes. We’ve now expanded the facility, increasing its capacity, allowing for competitive quotes and ensuring harmonised terms and conditions. This enhanced international property facility allows clients to get the coverage they need more quickly and efficiently, at the most competitive terms available.” 

About WTW 
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. 

Media contact

Jo Barrett
[email protected] / + 44 7940 703911

Lauren David
[email protected] / +44 7385 947619

Willis Towers drive growth through specialty insurance, AI investments and acquisitions, while focusing on margin expansion.

New solution delivers automatic coverage for wood frame projects across all 50 states and Washington, D.C. New solution delivers automatic coverage for wood frame projects across all 50 states and Washington, D.C.

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith continues its investigation on behalf of OneMain Holdings, Inc. (“OneMain” or the “Company”) (NYSE: OMF) investors concerning the Company's possible violations of federal securities laws.IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN ONEMAIN HOLDINGS, INC. (OMF), CONTACT THE LAW OFFICES OF HOWARD G. SMITH ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS.Contact the Law Offices of Howard G. Smith to discuss your legal rights by e.

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, continues its investigation on behalf of OneMain Holdings, Inc. (“OneMain” or the “Company”) (NYSE: OMF) investors concerning the Company's possible violations of the federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON ONEMAIN HOLDINGS, INC. (OMF), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. What Happened? On March 16, 2026, Washing.

Bragar Eagel & Squire, P.C.  Litigation Partner  Brandon Walker  Encourages Investors Who Suffered Losses In OneMain (OMF) To Contact Him Directly To Discuss Their Options

OneMain (OMF) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.

1Q 2026 Diluted EPS of $1.93 1Q 2026 C&I adjusted diluted EPS of $1.95 1Q 2026 Managed receivables of $26.1 billion Declared quarterly dividend of $1.05 per share , /PRNewswire/ -- OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime consumers responsible access to credit, today reported pretax income of $296 million and net income of $226 million for the first quarter of 2026, compared to $275 million and $213 million, respectively, in the prior year quarter. Earnings per diluted share were $1.93 in the first quarter of 2026, compared to $1.78 in the prior year quarter.

On May 1, 2026, OneMain declared a quarterly dividend of $1.05 per share, payable on May 15, 2026, to record holders of the Company's common stock as of the close of business on May 11, 2026.

During the quarter, the Company repurchased approximately 1.9 million shares of common stock for $105 million.

"We delivered a very good start to 2026, executing on our growth initiatives while maintaining our disciplined credit approach and balance sheet management," said Doug Shulman, Chairman and CEO of OneMain. "As we execute across our core loan business and newer products, we are driving revenue growth with good credit performance, reinforcing our ability to generate sustainable, attractive returns for shareholders."

The following segment results are reported on a non-GAAP basis. Refer to the required reconciliations of non-GAAP to comparable GAAP measures at the end of this press release.

Consumer and Insurance Segment ("C&I")

C&I adjusted pretax income was $305 million and adjusted net income was $229 million for the first quarter of 2026, compared to $275 million and $207 million, respectively, in the prior year quarter. Adjusted earnings per diluted share were $1.95 for the first quarter of 2026, compared to $1.72 in the prior year quarter.

Management runs the business based on capital generation, which it defines as C&I adjusted net income excluding the after-tax change in C&I allowance for finance receivable losses while still considering the current period C&I net charge-offs. Capital generation was $194 million for the first quarter of 2026, comparable to the prior year quarter.

Managed receivables, which includes loans serviced for our whole loan sale partners and auto finance loans originated by third parties, were $26.1 billion at March 31, 2026, up 6% from $24.6 billion at March 31, 2025.

Consumer loan originations totaled $3.1 billion in the first quarter of 2026, up 3% from $3.0 billion in the prior year quarter.

Total revenue, comprising interest income and total other revenue, was $1.6 billion in the first quarter of 2026, up 6% from $1.5 billion in the prior year quarter. Interest income in the first quarter of 2026 was $1.4 billion, up 6% from $1.3 billion in the prior year quarter. The increase was driven by receivables growth.

Interest expense was $322 million in the first quarter of 2026, up 4% from $311 million in the prior year quarter, due to an increase in average debt to support our receivables growth.

The provision for finance receivable losses was $465 million in the first quarter of 2026, up $9 million compared to the prior year period. During the first quarter of 2026, the allowance for finance receivable losses decreased $47 million driven by a seasonal decline in receivables.

C&I Select Delinquency and Loss Ratios

March 31, 2026

December 31, 2025

March 31, 2025

Consumer loans:

30+ days delinquency ratio

5.37 %

5.85 %

5.16 %

90+ days delinquency ratio

2.53 %

2.49 %

2.38 %

30-89 days delinquency ratio

2.84 %

3.36 %

2.77 %

Net charge-offs

8.02 %

7.56 %

7.83 %

Operating expense for the first quarter of 2026 was $437 million, up 9% from $401 million in the prior year quarter reflecting receivable growth and strategic investments in the business.

Funding and Liquidity

As of March 31, 2026, the Company had principal debt balances outstanding of $22.7 billion, 51% of which was secured. The Company had $834 million of cash and cash equivalents, which included $155 million of cash and cash equivalents held at regulated insurance subsidiaries or for other operating activities that are unavailable for general corporate purposes.

Cash and cash equivalents, together with the Company's $1.1 billion of undrawn committed capacity from an unsecured corporate revolver, $6.4 billion of undrawn committed capacity under revolving conduit facilities and credit card variable funding note facilities, and $11.4 billion of unencumbered receivables, provides significant liquidity resources.

Conference Call & Webcast Information

OneMain management will host a conference call and webcast to discuss the Company's results, outlook, and related matters at 9:00 am Eastern Time on Friday, May 1, 2026. Both the call and webcast are open to the general public. The general public is invited to listen to the call by dialing 800-420-1271 (U.S. domestic) or 785-424-1634 (international), and using conference ID 31259, or via a live audio webcast through OneMain's investor relations website at http://investor.onemainfinancial.com. For those unable to listen to the live broadcast, a replay will be available on the website after the event. An investor presentation will be available on the OneMain's investor relations website prior to the start of the conference call.

About OneMain Holdings, Inc.

OneMain Financial (NYSE: OMF) is the leader in offering nonprime consumers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. We empower our customers to solve today's problems and reach a better financial future through personalized solutions across 48 states, available online and in more than 1,300 locations. OneMain is committed to making a positive impact on the people and the communities we serve. For additional information, please visit www.OneMainFinancial.com. 

Use of Non-GAAP Financial Measures

We report the operating results of Consumer and Insurance using the Segment Accounting Basis, which (i) reflects our allocation methodologies for interest expense and operating costs, to reflect the manner in which we assess our business results and (ii) excludes the impact of applying purchase accounting (eliminates premiums/discounts on our finance receivables and long-term debt at acquisition, as well as the amortization/accretion in future periods). Consumer and Insurance adjusted pretax income (loss), Consumer and Insurance adjusted net income (loss), and Consumer and Insurance adjusted earnings (loss) per diluted share are key performance measures used to evaluate the performance of our business. Consumer and Insurance adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes net loss resulting from repurchases and repayments of debt, restructuring charges, and other items and strategic activities. We believe these non-GAAP financial measures are useful in assessing the profitability of our segment.

We also use pretax capital generation and capital generation, non-GAAP financial measures, as a key performance measure of our segment. Pretax capital generation represents Consumer and Insurance adjusted pretax income, as discussed above, and excludes the change in our Consumer and Insurance allowance for finance receivable losses in the period while still considering the Consumer and Insurance net charge-offs incurred during the period. Capital generation represents the after-tax effect of pretax capital generation. We believe that these non-GAAP measures are useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. We believe that the Company's reserves, combined with its equity, represent the Company's loss absorption capacity. 

We utilize these non-GAAP measures in evaluating our performance. Additionally, these non-GAAP measures are consistent with the performance goals established in OMH's executive compensation program. These non-GAAP financial measures should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP.

This document contains summarized information concerning the Company and its business, operations, financial performance and trends. No representation is made that the information in this document is complete. For additional financial, statistical and business related information see the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC"), as well as the Company's other reports filed with the SEC from time to time, which are or will be available in the Investor Relations section of the OneMain Financial website (www.omf.com) and the SEC's website (www.sec.gov).

Cautionary Note Regarding Forward-Looking Statements

This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements preceded by, followed by or that otherwise include the words "anticipates," "appears," "assumes," "believes," "can," "continues," "could," "estimates," "expects," "forecasts," "foresees," "goal," "intends," "likely," "objective," "plans," "projects," "target," "trend," "remains," and similar expressions or future or conditional verbs such as "could," "may," "might," "should," "will" or "would" are intended to identify forward-looking statements, but these words are not the exclusive means of identifying forward-looking statements.

Forward-looking statements are not statements of historical fact but instead represent only management's current beliefs regarding future events, objectives, goals, projections, strategies, performance, and future plans, and underlying assumptions and other statements related thereto. You should not place undue reliance on these forward-looking statements. By their nature, forward-looking statements are subject to risks, uncertainties, assumptions and other important factors that may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements. Important factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements include, without limitation, the following: adverse changes and volatility in general economic conditions, including the interest rate environment and the financial markets; the sufficiency of our allowance for finance receivable losses; increased levels of unemployment and personal bankruptcies; the current inflationary environment and related trends affecting our customers; natural or accidental events such as earthquakes, hurricanes, pandemics, floods or wildfires affecting our customers, collateral, or our facilities; a failure in or breach of our information, operational or security systems or infrastructure or those of third parties, including as a result of cyber incidents, war or other disruptions; the adequacy of our credit risk scoring models; geopolitical risks, including recent geopolitical actions; adverse changes in our ability to attract and retain employees or key executives; increased competition or adverse changes in customer responsiveness to our distribution channels or products; changes in federal, state, or local laws, regulations, or regulatory policies and practices or increased regulatory scrutiny of our business or industry; risks associated with our insurance operations; the costs and effects of any actual or alleged violations of any federal, state, or local laws, rules or regulations; the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority; our substantial indebtedness and our continued ability to access the capital markets and maintain adequate current sources of funds to satisfy our cash flow requirements; our ability to comply with all of our covenants; the effects of any downgrade of our debt ratings by credit rating agencies; and other risks and uncertainties described in the "Risk Factors" and "Management's Discussion and Analysis" sections of the Company's most recent Form 10-K filed with the SEC and in the Company's other filings with the SEC from time to time.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this document that could cause actual results to differ before making an investment decision to purchase our securities. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

Forward looking statements included in this document speak only as of the date on which they were made. We undertake no obligation to update or revise any forward-looking statements, whether written or oral, to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments or otherwise, except as required by law.

OneMain Holdings, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Quarter Ended

Fiscal Year

(unaudited, $ in millions, except per share amounts)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

2025

2024

Interest income

$     1,387

$     1,416

$     1,392

$     1,339

$     1,308

$     5,455

$     4,993

Interest expense

(322)

(323)

(320)

(317)

(312)

(1,272)

(1,185)

Net interest income

1,065

1,093

1,072

1,022

996

4,183

3,808

Provision for finance receivable losses

(465)

(542)

(488)

(511)

(456)

(1,997)

(2,040)

Net interest income after provision for finance receivable losses

600

551

584

511

540

2,186

1,768

Insurance

112

113

112

111

110

445

445

Investment

23

22

26

24

26

98

108

Gain on sales of finance receivables

16

14

17

17

16

64

23

Net loss on repurchases and repayments of debt

(3)

(1)

(39)

(21)

(5)

(67)

(34)

Other

49

45

47

45

41

180

153

Total other revenues

197

193

163

176

188

720

695

Operating expenses

(449)

(447)

(436)

(419)

(404)

(1,707)

(1,607)

Insurance policy benefits and claims

(52)

(48)

(48)

(54)

(49)

(198)

(189)

Total other expenses

(501)

(495)

(484)

(473)

(453)

(1,905)

(1,796)

Income before income taxes

296

249

263

214

275

1,001

667

Income taxes

(70)

(45)

(64)

(47)

(62)

(218)

(158)

Net income

$       226

$       204

$       199

$       167

$       213

$       783

$       509

Weighted average number of diluted shares

117.3

118.3

119.4

119.4

120.0

119.3

120.1

Diluted EPS

$      1.93

$      1.72

$      1.67

$      1.40

$      1.78

$      6.56

$      4.24

Book value per basic share

$     29.21

$     29.01

$     28.53

$     27.99

$     27.50

$     29.01

$     26.74

Return on assets

3.4 %

3.0 %

3.0 %

2.5 %

3.3 %

2.9 %

2.0 %

Change in allowance for finance receivable losses

$        46

$      (50)

$      (61)

$      (66)

$        17

$     (160)

$     (194)

Net charge-offs

(511)

(492)

(427)

(445)

(473)

(1,837)

(1,846)

Provision for finance receivable losses

$     (465)

$     (542)

$     (488)

$     (511)

$     (456)

$   (1,997)

$   (2,040)

Note:

Quarters may not sum to fiscal year due to rounding.

OneMain Holdings, Inc.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of

(unaudited, $ in millions)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

Assets

Cash and cash equivalents

$       834

$       914

$       658

$       769

$       627

Investment securities

1,614

1,590

1,657

1,683

1,670

Net finance receivables

24,447

24,833

24,465

23,870

23,328

Unearned insurance premium and claim reserves

(771)

(791)

(783)

(764)

(747)

Allowance for finance receivable losses

(2,819)

(2,865)

(2,815)

(2,754)

(2,688)

Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance
receivable losses

20,857

21,177

20,867

20,352

19,893

Restricted cash and restricted cash equivalents

728

699

748

742

736

Goodwill

1,474

1,474

1,474

1,474

1,474

Other intangible assets

281

282

284

285

285

Other assets

1,230

1,252

1,297

1,323

1,344

Total assets

$    27,018

$    27,388

$    26,985

$    26,628

$    26,029

Liabilities and Shareholders' Equity

Long-term debt

$    22,396

$    22,694

$    22,338

$    22,053

$    21,494

Insurance claims and policyholder liabilities

566

576

578

579

567

Deferred and accrued taxes

55

35

42

18

19

Other liabilities

624

682

649

652

669

Total liabilities

23,641

23,987

23,607

23,302

22,749

Common stock

1

1

1

1

1

Additional paid-in capital

1,750

1,757

1,750

1,745

1,734

Accumulated other comprehensive loss

(53)

(41)

(47)

(51)

(65)

Retained earnings

2,680

2,579

2,500

2,425

2,384

Treasury stock

(1,001)

(895)

(826)

(794)

(774)

Total shareholders' equity

3,377

3,401

3,378

3,326

3,280

Total liabilities and shareholders' equity

$    27,018

$    27,388

$    26,985

$    26,628

$    26,029

OneMain Holdings, Inc.

CONSOLIDATED KEY FINANCIAL METRICS (UNAUDITED)

As of

(unaudited, $ in millions)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

Liquidity

Cash and cash equivalents

$       834

$       914

$       658

$       769

$       627

Cash and cash equivalents unavailable for general corporate purposes

155

176

251

185

139

Unencumbered receivables

11,409

11,837

10,867

9,709

10,163

Undrawn conduit facilities

5,874

5,999

5,999

5,999

5,999

Undrawn corporate revolver

1,100

1,075

1,075

1,125

1,125

Private secured term funding available

—

—

—

—

725

Undrawn credit card revolving variable funding note facilities

500

400

400

400

400

Drawn conduit facilities

1

1

1

1

1

Net adjusted debt

$    21,545

$    21,783

$    21,758

$    21,297

$    20,833

Total Shareholders' equity

$     3,377

$     3,401

$     3,378

$     3,326

$     3,280

Accumulated other comprehensive loss

53

41

47

51

65

Goodwill

(1,474)

(1,474)

(1,474)

(1,474)

(1,474)

Other intangible assets

(281)

(282)

(284)

(285)

(285)

Junior subordinated debt

173

173

172

172

172

Adjusted tangible common equity

1,848

1,859

1,839

1,790

1,758

Allowance for finance receivable losses, net of tax *

2,114

2,149

2,111

2,065

2,016

Adjusted capital

$     3,962

$     4,008

$     3,950

$     3,855

$     3,774

Net leverage (net adjusted debt to adjusted capital)

5.4x

5.4x

5.5x

5.5x

5.5x

*

Income taxes assume a 25% tax rate.

OneMain Holdings, Inc.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

Quarter Ended

Fiscal Year

(unaudited, $ in millions)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

2025

2024

Consumer & Insurance

$       293

$       247

$       261

$       211

$       270

$       988

$       707

Other

—

—

(2)

(1)

1

(4)

(1)

Segment to GAAP adjustment

3

2

4

4

4

17

(39)

Income before income taxes - GAAP basis

$       296

$       249

$       263

$       214

$       275

$     1,001

$       667

Consumer & Insurance pretax income

$       293

$       247

$       261

$       211

$       270

$       988

$       707

Net loss on repurchases and repayments of debt

3

—

39

20

5

65

33

Restructuring charges

7

1

2

—

—

4

29

Other (1)

2

2

1

—

—

— %

3

13

Consumer & Insurance adjusted pretax income (non-GAAP)

$       305

$       250

$       303

$       231

$       275

$     1,060

$       782

Reconciling items (2)

$        (9)

$        (1)

$      (38)

$      (16)

$        (1)

$      (55)

$     (114)

Consumer & Insurance

$    24,463

$    24,853

$    24,490

$    23,901

$    23,365

$    24,853

$    23,598

Segment to GAAP adjustment

(16)

(20)

(25)

(31)

(37)

(20)

(44)

Net finance receivables - GAAP basis

$    24,447

$    24,833

$    24,465

$    23,870

$    23,328

$    24,833

$    23,554

Consumer & Insurance

$     2,821

$     2,868

$     2,818

$     2,758

$     2,693

$     2,868

$     2,710

Segment to GAAP adjustment

(2)

(3)

(3)

(4)

(5)

(3)

(5)

Allowance for finance receivable losses - GAAP basis

$     2,819

$     2,865

$     2,815

$     2,754

$     2,688

$     2,865

$     2,705

Note:

Quarters may not sum to fiscal year due to rounding.

(1)

Includes strategic activities and other items.

(2)

Reconciling items consist of Segment to GAAP adjustment and the adjustments to Pretax income – segment accounting basis for C&I and Other. The adjustments to Other adjusted pretax income (loss) are not disclosed in the table above due to immateriality.

OneMain Holdings, Inc.

CONSUMER & INSURANCE SEGMENT (UNAUDITED) (Non-GAAP)

Quarter Ended

Fiscal Year

(unaudited, in millions, except per share amounts)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

2025

2024

Interest income

$     1,383

$     1,411

$     1,386

$     1,333

$     1,301

$     5,432

$     4,965

Interest expense

(322)

(323)

(320)

(317)

(311)

(1,270)

(1,181)

Net interest income

1,061

1,088

1,066

1,016

990

4,162

3,784

Provision for finance receivable losses

(465)

(542)

(488)

(511)

(456)

(1,999)

(1,981)

Net interest income after provision for finance receivable losses

596

546

578

505

534

2,163

1,803

Insurance

112

113

112

111

110

445

445

Investment

23

22

26

24

26

98

108

Gain on sales of finance receivables

16

14

17

17

16

64

23

Other

47

46

45

43

39

175

146

Total other revenues

198

195

200

195

191

782

722

Operating expenses

(437)

(443)

(427)

(415)

(401)

(1,687)

(1,554)

Insurance policy benefits and claims

(52)

(48)

(48)

(54)

(49)

(198)

(189)

Total other expenses

(489)

(491)

(475)

(469)

(450)

(1,885)

(1,743)

Adjusted pretax income (non-GAAP)

305

250

303

231

275

1,060

782

Income taxes *

(76)

(62)

(76)

(58)

(68)

(265)

(195)

Adjusted net income (non-GAAP)

$       229

$       188

$       227

$       173

$       207

$       795

$       587

Weighted average number of diluted shares

117.3

118.3

119.4

119.4

120.0

119.3

120.1

C&I adjusted diluted EPS

$      1.95

$      1.59

$      1.90

$      1.45

$      1.72

$      6.66

$      4.89

Note:

Quarters may not sum to fiscal year due to rounding.

*

Income taxes assume a 25% tax rate.

OneMain Holdings, Inc.

CONSUMER & INSURANCE SEGMENT METRICS (UNAUDITED)

Quarter Ended

Fiscal Year

(unaudited, $ in millions)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

2025

2024

Net finance receivables - personal loans

$    20,918

$    21,430

$    21,225

$    20,814

$    20,469

$    21,430

$    20,833

Net finance receivables - auto finance

2,562

2,487

2,431

2,335

2,220

2,487

2,122

Net finance receivables - consumer loans

23,480

23,917

23,656

23,149

22,689

23,917

22,955

Net finance receivables - credit cards

983

936

834

752

676

936

643

Net finance receivables

$    24,463

$    24,853

$    24,490

$    23,901

$    23,365

$    24,853

$    23,598

Allowance for finance receivable losses

$     2,821

$     2,868

$     2,818

$     2,758

$     2,693

$     2,868

$     2,710

Allowance ratio

11.53 %

11.54 %

11.51 %

11.54 %

11.52 %

11.54 %

11.48 %

Net finance receivables

24,463

24,853

24,490

23,901

23,365

24,853

23,598

Finance receivables serviced for our whole loan sale partners

1,588

1,458

1,395

1,316

1,232

1,458

1,141

Managed receivables

$    26,051

$    26,311

$    25,885

$    25,217

$    24,597

$    26,311

$    24,739

Average net finance receivables - personal loans

$    21,168

$    21,404

$    21,045

$    20,637

$    20,660

$    20,937

$    20,301

Average net finance receivables - auto finance

2,515

2,462

2,390

2,278

2,166

2,324

1,662

Average net finance receivables - consumer loans

23,683

23,866

23,435

22,915

22,826

23,261

21,963

Average net finance receivables - credit cards

962

879

803

719

668

767

477

Average net receivables

24,645

24,745

24,238

23,634

23,494

24,028

22,440

Average receivables serviced for our whole loan sale partners

1,540

1,434

1,366

1,285

1,196

1,320

1,113

Average managed receivables

$    26,185

$    26,179

$    25,604

$    24,919

$    24,690

$    25,348

$    23,553

Note:

Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. Amounts may not sum due to rounding.

OneMain Holdings, Inc.

CONSUMER & INSURANCE KEY METRICS (UNAUDITED) (Non-GAAP)

Quarter Ended

Fiscal Year

(unaudited, in millions)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

2025

2024

Adjusted pretax income (non-GAAP)

$       305

$       250

$       303

$       231

$       275

$    1,060

$      782

Provision for finance receivable losses

465

542

488

511

456

1,999

1,981

Net charge-offs

(512)

(492)

(428)

(446)

(473)

(1,841)

(1,849)

Change in C&I allowance for finance receivable losses (non-GAAP)

(47)

50

60

65

(17)

158

132

Pretax capital generation (non-GAAP)

258

300

363

296

258

1,218

914

Capital generation, net of tax* (non-GAAP)

$       194

$       225

$       272

$       222

$       194

$       913

$       685

C&I average net receivables

$  24,645

$  24,745

$  24,238

$  23,634

$  23,494

$  24,028

$  22,440

Capital generation return on receivables  (non-GAAP)

3.2 %

3.6 %

4.5 %

3.8 %

3.3 %

3.8 %

3.1 %

Note:

Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. Amounts may not sum to fiscal year due to rounding.

*

Income taxes assume a 25% rate.

OneMain Holdings, Inc.

CONSUMER & INSURANCE CONSUMER LOANS METRICS (UNAUDITED)

Quarter Ended

Fiscal Year

(unaudited, $ in millions)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

2025

2024

Gross charge-offs

$       567

$       540

$       480

$       496

$       525

$     2,043

$     2,080

Recoveries

(98)

(86)

(86)

(85)

(85)

(342)

(307)

Net charge-offs

$       469

$       454

$       394

$       411

$       440

$     1,701

$     1,773

Gross charge-off ratio

9.70 %

8.98 %

8.13 %

8.68 %

9.34 %

8.78 %

9.34 %

Recovery ratio

(1.68 %)

(1.42 %)

(1.45 %)

(1.49 %)

(1.52 %)

(1.47 %)

(1.39 %)

Net charge-off ratio

8.02 %

7.56 %

6.67 %

7.19 %

7.83 %

7.31 %

7.94 %

Average net receivables

$    23,683

$    23,866

$    23,435

$    22,915

$    22,826

$    23,261

$    21,963

Yield

22.5 %

22.5 %

22.6 %

22.6 %

22.4 %

22.5 %

22.1 %

Origination volume

$      3,104

$      3,609

$      3,889

$      3,907

$      3,022

$    14,427

$    13,321

30+ delinquency

$      1,260

$      1,399

$      1,312

$      1,197

$      1,170

$      1,399

$      1,322

90+ delinquency

$         594

$         596

$         556

$         491

$         540

$         596

$         579

30-89 delinquency

$         666

$         803

$         756

$         706

$         630

$         803

$         743

30+ delinquency ratio

5.37 %

5.85 %

5.55 %

5.17 %

5.16 %

5.85 %

5.76 %

90+ delinquency ratio

2.53 %

2.49 %

2.35 %

2.12 %

2.38 %

2.49 %

2.52 %

30-89 delinquency ratio

2.84 %

3.36 %

3.20 %

3.05 %

2.77 %

3.36 %

3.24 %

Note:

Consumer & Insurance financial information is presented on a Segment Accounting Basis. Delinquency ratios are calculated as a percentage of C&I consumer loan net finance receivables. Amounts may not sum due to rounding.

Defined Terms

Adjusted capital: adjusted tangible common equity + allowance for finance receivable losses (ALLL), net of tax Adjusted tangible common equity (TCE): total shareholders' equity – accumulated other comprehensive loss – goodwill – other intangible assets + junior subordinated debt Auto finance: financing at the point of purchase through a network of auto dealerships Available cash and cash equivalents: cash and cash equivalents – cash and cash equivalents held at our regulated insurance subsidiaries or is unavailable for general corporate purposes Average assets: average of monthly average assets (assets at the beginning and end of each month divided by two) in the period Average managed receivables: C&I average net receivables + average receivables serviced for our whole loan sale partners C&I adjusted diluted EPS: C&I adjusted net income (non-GAAP) /  weighted average diluted  shares Capital generation: C&I adjusted net income – change in C&I allowance for finance receivable losses, net of tax Capital generation return on receivables*:  annualized capital generation / C&I average net receivables Consumer loans: personal loans and auto finance Finance receivables serviced for our whole loan sale partners: unpaid principal balance plus accrued interest of loans sold as part of our whole loan sale program Gross charge-off ratio*: annualized gross charge-offs / average net receivables Managed receivables: C&I net finance receivables + finance receivables serviced for our whole loan sale partners + auto finance loans originated by third parties Net adjusted debt: long-term debt – junior subordinated debt – available cash and cash equivalents Net charge-off ratio*: annualized net charge-offs / average net receivables Net leverage: net adjusted debt / adjusted capital Opex ratio: annualized C&I operating expenses / average managed receivables Origination volume: loans originated during the period, including those originated and sold to our whole loan sale partners that we continue to service Other net revenue: other revenues – insurance policy benefits and claims expense Personal loans: loans secured by automobiles, other collateral or are unsecured and offered through our branch network, central operations, or digital platform Pretax capital generation: C&I pretax adjusted net income – change in C&I allowance for finance receivable losses Purchase volume: credit card purchase transactions + cash advances – returns Return on assets (ROA): annualized net income / average total assets Return on receivables (C&I ROR): annualized C&I adjusted net income / C&I average net receivables Total revenue: C&I interest income + C&I total other revenue Unencumbered receivables: unencumbered unpaid principal balance of consumer loans and credit cards. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card receivables include those in the trust that exceed the minimum for securing advances under credit card variable funding note facilities, which the Company can remove from the trust under the terms of such facilities, and exclude interest, fees, and closed accounts with balances *

Fiscal year 2024 adjusted for policy alignment associated with the Foursight acquisition.

OneMain Holdings, Inc.

Investor Contact:
Peter R. Poillon, 212-359-2432
[email protected]

Media Contact:
Howard Schloss, 202-236-5296
[email protected]

SOURCE OneMain Holdings, Inc.

For the quarter ended March 2026, OneMain Holdings (OMF - Free Report) reported revenue of $1.07 billion, up 6.9% over the same period last year. EPS came in at $1.95, compared to $1.72 in the year-ago quarter.

The reported revenue represents a surprise of -0.58% over the Zacks Consensus Estimate of $1.07 billion. With the consensus EPS estimate being $1.92, the EPS surprise was +1.75%.

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 OneMain performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net charge-off ratio (Consumer and Insurance Segment): 8% versus the two-analyst average estimate of 8%.Net Interest Income: $1.07 billion versus $1.07 billion estimated by three analysts on average.Other income: $49 million versus the three-analyst average estimate of $62.39 million.Investment: $23 million versus the three-analyst average estimate of $25.24 million.Net interest income after provision for finance receivable losses: $600 million versus the three-analyst average estimate of $585.65 million.Total other revenues: $197 million compared to the $200.41 million average estimate based on three analysts.Insurance: $112 million compared to the $112.78 million average estimate based on three analysts.View all Key Company Metrics for OneMain here>>>

Shares of OneMain have returned +8.7% over the past month versus the Zacks S&P 500 composite's +10.5% 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.

Accelerates Transition to SHOP-Dominant Overall Portfolio and Strengthens Balance Sheet Accelerates Transition to SHOP-Dominant Overall Portfolio and Strengthens Balance Sheet

The market is sleeping on two high-yielding opportunities that trade at deep discounts to fair value. Both companies have strong balance sheets, sound fundamentals, fully covered dividends, and are buying back stock. However, the market has recently sold off both of these opportunities, creating a great buy-the-dip opportunity for long-term-oriented income investors.

OneMain Holdings is upgraded to a strong buy, offering 20%+ upside and an 8% dividend yield. OMF's conservative underwriting, robust reserves (242% of delinquencies), and resilient employment trends support manageable credit risk despite inflationary pressures. Loan growth guidance remains at 6-9%, with net charge-offs expected in the upper half of the 7.4-7.9% range.

On May 19, 2026, we conducted a discounted cash flow (DCF) analysis for Waste Management Inc WM to assess its intrinsic value. The company's stock has shown mixed performance recently, with a year-to-date increase of 1.8%, but a decline of 1.6% over the past year.

DCF Earnings-based intrinsic value of $131.61 vs current price of $222.73 (margin of safety: -69.2%) DCF FCF-based intrinsic value of $102.81 vs current price (significantly overvalued with -116.6% margin of safety) GF Score™ of 91/100 indicates strong reliability of the DCF inputs What Is WM Worth? DCF Earnings-Based Model The DCF earnings-based model utilizes a two-stage approach to estimate the intrinsic value of Waste Management Inc. In the first stage, we project earnings growth for the next ten years, followed by a terminal growth phase. The assumptions used in this model are critical for accurate valuation.

Parameter Value Current EPS (TTM, excl. non-recurring) $7.64 10-Year Growth Rate 11.1% 10-Year Treasury Rate 4.33% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In the first stage, we expect EPS to grow at 11.1% annually for ten years, discounted at a rate of 11%. In the second stage, the growth rate slows to 4% for the terminal phase. The calculation summary is as follows:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 11.1%, discounted at 11% $76.78 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $54.83 Intrinsic Value Growth + Terminal $131.61 With the current price at $222.73, the intrinsic value of $131.61 indicates that Waste Management Inc is modestly overvalued, with a margin of safety of -69.2%. It is important to note that GuruFocus uses EPS excluding non-recurring items, as research shows stock prices tend to correlate more closely with earnings than free cash flow. For further calculations, you can visit the WM DCF Calculator.

What Does the Free Cash Flow DCF Say? In addition to the earnings-based model, we also evaluated Waste Management Inc using a free cash flow (FCF) DCF model. The intrinsic value derived from this approach is $102.81. When comparing the FCF-based intrinsic value to the earnings-based intrinsic value, we find that both models indicate that the stock is significantly overvalued, with a margin of safety of -116.6%.

How Does GF Value™ Compare to the DCF Models? The GF Value™ for Waste Management Inc is calculated at $243.81, providing a third perspective on valuation. GF Value™ is GuruFocus' proprietary measure derived from historical trading multiples, past business growth, and future performance estimates. When we compare all three models, the earnings-based DCF and FCF-based DCF suggest the stock is overvalued, while the GF Value™ indicates it is undervalued. This discrepancy highlights the importance of considering multiple valuation methods. For more details, visit the GF Value™ page.

What Does WM'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. Stocks with higher GF Score™ values have been found to generate higher long-term returns based on backtested data from 2006 to 2021. Below is the breakdown of Waste Management Inc's GF Score™:

Metric Rating GF Score™ 91/100 Financial Strength 4/10 Profitability 9/10 Growth 9/10 Valuation 10/10 Momentum 7/10 With a predictability rank of 1/5 stars, it is essential to note that higher predictability ratings lead to more reliable DCF estimates for this stock. For more information, visit the WM stock page.

Key Assumptions and Limitations It is important to recognize that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Additionally, stocks with low predictability ratings, such as Waste Management Inc's 1/5 stars, tend to produce less reliable DCF estimates. The terminal growth rate of 4% used in our analysis is a simplifying assumption that may not reflect future economic conditions accurately.

What This Means for Investors In synthesizing the results from the three valuation models—DCF earnings, DCF FCF, and GF Value™—it is clear that Waste Management Inc is currently overvalued. The earnings-based DCF and FCF-based DCF models both indicate significant overvaluation, while the GF Value™ suggests a different perspective. Overall, the consensus points towards an overvalued status for the stock. For the full DCF analysis, visit the WM 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 WM's intrinsic value based on DCF?

Answer: earnings-based $131.61, FCF-based $102.81

Is WM overvalued or undervalued?

Answer: Based on the DCF and GF Value™ consensus, WM is overvalued.

How reliable is the DCF model for WM?

Answer: The predictability rank is 1/5, indicating lower reliability for the DCF model.

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].

WM gains 3.4% in six months as 2026 & 2027 revenue and earnings estimates rise, yet modest growth and liquidity risks still loom.

Microsoft has always been a standout stock for the foundation's portfolio.

Investors looking for stocks in the Waste Removal Services sector might want to consider either Veolia Environnement SA (VEOEY) or Waste Management (WM). But which of these two stocks offers value investors a better bang for their buck right now?

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

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Every retirement portfolio screen this spring keeps surfacing the same name: Costco Wholesale (NASDAQ:COST | COST Price Prediction), the membership warehouse darling whose stock is up 16.72% year to date on the strength of 82.1 million paid members and a 89.7% worldwide renewal rate. But the setup underneath that headline number deserves a closer look.

The Costco Trade Is a Crowded Defensive Bet at a Tech Multiple Costco is a phenomenal operator. It is also priced like a hyper-growth software company. Shares trade at a trailing P/E of 52 and a forward P/E of 47, with a PEG ratio of 5.22 and a price-to-book of 14. That premium sits on top of a 2.99% profit margin and a 3.67% operating margin, the thinnest margins in big-box retail.

With former Fed governor Kevin Warsh signaling a tougher new inflation fight, and Core PCE running at the 90.9th percentile of its trailing 12-month range after a +0.7% monthly print in March 2026, that math gets uncomfortable. Retail-sector corporate profits have already rolled over from a 2024 Q4 peak of $422.6 billion to $415.8 billion in 2025 Q4, confirming margin compression in consumer-facing names. Costco itself flags tariff uncertainty, rising employee costs, and LIFO charges as live risks. A priced-for-perfection giant with razor-thin margins is the wrong vehicle for a structurally higher cost-of-capital regime.

The Better Idea: A Toll Booth You Can’t Build Around Waste Management (NYSE:WM) is the under-the-radar monopoly worth a closer look for income-focused portfolios. Three points carry the case.

1. An unreplicable network with real pricing power. CEO Jim Fish calls it the company’s “unreplicable solid waste network”, and the numbers back it. In Q1 2026, core pricing in the Collection and Disposal segment ran at 6.3% while segment EBITDA margin expanded 110 basis points to 38.5%, even with volumes down 1.5% on weather and contract shedding. Landfill permitting moats mean customers have nowhere else to go. That is monopoly-grade pass-through pricing.

2. A cash machine that is accelerating, not decelerating. Q1 2026 free cash flow nearly doubled to $920 million, up 144% year over year, on operating cash flow of $1.501 billion (+24.25%). Management reaffirmed full-year free cash flow guidance of $3.75 to $3.85 billion, implying nearly 30% growth at the midpoint. That is essential-service revenue, insulated from the discretionary spending risk now haunting Costco.

3. A retirement-friendly capital return profile. WM plans to return roughly $3.5 billion to shareholders in 2026, including $1.5 billion in dividends and $2.0 billion in buybacks, after raising the annual dividend $0.48 to $3.78 per share. Compare that with Costco’s 0.51% dividend yield and its reliance on irregular special dividends.

The Setup Is Already in Your Favor WM trades at a trailing P/E of 31 and a forward P/E of 26, with a beta of 0.495 and an analyst target of $256.04 versus today’s price. The stock is down 1.49% year to date while Costco has run hot. That is the opportunity.

For investors weighing the consensus defensive trade against essential-service compounders, the contrast is between paying roughly 50 times earnings for Costco and roughly 26 times forward earnings for an entrenched landfill operator with accelerating free cash flow.

Bill Gates will always be best known for founding Microsoft, the tech conglomerate that created the suite of office tools that essentially power the business world today, along with many other great business lines. Microsoft is one of the largest companies in the world with a market cap of more than $3 trillion.

Gates is long removed from running the company's operations, but after stepping down as CEO in 2000, Gates and his ex-wife Melinda formed the Bill & Melinda Gates Foundation, which now goes by the Gates Foundation.

The philanthropic organization has made charitable donations totaling $8.5 billion to 1,472 grantees, all with a variety of noble causes.

The Gates Foundation's endowment is managed by the Gates Foundation Trust, so philanthropic and investment decisions are kept separate. At the end of the first quarter, the trust had more than $31.6 billion in assets.

While Cascade Asset Management manages the trust, it's always interesting to see what the fund managers are up to. At the end of the first quarter, 63% of the Gates Foundation Trust was invested in just three large-cap stocks.

Image source: Getty Images.

1. Berkshire Hathaway: 26% of portfolio It should come as no surprise to see Berkshire Hathaway (NYSE: BRKA) (BRKB +0.25%) as the largest stock in the portfolio. Warren Buffett, the company's former CEO, has helped fund the endowment and continues to make contributions, although the legendary investor has no involvement in how the funds are invested.

However, Berkshire stock is a good place to invest money for those looking to preserve and grow their wealth. It's the only non-tech and artificial intelligence (AI) company with a market cap topping $1 trillion. Unlike most of the other largest companies in the market, Berkshire built this massive valuation over decades.

Berkshire is a very well-diversified company. It runs one of the largest property and casualty insurance businesses in the country through its ownership of Geico. Berkshire also owns several large energy assets, the Burlington Northern Santa Fe railroad, and a large mortgage business, among others.

Today's Change

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Current Price

$

486.99

Berkshire also runs what is now a $332 billion stock portfolio, which the market closely follows to see what Buffett, and now Greg Abel, as well as their investing team, are buying and selling each quarter in terms of stocks.

The company generates tremendous free cash flow and earnings each year. While it is a mature business that isn't going to grow like a pure-play AI company, it has generated market-crushing returns for six decades.

Investors were disappointed to see Buffett step down as CEO, but he personally chose Abel, a longtime Berkshire veteran and more than capable leader.

2. Waste Management: 20% of portfolio Roughly a fifth of the Gates Foundation's portfolio is invested in Waste Management (WM +0.26%), the longtime garbage-collection company that is now transitioning into other areas.

While still running its core business, Waste Management also has a renewable energy segment in which gas is generated as waste decomposes in the company's landfills. The U.S. Environmental Protection Agency (EPA) has endorsed landfill gas as a renewable energy resource, similar to wind, solar, and geothermal power.

Waste Management also has a healthcare solutions segment following its 2024 acquisition of Stericycle, which specializes in safely disposing of medical, pharmaceutical, and hazardous waste.

Today's Change

(

0.26

%) $

0.56

Current Price

$

219.35

Along with the company's recycling processing and sales business, these three sectors made up roughly 18% of total net operating revenue in the first quarter, with strong growth in the renewable energy segment, although this segment alone is still a small part of the business.

Waste Management is also investing in AI-powered robotics to help address the company's high turnover.

In the first quarter, the company actually more than doubled free cash flow year over year but still has significant long-term debt, with a debt-to-equity ratio of about 2.22.

Ultimately, some of the company's new segments certainly have potential, and I don't think the business is bad because it tends to be more recession-proof than most. But there's nothing particularly exciting about the stock right now, so investors can keep an eye on it, but certainly don't need to rush in.

3. Canadian National Railway: 17% of portfolio Lastly, the Gates Trust holds 17% of its portfolio in Canadian National Railway (CNI +0.47%), headquartered in Montreal. The company operates a rail network of roughly 20,000 route miles in Canada and parts of the U.S. in the Midwest and South.

It's one of Canada's two largest railway networks, transporting more than $181 billion of goods annually.

Canadian National stock hasn't performed well over the past five years, only generating a total gain of about 1.5%. Like other railways, the stock has taken a hit due to tariffs and trade tensions with the U.S., as well as a freight recession in North America. Other issues, such as weather and labor strikes in Canada, also made the operating environment difficult.

In the first quarter of 2026, both revenue and net income were down a bit, as the company continued to operate in a difficult macro environment.

Today's Change

(

0.47

%) $

0.55

Current Price

$

118.82

With a debt-to-equity ratio slightly below 1, the company is not highly leveraged. However, S&P Global lowered its debt rating from A to A- in 2023, while maintaining a stable outlook.

Investors typically like railway stocks because their massive networks give them strong moats and, therefore, pricing power, but it's definitely been tough sledding for the company given secular headwinds.

While Canadian National does repurchase stock and has a trailing dividend yield of 2.34%, it's another stock that I'm not particularly excited about. However, it's been able to hang in there despite challenges, so it's probably a better stock for those looking to preserve their wealth, especially in the near term.

In the latest trading session, Waste Management (WM) closed at $218, marking a +2.86% move from the previous day.