PERRYSBURG, Ohio, July 28, 2026 (GLOBE NEWSWIRE) -- O-I Glass, Inc. (NYSE: OI) today announced its financial results for the second quarter ended June 30, 2026.
Please follow the links below to view our second quarter 2026 earnings documents.
O-I Glass Second Quarter 2026 Earnings Release and Financial Tables
O-I Glass Second Quarter 2026 Earnings Presentation
O-I CEO Gordon Hardie and CFO John Haudrich will conduct a conference call to discuss the company’s latest results on Wednesday, July 29, 2026, at 8:00 a.m. ET. A live webcast of the conference call, including presentation materials, will be available on the O-I website, www.o-i.com/investors, in the Events and Presentations section. A replay of the call will be available on the website for a year following the event.
ABOUT O-I GLASS
At O-I Glass, Inc. (NYSE: OI), we are proud to be one of the leading producers of glass bottles and jars around the globe. Glass is not only beautiful, it is also pure, healthy, and completely recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is the preferred partner for many of the world’s leading food and beverage brands. We innovate in line with customers’ needs to create iconic packaging that builds brands around the world. Led by our diverse team of approximately 19,000 people across 61 plants in 18 countries, O-I achieved revenues of $6.4 billion in 2025. Learn more about us: o-i.com / Instagram / LinkedIn
Combined ratio of 91.2%; combined ratio, excluding catastrophes(1), of 85.5% Catastrophe losses of $91.8 million, or 5.7 points of the combined ratio Net premiums written increase of 4.6%* Renewal price increases(2) of 8.7% in Personal Lines, 7.8% in Core Commercial and 3.6% in Specialty Rate increases(2) of 7.0% in Core Commercial, 4.8% in Personal Lines and 2.1% in Specialty Loss and loss adjustment expense (LAE) ratio of 60.2%, 1.7 points below the prior-year quarter Current accident year loss and LAE ratio, excluding catastrophes(3), of 55.8%, 0.3 points below the prior-year quarter Net investment income of $119.6 million, up 13.4% from the prior-year quarter Book value per share of $105.40, up 3.5% from March 31, 2026; excluding net unrealized depreciation on fixed maturity investments, net of tax(4), book value per share increased 3.8% , /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $191.6 million, or $5.38 per diluted share, in the second quarter of 2026, compared to $157.1 million, or $4.30 per diluted share, in the prior-year quarter. Operating income(5) was $189.2 million, or $5.31 per diluted share, in the second quarter of 2026, compared to $158.7 million, or $4.35 per diluted share, in the prior-year quarter. The company reported net and operating return on equity(6) of 21.2% and 19.8%, respectively, in the second quarter of 2026, and 21.0% and 20.0% in the first six months of 2026, respectively.
"Our very successful second quarter is a testament to the strength of our business model, the durable earnings power we have built across The Hanover and the disciplined execution of our team," said John C. Roche, president and chief executive officer at The Hanover. "We posted operating return on equity of approximately 20% and operating earnings of $5.31 per share, both second quarter records, as well as accelerated top-line premium growth. We are effectively navigating evolving market conditions, and achieving healthy pricing, while building growth momentum in the most attractive areas of our portfolio."
"This quarter reflects the talent of our employees, the strength of our leadership team, the depth of our agency relationships and the trust our customers place in us every day," said Roche. "As we announced earlier this month, I plan to retire at the end of 2026. It's been a great honor to serve the last nine years as CEO, and I could not be more optimistic about The Hanover's future. Dick Lavey has been one of the key architects of our strategy and the transformation of our company. We will continue to work closely together through the remainder of the year to ensure a seamless transition. Dick's leadership, expertise and strategic vision position him well to successfully lead The Hanover into its next chapter."
"We are pleased with our excellent performance, including outstanding underwriting profitability as demonstrated by our combined ratio of 91.2%, and 85.5% excluding catastrophes," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "Additionally, we delivered robust net investment income, up 13%, driven by higher earned yields and strong operating cash flows, while continued favorable development reinforces our confidence in the strength of our reserve position. The profitability of our business continues to build capital, enabling increased share repurchases while maintaining the balance sheet strength and financial flexibility for future growth opportunities and deployment. Following a really strong start to the year, we enter the second half of 2026 with confidence, supported by our varied earnings streams, resilient balance sheet and disciplined focus on capital allocation."
Second Quarter 2026 Highlights
Three months ended
Six months ended
June 30
June 30
($ in millions, except per share data)
2026
2025
2026
2025
Net premiums written
$
1,656.8
$
1,583.8
$
3,216.5
$
3,094.6
Growth
4.6
%
4.1
%
3.9
%
4.0
%
Net premiums earned
$
1,597.6
$
1,545.3
$
3,168.2
$
3,053.8
Current accident year loss and LAE ratio,
excluding catastrophes
55.8
%
56.1
%
56.1
%
57.2
%
Prior-year development ratio
(1.3)
%
(1.2)
%
(1.5)
%
(1.3)
%
Catastrophe ratio
5.7
%
7.0
%
6.0
%
6.7
%
Expense ratio(7)
31.0
%
30.6
%
30.8
%
30.7
%
Combined ratio
91.2
%
92.5
%
91.4
%
93.3
%
Combined ratio, excluding catastrophes
85.5
%
85.5
%
85.4
%
86.6
%
Current accident year combined ratio,
excluding catastrophes
86.8
%
86.7
%
86.9
%
87.9
%
Net income
$
191.6
$
157.1
$
378.4
$
285.3
per diluted share
5.38
4.30
10.58
7.80
Operating income
189.2
158.7
377.7
300.5
per diluted share
5.31
4.35
10.55
8.22
Book value per share
$
105.40
$
89.62
$
105.40
$
89.62
Ending shares outstanding (in millions)
34.9
35.9
34.9
35.9
(1) See information about this and other non-GAAP measures and definitions, including Operating Income and Operating Return on Equity in the headline, used throughout this press release on the final pages of this document.
*Unless otherwise stated, net premiums written growth and other growth comparisons are to the same period of the prior year.
The Hanover Insurance Group, Inc. may also be referred to as "The Hanover" or "the company" interchangeably throughout this press release.
Second Quarter Operating Highlights
Core Commercial
Core Commercial operating income before income taxes was $77.5 million in the second quarter of 2026, compared to $83.9 million in the second quarter of 2025. The Core Commercial combined ratio was 95.7%, compared to 93.0% in the prior-year quarter. Catastrophe losses in the second quarter of 2026 were $26.4 million, or 4.6 points of the combined ratio. This compared to catastrophe losses of $22.7 million, or 4.1 points, in the prior-year quarter.
Second quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $0.6 million, or 0.1 points, compared to $3.0 million, or 0.5 points, in the second quarter of 2025.
Core Commercial current accident year combined ratio, excluding catastrophes, increased 1.8 points, to 91.2% in the second quarter of 2026, compared to 89.4% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, was 58.7%, 2.2 points higher than the prior-year quarter, but 0.4 points improved from the full year of 2025. In the second quarter of 2026, the company prudently increased loss ratio selections in liability coverages. Additionally, the loss ratio in the prior-year quarter benefited from lower-than-usual property losses.
The expense ratio decreased by 0.4 points, to 32.5%, in the second quarter of 2026, compared to the prior-year quarter, reflecting fixed cost leverage and efficiency gains.
Net premiums written were $574.8 million in the second quarter of 2026, up 7.2% from the prior-year quarter, an acceleration from the first quarter of 2026, reflecting growth of 6.0% in small commercial and 9.4% in middle market (approximately 7% growth in middle market excluding non-recurring items). Core Commercial renewal price increases averaged 7.8%, including average rate increases of 7.0%.
The following table summarizes premiums and the components of the combined ratio for Core Commercial:
Three months ended
Six months ended
June 30
June 30
($ in millions)
2026
2025
2026
2025
Net premiums written
$
574.8
$
536.0
$
1,205.2
$
1,140.6
Growth
7.2
%
4.4
%
5.7
%
4.1
%
Net premiums earned
579.3
554.3
1,143.1
1,095.3
Operating income before taxes
77.5
83.9
152.3
110.7
Loss and LAE ratio
63.2
%
60.1
%
63.5
%
65.0
%
Expense ratio
32.5
%
32.9
%
32.6
%
33.2
%
Combined ratio
95.7
%
93.0
%
96.1
%
98.2
%
Prior-year development ratio
(0.1)
%
(0.5)
%
(0.2)
%
(0.4)
%
Catastrophe ratio
4.6
%
4.1
%
5.0
%
6.3
%
Combined ratio, excluding catastrophes
91.1
%
88.9
%
91.1
%
91.9
%
Current accident year combined ratio,
excluding catastrophes
91.2
%
89.4
%
91.3
%
92.3
%
Specialty
Specialty operating income before income taxes was $68.4 million in the second quarter of 2026, compared to $71.2 million in the second quarter of 2025. The Specialty combined ratio was 88.3%, compared to 86.5% in the prior-year quarter. Catastrophe losses in the second quarter of 2026 were $10.0 million, or 2.7 points of the combined ratio. This compared to catastrophe losses of $14.6 million, or 4.1 points, in the prior-year quarter.
Second quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $10.8 million, or 3.0 points, with widespread favorability. Net favorable prior-year reserve development, excluding catastrophes, was $12.5 million, or 3.5 points, in the second quarter of 2025.
Specialty current accident year combined ratio, excluding catastrophes, increased 2.7 points, to 88.6% in the second quarter of 2026, from 85.9% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, of 51.6% in the second quarter of 2026 was consistent with the company's long-term expectations for the segment and increased 2.6 points compared to the prior-year quarter, which saw lower-than-expected property losses.
Net premiums written were $384.4 million in the second quarter of 2026, up 4.4% from the prior-year quarter, an acceleration from the first quarter of 2026. Specialty renewal price increases averaged 3.6%, including average rate increases of 2.1%.
The following table summarizes premiums and the components of the combined ratio for Specialty:
Three months ended
Six months ended
June 30
June 30
($ in millions)
2026
2025
2026
2025
Net premiums written
$
384.4
$
368.2
$
751.1
$
726.5
Growth
4.4
%
4.6
%
3.4
%
5.0
%
Net premiums earned
365.8
355.9
725.7
695.5
Operating income before taxes
68.4
71.2
152.4
135.8
Loss and LAE ratio
51.3
%
49.6
%
49.6
%
50.1
%
Expense ratio
37.0
%
36.9
%
36.7
%
36.9
%
Combined ratio
88.3
%
86.5
%
86.3
%
87.0
%
Prior-year development ratio
(3.0)
%
(3.5)
%
(3.4)
%
(4.1)
%
Catastrophe ratio
2.7
%
4.1
%
2.7
%
4.2
%
Combined ratio, excluding catastrophes
85.6
%
82.4
%
83.6
%
82.8
%
Current accident year combined ratio,
excluding catastrophes
88.6
%
85.9
%
87.0
%
86.9
%
Personal Lines
Personal Lines operating income before income taxes was $104.9 million in the second quarter of 2026, compared to $57.4 million in the second quarter of 2025. The Personal Lines combined ratio was 88.9%, compared to 95.5% in the prior-year quarter. Catastrophe losses in the second quarter of 2026 were $55.4 million, or 8.5 points of the combined ratio. This compared to catastrophe losses of $70.2 million, or 11.1 points of the combined ratio, in the prior-year quarter.
Second quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $10.1 million, or 1.5 points, compared to $2.6 million, or 0.4 points, in the second quarter of 2025.
Personal Lines current accident year combined ratio, excluding catastrophe losses, decreased 2.9 points, to 81.9%, in the second quarter of 2026, from 84.8% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased 4.2 points from the prior-year quarter, to 55.6%, driven by the continued benefit of earned pricing outpacing loss trends and benign property claims frequency, as well as lower large loss experience in homeowners in the quarter.
The expense ratio increased by 1.3 points, to 26.3%, in the second quarter of 2026, compared to the prior-year quarter, primarily reflecting the timing of variable agency compensation expenses due to meaningfully better-than-expected results to date.
Net premiums written were $697.6 million in the second quarter of 2026, up 2.6% compared to the prior-year quarter. The increase was primarily due to higher new business, and to a lesser extent, the impact of renewal price increases. Personal Lines renewal price increases averaged 8.7%, including average rate increases of 4.8%. Policies in force (PIF) in the second quarter of 2026 were essentially flat compared to the first quarter of 2026.
The following table summarizes premiums and components of the combined ratio for Personal Lines:
Three months ended
Six months ended
June 30
June 30
($ in millions)
2026
2025
2026
2025
Net premiums written
$
697.6
$
679.6
$
1,260.2
$
1,227.5
Growth
2.6
%
3.7
%
2.7
%
3.4
%
Net premiums earned
652.5
635.1
1,299.4
1,263.0
Operating income before taxes
104.9
57.4
194.1
151.6
Loss and LAE ratio
62.6
%
70.5
%
64.2
%
67.5
%
Expense ratio
26.3
%
25.0
%
26.0
%
25.1
%
Combined ratio
88.9
%
95.5
%
90.2
%
92.6
%
Prior-year development ratio
(1.5)
%
(0.4)
%
(1.5)
%
(0.4)
%
Catastrophe ratio
8.5
%
11.1
%
8.8
%
8.3
%
Combined ratio, excluding catastrophes
80.4
%
84.4
%
81.4
%
84.3
%
Current accident year combined ratio,
excluding catastrophes
81.9
%
84.8
%
82.9
%
84.7
%
Investments
Net investment income was $119.6 million in the second quarter of 2026, an increase of 13.4% from the prior-year quarter, primarily due to the continued investment of cashflows from operations and the impact of higher earned yields on the fixed maturity investment portfolio. Total pre-tax earned yield on the investment portfolio for the second quarter of 2026 was 4.28%, up from 4.11% in the prior-year quarter. The average pre-tax earned yield on fixed maturities was 4.45% for the second quarter of 2026, up from 4.24% in the prior-year quarter.
Net realized and unrealized investment gains recognized in earnings were $2.8 million in the second quarter of 2026. This compared to net realized and unrealized investment losses recognized in earnings of $2.5 million in the second quarter of 2025.
The company held $11.2 billion in cash and invested assets at June 30, 2026. Fixed maturities and cash represented approximately 93% of the investment portfolio. Approximately 95% of the company's fixed maturity portfolio is rated investment grade. As of June 30, 2026, net unrealized losses on the fixed maturity portfolio were $259.5 million before income taxes, compared to $235.6 million at March 31, 2026.
Shareholders' Equity and Capital Actions
At June 30, 2026, book value per share was $105.40, up 3.5% from March 31, 2026, driven by strong earnings, partially offset by share repurchases, the ordinary quarterly cash dividends, and an increase in the unrealized loss position on the fixed maturity portfolio. Book value per share, excluding net unrealized depreciation on fixed maturity investments, net of tax, was $111.26 at June 30, 2026, up 3.8% from March 31, 2026.
At June 30, 2026, operating insurance company's statutory capital and surplus was $3.54 billion, slightly higher compared to March 31, 2026.
The company repurchased approximately 291,000 shares of common stock in the second quarter of 2026, totaling approximately $55 million. Year-to-date through July 24th, the company has repurchased approximately 827,000 shares, totaling approximately $149 million. The company has approximately $660 million of remaining capacity under its new $700 million share repurchase authorization announced on May 13, 2026.
Earnings Conference Call
The company will host a conference call to discuss its second quarter results on Wednesday, July 29, at 10:00 a.m. E.T. A presentation will accompany the prepared remarks and has been posted on The Hanover's website. Interested investors and others can listen to the call and access the presentation through The Hanover's website, located in the "Investors" section at www.hanover.com. Investors may access the conference call by dialing 1-844-413-3975 in the U.S. and 1-412-317-5458 internationally. Webcast participants should go to the website 15 minutes early to register, download and install any necessary audio software. A re-broadcast of the conference call will be available on The Hanover's website approximately two hours after the call.
The Hanover Strategic Outlook and Financial Update
The company will hold a virtual strategic outlook and financial update on Thursday, September 17, at 10:00 a.m. ET, highlighting the next chapter of The Hanover, its strategic priorities, and updated long-term financial targets. The event will include a live question and answer session with members of the executive team. A live webcast of the event will be available through the "Investors" section of the company's website. A replay of the webcast will be available following the event.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.
Contact Information
Definition of Segments
Continuing operations include four reporting segments: Core Commercial, Specialty, Personal Lines and Other. The Core Commercial segment includes commercial multiple peril, commercial automobile, workers' compensation and other core commercial lines coverages provided to small and mid-sized businesses. The Specialty segment includes four divisions of business: marine and industrial property, professional and executive lines (such as management and professional liability), E&S and alternative markets, and surety and other. E&S and alternative markets includes coverages such as excess and surplus lines, program business (providing commercial insurance to markets with specialized coverage or risk management need related to groups of similar businesses), and specialty general liability coverage. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families. The Other segment primarily includes the operations of the holding company, and our run-off direct asbestos and environmental business, run-off voluntary assumed property and casualty pools business, and run-off product liability business.
Financial Supplement
The Hanover's second quarter news release and financial supplement are available in the "Investors" section of the company's website at hanover.com.
The Hanover Insurance Group, Inc.
Consolidated Statements of Income
Three months ended
Six months ended
June 30
June 30
($ in millions)
2026
2025
2026
2025
Revenues
Premiums earned
$
1,597.6
$
1,545.3
$
3,168.2
$
3,053.8
Net investment income
119.6
105.5
246.5
211.6
Net realized and unrealized investment gains (losses):
Net realized losses from sales and other
(5.4)
(4.6)
(10.3)
(23.4)
Net change in fair value of equity securities and other
10.5
5.0
15.1
6.0
Impairments on investments:
Credit-related impairments
(1.4)
(2.5)
(3.0)
(2.5)
Losses on intent to sell securities
(0.9)
(0.4)
(1.3)
(0.4)
Total impairments on investments
(2.3)
(2.9)
(4.3)
(2.9)
Total net realized and unrealized investment gains (losses)
2.8
(2.5)
0.5
(20.3)
Fees and other income
6.2
6.1
12.4
12.5
Total revenues
1,726.2
1,654.4
3,427.6
3,257.6
Losses and expenses
Losses and loss adjustment expenses
962.5
957.2
1,920.1
1,912.5
Amortization of deferred acquisition costs
338.0
319.0
671.2
632.9
Interest expense
10.1
8.6
20.9
17.1
Other operating expenses
171.0
170.8
333.7
336.2
Total losses and expenses
1,481.6
1,455.6
2,945.9
2,898.7
Income before income taxes
244.6
198.8
481.7
358.9
Income tax expense
53.2
41.9
103.5
73.8
Income from continuing operations
191.4
156.9
378.2
285.1
Discontinued operations (net of taxes):
Income from discontinued life businesses
0.2
0.2
0.2
0.2
Net income
$
191.6
$
157.1
$
378.4
$
285.3
The Hanover Insurance Group, Inc.
Condensed Consolidated Balance Sheets
June 30
December 31
($ in millions)
2026
2025
Assets
Total investments
$
10,902.0
$
10,382.7
Cash and cash equivalents
266.1
1,122.7
Premiums and accounts receivable, net
1,950.1
1,861.3
Reinsurance recoverable on paid and unpaid losses and unearned premiums
2,078.9
2,011.1
Other assets
1,582.2
1,484.5
Assets of discontinued businesses
84.6
83.6
Total assets
$
16,863.9
$
16,945.9
Liabilities
Loss and loss adjustment expense reserves
$
8,001.7
$
7,755.2
Unearned premiums
3,479.6
3,440.4
Short-term debt
50.1
375.0
Long-term debt
793.9
843.3
Other liabilities
761.3
851.9
Liabilities of discontinued businesses
104.8
108.6
Total liabilities
13,191.4
13,374.4
Total shareholders' equity
3,672.5
3,571.5
Total liabilities and shareholders' equity
$
16,863.9
$
16,945.9
The following is a reconciliation from operating income to income from continuing operations and net income(5)(8):
The Hanover Insurance Group, Inc.
Three months ended June 30
Six months ended June 30
2026
2025
2026
2025
($ in millions, except per share data)
$
Amount
Per Share
(Diluted)
$
Amount
Per Share
(Diluted)
$
Amount
Per Share
(Diluted)
$
Amount
Per Share
(Diluted)
Operating income
Core Commercial
$
77.5
$
83.9
$
152.3
$
110.7
Specialty
68.4
71.2
152.4
135.8
Personal Lines
104.9
57.4
194.1
151.6
Other
1.1
(2.6)
3.3
(1.8)
Total
251.9
209.9
502.1
396.3
Interest expense
(10.1)
(8.6)
(20.9)
(17.1)
Operating income before income taxes
241.8
$
6.79
201.3
$
5.51
481.2
$
13.44
379.2
$
10.37
Income tax expense on operating income
(52.6)
(1.48)
(42.6)
(1.16)
(103.5)
(2.89)
(78.7)
(2.15)
Operating income after income taxes
189.2
5.31
158.7
4.35
377.7
10.55
300.5
8.22
Non-operating items:
Net realized losses from sales and other
(5.4)
(0.15)
(4.6)
(0.12)
(10.3)
(0.29)
(23.4)
(0.63)
Net change in fair value of equity securities and
other
10.5
0.30
5.0
0.13
15.1
0.43
6.0
0.16
Impairments on investments:
Credit-related impairments
(1.4)
(0.04)
(2.5)
(0.07)
(3.0)
(0.08)
(2.5)
(0.07)
Losses on intent to sell securities
(0.9)
(0.03)
(0.4)
(0.01)
(1.3)
(0.04)
(0.4)
(0.01)
Total impairments on investments
(2.3)
(0.07)
(2.9)
(0.08)
(4.3)
(0.12)
(2.9)
(0.08)
Income tax benefit (expense) on non-operating
items
(0.6)
(0.02)
0.7
0.02
-
-
4.9
0.13
Income from continuing operations, net of taxes
191.4
5.37
156.9
4.30
378.2
10.57
285.1
7.80
Discontinued operations (net of taxes):
Income from discontinued life businesses
0.2
0.01
0.2
-
0.2
0.01
0.2
-
Net income
$
191.6
$
5.38
$
157.1
$
4.30
$
378.4
$
10.58
$
285.3
$
7.80
Dilutive weighted average shares outstanding
35.6
36.5
35.8
36.6
Basic weighted average shares outstanding
35.0
35.9
35.1
35.9
Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements
Certain statements in this document may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may address, among other things, expectations regarding our growth, the strength of our reserves, certain statements regarding our performance for the remainder of 2026 and beyond, as well as our expectations, intentions and other statements that are not historical facts. Words such as: "believes," "anticipates," "expects," "intends," "may," "projects," "plan," "likely," "potential," "targeted," "forecasts," "should," "could," "continue," and other similar expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. The company cautions investors that any such forward-looking statements are estimates, beliefs, expectations and/or projections that involve significant judgment, are not guarantees and are not necessarily indicative of future performance. Actual results could differ materially from those anticipated. Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made and should understand the risks and uncertainties inherent in or particular to the company's business. Some of the factors that could cause actual results to differ include, but are not limited to: changes in the demand for our products; risks and uncertainties related to our growth and operating strategies, including our ability to attract, grow and retain profitable policies in force, to increase rates commensurate with, or in excess of, loss trends, and to manage expenses and execute strategic initiatives effectively; adverse claims experience or changes in our estimates of loss and loss adjustment expense reserves, including those arising from catastrophes, inflationary pressures or global unrest, which may result in lower current year underwriting results or adverse loss development, and which could negatively impact our carried reserves; uncertainties with respect to the long-term profitability of our products, including with respect to newer products, or longer-tail products covering casualty losses; disruption in our distribution channels, including the loss or disruption of our independent agency channel, and the impact of competition and consolidation in the industry and among agents and brokers; changes in frequency and loss severity trends, exacerbated by fluctuations in economic conditions; changes in regulatory, legislative, economic, market and political conditions, particularly with respect to rates, policy terms and conditions, the use of artificial intelligence and other technologies, privacy and data security, payment flexibility, and regions where we have geographical concentration; volatile and unpredictable developments, including severe weather (whether arising from changing climate conditions or weather patterns, or otherwise) and other natural physical events, catastrophes, pandemics, civil unrest, war, global conflicts, and terrorist actions, and the uncertainty in estimating the resulting losses; and, other risks, uncertainties and factors discussed in the company's most recently filed quarterly report on Form 10-Q and its 2025 Annual Report filed on Form 10-K and in the company's other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference. The company does not undertake the responsibility to update or revise such forward-looking statements, except as required by law.
Non-GAAP Financial Measures
As discussed on page 39 of the company's Annual Report on Form 10-K for the year ended December 31, 2025, the company uses non-GAAP financial measures as important measures of its operating performance, including operating income, operating income before interest expense and income taxes, operating income per diluted share, and components of the combined ratio, both excluding and/or including catastrophe losses, prior-year reserve development and the expense ratio. Management believes these non-GAAP financial measures are important indications of the company's operating performance. The definition of other non-GAAP financial measures and terms can be found in the 2025 Annual Report on pages 61-64.
Operating income and operating income per diluted share are non-GAAP measures. They are defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), gains and/or losses on the repayment of debt, other non-operating items, and results from discontinued operations. Net realized and unrealized investment gains (losses), which include changes in the fair value of equity securities still held, are excluded for purposes of presenting operating income, as they are, to a certain extent, determined by interest rates, financial markets and the timing of sales. Operating income also excludes net gains and losses from disposals of businesses, gains and losses related to the repayment of debt, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes, and certain other items. Operating income is the sum of the segment income from: Core Commercial, Specialty, Personal Lines, and Other, after interest expense and income taxes. In reference to one of the company's four reporting segments, "operating income" is the segment income before both interest expense and income taxes. The company also uses "operating income per diluted share" (which is after both interest expense and income taxes). Operating income per share is calculated by dividing operating income by the weighted average number of diluted shares of common stock. Operating loss per share is calculated by dividing operating loss by the weighted average number of basic shares of common stock due to antidilution. The company believes that metrics of operating income and operating income in relation to its four reporting segments provide investors with a valuable measure of the performance of the company's continuing businesses because they highlight the portion of net income attributable to the core operations of the business. Income from continuing operations is the most directly comparable GAAP measure for operating income (and operating income before income taxes) and measures of operating income that exclude the effects of catastrophe losses and/or prior-year reserve development. These non-GAAP measures should not be misconstrued as substitutes for income from continuing operations or net income determined in accordance with GAAP. A reconciliation of operating income to income from continuing operations and net income for the relevant periods is included on page 9 of this news release and in the Financial Supplement.
Operating return on average equity (ROE) is a non-GAAP measure. See end note (6) for a detailed explanation of how this measure is calculated. Operating ROE is based on non-GAAP operating income. In addition, the portion of shareholder equity attributed to unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is excluded. The company believes this measure is helpful in that it provides insight to the capital used by, and results of, the continuing business exclusive of interest expense, income taxes, and other non-operating items. These measures should not be misconstrued as substitutes for GAAP ROE, which is based on net income and shareholders' equity of the entire company and without adjustments.
Book value per share is total shareholders' equity divided by the number of common shares outstanding. Book value per share excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure and is total shareholders' equity excluding the after-tax effect of unrealized appreciation (depreciation) on fixed maturities and market risk divided by the number of common shares outstanding.
The company may provide measures of operating income and combined ratios that exclude the impact of catastrophe losses (which in all respects include prior accident year catastrophe loss development). A catastrophe is a severe loss, resulting from natural or manmade events including, but is not limited to, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fires, drought, explosions, severe winter weather and other convective storms, riots, and terrorism. Due to the unique characteristics of each catastrophe loss, there is an inherent inability to reasonably estimate the timing or loss amount in advance. The company believes a separate discussion excluding the effects of catastrophe losses is meaningful to understand the underlying trends and variability of earnings, loss and combined ratio results, among others.
Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in the company's estimate of costs related to claims from prior years. Calendar year loss and loss adjustment expense (LAE) ratios determined in accordance with GAAP, excluding prior accident year reserve development, are sometimes referred to as "current accident year loss ratios." The company believes a discussion of loss and combined ratios excluding prior accident year reserve development is helpful since it provides insight into both estimates of current accident year results and the accuracy of prior-year estimates.
The loss and combined ratios in accordance with GAAP are the most directly comparable GAAP measures for the loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development. The presentation of loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development should not be misconstrued as substitutes for the loss and/or combined ratios determined in accordance with GAAP.
Endnotes
(1)
Combined ratio, excluding catastrophes, and current accident year combined ratio, excluding catastrophes, are non-GAAP measures. These and other non-GAAP measures are used throughout this document. See the disclosure on the use of this and other non-GAAP measures under the headings "Forward-Looking Statements" and "Non-GAAP Financial Measures." The combined ratio (which includes catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. A reconciliation of the GAAP combined ratio to the combined ratio, excluding catastrophes, and to the current accident year combined ratio, excluding catastrophes, is shown below.
Current accident year combined ratio, excluding
catastrophe losses (non-GAAP)
92.3
%
86.9
%
84.7
%
87.9
%
(2)
Renewal price changes in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks. Rate increases in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks. Renewal price change in Personal Lines represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks, regardless of whether or not the policies are retained for the duration of their contractual terms. Rate change in Personal Lines is the estimated cumulative premium effect of approved rate actions applied to policies at renewal, regardless of whether or not policies are actually renewed. Accordingly, rate changes do not represent actual increases or decreases realized by the company. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.
(3)
Current accident year loss and LAE ratio, excluding catastrophe losses, is a non-GAAP measure, which is equal to the loss and LAE ratio (loss ratio), excluding prior-year reserve development and catastrophe losses. The loss ratio (which includes losses, LAE, catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. The following is a reconciliation of the GAAP loss ratio to the current accident year loss ratio, excluding catastrophe losses.
Three months ended
June 30, 2026
Core
Commercial
Specialty
Personal
Lines
Total
Total loss and LAE ratio
63.2
%
51.3
%
62.6
%
60.2
%
Less:
Prior-year reserve development ratio
(0.1)
%
(3.0)
%
(1.5)
%
(1.3)
%
Catastrophe ratio
4.6
%
2.7
%
8.5
%
5.7
%
Current accident year loss and LAE ratio, excluding
catastrophes
58.7
%
51.6
%
55.6
%
55.8
%
June 30, 2025
Total loss and LAE ratio
60.1
%
49.6
%
70.5
%
61.9
%
Less:
Prior-year reserve development ratio
(0.5)
%
(3.5)
%
(0.4)
%
(1.2)
%
Catastrophe ratio
4.1
%
4.1
%
11.1
%
7.0
%
Current accident year loss and LAE ratio, excluding
catastrophes
56.5
%
49.0
%
59.8
%
56.1
%
Six months ended
June 30, 2026
Core
Commercial
Specialty
Personal
Lines
Total
Total loss and LAE ratio
63.5
%
49.6
%
64.2
%
60.6
%
Less:
Prior-year reserve development ratio
(0.2)
%
(3.4)
%
(1.5)
%
(1.5)
%
Catastrophe ratio
5.0
%
2.7
%
8.8
%
6.0
%
Current accident year loss and LAE ratio, excluding
catastrophes
58.7
%
50.3
%
56.9
%
56.1
%
June 30, 2025
Total loss and LAE ratio
65.0
%
50.1
%
67.5
%
62.6
%
Less:
Prior-year reserve development ratio
(0.4)
%
(4.1)
%
(0.4)
%
(1.3)
%
Catastrophe ratio
6.3
%
4.2
%
8.3
%
6.7
%
Current accident year loss and LAE ratio, excluding
catastrophes
59.1
%
50.0
%
59.6
%
57.2
%
(4)
Book value per share, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure. Book value per share is the most directly comparable GAAP measure and is reconciled in the table below.
Period ended
March 31
June 30
2026
2026
Book value per share
$101.86
$105.40
Less: Net unrealized appreciation (depreciation) on fixed
maturity investments, net of tax, per share
(5.28)
(5.86)
Book value per share, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax
$107.14
$111.26
Versus prior quarter
Change in book value per share
3.5 %
Change in book value per share, excluding net unrealized
appreciation (depreciation) on fixed maturity investments, net of tax
3.8 %
(5)
Operating income and operating income per diluted share are non-GAAP measures. Operating income before income taxes, as referenced in the results of the reporting segments, is defined as, with respect to such segment, operating income before interest expense and income taxes. The reconciliation of operating income and operating income per diluted share to the closest GAAP measures, income from continuing operations and income from continuing operations per diluted share, respectively, and to net income and net income per diluted share, respectively, is provided on the preceding pages of this news release.
(6)
Operating return on average equity (operating ROE) is a non-GAAP measure. Operating ROE is calculated by dividing annualized operating income after tax for the applicable period (see under the heading in this news release "Non-GAAP Financial Measures" and end note (5)), by average shareholders' equity, excluding unrealized appreciation (depreciation) on fixed maturity investments, net of tax, for the period presented. Total shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is also a non-GAAP measure. Total shareholders' equity is the most directly comparable GAAP measure and is reconciled in the following table. For the calculation of operating ROE, the average of beginning and ending shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is used for the period as shown and reconciled in the following table.
Period Ended
($ in millions)
December 31
March 31
June 30
2025
2026
2026
Total shareholders' equity (GAAP)
$
3,571.5
$
3,570.4
$
3,672.5
Less: net unrealized appreciation (depreciation)
on fixed maturity investments, net of tax
(117.1)
(185.0)
(204.1)
Total shareholders' equity, excluding net
unrealized appreciation (depreciation)
on fixed maturity investments, net of tax
$
3,688.6
$
3,755.4
$
3,876.6
Quarter Averages
Average shareholders' equity (GAAP)
$
3,621.5
Average shareholders' equity, excluding net
unrealized appreciation (depreciation) on
fixed maturity investments, net of tax
$
3,816.0
Year-to-date Averages
Average shareholders' equity (GAAP)
$
3,604.8
Average shareholders' equity, excluding net
unrealized appreciation (depreciation) on
fixed maturity investments, net of tax
$
3,773.5
($ in millions)
Three months ended
Six months ended
June 30
June 30
Net Income ROE
2026
2026
Net income (GAAP)
$
191.6
$
378.4
Annualized net income*
766.4
756.8
Average shareholders' equity (GAAP)
$
3,621.5
$
3,604.8
Return on equity
21.2
%
21.0
%
Operating Income ROE (non-GAAP)
Operating income after taxes
$
189.2
$
377.7
Annualized operating income, net of tax*
756.8
755.4
Average shareholders' equity, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax
$
3,816.0
$
3,773.5
Operating return on equity
19.8
%
20.0
%
*For three months ended June 30, 2026, annualized net income and operating income after taxes is calculated by multiplying three months ended net income and operating income after taxes, respectively, by 4. For six months ended June 30, 2026, annualized net income and operating income after taxes is calculated by multiplying six months ended net income and operating income after taxes, respectively, by 2.
(7)
Here, and throughout this document, the expense ratio is reduced by installment and other fee revenues for purposes of the ratio calculation.
(8)
The separate financial information of each reporting segment is presented consistent with the way results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management evaluates the results of the aforementioned reporting segments without consideration of interest expense on debt and on a pre-tax basis.
Caesars Entertainment vykázala ve 2. čtvrtletí ztrátu 0,3 USD na akcii, horší než očekávaných 0,04 USD, ale tržby 2,99 mld. USD překonaly odhad o 1,09 %.
Caesars Entertainment (CZR - Free Report) came out with a quarterly loss of $0.3 per share versus the Zacks Consensus Estimate of $0.04. This compares to a loss of $0.39 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -850.00%. A quarter ago, it was expected that this casino and resort operator would post a loss of $0.19 per share when it actually produced a loss of $0.48, delivering a surprise of -152.63%.
Over the last four quarters, the company has not been able to surpass consensus EPS estimates.
Caesars Entertainment, which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $2.99 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.09%. This compares to year-ago revenues of $2.91 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Caesars Entertainment shares have added about 28.1% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Caesars Entertainment?While Caesars Entertainment 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 Caesars Entertainment was favorable. 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 #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.04 on $2.98 billion in revenues for the coming quarter and -$0.49 on $11.83 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, Leisure and Recreation Services is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Viking Holdings (VIK - Free Report) , is yet to report results for the quarter ended June 2026.
This cruise operator is expected to post quarterly earnings of $1.25 per share in its upcoming report, which represents a year-over-year change of +26.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Viking Holdings' revenues are expected to be $2.13 billion, up 13% from the year-ago quarter.
Teradyne ve 3. čtvrtletí vyhlíží tržby 1,20 až 1,30 miliardy USD, nad odhady, a akcie po zveřejnění výsledků v prodlouženém obchodování vyskočily o 13,5 %.
July 28 (Reuters) - Chip-testing equipment maker Teradyne (TER.O), opens new tab forecast third-quarter revenue above Wall Street estimates on Tuesday, betting on a sustained rise in investment in wafer fabrication equipment, sending the company's shares up 13.5% in extended trading.
Growing demand for more complex and powerful chips used in AI data centers and vehicles has driven the need for sophisticated, higher-priced testing equipment, benefiting suppliers such as Teradyne.
Learn about the latest breakthroughs in AI and tech with the Reuters Artificial Intelligencer newsletter. Sign up here.
The company is a supplier of automated test equipment used to verify the quality and reliability of semiconductors.
Here are some details:
Teradyne expects third-quarter revenue between $1.20 billion and $1.30 billion, ahead of analysts' average estimate of $1.04 billion, according to data compiled by LSEG.
It forecast adjusted earnings in the range of $1.85 to $2.15 per share for the quarter, also ahead of an estimate of $1.53.
"Looking further ahead, rapid increase in wafer fab equipment investment sets the stage for continued growth in 2027 and beyond," CEO Greg Smith said in a statement.
The company's second-quarter revenue more than doubled to $1.33 billion, beating estimates of $1.22 billion.
Adjusted profit came in at $2.47 per share, compared with an estimate of $2.09.
Reporting by Juby Babu in Mexico City; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
JACKSONVILLE, Fla., July 28, 2026 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) today reported its financial results for the 2026 second quarter. The Company reported total revenue of $1.432 billion in the 2026 second quarter, an increase of 18% as compared to revenue of $1.211 billion in the 2025 second quarter, and basic and diluted earnings per share (“EPS”) of $1.44 in the 2026 second quarter, an increase of 20% as compared to EPS of $1.20 per share in the 2025 second quarter. The Company also reported a 21% increase in gross profit and a 17% increase in variable contribution (defined as revenue less the cost of purchased transportation and commissions to agents) in the 2026 second quarter, as compared in each case to the 2025 second quarter.
“The Landstar team of independent business owners and employees truly shined in a rapidly improving freight transportation backdrop. I was pleased that our network generated both truck volumes and truck revenue per load that outpaced normal seasonal patterns, with variable contribution increasing approximately 17% year-over-year,” said Landstar President and Chief Executive Officer Frank Lonegro. “I was delighted to see our net 68 BCO truck additions during the second quarter, the strongest quarterly improvement since the first quarter of 2022. Although the Company experienced a lower DOT accident frequency during the 2026 first half, increased insurance and claims expense, primarily attributable to unfavorable development of prior years’ claims, had an adverse impact on our second quarter results. The claim environment for freight transportation providers remains challenging, especially with the U.S. Supreme Court’s recent Montgomery decision relating to potential broker liability.”
2Q 2026 2Q 2025Change ($)Change (%) Revenue$1,432,264$1,211,383$220,881 18.2% Gross profit$132,337$109,261$23,076 21.1% Variable contribution$199,429$170,450$28,979 17.0% Operating income$66,228$56,280$9,948 17.7% Basic and diluted earnings per share (“EPS”)$1.44$1.20$0.24 20.0% (1) Dollars above in thousands, except per share amounts. (2) Please refer to the Consolidated Statements of Income and the Reconciliation of Gross Profit to Variable Contribution included below. Landstar also announced today that its Board of Directors declared a quarterly dividend of $0.44 per share payable on September 9, 2026, to stockholders of record as of the close of business on August 18, 2026. This quarterly dividend includes a 10% increase over the amount of the Company’s regular quarterly dividend declared following each of the prior five quarters. It is currently the intention of the Board to continue to pay dividends on a quarterly basis going forward. Landstar continues to return capital to stockholders through the Company’s stock purchase program and dividends. While Landstar did not purchase shares in the second quarter, during the 2026 first half, Landstar purchased 150,923 shares of its common stock at an aggregate cost of $22.6 million. The Company is currently authorized to purchase up to an additional 1,115,195 shares of the Company’s common stock under its longstanding share purchase program.
During the 2026 second quarter, truck revenue was $1,334 million, or 19% higher, as compared to the 2025 second quarter truck revenue of $1,118 million. Truck revenue per load increased approximately 17% in the 2026 second quarter compared to the 2025 second quarter, and the number of loads hauled via truck increased approximately 2% compared to the 2025 second quarter.
Truck transportation revenue hauled by independent business capacity owners (“BCOs”) and truck brokerage carriers in the 2026 second quarter was 93% of revenue, compared to 92% of revenue in the 2025 second quarter. Truckload transportation revenue hauled via van equipment in the 2026 second quarter was $718 million, compared to $591 million in the 2025 second quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2026 second quarter was $492 million, compared to $401 million in the 2025 second quarter. Revenue from other truck transportation, which is largely related to power-only services, in the 2026 second quarter was $99 million, compared to $101 million in the 2025 second quarter. Revenue hauled by rail, air and ocean cargo carriers was $78 million, or 5% of revenue, in the 2026 second quarter, compared to $73 million, or 6% of revenue, in the 2025 second quarter.
Gross profit in the 2026 second quarter was $132 million, as compared to $109 million in the 2025 second quarter. Variable contribution in the 2026 second quarter was $199 million, compared to $170 million in the 2025 second quarter. Reconciliations of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2026 and 2025 second quarters and year-to-date periods are provided in the Company’s accompanying financial disclosures.
The Company’s balance sheet continues to be very strong, with cash and short-term investments of approximately $348 million as of June 27, 2026. Trailing twelve-month return on average shareholders’ equity was 16%. Return on invested capital, representing net income divided by the sum of average equity plus average debt, was 14%.
Landstar will provide a live webcast of its quarterly earnings conference call this afternoon at 4:30 p.m. ET. To access the webcast, visit www.investor.landstar.com; click on “Webcasts,” then click on “Landstar’s Second Quarter 2026 Earnings Release Conference Call.” A slide presentation to accompany the webcast presentation is also available on Landstar’s investor relations website at https://investor.landstar.com/.
About Landstar:
Landstar System, Inc., is a technology-enabled, asset-light provider of freight transportation and logistics solutions focused on safety, security and service to a broad range of customers utilizing a network of agents, third-party capacity providers and employees. Landstar transportation services companies are certified to ISO 9001:2015 quality management system standards and RC14001:2015 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR.
Non-GAAP Financial Measures:
In this earnings release and accompanying financial disclosures, the Company provides the following information that may be deemed non-GAAP financial measures: variable contribution and variable contribution margin. The Company believes variable contribution and variable contribution margin are useful measures of the variable costs that we incur at a shipment-by-shipment level attributable to our transportation network of third-party capacity providers and independent agents in order to provide services to our customers. The Company also believes that it is appropriate to present each of the financial measures that may be deemed a non-GAAP financial measure, as referred to above, for the following reasons: (1) disclosure of these matters will allow investors to better understand the underlying trends in the Company’s financial condition and results of operations; (2) this information will facilitate comparisons by investors of the Company’s results as compared to the results of peer companies; and (3) management considers this financial information in its decision making.
Forward Looking Statements Disclaimer:
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are “forward-looking statements.” This press release contains forward-looking statements, such as statements which relate to Landstar’s business objectives, plans, strategies and expectations. Terms such as “anticipates,” “believes,” “estimates,” “intention,” “expects,” “plans,” “predicts,” “may,” “should,” “could,” “would,” “will,” the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: decreased demand for transportation services; U.S. trade relationships and potential or imposed tariffs; an increase in the frequency or severity of accidents or other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third party capacity providers; the impact of the Russian conflict with Ukraine on the operations of certain independent commission sales agents, including the Company’s second largest such agent by revenue in the 2025 fiscal year; substantial industry competition; disruptions or failures in the Company’s computer systems; cyber and other information security incidents; dependence on key vendors; potential changes in taxes; status of independent contractors; regulatory and legislative changes; regulations focused on diesel emissions and other air quality matters; regulations requiring the purchase and use of zero-emission vehicles; intellectual property; acquisitions and investments; and other operational, financial or legal risks or uncertainties detailed in Landstar’s Form 10-K for the 2025 fiscal year, described in Part I, Item 1A Risk Factors, and in other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.
Landstar System, Inc. and Subsidiary Consolidated Statements of Income (Dollars in thousands, except per share amounts) (Unaudited) Twenty-Six Weeks Ended Thirteen Weeks Ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 Revenue $2,603,555 $2,363,885 $1,432,264 $1,211,383 Investment income 5,679 7,327 2,705 3,729 Costs and expenses: Purchased transportation 2,030,397 1,839,289 1,123,400 941,411 Commissions to agents 201,578 192,836 109,435 99,522 Other operating costs, net of gains on asset sales/dispositions 32,745 31,424 17,945 19,595 Insurance and claims 74,923 70,301 39,359 30,449 Selling, general and administrative 129,158 117,288 68,193 55,706 Depreciation and amortization 20,969 24,375 10,409 12,149 Total costs and expenses 2,489,770 2,275,513 1,368,741 1,158,832 Operating income 119,464 95,699 66,228 56,280 Interest and debt expense 1,330 539 812 698 Income before income taxes 118,134 95,160 65,416 55,582 Income taxes 29,743 23,461 16,465 13,689 Net income $88,391 $71,699 $48,951 $41,893 Basic and diluted earnings per share $2.60 $2.05 $1.44 $1.20 Average basic and diluted shares outstanding 33,979,000 35,037,000 33,935,000 34,870,000 Dividends per common share $0.80 $0.76 $0.40 $0.40 Landstar System, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share amounts) (Unaudited) June 27, December 27, 2026 2025 ASSETS Current assets: Cash and cash equivalents $294,350 $396,694 Short-term investments 53,352 55,531 Trade accounts receivable, less allowance of $9,135 and $12,490 866,879 670,137 Other receivables, including advances to independent contractors, less allowance of $14,727 and $18,759 47,306 52,784 Assets held for sale - 12,231 Other current assets 59,159 28,949 Total current assets 1,321,046 1,216,326 Operating property, less accumulated depreciation and amortization of $488,271 and $473,642
252,963 261,322 Goodwill 34,005 34,005 Other assets 134,521 124,282 Total assets $1,742,535 $1,635,935 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Cash overdraft $71,849 $56,654 Accounts payable 468,780 369,567 Current maturities of long-term debt 24,686 28,342 Insurance claims 59,020 87,343 Dividends payable - 68,117 Liabilities held for sale - 6,961 Other current liabilities 99,588 78,856 Total current liabilities 723,923 695,840 Long-term debt, excluding current maturities 42,088 48,480 Insurance claims 98,686 62,706 Deferred income taxes and other non-current liabilities 41,108 33,244 Shareholders' equity: Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,631,174 and 68,590,708
686 686 Additional paid-in capital 266,673 261,256 Retained earnings 2,913,890 2,852,680 Cost of 34,694,249 and 34,531,982 shares of common stock in treasury
(2,336,862) (2,313,245) Accumulated other comprehensive loss (7,657) (5,712) Total shareholders' equity 836,730 795,665 Total liabilities and shareholders' equity$1,742,535 $1,635,935 Landstar System, Inc. and Subsidiary Supplemental Information (Unaudited) Twenty-Six Weeks Ended Thirteen Weeks Ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 Revenue generated through (in thousands): Truck transportation Truckload: Van equipment $1,320,919 $1,186,071 $717,513 $591,276 Unsided/platform equipment 860,737 741,270 492,168 400,862 Less-than-truckload 48,912 47,749 25,124 25,313 Other truck transportation (1) 185,591 192,766 99,073 100,687 Total truck transportation 2,416,159 2,167,856 1,333,878 1,118,138 Rail intermodal 47,075 39,515 27,761 22,028 Ocean and air cargo carriers 97,713 116,426 49,744 50,789 Other (2) 42,608 40,088 20,881 20,428 $2,603,555 $2,363,885 $1,432,264 $1,211,383 Revenue on loads hauled via BCO Independent Contractors (3) included in total truck transportation $1,038,421 $888,489 $563,073 $461,432 Number of loads: Truck transportation Truckload: Van equipment 575,472 572,154 297,761 284,091 Unsided/platform equipment 246,695 246,241 132,141 128,996 Less-than-truckload 65,895 76,830 30,970 41,250 Other truck transportation (1) 95,768 90,185 49,378 46,173 Total truck transportation 983,830 985,410 510,250 500,510 Rail intermodal 15,110 13,970 8,520 7,820 Ocean and air cargo carriers 13,870 16,560 7,160 7,440 1,012,810 1,015,940 525,930 515,770 Loads hauled via BCO Independent Contractors (3) included in total truck transportation 432,210 398,000 224,600 203,930 Revenue per load: Truck transportation Truckload: Van equipment $2,295 $2,073 $2,410 $2,081 Unsided/platform equipment 3,489 3,010 3,725 3,108 Less-than-truckload 742 621 811 614 Other truck transportation (1) 1,938 2,137 2,006 2,181 Total truck transportation 2,456 2,200 2,614 2,234 Rail intermodal 3,115 2,829 3,258 2,817 Ocean and air cargo carriers 7,045 7,031 6,947 6,826 Revenue per load on loads hauled via BCO Independent Contractors (3) $2,403 $2,232 $2,507 $2,263 Revenue by capacity type (as a % of total revenue): Truck capacity providers: BCO Independent Contractors (3) 40% 38% 39% 38% Truck Brokerage Carriers 53% 54% 54% 54% Rail intermodal 2% 2% 2% 2% Ocean and air cargo carriers 4% 5% 3% 4% Other 2% 2% 1% 2% June 27, June 28, 2026 2025 Truck Capacity Providers: BCO Independent Contractors (3) 7,719 7,844 Truck Brokerage Carriers: Approved and active (4) 37,656 41,842 Other approved 26,951 27,672 64,607 69,514 Total available truck capacity providers 72,326 77,358 Trucks provided by BCO Independent Contractors (3) 8,544 8,611 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee.
(2) Includes primarily reinsurance premium revenue generated by the insurance segment and intra-Mexico transportation services revenue generated by Landstar Metro. (3) BCO Independent Contractors are independent contractors who provide truck capacity to the Company under exclusive lease arrangements. (4) Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter end. Landstar System, Inc. and Subsidiary Reconciliation of Gross Profit to Variable Contribution (Dollars in thousands) (Unaudited) Twenty-Six Weeks Ended Thirteen Weeks Ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 Revenue $2,603,555 $2,363,885 $1,432,264 $1,211,383 Costs of revenue: Purchased transportation 2,030,397 1,839,289 1,123,400 941,411 Commissions to agents 201,578 192,836 109,435 99,522 Variable costs of revenue 2,231,975 2,032,125 1,232,835 1,040,933 Trailing equipment depreciation 12,619 13,844 6,351 6,867 Information technology costs (1) 5,683 7,609 3,080 3,934 Insurance-related costs (2) 75,654 71,317 39,716 30,793 Other operating costs 32,745 31,424 17,945 19,595 Other costs of revenue 126,701 124,194 67,092 61,189 Total costs of revenue 2,358,676 2,156,319 1,299,927 1,102,122 Gross profit $244,879 $207,566 $132,337 $109,261 Gross profit margin 9.4% 8.8% 9.2% 9.0% Plus: other costs of revenue 126,701 124,194 67,092 61,189 Variable contribution $371,580 $331,760 $199,429 $170,450 Variable contribution margin 14.3% 14.0% 13.9% 14.1% (1) Includes costs of revenue incurred related to internally developed software including ASC 350-40 amortization, implementation costs, hosting costs and other support costs utilized to support the Company's independent commission sales agents, third party capacity providers, and customers, included as a portion of depreciation and amortization and of selling, general and administrative in the Company's Consolidated Statements of Income. (2) Primarily includes (i) insurance premiums paid for commercial auto liability, general liability, cargo and other lines of coverage related to the transportation of freight; (ii) the related costs of claims incurred under those programs; and (iii) brokerage commissions and other fees incurred relating the the administration in the Company's Consolidated Statements of Income.
Planet Fitness čelí hromadné žalobě po snížení výhledu na rok 2026 a upozornění na slabší růst členů. Akcie po zprávě 7. května 2026 klesly o 19,95 USD na 44,01 USD, tedy o 31,19 %.
NEW YORK, July 28, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Planet Fitness, Inc. (“Planet Fitness” or the “Company”) (NYSE: PLNT). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Planet Fitness and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until September 14, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Planet Fitness securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On May 7, 2026, Planet Fitness reported its first quarter 2026 financial results and updated its full-year outlook. Among other items, Planet Fitness disclosed that “2026 is off to a slower than expected start from a net member growth perspective” as the Company faced “internal and external headwinds during our peak sign-up period.” The Company further disclosed that it was pausing its planned national Black Card price increase pending a broader pricing review. In addition, Planet Fitness stated that, based on “lower net joins than planned in the first quarter” and the decision to pause the Black Card price increase, it was reducing several of its 2026 growth expectations. The Company lowered expected system-wide same club sales growth to approximately 1%, compared to its prior guidance of 4% to 5%; revenue growth to approximately 7%, compared to prior guidance of approximately 9%; adjusted EBITDA growth to approximately 6%, compared to prior guidance of approximately 10%; adjusted net income to a decrease of approximately 2%, compared to prior guidance of 4% to 5% growth; and adjusted diluted EPS growth to approximately 4%, compared to prior guidance of 9% to 10%.
On this news, Planet Fitness’s stock price fell $19.95 per share, or 31.19%, to close at $44.01 per share on May 7, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Varonis Systems ve 2. čtvrtletí překonal vlastní výhled a zvýšil celoroční odhad tržeb i volného cash flow. SaaS ARR bez konverzí vzrostl meziročně o 25 % na 598,1 milionu USD.
Cybersecurity Market Set to Double: This ETF Offers ExposureVaronis Systems NASDAQ: VRNS reported second-quarter 2026 results that exceeded the company’s guidance range, as management cited continued demand for data security and AI security capabilities, growth in new-customer activity, and rising adoption of newer products.
SaaS annual recurring revenue, excluding conversions from the company’s self-hosted platform, rose 25% year over year to $598.1 million. Total SaaS ARR, including conversions, was $726 million. Chief Executive Officer Yaki Faitelson said SaaS ARR from new logos grew more than 20% during the quarter.
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3 Mid-Cap Stocks Turning Heads in AI, Automation, & CybersecurityManagement said several large deals slipped late in the quarter amid media rumors regarding a potential transaction involving the company. Varonis declined to discuss the speculation further, but said it had closed some of the delayed transactions in July, including a seven-figure deal. Chief Financial Officer and Chief Operating Officer Guy Melamed said the third quarter had begun strongly and the company retained a healthy pipeline for the second half of the year.
Second-Quarter Financial Results Total revenue increased 18% year over year to $180 million in the second quarter. SaaS revenue was $171.7 million, while term license subscription revenue totaled $4.2 million and maintenance and services revenue was $4.1 million. The company’s SaaS renewal rate exceeded 90%.
2 stocks that under-promised and over-delivered on their earningsOn a non-GAAP basis, gross profit was $139.9 million, representing a 77.7% gross margin, compared with 80.6% in the prior-year quarter. Operating income was $3.7 million, or a 2.1% operating margin, compared with an operating loss of $1.9 million a year earlier.
Net income was $5.3 million, or $0.04 per diluted share, compared with $3.8 million, or $0.03 per diluted share, in the second quarter of 2025. Financial income was approximately $7 million, primarily driven by interest income on cash, deposits and marketable securities.
For the first six months of 2026, Varonis generated $69.1 million in free cash flow, compared with $82.7 million a year earlier. Melamed said the decline reflected the previously disclosed headwind associated with the end-of-life announcement for the company’s on-premise platform, as well as approximately $11.9 million in acquisition-related costs. Excluding those acquisition-related costs, year-to-date free cash flow would have been about $81 million, he said.
As of June 30, Varonis had $911.5 million in cash equivalents, short-term deposits and marketable securities.
AI Security Demand and Product Adoption Faitelson said the growing adoption of AI is increasing the value and risk associated with enterprise data. He argued that organizations need to understand where sensitive data resides, who or what can access it, and whether access is appropriate as AI models and agents are connected to data environments.
“AI security and data security cannot be treated as separate problems,” Faitelson said, describing automation as central to managing AI-driven risk. He said customers are seeking controls around AI models, agents and pipelines, including insight into the data they can access, the permissions they inherit and whether their activity is normal.
The company highlighted growing momentum for Atlas, Interceptor and Database Activity Monitoring, or DAM. Management said Atlas had been sold for roughly three and a half months and was appearing frequently in customer conversations. Melamed said the company was “pleasantly surprised” by Atlas’ contribution in the second quarter, though it expects a more meaningful contribution in the second half.
Varonis said customers are increasingly buying more of its platform upfront and connecting it to more AI systems. Management said the primary buyer remains the chief information security officer, though chief AI officers are increasingly involved in conversations.
A healthcare organization with more than 40,000 employees became a customer after seeking guardrails for more than 100 AI projects and automated remediation of overexposed HIPAA and personally identifiable information data. A financial services customer expanded its Varonis deployment following a vendor-consolidation review, adding Atlas Complete, Interceptor DAM, and coverage for infrastructure-as-a-service environments, Salesforce and Microsoft 365. Management said DAM is aimed at both new and existing customers, including opportunities to replace incumbent products from Imperva and IBM Guardium. Interceptor has primarily been sold into Varonis’ existing customer base alongside the company’s MDDR offering, according to Melamed.
Raised Full-Year Outlook For the third quarter, Varonis forecast SaaS ARR growth of 22% to 23%, excluding conversions; revenue of $185 million to $188 million; non-GAAP operating income of $2.5 million to $3.5 million; and non-GAAP earnings of $0.02 to $0.03 per diluted share.
For full-year 2026, the company raised its outlook for SaaS ARR excluding conversions to growth of 20% to 21%. It expects total SaaS ARR of $819 million to $850 million, representing growth of 28% to 33%, and said its implied SaaS ARR excluding conversions outlook is $769 million to $775 million, a $5 million increase from its prior forecast.
Varonis also lifted its full-year free-cash-flow forecast by $5 million to $105 million to $110 million. The company projected full-year revenue of $735 million to $739 million, up 18% to 19%; non-GAAP operating income of $11 million to $13 million; and non-GAAP earnings per diluted share of $0.14 to $0.15.
Melamed said the company expects sales productivity to continue improving as it moves upmarket and sells a broader platform. He also said Varonis did not assume a positive contribution from the federal vertical in its third-quarter outlook, describing that part of the business as de-risked in the guidance.
About Varonis Systems (NASDAQ:VRNS)Varonis Systems is a cybersecurity firm specializing in the protection and management of unstructured data. The company's flagship Data Security Platform provides advanced analytics for monitoring file systems, email servers, collaboration platforms and cloud storage. By continuously mapping and analyzing data permissions and user behavior, Varonis enables organizations to detect insider threats, verify compliance and remediate exposed data in real time.
Founded in 2005 and headquartered in New York City, Varonis serves a diverse global customer base across financial services, healthcare, media, manufacturing and government.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Armstrong World Industries, Inc. (AWI) Q2 2026 Earnings Call July 28, 2026 10:00 AM EDT
Company Participants
Theresa Womble - Vice President of Investor Relations & Corporate Communications
Mark Hershey - President, CEO & Director
Christopher Calzaretta - Senior VP & CFO
Conference Call Participants
Susan Maklari - Goldman Sachs Group, Inc., Research Division
Tomohiko Sano - JPMorgan Chase & Co, Research Division
Adam Baumgarten - Vertical Research Partners, LLC
Keith Hughes - Truist Securities, Inc., Research Division
Rafe Jadrosich - BofA Securities, Research Division
Brian Biros - Thompson Research Group, LLC
Stephen Kim - Evercore ISI Institutional Equities, Research Division
John Lovallo - UBS Investment Bank, Research Division
Philip Ng - Jefferies LLC, Research Division
Presentation
Operator
Hello, and thank you for standing by. My name is Pete and I will be your conference operator today. At this time, I would like to welcome everyone to the Armstrong World Industries Second Quarter 2026 Earnings Call. [Operator Instructions] I would now like to turn the conference over to Theresa Womble, Vice President, Investor Relations and Corporate Communications. Please go ahead.
Theresa Womble
Vice President of Investor Relations & Corporate Communications
Thank you, and welcome, everyone, to our call this morning. On today's call, Mark Hershey, our CEO; and Chris Calzaretta, our CFO, will discuss Armstrong World Industries second quarter 2026 results and the rest of year outlook. We have provided a presentation to accompany these results that is available on the Investors section of the Armstrong World Industries website.
Our discussion of operating and financial performance will include non-GAAP financial measures within the meaning of SEC Regulation G. A reconciliation of these measures with the most directly comparable GAAP measures is included in the earnings press release and in the appendix of the presentation issued this morning. Both are available on our Investor Relations website. During this call, we will be making
Equity LifeStyle Properties (NYSE: ELS) vyhlásila dividendu za třetí čtvrtletí 2026 ve výši 0,5425 USD na kmenovou akcii. V přepočtu na celý rok to odpovídá 2,17 USD na akcii.
, /PRNewswire/ -- On July 28, 2026, the Board of Directors of Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") declared a third quarter 2026 dividend of $0.5425 per common share, representing, on an annualized basis, a dividend of $2.17 per common share. The dividend will be paid on October 9, 2026 to stockholders of record at the close of business on September 25, 2026.
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting.
For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 453 properties located predominantly in the United States consisting of 173,559 sites as of June 30, 2026. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.
Casella Waste Systems a Waga Energy spustily provoz zařízení na výrobu RNG na skládce Hyland v New Yorku. Projekt má ročně vyrobit až 610 000 MMBtu a snížit emise o 47 000 tun CO₂e.
RUTLAND, Vt., July 28, 2026 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (Nasdaq: CWST), a regional solid waste, recycling and resource management services company in the Eastern United States, and Waga Energy (EPA: WAGA), a global expert in the production of Renewable Natural Gas (“RNG”) from landfills, announced the start of operations of the RNG production facility at the Hyland Landfill in Angelica, New York.
The facility coming online marks another important milestone in Casella's strategy to recover value from the waste it manages. Hyland is the second of three RNG projects developed by Casella and Waga Energy to enter operation, following the Chemung County facility.
“It is so gratifying for our team to see our fourth RNG project come online at the Hyland landfill,” said Ned Coletta, President and CEO of Casella Waste Systems, Inc. “Several years ago, we made the strategic decision to work with RNG experts to develop the capacity at our landfills, and we have not been disappointed about our decision to partner with Waga Energy. Their entire team has collaborated effectively with our team to bring these projects online within a tight timeline, and their innovative technology is performing well at each landfill.”
The facility uses Waga Energy's patented WAGABOX® technology to upgrade landfill gas into pipeline-quality RNG. With 3,000 SCFM of installed processing capacity, Hyland can generate up to 610,000 MMBtu (180 GWh) of renewable gas annually, making it one of the largest RNG production units in Waga Energy's U.S. portfolio.
“The commissioning of a large-capacity WAGABOX® unit at the Hyland facility demonstrates the scalability of our technology and its ability to produce RNG from landfill sites of various sizes,” said Guénaël Prince, Chief Executive Officer of Waga Energy Inc. “It is also the second project developed with Casella to enter operation this year, reflecting the strength of our partnership and our shared commitment to turning landfill gas into a reliable source of renewable energy."
The RNG produced on-site is injected directly into the Eastern Gas Transmission and Storage network, supplying the region with a renewable alternative to fossil natural gas. The project is expected to avoid 47,000 tons of CO₂-equivalent emissions each year, according to U.S. Environmental Protection Agency (EPA) standards1.
Under the terms of the agreement, Waga Energy deployed the capital required to fully fund the construction of the facility and will own and operate it for 20 years, while Casella and Waga Energy share the revenue generated from RNG sales.
The Hyland project is expected to qualify for incentives under the U.S. Inflation Reduction Act (IRA).
___________________________
1 Landfill Gas Energy Benefits Calculator | US EPA
About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services in the eastern United States. For more information, visit www.casella.com.
About Waga Energy
Waga Energy produces competitively priced Renewable Natural Gas (RNG, also known as biomethane) by upgrading landfill gas using a patented purification technology called WAGABOX®. The RNG produced is injected directly into the gas grids that supply individuals and businesses, providing a substitute for natural fossil gas. Waga Energy currently operates 36 RNG production units in France, Spain, Canada and the USA, representing an installed capacity of more than 6.5 million MMBtu (1.9 TWh) per year. To date, Waga Energy has 19 RNG production units under construction worldwide. Each project initiated by Waga Energy contributes to the fight against global warming and helps the energy transition. Waga Energy is listed on Euronext Paris (FR0012532810 – EPA: WAGA).
Safe Harbor Statement
Certain matters discussed in this press release, including but not limited to, the statements regarding our intentions, beliefs or current expectations concerning, among other things, projections as to the anticipated benefits of the commercial agreement, the anticipated amounts of renewable natural gas to be produced and the anticipated impact of the commercial agreement and the renewable natural gas facilities on the Company’s business and future financial and operating results are "forward-looking statements". These forward-looking statements can generally be identified as such by the context of the statements, including words such as “believe,” “expect,” “anticipate,” “plan,” “may,” “would,” “intend,” “estimate,” “will,” “guidance” and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates and management’s beliefs and assumptions. The Company cannot guarantee that it actually will achieve the financial results, plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of the Company’s operations, involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in its forward-looking statements.
Such risks and uncertainties include or relate to, among other things, the following: project development timelines may extend past anticipated schedules; the Company may not fully recognize the expected financial benefits from the RNG facilities due to operational challenges, gas production levels, market or economic factors outside its control which may impact revenues and costs, or for other reasons; and potential regulatory changes could adversely impact operations.
There are a number of other important risks and uncertainties that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A. “Risk Factors” in the Company’s most recently filed Form 10-K for the fiscal year ended December 31, 2025, and in other filings that the Company may make with the Securities and Exchange Commission in the future.
The Company undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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Casella Waste Systems, Inc.
Media Relations
Jeff Weld
Vice President of Communications
(802) 772-2234Investor Relations
Jason Mead
Senior Vice President of Finance and Treasurer
(802) 772-2293 Waga Energy
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c025f1e9-20ed-4f36-a11b-4b46203b3e69
Waga Energy RNG Facility at Casella's Hyland Landfill The Waga Energy Renewable Natural Gas Facility at Casella's Hyland Landfill in Angelica, NY
Manhattan Associates ve 2. čtvrtletí zvýšila tržby o 9 % na 298 milionů USD a cloudové tržby o 26 % na 127 milionů USD. Firma zároveň zvedla celoroční výhled na tržby, marži i EPS.
3 Low P/E Stock ETFs for Hungry Value InvestorsManhattan Associates NASDAQ: MANH reported record second-quarter and first-half results for 2026, citing accelerating cloud revenue, three consecutive quarters of record bookings and growth in remaining performance obligations amid what executives described as a volatile global macroeconomic environment.
President and Chief Executive Officer Eric Clark said the company’s momentum was driven by continued product innovation and sales-and-marketing investments announced a year ago. Those investments included product-focused sales specialists, teams dedicated to on-premises-to-cloud conversions and renewals, expanded partner channels, and forward-deployed engineers supporting the company’s agentic artificial intelligence offerings.
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“Three consecutive quarters of record bookings give us confidence that our go-to-market approach is working,” Clark said.
Cloud Growth and Bookings Momentum Second-quarter total revenue rose 9% year over year to $298 million. Excluding license and maintenance revenue, which has been declining as customers transition to cloud subscriptions, total revenue increased 13%.
Cloud revenue increased 26% to $127 million, while services revenue rose 3% to $133 million. Chief Financial Officer Linda said cloud revenue outperformed expectations because of strong execution and upsells, which can generate revenue more quickly. About $1 million of implementation work also shifted from the third quarter into the second quarter.
Remaining performance obligations, or RPO, totaled $2.47 billion at quarter-end, up 23% from a year earlier and 5% sequentially. Foreign exchange was an approximately $3 million headwind to sequential RPO growth and a roughly $9 million headwind to year-over-year RPO growth, Linda said.
Clark said conversions from on-premises software to Manhattan Active accounted for more than 40% of new cloud bookings during the quarter. New logos represented more than 25% of new cloud bookings, while the company’s win rate remained above 70%. Sales to existing customers also accelerated, he said.
Executives said the stronger conversion activity represented less than 2% of the company’s conversion base during the quarter. Fewer than 25% of the company’s on-premises customer base had begun the conversion process, Clark said, leaving what he characterized as a sizable opportunity.
Adjusted operating profit was $104 million, producing a 34.9% adjusted operating margin. Adjusted earnings per share increased 6% to $1.39. GAAP earnings per share declined 9% to $0.85, reflecting about $8 million, or $0.11 per share, in restructuring expense. Operating cash flow rose 22% to $91 million, while free-cash-flow margin was 30.1%. The company ended the quarter with $186 million in cash and no debt. Manhattan repurchased $125 million of shares during the quarter and $275 million year to date. It had $225 million remaining under its share repurchase authorization announced in March.
AI Adoption Begins to Contribute Clark said Manhattan Active Agents are becoming a more meaningful differentiator in customer discussions and contributed to both deal activity and pipeline growth. The offering includes prebuilt agents that can be activated immediately, as well as an Agent Foundry that allows customers to build and deploy custom agents with assistance from Manhattan’s forward-deployed engineers.
The company said the agents are embedded in its cloud-native platform, reducing the need for customers to implement external data lakes. Clark said the technology combines deterministic workflows with probabilistic AI, using probabilistic models primarily for exception handling where they add value.
Since launching in the first quarter, Active Agents have reached more than 10% of the company’s Active install base through pilots or subscriptions. Manhattan said it has experienced a 100% conversion rate from AI pilot programs to subscriptions so far, though Clark cautioned that the offering has been commercially available for only two quarters and that the company does not yet have enough data to provide revenue guidance.
Linda said AI agents contributed to the company’s cloud revenue upside during the second quarter, but remained a relatively small contributor and were expected to remain so through the rest of 2026. Unlike other applications that generate revenue as deployments ramp, AI agents can be activated at full subscription value on the first day, executives said.
Clark cited customer operating results that included an 87% reduction in short picks at a healthcare products distributor, a 49% reduction in late shipment departures at a regional grocer, and a 21% reduction in order cycle time at the same grocer.
New Editions Expand Addressable Market Manhattan also announced three editions of its Manhattan Active solutions: Enterprise Premier, Enterprise and Essentials. Clark said the initiative changes packaging and pricing rather than introducing new products.
Enterprise Premier represents the company’s full-featured offering for the most complex supply chain and commerce operations. Enterprise is designed to give lower-volume or lower-complexity warehouse-management customers access to Active Warehouse rather than the company’s SCALE product, with a more prescribed feature set, lower subscription pricing and a rapid implementation methodology.
The Essentials edition is intended to extend warehouse, transportation, order-management and store capabilities to smaller companies, less complex sites within large enterprises and additional geographic markets at a lower cost than the Premier offering.
Clark described the editions as “a ladder, not a menu of different products,” allowing customers to begin on the Active platform and add functionality over time without replatforming. He said the initiative should create additional conversion opportunities among on-premises customers and broaden the market for smaller sites at existing enterprise clients.
The company began introducing the packaging to its sales organization during its midyear sales meeting. Clark said management does not expect material sales disruption because Manhattan was already pursuing similar customer segments with SCALE.
Raised 2026 Outlook Management raised its full-year outlook for revenue, operating margin and earnings per share. The company expects RPO to finish toward the high end of its prior $2.62 billion to $2.68 billion target range, representing growth of 18% to 20%.
Manhattan now expects full-year revenue of $1.16 billion to $1.166 billion, with a midpoint of $1.163 billion. The outlook represents 11% growth excluding license and maintenance attrition and 8% growth on an all-in basis. The forecast assumes foreign exchange will be neutral for the full year, compared with prior expectations for a one-percentage-point tailwind.
The company raised its cloud revenue midpoint to $505.5 million, representing 24% growth, and expects services revenue to rise 2% to $513.5 million. It forecast a full-year adjusted operating margin of about 35.1% and adjusted EPS of $5.44 to $5.50.
For the third quarter, Manhattan reaffirmed its total revenue target of $294 million to $298 million and expects adjusted EPS of $1.45. It is targeting approximately $287 million of revenue and adjusted EPS of $1.37 for the fourth quarter, accounting for retail peak-seasonality effects.
About Manhattan Associates (NASDAQ:MANH)Manhattan Associates, Inc NASDAQ: MANH is a provider of supply chain and omnichannel commerce software solutions designed to optimize the flow of goods, information and funds across enterprise operations. Its flagship offerings include warehouse management, transportation management, order management and omnichannel fulfillment applications. These solutions are delivered through a cloud-native platform called Manhattan Active, which enables retailers, manufacturers, carriers and third-party logistics providers to orchestrate inventory, manage distribution and improve customer service in real time.
Key product areas include Manhattan Active Warehouse Management, which automates and optimizes warehouse operations from receiving through shipping; Manhattan Active Transportation Management, supporting carrier selection, routing and freight payment; and Manhattan Active Omni, which unifies order capture, inventory visibility and fulfillment across stores, distribution centers and e-commerce channels.
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July 28, 2026 16:24 ET | Source: Mueller Water Products
ATLANTA, July 28, 2026 (GLOBE NEWSWIRE) -- Mueller Water Products, Inc. (NYSE: MWA) announced that its Board of Directors has declared a quarterly dividend of $0.070 per share, payable on or about August 20, 2026, to stockholders of record as of the close of business on August 10, 2026.
About Mueller Water Products, Inc.
Mueller Water Products, Inc. is a leading manufacturer and marketer of products and solutions used in the transmission, distribution and measurement of water in North America. Our broad portfolio includes engineered valves, fire hydrants, pipe connection and repair products, metering products, leak detection, pipe condition assessment, pressure management products, and software that provides critical water system data. We help municipalities increase operational efficiencies, improve customer service and prioritize capital spending, demonstrating why Mueller Water Products is Where Intelligence Meets Infrastructure®. Visit us at www.muellerwaterproducts.com.
Mueller refers to one or more of Mueller Water Products, Inc. (MWP), a Delaware corporation, and its subsidiaries. MWP and each of its subsidiaries are legally separate and independent entities when providing products and services. MWP does not provide products or services to third parties. MWP and each of its subsidiaries are liable only for their own acts and omissions and not those of each other.
MILWAUKEE, July 28, 2026 (GLOBE NEWSWIRE) -- Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the quarter ended June 30, 2026, and declared a quarterly dividend. The full June 2026 quarter earnings release and investor presentation can be viewed at www.apam.com.
Conference Call
The Company will host a conference call on July 29, 2026, at 11:00 a.m. (Eastern Time) to discuss its results for the three and six months ended June 30, 2026. Hosting the call will be Jason Gottlieb, Chief Executive Officer and President, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com. The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10209594. A replay of the call will be available until August 5, 2026, at 9:00 a.m. (Eastern Time), by dialing 855.669.9658 or 412.317.0088 for international callers; the replay conference ID is 2052531. An audio recording will also be available on the Company’s website.
About Artisan Partners
Artisan Partners is a global multi-asset investment platform providing a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.
Expand Energy ve 2. čtvrtletí vykázala čistý zisk 522 mil. USD a potvrdila celoroční produkci 7,4–7,6 Bcfe/d. Zároveň oznámila dodatečné povolení zpětného odkupu akcií za zhruba 1 miliardu USD a akvizici Twin Eagle.
SPRING, Texas, July 28, 2026 (GLOBE NEWSWIRE) -- Expand Energy Corporation (NASDAQ: EXE) ("Expand Energy" or the "Company") today reported second quarter 2026 financial and operating results.
Net cash provided by operating activities of $1,096 million, driven by continued operational executionNet income of $522 million, or $2.19 per fully diluted share; adjusted net income(1) of $317 million, or $1.33 per diluted shareAdjusted EBITDAX(1) of $1,183 millionNet production of ~7.48 Bcfe/d (92% natural gas), reaffirmed full-year 2026 guidance of 7.4 – 7.6 Bcfe/dTotal debt of $3.7 billion as of quarter-end, down ~$1.3 billion from year-end as a result of senior note redemption in April 2026Reported quarter-end net debt(1) of $3.1 billion and peer-leading leverage ratio of ~0.5xApproximately $530 million of common stock repurchases in the second quarter; year-to-date repurchases total approximately $850 million or 4% of shares outstandingAnnounced additional ~$1 billion buyback authorization, facilitating continued opportunistic share repurchasesReleased 2025 Sustainability Report with consistent, transparent performance data disclosureAnnounced the acquisition of Twin Eagle Holdings, N.A. LLC ("Twin Eagle"), creating North America's leading integrated natural gas company (1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this release.
“This year, the team has been focused on two key initiatives, executing with discipline and accelerating our marketing and commercial strategy. I'm pleased with the significant progress we've made on both fronts,” said Mike Wichterich, Interim President and Chief Executive Officer of Expand Energy. “We’ve strengthened our balance sheet and achieved a peer-leading leverage ratio, giving us the flexibility to opportunistically allocate capital. We acted decisively with our buyback program, reduced outstanding shares by 4%, and authorized an additional $1 billion of share repurchases. Through our leasing program, we’ve organically extended our inventory across our portfolio at a significant discount to recent industry acquisitions. Most importantly, our recently announced acquisition of Twin Eagle immediately establishes Expand as the leading integrated natural gas company, extends our access to demand markets from coast to coast, and meaningfully accelerates our strategy. The team is executing on all fronts, delivering as promised, and creating sustainable value for our shareholders.”
Operations Update
Expand Energy operated an average of 12 rigs during the second quarter, drilling 55 wells and turning 48 wells in line, resulting in net production of approximately 7.48 Bcfe/d (92% natural gas). A detailed breakdown of second quarter production, capital expenditures and activity can be found in the supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.
2026 Capital and Operating Outlook
In 2026, Expand Energy expects to run 11 – 12 rigs and invest approximately $2.75 – $2.95 billion. Average daily production is expected to be approximately 7.4 – 7.6 Bcfe/d.
A detailed breakdown of the Company's 2026 annual capital and operating outlook can be found in the supplemental slides.
Shareholder Returns Update
Expand Energy expects to continue its returns-focused allocation of capital, including to share repurchases, while preserving balance sheet capacity to capitalize on attractive opportunities through the cycle. Year-to-date through July 24, 2026, the Company has redeemed approximately $1.3 billion of gross debt and executed $849 million of share repurchases. The Company plans to pay its quarterly base dividend of $0.575 per share on September 3, 2026 to shareholders of record at the close of business on August 13, 2026.
Conference Call Information
A conference call to discuss Expand Energy's second quarter 2026 financial and operating results and 2026 outlook has been scheduled for 9 a.m. EDT on July 29, 2026. Participants can access the live webcast at https://edge.media-server.com/mmc/p/w7azq3eg/. Participants who would like to ask a question, can register at https://register-conf.media-server.com/register/BIa5617126d27645d887bff8d8eefaf1c6, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call.
Financial Statements, Non-GAAP Financial Measures and 2026 Guidance and Outlook Projections
This news release contains the non-GAAP financial measures described below in the section titled "Non-GAAP Financial Measures." Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the Company’s 2026 second quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the Company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2026 can be found on the Company’s website at www.expandenergy.com.
Expand Energy Corporation (NASDAQ: EXE) is North America’s largest natural gas producer, powered by dedicated and innovative employees focused on expanding the value of natural gas by connecting global scale to growing markets. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its advantaged portfolio, financial strength and operational excellence. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.
Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela and changes in China-Taiwan relations, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, the amount and timing of any cash dividends and our sustainability initiatives. Forward-looking and other statements in this news release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange Commission ("SEC"). In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "aim", "predict", "should", "expect," “could,” “may,” "anticipate," "intend," "plan," “ability,” "believe," "seek," "see," "will," "would," “estimate,” “forecast,” "target," “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.
Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:
Reduced demand for natural gas, oil, and natural gas liquids ("NGLs");negative public perceptions of our industry;competition in the natural gas and oil exploration and production industry;the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;write-downs of our natural gas and oil asset carrying values due to low commodity prices;significant capital expenditures are required to replace our reserves and conduct our business;our ability to replace reserves and sustain production;uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;drilling and operating risks and resulting liabilities;our ability to generate profits or achieve targeted results in drilling and well operations;leasehold terms expiring before production can be established;risks from our commodity price risk management activities;uncertainties, risks and costs associated with natural gas and oil operations;our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;pipeline and gathering system capacity constraints and transportation interruptions;risks related to our plans to participate in the global LNG value chain;terrorist activities and/or cyber-attacks adversely impacting our operations;risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;disruption of our business by natural or human causes beyond our control;a deterioration in general economic, business or industry conditions;the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela, and changes in China-Taiwan relations, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;our inability to access the capital markets on favorable terms;the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;challenges with employee recruitment and retention and an increasingly competitive labor market;risks related to acquisitions or dispositions, or potential acquisitions or dispositions;security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;our ability to achieve and maintain sustainability certifications, goals and commitments;environmental and sustainability legislation and regulatory initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, greenhouse gas emissions, flaring or water disposal;federal and state tax proposals affecting our industry;risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of our merger with Southwestern Energy Company, as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation;the actual consummation of the acquisition of Twin Eagle (the "Twin Eagle Acquisition") and the expected timetable for completion thereof, the results, effects and benefits of the Twin Eagle Acquisition, future opportunities for the Company, other plans with respect to the Twin Eagle Acquisition, and the anticipated impact of the Twin Eagle Acquisition on the Company’s results of operations, financial position, growth opportunities and competitive position;the integration of acquisitions, including the Twin Eagle Acquisition; andother factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC. We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.
All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
INVESTOR CONTACT:
Brittany Raiford
(405) 935-8870 [email protected] CONTACT:
Brooke Coe
(405) 935-8878 [email protected] CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) ($ in millions, except per share data)June 30,
2026 December 31,
2025Assets Current assets: Cash and cash equivalents$663 $616 Restricted cash 101 80 Accounts receivable, net 1,098 1,599 Derivative assets 602 264 Other current assets 378 357 Total current assets 2,842 2,916 Property and equipment: Natural gas and oil properties, successful efforts method Proved natural gas and oil properties 28,092 26,606 Unproved properties 5,501 5,478 Other property and equipment 547 509 Total property and equipment 34,140 32,593 Less: accumulated depreciation, depletion and amortization (9,690) (8,278)Property and equipment held for sale, net — 40 Total property and equipment, net 24,450 24,355 Long-term derivative assets 113 47 Deferred income tax assets — 168 Other long-term assets 625 801 Total assets$28,030 $28,287 Liabilities and stockholders' equity Current liabilities: Accounts payable$942 $753 Accrued interest 78 100 Derivative liabilities 1 3 Other current liabilities 1,944 2,045 Total current liabilities 2,965 2,901 Long-term debt, net 3,685 5,009 Long-term derivative liabilities — 1 Asset retirement obligations, net of current portion 723 688 Long-term contract liabilities 835 975 Other long-term liabilities 412 135 Total liabilities 8,620 9,709 Contingencies and commitments Stockholders' equity: Common stock, $0.01 par value, 450,000,000 shares authorized: 234,349,727 and 239,249,874 shares issued 2 2 Additional paid-in capital 13,774 13,746 Retained earnings 5,634 4,830 Total stockholders' equity 19,410 18,578 Total liabilities and stockholders' equity$28,030 $28,287 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months
Ended June 30, Six Months
Ended June 30,($ in millions, except per share data) 2026 2025 2026 2025 Revenues and other: Natural gas, oil and NGL$1,830 $2,021 $5,145 $4,321 Marketing 681 788 1,893 1,698 Gains (losses) on derivatives 449 877 320 (137)Gains (losses) on sales of assets — 4 (1) 4 Total revenues and other 2,960 3,690 7,357 5,886 Operating expenses: Production 168 151 353 298 Gathering, processing and transportation 634 563 1,324 1,126 Severance and ad valorem taxes 60 49 120 97 Exploration 16 20 30 27 Marketing 649 791 1,770 1,710 General and administrative 50 40 113 87 Separation and other termination costs — — 9 — Depreciation, depletion and amortization 722 769 1,433 1,480 Other operating expense, net — 38 13 60 Total operating expenses 2,299 2,421 5,165 4,885 Income from operations 661 1,269 2,192 1,001 Other income (expense): Interest expense (43) (60) (102) (119)Gains on purchases, exchanges or extinguishments of debt 37 3 37 3 Other income, net 17 16 34 24 Total other income (expense) 11 (41) (31) (92)Income before income taxes 672 1,228 2,161 909 Income tax expense 150 260 480 190 Net income$522 $968 $1,681 $719 Earnings per common share: Basic$2.19 $4.07 $7.03 $3.04 Diluted$2.19 $4.02 $7.02 $2.99 Weighted average common shares outstanding (in thousands): Basic 238,224 237,973 239,058 236,213 Diluted 238,357 240,560 239,559 240,628 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months
Ended June 30, Six Months
Ended June 30,($ in millions) 2026 2025 2026 2025 Cash flows from operating activities: Net income$522 $968 $1,681 $719 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 722 769 1,433 1,480 Deferred income tax expense 146 171 465 134 Derivative (gains) losses, net (449) (877) (320) 137 Cash receipts (payments) on derivative settlements, net 294 16 (92) (29)Share-based compensation 12 13 22 22 (Gains) losses on sales of assets — (4) 1 (4)Contract amortization (68) (72) (98) (124)Gains on purchases, exchanges or extinguishments of debt (37) (3) (37) (3)Other (1) 20 34 16 Changes in assets and liabilities (45) 321 409 70 Net cash provided by operating activities 1,096 1,322 3,498 2,418 Cash flows from investing activities: Capital expenditures (753) (657) (1,460) (1,220)Property acquisitions (3) — (7) — Receipts of deferred consideration 56 56 116 116 Contributions to investments — (5) (1) (9)Distributions from investments — — 10 — Proceeds from divestitures of property and equipment 2 15 43 15 Net cash used in investing activities (698) (591) (1,299) (1,098)Cash flows from financing activities: Proceeds from credit facility — 100 — 825 Payments on credit facility — (100) — (825)Proceeds from warrant exercise — 1 15 22 Cash paid to repurchase and retire common stock (514) (99) (580) (99)Cash paid to purchase debt (1,287) (117) (1,287) (553)Cash paid for common stock dividends (138) (137) (279) (279)Net cash used in financing activities (1,939) (352) (2,131) (909)Net increase (decrease) in cash, cash equivalents and restricted cash (1,541) 379 68 411 Cash, cash equivalents and restricted cash, beginning of period 2,305 427 696 395 Cash, cash equivalents and restricted cash, end of period$764 $806 $764 $806 Cash and cash equivalents$663 $731 $663 $731 Restricted cash 101 75 101 75 Total cash, cash equivalents and restricted cash$764 $806 $764 $806 NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited) Three Months Ended June 30, 2026 Natural Gas Oil NGL Total MMcf per day $/Mcf MBbl per day $/Bbl MBbl per day $/Bbl MMcfe per day $/McfeHaynesville3,187 2.62 — — — — 3,187 2.62Northeast Appalachia2,625 2.15 — — — — 2,625 2.15Southwest Appalachia1,084 2.47 14 84.71 83 26.26 1,670 3.64Total6,896 2.42 14 84.71 83 26.26 7,482 2.69 Average NYMEX Price 2.90 92.79 Average Realized Price (including realized derivatives) 2.90 81.37 25.82 3.12 Three Months Ended June 30, 2025 Natural Gas Oil NGL Total MMcf per day $/Mcf MBbl per day $/Bbl MBbl per day $/Bbl MMcfe per day $/McfeHaynesville2,978 3.12 — — — — 2,978 3.12Northeast Appalachia2,662 2.65 — — — — 2,662 2.65Southwest Appalachia956 3.11 18 54.47 83 23.19 1,562 3.75Total6,596 2.93 18 54.47 83 23.19 7,202 3.08 Average NYMEX Price 3.44 63.74 Average Realized Price (including realized derivatives) 2.98 55.89 23.08 3.14 Six Months Ended June 30, 2026 Natural Gas Oil NGL Total MMcf per day $/Mcf MBbl per day $/Bbl MBbl per day $/Bbl MMcfe per day $/McfeHaynesville3,167 3.50 — — — — 3,167 3.50Northeast Appalachia2,705 3.96 — — — — 2,705 3.96Southwest Appalachia1,033 3.39 15 74.47 78 25.90 1,587 4.16Total6,905 3.67 15 74.47 78 25.90 7,459 3.81 Average NYMEX Price 3.97 82.36 Average Realized Price (including realized derivatives) 3.59 73.01 25.67 3.73 Six Months Ended June 30, 2025 Natural Gas Oil NGL Total MMcf per day $/Mcf MBbl per day $/Bbl MBbl per day $/Bbl MMcfe per day $/McfeHaynesville2,798 3.29 — — — — 2,798 3.29Northeast Appalachia2,665 3.20 — — — — 2,665 3.20Southwest Appalachia963 3.24 16 58.34 79 26.66 1,533 4.01Total6,426 3.24 16 58.34 79 26.66 6,996 3.41 Average NYMEX Price 3.55 67.58 Average Realized Price (including realized derivatives) 3.24 59.30 26.04 3.40 CAPITAL EXPENDITURES ACCRUED (unaudited) Three Months
Ended June 30, Six Months
Ended June 30,($ in millions) 2026 2025 2026 2025Drilling and completion capital expenditures: Haynesville$335 $348 $631 $634Northeast Appalachia 132 117 248 220Southwest Appalachia 189 138 345 303Total drilling and completion capital expenditures 656 603 1,224 1,157Non-drilling and completion - field 152 86 258 142Non-drilling and completion - corporate 43 38 85 90Total capital expenditures$851 $727 $1,567 $1,389 NON-GAAP FINANCIAL MEASURES
As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the Company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the Company generally excludes information regarding these types of items.
Expand Energy's definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.
Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the Company's period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy's core operating performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.
Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the Company's period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy's core operating performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.
Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the Company's ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.
Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company's ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.
Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company's ability to service or incur debt and return cash to shareholders. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.
Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.
Net debt to Adjusted EBITDAX: Net debt to Adjusted EBITDAX is a non-GAAP measure and is defined as Net Debt divided by an annualized Adjusted EBITDAX measure on a trailing twelve month calculation. Management uses Net Debt to Adjusted EBITDAX to assess liquidity and leverage. The Company believes this measure is useful to investors because it provides supplemental information to investors regarding its ability internally fund exploration and development activities and service or incur debt. However, this measure should not be considered as an alternative to, or more meaningful than, total debt or net income (loss) as presented in accordance with GAAP.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited) Three Months
Ended June 30, Six Months
Ended June 30,($ in millions) 2026 2025 2026 2025 Net income (GAAP)$522 $968 $1,681 $719 Adjustments: Unrealized (gains) losses on derivatives (153) (842) (432) 127 Separation and other termination costs — — 9 — (Gains) losses on sales of assets — (4) 1 (4)Other operating expense, net 3 32 13 58 Gains on purchases, exchanges or extinguishments of debt (37) (3) (37) (3)Contract amortization (68) (72) (98) (124)Other (6) (8) (18) (12)Tax effect of adjustments(a) 56 194 121 (9)Adjusted net income (Non-GAAP)$317 $265 $1,240 $752 (a)The three- and six-month periods ended June 30, 2026 and June 30, 2025 include a tax effect attributed to the reconciling adjustments using a statutory rate of 22%. RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited) Three Months
Ended June 30, Six Months
Ended June 30,($/share) 2026 2025 2026 2025 Earnings per common share (GAAP)$2.19 $4.07 $7.03 $3.04 Effect of dilutive securities — (0.05) (0.01) (0.05)Diluted earnings per common share (GAAP)$2.19 $4.02 $7.02 $2.99 Adjustments: Unrealized (gains) losses on derivatives (0.64) (3.50) (1.80) 0.53 Separation and other termination costs — — 0.04 — (Gains) losses on sales of assets — (0.02) 0.01 (0.02)Other operating expense, net 0.01 0.13 0.05 0.24 Gains on purchases, exchanges or extinguishments of debt (0.16) (0.01) (0.16) (0.01)Contract amortization (0.29) (0.30) (0.41) (0.51)Other (0.03) (0.03) (0.08) (0.05)Tax effect of adjustments(a) 0.25 0.81 0.50 (0.04)Adjusted diluted earnings per common share (Non-GAAP)$1.33 $1.10 $5.17 $3.13 (a)The three- and six-month periods ended June 30, 2026 and June 30, 2025 include a tax effect attributed to the reconciling adjustments using a statutory rate of 22%. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited) Three Months
Ended June 30, Six Months
Ended June 30,($ in millions) 2026 2025 2026 2025 Net income (GAAP)$522 $968 $1,681 $719 Adjustments: Interest expense 43 60 102 119 Income tax expense 150 260 480 190 Depreciation, depletion and amortization 722 769 1,433 1,480 Exploration 16 20 30 27 Unrealized (gains) losses on derivatives (153) (842) (432) 127 Separation and other termination costs — — 9 — (Gains) losses on sales of assets — (4) 1 (4)Other operating expense, net 3 32 13 58 Gains on purchases, exchanges or extinguishments of debt (37) (3) (37) (3)Contract amortization (68) (72) (98) (124)Other (15) (12) (31) (18)Adjusted EBITDAX (Non-GAAP)$1,183 $1,176 $3,151 $2,571 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited) Three Months
Ended June 30, Six Months
Ended June 30,($ in millions) 2026 2025 2026 2025 Net cash provided by operating activities (GAAP)$1,096 $1,322 $3,498 $2,418 Cash capital expenditures (753) (657) (1,460) (1,220)Free cash flow (Non-GAAP) 343 665 2,038 1,198 Cash distributions from investments — — 10 — Cash contributions to investments — (5) (1) (9)Cash paid for merger expenses — 32 — 80 Adjusted free cash flow (Non-GAAP)$343 $692 $2,047 $1,269 RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited) ($ in millions)June 30,
2026 December 31,
2025Total debt (GAAP)$3,685 $5,009 Premiums, discounts and issuance costs on debt 53 16 Principal amount of debt 3,738 5,025 Cash and cash equivalents (663) (616)Net debt (Non-GAAP)$3,075 $4,409 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAX TRAILING TWELVE MONTHS (unaudited) Three Months Ended
June 30, 2026 Three Months Ended
March 31, 2026 Three Months Ended
December 31, 2025 Three Months Ended
September 30, 2025 Trailing Twelve
Months($ in millions) Net income (GAAP)$522 $1,159 $553 $547 $2,781 Adjustments: Interest expense 43 59 59 57 218 Income tax expense 150 330 134 139 753 Depreciation, depletion and amortization 722 711 759 741 2,933 Exploration 16 14 16 3 49 Unrealized gains on derivatives (153) (279) (179) (309) (920)Separation and other termination costs — 9 — 5 14 Losses on sales of assets — 1 68 1 70 Other operating expense (income), net 3 10 11 (40) (16)Impairments — — 37 — 37 Gains on purchases, exchanges or extinguishments of debt (37) — — (1) (38)Contract amortization (68) (30) (32) (47) (177)Other (15) (16) (1) (14) (46)Adjusted EBITDAX (Non-GAAP)$1,183 $1,968 $1,425 $1,082 $5,658 NET DEBT TO ADJUSTED EBITDAX (unaudited) ($ in millions)June 30,
2026Net debt (Non-GAAP)$3,075Adjusted EBITDAX (Non-GAAP)(a)$5,658Net debt to Adjusted EBITDAX (Non-GAAP) 0.5 (a)Adjusted EBITDAX using a trailing twelve month calculation.
Seagate ve 4. čtvrtletí zvýšil tržby o 48 % na 3,629 miliardy USD a upravený EPS vyskočil na 5,71 USD, obojí nad odhady. Firma navíc čeká v 1. čtvrtletí tržby 4,1 miliardy USD a upravený EPS 7,30 USD, plus nebo minus 0,20 USD.
Live Coverage Updates appear automatically as they are published.
Live Updates Pinned 1 hour ago
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This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of Seagate Technologies’ earnings.
Simply stay on this page, and new updates will appear below automatically. We expect Seagate to release earnings shortly after 4:05 p.m. ET.
31 minutes ago
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That wraps up our initial coverage of Seagate’s Q4 results. Thank you for stopping by!
46 minutes ago
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Seagate Technology expects its momentum to accelerate into fiscal 2027, guiding for first-quarter revenue of $4.1 billion, plus or minus $100 million, and adjusted EPS of $7.30, plus or minus $0.20.
At the midpoint, that represents approximately 13% sequential revenue growth and 28% sequential adjusted EPS growth from Q4. Management expects minimal impact from tariffs or the current Middle East conflict.
The outlook suggests Seagate’s record fiscal 2026 was more than a cyclical peak. Robust cloud data-center demand and the Mozaic HAMR ramp are carrying meaningful momentum into the new fiscal year.
47 minutes ago
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Seagate’s Q4 revenue increased 48% year over year to $3.629 billion, but earnings grew considerably faster as the company captured massive operating leverage.
Adjusted gross margin expanded to 52.7% from 37.9%, while adjusted operating margin jumped to 44.6% from 26.2%. Adjusted EPS more than doubled to $5.71 from $2.59.
Higher-capacity drives allow cloud customers to store more data efficiently while enabling Seagate to generate substantially more profit from each dollar of revenue.
1 hour ago
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Seagate Technology just reported earnings, with shares initially up 1% following the report. Here are the key numbers:
Fresh catalyst: Rosenblatt initiated coverage at Buy with a $1,300 target this afternoon, joining Wedbush and Morgan Stanley defending shares through the sector selloff.
Positioning is defensive. Put/call ratio: 1.21; shares at $750.60 after 8.13% intraday drop.
Trigger levels: EPS above $5.20 with margins expanding past 48% validates the AI storage thesis; a result under $5.00 with soft FY27 commentary risks a sharp reset given the 197.42% YTD rally.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Seagate Technology didn't make the cut. Grab the names FREE today.
1 hour ago
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Four Wildcards Not Priced Into Consensus Beyond the headline guidance, four surprise factors could swing tonight’s reaction.
First, tariff escalation: management’s Q4 outlook assumed “minimal expected impact from global tariff policies”, leaving any commentary shift as unpriced risk.
Second, the Exchangeable Senior Notes due 2028 carry dilution that scales with the share price, currently $750.46.
Third, Pillar Two global minimum tax pushes Seagate (NASDAQ:STX)’s Ireland-domiciled effective rate into the mid-teens for FY2026, a potential tax-line surprise.
Fourth, exabyte shipments. Polymarket crowds assign 89.5% odds above 210 EB but only 39.5% above 220 EB. A reported figure above 220 EB would validate HAMR/Mozaic yield claims.
Shares already slid 8.14% today, and July 31 put/call volume ratio sits at 1.08, confirming that investors are hedging ahead of earnings.
1 hour ago
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Bull Case Momentum is undeniable: Seagate has posted four straight beats, most recently topping estimates by 16.94% in Q3. AI storage tailwind: Polymarket assigns a 91.5% probability of exabyte shipments exceeding 200 EB, validating hyperscaler demand. Analyst conviction: 21 Buy ratings versus 1 Sell, with a $1,008.61 average target. Bear Case Valuation stretched: Shares trade at a P/E of 81 after a 197.42% YTD run. Sell-the-news risk: Despite a Q2 beat, the stock fell 14.32% over 30 days. Defensive positioning: Put volume of 6,142 exceeds calls at the July 31 expiration, and insiders show net selling. Consensus is elevated: Street expects $5.09 EPS on $3.49 billion, above guidance midpoints. Watch the Mozaic HAMR commentary and FY27 framing for direction.
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Seagate Technology reports fiscal Q4 earnings tonight at 4:05 PM ET after the bell, with management guiding to $3.45 billion in revenue and $5.00 in earnings per share at the midpoint.
The company is pursuing its fifth consecutive earnings beat, but expectations have soared alongside the stock’s 197.42% year-to-date rally. Investors will focus on the Mozaic HAMR ramp, cloud customer qualifications, and management’s initial framing of fiscal 2027 growth.
Seagate now trades at roughly 81 times trailing earnings, while the $1,008.61 average analyst target assumes continued HAMR-driven operating leverage. A clean beat could reinforce the structural growth story.
However, weaker exabyte shipments or qualification delays would revive concerns that Seagate remains a cyclical hard-drive company enjoying an unusually strong upturn.
Seagate Technology (NASDAQ:STX) reports fiscal Q4 2026 results tonight at 4:05 PM ET. With shares up 445.89% over the past year, but down 8.28% today, the earnings report will test whether HAMR execution and cloud demand can justify a $170 billion market cap.
Momentum Meets a Higher Bar Last quarter reset expectations. Seagate delivered $3.1 billion in revenue, up 44% year-over-year, with non-GAAP gross margin expanding to 47% from 36.2% a year earlier. Free cash flow reached $953 million, the highest in over a decade.
CEO Dave Mosley raised the multi-year revenue growth target from “low- to mid-teens to a minimum of 20% over the next few years,” citing structural AI-driven storage demand. Nearline capacity is almost fully allocated through calendar 2027. Since the April earnings report, STX has climbed 41.2%, though it has slipped 9.21% over the past month as investors digest valuation.
Consensus Estimates Metric Q4 FY2026 Estimate YoY Change FY2026 Guide Midpoint Revenue $3.49B +41% $3.45B EPS (Non-GAAP) $5.09 N/A $5.00 Consensus sits just above management’s guided midpoint, a modest cushion given Seagate’s four consecutive beats ranging from 6.01% to 16.94%. Operating margin is guided to the lower 40% range, extending the leverage story.
HAMR Qualification and Margin Durability Take Center Stage Tonight, I’ll be watching four things when Seagate reports.
Mozaic qualification progress. Two of the four largest cloud customers were qualified in Q3, with the remaining two expected to complete qualification in the current quarter. Confirmation matters for the fiscal 2027 target of 70% of nearline exabytes on HAMR. Exabyte shipments. Polymarket traders assign a 95% probability that Q4 hard drive exabytes exceed 190, but only 51.5% above 210. Confidence in the 210 threshold dropped 24 percentage points in four days. Margin trajectory. Incremental gross margin has held above 70%, well ahead of the prior 50% framework. Investors will focus on whether pricing gains and HAMR mix keep that pace. Capital returns. Seagate retired $641 million in debt last quarter with roughly $400 million in convertible notes remaining. Management flagged that the majority will probably go to share buybacks once debt reduction winds down. Earnings History Quarter EPS Surprise Day-Of Move 1-Week Move 30-Day Move Q3 FY2026 +16.94% +11.1% +22.25% +43.21% Q2 FY2026 +9.58% +19.14% -5.49% -14.32% Q1 FY2026 +8.75% +19.11% +3.82% +1.69% Q4 FY2025 +6.01% +6.51% -5.67% +8.59% On average, shares moved 3.73% in the week after earnings over the past year.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Seagate Technology didn't make the cut. Grab the names FREE today.
Seagate čeká na výsledky po prudkém růstu akcií, které letos vzrostly zhruba o 176 % a jsou nad odhady analytiků. Trh čeká na výsledky za 4. čtvrtletí s EPS 4,80 až 5,20 USD a tržbami 3,35 až 3,55 miliardy USD.
STX stock is moving ahead of earnings. See the chart and price action here. Back in April, Seagate guided Q4 non-GAAP EPS of $4.80 to $5.20 and revenue of $3.35 billion to $3.55 billion, with a $3.45 billion midpoint. Wall Street’s consensus has crept slightly above that, calling for roughly $5.04 EPS on $3.48 billion in revenue.
Small gap on paper — except the stock hasn’t traded like the gap is small.
Seagate shares have gone parabolic in 2026, surging from roughly $275 in January to well above $900 as recently as last week.
That’s the more striking problem: Seagate’s own consensus analyst price target — $788 across 20 analysts by Benzinga’s tally — sits below where the stock has been trading, meaning the Street’s own targets have been left in the dust by the rally.
Wall Street’s STX Price TargetsNot every desk is chasing it blindly. Susquehanna reiterated a Neutral rating on July 8 even after lifting its target to $775, while Citigroup has pushed its target as high as $1,240 and Wells Fargo upgraded to Overweight at $1,100 — a wide analyst spread that signals real disagreement over how much further this goes.
The bull case is intact on paper: hyperscalers are locking up nearline HDD capacity for AI workloads, and CEO Dave Mosley has said capacity is essentially committed through 2027, with management lifting its long-term annual revenue growth target to at least 20%.
Seagate has also beaten EPS estimates for four straight quarters, according to Benzinga Pro data. But that track record is exactly why Tuesday’s report is dicey: a stock trading near 80x trailing earnings, above its own analyst price targets, doesn’t get rewarded for merely hitting numbers it already guided to.
With consensus sitting slightly above management’s own midpoint, even a clean beat may not be beat enough to satisfy a market that’s already sprinted past the guidance it’s supposed to be trading on.
STX Stock Price Activity: Seagate stock was down 8.10% at $750.83 at the time of publication Tuesday, according to data from Benzinga Pro.
Over the past month, STX has declined about 15.1% versus a 0.6% rise in the S&P 500 and is up roughly 176% year-to-date compared to the index’s 8.1% gain.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Apple zveřejní výsledky za 3. fiskální čtvrtletí fiskálního roku 2026 30. července; trh sleduje, zda iPhone udrží růst tržeb v očekávaném pásmu 14 % až 17 %.
It's the end of an era. Tim Cook, the CEO of Apple (AAPL +1.02%), who has led the company since 2011, will step down from his role and become the company's executive chairman. John Ternus, the company's senior VP of Hardware Engineering, will take the helm. That means Apple's upcoming update, for the third quarter of its fiscal year 2026 -- set for release on July 30 -- will be Tim Cook's last as CEO. Here's what to pay attention to in this upcoming quarterly report.
Image source: The Motley Fool.
Can the iPhone continue driving growth? Apple has posted strong financial results over the past few quarters. The company has returned to double-digit year-over-year revenue growth, and in its latest period, it posted its strongest result in that category in several years.
AAPL Revenue (Quarterly YoY Growth) data by YCharts
The company's iPhone 17 has been doing much of the heavy lifting. However, Apple has encountered supply constraints in its device segment. One thing to watch out for in the next update is whether Apple is still dealing with supply constraints and what impact they had on top-line growth during its third quarter. Apple expects revenue growth between 14% and 17%.
It may land toward the higher end of that range (or above), provided the iPhone maintained its momentum over the period, and the company addressed its supply constraints. It will also be interesting to see whether Apple can set new records for active devices across the iPhone and other products, as it often does, and whether the company's subscription base continues to expand. Apple's fourth-quarter guidance will also be a key metric to watch for. If management once again predicts mid-teens revenue growth, that will say a lot about the health of the business.
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Is Apple stock a buy? Apple could fall short of expectations in its upcoming period, potentially sending the stock sharply lower. However, for investors focused on the long game, the company looks attractive regardless of what happens when it releases its Q3 earnings report. Here are three reasons why. First, Apple is reportedly planning to launch a brand-new, foldable iPhone. This device could help it compete with similar ones other smartphone makers have released, meaningfully expand its market, and boost its ecosystem of active devices.
Second, Apple's services segment remains healthy and will only improve as the company continues to bring new customers into its ecosystem. That will lead to stronger profits, since its services segment carries much higher margins than its device business. Third, Apple remains a terrific dividend stock. The company's forward yield isn't very impressive at 0.3% -- the S&P 500's average is about 1.1% -- but Apple hikes its dividends regularly and has ample room to keep doing so, given its very conservative 15.6% cash payout ratio. Apple is worth sticking with for all those reasons, regardless of what happens on July 30.
Apple ve čtvrtek oznámí hospodářské výsledky a opční trh čeká pohyb akcií až o 4 % do konce týdne. Bude to také poslední report s Timem Cookem v čele, přičemž John Ternus má převzít nejvyšší funkci v září.
Key Takeaways Apple is due to report earnings Thursday afternoon, with options pricing suggesting traders see its stock swinging up to about 4% by the end of the week. Thursday’s report will be Apple’s last with Tim Cook as CEO, with John Ternus set to take over the top job in September. Get personalized, AI-powered answers built on 27+ years of trusted expertise.
Apple is set to report earnings after the closing bell Thursday, with traders expecting the iPhone maker’s stock could extend its record-setting rally following the results.1
Based on current options pricing, Apple (AAPL) shares are seen swinging up to about 4% in either direction by the end of the week. A move of that size from Tuesday’s close could send the stock up to a new record above $352, or back below $328, giving up some of its recent gains.
After overtaking Nvidia (NVDA) as the world’s most valuable company and watching its market capitalization briefly cross the $5 trillion threshold, Apple saw its shares finish Tuesday’s session 1% higher at a closing record of $340. The iPhone maker’s stock has added one-quarter of its value this year amid optimism around strong iPhone sales and anticipated advances under new CEO John Ternus, who’s set to take the helm from Tim Cook in September.
Why This Matters to Investors Thursday’s earnings call will be Apple’s last with Tim Cook as CEO, with investors likely to watching closely for any updates on the company’s plans.
Ahead of the report, Morgan Stanley analysts lifted their price target to $364 from $360, suggesting investors could be underestimating Apple’s potential revenue growth in the next few quarters from recent price hikes to offset soaring memory costs.2
Apple is projected to report fiscal third-quarter revenue of $103.2 billion, up 15% year-over-year, along with earnings per share of $1.87, compared to $1.57 the same time a year ago, per Visible Alpha estimates.
Wall Street analysts are largely bullish on Apple. Five of the eight analysts tracked by Visible Alpha have issued “buy” recommendations, compared to one neutral and two “sell” ratings, though the stock has already overtaken their mean target of $333 with its recent gains.
Uber čeká na výsledky za 2. čtvrtletí, ale hlavní pozornost se má soustředit na jeho strategii autonomních vozidel. Bank of America i Jefferies zůstávají u doporučení koupit.
Uber Technologies Inc (NYSE:UBER, XETRA:UT8) is expected to report second quarter results that meet or modestly exceed Wall Street expectations, with analysts also anticipating investor attention to center on the company's autonomous vehicle strategy and outlook.
Bank of America reiterated its 'Buy' rating ahead of the results, forecasting gross bookings of $57.3 billion and adjusted EBITDA of $2.77 billion, compared with Wall Street consensus estimates of $57.2 billion and $2.73 billion, respectively.
The bank expects Q2 revenue of about $14.2 billion, in line with consensus, and said its aggregated credit and debit card data point to potential upside in both the US mobility and delivery businesses.
Bank of America estimates gross bookings grew 21% year over year on a constant-currency basis during the quarter, consistent with first-quarter growth. The firm noted its card data showed US online transit spending rose 9% year over year in the second quarter, while online restaurant sales also increased 9%.
Looking ahead, Bank of America expects Uber to guide for third-quarter gross bookings of $58.5 billion to $60 billion and adjusted earnings per share of $0.83 to $0.87, ranges that would bracket current Street expectations. The bank said stronger core operating trends are likely to be partly offset by foreign exchange headwinds.
Beyond the quarterly figures, Bank of America believes commentary on autonomous vehicle partnerships will be the key focus of the earnings call.
"While metrics and fundamentals always matter, we think the US AV supply uncertainty (Waymo partnership news, Lucid's declining cash position) has been the top near-term stock driver, and US supply commentary may be the most important aspect of the Q2 call," the analysts wrote.
The bank expects Uber to address investor concerns by highlighting progress with international autonomous vehicle partnerships as well as its US launch pipeline. It also expects discussion around the rationale for its planned Delivery Hero (XETRA:DHER, OTCQX:DLVHF) deal, US mobility demand, and cross-platform synergies.
Bank of America maintained that Uber remains well positioned despite recent developments involving Waymo.
"While the Waymo news is a setback, we still believe many OEMs will incorporate AV capabilities, Uber has a lot of offer potential AV partners (which will lead to new deals), and it will be several quarters before Waymo's AV ramp will impact Uber results," the analysts wrote.
AV strategy intact, says Jefferies Jefferies also reiterated its ‘Buy’ rating ahead of Uber's earnings, arguing that recent reports suggesting Waymo plans to end its exclusive arrangement with Uber in Austin and Atlanta after January 2028 do not materially alter Uber's long-term autonomous vehicle strategy.
The firm said the relationship between the two companies had appeared strained for some time as Uber pursued a broader strategy of partnering with multiple autonomous vehicle developers.
"We believe shedding Waymo is likely good for UBER in the long run given it now has more flexibility to scale in the US with many partners," the analysts wrote.
Jefferies noted Uber has built a network of more than 20 autonomous vehicle partnerships over the past two and a half years, including more than 10 in the United States, reducing reliance on any single technology provider.
"We believe UBER is well-positioned to win in AVs without Waymo," the analysts wrote.
The firm added that Uber's global partnerships, large user base and fleet management capabilities position it to help autonomous vehicle developers scale while maintaining an asset-light model. Jefferies also argued that recent weakness in the stock reflects excessive concern about US autonomous vehicle competition and believes continued EBITDA growth could support shares even if valuation multiples remain subdued.
Shares of Uber are down about 14% so far this year, trading hands at $71 on Tuesday.
Amazon může při výsledcích za 30. července vykázat výrazný účetní zisk z podílu v Anthropic, který Bank of America označuje za hlavní tahoun reportu. Hodnota podílu by mohla prudce vzrůst po IPO Anthropic při valuaci kolem 965 miliard USD.
It's Amazon's (AMZN -0.19%) turn to step up to the earnings podium. The online retailer founded by Jeff Bezos is expected to show strong growth in its cloud computing business, Amazon Web Services, and is likely to increase its planned $200 billion capital expenditure budget as memory and storage products become more expensive.
I'm fully expecting Amazon to post solid second-quarter earnings on Thursday, July 30. But considering that investors seem to have the yips right now about spiraling data center costs, I expect the stock to drop due to capital expenditure growth and shrinking free cash flow. Yet there's one item that certainly will cause investors to smile: the company's massive gains from its stake in the start-up AI company Anthropic.
Amazon was an early investor in Anthropic, the company behind Claude, and put $13 billion in with the option to invest $20 billion more. That $13 billion stake is now worth much more, given that Anthropic is considering going public at a valuation of around $1 trillion. In a research note, Bank of America analysts point to Amazon's stake in Anthropic as a significant driver in its upcoming earnings report, generating a strong mark-to-market gain.
Let's see how Amazon's stake in Anthropic has grown, and what investors should be looking for in Amazon's Q2 update.
Amazon founder and executive chairman Jeff Bezos. Image source: Amazon.
Amazon is winning big with Anthropic Amazon's investment in Anthropic includes an initial $8 billion investment in 2024, followed by another $5 billion in 2026. Published reports indicate that Amazon has 21% stake in the AI company.
However, at the end of the first quarter, Amazon valued its Anthropic stake at $74.2 billion -- $42.2 billion in convertible notes and $32 billion in nonvoting preferred stock. That would imply Anthropic had a value at that time of about $353.3 billion.
Last month, Anthropic filed a confidential IPO with the Securities and Exchange Commission that places Anthropic's value at $965 billion. That would push the value of Amazon's 21% stake to $202.6 billion.
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Putting Amazon's gains into perspective In the first quarter, Amazon reported net income of $30.25 billion -- a solid number, with much of that coming from its fast-growing Amazon Web Services. But it could be looking at a much larger gain -- on paper -- in this quarter just from its Anthropic stake, which appears set to increase by $128.4 billion in a single quarter.
That would certainly take the sting out of any dip in Amazon's stock price post-earnings. Big tech stocks have been hammered so far this week on fears of overspending on data centers and AI infrastructure, with Alphabet stock dropping 6% post-earnings after it raised its capex spending from $185 billion to $200 billion. Tesla fell even further after reporting a negative free cash flow of $1.1 billion for the quarter.
Amazon may suffer the same fate when it reports earnings. But investors who focus only on capex will miss the bigger picture. Anthropic's rapid growth is creating tremendous value for Amazon, and in the July 30 earnings report, investors may learn that its stake in the AI start-up is one of its most valuable assets.
Bank of America is an advertising partner of Motley Fool Money. Patrick Sanders has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, and Tesla. The Motley Fool has a disclosure policy.
Tilray Brands ve 4. čtvrtletí zvýšila tržby na 281,7 milionu USD a upravený EPS byl 0,05 USD oproti očekávané ztrátě 0,01 USD. Tržby z nápojů vyskočily o 61 % na 105,6 milionu USD.
Live Coverage Updates appear automatically as they are published.
Live Updates Pinned 1 hour ago
Live
This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of Tilray’s earnings.
Simply stay on this page, and new updates will appear below automatically. We expect Tilray to release earnings shortly after 4:05 p.m. ET.
28 minutes ago
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That wraps up our initial coverage of Tilray’s Q4 results. Thank you for stopping by!
33 minutes ago
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Tilray’s Q4 beverage revenue grew 61% year over year to $105.6 million, surpassing cannabis, distribution, and wellness revenue during the quarter.
The BrewDog acquisition created a pro forma global beverage platform approaching $500 million in annual revenue. Tilray said it has already stabilized BrewDog and positioned the business for profitability while gaining access to its global brand, pub network, and hospitality platform.
The next test is margin improvement. Q4 beverage gross margin held steady at 38%, while the full-year figure declined to 36% from 39%. BrewDog is dramatically increasing Tilray’s scale, but management must now prove that scale can produce stronger returns.
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Tilray Brands finished fiscal 2026 with record revenue of $915.5 million, up 11%, and management expects annual revenue to exceed $1 billion in fiscal 2027.
The company formally guided for adjusted EBITDA of $68 million to $75 million, representing double-digit growth from $61.1 million in fiscal 2026. At the midpoint, adjusted EBITDA would increase approximately 17%.
Tilray is entering the new year with four growing business segments and nearly $235 million in cash, restricted cash, and marketable securities. Delivering the $1 billion milestone alongside higher profitability would strengthen its transformation into a diversified global consumer-products company.
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Tilray Brands just reported Q4 earnings, with shares initially up 4% following the report. Here are the key numbers:
Revenue: $281.7 million vs. $240.8 million expected Adjusted EPS: $0.05 vs. a $0.01 loss expected Adjusted EBITDA: $31.9 million, up 16% year over year Gross Margin: 32%, up 200 basis points Fiscal 2027 Guidance:
Adjusted EBITDA: $68 million to $75 million
Quick Read:
Tilray crushed revenue expectations and unexpectedly turned a profit, while management forecast double-digit adjusted EBITDA growth in fiscal 2027.
Beverage revenue surged 61% to $105.6 million, leading broad growth across all four operating segments and pushing annual revenue toward the $1 billion mark.
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Tilray Brands (NASDAQ:TLRY) reports after the close with shares at $4.03, near the $3.80 52-week low.
The Math on Guidance To hit the reaffirmed $62M-$72M FY26 EBITDA range, Q4 revenue likely lands in the $187M-$197M zone versus $224.54M a year ago. Watch cannabis gross margin, which slid to 27% last quarter.
Positioning and Triggers Options desks lean bullish: full-chain put/call ratio is 0.19. History warns of whipsaws, though. The Q4 FY25 beat still produced a -17.55% earnings-day drop. A clean EBITDA range hit plus an FY27 preview could spark a squeeze; any guidance cut likely retests $3.80.
1 hour ago
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What Happened Last Quarter Tilray Brands (NASDAQ:TLRY) Q3 FY26 results showed revenue of $206.73M versus $201.30M consensus, a 2.70% beat, though sales fell 22.96% YoY. Adjusted EPS of $0.02 missed the $0.07 estimate. Adjusted EBITDA rose 19% YoY to $10.71 million.
Management reaffirmed FY2026 adjusted EBITDA guidance of $62M to $72M, flagging Middle East tensions as a supply-chain risk.
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Shares traded near $6.66 within an hour of release, closed at $6.55 the next day, and drifted to $6.75 a week later.
Key Takeaways: International cannabis revenue climbed 73%, Germany grew 43%, and Project 420 delivered $33 million in annualized savings, while beverage gross margin compressed to 32%. The BrewDog deal and 2027 Carlsberg partnership reset the beverage story.
1 hour ago
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With Tilray Brands (NASDAQ:TLRY) set to report Q4 earnings at 4:05 PM ET, here is a clean snapshot of the competing narratives heading into the release.
Bull Case International cannabis hit a company record last quarter with +73% YoY growth to $24.12M, and the distribution segment posted $82.96M (+35% YoY). Technicals are stretched: 14-day RSI sits at 32.82, and the analyst target of $9.05 implies 124.56% upside. Balance sheet supports patience with $204.62M cash and reaffirmed FY26 EBITDA of $62M-$72M. Bear Case Revenue fell 23% YoY in Q3, and Q3 EPS missed by 71.43%. Beverage revenue dropped 21% in Q2 with margins compressing from 40% to 31%. TD Cowen cut its target to $5.00, citing permit delays and fuel surcharges. Composite sentiment reads bearish at 32.58. 2 hours ago
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Tilray Brands reports fiscal Q4 earnings after today’s close, with its $62-$72 million adjusted EBITDA target anchoring expectations.
International cannabis revenue climbed 73% year over year last quarter, but beverage sales declined, and gross margin slipped to 27%. Investors will now look for evidence that BrewDog can stabilize the beverage portfolio while international cannabis growth continues and management provides fresh commentary on U.S. rescheduling.
Tilray’s market capitalization has fallen to approximately $497.5 million after shares dropped 55.37% year to date. A clean EBITDA result, beverage stabilization, and early BrewDog traction could reframe Tilray as a scaled global consumer-products platform. Another stumble would reinforce concerns that cannabis growth cannot overcome margin compression, beverage weakness, and cash burn.
Tilray Brands (NASDAQ:TLRY) reports Q4 FY2026 results today at 4:05 PM ET, with the call scheduled for 4:30 PM ET. Shares sit at $4.03, and tonight’s report tests whether CEO Irwin Simon’s global platform lands within its reaffirmed FY2026 EBITDA guide.
The Backdrop: Global Wins, Beverage Drag Q3 FY2026 delivered a $206.73 million revenue beat, but adjusted EPS of $0.02 missed the $0.07 consensus by 71.43%. International cannabis grew 73% to $24.12M, and distribution hit a record $82.96M (+35%).
Beverage revenue declined, and consolidated gross margin slipped from 28% to 27%. TLRY is down 13.15% over the past month and 41.47% over the past year. Management reaffirmed FY2026 adjusted EBITDA of $62M to $72M, flagged Middle East geopolitical risk, and closed the BrewDog acquisition for approximately £40 million in cash.
Consensus Estimates Metric Q4 FY2026 Estimate FY2026 Guide Adjusted EPS -$0.02 Not disclosed Adjusted EBITDA Not disclosed $62M to $72M Sell-side coverage is thin: 3 buys, 7 holds, with a $9.05 average target. TLRY trades at $4.00 per share today, at 0.58x sales and 0.3x book, framing tonight as an EBITDA credibility test more than an EPS event.
What We’re Watching: BrewDog, Margins, and Rescheduling Tonight, I’ll be watching FY2026 adjusted EBITDA. CEO Simon held the $62M-$72M range through three quarters, so any walk-down tonight signals that Q3 execution slippage bled through Q4.
Beverage matters most. Q2 FY2026 revenue fell 21% with gross margin compressing from 40% to 31%. BrewDog closed post-quarter, so I’ll parse integration commentary and any early framing on the 2027 Carlsberg partnership.
International cannabis is another interesting story, with three straight quarters of accelerating growth at +10%, +36%, and +73%. Simon called Q3 the company’s “best quarterly net revenue in Company history.”
Cash is the pressure point. Free cash flow deteriorated to -$24.19M in Q3, and cash sits at $204.62M, down 29.15% YoY. Project 420 delivered $33M in annualized savings, so operating leverage should surface in the SG&A line.
Finally, listen for Simon’s U.S. federal rescheduling framing. He has tied Tilray’s U.S. beverage and medical optionality to that timeline in every recent call.
Earnings History Quarter EPS Surprise Day-of Move 1-Day Move 7-Day Move Q3 FY2026 -71.43% -5.1% +6.68% +9.45% Q2 FY2026 Miss vs $0.00 +0.55% +1.31% +3% Q1 FY2026 In line +22.09% -18.1% -26.67% Q4 FY2025 +200% -17.55% +6.15% +10.21% On average, shares moved -1% seven days after earnings over the past year.
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AT&T dokončila nákup spektrálních licencí od EchoStar za zhruba 23 miliard USD. Přidává přibližně 30 MHz pásma 3,45 GHz a přibližně 20 MHz pásma 600 MHz, tedy asi 50 MHz, a posiluje 5G kapacitu i rychlost stahování napříč USA.
Transaction boosts AT&T's 5G capacity nationwide, giving customers across the U.S. a stronger, faster connection
Key Takeaways:
Acquisition adds approximately 50 MHz of low-band and mid-band spectrum to AT&T's holdings – covering virtually every market across the U.S., strengthening AT&T's position in advanced connectivity across 5G and fiber. AT&T reiterates the financial outlook and capital allocation plan provided in its second-quarter 2026 earnings release. , /PRNewswire/ -- AT&T (NYSE:T) has closed its previously announced transaction to acquire certain wireless spectrum licenses from EchoStar (NASDAQ: ECHO) for approximately $23 billion. The acquired spectrum covers virtually every market across the U.S., adding approximately 30 MHz of nationwide 3.45 GHz mid-band spectrum and approximately 20 MHz of nationwide 600 MHz low-band spectrum to AT&T's portfolio.
The added spectrum enables AT&T to boost its 5G capacity and download speeds while helping the Company deliver an AI-ready connected experience as it engineers the spectrum to enhance the superior uplink capabilities of its wireless network.
AT&T reiterates the financial outlook and capital allocation plan provided with its second-quarter 2026 earnings release.
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About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 150 years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise. This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the Company's website at investors.att.com.
V stock is moving. Watch the price action here. Visa Q3 Details Visa reported quarterly earnings of $3.32 per share, which beat the consensus estimate of $3.23, according to Benzinga Pro data.
Quarterly revenue came in at $11.63 billion, just ahead of the Street estimate of $11.39 billion.
Visa highlighted the following key business drivers:
Payments Volume up 10% year over year Cross-Border Volume Excluding Intra-Europe up 12% year-over-year Cross-Border Volume Total up 13% year-over-year Processed Transactions up 10% year-over-year “Visa delivered a strong fiscal third quarter, with net revenue up 14% year-over-year, GAAP EPS up 10% and non-GAAP EPS up 11%. Consumer and business spending remains resilient, and our strategy continues to deliver strong performance across consumer payments, commercial and money movement solutions and value-added services,” said CEO Ryan McInerney.
V Stock Price Activity: According to data from Benzinga Pro, Visa stock was down 2.34% to $358 in Tuesday’s extended trading.
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Visa V shares are slipping in extended trading on Tuesday even though the credit card company posted better-than-expected Q3 earnings.
Net revenue rose 14% year-on-year to $11.6 billion, topping Wall Street’s $11.35 billion consensus and last year’s $10.19 billion mark. Earnings went up 11% to $3.32 a share, also beating consensus set at $3.23.
Still, investors bailed on Visa stock – focusing primarily on underlying margin pressures. In after-hours trading, the fintech firm is trading about 4% above its price at the start of 2026.
V shares are seeing pressure mostly because GAAP operating expenses jumped 19% year-on-year to $4.8 billion due to $563 million in severance charges from workforce restructurings and elevated personnel fees.
Even on an adjusted basis, expenses escalated 17%, reinforcing that maintaining Visa’s payment infrastructure and tech stack is getting increasingly expensive.
When expense growth outpaces net revenue growth, operating leverage contracts, raising fears that margin expansion may pause in upcoming quarters.
To keep banks and major merchants locked into its network, Visa shelled out $4.7 billion in client incentives during the quarter.
These payments act as a direct contra-revenue deduction before gross revenue hits the net top line.
As competition among card networks and alternative payment rails intensifies, Visa Inc must offer sweeter commercial terms to retain key partners.
Heavier incentives are bearish for Visa shares as they mean the company gets to keep a smaller cut of overall dollar volume, capping net take-rate expansion over time.
Visa set aside another $237 million litigation provision during Q3 to address ongoing interchange fee multidistrict litigation.
Beyond immediate cash outlay, legal reserve build-ups remind the market of structural regulatory headwinds, including Department of Justice antitrust scrutiny over debit dominance and legislative proposals like the Credit Card Competition Act.
For investors, recurring legal charges represent more than headline risk; they act as a persistent fee drain that erodes earnings quality.
Trading near all-time highs of $366 per share prior to the release, V stock entered the earnings call priced for flawless execution.
While 14% revenue growth remains impressive, it reflects a sequential deceleration from the 17% clip delivered in Q2.
In a high-multiple stock, beating top-line estimates while incurring higher operating costs rarely satisfies Wall Street.
Traders used the print as an opportunity to lock in gains after a strong year-to-date rally.
Investors should note, however, that Wall Street remains bullish as ever on Visa stock for the next 12 months.
According to Barchart, the consensus rating on the payments giant remains at Strong Buy, with the mean price target of about $404 indicating potential upside of about 14% from here.
Ford Motor shares are advancing steadily. What’s pushing F stock higher? Ford Q2 Report Key DetailsFord reported second-quarter revenue of $44.89 billion, missing the consensus estimate of $45.81 billion, according to Benzinga Pro. Here’s a breakdown of revenue by segment.
Ford Blue: $26.1 billion, up 1% year-over-year Model e: $1 billion, down 56% year-over-year Ford Pro: $17.8 billion, down 5% year-over-year The Detroit-based automaker reported second-quarter adjusted earnings of 42 cents per share, beating estimates of 35 cents per share.
Ford generated $4.3 billion of cash flow from operations in the quarter and $2.1 billion of adjusted free cash flow. The company ended the quarter with $18.6 billion in cash and cash equivalents.
“We delivered another strong quarter and raised our full-year guidance, but the more important story is the growing evidence that Ford is becoming a more profitable, more disciplined and genuinely different company,” said Jim Farley, president and CEO of Ford.
“Our iconic trucks, off-roaders and hybrids are commanding real pricing power; our quality is now industry-leading in the U.S.; and profitable new adjacencies, such as Ford Energy, are opening fresh sources of growth.”
Ford expects full-year 2026 adjusted EBIT of $10 billion to $11 billion, up from prior guidance of $8.5 billion to $10.5 billion. The company anticipates full-year adjusted free cash flow of $6 billion to $7 billion, up from prior guidance of $5 billion to $6 billion.
Ford declared a regular dividend of 15 cents per share for the third quarter, payable on Sept. 1 to shareholders of record as of Aug. 11.
“We are not just executing to plan; we are building a company able to perform through a wide range of uncertainties, and that gives us confidence in the earnings power we’re creating,” said Sherry House, CFO of Ford.
Ford executives will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.
F Shares Surge After HoursF Price Action: Ford shares were up 6.28% in after-hours Tuesday, trading at $15.90 at the time of publication, according to Benzinga Pro.
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W. P. Carey ve 2. čtvrtletí zvýšil zisk na 185,4 mil. USD a upravený fond z provozu (AFFO) na 1,34 USD na akcii. Celoroční výhled AFFO zúžil a zároveň zvýšil na 5,19 až 5,27 USD na akcii.
, /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the second quarter ended June 30, 2026.
Financial Highlights
2026 Second Quarter
Net income attributable to W. P. Carey (millions)
$185.4
Diluted earnings per share
$0.82
AFFO (millions)
$305.4
AFFO per diluted share
$1.34
Raising and narrowing 2026 AFFO guidance range to between $5.19 and $5.27 per diluted share, implying 5.2% year-over-year growth at the midpoint Full-year investment volume assumption raised to between $1.7 billion and $2.1 billion Second quarter cash dividend of $0.940 per share, equivalent to an annualized dividend rate of $3.76 per share Real Estate Portfolio
Investment volume of $1.3 billion completed year to date, including $706.5 million during the second quarter Active capital investments and commitments of $132.7 million scheduled to be completed during the second half of 2026 Gross disposition proceeds of $246.2 million during the first half of 2026, including $83.7 million during the second quarter Contractual same-store rent growth of 2.6% year over year Balance Sheet and Capitalization
Equity – Sold 5.3 million shares of common stock subject to forward sale agreements during the second quarter, representing total gross proceeds of approximately $392 million Settled a portion of outstanding forward sale agreements during the second quarter for net proceeds totaling approximately $345 million At the end of the second quarter approximately $691 million of equity subject to forward sale agreements remained available for settlement Debt – Subsequent to quarter end, issued $350 million of 5.200% Senior Unsecured Notes due 2036, with proceeds scheduled to be used to prepay $350 million of 4.250% Senior Unsecured Notes due October 2026 MANAGEMENT COMMENTARY
"The momentum we established last year continued through the first half of 2026, with a strong pace of investment activity and successful capital markets execution," said Jason Fox, Chief Executive Officer. "We continue to see compelling acquisition opportunities at attractive spreads and with our anticipated investment activity pre-funded well into 2027, we have ample capacity to continue investing.
"Our outlook for potential rent loss has also improved and we expect to increasingly benefit from inflationary tailwinds flowing through our CPI-linked leases. Reflecting our performance to date and outlook for the remainder of the year, I'm pleased to say we're again raising our expectations for both full-year investment volume and AFFO per share, with AFFO growth now above 5% at the midpoint."
QUARTERLY FINANCIAL RESULTS
Revenues
Revenues, including reimbursable costs, for the 2026 second quarter totaled $461.1 million, up 7.0% from $430.8 million for the 2025 second quarter. Lease revenues increased due primarily to net investment activity. Income from finance leases and loans receivable increased primarily as a result of net investment activity. Operating property revenues decreased due primarily to the sale of the Company's self-storage operating portfolio, comprising the sale of 63 properties in 2025 and 11 during the 2026 first quarter. Net Income Attributable to W. P. Carey
Net income attributable to W. P. Carey for the 2026 second quarter was $185.4 million, up 262.1% from $51.2 million for the 2025 second quarter, due primarily to a mark-to-market gain of $41.6 million recognized on the Company's shares of Lineage during the current-year period (as compared to a loss of $69.0 million recognized during the prior-year period), higher gains from remeasurement of foreign debt, the Company's $49.9 million proportionate share of a gain on sale recognized by a jointly-owned investment during the current-year period, and the accretive impact of net investment activity, partly offset by higher impairment charges and lower gain on sale of real estate. Adjusted Funds from Operations (AFFO)
AFFO for the 2026 second quarter was $1.34 per diluted share, up 4.7% from $1.28 per diluted share for the 2025 second quarter, primarily reflecting accretive net investment activity, partly offset by the impact of higher interest rates from debt refinancings on interest expense and the settlement of forward equity. Note: Further information concerning AFFO, which is a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.
Dividend
On June 11, 2026, the Company reported that its Board of Directors increased its quarterly cash dividend to $0.940 per share, equivalent to an annualized dividend rate of $3.76 per share, representing a 4.4% increase compared to the 2025 second quarter. The dividend was paid on July 15, 2026 to shareholders of record as of June 30, 2026. AFFO GUIDANCE
The Company's AFFO per diluted share guidance and key underlying assumptions have been updated as follows:
Prior
The Company has raised and narrowed its AFFO per diluted share guidance range for the 2026 full year, primarily reflecting higher expected lease revenues (including the impacts of higher anticipated investment volume and a more favorable outlook for potential rent loss), together with certain lower projected expenses, partly offset by the impact of settling forward equity. Note: The Company does not provide guidance on net income. The Company only provides guidance on AFFO and does not provide a reconciliation of this forward-looking non-GAAP guidance to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliation as a result of their unknown effect, timing and potential significance. Examples of such items include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions.
REAL ESTATE
Investments
Year to date, the Company completed investments totaling $1.3 billion, including $706.5 million during the 2026 second quarter. The Company currently has five capital investments and commitments totaling $132.7 million scheduled to be completed during the second half of 2026. In addition, the Company has five capital investments and commitments totaling $165.9 million scheduled to be completed over the course of 2027. Dispositions
During the first half of 2026, the Company disposed of 28 properties for gross proceeds totaling $246.2 million, including nine properties during the 2026 second quarter for gross proceeds totaling $83.7 million. Contractual Same-Store Rent Growth
As of June 30, 2026, contractual same-store rent growth was 2.6% year over year on a constant currency basis. Composition
As of June 30, 2026, the Company's net lease portfolio consisted of 1,748 properties, comprising 188 million square feet leased to 384 tenants, with a weighted-average lease term of 12.2 years and an occupancy rate of 98.5%. BALANCE SHEET AND CAPITALIZATION
Liquidity
As of June 30, 2026, the Company had total liquidity of $2.7 billion, primarily comprising $1.9 billion of available capacity under its Senior Unsecured Credit Facility (net of amounts reserved for standby letters of credit), in addition to cash and cash equivalents and available net proceeds under unsettled forward equity sale agreements. Forward Equity
During the 2026 second quarter, the Company sold 5,271,817 shares of common stock under its ATM program pursuant to forward sale agreements at a weighted-average gross price of $74.32 per share, representing total gross proceeds of approximately $392 million. During the 2026 second quarter, the Company settled a portion of its outstanding forward sale agreements, issuing 5,066,282 shares of common stock for net proceeds of approximately $345 million. As of June 30, 2026, the Company had a total of 9,914,031 shares available for settlement under forward sale agreements, representing anticipated net proceeds totaling approximately $691 million. Senior Unsecured Notes – Subsequent to Quarter End
As previously announced, on July 2, 2026, the Company completed an underwritten public offering of $350 million aggregate principal amount of 5.200% Senior Notes due September 15, 2036. The Company is scheduled to use the offering proceeds on July 29, 2026 to prepay the $350 million of 4.250% Senior Unsecured Notes due October 2026, with no associated prepayment costs. * * * * *
Supplemental Information
The Company has provided supplemental unaudited financial and operating information regarding the 2026 second quarter and certain prior quarters, including a description of non-GAAP financial measures and reconciliations to GAAP measures, in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on July 28, 2026, and made available on the Company's website at ir.wpcarey.com/investor-relations.
* * * * *
Live Conference Call and Audio Webcast Scheduled for Wednesday, July 29, 2026 at 11:00 a.m. Eastern Time
Please dial in at least 10 minutes prior to the start time.
Date/Time: Wednesday, July 29, 2026 at 11:00 a.m. Eastern Time
Call-in Number: 1 (877) 465-1289 (U.S.) or +1 (201) 689-8762 (international)
Live Audio Webcast and Replay: www.wpcarey.com/earnings
* * * * *
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,748 net lease properties covering approximately 188 million square feet as of June 30, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations.
Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as "may," "will," "should," "would," "will be," "goals," "believe," "project," "expect," "anticipate," "intend," "estimate," "opportunities," "possibility," "strategy," "maintain" or the negative version of these words and other comparable terms. These forward-looking statements include, but are not limited to, statements made by Mr. Jason Fox regarding future acquisition opportunities, outlook for potential rent loss, anticipated benefits from CPI-linked rent escalations and expectations for both full-year 2026 investment volume and AFFO per share. These statements are based on the current expectations of our management, and it is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation and tariffs on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises (such as terrorism, military conflict, war or the perception that hostilities may be imminent), political instability or civil unrest, or other conflict, and those additional risk factors discussed in reports that we have filed with the SEC, could also have material adverse effects on our future results, performance or achievements. Discussions of some of these other important factors and assumptions are contained in W. P. Carey's filings with the SEC and are available at the SEC's website at http://www.sec.gov, including Part I, Item 1A. Risk Factors in W. P. Carey's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.
Institutional Investors:
Peter Sands
1 (212) 492-1110
[email protected]
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
[email protected]
(in thousands, except share and per share amounts)
June 30, 2026
December 31, 2025
Assets
Investments in real estate:
Land, buildings and improvements — net lease and other
$ 15,222,867
$ 14,451,306
Land, buildings and improvements — operating properties
181,694
286,079
Net investments in finance leases and loans receivable
1,174,274
1,171,886
In-place lease intangible assets and other
2,581,342
2,466,199
Above-market rent intangible assets
653,281
668,707
Investments in real estate
19,813,458
19,044,177
Accumulated depreciation and amortization (a)
(3,656,944)
(3,578,330)
Assets held for sale, net
10,441
3,327
Net investments in real estate
16,166,955
15,469,174
Equity method investments
279,503
310,178
Cash and cash equivalents
163,538
155,329
Other assets, net
1,042,026
1,068,480
Goodwill
982,611
987,071
Total assets
$ 18,634,633
$ 17,990,232
Liabilities and Equity
Debt:
Senior unsecured notes, net
$ 7,376,851
$ 6,950,261
Unsecured term loans, net
1,164,524
1,196,366
Unsecured revolving credit facility
116,230
435,417
Non-recourse mortgages, net
194,246
140,646
Debt, net
8,851,851
8,722,690
Accounts payable, accrued expenses and other liabilities
621,068
670,038
Below-market rent and other intangible liabilities, net
97,192
104,055
Deferred income taxes
157,117
151,820
Dividends payable
218,789
207,487
Total liabilities
9,946,017
9,856,090
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued
—
—
Common stock, $0.001 par value, 450,000,000 shares authorized; 227,807,251 and 219,145,876
shares, respectively, issued and outstanding
228
219
Additional paid-in capital
12,418,948
11,830,737
Distributions in excess of accumulated earnings
(3,605,214)
(3,539,592)
Deferred compensation obligation
100,172
80,239
Accumulated other comprehensive loss
(241,737)
(253,346)
Total stockholders' equity
8,672,397
8,118,257
Noncontrolling interests
16,219
15,885
Total equity
8,688,616
8,134,142
Total liabilities and equity
$ 18,634,633
$ 17,990,232
________
(a)
Includes $2.2 billion and $2.1 billion of accumulated depreciation on buildings and improvements as of June 30, 2026 and December 31, 2025, respectively, and $1.5 billion of accumulated amortization on lease intangibles as of both June 30, 2026 and December 31, 2025.
W. P. CAREY INC.
Quarterly Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
Net income attributable to noncontrolling interests
(270)
(194)
(92)
Net Income Attributable to W. P. Carey
$ 185,389
$ 176,302
$ 51,220
Basic Earnings Per Share
$ 0.82
$ 0.80
$ 0.23
Diluted Earnings Per Share
$ 0.82
$ 0.80
$ 0.23
Weighted-Average Shares Outstanding
Basic
225,971,719
220,620,496
220,569,259
Diluted
227,215,203
221,618,296
220,874,935
Dividends Declared Per Share
$ 0.940
$ 0.930
$ 0.900
__________
(a)
Amount for the three months ended June 30, 2026 includes our $49.9 million proportionate share of a gain recognized on the sale of a portfolio by a jointly owned investment.
(b)
Amount for the three months ended June 30, 2026 primarily comprises a mark-to-market unrealized gain for our investment in shares of Lineage of $41.6 million, net gains on foreign currency exchange rate movements of $10.8 million and a non-cash allowance for credit losses of $6.4 million.
(c)
Amount for the three months ended June 30, 2026 comprises a dividend of $2.9 million from our investment in shares of Lineage, interest income on deposits of $0.8 million and realized gains on foreign currency exchange derivatives of $0.5 million.
W. P. CAREY INC.
Year-to-Date Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
Net income attributable to noncontrolling interests
(464)
(84)
Net Income Attributable to W. P. Carey
$ 361,691
$ 177,044
Basic Earnings Per Share
$ 1.62
$ 0.80
Diluted Earnings Per Share
$ 1.61
$ 0.80
Weighted-Average Shares Outstanding
Basic
223,310,890
220,485,859
Diluted
224,609,380
220,913,225
Dividends Declared Per Share
$ 1.870
$ 1.790
W. P. CAREY INC.
Quarterly Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
Net income attributable to W. P. Carey
$ 185,389
$ 176,302
$ 51,220
Adjustments:
Depreciation and amortization of real property
133,663
135,480
119,930
Impairment charges — real estate
79,421
40,008
4,349
Gain on sale of real estate, net
(5,819)
(54,141)
(52,824)
Proportionate share of adjustments to earnings from equity method investments (a) (b)
(50,133)
2,263
2,231
Proportionate share of adjustments for noncontrolling interests (c)
(26)
(25)
(82)
Total adjustments
157,106
123,585
73,604
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)
342,495
299,887
124,824
Adjustments:
Other (gains) and losses (e)
(48,558)
(6,791)
148,768
Straight-line and other leasing and financing adjustments
(15,459)
(24,178)
(15,374)
Stock-based compensation
13,909
7,441
10,943
Amortization of deferred financing costs
5,292
5,139
4,628
Above- and below-market rent intangible lease amortization, net
3,706
2,498
5,061
Tax expense – deferred and other
2,617
2,727
2,820
Merger and other expenses
613
1,180
192
Other amortization and non-cash items
548
593
579
Proportionate share of adjustments to earnings from equity method investments (a)
303
213
309
Proportionate share of adjustments for noncontrolling interests (b)
(22)
(52)
(80)
Total adjustments
(37,051)
(11,230)
157,846
AFFO Attributable to W. P. Carey (d)
$ 305,444
$ 288,657
$ 282,670
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)
$ 342,495
$ 299,887
$ 124,824
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)
$ 1.51
$ 1.35
$ 0.57
AFFO attributable to W. P. Carey (d)
$ 305,444
$ 288,657
$ 282,670
AFFO attributable to W. P. Carey per diluted share (d)
$ 1.34
$ 1.30
$ 1.28
Diluted weighted-average shares outstanding
227,215,203
221,618,296
220,874,935
W. P. CAREY INC.
Year-to-Date Reconciliation of Net Income to Adjusted Funds from Operations (AFFO) (Unaudited)
(in thousands, except share and per share amounts)
Six Months Ended June 30,
2026
2025
Net income attributable to W. P. Carey
$ 361,691
$ 177,044
Adjustments:
Depreciation and amortization of real property
269,143
248,867
Impairment charges — real estate
119,429
11,203
Gain on sale of real estate, net
(59,960)
(96,601)
Proportionate share of adjustments to earnings from equity method investments (a)
(47,870)
3,874
Proportionate share of adjustments for noncontrolling interests (c)
(51)
(160)
Total adjustments
280,691
167,183
FFO (as defined by NAREIT) Attributable to W. P. Carey (d)
642,382
344,227
Adjustments:
Other (gains) and losses
(55,349)
190,965
Straight-line and other leasing and financing adjustments
(39,637)
(34,407)
Stock-based compensation
21,350
20,091
Amortization of deferred financing costs
10,431
9,410
Above- and below-market rent intangible lease amortization, net
6,204
6,184
Tax expense – deferred and other
5,344
2,038
Merger and other expenses
1,793
748
Other amortization and non-cash items
1,141
1,139
Proportionate share of adjustments to earnings from equity method investments (a)
516
223
Proportionate share of adjustments for noncontrolling interests (b)
(74)
(128)
Total adjustments
(48,281)
196,263
AFFO Attributable to W. P. Carey (d)
$ 594,101
$ 540,490
Summary
FFO (as defined by NAREIT) attributable to W. P. Carey (d)
$ 642,382
$ 344,227
FFO (as defined by NAREIT) attributable to W. P. Carey per diluted share (d)
$ 2.86
$ 1.56
AFFO attributable to W. P. Carey (d)
$ 594,101
$ 540,490
AFFO attributable to W. P. Carey per diluted share (d)
$ 2.65
$ 2.45
Diluted weighted-average shares outstanding
224,609,380
220,913,225
__________
(a)
Equity income, including amounts that are not typically recognized for FFO and AFFO, is recognized within Earnings from equity method investments on the consolidated statements of income. This represents adjustments to equity income to reflect FFO and AFFO on a pro rata basis.
(b)
Amount for the three months ended June 30, 2026 includes our $49.9 million proportionate share of a gain recognized on the sale of a portfolio by a jointly owned investment.
(c)
Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.
(d)
FFO and AFFO are non-GAAP measures. See below for a description of FFO and AFFO.
(e)
Amount for the three months ended June 30, 2026 primarily comprises a mark-to-market unrealized gain for our investment in shares of Lineage of $41.6 million, net gains on foreign currency exchange rate movements of $10.8 million and a non-cash allowance for credit losses of $6.4 million.
Non-GAAP Financial Disclosure
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)
Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts (NAREIT), an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined under GAAP.
We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from the sale of certain real estate, impairment charges on real estate or other assets incidental to the company's main business, gains or losses on changes in control of interests in real estate and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO on the same basis.
We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit losses on loans receivable and finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums on debt and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as gains or losses from extinguishment of debt, gains or losses on the mark-to-market fair value of equity securities, merger and acquisition expenses, spin-off expenses, and income and expenses associated with our captive insurance company. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements (other than those realized on the settlement of foreign currency derivatives), which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO because they are not the primary drivers in our decision-making process and excluding these items provides investors with a view of our portfolio performance over time and makes it more comparable to other REITs. AFFO also reflects adjustments for unconsolidated partnerships and jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.
We believe that AFFO is a useful supplemental measure for investors to consider because we believe it will help them better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency exchange rate losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, alternatives to net cash provided by operating activities computed under GAAP, or indicators of our ability to fund our cash needs.
, /PRNewswire/ -- The Board of Directors of BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced it has declared a quarterly dividend of $1.05 per common share, payable on September 30, 2026, to holders of record on September 9, 2026. The indicated annual dividend rate is $4.20 per share.
About BD
BD is one of the world's largest pure-play medical technology companies with a Purpose of advancing the world of health™ by driving innovation across medical essentials, connected care, biopharma systems and interventional. The company supports those on the frontlines of healthcare by developing transformative technologies, services and solutions that optimize clinical operations and improve care for patients. Operating across the globe, with more than 60,000 employees, BD delivers billions of products annually that have a positive impact on global healthcare. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase clinical efficiency, improve safety and expand access to healthcare. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/, X @BDandCo or Instagram @becton_dickinson.
Key Takeaways XYZ's Q1 gross profit rose 27.1%, led by 38.3% growth in Cash App and 9.4% growth in Square.Square GPV climbed 13.2%, while AI commerce tools aim to help sellers reach customers through AI assistants.PayPal's Venmo TPV grew 14% year over year, while its plan targets more than $1.5B in savings. Block (XYZ - Free Report) and PayPal Holdings (PYPL - Free Report) stand out as key players in the fintech space. They continue to transform digital payments and commerce, albeit with distinct strategies: PayPal leverages its global, two-sided payments and commerce platform, whereas Block excels through the dual ecosystem of Square and Cash App.
PayPal is gaining ground through Venmo’s growth and cost savings plan, whereas Block stands out for its expanding Square merchants network and Cash App usage. Let’s examine the pros and cons of each to see which might earn a place in your portfolio.
The Case for BlockBlock continues to expand its integrated fintech platform, with its Square and Cash App ecosystems providing end-to-end solutions across payments, commerce, banking, investing and lending. In first-quarter 2026, the company reported decent performance, with net revenues increasing 4.9% year over year. Total gross profit climbed 27.1%, with Cash App rising 38.3% and Square increasing 9.4%.
Square, Block’s merchant-facing ecosystem, remains strong. In the first quarter of 2026, Square Gross Payment Volume (GPV) rose 13.2% year over year. Additionally, the company partners with more than 140 independent sales organizations to complement its direct sales and extend reach to new sellers. In July 2026, Dimassi’s Mediterranean Buffet and Honolulu Cookie Company expanded their partnerships with Square, deepening their use of the platform to scale their footprint.
Square is expanding its AI commerce strategy with a new ChatGPT app and Claude plugin. The initiative is designed to help sellers appear when customers ask AI assistants where to eat, shop or book services, while enabling users to place orders directly through those AI experiences. The initial rollout covers U.S. food and beverage sellers using Square Online Ordering.
Cash App is the primary engine behind Block’s momentum, evolving from a simple peer-to-peer payments tool into a comprehensive financial platform for digitally native users. It now spans payments, banking, commerce and Bitcoin trading, embedding itself deeper into customers’ financial lives. Cash App continues to make transactions fast, more convenient and more personalized. In June 2026, it launched Cash App Tags, NFC-enabled physical payment accessories that let customers pay with a single tap without a phone or a card.
While Block faces headwinds, including sensitivity to macroeconomic conditions, intensifying competition and a younger-user base concentration, its diversified revenue streams, solid fundamentals and ongoing product innovation counterbalance those risks. These strengths position the company for durable growth and make it an attractive fintech investment.
The Case for PayPalPayPal is a global digital payments company that enables consumers and merchants to send, receive and manage money securely across nearly 200 markets worldwide. The company provides a wide range of solutions, including consumer payments, merchant services, peer-to-peer transfers via Venmo and Braintree (now PayPal Enterprise Payments). PayPal delivered decent first-quarter results, with revenues rising 7.2% year over year and Total Payment Volume (“TPV”) climbing 11%.
Venmo, PayPal’s money movement platform, has become a go-to wallet for younger, digitally native consumers. In the first quarter of 2026, Venmo TPV hit new records, growing sequentially to 14% year over year and marking the sixth consecutive quarter of double-digit growth. In March 2026, Venmo broadened its reach by enabling users to send and receive funds with hundreds of millions of PayPal users across 90 markets. This marks Venmo's largest market expansion since the app’s launch.
PayPal is executing a major transformation plan aimed at saving more than $1.5 billion over the next two to three years. The company expects the first wave of savings to come from structural realignment, including removing duplication and layers from its organizational structure. A second wave is expected to result from broader AI deployment and automation initiatives. Management believes these savings will provide greater flexibility to reinvest in growth initiatives and strengthen the company’s long-term financial profile.
However, PayPal faces macroeconomic headwinds and operates in a highly competitive global payments industry. The nature of the business makes it vulnerable to foreign exchange fluctuations. The company reiterated its 2026 guidance while reporting first-quarter 2026 results, with TM$ expected to decline slightly and non-GAAP EPS projected to range from a low single-digit decline to slightly positive growth.
How Do Zacks Estimates Compare for XYZ & PYPL?The Zacks Consensus Estimate for Block’s 2026 sales and EPS implies a year-over-year increase of 8.05% and 64.56%, respectively. EPS estimates have been trending northward over the past month.
Image Source: Zacks Investment Research
Meanwhile, the consensus estimates for PayPal’s 2026 sales and EPS indicate a year-over-year rise of 3.40% and 0.19%, respectively. EPS estimates have been trending upward over the past month.
Image Source: Zacks Investment Research
Price Performance: XYZ vs. PYPLOver the past six months, shares of XYZ have outperformed PYPL and the S&P 500 composite.
Image Source: Zacks Investment Research
Valuation: XYZ vs. PYPLIn terms of forward 12-month Price/Sales (P/S), XYZ stock is trading at 1.74X, above PYPL, which is currently trading at 1.41X. XYZ is trading above its one-year median of 1.53x, while PYPL is trading below its one-year median of 1.18x.
From a valuation perspective, we note that Block shares are trading at a premium to PayPal.
Image Source: Zacks Investment Research
Conclusion: Block Remains StrongBlock and PayPal are reshaping digital payments and commerce, though they are taking different routes. PayPal’s emphasis on global wallet connectivity and cost savings program targets scale and margin improvement, but mixed macroeconomic conditions, intense competition and foreign exchange fluctuations cloud its growth outlook.
In contrast, Block maintains a robust payments ecosystem with strong historical foundations. For investors choosing now, Block stands out as the smarter, lower-risk pick because of its powerful ecosystem, profitability, long-term potential and positive trend in earnings estimates revisions.
Currently, Block sports a Zacks Rank #1 (Strong Buy), while PayPal carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
NEW YORK, July 28, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against First Solar, Inc. (“First Solar” or the “Company”) (NASDAQ: FSLR) and certain officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 26-cv-03787, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired First Solar securities between February 26, 2025 and February 24, 2026, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are an investor who purchased or otherwise acquired First Solar securities during the Class Period, you have until August 24, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
First Solar is a solar technology company that provides photovoltaic (“PV”) solar energy solutions. First Solar manufactures and sells PV solar modules that convert sunlight into electricity. As relevant here, First Solar’s product offerings include its Series 6 Plus PV module, manufactured at facilities in locations including Malaysia and Vietnam.
At the outset of the Class Period, Defendants announced that First Solar would reduce production output of Series 6 modules at facilities in Malaysia and Vietnam in 2025, to account for circumstances including, inter alia, an “uncertain U.S. policy environment following the 2024 U.S. elections,” and “a supply and demand imbalance for Southeast Asian product”. Notwithstanding these circumstances, First Solar reassured investors that its primary market, the United States, enjoyed stable module prices.
Then, on April 2, 2025, United States (“U.S.”) President Donald J. Trump announced a series of “reciprocal” tariffs on U.S. imports from all countries, including rates of 24% and 46% on Malaysia and Vietnam, respectively, presenting a challenge to First Solar. These tariffs were subsequently reduced to 10%. Throughout the Class Period, Defendants continued to assure investors that the dynamic policy landscape presented a “long term favorable” for First Solar and actually “strengthened [its] relative position in the solar manufacturing industry”.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants had overstated First Solar’s capacity to manage the impact of U.S. tariff policy on the Company’s business; (ii) Defendants understated the extent to which its responses to U.S. tariff policy, including the intentional underutilization of production facilities in Malaysia and Vietnam, and attempted relocation of production to the U.S., were likely to negatively impact First Solar’s projected performance in the 2026 fiscal year; and (iii) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
The truth began to emerge on January 7, 2026, when Jefferies downgraded First Solar to Hold from Buy, noting that during 2025, the Company had lowered guidance, faced significant de-bookings and experienced margin compression through 2025. Jefferies also flagged that “[international] facilities remain a pain point while tariffs exist” and “underutilization at [international] facilities remains a concern.” The Jefferies analyst also predicted that First Solar’s deployment opportunities were likely to be more limited in 2026.
On this news, First Solar’s stock price fell $27.67 per share, or 10.29%, to close at $241.11 per share on January 7, 2026.
Then, on February 24, 2026, First Solar issued a press release “announc[ing] financial results for the fourth quarter and year ended December 31, 2025.” Among other items, First Solar announced earnings that missed expectations by a wide margin and issued lower-than-expected FY 2026 revenue guidance, citing customer headwinds such as permitting delays under the Trump administration. Following First Solar’s announcement, Baird Research downgraded its stock to Neutral from Outperform, citing “several question marks in forward outlook”.
On this news, First Solar’s stock price fell $33.09 per share, or 13.61%, to close at $210.12 per share on February 25, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Palantir Technologies (PLTR -6.10%) stock closed down 6.1% Tuesday after Cleveland Research hinted at weak commercial spending among the company's commercial partners, as StreetInsider.com reports.
But here's the thing: Not everyone agrees that Palantir is heading for disappointment. Over the past two days, two other analysts have come out in support of Palantir stock ahead of its Q2 earnings release on Aug. 3.
Image source: Palantir.
Oppenheimer loves Palantir On Monday, Oppenheimer analyst Param Singh reiterated his "outperform" rating and $200 price target on Palantir. Revenue could grow 85% year over year, says Singh, beating consensus forecasts for 80% growth.
Singh disputes Cleveland's report, arguing that Palantir's Q2 commercial revenue growth will be 135% year over year, even faster than U.S. government sales, which should grow 80% or better -- primarily due to increased defense spending.
Baird loves Palantir, too One day later, Baird analyst William Power likewise reiterated an outperform rating and $200 price target. Power agrees with Singh that both commercial and government revenue growth will be strong for Palantir. Even better, Power adds that Palantir is on track to generate potentially as much as $8 billion in positive free cash flow -- although for now, he's forecasting only a more conservative $6.7 billion.
Today's Change
(
-6.10
%) $
-8.02
Current Price
$
123.51
What it means for investors To put these numbers in context, Palantir generated just $2.1 billion in free cash flow last year. Most analysts think that number will double in 2026 (S&P Global Market Intelligence estimates $4.3 billion), then grow another 50% or so in 2027 ($6.4 billion).
On a $315 billion market capitalization, that's still a nearly 50x forward FCF valuation on the stock, which sounds like a lot. For a company growing FCF 100% one year, however, and 50% the next, it may actually be a fair price to pay for Palantir.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Palantir Technologies. The Motley Fool has a disclosure policy.
Bank of America zvýšila doporučení pro Honeywell na Neutral z Underperform a cílovou cenu na 265 USD po silných objednávkách a lepším výhledu. Objednávky dosáhly 5,7 miliardy USD a organicky vzrostly o 16 %.
Honeywell International Inc (NYSE:HON, XETRA:ALD) was upgraded to ‘Neutral’ from ‘Underperform’ by Bank of America, which raised its price objective to $265 from $220, above current levels of $247, following a second quarter performance that exceeded expectations and improved visibility into the company's growth outlook.
The analysts highlighted stronger execution, broad-based order growth and increased 2026 guidance as key factors behind the rating change.
"Honeywell Technologies delivered a broad-based Q2 beat and raised its 2026 organic growth, segment margin and adjusted EPS guidance," the analysts wrote. "The more important takeaway, in our view, was broad-based order strength across all three segments."
Bank of America said the results helped ease previous concerns around aerospace execution, inconsistent operational performance and limited growth visibility.
"We are more positive following the quarter, as improving execution supports the earnings ramp while management's cautious initial approach to guiding the new company appears to leave some contingency in the outlook and room for positive revisions into the year end," the analysts wrote.
Honeywell reported total orders of $5.7 billion, up 16% organically, with a book-to-bill ratio above 1.1x and backlog increasing 9%. Orders rose 24% organically in Performance Aerospace & Technologies, 13% in Building Automation and 10% in Industrial Automation.
Bank of America said the order growth supports Honeywell's outlook for 4% to 6% organic growth in both the third and fourth quarters, with backlog conversion expected to accelerate in Performance Aerospace & Technologies and Industrial Automation growth improving in the second half.
The firm raised its 2026 adjusted EPS estimate to $8.25 from $8.05 and increased its segment margin forecast to 20.3% from 20.1%, while maintaining its revenue estimate at $20.1 billion. Bank of America expects continued strength in Building Automation, improving growth in Performance Aerospace & Technologies and higher Industrial Automation margins into 2027.
Proti Intuit a některým členům vedení byla podána hromadná žaloba kvůli údajným nepravdivým tvrzením o růstu a síle byznysu. Žaloba se týká investorů, kteří akcie INTU koupili mezi 22. srpnem 2025 a 20. květnem 2026.
NEW YORK, July 28, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Intuit Inc. (“Intuit” or the “Company”) (NASDAQ: INTU) and certain officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 26-cv-07086, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Intuit securities between August 22, 2025 and May 20, 2026, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are an investor who purchased or otherwise acquired Intuit securities during the Class Period, you have until September 8, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Intuit provides financial management, payments and capital, compliance, and marketing products and services in the United States. The Company has four reportable business segments: (i) Global Business Solutions; (ii) Consumer; (iii) Credit Karma; and (iv) ProTax. Intuit’s Consumer segment provides do-it-yourself (“DIY”) and assisted income tax preparation products and services under the “TurboTax” brand name, whereas its ProTax segment provides tax-preparation software products and electronic tax filing, payment, and related products and services. The Company sells its products and services through direct sales channels, multichannel shop-and-buy experiences, mobile application stores, and partner and other channels.
At all relevant times, Defendants touted purportedly significant “momentum” across Intuit’s various business segments, particularly with respect to its tax-related business. Defendants attributed this purported “momentum” to, inter alia, Intuit’s purportedly significant competitive advantages, including integration of artificial intelligence (“AI”) in its business and operations.
For example, in August 2025, Defendants provided financial guidance for Intuit’s fiscal full year (“FY”) of 2026, ended July 31, 2026, including 8% revenue growth in its TurboTax business, citing “outstanding execution across our platform” and “breakthrough adoption in assisted tax” as a result of the aforementioned purported competitive advantages.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) they had overstated Intuit’s competitive advantages and growth, as well as the overall strength and sustainability of its business model and operations; (ii) in reality, Intuit was losing significant business in its tax-related business, particularly in its TurboTax business, as a result of, inter alia, increasing competitive and pricing pressures; (iii) accordingly, Intuit’s previously issued FY 2026 TurboTax revenue growth guidance was unreliable and/or unrealistic; and (iv) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
The truth began to emerge on May 20, 2026, when, during pre-market hours, Reuters published an article entitled “Intuit to cut 17% of global jobs to streamline operations, memo shows”. Citing an internal Company memorandum and email from Defendant Sasan K. Goodarzi (“Goodarzi”), Intuit’s Chairman and Chief Executive Officer, to staff earlier in the day, the article reported that “Intuit . . . is laying off about 17% of its workforce, or about 3,000 employees worldwide, to streamline operations and sharpen focus on its key bets including its AI efforts[.]” The article further revealed that Intuit “is also winding down its Reno and Woodland Hills offices as part of a strategic restructuring to consolidate teams in key hubs, according to the memo.”
On this news, Intuit’s stock price fell $15.78 per share, or 3.95%, to close at $383.93 per share on May 20, 2026.
The same day, during post-market hours, Intuit issued a press release announcing its fiscal third quarter (“Q3”) 2026 results. Therein, Defendants reported weak Q3 2026 tax season revenue, including, inter alia, TurboTax revenue that grew by only 7% year-over-year, versus consensus estimates of at least 8% revenue growth. During the accompanying earnings call held the same day, also during post-market hours, Defendant Sandeep S. Aujla, Intuit’s Executive Vice President and Chief Financial Officer, acknowledged that, with respect to TurboTax, “we did not have the overall tax season we expected[.]” On the same call, Defendant Goodarzi likewise stated that he was “dissatisfied with our performance”, noting “[w]e faced pressure among the most price-sensitive DIY filers earning less than $50,000 a year”, and that “[w]e lost on price.” Defendant Goodarzi also revealed that TurboTax online paying units were expected to grow by only 2% as total Internal Revenue Service filers were expected to decline by approximately 30 basis points, representing the “most significant industry-wide contraction since the post-COVID tax season.” Accordingly, Defendant Goodarzi acknowledged that “we expect TurboTax to grow 7% for the full year”—down from Defendants’ prior guidance of 8% growth—and that, “[t]o reaccelerate this part of our business,” Defendants will need to “evolve our business model by delivering the right lineups and price points to meet simple filers’ needs at the low end and lean into the power of our broader Consumer platform to monetize beyond tax.”
Following these disclosures, Intuit’s stock price fell $76.86 per share, or 20.02%, to close at $307.07 per share on May 21, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
July 28, 2026 16:05 ET | Source: Scotts Miracle-Gro Company (The)
MARYSVILLE, Ohio, July 28, 2026 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE: SMG), the leading marketer of branded consumer lawn and garden products in North America, announced that its Board of Directors has approved the payment of a cash dividend of $0.66 per share. The dividend is payable on Friday, September 4, 2026, to shareholders of record as of Friday, August 21, 2026.
About ScottsMiracle-Gro
With approximately $3.3 billion in sales, the Company is the leading marketer of branded consumer lawn and garden products in North America. The Company’s brands are among the most recognized in the industry. The Company’s Scotts®, Miracle-Gro®, Ortho® and Tomcat® brands are market-leading in their categories. For additional information, visit us at www.scottsmiraclegro.com.
For investor inquiries:
Brad Chelton
Vice President
Treasury, Tax and Investor Relations [email protected]
(937) 309-2503
For media inquiries:
Tom Matthews
Chief Communications Officer [email protected]
(937) 844-3864
Tate & Lyle shareholders accept Ingredion’s recommended cash offerShareholder acceptance marks an important milestone toward creating a global ingredient solutions leader with enhanced innovation and formulation capabilitiesClosing expected in H2 2027, subject to the satisfaction of regulatory conditions WESTCHESTER, Ill., July 28, 2026 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR) (“Ingredion”), a leading global provider of ingredient solutions for food, beverage, pharmaceutical, personal care, and industrial applications, confirms that shareholders of Tate & Lyle PLC (“Tate & Lyle”), a global leader in mouthfeel, sweetening and fortification, have today accepted the terms of a recommended all-cash offer by Ingredion for the entire issued and to be issued share capital of Tate & Lyle, as announced on June 8, 2026.
“We are pleased that, at the recommendation of their Board of Directors, Tate & Lyle shareholders have accepted Ingredion’s all-cash offer to acquire all of the issued and outstanding shares of Tate & Lyle,” said Jim Zallie, chairman, president and CEO of Ingredion. “Today marks an important milestone toward establishing a global leader in ingredient solutions that will help create the future of food.”
The transaction is expected to deliver significant financial benefits and value creation. This includes run-rate net cost synergies of approximately $130 million, expected to be fully realized by the end of 2030, as well as adjusted EPS accretion to Ingredion shareholders in the first year following completion and an enhanced long-term growth profile and earnings potential for the combined group.
Regulatory review and clearance, as set out in the scheme document, is ongoing. As the regulatory review process progresses, Ingredion remains focused on securing the required approvals as efficiently as possible, while continuing to operate as a separate business from Tate & Lyle until completion of the transaction which is expected in the second half of 2027.
Zallie continued, “By combining the complementary capabilities of Ingredion and Tate & Lyle, we will strengthen our ability to help customers solve complex formulation challenges with an expanded innovation engine to accelerate product development and deliver the great-tasting, healthy and affordable food products that consumers want and deserve. As we work toward completing the transaction, we remain focused on serving customers with the quality, reliability and support they expect.”
For more information, please visit https://www.ingredion.com/na/en-us/legal/offer-communications.
Forward-Looking Statements
This press release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Ingredion intends these forward-looking statements to be covered by the safe harbor provisions for such statements.
Forward-looking statements in this press release include statements regarding Ingredion’s expectations with respect to completion and benefits of Ingredion’s recommended all-cash offer for the issued and to be issued share capital of Tate & Lyle (the “Acquisition”), including statements regarding plans, objectives, intentions and expectations with respect to completion of the Acquisition and the future operations and financial performance of the combined group. Forward-looking statements also include, among others, any other statements regarding Ingredion’s prospects and Ingredion’s future operations, financial condition, volumes, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing and any assumptions, expectations, or beliefs underlying any of the foregoing.
These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “opportunities,” “potential,” or other similar expressions or the negative thereof. All statements other than statements of historical facts therein are “forward-looking statements.”
These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond Ingredion’s control. Although Ingredion believes its expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that Ingredion’s expectations will prove correct.
The following factors relating to the Acquisition, among others, could cause actual results to differ materially from those expressed in or implied by Ingredion’s forward-looking statements: failure of the Acquisition to be completed when expected or at all because of the inability to satisfy material antitrust or other conditions or for other reasons; the risk that the expected benefits of the Acquisition may not be fully realized or may take longer to realize that anticipated, including as a result of the risks and uncertainties discussed below; failure to integrate effectively the businesses of Ingredion and Tate & Lyle or to manage effectively the expanded operations of the combined group; and the incurrence of substantial expenses and indebtedness by Ingredion and the combined group to complete the Acquisition and to operate the enterprise after completion.
Additional risks and uncertainties that could cause actual results and developments to differ materially from the expectations expressed in or implied by Ingredion’s forward-looking statements include, among others: changes in consumer practices, preferences, price sensitivity, behaviors, demand and perceptions; the impact of geopolitical developments, tensions, threats or conflicts on the availability and prices of raw materials and energy supplies, supply chains and foreign exchange and interest rates; the impact of global business and economic conditions on demand for Ingredion’s products or Ingredion’s access to global credit and equity markets; Ingredion’s reliance on certain industries for a significant portion of Ingredion’s sales; operating difficulties at Ingredion’s manufacturing facilities and liabilities relating to product safety and quality; Ingredion’s ability to keep pace with technological developments in research and development and continue to offer innovative products; competitive pressures that may adversely affect Ingredion’s market share, revenue and profitability; market volatility that may adversely affect Ingredion’s ability to pass through potential increases in the cost of corn and other raw materials to customers, to purchase quantities of corn and other raw materials at prices sufficient to sustain or increase Ingredion’s profitability, or to supply product quantities and meet shipment delivery requirements that Ingredion’s customers demand; the impact on inputs to Ingredion’s procurement, production processes and delivery channels, such as raw material, energy, and freight and logistics, of price fluctuations, supply chain interruptions, tariffs, duties, and shortages; Ingredion’s ability to contain costs, manage working capital, and achieve budgets, including completion of planned maintenance and investment projects on time and on budget; global climate change and legal, regulatory, or market measures to address climate change; Ingredion’s ability to identify and complete acquisitions, divestitures, or strategic alliances on favorable terms or achieve anticipated synergies; the economic, political and other risks inherent in conducting operations in foreign countries and with foreign currencies; Ingredion’s ability to maintain satisfactory labor relations; Ingredion’s ability to attract, develop, retain, motivate and maintain good relationships with its workforce, including key personnel; the impact of legal and regulatory proceedings; the risks associated with pandemics; the impact of any impairment charges on intangible assets and goodwill; global and regional economic policies and changes to existing laws and regulations; changes in Ingredion’s tax rates or exposure to additional income tax liabilities; increases in interest rates that could increase Ingredion’s borrowing costs; risks affecting Ingredion’s ability to raise funds at reasonable rates and other factors affecting Ingredion’s access to sufficient funds for future growth and expansion; risks relating to the use of artificial intelligence and other advanced technologies, and Ingredion’s reliance on third party technology providers; interruptions, security incidents, or failures with respect to information technology systems, processes, and sites; risks affecting the continuation of Ingredion’s dividend policy; and Ingredion’s ability to maintain effective internal control over financial reporting.
Ingredion’s forward-looking statements speak only as of the date on which they are made, and Ingredion does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments or otherwise. If Ingredion does update or correct one or more of these statements, investors and others should not conclude that Ingredion will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2025 and in Ingredion’s subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
About Ingredion Incorporated
Ingredion Incorporated (NYSE: INGR), headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2025 annual net sales of approximately $7.2 billion, Ingredion turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing, pharmaceutical and industrial markets. With Ingredion’s Idea Labs® innovation centers around the world and more than 11,000 employees, Ingredion co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit ingredion.com for more information and the latest Ingredion news.
Contacts:
Media Relations:
In the U.S.:
Jayne Rosefield / Dave Carlson
+1 312 800 8120
In the U.K.:
Charles Pretzlik / Ed Brown / David Blackburn
+44 20 7404 5959
STAG Industrial oznámila za 2. čtvrtletí čistý zisk 52,9 mil. USD, tedy 0,28 USD na akcii, a Core FFO 0,65 USD na akcii, což je meziročně o 3,2 % více.
, /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG), today announced its financial and operating results for the quarter ended June 30, 2026.
"The second quarter reflected sustained execution across our platform, supported by stabilizing industrial fundamentals," said Bill Crooker, President and Chief Executive Officer of the Company. "STAG enters the back half of 2026 with an active pipeline, a fortified balance sheet, and clear momentum."
Second Quarter 2026 Highlights
Reported $0.28 of net income per basic and diluted common share for the second quarter of 2026, compared to $0.27 of net income per basic and diluted common share for the second quarter of 2025. Reported $52.9 million of net income attributable to common stockholders for the second quarter of 2026, compared to net income attributable to common stockholders of $50.0 million for the second quarter of 2025. Achieved $0.65 of Core FFO per diluted share for the second quarter of 2026, an increase of 3.2% compared to the second quarter of 2025 Core FFO per diluted share of $0.63. Produced Same Store Cash NOI of $158.8 million for the second quarter of 2026, an increase of 3.4% compared to the second quarter of 2025 of $153.6 million. Acquired seven buildings in the second quarter of 2026, consisting of 2.6 million square feet, for $287.1 million, with a Cash Capitalization Rate of 6.1% and a Straight-Line Capitalization Rate of 6.8%. Sold two buildings in the second quarter of 2026, consisting of 299,467 square feet, for $23.1 million. Achieved an Occupancy Rate of 94.5% on the total portfolio and 95.5% on the Operating Portfolio as of June 30, 2026. Commenced Operating Portfolio leases of 5.6 million square feet for the second quarter of 2026, resulting in a Cash Rent Change and Straight-Line Rent Change of 19.8% and 33.7%, respectively. Experienced 75.7% Retention for 6.0 million square feet of leases expiring in the quarter. Commenced a Build-to-Suit development project totaling 342,975 square feet of warehouse and distribution space at 3400 Discovery Boulevard in Dallas, Texas. Signed three leases totaling 152,824 square feet of warehouse and distribution space across the Company's development projects. Subsequent to quarter end, refinanced and combined $150 million term loan A and $200 million term loan F, which were scheduled to mature in March 2027 and now matures January 16, 2032. Subsequent to quarter end, signed a lease totaling 47,113 square feet of warehouse and distribution space at the Company's development project at 6980 Resource Drive in Reno, Nevada. Please refer to the Non-GAAP Financial Measures and Other Definitions section at the end of this release for definitions of capitalized terms used in this release.
The Company will host a conference call tomorrow, Wednesday, July 29, 2026 at 10:00 a.m. (Eastern Time), to discuss the quarter's results and provide information about acquisitions, operations, capital markets and corporate activities. Details of the call can be found at the end of this release.
Key Financial Measures
SECOND QUARTER & YEAR TO DATE 2026 KEY FINANCIAL MEASURES
Three months ended June 30,
Six months ended June 30,
Metrics
2026
2025
% Change
2026
2025
% Change
(in $000s, except per share data)
Net income attributable to common stockholders
$52,878
$49,963
5.8 %
$114,839
$141,316
(18.7) %
Net income per common share — basic
$0.28
$0.27
3.7 %
$0.60
$0.76
(21.1) %
Net income per common share — diluted
$0.28
$0.27
3.7 %
$0.60
$0.76
(21.1) %
Cash NOI
$172,221
$161,688
6.5 %
$342,137
$318,885
7.3 %
Same Store Cash NOI (1)
$158,808
$153,557
3.4 %
$317,593
$305,762
3.9 %
Adjusted EBITDAre
$161,669
$152,017
6.3 %
$320,670
$298,430
7.5 %
Core FFO
$127,710
$120,506
6.0 %
$254,289
$235,760
7.9 %
Core FFO per share / unit — basic
$0.66
$0.63
4.8 %
$1.31
$1.24
5.6 %
Core FFO per share / unit — diluted
$0.65
$0.63
3.2 %
$1.30
$1.24
4.8 %
Cash Available for Distribution
$101,409
$98,829
2.6 %
$211,114
$205,315
2.8 %
(1) The Same Store pool accounted for 90.7% of the total portfolio square footage as of June 30, 2026.
Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release. Please also see the Company's supplemental information package for additional disclosure.
Acquisition, Development and Disposition Activity
For the three months ended June 30, 2026, the Company acquired seven buildings for $287.1 million with an Occupancy Rate of 100.0% upon acquisition. The chart below details the acquisition activity for the quarter:
SECOND QUARTER 2026 ACQUISITION ACTIVITY
Market
Date
Acquired
Square Feet
Buildings
Purchase
Price ($000s)
W.A. Lease
Term (Years)
Cash
Capitalization
Rate
Straight-Line
Capitalization
Rate
Greenville, SC
5/26/2026
560,240
1
$62,373
9.5
Chicago, IL
5/26/2026
246,446
1
31,493
7.4
Cleveland, OH
6/11/2026
280,614
1
34,726
5.0
Indianapolis, IN
6/17/2026
826,687
2
84,732
9.1
Kansas City, KS
6/23/2026
574,732
1
55,493
7.4
Greenville, SC
6/29/2026
141,960
1
18,322
9.1
Total / weighted average
2,630,679
7
$287,139
8.2
6.1 %
6.8 %
The chart below details the 2026 acquisition activity and pipeline through July 27, 2026:
2026 ACQUISITION ACTIVITY AND PIPELINE DETAIL
Square Feet
Buildings
Purchase Price
($000s)
W.A. Lease
Term (Years)
Cash
Capitalization
Rate
Straight-Line
Capitalization
Rate
Q1
748,833
1
$80,713
12.4
6.1 %
7.3 %
Q2
2,630,679
7
287,139
8.2
6.1 %
6.8 %
Total / weighted average
3,379,512
8
$367,852
9.2
6.1 %
6.9 %
Pipeline
35.1 million
145
$4.0 billion
Additionally, in the second quarter, the Company acquired two vacant land parcels for $20.5 million.
The chart below details the disposition activity for the six months ended June 30, 2026:
2026 DISPOSITION ACTIVITY
Square Feet
Buildings
Sale Price ($000s)
Q1
584,301
1
$30,100
Q2
299,467
2
23,088
Total
883,768
3
$53,188
Leasing Activity
The chart below details the leasing activity for leases commenced during the three months ended June 30, 2026:
SECOND QUARTER 2026 OPERATING PORTFOLIO LEASING ACTIVITY
Lease Type
Square
Feet
Lease
Count
W.A.
Lease
Term
(Years)
Cash
Base
Rent
$/SF
SL Base
Rent
$/SF
Lease
Commissions
$/SF
Tenant
Improvements
$/SF
Cash Rent
Change
SL Rent
Change
Retention
New Leases
1,066,906
8
5.2
$7.87
$7.91
$2.85
$0.23
14.7 %
20.4 %
Renewal Leases
4,553,196
28
5.9
$6.24
$6.71
$1.37
$0.26
21.4 %
38.0 %
75.7 %
Total / weighted average
5,620,102
36
5.8
$6.55
$6.94
$1.65
$0.25
19.8 %
33.7 %
The chart below details the leasing activity for leases commenced during the six months ended June 30, 2026:
2026 YEAR TO DATE OPERATING PORTFOLIO LEASING ACTIVITY
Lease Type
Square
Feet
Lease
Count
W.A.
Lease
Term
(Years)
Cash
Base
Rent
$/SF
SL Base
Rent
$/SF
Lease
Commissions
$/SF
Tenant
Improvements
$/SF
Cash Rent
Change
SL Rent
Change
Retention
New Leases
2,516,949
16
7.1
$6.72
$7.11
$2.60
$0.32
24.3 %
38.9 %
Renewal Leases
9,099,353
57
5.8
$6.10
$6.52
$1.24
$0.18
19.2 %
35.9 %
72.5 %
Total / weighted average
11,616,302
73
6.1
$6.23
$6.65
$1.53
$0.21
20.3 %
36.6 %
Additionally, for the three and six months ended June 30, 2026, leases commenced totaling 204,629 and 385,653 square feet, respectively, related to Value Add assets and first generation leasing. These are excluded from the Operating Portfolio statistics above.
The Company commenced a Build-to-Suit development project totaling 342,975 square feet of warehouse and distribution space at 3400 Discovery Boulevard in Dallas, Texas.
The Company signed a lease totaling 72,900 square feet of warehouse and distribution space at the Company's development project at 452 Casual Drive in Greenville, South Carolina. This building is now 100% leased.
The Company signed a lease totaling 44,980 square feet of warehouse and distribution space at the Company's development project at 2745 Piedmont Commerce Street SW in Charlotte, North Carolina. This building is now 90% leased.
The Company signed a lease totaling 34,944 square feet of warehouse and distribution space at the Company's development project at 6508 Powell Road in Tampa, Florida. This building is now 25% leased.
Subsequent to quarter end, the Company signed a lease totaling 47,113 square feet of warehouse and distribution space at the Company's development project at 6980 Resource Drive in Reno, Nevada. This building is now 62% leased.
Year to date, the Company signed seven leases totaling 677,528 square feet of warehouse and distribution space across the Company's development projects.
As of July 27, 2026, addressed 91.7% of expected 2026 new and renewal leasing, consisting of 16.6 million square feet, achieving Cash Rent Change of 20.5%.
Capital Markets Activity
As of July 27, 2026, the Company sold 3.4 million shares on a forward basis under the ATM common stock offering program at an average gross price of $39.00 per share, or $131.3 million in the aggregate, during the year.
The Company does not initially receive any proceeds from the sale of shares on a forward basis and has until the agreed-upon maturity date (typically one year) to settle the forward contract.
In the second quarter of 2026, the Company received net proceeds of $59.8 million related to forward sales that occurred during the year under the Company's ATM offering program.
The Company has total forward equity net proceeds of $70 million available unsettled as of July 27, 2026.
As of June 30, 2026, Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.2x and Liquidity was $613.7 million.
Subsequent to quarter end, on July 1, 2026, the Company paid at maturity $50 million of fixed rate senior unsecured notes.
Subsequent to quarter end, on July 16, 2026, the Company refinanced and combined $150 million term loan A and $200 million term loan F, which were scheduled to mature in March 2027. The new term loan, totaling $350 million in principal, now matures January 16, 2032. The new term loan bears an aggregate fixed interest rate, inclusive of interest rate swaps, of 3.53% until March 2027 and will bear an aggregate fixed interest rate, inclusive of interest rate swaps, of 4.79% from March 2027 through January 16, 2032. Through the refinance, the Company also obtained a five basis points savings across all term loans and the Unsecured Credit Facility.
Quarterly Dividend Declaration
On July 27, 2026, the Company's Board of Directors authorized a dividend in the amount of $0.3875 per share for the third quarter of 2026, payable in cash on October 15, 2026, to common stockholders and common unit holders of record as of September 30, 2026.
Conference Call
The Company will host a conference call tomorrow, Wednesday, July 29, 2026, at 10:00 a.m. (Eastern Time) to discuss the quarter's results. The call can be accessed live over the phone toll-free by dialing (877) 407-4018, or for international callers, (201) 689-8471. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 13761520.
Interested parties may also listen to a simultaneous webcast of the conference call by visiting the Investor Relations section of the Company's website at www.stagindustrial.com, or by clicking on the following link:
http://ir.stagindustrial.com/QuarterlyResults
Supplemental Schedule
The Company has provided a supplemental information package with additional disclosure and financial information on its website (www.stagindustrial.com) under the "Quarterly Results" tab in the Investor Relations section.
CONSOLIDATED BALANCE SHEETS
STAG Industrial, Inc.
(unaudited, in thousands, except share data)
June 30, 2026
December 31, 2025
Assets
Rental Property:
Land
$ 848,814
$ 811,569
Buildings and improvements, net of accumulated depreciation of $1,213,281 and
$1,119,931, respectively
5,818,778
5,593,471
Deferred leasing intangibles, net of accumulated amortization of $458,083 and $425,502,
respectively
401,767
394,967
Total rental property, net
7,069,359
6,800,007
Cash and cash equivalents
65,886
14,910
Restricted cash
670
85,973
Tenant accounts receivable
161,064
156,458
Prepaid expenses and other assets
115,064
104,484
Interest rate swaps
19,191
13,529
Operating lease right-of-use assets
31,596
32,708
Assets held for sale, net
14,165
—
Total assets
$ 7,476,995
$ 7,208,069
Liabilities and Equity
Liabilities:
Unsecured credit facility
$ 449,000
$ 262,000
Unsecured term loans, net
1,021,854
1,021,341
Unsecured notes, net
1,967,768
1,966,994
Mortgage note, net
3,870
3,980
Accounts payable, accrued expenses and other liabilities
129,600
135,397
Interest rate swaps
2
1,310
Tenant prepaid rent and security deposits
59,754
59,225
Dividends and distributions payable
76,239
24,187
Deferred leasing intangibles, net of accumulated amortization of $34,309 and $34,098,
respectively
23,616
25,566
Operating lease liabilities
36,037
37,040
Total liabilities
$ 3,767,740
$ 3,537,040
Equity:
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at June 30, 2026
and December 31, 2025; none issued or outstanding
—
—
Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2026
and December 31, 2025, 192,803,274 and 191,005,261 shares issued and outstanding at
June 30, 2026 and December 31, 2025, respectively
1,928
1,910
Additional paid-in capital
4,679,282
4,616,888
Cumulative dividends in excess of earnings
(1,068,884)
(1,034,954)
Accumulated other comprehensive income
18,690
11,853
Total stockholders' equity
3,631,016
3,595,697
Noncontrolling interest in operating partnership
74,249
71,342
Noncontrolling interest in joint ventures
3,990
3,990
Total equity
$ 3,709,255
$ 3,671,029
Total liabilities and equity
$ 7,476,995
$ 7,208,069
CONSOLIDATED STATEMENTS OF OPERATIONS
STAG Industrial, Inc.
(unaudited, in thousands, except per share data)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Revenue
Rental income
$ 223,528
$ 207,438
$ 447,376
$ 412,800
Other income
841
155
1,200
367
Total revenue
224,369
207,593
448,576
413,167
Expenses
Property
45,028
40,403
92,344
84,081
General and administrative
13,543
12,901
27,398
26,207
Depreciation and amortization
82,246
74,473
160,840
148,373
Loss on impairment
—
888
—
888
Other expenses
455
(58)
893
514
Total expenses
141,272
128,607
281,475
260,063
Other income (expense)
Interest and other income
65
3
161
8
Interest expense
(37,495)
(33,618)
(73,380)
(66,147)
Gain on involuntary conversion
—
—
—
1,855
Gain on the sales of rental property, net
8,346
5,692
23,445
55,605
Total other income (expense)
(29,084)
(27,923)
(49,774)
(8,679)
Net income
$ 54,013
$ 51,063
$ 117,327
$ 144,425
Less: income attributable to noncontrolling interest in operating
partnership
1,096
1,058
2,411
3,022
Net income attributable to STAG Industrial, Inc.
$ 52,917
$ 50,005
$ 114,916
$ 141,403
Less: amount allocated to participating securities
39
42
77
87
Net income attributable to common stockholders
$ 52,878
$ 49,963
$ 114,839
$ 141,316
Weighted average common shares outstanding — basic
191,180
186,535
191,088
186,502
Weighted average common shares outstanding — diluted
191,332
186,910
191,285
186,834
Net income per share — basic and diluted
Net income per share attributable to common stockholders —
basic
$ 0.28
$ 0.27
$ 0.60
$ 0.76
Net income per share attributable to common stockholders —
diluted
$ 0.28
$ 0.27
$ 0.60
$ 0.76
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
STAG Industrial, Inc.
(unaudited, in thousands)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
NET OPERATING INCOME RECONCILIATION
Net income
$ 54,013
$ 51,063
$ 117,327
$ 144,425
General and administrative
13,543
12,901
27,398
26,207
Depreciation and amortization
82,246
74,473
160,840
148,373
Interest and other income
(65)
(3)
(161)
(8)
Interest expense
37,495
33,618
73,380
66,147
Loss on impairment
—
888
—
888
Gain on involuntary conversion
—
—
—
(1,855)
Other expenses
455
(58)
893
514
Gain on the sales of rental property, net
(8,346)
(5,692)
(23,445)
(55,605)
Net operating income
$ 179,341
$ 167,190
$ 356,232
$ 329,086
Net operating income
$ 179,341
$ 167,190
$ 356,232
$ 329,086
Rental property straight-line rent adjustments, net
(6,792)
(4,859)
(13,258)
(8,974)
Amortization of above and below market leases, net
(328)
(643)
(837)
(1,227)
Cash net operating income
$ 172,221
$ 161,688
$ 342,137
$ 318,885
Cash net operating income
$ 172,221
Cash NOI from acquisition and disposition timing
3,118
Cash termination, solar and other income
(929)
Run Rate Cash NOI
$ 174,410
Same Store Portfolio NOI
Total NOI
$ 179,341
$ 167,190
$ 356,232
$ 329,086
Less: NOI non-same-store properties
(14,047)
(5,937)
(26,376)
(10,376)
Termination, solar and other adjustments, net
(1,917)
(1,370)
(2,621)
(1,782)
Same Store NOI
$ 163,377
$ 159,883
$ 327,235
$ 316,928
Less: straight-line rent adjustments, net
(4,286)
(5,669)
(8,899)
(9,874)
Plus: amortization of above and below market leases, net
(283)
(657)
(743)
(1,292)
Same Store Cash NOI
$ 158,808
$ 153,557
$ 317,593
$ 305,762
EBITDA FOR REAL ESTATE (EBITDAre) RECONCILIATION
Net income
$ 54,013
$ 51,063
$ 117,327
$ 144,425
Depreciation and amortization
82,246
74,473
160,840
148,373
Interest and other income
(65)
(3)
(161)
(8)
Interest expense
37,495
33,618
73,380
66,147
Loss on impairment
—
888
—
888
Gain on the sales of rental property, net
(8,346)
(5,692)
(23,445)
(55,605)
EBITDAre
$ 165,343
$ 154,347
$ 327,941
$ 304,220
ADJUSTED EBITDAre RECONCILIATION
EBITDAre
$ 165,343
$ 154,347
$ 327,941
$ 304,220
Straight-line rent adjustments, net
(6,875)
(4,935)
(13,425)
(9,125)
Amortization of above and below market leases, net
(328)
(643)
(837)
(1,227)
Non-cash compensation expense
3,521
3,248
6,983
6,430
Non-recurring other items
8
—
8
(13)
Gain on involuntary conversion
—
—
—
(1,855)
Adjusted EBITDAre
$ 161,669
$ 152,017
$ 320,670
$ 298,430
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
STAG Industrial, Inc.
(unaudited, in thousands, except per share data)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
CORE FUNDS FROM OPERATIONS RECONCILIATION
Net income
$ 54,013
$ 51,063
$ 117,327
$ 144,425
Rental property depreciation and amortization
82,175
74,386
160,684
148,200
Loss on impairment
—
888
—
888
Gain on the sales of rental property, net
(8,346)
(5,692)
(23,445)
(55,605)
Funds from operations
$ 127,842
$ 120,645
$ 254,566
$ 237,908
Amount allocated to restricted shares of common stock and
unvested units
(132)
(139)
(277)
(293)
Funds from operations attributable to common stockholders
and unit holders
$ 127,710
$ 120,506
$ 254,289
$ 237,615
Funds from operations attributable to common stockholders
and unit holders
$ 127,710
$ 120,506
$ 254,289
$ 237,615
Gain on involuntary conversion
—
—
—
(1,855)
Core funds from operations
$ 127,710
$ 120,506
$ 254,289
$ 235,760
Weighted average common shares and units
Weighted average common shares outstanding
191,180
186,535
191,088
186,502
Weighted average units outstanding
3,692
3,697
3,722
3,706
Weighted average common shares and units - basic
194,872
190,232
194,810
190,208
Dilutive shares
152
375
197
332
Weighted average common shares, units, and other dilutive
shares - diluted
195,024
190,607
195,007
190,540
Core funds from operations per share / unit - basic
$ 0.66
$ 0.63
$ 1.31
$ 1.24
Core funds from operations per share / unit - diluted
$ 0.65
$ 0.63
$ 1.30
$ 1.24
CASH AVAILABLE FOR DISTRIBUTION RECONCILIATION
Core funds from operations
$ 127,710
$ 120,506
$ 254,289
$ 235,760
Amount allocated to restricted shares of common stock and
unvested units
132
139
277
293
Non-rental property depreciation and amortization
71
87
156
173
Straight-line rent adjustments, net
(6,875)
(4,935)
(13,425)
(9,125)
Capital expenditures
(12,563)
(10,996)
(21,215)
(15,975)
Capital expenditures reimbursed by tenants
(528)
(689)
(528)
(794)
Lease commissions and tenant improvements
(11,427)
(9,868)
(18,162)
(14,085)
Non-cash portion of interest expense
1,368
1,337
2,739
2,638
Non-cash compensation expense
3,521
3,248
6,983
6,430
Cash available for distribution
$ 101,409
$ 98,829
$ 211,114
$ 205,315
Non-GAAP Financial Measures and Other Definitions
Acquisition Capital Expenditures: We define Acquisition Capital Expenditures as capital expenditures identified at the time of acquisition. Acquisition Capital Expenditures also include new lease commissions and tenant improvements for space that was not occupied under the Company's ownership.
Cash Available for Distribution: Cash Available for Distribution represents Core FFO, excluding non-rental property depreciation and amortization, straight-line rent adjustments, non-cash portion of interest expense, non-cash compensation expense, and deducts capital expenditures reimbursed by tenants, capital expenditures, leasing commissions and tenant improvements, and severance costs.
Cash Available for Distribution should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements.
Cash Available for Distribution excludes, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, our calculation of Cash Available for Distribution may not be comparable to similarly titled measures disclosed by other REITs.
Cash Capitalization Rate: We define Cash Capitalization Rate as calculated by dividing (i) the Company's estimate of year one cash net operating income from the applicable property's operations stabilized for occupancy (post-lease-up for vacant properties), which does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025.
Cash Rent Change: We define Cash Rent Change as the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses.
Comparable Lease: We define a Comparable Lease as a lease in the same space with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership.
Earnings before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre), Adjusted EBITDAre, Annualized Adjusted EBITDAre, Run Rate Adjusted EBITDAre, and Annualized Run Rate Adjusted EBITDAre: We define EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). EBITDAre represents net income (loss) (computed in accordance with GAAP) before interest expense, interest and other income, tax, depreciation and amortization, gains or losses on the sale of rental property, and loss on impairments. Adjusted EBITDAre further excludes straight-line rent adjustments, non-cash compensation expense, amortization of above and below market leases, net, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, and other non-recurring items.
We define Annualized Adjusted EBITDAre as Adjusted EBITDAre multiplied by four.
We define Run Rate Adjusted EBITDAre as Adjusted EBITDAre plus incremental Adjusted EBITDAre adjusted for a full period of acquisitions and dispositions. Run Rate Adjusted EBITDAre does not reflect the Company's historical results and does not predict future results, which may be substantially different.
We define Annualized Run Rate Adjusted EBITDAre as Run Rate Adjusted EBITDAre excluding allowable one-time items multiplied by four plus allowable one-time items.
EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We believe that EBITDAre, Adjusted EBITDAre, and Run Rate Adjusted EBITDAre are helpful to investors as supplemental measures of the operating performance of a real estate company because they are direct measures of the actual operating results of our properties. We also use these measures in ratios to compare our performance to that of our industry peers.
Funds from Operations (FFO) and Core FFO: We define FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (losses) from sales of land, impairment write-downs of depreciable real estate, rental property depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. Core FFO excludes debt extinguishment and modification expenses and other expenses, gain (loss) on involuntary conversion, gain (loss) on swap ineffectiveness, and non-recurring other expenses.
None of FFO or Core FFO should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. We use FFO as a supplemental performance measure because it is a widely recognized measure of the performance of REITs. FFO may be used by investors as a basis to compare our operating performance with that of other REITs. We and investors may use Core FFO similarly as FFO.
However, because FFO and Core FFO exclude, among other items, depreciation and amortization and capture neither the changes in the value of our buildings that result from use or market conditions of our buildings, all of which have real economic effects and could materially impact our results from operations, the utility of these measures as measures of our performance is limited. In addition, other REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. Similarly, our calculation of Core FFO may not be comparable to similarly titled measures disclosed by other REITs.
GAAP: We define GAAP as generally accepted accounting principles in the United States.
Liquidity: We define Liquidity as the amount of aggregate undrawn nominal commitments the Company could immediately borrow under the Company's unsecured debt instruments, consistent with the financial covenants, plus unrestricted cash balances.
Market: We define Market as the market defined by CBRE-EA based on the building address. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
Net Debt: We define Net Debt as the outstanding principal balance of the Company's total debt, less cash and cash equivalents and proceeds from pending reverse Section 1031 like-kind exchanges that are included in restricted cash.
Net operating income (NOI), Cash NOI, and Run Rate Cash NOI: We define NOI as rental income, including reimbursements, less property expenses, which excludes depreciation, amortization, loss on impairments, general and administrative expenses, interest expense, interest income, gain (loss) on involuntary conversion, debt extinguishment and modification expenses, gain on sales of rental property, and other expenses.
We define Cash NOI as NOI less rental property straight-line rent adjustments and less amortization of above and below market leases, net.
We define Run Rate Cash NOI as Cash NOI plus Cash NOI adjusted for a full period of acquisitions and dispositions, less cash termination income, solar income and revenue associated with one-time tenant reimbursements of capital expenditures. Run Rate Cash NOI does not reflect the Company's historical results and does not predict future results, which may be substantially different.
We consider NOI, Cash NOI and Run Rate Cash NOI to be appropriate supplemental performance measures to net income because we believe they help us, and investors understand the core operations of our buildings. None of these measures should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further, these measurements should be compared with our reported net income or net loss in accordance with GAAP, as presented in our consolidated financial statements. Further, our calculations of NOI, Cash NOI and Run Rate NOI may not be comparable to similarly titled measures disclosed by other REITs.
Occupancy Rate: We define Occupancy Rate as the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier.
Operating Portfolio: We define the Operating Portfolio as all buildings that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/office buildings, buildings contained in the Value Add Portfolio, and buildings classified as held for sale.
Pipeline: We define Pipeline as a point in time measure that includes all of the transactions under consideration by the Company's acquisitions group that have passed the initial screening process. The pipeline also includes transactions under contract and transactions with non-binding LOIs.
Renewal Lease: We define a Renewal Lease as a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more.
Repositioning: We define Repositioning as significant capital improvements made to improve the functionality of a building without causing material disruption to the tenant or Occupancy Rate. Buildings undergoing Repositioning remain in the Operating Portfolio.
Retention: We define Retention as the percentage determined by taking Renewal Lease square footage commencing in the period divided by square footage of leases expiring in the period for assets included in the Operating Portfolio.
Same Store: We define Same Store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for Same Store properties exclude termination fees, solar income, and revenue associated with one-time tenant reimbursements of capital expenditures. Same Store properties exclude Operating Portfolio properties with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025.
Stabilization: We define Stabilization for assets under development or redevelopment to occur as the earlier of achieving 90% occupancy or 12 months after completion. Stabilization for assets that were acquired and immediately added to the Value Add Portfolio occurs under the following:
if acquired with less than 75% occupancy as of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy or 12 months from the acquisition date, if acquired and will be less than 75% occupied due to known move-outs within two years of the acquisition date, Stabilization will occur upon the earlier of achieving 90% occupancy after the known move-outs have occurred or 12 months after the known move-outs have occurred. Straight-Line Capitalization Rate: We define Straight-Line Capitalization Rate as calculated by dividing (i) the Company's estimate of annual net operating income from the applicable property's operations stabilized for occupancy (post-lease-up for vacant properties), which is utilzing the average monthly base rent over the term of the lease and does not include termination income, solar income, miscellaneous other income, capital expenditures, general and administrative costs, reserves, tenant improvements and leasing commissions, credit loss, or vacancy loss, by (ii) the GAAP purchase price plus estimated Acquisition Capital Expenditures. These Capitalization Rate estimates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025.
Straight-Line Rent Change (SL Rent Change): We define SL Rent Change as the percentage change in the average monthly base rent over the term of the lease that commenced during the period compared to the Comparable Lease for assets included in the Operating Portfolio. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses, and this calculation excludes the impact of any holdover rent.
Value Add Portfolio: We define the Value Add Portfolio as properties that meet any of the following criteria:
less than 75% occupied as of the acquisition date; will be less than 75% occupied due to known move-outs within two years of the acquisition date; out of service with significant physical renovation of the asset; development. Weighted Average Lease Term: We define Weighted Average Lease Term as the contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, as of the lease start date weighted by square footage. Weighted Average Lease Term related to acquired assets reflects the remaining lease term in years as of the acquisition date weighted by square footage.
Forward-Looking Statements
This earnings release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. STAG Industrial, Inc. (STAG) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe STAG's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should", "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond STAG's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in STAG's most recent Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company's subsequent reports filed with the Securities and Exchange Commission. Accordingly, there is no assurance that STAG's expectations will be realized. Except as otherwise required by the federal securities laws, STAG disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in STAG's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Alexandria Real Estate Equities čeká za 2. čtvrtletí pokles tržeb o 14,8 % na 649 mil. USD a adjusted FFO na akcii o 29,2 % na 1,65 USD. Slabší obsazenost kvůli expiracím nájmů má dál tlačit výsledky.
Key Takeaways Alexandria's Q2 results may show declines in revenues and adjusted FFO per share.Lease expirations and slow re-leasing could push occupancy down to an estimated 88.9%.ARE's revenues are expected to fall 14.8%, while adjusted FFO per share may drop 29.2%. Alexandria Real Estate Equities Inc. (ARE - Free Report) is scheduled to release its second-quarter 2026 results on Aug. 3, after the closing bell. Its quarterly results are likely to reflect a decline in revenues and funds from operations (FFO) per share.
In the last reported quarter, this Pasadena, CA-based life science real estate investment trust (REIT), focusing on collaborative life science, agtech and technology campuses in AAA innovation cluster locations, met the Zacks Consensus Estimate in terms of adjusted FFO per share. ARE’s performance in the quarter reflected lower occupancy, negative rental rates and higher interest expenses.
Alexandria has a decent surprise history. Over the preceding four quarters, its adjusted FFO per share surpassed the Zacks Consensus Estimate on two occasions, missed once and met in the remaining period, with the average miss of 0.42%. This is depicted in the graph below:
Factors at Play & Projections for AREARE owns a premium portfolio of Class A/A+ properties in the high-barrier-to-entry markets of the United States. This strategically located property base supports stable long-term demand from high-growth tenants. However, the company’s vast development pipeline exposes it to the risk of lease-up concerns.
The slow re-leasing of expiring spaces in its operating portfolio is likely to have pressured occupancy levels in the quarter under consideration, affecting its revenue growth. According to the first-quarter 2026 earnings call transcript, management had an additional 747,000 square feet of key lease expiries expected to go vacant in 2026, with about 45% of that expected expiring in the to-be-reported quarter, which is likely to weigh on occupancy for the second quarter of 2026.
Moreover, Alexandria’s same-property revenues are likely to have been adversely impacted owing to pressure on occupancy. For the second quarter of 2026, our estimate indicates a 9.3% decrease in same-store revenues and a 18% decline in same-store NOI.
The Zacks Consensus Estimate for Alexandria’s quarterly revenues currently stands at $649 million, suggesting a decrease of 14.8% from the prior-year period’s reported figure.
Alexandria’s activities in the to-be-reported quarter were adequate to garner analysts’ confidence. The Zacks Consensus Estimate for the quarterly adjusted FFO per share has increased a cent to $1.65 over the past month. However, the figure suggests a 29.2% decrease from the year-ago quarter’s tally.
What Our Quantitative Model Predicts for AREOur proven model does not conclusively predict a surprise in terms of FFO per share for Alexandria this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here.
Alexandria currently has an Earnings ESP of +0.55% and has a Zacks Rank #5 (Strong Sell). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a LookHere are two stocks from the broader REIT industry — Host Hotels & Resorts (HST - Free Report) and Lamar Advertising (LAMR - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.
Host Hotels is slated to report quarterly numbers on Aug. 5. HST has an Earnings ESP of +1.73% and carries a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
LAMR, scheduled to report quarterly numbers on Aug. 6, has an Earnings ESP of +0.22% and a Zacks Rank of 3.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
, /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500 index, announced operating results for the three and six months ended June 30, 2026.
Highlights for the three months ended June 30, 2026:
Achieved net income attributable to common stockholders of $1.25 per diluted share, representing a 5.9% increase compared to the same period in the prior year. Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $2.07 per diluted share. FFO, excluding adjustments ("Core FFO"), was $2.15 per diluted share, representing a 4.9% increase compared to the same period in the prior year. Same-store revenue increased by 2.4% and same-store expense decreased by 0.5%, resulting in a same-store net operating income ("NOI") increase of 3.5% compared to the same period in the prior year. Reported ending same-store occupancy of 94.2% as of June 30, 2026, compared to 94.4% as of June 30, 2025. Purchased 17 operating stores and acquired the ownership interest of our joint venture partner in one consolidated joint venture for a total cost of $90.7 million. Originated $140.6 million in mortgage and mezzanine bridge loans. Added 67 stores (48 stores net) to the Company's third-party management platform. As of June 30, 2026, the Company managed 1,964 stores for third parties and 409 stores in unconsolidated joint ventures, for a total of 2,373 managed stores. Paid a quarterly dividend of $1.62 per share. Highlights for the six months ended June 30, 2026:
Achieved net income attributable to common stockholders of $2.39 per diluted share, representing a 2.5% decrease compared to the same period in the prior year, which included a gain from real estate assets sold in 2025. Achieved FFO of $4.04 per diluted share, and Core FFO of $4.19 per diluted share, representing a 3.5% increase compared to the same period in the prior year. Increased same-store revenue by 2.0% and same-store expense increased by 1.1%, resulting in a same-store NOI increase of 2.4% compared to the same period in the prior year. Purchased 18 operating stores and acquired the ownership interest of our joint venture partner in one consolidated joint venture for a total cost of $103.2 million. In conjunction with joint venture partners, completed the development of one store for a total cost of approximately $15.1 million, of which the Company invested $14.4 million. Originated $146.1 million in mortgage and mezzanine bridge loans and sold $30.8 million in mortgage bridge loans. Added 151 stores (108 stores net) to the Company's third-party management platform. Joe Margolis, CEO of the Company, stated: "Our operating systems and platform continue to optimize performance as we get deeper into the storage sector's recovery. Core FFO growth of 4.9% for the quarter was driven by strong occupancy, improving store performance, and smart expense control — with meaningful contributions from our ancillary businesses, including third-party management and bridge lending. We are never satisfied with, and always seek to improve, our technology, systems, process, and people, and it is gratifying to see that commitment reflected in our results."
FFO Per Share:
The following table (unaudited) outlines the Company's FFO and Core FFO for the three and six months ended June 30, 2026 and 2025. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share and per share data):
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026
2025
2026
2025
(per share)1
(per share)1
(per share)1
(per share)1
Net income attributable to
common stockholders
$ 263,471
$ 1.25
$ 249,731
$ 1.18
$ 504,448
$ 2.39
$ 520,606
$ 2.45
Impact of the difference in
weighted average number of
shares – diluted2
(0.06)
(0.05)
(0.11)
(0.10)
Adjustments:
Real estate depreciation
171,249
0.77
164,707
0.74
342,144
1.55
323,877
1.46
Amortization of intangibles
2,953
0.01
3,225
0.01
6,676
0.03
14,304
0.07
(Gain) loss on real estate
assets held for sale and sold,
net
—
—
864
—
—
—
(34,897)
(0.16)
Unconsolidated joint venture
real estate depreciation and
amortization
7,864
0.04
7,741
0.04
15,471
0.07
16,430
0.07
Equity in earnings of
unconsolidated joint venture
gain on sale of a joint venture
interest
(640)
—
—
—
(847)
—
—
—
Income allocated to Operating
Partnership and other
noncontrolling interests
12,408
0.06
12,985
0.06
23,851
0.11
27,035
0.12
FFO
$ 457,305
$ 2.07
$ 439,253
$ 1.98
$ 891,743
$ 4.04
$ 867,355
$ 3.91
Adjustments:
Non-cash interest expense
related to amortization of
discount on unsecured senior
notes, net
12,735
0.05
11,770
0.05
25,290
0.10
23,083
0.10
Amortization of other
intangibles related to the Life
Storage Merger, net of tax
benefit
3,917
0.02
3,917
0.02
7,834
0.04
8,448
0.04
Other adjustments (4)
1,771
0.01
—
—
1,771
0.01
—
—
CORE FFO
$ 475,728
$ 2.15
$ 454,940
$ 2.05
$ 926,638
$ 4.19
$ 898,886
$ 4.05
Weighted average number of
shares – diluted3
221,002,914
221,971,567
220,968,158
221,934,254
(1)
Per share amounts may not recalculate due to rounding.
(2)
This adjustment is to account for the difference between the number of shares used to calculate earnings per share and the number of shares used to calculate FFO per share. Earnings per share is calculated using the two-class method, which uses a lower number of shares than the calculation for FFO per share and Core FFO per share, which are calculated assuming full redemption of all OP units as described in note (3).
(3)
Extra Space Storage LP (the "Operating Partnership") has outstanding preferred and common Operating Partnership units ("OP units"). These OP units can be redeemed for cash or, at the Company's election, shares of the Company's common stock. Redemption of all OP units for common stock has been assumed for purposes of calculating the weighted average number of shares — diluted, as presented above. The computation of weighted average number of shares — diluted, for FFO per share and Core FFO per share also includes the effect of share-based compensation plans.
(4)
Adjustment to Core FFO relates to legal settlement costs with New York City.
Operating Results and Same-Store Performance:
The following table (unaudited) outlines the Company's same-store performance for the three and six months ended June 30, 2026 and 2025 (amounts shown in thousands, except store count data)1:
For the Three Months Ended
June 30,
Percent
For the Six Months
Ended June 30,
Percent
2026
2025
Change
2026
2025
Change
Same-store property revenues2
Net rental income
$ 664,926
$ 648,617
2.5 %
$ 1,319,291
$ 1,291,611
2.1 %
Other income
25,266
25,644
(1.5) %
49,510
50,200
(1.4) %
Total same-store revenues
$ 690,192
$ 674,261
2.4 %
$ 1,368,801
$ 1,341,811
2.0 %
Same-store operating expenses2
Payroll and benefits
$ 40,786
$ 41,744
(2.3) %
$ 82,471
$ 82,816
(0.4) %
Marketing
16,720
17,524
(4.6) %
31,187
31,838
(2.0) %
Office expense3
18,518
18,016
2.8 %
36,728
35,915
2.3 %
Property operating expense4
17,476
18,847
(7.3) %
41,576
41,577
— %
Repairs and maintenance
11,289
13,362
(15.5) %
28,003
28,856
(3.0) %
Property taxes
80,818
77,526
4.2 %
158,609
154,716
2.5 %
Insurance
8,507
8,141
4.5 %
17,409
16,069
8.3 %
Total same-store operating expenses
$ 194,114
$ 195,160
(0.5) %
$ 395,983
$ 391,787
1.1 %
Same-store net operating income2
$ 496,078
$ 479,101
3.5 %
$ 972,818
$ 950,024
2.4 %
Same-store square foot occupancy as of
quarter end
94.2 %
94.4 %
94.2 %
94.4 %
Average same-store square foot occupancy
94.0 %
94.1 %
93.4 %
93.6 %
Properties included in same-store5
1,870
1,870
1,870
1,870
(1)
A reconciliation of net income to same-store net operating income is provided later in this release, entitled "Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income."
(2)
Same-store revenues, operating expenses and net operating income do not include tenant reinsurance revenue or expense.
(3)
Includes general office expenses, computer, bank fees, and credit card merchant fees.
(4)
Includes utilities and miscellaneous other store expenses.
(5)
On January 1, 2026, the Company updated the property count of the same-store pool from 1,804 to 1,871 stores. In the quarter ended March 31, 2026, one property was removed due to a casualty loss, reducing the same-store pool to 1,870 stores.
Details related to the same-store performance of stores by metropolitan statistical area ("MSA") for the three and six months ended June 30, 2026 and 2025 are provided in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.
Investment and Property Management Activity:
The following table (unaudited) outlines the Company's acquisitions and developments that are closed, completed or under agreement (dollars in thousands).
Closed/Completed through
June 30, 2026
Closed /Completed or
Scheduled to Close/Complete
in 2026
Total 2026
Wholly-Owned Investment1
Stores
Price
Stores
Price
Stores
Price
Operating Stores
18
$ 99,133
1
$ 14,200
19
$ 113,333
Buyout of JV Partners' Interest in
Operating Store
1
4,080
—
—
1
4,080
EXR Investment in Wholly-
Owned Stores
19
103,213
1
14,200
20
117,413
Joint Venture Investment1
EXR Investment in JV Development
and C of O
1
14,378
3
42,370
4
56,748
EXR Investment in Joint
Ventures
1
14,378
3
42,370
4
56,748
Total EXR Investment
20
$ 117,591
4
$ 56,570
24
$ 174,161
(1)
The locations of certificate of occupancy ("C of O") and development stores and joint venture ownership interest details are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.
The projected developments and acquisitions under agreement described above are subject to customary closing conditions and no assurance can be provided that these developments and acquisitions will be completed on the terms described, or at all.
Property Sales:
The Company did not dispose of any properties during the three months ended June 30, 2026, and currently has six properties held for sale.
Bridge Loans:
During the three months ended June 30, 2026, the Company originated $140.6 million in bridge loans. Outstanding balances of the Company's bridge loans were approximately $1.5 billion at the end of the quarter. The Company has an additional $86.3 million in bridge loans that have closed subsequent to quarter end or are under agreement to close in 2026. Additional details related to the Company's loan activity and balances held are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.
Property Management:
As of June 30, 2026, the Company managed 1,964 stores for third-party owners and 409 stores owned in unconsolidated joint ventures, for a total of 2,373 stores under management. The Company is the largest self-storage management company in the United States.
Balance Sheet:
During the three months ended June 30, 2026, the Company did not issue any shares on its ATM program, and as of June 30, 2026, the Company had $800.0 million available for issuance. Likewise, the Company did not repurchase any shares of common stock using its stock repurchase program during the quarter. As of June 30, 2026, the Company had authorization to purchase up to $349.0 million under the program.
On June 24, 2026, the Company priced a public bond offering issuing $550.0 million aggregate principal amount of 4.90% unsecured senior notes due 2032.
As of June 30, 2026, the Company's commercial paper program had total capacity of $1.0 billion, with $850.0 million in outstanding issuances.
As of June 30, 2026, the Company's percentage of fixed-rate debt to total debt was 78.5%. Net of the impact of variable rate receivables, the effective fixed-rate debt to total debt was 88.4%. The weighted average interest rates of the Company's fixed and variable-rate debt were 4.3% and 4.6%, respectively. The combined weighted average interest rate was 4.3% with a weighted average maturity of approximately 4.0 years. Full details related to the Company's debt schedule are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.
Dividends:
On June 30, 2026, the Company paid a second quarter common stock dividend of $1.62 per share to stockholders of record at the close of business on June 15, 2026.
Outlook:
The following table outlines the Company's Core FFO estimates and assumptions for the year ending December 31, 20261.
Current Ranges for 2026
Annual Assumptions
Prior Ranges for 2026
Annual Assumptions
Notes
(July 28, 2026)
(April 28, 2026)
Low
High
Low
High
Core FFO
$8.25
$8.40
$8.05
$8.35
Dilution per share from C of O
and value add acquisitions
$0.17
$0.17
$0.18
$0.18
Same-store revenue growth
1.00 %
2.00 %
(0.50) %
1.50 %
Same-store pool of 1,870 stores
Same-store expense growth
1.00 %
2.00 %
2.00 %
3.50 %
Same-store pool of 1,870 stores
Same-store NOI growth
0.50 %
2.50 %
(2.25) %
1.25 %
Same-store pool of 1,870 stores
Weighted average one-month
SOFR
3.73 %
3.73 %
3.65 %
3.65 %
Net tenant reinsurance income
$294,000,000
$296,000,000
$289,000,000
$292,000,000
Management fees and other
income
$139,000,000
$140,000,000
$140,000,000
$141,500,000
Interest income
$153,000,000
$154,000,000
$149,500,000
$151,000,000
Includes interest from bridge
loans and dividends from
NexPoint preferred investment
General and administrative
expenses
$188,000,000
$189,500,000
$190,500,000
$192,500,000
Includes non-cash
compensation
Equity in earnings of real
estate ventures
$63,500,000
$64,500,000
$63,500,000
$64,500,000
Includes dividends from
SmartStop preferred
investments
Interest expense
$595,000,000
$598,000,000
$592,000,000
$597,000,000
Excludes non-cash interest
expense shown below
Non-cash interest expense
related to amortization of
discount on unsecured senior
notes, net
$44,000,000
$45,000,000
$42,000,000
$43,000,000
Amortization of debt mark-to-
market; excluded from Core
FFO
Income Tax Expense
$48,000,000
$49,000,000
$47,000,000
$48,000,000
Taxes associated with the
Company's taxable REIT
subsidiary
Acquisitions
$300,000,000
$300,000,000
$200,000,000
$200,000,000
Includes wholly-owned
acquisitions and the Company's
investment in joint ventures
Bridge loans outstanding
$1,475,000,000
$1,475,000,000
$1,475,000,000
$1,475,000,000
Represents the Company's
average retained loan balances
for the year
Weighted average share count
221,000,000
221,000,000
221,100,000
221,100,000
Assumes redemption of all OP
units for common stock
(1)
A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled "Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income." The reconciliation includes details related to same-store revenue and same-store expense outlooks. A reconciliation of net income per share outlook to funds from operations per share outlook is provided later in this release entitled "Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share."
FFO estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. The Company's estimates are forward-looking and based on management's view of current and future market conditions. The Company's actual results may differ materially from these estimates.
Supplemental Financial Information:
Supplemental unaudited financial information regarding the Company's performance can be found on the Company's website at www.extraspace.com. Under the "Company Info" navigation menu on the home page, click on "Investor Relations," then under the "Financials" navigation menu click on "Quarterly Results." This supplemental information provides additional detail on items that include store occupancy and financial performance by portfolio and market, debt maturity schedules and performance of lease-up assets.
Conference Call:
The Company will host a conference call at 1:00 p.m. Eastern Time on Wednesday, July 29, 2026, to discuss its financial results. Telephone participants may avoid any delays in joining the conference call by pre-registering for the call using the following link to receive a special dial-in number and PIN: https://events.q4inc.com/analyst/293950168?pwd=CHtG2oiN
A live webcast of the call will also be available on the Company's investor relations website at https://ir.extraspace.com. To listen to the live webcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
A replay of the call will be available for 30 days on the investor relations section of the Company's website beginning at 5:00 p.m. Eastern Time on July 29, 2026.
Forward-Looking Statements:
Certain information set forth in this release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include statements concerning the benefits of store acquisitions, developments, market conditions, our outlook and estimates for the year and other statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, the competitive landscape, the impact of broader economic trends on the storage industry, our plans or intentions relating to acquisitions and developments, and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "estimates," "expects," "may," "will," "should," "anticipates," "outlook," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any forward-looking statements should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
adverse changes in general economic conditions, the real estate industry and the markets in which we operate; potential liability for uninsured losses and environmental contamination; our ability to recover losses under our insurance policies; the impact of the regulatory environment as well as national, state and local laws and regulations, including, without limitation, those governing real estate investment trusts ("REITs"), tenant reinsurance and other aspects of our business, which could adversely affect our results; the effect of competition from new and existing stores or other storage alternatives, including increased or unanticipated competition for our properties, which could cause rents and occupancy rates to decline; failure to close pending acquisitions and developments on expected terms, or at all; risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change and other factors; reductions in asset valuations and related impairment charges; our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse, any of which could adversely affect our business and results; impacts from any outbreak of highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results; economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan; our lack of sole decision-making authority with respect to our joint venture investments; disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow; availability of financing and capital, the levels of debt that we maintain and our credit ratings; changes in global financial markets, increases in interest rates and the impact of enacted and proposed U.S. tariffs on global economic conditions; the effect of recent or future changes to U.S. tax laws; and the failure to maintain our REIT status for U.S. federal income tax purposes. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
Definition of FFO:
FFO provides relevant and meaningful information about the Company's operating performance that is necessary, along with net income and cash flows, for an understanding of the Company's operating results. The Company believes FFO is a meaningful disclosure as a supplement to net income. Net income assumes that the values of real estate assets diminish predictably over time as reflected through depreciation and amortization expenses. The values of real estate assets fluctuate due to market conditions and the Company believes FFO more accurately reflects the value of the Company's real estate assets. FFO is defined by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as net income computed in accordance with U.S. generally accepted accounting principles ("GAAP"), excluding gains or losses on sales of operating stores and impairment write downs of depreciable real estate assets, plus depreciation and amortization related to real estate and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. The Company believes that to further understand the Company's performance, FFO should be considered along with the reported net income and cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements. FFO should not be considered a replacement of net income computed in accordance with GAAP.
For informational purposes, the Company also presents Core FFO. Core FFO excludes revenues and expenses not core to our operations and transaction costs. It also includes certain costs associated with the Life Storage Merger including non-cash interest related to the amortization of discount on unsecured senior notes and amortization of other intangibles, net of tax benefit. Although the Company's calculation of Core FFO differs from NAREIT's definition of FFO and may not be comparable to that of other REITs and real estate companies, the Company believes it provides a meaningful supplemental measure of operating performance. The Company believes that by excluding revenues and expenses not core to our operations and non-cash interest charges, stockholders and potential investors are presented with an indicator of our operating performance that more closely achieves the objectives of the real estate industry in presenting FFO. Core FFO by the Company should not be considered a replacement of the NAREIT definition of FFO. The computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income as an indication of the Company's performance, as an alternative to net cash flow from operating activities as a measure of liquidity, or as an indicator of the Company's ability to make cash distributions.
Definition of Same-Store:
The Company's same-store pool for the periods presented consists of 1,870 stores that are wholly-owned and operated and that were stabilized by the first day of the earliest calendar year presented, or January 1, 2025. The Company considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to occupancy, rental revenue (growth), operating expenses (growth), net operating income (growth), etc., stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company's stores as a whole.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of June 30, 2026, the Company owned and/or operated 4,410 self-storage stores in 42 states and Washington, D.C. The Company's stores comprise approximately 3.0 million units and approximately 341.0 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States.
Extra Space Storage Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
June 30, 2026
December 31, 2025
(Unaudited)
Assets:
Real estate assets, net
$ 24,938,444
$ 25,004,350
Real estate assets - operating lease right-of-use assets
732,490
732,176
Investments in unconsolidated real estate entities
1,065,012
1,066,783
Investments in debt securities and notes receivable
1,751,653
1,806,526
Cash and cash equivalents
695,171
138,920
Other assets, net
477,723
515,291
Total assets
$ 29,660,493
$ 29,264,046
Liabilities, Noncontrolling Interests and Equity:
Secured notes payable, net
$ 1,073,327
$ 1,079,565
Unsecured term loans, net
1,495,365
1,494,659
Unsecured senior notes, net
9,460,928
9,432,427
Revolving lines of credit and commercial paper
1,617,000
1,224,000
Operating lease liabilities
767,584
761,106
Cash distributions in unconsolidated real estate ventures
75,185
73,701
Accounts payable and accrued expenses
445,144
357,583
Other liabilities
548,626
516,969
Total liabilities
15,483,159
14,940,010
Commitments and contingencies
Noncontrolling Interests and Equity:
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued
or outstanding
—
—
Common stock, $0.01 par value, 500,000,000 shares authorized, 211,273,076
and 211,155,322 shares issued and outstanding at June 30, 2026 and December
31, 2025, respectively
2,113
2,112
Additional paid-in capital
14,886,836
14,880,646
Accumulated other comprehensive loss
(181)
(420)
Accumulated deficit
(1,630,873)
(1,449,172)
Total Extra Space Storage Inc. stockholders' equity
13,257,895
13,433,166
Noncontrolling interest represented by Preferred Operating Partnership units
47,827
53,827
Noncontrolling interests in Operating Partnership, net and other noncontrolling
interests
871,612
837,043
Total noncontrolling interests and equity
14,177,334
14,324,036
Total liabilities, noncontrolling interests and equity
$ 29,660,493
$ 29,264,046
Consolidated Statement of Operations for the Three and Six Months Ended June 30, 2026 and 2025
(In thousands, except share and per share data) - Unaudited
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
Revenues:
Property rental
$ 746,164
$ 721,004
$ 1,479,377
$ 1,425,384
Tenant reinsurance
93,084
88,572
182,203
173,284
Management fees and other income
34,904
32,042
68,599
62,947
Total revenues
874,152
841,618
1,730,179
1,661,615
Expenses:
Property operations
231,718
227,621
470,021
451,203
Tenant reinsurance
17,325
16,945
35,192
34,061
General and administrative
47,315
44,952
93,824
90,926
Depreciation and amortization
185,610
177,266
371,405
357,622
Total expenses
481,968
466,784
970,442
933,812
Gain (loss) on real estate assets held for sale and sold, net
—
(864)
—
34,897
Income from operations
392,184
373,970
759,737
762,700
Interest expense
(146,720)
(146,128)
(294,019)
(288,527)
Non-cash interest expense related to amortization of discount on unsecured senior
notes, net
(12,735)
(11,770)
(25,290)
(23,083)
Interest income
38,777
41,998
78,320
80,965
Income before equity in earnings and dividend income from unconsolidated real
estate entities and income tax expense
271,506
258,070
518,748
532,055
Equity in earnings and dividend income from unconsolidated real estate entities
15,802
16,284
31,562
36,215
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint
venture interest
640
—
847
—
Income tax expense
(12,069)
(11,638)
(22,858)
(20,629)
Net income
275,879
262,716
528,299
547,641
Net income allocated to Preferred Operating Partnership noncontrolling interests
(674)
(723)
(1,347)
(1,447)
Net income allocated to Operating Partnership and other noncontrolling interests
(11,734)
(12,262)
(22,504)
(25,588)
Net income attributable to common stockholders
$ 263,471
$ 249,731
$ 504,448
$ 520,606
Earnings per common share
Basic
$ 1.25
$ 1.18
$ 2.39
$ 2.45
Diluted
$ 1.25
$ 1.18
$ 2.39
$ 2.45
Weighted average number of shares
Basic
210,962,128
211,940,903
210,929,737
211,895,586
Diluted
220,362,955
211,940,903
220,343,045
211,895,586
Cash dividends paid per common share
$ 1.62
$ 1.62
$ 3.24
$ 3.24
Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three and Six Months Ended
June 30, 2026 and 2025 (In thousands) - Unaudited
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
Net Income
$ 275,879
$ 262,716
$ 528,299
$ 547,641
Adjusted to exclude:
(Gain) loss on real estate assets held for sale and sold, net
—
864
—
(34,897)
Equity in earnings and dividend income from unconsolidated real
estate entities
(15,802)
(16,284)
(31,562)
(36,215)
Equity in earnings of unconsolidated real estate ventures - gain on sale
of a joint venture interest
(640)
—
(847)
—
Interest expense
146,720
146,128
294,019
288,527
Non-cash interest expense related to amortization of discount on
unsecured senior notes, net
12,735
11,770
25,290
23,083
Depreciation and amortization
185,610
177,266
371,405
357,622
Income tax expense
12,069
11,638
22,858
20,629
General and administrative
47,315
44,952
93,824
90,926
Management fees, other income and interest income
(73,681)
(74,040)
(146,919)
(143,912)
Net tenant insurance
(75,759)
(71,627)
(147,011)
(139,223)
Non same-store rental revenue
(55,972)
(46,743)
(110,576)
(83,573)
Non same-store operating expense
37,604
32,461
74,038
59,416
Total same-store net operating income
$ 496,078
$ 479,101
$ 972,818
$ 950,024
Same-store rental revenues
690,192
674,261
1,368,801
1,341,811
Same-store operating expenses
194,114
195,160
395,983
391,787
Same-store net operating income
$ 496,078
$ 479,101
$ 972,818
$ 950,024
Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per
Share — for the Year Ending December 31, 2026 - Unaudited
For the Year Ending
December 31, 2026
Low End
High End
Net income attributable to common stockholders per diluted share
$ 4.49
$ 4.64
Income allocated to noncontrolling interest - Preferred Operating
Partnership and Operating Partnership
0.22
0.22
Net income attributable to common stockholders for diluted computations
4.71
4.86
Adjustments:
Real estate depreciation
3.10
3.10
Amortization of intangibles
0.05
0.05
Unconsolidated joint venture real estate depreciation and amortization
0.14
0.14
Funds from operations attributable to common stockholders
8.00
8.15
Adjustments:
Non-cash interest expense related to amortization of discount on unsecured
senior notes, net
0.20
0.20
Amortization of other intangibles related to the Life Storage Merger, net of
tax benefit
0.04
0.04
Other adjustments (1)
0.01
0.01
Core funds from operations attributable to common stockholders
$ 8.25
$ 8.40
(1)
Adjustment to Core FFO relates to legal settlement costs with New York City.
Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income — for the Year Ending
December 31, 2026 (In thousands) - Unaudited
For the Year Ending December 31, 2026
Low
High
Net Income
$ 1,037,750
$ 1,085,650
Adjusted to exclude:
Equity in earnings of unconsolidated joint ventures
(63,500)
(64,500)
Interest expense
598,000
595,000
Non-cash interest expense related to amortization of discount on
unsecured senior notes, net
45,000
44,000
Depreciation and amortization
736,000
736,000
Income tax expense
49,000
48,000
General and administrative
189,500
188,000
Management fees and other income
(139,000)
(140,000)
Interest income
(153,000)
(154,000)
Net tenant reinsurance income
(294,000)
(296,000)
Non same-store rental revenues
(226,000)
(227,000)
Non same-store operating expenses
149,500
149,000
Total same-store net operating income1
$ 1,929,250
$ 1,964,150
Same-store rental revenues1
2,732,000
2,759,000
Same-store operating expenses1
802,750
794,850
Total same-store net operating income1
$ 1,929,250
$ 1,964,150
(1)
Estimated same-store rental revenues, operating expenses and net operating income are for the Company's 2026 same-store pool of 1,870 stores. On January 1, 2026, the Company updated the property count of the same-store pool from 1,804 to 1,871 stores. In the quarter ended March 31, 2026, one property was removed due to casualty loss, reducing the same-store pool to 1,870 stores.
NXP Semiconductors vykázal ve 2. čtvrtletí tržby ve výši 3,5 mld. USD, což je meziročně o 19 % více. Firma zároveň ve 3. čtvrtletí očekává tržby v rozmezí 3,65 až 3,85 mld. USD.
EINDHOVEN, The Netherlands, July 28, 2026 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the second quarter, which ended June 28, 2026. “NXP delivered second-quarter revenue of $3.5 billion, up 19 percent year-on-year and 10 percent sequentially, with growth across all end markets and all regions. This performance reflects the strength of our company-specific growth drivers, particularly in Software-Defined Vehicles and Physical AI, with Data Center emerging as an additional growth engine. Our strong first-half results and third-quarter guidance reinforce our confidence in achieving our financial commitments to drive long-term shareholder value. Underlying these results, AI is moving from the cloud into the physical world — into vehicles, factories, and robots — and it lands directly in the markets where NXP has leadership positions. NXP's portfolio of processing, connectivity, and security solutions, positions us to enable next-generation edge intelligence for our customers,” said Rafael Sotomayor, NXP President and Chief Executive Officer.
Key Highlights for the Second Quarter 2026:
Revenue was $3.50 billion, up 19 percent year-on-year;GAAP gross margin was 57.3 percent, GAAP operating margin was 30.6 percent and GAAP diluted Net Income per Share was $3.02;Non-GAAP gross margin was 58.0 percent, non-GAAP operating margin was 35.1 percent, and non-GAAP diluted Net Income per Share was $3.61;Cash flow from operations was $860 million, with net capex investments of $69 million, resulting in non-GAAP free cash flow of $791 million or 22.6 percent of revenue;Capital return during the quarter was $360 million, representing 45.5 percent of second quarter non-GAAP free cash flow. Dividends paid during the quarter were $256 million, and share buybacks were $104 million. After the end of the second quarter, between June 29, 2026, and July 24, 2026, NXP executed via a 10b5-1 program additional share repurchases totaling $32 million; andOn April 20, 2026, NXP repaid the $750 million aggregate principal amount of outstanding 3.875% senior unsecured notes due June 18, 2026, at par using available cash. Summary of Reported Second Quarter 2026 ($ millions, unaudited) (1)
Q2 2026Q1 2026Q2 2025Q - QY - YTotal Revenue$3,496 $3,181 $2,926 10%
19%GAAP Gross Profit$2,002 $1,788 $1,562 12%
28%Gross Profit Adjustments(i)$(26)$(27)$(90) Non-GAAP Gross Profit$2,028 $1,815 $1,652 12%23%GAAP Gross Margin 57.3% 56.2% 53.4% Non-GAAP Gross Margin 58.0% 57.1% 56.5% GAAP Operating Income (Loss)$1,071 $1,505 $687 -29%56%Operating Income Adjustments(i)$(157)$453 $(248) Non-GAAP Operating Income$1,228 $1,052 $935 17%31%GAAP Operating Margin 30.6% 47.3% 23.5% Non-GAAP Operating Margin 35.1% 33.1% 32.0% GAAP Net Income (Loss) attributable to Stockholders$767 $1,122 $445 -32%72%Net Income Adjustments(i)$(151)$348 $(245) Non-GAAP Net Income (Loss) Attributable to Stockholders$918 $774 $690 19%33%GAAP diluted Net Income (Loss) per Share(ii)$3.02 $4.43 $1.75 -32%72%Non-GAAP diluted Net Income (Loss) per Share(ii)$3.61 $3.05 $2.72 18%33% Additional information Q2 2026 Q1 2026 Q2 2025 Q - QY - YAutomotive$1,938 $1,782 $1,729 9%12%Industrial & IoT$755 $628 $546 20%38%Mobile$351 $391 $331 -10%6%Comm. Infra. & Other$452 $380 $320 19%41%DIO 156 165 158 DPO 60 59 60 DSO 33 34 33 Cash Conversion Cycle 129 140 131 Channel Inventory (weeks) 11 11 9 Gross Financial Leverage(iii)2.1x 2.4x 2.4x Net Financial Leverage(iv)1.5x 1.7x 1.8x Additional Information for the second quarter 2026: For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA. Guidance for the Third Quarter 2026: ($ millions, except Per Share data) (1)
GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(5) million; Share-based Compensation, $(14) million; Other Incidentals, $(5) million;GAAP Operating Income (loss) is expected to include PPA effects, $(36) million; Share-based Compensation, $(115) million; Restructuring and Other Incidentals, $(26) million;GAAP Financial Income (expense) is expected to include Other financial expense $(10) million;GAAP Results relating to equity-accounted investees is expected to include results relating to non-foundry equity-accounted investees $(1) million;GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for results relating to non-foundry equity-accounted investees and the adjustment on Tax due to the earlier mentioned adjustments.
NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP's control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding "Non-GAAP Financial Measures" below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding "Forward-looking Statements." We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.
Non-GAAP Financial Measures
In managing NXP'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, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring 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 our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they 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 core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP's underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.
These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP's operations.
In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Other income, (vi) Operating income (loss), (vii) Operating margin, (viii) Financial Income (expense), (ix) Income tax benefit (provision), (x) Results relating to foundry equity-accounted investees, (xi) Net income (loss) attributable to stockholders, (xii) Earnings per Share - Diluted, (xiii) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xiv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.
The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).
Conference Call and Webcast Information
The company will host a conference call with the financial community on Tuesday, July 28, 2026 at 4:30 p.m. U.S. Eastern Daylight Time (EDT) to review the second quarter 2026 results in detail.
Interested parties may preregister to obtain a user-specific access code for the call here.
The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.
About NXP Semiconductors
NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP's "Brighter Together" approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $12.27 billion in 2025. Find out more at www.nxp.com.
Forward-looking Statements
This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which our products are incorporated; recent changes in global trade policy including tariffs and related trade actions announced by the U.S., China and other countries, potential increase of barriers to international trade, including the imposition of new or increased tariffs, and resulting disruptions to our established supply chains; the impact of government actions and regulations, including as a result of executive orders, including restrictions on the export of products and technology; increasing and evolving cybersecurity threats and privacy risks; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers; our access to production from third-party outsourcing partners, and any events that might affect their business or our relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and successfully cooperate with our strategic alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in our customers’ equipment and products; our ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia, and the continued hostilities and armed conflict in the Middle East including the ongoing military conflict involving Iran and the resulting disruption to energy markets, industrial gas supplies and global logistical routes, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; our ability to maintain good relationships with our suppliers; our ability to integrate acquired businesses in an efficient and effective manner; our ability to generate sufficient cash, raise sufficient capital or refinance our debt at or before maturity to meet our debt service, research and development and capital investment requirements; and a change in tax laws could have an effect on our estimated effective tax rates. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.
NXP Semiconductors
Table 1: Condensed consolidated statement of operations (unaudited)
($ in millions except share data)Three months ended June 28,
2026 March 29,
2026 June 29,
2025 Revenue$3,496 $3,181 $2,926 Cost of revenue (1,494) (1,393) (1,364)Gross profit 2,002 1,788 1,562 Research and development (604) (588) (573)Selling, general and administrative (291) (284) (278)Amortization of acquisition-related intangible assets (31) (32) (25)Total operating expenses (926) (904) (876)Other income (expense) (5) 621 1 Operating income (loss) 1,071 1,505 687 Financial income (expense): Other financial income (expense) (97) (96) (86)Income (loss) before income taxes 974 1,409 601 Benefit (provision) for income taxes (189) (272) (116)Results relating to equity-accounted investees (3) (4) (28)Net income (loss) 782 1,133 457 Less: Net income (loss) attributable to non-controlling interests 15 11 12 Net income (loss) attributable to stockholders 767 1,122 445 Earnings per share data: Net income (loss) per common share attributable to stockholders in $Basic$3.04 $4.44 $1.76 Diluted$3.02 $4.43 $1.75 Weighted average number of shares of common stock outstanding during the period (in thousands):Basic 252,415 252,715 252,418 Diluted 254,021 253,525 253,844 NXP Semiconductors
Table 2: Condensed consolidated balance sheet (unaudited)
($ in millions)As of June 28,
2026 March 29,
2026 June 29,
2025ASSETS Current assets: Cash and cash equivalents$3,222 $3,708 $3,170 Accounts receivable, net 1,274 1,186 1,071 Assets held for sale 92 91 294 Inventories, net 2,557 2,523 2,361 Other current assets 539 644 790Total current assets 7,684 8,152 7,686 Non-current assets: Deferred tax assets 1,242 1,238 1,306 Other non-current assets 3,195 3,037 1,909 Property, plant and equipment, net 2,835 2,901 3,130 Identified intangible assets, net 1,441 1,505 1,121 Goodwill 10,268 10,280 10,098Total non-current assets 18,981 18,961 17,564 Total assets 26,665 27,113 25,250 LIABILITIES AND EQUITY Current liabilities: Accounts payable 984 904 892 Restructuring liabilities-current 111 133 65 Other current liabilities 1,672 1,851 1,471 Short-term debt 999 750 1,999Total current liabilities 3,766 3,638 4,427 Non-current liabilities: Long-term debt 9,977 10,974 9,479 Restructuring liabilities 65 76 60 Other non-current liabilities 1,096 1,151 1,348Total non-current liabilities 11,138 12,201 10,887 Non-controlling interests 362 347 367 Stockholders’ equity 11,399 10,927 9,569Total equity 11,761 11,274 9,936 Total liabilities and equity 26,665 27,113 25,250 NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited)
($ in millions)Three months ended June 28,
2026 March 29,
2026 June 29,
2025Cash flows from operating activities: Net income (loss)$782 $1,133 $457 Cash flows provided by (used for) operating activities: Depreciation and amortization 184 179 207 Share-based compensation 105 109 117 Amortization of discount (premium) on debt, net — 1 — Amortization of debt issuance costs 2 2 2 Net (gain) loss on sale of assets — (627) (6)Results relating to equity-accounted investees 3 4 28 (Gain) loss on equity securities, net 1 (1) (3)Deferred tax expense (benefit) (13) (28) 3 Changes in operating assets and liabilities: (Increase) decrease in receivables and other current assets 14 (115) (106)(Increase) decrease in inventories (34) 87 (90)Increase (decrease) in accounts payable and other liabilities (136) 231 33 (Increase) decrease in other non-current assets (48) (182) 131 Exchange differences 3 4 9 Other items (3) (4) (3)Net cash provided by (used for) operating activities 860 793 779 Cash flows from investing activities: Purchase of identified intangible assets (37) (42) (37)Capital expenditures on property, plant and equipment (69) (79) (83)Purchase of interests in businesses, net of cash acquired — — (679)Proceeds from sale of interests in businesses, net of cash divested — 878 — Purchase of investments (132) (249) (93)Proceeds from the sale of investments 1 — — Net cash provided by (used for) investing activities (237) 508 (892) Cash flows from financing activities: Repurchase of long-term debt (750) (501) (500)Cash paid for debt issuance costs — (3) — Proceeds from the issuance of commercial paper notes — — 1,565 Repayment of commercial paper notes — — (1,315)Dividends paid to non-controlling interests — (29) — Dividends paid to common stockholders (256) (256) (257)Proceeds from issuance of common stock through stock plans 1 36 2 Purchase of treasury shares and restricted stock unit withholdings (104) (102) (204)Other, net — (1) — Net cash provided by (used for) financing activities (1,109) (856) (709) Effect of changes in exchange rates on cash positions — (4) 4 Increase (decrease) in cash and cash equivalents (486) 441 (818)Cash and cash equivalents at beginning of period 3,708 3,267 3,988 Cash and cash equivalents at end of period 3,222 3,708 3,170 NXP Semiconductors
Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)
($ in millions except share data)Three months ended June 28,
2026 March 29,
2026 June 29,
2025GAAP Gross Profit$2,002 $1,788 $1,562 PPA Effects (5) (6) (7)Restructuring — 1 (61)Share-based compensation (12) (13) (14)Other incidentals (9) (9) (8)Non-GAAP Gross Profit$2,028 $1,815 $1,652 GAAP Research and development$(604) $(588) $(573)Restructuring 4 (2) (3)Share-based compensation (54) (57) (58)Other incidentals (4) (11) (7)Non-GAAP Research and development$(550) $(518) $(505) GAAP Selling, general and administrative$(291) $(284) $(278)Restructuring 4 (1) (3)Share-based compensation (39) (39) (45)Other incidentals (12) (4) (15)Non-GAAP Selling, general and administrative$(244) $(240) $(215) GAAP Other income (expense)$(5) $621 $1 Other incidentals 1 626 (2)Non-GAAP Other income (expense)$(6) $(5) $3 GAAP Operating income (loss)$1,071 $1,505 $687 PPA effects (36) (38) (32)Restructuring 8 (2) (67)Share-based compensation (105) (109) (117)Other incidentals (24) 602 (32)Non-GAAP Operating income (loss)$1,228 $1,052 $935 GAAP Financial income (expense)$(97) $(96) $(86)Foreign exchange gain (loss) (5) (4) (7)Other financial income (expense) (5) (2) 6 Non-GAAP Financial income (expense)$(87) $(90) $(85) GAAP Income tax benefit (provision)$(189) $(272) $(116)Income tax effect 16 (99) 32 Non-GAAP Income tax benefit (provision)$(205) $(173) $(148) GAAP Results relating to equity-accounted investees$(3) $(4) $(28)Results relating to equity-accounted investees, excluding Foundry investees1 — — (28)Non-GAAP Results relating to equity-accounted investees$(3) $(4) $— GAAP Net income (loss)$782 $1,133 $457 Less: Net income (loss) attributable to non-controlling interest 15 11 12 GAAP Net income (loss) attributable to stockholders$767 $1,122 $445 GAAP Net income (loss) attributable to stockholders$767 $1,122 $445 PPA Effects (36) (38) (32)Restructuring 8 (2) (67)Share-based compensation (105) (109) (117)Other incidentals (24) 602 (32)Other adjustments: Adjustments to financial income (expense) (10) (6) (1)Income tax effect 16 (99) 32 Results relating to equity-accounted investees, excluding Foundry investees1 — — (28)Non-GAAP Net income (loss) attributable to stockholders$918 $774 $690 GAAP net income (loss) per common share attributable to stockholders - diluted$3.02 $4.43 $1.75 PPA Effects (0.14) (0.15) (0.12)Restructuring 0.03 (0.01) (0.27)Share-based compensation (0.41) (0.43) (0.46)Other incidentals (0.09) 2.38 (0.13)Other adjustments: Adjustments to financial income (expense) (0.04) (0.02) — Income tax effect 0.06 (0.39) 0.12 Results relating to equity-accounted investees, excluding Foundry investees1 — — (0.11)Non-GAAP net income (loss) per common share attributable to stockholders - diluted$3.61 $3.05 $2.72 Additional Information: We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees. NXP Semiconductors
Table 5: Adjusted EBITDA and Free Cash Flow (unaudited)
($ in millions)Three months ended June 28,
2026 March 29,
2026 June 29,
2025GAAP Net income (loss)$782 $1,133 $457 Reconciling items to EBITDA (Non-GAAP) Financial (income) expense 97 96 86 (Benefit) provision for income taxes 189 272 116 Depreciation and impairment 114 109 143 Amortization 70 70 64 EBITDA (Non-GAAP)$1,252 $1,680 $866 Reconciling items to adjusted EBITDA (Non-GAAP) Results of equity-accounted investees, excluding Foundry investees1 — — 28 Restructuring (8) 2 67 Share-based compensation 105 109 117 Other incidental items2 20 (605) 25 Adjusted EBITDA (Non-GAAP)$1,369 $1,186 $1,103 Trailing twelve month adjusted EBITDA (Non-GAAP)$5,106 $4,840 $4,745 Additional Information: Refer to Table 4 above for further information regarding the results relating to equity-accounted investees.Excluding depreciation and impairment or amortization relating to:
– other incidental items 4 3 7 ($ in millions)Three months ended June 28,
2026 March 29,
2026 June 29,
2025Net cash provided by (used for) operating activities$860 $793 $779 Net capital expenditures on property, plant and equipment (69) (79) (83)Non-GAAP free cash flow$791 $714 $696 Trailing twelve month non-GAAP free cash flow$2,807 $2,712 $2,008 Trailing twelve month non-GAAP free cash flow
as percent of Revenue 21% 21% 17%
Pentair ve 2. čtvrtletí oznámil tržby 933 mil. USD a upravený zisk na akcii 1,14 USD, přičemž výsledky táhl dolů 42% propad prodejů v segmentu Pool. Firma zároveň oznámila koupi Taco Group Holdings za 1,4 mld. USD.
3 Dividend Growers That Fly Under the RadarPentair NYSE: PNR reported second-quarter results that were slightly above the company’s July 14 pre-announcement, as strong profitability in its Flow and Water Solutions segments was offset by a sharp sales decline in Pool tied primarily to channel inventory reductions.
The company also announced an agreement to acquire Taco Group Holdings for $1.4 billion, a transaction expected to broaden Pentair’s Water Solutions business in hydronic, HVAC, commercial and infrastructure markets. The acquisition is expected to close in the fourth quarter, subject to customary adjustments and conditions.
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Second-Quarter Results Reflect Pool Inventory Reset Pentair reported second-quarter sales of $933 million, adjusted operating income of $237 million, adjusted return on sales of 25.4% and adjusted earnings per share of $1.14. Core sales declined 17% from a year earlier, driven primarily by a $170 million reduction in Pool channel inventory.
Chief Executive Officer John Stauch said the Pool business was the source of the quarter’s underperformance, while Flow and Water Solutions produced record return on sales even excluding tariff refunds.
“Our underperformance was concentrated in Pool,” Stauch said. “The Flow and Water Solutions businesses delivered record return on sales, even when excluding the benefit of tariff refunds.”
Second-quarter adjusted operating income included about $35 million in tariff refunds across Pentair’s three reporting segments. The company said lower Pool volume and inflation were partly offset by pricing, $14 million in productivity savings and the tariff refunds.
Flow: Sales rose 5% to $264 million, aided by the Hydra-Stop acquisition. Segment income increased 27%, while return on sales rose 470 basis points to 26.5%. Water Solutions: Sales declined 5% to $422 million, including the impact of the prior-year sale of a commercial service business. Segment income increased 17% to $126 million and return on sales rose 560 basis points to 30%. Pool: Sales fell 42% to $247 million and segment income declined 62% to $58 million. Pool return on sales fell to 23.4% from 35.7% a year earlier. Water Solutions included $18 million of tariff refunds during the quarter, its largest such benefit among the company’s segments. Pentair said its professional channel continued to grow in Water Solutions, supported by focus on top customers and a combined residential pump and filtration offering.
Pool Actions Target 2027 Recovery Stauch said the Pool sales decline resulted largely from a broader-than-expected inventory realignment among major channel partners. The company expects inventory levels to be optimized by the end of the third quarter, positioning the segment for the 2027 pool season.
Management also cited moderating dealer sell-through amid pressure on discretionary North American residential end markets, as well as modest share losses in replacement equipment for pools installed 10 to 15 years ago.
Pentair’s response includes regional alignment of sales and marketing, changes to incentives, a dealer-focused segmented sales process, investments in customer-led innovation and efforts to improve awareness of like-for-like replacement products. Stauch said some past business decisions involving smaller distributors, buying groups and independent dealers had disrupted relationships and contributed to aftermarket share losses.
“We made some decisions that need to be reversed,” Stauch said, adding that Pentair is working to reestablish those relationships.
Interim Chief Financial Officer Bob Fishman said Pool sales for 2026 could be about $1.25 billion based on the company’s guidance. He described approximately $1.45 billion as a potential 2027 starting point as the inventory effect reverses, though he said conditions still need to develop through the upcoming season. Management said it expects Pool margins in 2027 to begin with a “three” rather than a “two,” while the company reinvests to restore growth.
Taco Acquisition Expands Water Solutions Pentair said Taco is a market-leading provider of circulator pumps, valves, tanks, heat exchangers, fabricated solutions and controls for commercial, industrial and residential applications. Taco has an installed base of roughly 40 million units and approximately 85% of its revenue is associated with replacement products, maintenance and system upgrades, according to Pentair.
The acquisition will expand Pentair’s exposure to HVAC, energy efficiency, comfort cooling, data centers and related infrastructure. Taco’s data-center business represents approximately 15% of its commercial and industrial revenue, Pentair said. Taco also has a strong presence in multifamily residential markets and sells primarily through manufacturer representatives, creating potential cross-selling opportunities with Pentair’s distribution channels.
The $1.4 billion purchase price equates to approximately 10.5 times expected 2026 adjusted EBITDA when estimated tax benefits and run-rate cost synergies are included, according to Pentair. The company expects about $30 million in run-rate cost synergies over two to three years, primarily from purchasing power and scale, while operating Taco as a standalone business unit within Water Solutions.
Pentair expects the deal to add approximately $0.10 to $0.15 to adjusted EPS in fiscal 2027. It plans to fund the transaction with cash and committed bridge financing, later refinanced with permanent debt. Net leverage is expected to rise to about 2.4 times at closing before falling below 1.5 times within two years.
Outlook Reaffirmed Pentair reaffirmed its full-year adjusted EPS outlook of $4.60 to $4.80 and said its guidance excludes the Taco acquisition. The company expects 2026 sales to decline approximately 4% to 7%, or to reach a midpoint of about $3.95 billion.
For the full year, Pentair expects Flow sales to rise by mid- to high-single digits, Water Solutions sales to be roughly flat with low-single-digit core growth, and Pool sales to decline 18% to 22%.
For the third quarter, Pentair forecast sales down 4% to 6%, with Flow sales up high single digits and Water Solutions sales up low single digits. Pool sales are expected to fall 23% to 25% as the company continues to reduce channel inventory. Pentair projected third-quarter adjusted EPS of $1.50 to $1.80.
The company repurchased $150 million of shares during the second quarter. It also noted that it raised its dividend by 8% earlier this year, marking its 50th consecutive annual dividend increase.
About Pentair (NYSE:PNR)Pentair plc NYSE: PNR is a global provider of water treatment and fluid management solutions. The company designs, manufactures and sells a broad range of products that move, treat, monitor and control the flow of water and other fluids across residential, commercial, industrial and municipal markets. Pentair's offerings are focused on improving water quality, conserving resources and enabling efficient fluid handling in applications from household water systems and pools to large-scale industrial and municipal installations.
Product lines include pumps and pumping systems, water filtration and purification equipment, valves and controls, heat exchangers, pool and spa systems, and a range of aftermarket parts and services.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Cameco čeká za 2. čtvrtletí pokles tržeb i zisku, protože vyšší cena uranu jen částečně kompenzuje slabší objemy prodejů. Odhad tržeb je 534,4 mil. USD a EPS 26 centů.
Key Takeaways Cameco is expected to report lower Q2 revenues and earnings year over year when it reports on July 31.Stronger year-over-year uranium pricing to partly offset the impact of lower uranium sales volumes in Q2.Cameco's long-term contracts support growth, but premium valuation may favor waiting before buying. Cameco Corporation (CCJ - Free Report) is scheduled to report second-quarter 2026 results on July 31, before the opening bell.
The Zacks Consensus Estimate for Cameco’s second-quarter revenues is currently pegged at $534.4 million, implying a 15.7% year-over-year decline. The estimate for earnings per share has remained unchanged at 26 cents over the past 60 days. It suggests a 49% decline from the prior-year quarter.
Image Source: Zacks Investment Research
Cameco’s Earnings Surprise HistoryOver the trailing four quarters, Cameco’s earnings beat the Zacks Consensus Estimate thrice but missed once. CCJ has an average trailing four-quarter earnings surprise of 2.01%. The trend is shown in the chart below.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for CCJ StockOur proven model does not conclusively predict an earnings beat for Cameco this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: The Earnings ESP for Cameco is 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: CCJ currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped Cameco’s Q2 PerformanceCCJ holds a 69.8% stake in the McArthur River mine and 83% in the Key Lake mill. It also held a 54.5% interest in Cigar Lake. In July, Cameco raised its stake in the Cigar Lake joint venture to 57.418%.
During May, the company temporarily suspended operations at the McArthur River mine and Key Lake mill after severe flooding in northern Saskatchewan caused a partial collapse of the Smoothstone River Bridge, a key transportation route. However, Cameco quickly established an alternate logistics route, enabling both facilities to resume full production within a short period. The disruption did not alter the company's production guidance for 2026, which stands at 19.5-21.5 million pounds. The midpoint indicates a roughly 2% year-over-year decline. The guidance includes 9.5-10 million pounds from Cigar Lake and 10.0-11.5 million pounds from McArthur River. We expect the Cigar Lake production outlook to be revised following the ownership increase, though this should not have any bearing on the second-quarter results.
The company has guided uranium deliveries of 29-32 million pounds for 2026, down from 33 million pounds in 2025. Based on the full-year guidance, Cameco would need to produce roughly 4.8 million pounds and deliver about 7.6 million pounds of uranium, on average, in each of the remaining quarters. Accordingly, we expect second-quarter uranium production to be modestly higher than the 4.6 million pounds produced in the year-ago quarter, while sales volumes are likely to be below the 8.7 million pounds delivered in the second quarter of 2025.
Uranium prices remained supportive during the quarter, averaging approximately $85.18 per pound, up 17% from $72.59 a year earlier. Consequently, stronger realized pricing is likely to have partly offset the impact of lower uranium sales volumes, supporting uranium segment revenues.
In the Fuel Services segment, Cameco expects 2026 production and deliveries of 13-14 million kgU compared with 13.1 million kgU delivered in 2025. During the first quarter, production declined 15% year over year to 3.3 million kgU, while sales volumes increased 17% to 2.8 million kgU.
Based on full-year guidance, the company would need to produce approximately 3.4 million kgU and deliver around 3.6 million kgU, on average, in each of the remaining quarters. We therefore expect second-quarter fuel services production to be slightly above the 3.2 million kgU produced in the year-ago quarter but deliveries to remain below the 4.4 million kgU sold in the second quarter of 2025. Lower fuel services volumes, along with softer pricing, are expected to have weighed on segment revenues.
Overall, Cameco's second-quarter revenues are likely to have declined modestly, as stronger uranium revenues were offset by weaker performance in the Fuel Services business.
On the cost front, cost of sales is expected to have increased year over year. However, the company's ongoing debt reduction efforts are likely to have lowered interest expenses, providing some offset. Cameco is also expected to have continued incurring care-and-maintenance costs related to its curtailed tier-two assets. Overall, lower revenues combined with elevated operating costs are expected to have resulted in weaker earnings for the quarter.
CCJ’s Price Performance & ValuationCameco shares have declined 21.8% in the past three months compared with the industry’s 12.3% fall. Meanwhile, the company’s peers Energy Fuels (UUUU - Free Report) and Uranium Energy (UEC - Free Report) have fallen 40.2% and 26.1%, respectively, in the same timeframe.
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Cameco stock is trading at a forward price-to-sales ratio of 15.18 compared with the industry’s 5.05. The company is, however, cheaper than peer Energy Fuels’ and Uranium Energy’s price-to-sales ratios of 15.41 and 54.01, respectively.
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Investment Thesis on CamecoCameco is well-positioned to benefit from the long-term growth in nuclear energy, thanks to its high-quality, low-cost asset base and its strategic involvement across the entire nuclear fuel supply chain. The company is also investing to expand production by extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis). Despite softer near-term guidance, Cameco has strong earnings visibility through long-term contracts. As of March 31, 2026, Cameco had secured contracts requiring average annual uranium deliveries of more than 28 million pounds per year over the next five years. The company also has sale contracts for roughly 83 million kilograms of UF6 conversion to 33 customers.
Should You Buy CCJ Stock Now?Cameco's strong portfolio of long-term contracts and strategic presence across the nuclear fuel cycle continue to support its attractive long-term growth prospects. The company is expected to report year-over-year declines in second-quarter revenues and earnings, and an earnings beat appears unlikely. Regardless of the near-term results, existing shareholders should consider holding the stock, given its solid long-term fundamentals and favorable industry outlook. However, with the stock trading at a premium valuation, prospective investors may be better served waiting for a more attractive entry point before initiating a position.
Na společnost Lucid byla podána hromadná žaloba kvůli údajným zavádějícím tvrzením o výrobě a dodávkách, zejména u Lucid Gravity. Firma později přiznala 29denní přerušení dodávek kvůli problému s kvalitou druhé řady sedadel u dodavatele.
NEW YORK, July 28, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Lucid Group, Inc. (“Lucid” or the “Company”) (NASDAQ: LCID) and certain officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 26-cv-05128, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Lucid securities between February 25, 2026 and April 13, 2026, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are an investor who purchased or otherwise acquired Lucid securities during the Class Period, you have until July 28, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Lucid is a technology company that designs, develops, manufactures, and sells electric vehicles, EV powertrains, and battery systems. The Company’s products include, inter alia, the “Lucid Air” sedan and “Lucid Gravity” sport utility vehicle.
At all relevant times, Defendants touted purported enhancements to Lucid’s manufacturing and delivery capabilities and overall operations. In particular, beginning in late-February 2026, Defendants represented that, in fiscal year (“FY”) 2025, they had implemented sustainable improvements in these areas, including with respect to the production and ramp-up of deliveries of the Lucid Gravity. Defendants likewise asserted that these improvements would lead to profitable growth and performance efficiencies in FY 2026. Unbeknownst to investors, however, Lucid’s performance was materially hampered by significant supplier and delivery issues in February 2026, putting the Company on track for dismal, rather than improved, performance in its first quarter (“Q1”) of 2026.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) a supplier quality issue had significantly disrupted deliveries of the Lucid Gravity; (ii) the foregoing was likely to, and did, have a material negative impact on the Company’s business and financial results; (iii) accordingly, the Defendants had overstated the purported enhancements to Lucid’s manufacturing and delivery capabilities and overall operations; and (iv) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
The truth began to emerge on April 3, 2026, when Lucid issued a press release “announc[ing its Q1 2026] production and delivery totals[.]” Lucid revealed that it had “produced 5,500 vehicles” during Q1 2026, while only “deliver[ing] 3,093 vehicles.” The press release further disclosed that, “[d]uring the quarter, deliveries of the Lucid Gravity were disrupted for 29 days due to a supplier quality issue with the second-row seats” and, “[a]s a result of this, the company’s ability to meet customer demand was impacted.”
The same day, Reuters published an article entitled “Lucid misses first-quarter vehicle delivery estimates on supplier disruptions”. The article provided additional color and comments from Defendant Marc Winterhoff (“Winterhoff”), the Company’s Interim Chief Executive Officer (“CEO”), regarding Lucid’s disappointing Q1 2026 delivery results—most notably that deliveries were particularly impacted over a month earlier in February 2026, when Lucid paused to reverse an unauthorized supplier change and inspect vehicles already produced.
The next trading day, April 6, 2026, 24/7 Wall St. published an article entitled “Lucid Faces Biggest Disaster Ever”, which described the number of vehicles that Lucid delivered in Q1 2026 as “remarkably small”, stating that Lucid “cannot sell fewer than 4,000 vehicles and even pretend this is sustainable.”
Following the foregoing news and disclosures, Lucid’s stock price fell $1.13 per share, or 11.35%, over the following two trading sessions, to close at $8.83 per share on April 7, 2026.
On April 14, 2026, Lucid filed a current report on Form 8-K with the United States Securities and Exchange Commission (“U.S.”), reporting, inter alia, its preliminary Q1 2026 financial results, including revenue in the range of $280 million to $284 million—well below the consensus estimate of $433.8 million—and losses from operations in the range of $985 million to $1.005 billion.
The same day, Lucid issued a press release revealing its plans for a $1.05 billion capital raise, including a $300 million public stock offering.
Following these disclosures, Lucid’s stock price fell $0.44 per share, or 4.76%, to close at $8.80 per share on April 14, 2026.
Then, on May 5, 2026, Lucid issued a press release reporting its Q1 2026 financial results, including GAAP earnings per share of -$3.46, missing consensus estimates by $0.83, a net loss of over $1 billion, and revenue of $282.47 million, missing consensus estimates by $76.04 million. Defendant Winterhoff, as quoted in the press release, acknowledged that the previously disclosed “supplier issue . . . during the quarter had an impact,” and the need to “align[] production and delivery with customer demand.” Lucid’s Chief Financial Officer, Defendant Taoufiq Boussaid, as quoted in the same press release, likewise acknowledged that “[w]e ended the quarter with elevated inventory that we expect to convert to revenue and cash as deliveries normalize[.]”
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Mondelēz International ve 2. čtvrtletí zvýšil čisté tržby o 4,1 % na 9,355 miliardy USD a upravený EPS klesl na konstantní měnové bázi o 2,7 % na 0,73 USD. Firma také zvýšila čtvrtletní dividendu o 4 %.
Net Revenues +4.1%, Organic Net Revenues +2.2%, Volume/Mix +0.7%
Diluted EPS increased 144.9% to $1.20
Adjusted EPS was $0.73 which declined -2.7% on a constant currency basis
Year-to-date cash provided by operating activities was $1.3 billion
and Free Cash Flow was $0.7 billion
Return of capital to shareholders was $1.5 billion in the first half of the year
Announcing +4% increase to quarterly dividend
CHICAGO, July 28, 2026 (GLOBE NEWSWIRE) -- Mondelēz International, Inc. (Nasdaq: MDLZ) today reported its second quarter 2026 results.
“Our second quarter results were marked by robust top-line expansion, coupled with volume growth and share improvement, along with improved profitability. We delivered continued strength across our Emerging Markets, as well as strong growth and elevated execution in our North America business. In Europe, share dynamics are showing early positive trends, and we believe the business is well-positioned to build on that progress," said Dirk Van de Put, Chair and Chief Executive Officer. "We are encouraged by the momentum in our business, and we remain focused on executional excellence coupled with reinvesting behind our brands to enable sustained performance for years to come.”
Net Revenue
$ in millionsReported
Net Revenues Organic Net Revenue Growth Q2 2026
% Chg
vs PY Q2 2026 Vol/Mix PricingQuarter 2 Latin America$1,374 15.1% 8.4% 0.5 pp 7.9 ppAsia, Middle East & Africa 1,971 8.2 7.1 5.2 1.9 Europe 3,377 (1.0) (3.5) (2.1) (1.4)North America 2,633 3.0 3.4 1.2 2.2 Mondelēz International$9,355 4.1% 2.2% 0.7 pp 1.5 ppEmerging Markets$3,909 7.4% 4.4% 1.6 pp 2.8 ppDeveloped Markets$5,446 1.9% 0.7% — pp 0.7 pp June Year-to-DateYTD 2026
YTD 2026 Latin America$2,722 13.6% 6.7% (1.3) pp 8.0 ppAsia, Middle East & Africa 4,275 11.4 9.3 5.5 3.8 Europe 7,248 4.1 (2.0) (2.7) 0.7 North America 5,190 1.7 2.0 0.4 1.6 Mondelēz International$19,435 6.2% 2.6% 0.1 pp 2.5 ppEmerging Markets$8,058 9.5% 5.3% 1.0 pp 4.3 ppDeveloped Markets$11,377 4.0% 0.8% (0.5) pp 1.3 pp Operating Income and Diluted EPS
Net revenues increased 4.1 percent driven by our underlying Organic Net Revenue growth of 2.2 percent and favorable currency-related items, partially offset by lapping prior year net revenue from a divestiture. Organic Net Revenue growth was driven by higher net pricing and favorable volume/mix. Gross profit increased $1,049 million, and gross profit margin increased 990 basis points to 42.6 percent primarily driven by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives and by an increase in Adjusted Gross Profit1 margin, partially offset by incremental costs due to geopolitical conflicts, higher costs incurred for the ERP System Implementation program and an unfavorable year-over-year change in acquisition-related items. Adjusted Gross Profit increased $92 million at constant currency and Adjusted Gross Profit margin increased 20 basis points to 34.0 percent driven primarily by higher net pricing and lower manufacturing costs driven by productivity, partially offset by higher raw material costs. Operating income increased $774 million, and operating income margin was 20.8 percent, up 780 basis points due primarily to a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, partially offset by lower Adjusted Operating Income1 margin, an unfavorable year-over-year change in acquisition-related items, higher costs incurred for the ERP System Implementation program, higher restructuring charges and incremental costs due to geopolitical conflicts. Adjusted Operating Income decreased $78 million at constant currency and Adjusted Operating Income margin decreased 120 basis points to 13.1 percent, driven primarily by higher raw material costs, higher other selling, general and administrative expenses and higher advertising and consumer promotion costs, partially offset by higher net pricing and lower manufacturing costs driven by productivity. Diluted EPS was $1.20, up 144.9 percent, primarily driven by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, lower pension participation charges and initial impacts from enacted tax law changes. These favorable items were partially offset by a decrease in Adjusted EPS1, higher acquisition-related items, higher costs incurred for the ERP System Implementation program and incremental costs due to geopolitical conflicts. Adjusted EPS was $0.73, down 2.7 percent on a constant currency basis. The decrease in Adjusted EPS1 was driven by operating declines and higher interest and other expense, partially offset by lower income tax and favorable currency-related items. 2026 Outlook
Mondelēz International provides its outlook on a non-GAAP basis, as the company cannot predict some elements that are included in reported GAAP results, including future changes in foreign currency rates. Refer to the Outlook section in the discussion of non-GAAP financial measures below for more details.
For 2026, the company now expects at least 2 percent Organic Net Revenue growth, which reflects the strength of its year-to-date performance. The company maintains its Adjusted EPS growth in the range of flat to 5 percent on a constant currency basis. The company also expects 2026 Free Cash Flow of approximately $3 billion. The company currently estimates currency translation would increase 2026 net revenue growth by approximately 2.0 percent3 and increase Adjusted EPS by $0.053.
Outlook is provided in the context of greater than usual volatility, including geopolitical, trade and regulatory uncertainty and commodity prices. This outlook does not reflect any potential tariff changes to United States-Mexico-Canada Agreement ("USMCA") compliant trade.
Conference Call
Mondelēz International will host a conference call for investors at 5 p.m. ET today. A listen-only webcast will be provided at www.mondelezinternational.com. An archive of the webcast will be available on the company’s web site.
About Mondelēz International
Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2025 net revenues of approximately $38.5 billion, MDLZ is leading the future of snacking with iconic global and local brands such as Oreo, Ritz, LU, Clif Bar and Tate's Bake Shop biscuits and baked snacks, as well as Cadbury Dairy Milk, Milka and Toblerone chocolate. Mondelēz International is a proud member of the Dow Jones Best-in-Class North America and World Indices, formerly Dow Jones Sustainability Indices. Visit www.mondelezinternational.com or follow the company on X at x.com/MDLZ.
End Notes
Organic Net Revenue, Adjusted Gross Profit (and Adjusted Gross Profit margin), Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Free Cash Flow and presentation of amounts in both reported and constant currency are non-GAAP financial measures. Please see discussion of non-GAAP financial measures at the end of this press release for more information.Net earnings attributable to Mondelēz International.Currency estimate is based on published rates from XE.com on July 17, 2026. Additional Definitions
Emerging markets consist of the entire Latin America region; the Asia, Middle East and Africa region excluding Australia, New Zealand and Japan; and the following countries from the Europe region: Russia, Ukraine, Türkiye, Kazakhstan, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.
Developed markets include the entire North America region, the Europe region excluding the countries included in the emerging markets definition, and Australia, New Zealand and Japan from the Asia, Middle East and Africa region.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words, and variations of the words, “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “likely,” “estimate,” “anticipate,” “objective,” “predict,” “project,” “drive,” “seek,” “aim,” “target,” "remain," “potential,” “commitment,” “outlook,” “continue” or any other similar words
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control and are amplified by ongoing macroeconomic volatility and uncertainty, including current and potential trade and tariff actions affecting the countries where we operate. Important factors that could cause our actual results or performance to differ materially from those contained in or implied by our forward-looking statements include, but are not limited to, the following:
weakness and/or volatility in macroeconomic conditions in our markets, including as a result of inflation (and related monetary policy actions by governments in response to inflation) and the instability of certain financial institutions;risks from operating globally including geopolitical, trade, tariff and regulatory uncertainties affecting developed and emerging markets;volatility of cocoa and other commodity input costs, our ability to effectively hedge such costs and the availability of commodities;geopolitical uncertainty, including the impact of ongoing or new developments in Ukraine and the Middle East, related current and future sanctions imposed by governments and other authorities and related impacts, including on our business operations, employees, reputation, brands, financial condition and results of operations;competition and our response to channel shifts and pricing and other competitive pressures;pricing actions and customer and consumer responses to such actions;promotion and protection of our reputation and brand image;weakness in consumer spending and/or changes in consumer preferences and demand, including evolving health and wellness trends, and our ability to predict, identify, interpret and meet these changes;the outcome and effects on us of legal and tax proceedings and government investigations;use of information technology and third party service providers;unanticipated disruptions to our business, such as malware incidents, cyberattacks or other security breaches, and supply, commodity, labor and transportation constraints;our ability to identify, complete, manage and realize the full extent of the benefits, cost savings, efficiencies and/or synergies presented by strategic acquisitions and other transactions as well as other strategic initiatives, such as our ERP System Implementation program;our investments and our ownership interests in those investments;restructuring actions and other transformation initiatives not yielding the anticipated benefits;changes in the assumptions on which restructuring actions or other transformation initiatives are based;the impact of climate change on our supply chain and operations;global or regional health pandemics or epidemics;consolidation of retail customers and competition with retailer and other economy brands;changes in our relationships with customers, suppliers or distributors;management of our workforce and shifts in labor availability or labor costs;compliance with legal, regulatory, tax and benefit laws and related changes, claims or actions, including evolving and potentially inconsistent federal, state, local and foreign requirements regarding food ingredients, additives, labeling and marketing;perceived or actual product quality issues or product recalls, or changing consumer, media, governmental or scientific perceptions of our products or their ingredients;failure to maintain effective internal control over financial reporting or disclosure controls and procedures;our ability to protect our intellectual property and intangible assets;tax matters including changes in tax laws and rates, disagreements with taxing authorities and imposition of new taxes;changes in currency exchange rates, controls and restrictions;volatility of and access to capital or other markets, interest rates, the effectiveness of our cash management programs and our liquidity;pension costs;significant changes in valuation factors that may adversely affect our impairment testing of goodwill and intangible assets; andthe risks and uncertainties, as they may be amended from time to time, set forth in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q. There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
Schedule 1Mondelēz International, Inc. and SubsidiariesCondensed Consolidated Statements of Earnings(in millions of U.S. dollars and shares, except per share data)(Unaudited) For the Three Months
Ended June 30, For the Six Months
Ended June 30, 2026 2025 2026 2025 Net revenues$9,355 $8,984 $19,435 $18,297 Cost of sales (5,369) (6,047) (12,646) (12,930) Gross profit 3,986 2,937 6,789 5,367 Selling, general and administrative expenses (2,001) (1,725) (3,917) (3,436)Asset impairment and exit costs (13) (2) (66) (4)Gain on divestiture - - 1 - Amortization of intangible assets (26) (38) (53) (75) Operating income 1,946 1,172 2,754 1,852 Benefit plan non-service income/(expense) 27 (264) 58 (246)Interest and other expense, net (74) (53) (138) (206) Earnings before income taxes 1,899 855 2,674 1,400 Income tax provision (364) (230) (592) (384)Loss on equity method investment transactions - - (3) - Equity method investment net earnings 17 19 37 35 Net earnings 1,552 644 2,116 1,051 less: Noncontrolling interest earnings (4) (3) (8) (8) Net earnings attributable to Mondelēz International$1,548 $641 $2,108 $1,043 Per share data: Basic earnings per share attributable to Mondelēz International$1.21 $0.49 $1.64 $0.80 Diluted earnings per share attributable to Mondelēz International$1.20 $0.49 $1.64 $0.80 Schedule 2Mondelēz International, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(in millions of U.S. dollars)(Unaudited) June 30, December 31, 2026 2025 ASSETS Cash and cash equivalents$1,716 $2,125 Trade receivables 4,010 3,903 Other receivables 998 955 Inventories 4,405 4,419 Other current assets 1,809 1,549 Total current assets 12,938 12,951 Property, plant and equipment, net 10,649 10,667 Operating lease right-of-use assets 732 731 Goodwill 24,180 24,336 Intangible assets, net 19,509 19,628 Prepaid pension assets 1,251 1,220 Deferred income taxes 184 336 Equity method investments 619 667 Other assets 1,185 951 TOTAL ASSETS$71,247 $71,487 LIABILITIES Short-term borrowings$2,327 $2,688 Current portion of long-term debt 2,663 1,295 Accounts payable 9,411 10,139 Accrued marketing 2,612 2,787 Accrued employment costs 875 1,000 Other current liabilities 3,705 3,955 Total current liabilities 21,593 21,864 Long-term debt 16,460 17,222 Long-term operating lease liabilities 609 599 Deferred income taxes 3,539 3,530 Accrued pension costs 370 422 Accrued postretirement health care costs 72 74 Other liabilities 1,912 1,885 TOTAL LIABILITIES 44,555 45,596 EQUITY Common Stock - - Additional paid-in capital 32,333 32,322 Retained earnings 37,233 36,413 Accumulated other comprehensive losses (11,283) (11,364)Treasury stock (31,644) (31,533)Total Mondelēz International Shareholders' Equity 26,639 25,838 Noncontrolling interest 53 53 TOTAL EQUITY 26,692 25,891 TOTAL LIABILITIES AND EQUITY$71,247 $71,487 Schedule 3Mondelēz International, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows(in millions of U.S. dollars)(Unaudited) For the Six Months Ended June 30, 2026 2025 CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES Net earnings$2,116 $1,051 Adjustments to reconcile net earnings to operating cash flows: Depreciation and amortization 693 663 Stock-based compensation expense 87 65 Deferred income tax provision/(benefit) 149 (69)Asset impairments and accelerated depreciation 10 9 Gain on divestiture (1) - Loss on equity method investment transactions 3 - Equity method investment net earnings (37) (35)Distributions from equity method investments 44 44 Unrealized (gain)/loss on derivative contracts (509) 800 Contingent consideration adjustments 3 (38)Other non-cash items, net (5) 105 Changes in assets and liabilities, net of acquisitions and divestitures: Receivables, net (424) 536 Inventories (16) (775)Accounts payable (538) (177)Other current assets 142 108 Other current liabilities (296) (1,125)Change in pension and postretirement assets and liabilities, net (99) 238 Net cash provided by operating activities 1,322 1,400 CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES Capital expenditures (654) (582)Acquisitions, net of cash received - (15)Proceeds from divestitures 1 4 Proceeds from derivative settlements 179 19 Payments for derivative settlements (270) (55)Proceeds from investments 25 30 Proceeds from sale of property, plant and equipment and other 3 8 Net cash used in investing activities (716) (591)CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES Issuance of Commercial paper, maturities greater than 90 days 1,584 - Repayments of commercial paper, maturities greater than 90 days (587) - Net (repayment)/issuance of short-term borrowings (1,313) 1,589 Long-term debt proceeds 1,074 1,594 Long-term debt repayments (304) (1,242)Repurchases of Common Stock (212) (1,653)Dividends paid (1,287) (1,233)Other 6 83 Net cash used in financing activities (1,039) (862)Effect of exchange rate changes on cash, cash equivalents and restricted cash (3) 240 Cash, cash equivalents and restricted cash: (Decrease)/increase (436) 187 Balance at beginning of period 2,195 1,400 Balance at end of period$1,759 $1,587 Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP and Non-GAAP Financial Measures
(Unaudited)
NON-GAAP FINANCIAL MEASURES
In discussing its financial results and guidance, the company presents the following financial measures that are not in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”): Organic Net Revenue growth, Adjusted Gross Profit, Adjusted Operating Income, Adjusted Segment Operating Income, Adjusted Earnings Per Share (“EPS”) and Free Cash Flow. The company also presents financial information, including certain of these non-GAAP financial measures, on a constant currency basis.
Management uses non-GAAP financial measures internally to make operating and strategic decisions, including the preparation of our annual operating plan, evaluation of business performance and as a factor in determining incentive compensation. The company believes that non-GAAP financial measures, when used in connection with results reported in accordance with U.S. GAAP, provide additional information to facilitate comparisons of our historical operating results and to enable a more comprehensive understanding of trends in our underlying operating results. The company also believes that presenting these measures allows investors to view our performance using the same measures that management and our Board of Directors use in evaluating the company’s business performance and trends. However, non-GAAP financial measures should be considered in addition to, and not as substitutes for, financial information prepared in accordance with U.S. GAAP. In addition, the company’s non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies.
DEFINITIONS OF THE COMPANY’S NON-GAAP FINANCIAL MEASURES
The company’s primary non-GAAP financial measures and corresponding metrics, listed below, reflect how we evaluate our current and prior year operating results. As new events or circumstances arise, these definitions could change. When these definitions change, the company provides the updated definitions and presents the related non-GAAP historical results on a comparable basis. When items no longer impact the company’s current or future presentation of non-GAAP operating results, the company removes these items from its non-GAAP definitions.
“Organic Net Revenue” is defined as net revenues (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of acquisitions, divestitures and currency-related items. The company believes that Organic Net Revenue reflects the underlying growth from the ongoing activities of our business and provides improved comparability of results. Organic Net Revenue growth is presented on a consolidated basis, for each of our segments and for our emerging markets and developed markets.
“Adjusted Gross Profit” is defined as gross profit (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of: restructuring charges, certain acquisition-related items, certain divestiture-related items, mark-to-market impacts from commodity and foreign currency derivative contracts economically hedging forecasted transactions, incremental costs due to geopolitical conflicts and certain operating costs from the ERP System Implementation program. The company also presents Adjusted Gross Profit margin, which is subject to the same adjustments as Adjusted Gross Profit. The company also evaluates growth in the company’s Adjusted Gross Profit on a constant currency basis.
“Adjusted Operating Income” and “Adjusted Segment Operating Income” are defined as operating income or segment operating income (the most comparable U.S. GAAP financial measures) excluding, when they occur, the impacts of the items listed in the Adjusted Gross Profit definition as well as goodwill and intangible asset impairment charges, remeasurement of net monetary position of highly inflationary countries; resolution of tax matters and operating costs from the ERP System Implementation program. The company also presents Adjusted Operating Income margin and Adjusted Segment Operating Income margin, which are subject to the same adjustments as Adjusted Operating Income and Adjusted Segment Operating Income. The company also evaluates growth in the company’s Adjusted Operating Income and Adjusted Segment Operating Income on a constant currency basis.
“Adjusted EPS” is defined as diluted EPS attributable to Mondelēz International (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of the items listed in the Adjusted Operating Income definition, as well as pension participation changes, initial impacts from enacted tax law changes and gains or losses on equity method investment transactions. The tax impacts of the items excluded from the company’s U.S. GAAP results were computed based on the facts and tax assumptions associated with each item, and such impacts have also been excluded from Adjusted EPS. The company also evaluates growth in the company’s Adjusted EPS on a constant currency basis.
“Free Cash Flow” is defined as net cash provided by operating activities (the most comparable U.S. GAAP financial measure) less capital expenditures. Free Cash Flow is the company’s primary measure used to monitor its cash flow performance.
See the attached schedules for supplemental financial data and corresponding reconciliations of the non-GAAP financial measures referred to above to the most comparable U.S. GAAP financial measures for the three and six months ended June 30, 2026 and June 30, 2025. See Items Impacting Comparability of Operating Results below for more information about the items referenced in these definitions that specifically impacted the company’s results.
SEGMENT OPERATING INCOME
The company uses segment operating income to evaluate segment performance and allocate resources. The company believes it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. The company excludes these items from segment operating income in order to provide better transparency of its segment operating results. Furthermore, the company centrally manages benefit plan non-service income and interest and other expense, net. The company does not present the items above by segment because they are excluded from the segment profitability measure that management reviews.
ITEMS IMPACTING COMPARABILITY OF FINANCIAL RESULTS
The company considers quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of its ongoing financial and business performance and trends. The company identifies these based on how management views the company’s business; makes financial, operating and planning decisions; and evaluates the company’s ongoing performance. The below items are adjusted for in the company’s non-GAAP financial measures to better facilitate comparisons of its underlying performance across periods, as they are highly variable or unusual and of a size that may substantially impact its reported operations for a period. In addition, the company discloses the impact of currency-related items on its financial results to reflect results on a constant currency basis. See below for a description of adjustments to the company’s U.S. GAAP financial measures included herein.
Restructuring charges – Beginning in the fourth quarter of 2025, the company initiated new restructuring actions to reduce its cost structure and streamline its operations. The charges associated with those actions primarily relate to severance and other implementation costs. The company completed its previous Simplify to Grow Program in 2024. Following the completion of that earlier restructuring program, any adjustments to the liabilities for previously recorded charges, which were immaterial for each period presented, continue to be reflected within this item.
Mark-to-market impacts from derivatives – The company excludes unrealized gains and losses (mark-to-market impacts) from commodity and foreign currency derivative contracts economically hedging forecasted transactions from its non-GAAP earnings measures. The mark-to-market impacts of those derivatives are excluded until the related gains or losses are realized. Since the company purchases commodity and foreign currency derivative contracts to mitigate price volatility primarily for inventory requirements in future periods, the company makes this adjustment to remove the volatility of these future inventory purchases on current operating results to facilitate comparisons of its underlying operating performance across periods.
Acquisition-related items – Includes acquisition-related costs, acquisition integration costs, contingent consideration adjustments, inventory step-ups and gains from acquisitions. Acquisition-related costs include third-party advisor, investment banking and legal fees. Acquisition integration costs include costs related to the integration of operations from acquisitions. Contingent consideration adjustments include any changes made to contingent compensation liabilities for earn-outs related to acquisitions that do not relate to recurring employee compensation expense. Other acquisition-related items include incremental costs from inventory step-ups associated with acquired companies related to the fair market valuation of the acquired inventory and acquisition gains from the remeasurement of an existing noncontrolling investment to fair value when the company acquires the remaining equity shares of the investee.
Divestiture-related items – Includes operating results from divestitures, divestiture-related costs and gains or losses on divestitures. Divestitures may include sales of businesses, exits of major product lines upon completion of a sale or licensing agreement, or sales of equity method investments. Divestiture-related costs include costs incurred in relation to the preparation and completion of divestiture transactions (including one-time costs such as severance related to the elimination of stranded costs) as well as costs incurred associated with publicly announced processes to sell businesses.
Incremental costs due to geopolitical conflicts – Reflects impacts related to the ongoing conflicts in the Middle East and Ukraine. Includes costs related to transportation surcharges, evacuation costs and committed compensation.
ERP System Implementation costs – The company’s ERP System Implementation program is being implemented by region in several phases with spending continuing over the next three years, with expected completion by year-end 2028. The operating expenses associated with the ERP System Implementation represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations. These expenses include third-party consulting fees, direct labor costs associated with the program, accelerated depreciation of the company's existing SAP financial systems and various other expenses, all associated with the implementation of the company's information technology upgrades.
Remeasurement of net monetary position of highly inflationary countries – The company’s operations in Argentina, Türkiye, Egypt and Nigeria are currently accounted for as highly inflationary. The company excludes remeasurement gains and losses of the monetary assets and liabilities of its subsidiaries in highly inflationary economies and the realized gains and losses from derivatives that mitigate the foreign currency volatility related to the remeasurement of the respective net monetary assets or liabilities from its non-GAAP earnings measures.
Pension participation changes – Consists of the charges incurred, primarily gains or losses from pension curtailments and settlements, including settlement losses from full or partial buyouts of the company's pension plans, as well as costs incurred when employee groups are withdrawn from multiemployer pension plans. The company excludes these charges from its non-GAAP results because those amounts do not reflect the company's ongoing pension obligations.
Initial impacts from enacted tax law changes – Initial impacts from enacted tax law changes include items such as the remeasurement of deferred tax balances and transition taxes from tax reforms. We exclude initial impacts from enacted tax law changes from our non-GAAP financial measures as they do not reflect our ongoing tax obligations under the enacted tax law.
Gains and losses on equity method investment transactions – The company excludes gains and losses from partial or full sales of equity method investments as well as impairments or other non-routine transactions related to those investments.
Currency-related items – Management also evaluates the operating performance of the company and its international subsidiaries on a constant currency basis. The company's non-GAAP measures presented on a constant currency basis exclude the effects of currency translation rate changes and extreme pricing increases in Argentina.
Currency translation rate changes – the company determines its constant currency operating results by dividing or multiplying, as appropriate, the current period local currency operating results by the currency exchange rates used to translate the company’s financial statements in the comparable prior year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rates had not changed from the comparable prior year period. Therefore, currency translation rate changes are equal to current period local currency operating results multiplied by the change in average foreign currency exchange rates between the current fiscal period and the corresponding period of the prior fiscal year.Extreme Pricing – during December 2023, the Argentinean peso significantly devalued. The peso's devaluation and potential resulting distortion on the company's non-GAAP Organic Net Revenue, Organic Net Revenue growth and other constant currency growth rate measures resulted in the company's decision to exclude the impact of pricing increases in excess of 26% year-over-year ("extreme pricing") in Argentina, from these measures beginning in the first quarter of 2024. The benchmark of 26% represents the minimum annual inflation rate for each year over a 3-year period which would result in a cumulative inflation rate in excess of 100%, the level at which an economy is considered hyperinflationary under U.S. GAAP. OUTLOOK
The company’s Organic Net Revenue growth, Adjusted EPS growth on a constant currency basis, Adjusted Interest Expense, Adjusted Effective Tax Rate and Free Cash Flow for full-year 2026 are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results such as the impact of changes in currency exchange rates, intangible asset impairment charges, acquisitions and divestitures. Because GAAP financial measures on a forward-looking basis are not accessible and reconciling information is not available without unreasonable effort, the company has not provided that information with regard to the non-GAAP financial measures in the outlook. The company is not able to reconcile its projected Organic Net Revenue growth to its projected reported net revenue growth for the full-year 2026 because the company is unable to predict during this period the impacts from potential acquisitions or divestitures, as well as the impact of currency translation due to the unpredictability of future changes in currency exchange rates, which could be material as a significant portion of the company’s operations are outside the U.S. The company is not able to reconcile the projected Adjusted EPS growth on a constant currency basis, Adjusted Interest Expense and Adjusted Effective Tax Rate to the company's projected reported diluted EPS growth, reported interest and other expense, net, and reported effective tax rate, respectively, for full-year 2026 due to several factors, which could include: the company's ability to predict during this period mark-to-market impacts from commodity and foreign currency derivative contracts, impacts of any impairment charges that may arise in a future period and impacts from potential acquisitions or divestitures as well as the impact of currency translation due to the unpredictability of future changes in currency exchange rates, which could be material as a significant portion of the company's operations are outside the U.S. The company is not able to reconcile the projected Free Cash Flow to the projected net cash from operating activities for full-year 2026 because the company is unable to predict during this period the timing and amount of capital expenditures impacting cash flow. Therefore, because of the uncertainty and variability of the nature and amounts of future adjustments, which could be significant, the company is unable to provide a reconciliation of these measures without unreasonable effort.
Schedule 4
Mondelēz International, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAP MeasuresNet Revenues(in millions of U.S. dollars)(Unaudited) Latin America AMEA Europe North America Mondelēz International Emerging Markets Developed MarketsFor the Three Months Ended June 30, 2026 Reported (GAAP)$1,374 $1,971 $3,377 $2,633 $9,355 $3,909 $5,446 Currency-related items (80) (21) (83) 1 (183) (111) (72)Organic (Non-GAAP)$1,294 $1,950 $3,294 $2,634 $9,172 $3,798 $5,374 For the Three Months Ended June 30, 2025 Reported (GAAP)$1,194 $1,821 $3,412 $2,557 $8,984 $3,638 $5,346 Divestitures - - - (10) (10) - (10)Organic (Non-GAAP)$1,194 $1,821 $3,412 $2,547 $8,974 $3,638 $5,336 % Change - Reported (GAAP) 15.1% 8.2% (1.0)% 3.0% 4.1% 7.4% 1.9%Divestitures- pp - pp - pp 0.4 pp 0.1 pp - pp 0.2 ppCurrency-related items (6.7) (1.1) (2.5) - (2.0) (3.0) (1.4)% Change - Organic (Non-GAAP) 8.4% 7.1% (3.5)% 3.4% 2.2% 4.4% 0.7% Vol/Mix0.5 pp 5.2 pp (2.1)pp 1.2 pp 0.7 pp 1.6 pp - ppPricing 7.9 1.9 (1.4) 2.2 1.5 2.8 0.7 Latin America AMEA Europe North America Mondelēz International Emerging Markets Developed MarketsFor the Six Months Ended June 30, 2026 Reported (GAAP)$2,722 $4,275 $7,248 $5,190 $19,435 $8,058 $11,377 Currency-related items (164) (81) (427) (10) (682) (304) (378)Organic (Non-GAAP)$2,558 $4,194 $6,821 $5,180 $18,753 $7,754 $10,999 For the Six Months Ended June 30, 2025 Reported (GAAP)$2,397 $3,837 $6,962 $5,101 $18,297 $7,361 $10,936 Divestitures - - - (21) (21) - (21)Organic (Non-GAAP)$2,397 $3,837 $6,962 $5,080 $18,276 $7,361 $10,915 % Change - Reported (GAAP) 13.6% 11.4% 4.1% 1.7% 6.2% 9.5% 4.0%Divestitures- pp - pp - pp 0.5 pp 0.1 pp - pp 0.2 ppCurrency-related items (6.9) (2.1) (6.1) (0.2) (3.7) (4.2) (3.4)% Change - Organic (Non-GAAP) 6.7% 9.3% (2.0)% 2.0% 2.6% 5.3% 0.8% Vol/Mix(1.3)pp 5.5 pp (2.7)pp 0.4 pp 0.1 pp 1.0 pp (0.5)ppPricing 8.0 3.8 0.7 1.6 2.5 4.3 1.3 Schedule 5a
Mondelēz International, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAP MeasuresGross Profit / Operating Income(in millions of U.S. dollars)(Unaudited) Gross Profit Operating IncomeFor the Three Months Ended June 30, 2026Mondelēz International Latin America AMEA Europe North America Unrealized G/(L) on Hedging Activities General Corporate Expenses Amortization of Intangibles Other Items Mondelēz InternationalReported (GAAP)$3,986 $166 $254 $382 $431 $827 $(88) $(26) $- $1,946 Restructuring charges - 3 - 3 2 - 1 - - 9 Mark-to-market (gains)/losses from derivatives (827) - - - - (827) - - - (827)Acquisition-related items 1 - 11 1 - - 1 - - 13 Incremental costs due to geopolitical conflicts 11 - 11 - - - - - - 11 ERP System Implementation costs 10 19 2 9 29 - - - - 59 Remeasurement of net monetary position 1 4 4 4 - - (1) - - 11 Adjusted (Non-GAAP)$3,182 $192 $282 $399 $462 $- $(87) $(26) $- $1,222 Currency-related items (58) (12) (1) (6) - - 1 1 - (17)Adjusted @ Constant FX (Non-GAAP)$3,124 $180 $281 $393 $462 $- $(86) $(25) $- $1,205 % Change - Reported (GAAP) 35.7% 24.8% (6.3)% (25.7)% (5.1)% n/m (27.5)% 31.6% n/m 66.0%% Change - Adjusted (Non-GAAP) 4.9% 26.3% 0.0% (21.8)% 4.3% n/m (31.8)% 31.6% n/m (4.8)%% Change - Adjusted @ Constant FX (Non-GAAP) 3.0% 18.4% (0.4)% (22.9)% 4.3% n/m (30.3)% 34.2% n/m (6.1)% Reported Margin % 42.6% 12.1% 12.9% 11.3% 16.4% 20.8%Reported Margin pp change9.9 pp 1.0 pp (2.0) pp (3.8) pp (1.4) pp 7.8 ppAdjusted Margin % 34.0% 14.0% 14.3% 11.8% 17.5% 13.1%Adjusted Margin pp change0.2 pp 1.3 pp (1.2) pp (3.1) pp 0.1 pp (1.2) pp Gross Profit Operating IncomeFor the Three Months Ended June 30, 2025Mondelēz International Latin America AMEA Europe North America Unrealized G/(L) on Hedging Activities General Corporate Expenses Amortization of Intangibles Other Items Mondelēz InternationalReported (GAAP)$2,937 $133 $271 $514 $454 $(93) $(69) $(38) $- $1,172 Restructuring charges (1) - - (3) - - (1) - - (4)Mark-to-market (gains)/losses from derivatives 93 - - - - 93 - - - 93 Acquisition-related items (1) 2 13 - (37) - 1 - - (21)Divestiture-related items - - - (4) - - 1 - - (3)Incremental costs due to geopolitical conflicts - - - 1 - - - - - 1 ERP System Implementation costs 5 14 (2) (2) 26 - 1 - - 37 Remeasurement of net monetary position (1) 3 - 4 - - 1 - - 8 Adjusted (Non-GAAP)$3,032 $152 $282 $510 $443 $- $(66) $(38) $- $1,283 Reported Margin % 32.7% 11.1% 14.9% 15.1% 17.8% 13.0%Adjusted Margin % 33.8% 12.7% 15.5% 14.9% 17.4% 14.3% Schedule 5b
Mondelēz International, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAP MeasuresGross Profit / Operating Income(in millions of U.S. dollars)(Unaudited) Gross Profit Operating IncomeFor the Six Months Ended June 30, 2026Mondelēz International Latin America AMEA Europe North America Unrealized G/(L) on Hedging Activities General Corporate Expenses Amortization of Intangibles Other Items Mondelēz InternationalReported (GAAP)$6,789 $315 $580 $676 $815 $554 $(134) $(53) $1 $2,754 Restructuring charges - 3 - 46 6 - 1 - - 56 Mark-to-market (gains)/losses from derivatives (554) - - - - (554) - - - (554)Acquisition-related items - 1 16 2 (12) - - - - 7 Divestiture-related items - - - - - - - - (1) (1)Incremental costs due to geopolitical conflicts 18 - 17 1 - - - - - 18 ERP System Implementation costs 20 35 3 21 53 - (4) - - 108 Remeasurement of net monetary position - 3 3 10 - - - - - 16 Adjusted (Non-GAAP)$6,273 $357 $619 $756 $862 $- $(137) $(53) $- $2,404 Currency-related items (208) (28) (15) (44) (1) - - 2 - (86)Adjusted @ Constant FX (Non-GAAP)$6,065 $329 $604 $712 $861 $- $(137) $(51) $- $2,318 % Change - Reported (GAAP) 26.5% 15.8% (5.5)% (30.7)% (13.2)% n/m (19.6)% 29.3% n/m 48.7%% Change - Adjusted (Non-GAAP) 2.1% 18.6% (4.0)% (23.2)% (5.8)% n/m (21.2)% 29.3% n/m (9.5)%% Change - Adjusted @ Constant FX (Non-GAAP) (1.2)% 9.3% (6.4)% (27.6)% (5.9)% n/m (21.2)% 32.0% n/m (12.8)% Margin Reported % 34.9% 11.6% 13.6% 9.3% 15.7% 14.2%Margin Reported pp change5.6 pp 0.3 pp (2.4) pp (4.7) pp (2.7) pp 4.1 ppMargin Adjusted % 32.3% 13.1% 14.5% 10.4% 16.6% 12.4%Margin Adjusted pp change(1.3) pp 0.5 pp (2.3) pp (3.7) pp (1.4) pp (2.1) pp Gross Profit Operating IncomeFor the Six Months Ended June 30, 2025Mondelēz International Latin America AMEA Europe North America Unrealized G/(L) on Hedging Activities General Corporate Expenses Amortization of Intangibles Other Items Mondelēz InternationalReported (GAAP)$5,367 $272 $614 $976 $939 $(762) $(112) $(75) $- $1,852 Restructuring charges (1) (1) - (4) - - (1) - - (6)Mark-to-market (gains)/losses from derivatives 766 - - - - 762 - - - 762 Acquisition-related items (2) 5 27 - (61) - - - - (29)Divestiture-related items (1) - - (7) (1) - - - - (8)Incremental costs due to geopolitical conflicts - - - 1 - - - - - 1 ERP System Implementation costs 13 22 3 8 38 - (1) - - 70 Remeasurement of net monetary position (1) 3 1 10 - - 1 - - 15 Adjusted (Non-GAAP)$6,141 $301 $645 $984 $915 $- $(113) $(75) $- $2,657 Margin Reported % 29.3% 11.3% 16.0% 14.0% 18.4% 10.1%Margin Adjusted % 33.6% 12.6% 16.8% 14.1% 18.0% 14.5% Schedule 6a
Mondelēz International, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAP MeasuresTax Rate, Net Earnings and Diluted EPS(in millions of U.S. dollars and shares, except per share data)(Unaudited) For the Three Months Ended June 30, 2026Operating Income Benefit plan non-service expense / (income) Interest and other expense, net Earnings before income taxes Income taxes Effective tax rate Equity method investment transactions Equity method investment net losses / (earnings) Non-controlling interest earnings Net Earnings attributable to Mondelēz International Diluted EPS attributable to Mondelēz InternationalReported (GAAP)$1,946 $(27) $74 $1,899 $364 19.2% $- $(17) $4 $1,548 $1.20 Restructuring charges 9 - - 9 4 - - - 5 - Mark-to-market (gains)/losses from derivatives (827) - - (827) (172) - - - (655) (0.51)Acquisition-related items 13 - - 13 - - - - 13 0.01 Incremental costs due to geopolitical conflicts 11 - - 11 - - - - 11 0.01 ERP System Implementation costs 59 - - 59 15 - - - 44 0.03 Remeasurement of net monetary position 11 - - 11 - - - - 11 0.01 Pension participation changes - - (2) 2 - - - - 2 - Initial impacts from enacted tax law changes - - - - 30 - - - (30) (0.02)Gain on marketable securities - - - - 6 - - - (6) - Adjusted (Non-GAAP)$1,222 $(27) $72 $1,177 $247 21.0% $- $(17) $4 $943 $0.73 Currency-related items (25) (0.02)Adjusted @ Constant FX (Non-GAAP) $918 $0.71 Diluted Average Shares Outstanding 1,287 % Change - Reported (GAAP) 141.5% 144.9%% Change - Adjusted (Non-GAAP) (0.2)% -%% Change - Adjusted @ Constant FX (Non-GAAP) (2.9)% (2.7)% For the Three Months Ended June 30, 2025Operating Income Benefit plan non-service expense / (income) Interest and other expense, net Earnings before income taxes Income taxes Effective tax rate Equity method investment transactions Equity method investment net losses / (earnings) Non-controlling interest earnings Net Earnings attributable to Mondelēz International Diluted EPS attributable to Mondelēz InternationalReported (GAAP)$1,172 $264 $53 $855 $230 26.9% $- $(19) $3 $641 $0.49 Restructuring charges (4) - - (4) (2) - - - (2) - Mark-to-market (gains)/losses from derivatives 93 - - 93 16 - - - 77 0.06 Acquisition-related items (21) - - (21) (9) - - - (12) (0.01)Divestiture-related items (3) - - (3) - - - - (3) - Incremental costs due to geopolitical conflicts 1 - - 1 - - - - 1 - ERP System Implementation costs 37 - - 37 10 - - - 27 0.02 Remeasurement of net monetary position 8 - - 8 - - - - 8 0.01 Pension participation changes - (282) (3) 285 73 - - - 212 0.16 Initial impacts from enacted tax law changes - - - - 1 - - - (1) - Gain on marketable securities - - - - 3 - - - (3) - Adjusted (Non-GAAP)$1,283 $(18) $50 $1,251 $322 25.7% $- $(19) $3 $945 $0.73 Diluted Average Shares Outstanding 1,299 Schedule 6b
Mondelēz International, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAP MeasuresTax Rate, Net Earnings and Diluted EPS(in millions of U.S. dollars and shares, except per share data)(Unaudited) For the Six Months Ended June 30, 2026Operating Income Benefit plan non-service expense / (income) Interest and other expense, net Earnings before income taxes Income taxes Effective tax rate Loss on equity method investment transactions Equity method investment net losses / (earnings) Non-controlling interest earnings Net Earnings attributable to Mondelēz International Diluted EPS attributable to Mondelēz InternationalReported (GAAP)$2,754 $(58) $138 $2,674 $592 22.1% $3 $(37) $8 $2,108 $1.64 Restructuring charges 56 - - 56 13 - - - 43 0.03 Mark-to-market (gains)/losses from derivatives (554) - - (554) (113) (1) - - (440) (0.34)Acquisition-related items 7 - - 7 (3) - - - 10 0.01 Divestiture-related items (1) - - (1) - - - - (1) - Incremental costs due to geopolitical conflicts 18 - - 18 - - - - 18 0.01 ERP System Implementation costs 108 - - 108 28 - - - 80 0.06 Remeasurement of net monetary position 16 - - 16 - - - - 16 0.01 Pension participation changes - 3 (4) 1 - - - - 1 - Initial impacts from enacted tax law changes - - - - 29 - - - (29) (0.02)Gain on marketable securities - - - - 6 - - - (6) - Loss on equity method investment transactions - - - - - (2) - - 2 - Adjusted (Non-GAAP)$2,404 $(55) $134 $2,325 $552 23.7% $- $(37) $8 $1,802 $1.40 Currency-related items (78) (0.06)Adjusted @ Constant FX (Non-GAAP) $1,724 $1.34 Diluted Average Shares Outstanding 1,286 % Change - Reported (GAAP) 102.1% 105.0%% Change - Adjusted (Non-GAAP) (5.5)% (4.8)%% Change - Adjusted @ Constant FX (Non-GAAP) (9.6)% (8.8)% For the Six Months Ended June 30, 2025Operating Income Benefit plan non-service expense / (income) Interest and other expense, net Earnings before income taxes Income taxes Effective tax rate Equity method investment transactions Equity method investment net losses / (earnings) Non-controlling interest earnings Net Earnings attributable to Mondelēz International Diluted EPS attributable to Mondelēz InternationalReported (GAAP)$1,852 $246 $206 $1,400 $384 27.4% $- $(35) $8 $1,043 $0.80 Restructuring charges (6) - - (6) (2) - - - (4) - Mark-to-market (gains)/losses from derivatives 762 - (4) 766 152 - - - 614 0.47 Acquisition-related items (29) - - (29) (14) - - - (15) (0.01)Divestiture-related items (8) - - (8) (1) - - - (7) - Incremental costs due to geopolitical conflicts 1 - - 1 - - - - 1 - ERP System Implementation costs 70 - - 70 18 - - - 52 0.04 Remeasurement of net monetary position 15 - - 15 - - - - 15 0.01 Pension participation changes - (282) (5) 287 73 - - - 214 0.16 Initial impacts from enacted tax law changes - - - - 3 - - - (3) - Gain on marketable securities - - - - 3 - - - (3) - Adjusted (Non-GAAP)$2,657 $(36) $197 $2,496 $616 24.7% $- $(35) $8 $1,907 $1.47 Diluted Average Shares Outstanding 1,301 Schedule 7
Mondelēz International, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAP MeasuresNet Cash Provided by Operating Activities to Free Cash Flow(in millions of U.S. dollars)(Unaudited) For the Six Months Ended June 30, 2026 2025 $ ChangeNet Cash Provided by Operating Activities (GAAP)$1,322 $1,400 $(78)Capital Expenditures (654) (582) (72)Free Cash Flow (Non-GAAP)$668 $818 $(150) Contacts:Tracey Noe (Media)Shep Dunlap (Investors) 1-847-943-56781-847-943-5454 [email protected]@mdlz.com
, /PRNewswire/ -- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) (the "Company") today announced that, at its Extraordinary General Meeting of Shareholders held earlier today, shareholders supported both items on the agenda.
The proposals approved at the meeting included the adoption of a new compensation policy for the Company's directors and officers and the Company's entry into an employment agreement with its newly appointed President and Chief Executive Officer, Chen Lichtenstein.
Final voting results are available here.
About ZIM
Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with operations in more than 90 countries, serving over 30,000 customers across more than 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.
U Robinhood Markets se ve druhém čtvrtletí očekávají výnosy 1,21 miliardy USD a EPS 41 centů. Investoři budou sledovat nové produkty, hlavně Robinhood Chain, Prediction Markets a Trump Accounts.
Robinhood Markets (NASDAQ:HOOD) could credit new products for strong second-quarter results when the company reports earnings Wednesday after market close.
Here are the key earnings estimates, analyst expectations and items to watch.
Robinhood Q2 Earnings EstimatesAnalysts expect Robinhood to report second-quarter revenue of $1.21 billion, up from $989 million in the year-ago quarter, according to Benzinga Pro data.
The company has missed revenue estimates in two consecutive quarters but has exceeded expectations in seven of the past 10 quarters.
Analysts expect second-quarter earnings per share of 41 cents, compared with 42 cents per share in the same period last year.
Robinhood has beaten EPS estimates in eight of the past 10 quarters but missed expectations in the first quarter.
Robinhood Analyst Ratings and Price TargetsHere are some of the latest analyst ratings on Robinhood stock and their price targets:
KeyBanc: Maintained Overweight rating, raised price target from $100 to $125 Needham: Maintained Buy rating, raised price target from $97 to $123 Bernstein: Maintained Outperform rating, raised price target from $130 to $160 Goldman Sachs: Maintained Buy rating, raised price target from $121 to $137 Key Items to WatchAfter missing first-quarter estimates for both revenue and earnings per share, Robinhood will look to rebound by highlighting new products and growth initiatives when it reports results.
The company recently launched Robinhood Chain, a Layer 2 blockchain designed to expand its cryptocurrency ecosystem, while meme coin activity has gained traction among crypto traders.
Robinhood has also become a key partner in Trump Accounts, a White House-backed child investment account initiative, though the impact on revenue may come later as adoption ramps.
Prediction markets remain another growth area for the company. With major sporting events, including the World Cup, boosting interest in event contracts, investors will be watching for continued momentum in this segment.
Transaction-based revenue rose 7% year-over-year in the first quarter, though cryptocurrency revenue declined. Investors will be looking for stronger growth in overall transaction revenue and signs of a crypto rebound.
Management previously said April was on track to become the company’s strongest month of the year for equity and options trading.
The key question is how much of the growth from Trump Accounts and Robinhood Chain will be reflected in second-quarter results versus future quarters. With that in mind, management’s outlook and guidance could prove just as important as the earnings report itself.
Price ActionRobinhood stock is down 3.7% to $92.07 on Tuesday versus a 52-week trading range of $63.52 to $153.86. Robinhood shares are down 20.1% year-to-date in 2026.
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IRVINE, Calif. and GREENSBORO, N.C., July 28, 2026 (GLOBE NEWSWIRE) -- Skyworks Solutions, Inc. (Nasdaq: SWKS) and Qorvo, Inc. (Nasdaq: QRVO) today announced the expected executive leadership team for the combined company, effective upon the successful completion of the pending transaction.
"Our expected leadership team unites deep industry expertise, proven operating experience and a shared commitment to helping customers solve their most complex challenges,” said Phil Brace, president and chief executive officer of Skyworks, who will serve as chief executive officer of the combined company. “Identifying this team is an important step in preparing us to move with clarity and conviction after close. This group will play a critical role in bringing together the strengths of both organizations, supporting a smooth transition and positioning our combined company to realize the tremendous opportunities ahead."
The following executives are expected to report to Mr. Brace as of the closing:
Philip Carter - Chief Financial Officer and Senior Vice PresidentPhilip Chesley - Senior Vice President and President of High Performance AnalogKari Durham - Senior Vice President, Human ResourcesJ.K. Givens - Senior Vice President and General Counsel, SecretaryYusuf Jamal - Senior Vice President and General Manager of RF and Mixed-Signal Intelligence SolutionsReza Kasnavi - Executive Vice President, Chief Operations and Technology OfficerJoel King - Senior Vice President and General Manager of Mobile Solutions BusinessTodd Lepinski - Senior Vice President, Sales and MarketingFrank Stewart - Senior Vice President and President of Advanced Cellular
Bob Bruggeworth, president and chief executive officer of Qorvo, who is expected to join the board of directors of the combined company post-close, added, “Today’s announcement reflects the strong partnership that has shaped our integration planning efforts from the very beginning. I am confident these leaders will help foster collaboration across our teams as we build on the engineering excellence, innovation, and customer focus that have long distinguished both organizations.”
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. We are 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). For more information, please visit Skyworks’ website at: www.skyworksinc.com.
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.
Important Information About the Proposed Transaction and Where to Find It
In connection with the mergers, Skyworks has filed with the SEC a registration statement on Form S-4 (File No. 333-291947) (the “Registration Statement”), which includes a prospectus with respect to the shares of Skyworks’ common stock to be issued in the mergers and a joint proxy statement for Skyworks’ and Qorvo’s respective stockholders (the “Joint Proxy Statement/Prospectus”). The Registration Statement was declared effective on December 23, 2025, and Skyworks filed a final prospectus on December 23, 2025, and Qorvo filed a definitive proxy statement on December 23, 2025. The Joint Proxy Statement/Prospectus was mailed to stockholders of Skyworks and Qorvo on or about December 23, 2025. Each of Skyworks and Qorvo may also file with or furnish to the SEC other relevant documents regarding the mergers. This communication is not a substitute for the Registration Statement, the Joint Proxy Statement/Prospectus or any other document that Skyworks or Qorvo may mail to their respective stockholders in connection with the mergers.
INVESTORS AND SECURITY HOLDERS OF SKYWORKS AND QORVO ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING SKYWORKS, QORVO, THE MERGERS AND RELATED MATTERS.
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]. These documents filed with the SEC are also available for free to the public at the website maintained by the SEC at www.sec.gov.
No Offer or Solicitation
This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
This document contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Skyworks’ and Qorvo’s current expectations, estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, their respective businesses and industries, management’s beliefs and certain assumptions made by Skyworks and Qorvo, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the proposed transaction or to make or take any filing or other action required to consummate the transaction in a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the proposed transaction on anticipated terms and timing, including obtaining regulatory approvals, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, expansion and growth of Skyworks’ and Qorvo’s businesses and other conditions to the completion of the proposed transaction; (ii) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the transaction or integrating the businesses of Skyworks and Qorvo; (iii) Skyworks’ and Qorvo’s ability to implement their business strategies; (iv) pricing trends; (v) potential litigation relating to the proposed transaction that has been or could be instituted against Skyworks, Qorvo or their respective directors; (vi) the risk that disruptions from the proposed transaction will harm Skyworks’ or Qorvo’s business, including current plans and operations; (vii) the ability of Skyworks or Qorvo to retain and hire key personnel; (viii) potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the proposed transaction; (ix) uncertainty as to the long-term value of Skyworks’ common stock; (x) legislative, regulatory and economic developments affecting Skyworks’ and Qorvo’s businesses; (xi) general economic and market developments and conditions; (xii) the evolving legal, regulatory and tax regimes under which Skyworks and Qorvo operate; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Skyworks’ or Qorvo’s financial performance; (xiv) restrictions during the pendency of the proposed transaction that may impact Skyworks’ or Qorvo’s ability to pursue certain business opportunities or strategic transactions; and (xv) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as Skyworks’ and Qorvo’s response to any of the aforementioned factors. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the Joint Proxy Statement/Prospectus. While the list of factors presented here and in the Joint Proxy Statement/Prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Skyworks’ or Qorvo’s consolidated financial condition, results of operations or liquidity. Neither Skyworks nor Qorvo assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
Qorvo oznámila za první fiskální čtvrtletí tržby 784,8 mil. USD a zředěný EPS 0,96 USD podle GAAP. Non-GAAP zředěný EPS vzrostl meziročně o 78 % na 1,64 USD.
GREENSBORO, N.C., July 28, 2026 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2027 first quarter ended June 27, 2026.
On a GAAP basis, revenue for Qorvo’s fiscal 2027 first quarter was $784.8 million, gross margin was 51.1%, operating income was $96.8 million, and diluted earnings per share was $0.96. On a non-GAAP basis, gross margin was 52.8%, operating income was $177.6 million, and diluted earnings per share was $1.64.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, "The Qorvo team delivered strong June quarterly financial results, supported by double-digit year-over-year revenue growth in D&A, infrastructure, and power, coupled with our successful pivot in ACG to higher value placements. For full-year fiscal 2027, we continue to expect non-GAAP gross margin above 50% and now expect non-GAAP diluted earnings per share above $7.00."
Financial Commentary
Grant Brown, chief financial officer of Qorvo, said, "Qorvo is improving business mix within and across operating segments, reducing capital intensity, and structurally enhancing profitability. Compared to the prior-year June quarter, non-GAAP gross margin expanded 880 basis points to 52.8% and non-GAAP EPS increased 78% to $1.64. We expect continued strong financial performance throughout fiscal 2027."
Given Qorvo's pending transaction with Skyworks, Qorvo has discontinued conducting conference calls and providing forward-looking guidance. Qorvo's fiscal 2027 is 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(In millions, except for percentages and EPS)(Unaudited) Q1 Fiscal 2027 Q4 Fiscal 2026 Q1 Fiscal 2026 Sequential Change Year-over-Year ChangeRevenue$784.8 $808.3 $818.8 $(23.5) $(34.0)Gross profit$401.0 $395.0 $331.8 $6.0 $69.2 Gross margin 51.1% 48.9% 40.5% 2.2 ppt 10.6 ppt Operating expenses$304.2 $363.5 $301.7 $(59.3) $2.5 Operating income$96.8 $31.5 $30.1 $65.3 $66.7 Net income$85.8 $29.7 $25.6 $56.1 $60.2 Weighted-average diluted shares 89.4 92.6 93.8 (3.2) (4.4)Diluted EPS$0.96 $0.32 $0.27 $0.64 $0.69 SELECTED NON-GAAP RESULTS(1)(In millions, except for percentages and EPS)(Unaudited) Q1 Fiscal 2027 Q4 Fiscal 2026 Q1 Fiscal 2026 Sequential Change Year-over-Year ChangeRevenue$784.8 $808.3 $818.8 $(23.5) $(34.0)Gross profit$414.3 $425.2 $360.0 $(10.9) $54.3 Gross margin 52.8% 52.6% 44.0% 0.2 ppt 8.8 ppt Operating expenses$236.6 $235.0 $251.8 $1.6 $(15.2)Operating income$177.6 $190.2 $108.2 $(12.6) $69.4 Net income$146.6 $156.8 $86.5 $(10.2) $60.1 Weighted-average diluted shares 89.4 92.6 93.8 (3.2) (4.4)Diluted EPS$1.64 $1.69 $0.92 $(0.05) $0.72 (1) Adjusted for 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; investment gains and losses; and an adjustment of income taxes. SELECTED GAAP RESULTS BY OPERATING SEGMENT(In millions, except percentages)(Unaudited) Q1 Fiscal 2027 Q4 Fiscal 2026 Q1 Fiscal 2026 Sequential Change Year-over-Year ChangeRevenue HPA$206.3 $202.7 $137.4 1.8% 50.1%CSG 101.9 93.3 110.2 9.2% (7.5)%ACG 476.6 512.3 571.2 (7.0)% (16.6)%Total revenue$784.8 $808.3 $818.8 (2.9)% (4.2)%Operating income (loss) HPA$70.0 $70.3 $21.6 (0.4)% 224.1%CSG 3.0 (6.9) (7.5) 143.5% 140.0%ACG 108.5 130.5 97.9 (16.9)% 10.8%Unallocated amounts(1) (84.7) (162.4) (81.9) 47.8% (3.4)%Total operating income$96.8 $31.5 $30.1 207.3% 221.6%Operating income (loss) as a % of revenue HPA 33.9% 34.7% 15.7% (0.8) ppt 18.2 ppt CSG 2.9 (7.4) (6.8) 10.3 ppt 9.7 ppt ACG 22.8 25.5 17.1 (2.7) ppt 5.7 ppt Total operating income as a % of revenue 12.3% 3.9% 3.7% 8.4 ppt 8.6 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; 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 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; open source software risks, including risks related to licensing and security; compliance with evolving data privacy and cybersecurity laws and regulations; 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 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 28, 2026, 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 June 27, 2026 June 28, 2025Revenue$784,795 $818,778 Cost of goods sold 383,827 486,976 Gross profit 400,968 331,802 Operating expenses: Research and development 172,427 179,244 Marketing and selling 48,792 56,891 General and administrative 41,337 50,998 Other operating expense 41,642 14,583 Total operating expenses 304,198 301,716 Operating income 96,770 30,086 Interest expense (15,852) (18,787)Other income, net 19,608 20,386 Income before income taxes 100,526 31,685 Income tax expense (14,724) (6,091)Net income$85,802 $25,594 Net income per share: Basic$0.97 $0.28 Diluted$0.96 $0.27 Weighted-average shares of common stock outstanding: Basic 88,035 92,915 Diluted 89,360 93,770 QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited) Three Months Ended June 27, 2026 March 28, 2026 June 28, 2025 GAAP operating income$96,770 $31,514 $30,086 Stock-based compensation expense 34,411 26,321 42,475 Amortization of acquired intangible assets 8,777 20,394 21,521 Restructuring-related charges 11,521 22,426 7,879 Goodwill and intangible asset impairment — 82,369 — Merger-related costs 14,885 8,097 465 Settlements, gains, losses and other charges 11,276 (898) 5,756 Non-GAAP operating income$177,640 $190,223 $108,182 GAAP net income$85,802 $29,730 $25,594 Stock-based compensation expense 34,411 26,321 42,475 Amortization of acquired intangible assets 8,777 20,394 21,521 Restructuring-related charges 11,521 22,426 7,879 Goodwill and intangible asset impairment — 82,369 — Merger-related costs 14,885 8,097 465 Settlements, gains, losses and other charges 11,276 (898) 5,756 Investment gains and losses (8,891) 4,053 (8,052)Adjustment of income taxes (11,151) (35,660) (9,164)Non-GAAP net income$146,630 $156,832 $86,474 GAAP weighted-average outstanding diluted shares 89,360 92,628 93,770 Dilutive stock-based awards — — — Non-GAAP weighted-average outstanding diluted shares 89,360 92,628 93,770 Non-GAAP net income per share, diluted$1.64 $1.69 $0.92 QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited) Three Months Ended(in thousands, except percentages)June 27, 2026 March 28, 2026 June 28, 2025GAAP gross profit/margin$400,968 51.1% $395,021 48.9% $331,802 40.5%Stock-based compensation expense 5,923 0.8 5,252 0.6 5,641 0.7 Amortization of acquired intangible assets 8,046 1.0 18,448 2.3 19,165 2.3 Restructuring-related (adjustments) charges (153)— 7,084 0.9 3,725 0.5 Other income (516)(0.1) (621)(0.1) (339)— Non-GAAP gross profit/margin$414,268 52.8% $425,184 52.6% $359,994 44.0% Three Months EndedNon-GAAP Operating IncomeJune 27, 2026(as a percentage of revenue) GAAP operating income12.3%Stock-based compensation expense4.4 Amortization of acquired intangible assets1.1 Restructuring-related charges1.5 Merger-related costs1.9 Settlements, gains, losses and other charges1.4 Non-GAAP operating income22.6% Three Months EndedFree Cash Flow(1)June 27, 2026(in thousands) Net cash provided by operating activities$139,493 Purchases of property and equipment (24,144)Free cash flow$115,349 (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
June 27, 2026 March 28, 2026 June 28, 2025
GAAP research and development expense$172,427 $170,388 $179,244 Less: Stock-based compensation expense 13,592 12,496 14,181 Amortization of acquired intangible assets — 402 — Other charges 2 2 2 Non-GAAP research and development expense$158,833 $157,488 $165,061 Three Months Ended
June 27, 2026 March 28, 2026 June 28, 2025
GAAP marketing and selling expense$48,792 $49,526 $56,891 Less: Stock-based compensation expense 3,579 3,327 4,679 Amortization of acquired intangible assets 731 1,543 2,356 Non-GAAP marketing and selling expense$44,482 $44,656 $49,856 Three Months Ended
June 27, 2026 March 28, 2026 June 28, 2025
GAAP general and administrative expense$41,337 $34,504 $50,998 Less: Stock-based compensation expense 11,891 5,379 17,908 Non-GAAP general and administrative expense$29,446 $29,125 $33,090 Three Months Ended
June 27, 2026 March 28, 2026 June 28, 2025
GAAP other operating expense (including goodwill and intangible asset impairment)$41,642 $109,089 $14,583 Less: Stock-based compensation (adjustment) expense (574) (132) 66 Restructuring-related charges 11,674 15,342 4,154 Goodwill and intangible asset impairment — 82,369 — Merger-related costs 14,885 8,097 465 Settlements, gains, losses and other charges 11,790 (279) 6,093 Non-GAAP other operating expense$3,867 $3,692 $3,805 Three Months Ended
June 27, 2026 March 28, 2026 June 28, 2025
GAAP total operating expense$304,198 $363,507 $301,716 Less: Stock-based compensation expense 28,488 21,070 36,834 Amortization of acquired intangible assets 731 1,945 2,356 Restructuring-related charges 11,674 15,342 4,154 Goodwill and intangible asset impairment — 82,369 — Merger-related costs 14,885 8,097 465 Settlements, gains, losses and other charges 11,792 (277) 6,095 Non-GAAP total operating expense$236,628 $234,961 $251,812 QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
June 27, 2026
March 28, 2026
ASSETS Current assets: Cash and cash equivalents$1,328,943 $1,219,015 Accounts receivable, net 379,545 382,509 Inventories 592,492 553,718 Prepaid expenses 38,857 36,724 Other receivables 16,384 16,172 Other current assets 80,501 98,176 Total current assets 2,436,722 2,306,314 Property and equipment, net 680,308 710,392 Goodwill 2,353,226 2,353,226 Intangible assets, net 106,286 121,506 Long-term investments 14,759 16,295 Other non-current assets 348,155 317,857 Total assets$5,939,456 $5,825,590 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable$253,233 $242,870 Accrued liabilities 213,593 248,160 Other current liabilities 220,861 221,727 Total current liabilities 687,687 712,757 Long-term debt 1,549,138 1,549,154 Other long-term liabilities 230,706 219,380 Total liabilities 2,467,531 2,481,291 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; 88,218 and 87,741 shares issued and outstanding at June 27, 2026 and March 28, 2026, respectively 3,344,678 3,301,450 Accumulated other comprehensive income 2,657 4,061 Retained earnings 124,590 38,788 Total stockholders' equity 3,471,925 3,344,299 Total liabilities and stockholders’ equity$5,939,456 $5,825,590 QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) Three Months Ended June 27, 2026 June 28, 2025Cash flows from operating activities: Net income$85,802 $25,594 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 34,912 39,466 Amortization of intangible assets 15,225 27,994 Deferred income taxes (8,758) (3,756)Stock-based compensation expense 34,411 42,475 Other, net 2,666 (1,804)Changes in operating assets and liabilities: Accounts receivable, net 2,941 58,205 Inventories (39,000) 4,725 Prepaid expenses and other assets 15,538 2,389 Accounts payable and accrued liabilities (13,007) (2,881)Income taxes payable and receivable 4,672 (14,193)Other liabilities 4,091 4,731 Net cash provided by operating activities 139,493 182,945 Cash flows from investing activities: Purchase of property and equipment (24,144) (37,543)Other investing activities 1,298 4,212 Net cash used in investing activities (22,846) (33,331)Cash flows from financing activities: Repurchase of common stock, including transaction costs — (49,906)Proceeds from the issuance of common stock 8,731 9,833 Tax withholding paid on behalf of employees for restricted stock units (10,272) (7,290)Net (payments) proceeds from purchase and sale of inventories subject to repurchase (139) 45,599 Other financing activities (4,787) (5,171)Net cash used in financing activities (6,467) (6,935)Effect of exchange rate changes on cash and cash equivalents (252) 1,623 Net increase in cash and cash equivalents 109,928 144,302 Cash and cash equivalents at the beginning of the period 1,219,015 1,021,176 Cash and cash equivalents at the end of the period$1,328,943 $1,165,478 At Qorvo®
Doug DeLieto
VP, Investor Relations
1.336.678.7968
Skyworks oznámila tržby 935 milionů USD a non-GAAP zisk na akcii 1,08 USD za třetí fiskální čtvrtletí. Zároveň pokračuje v přípravách na spojení s Qorvo a čeká na regulační schválení.
Revenue of $935 Million, GAAP Diluted EPS of $0.22 and Non-GAAP Diluted EPS of $1.08Continued Momentum Across Broad Markets Growth Engines, Led by Automotive and Data Center Qorvo Regulatory Approvals ProgressingAnnounces Expected Leadership Team for Combined CompanyAnticipates Raising Approximately $2 Billion of Acquisition Debt FinancingAnnounces New Capital Allocation Framework for Combined Company; New Stock Repurchase Authorization of $2 Billion IRVINE, Calif., July 28, 2026 (GLOBE NEWSWIRE) -- Skyworks Solutions, Inc. (Nasdaq: SWKS), a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, today reported third fiscal quarter results for the period ended July 3, 2026.
Revenue for the third fiscal quarter of 2026 was $935 million. On a GAAP basis, operating income for the third fiscal quarter was $49 million with diluted earnings per share of $0.22. On a non-GAAP basis, operating income was $182 million with non-GAAP diluted earnings per share of $1.08.
“We delivered a solid quarter with revenue and earnings above expectations, reflecting consistent execution across the portfolio,” said Phil Brace, chief executive officer and president of Skyworks. “Mobile performed well on healthy demand, and Broad Markets delivered another quarter of year-over-year growth, led by double-digit gains in automotive and data center.
“We continue to advance the regulatory process for our pending combination with Qorvo. We are now optimistic that we can close within the calendar year, and we will be preparing to close as early as within the fiscal year. The steps we’re announcing today - our financing plans, the combined company’s expected leadership team, and a new capital allocation framework are about being ready to execute from day one.”
Recent Business Highlights
Expanded automotive design win pipeline, securing telematics and in-vehicle infotainment engagements with leading global OEMsExpanded AI data center design win pipeline, including precision timing for a hyperscaler switch platform and isolation solutions for 800-volt HVDC power architecturesIntroduced latest power and gate driver technologies, targeting next-generation AI data centers, electric vehicle platforms and industrial high-power applications
Fourth Fiscal Quarter 2026 Outlook
We provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control. Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this earnings release for further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items.
“For the September quarter, we anticipate revenue of $1,010 million to $1,060 million, with non-GAAP diluted earnings per share of $1.27 at the mid-point of the revenue range,” said Philip Carter, chief financial officer and senior vice president of Skyworks. “Our guidance includes approximately $5 million in incremental net interest expense, or approximately $0.03 per share, reflecting a partial quarter of financing costs associated with the pending Qorvo acquisition.
“We expect Mobile to grow sequentially in the high-teens range, supported by the seasonal ramp of new product launches at our largest customer, while Broad Markets is expected to grow approximately 5% year-over-year, representing approximately 39% of sales.”
Capital Allocation Framework
In conjunction with the pending Qorvo combination, Skyworks’ board of directors has approved a new capital allocation framework for the combined company. Reflecting the combined company’s expected robust free cash flow and adjusted EBITDA generation, the framework provides the flexibility to repurchase shares, de-lever the balance sheet, and pursue opportunistic, accretive M&A. Accordingly, the board has replaced the stock repurchase program expiring in February 2027 with a new $2 billion stock repurchase program, and the company has decided not to declare any quarterly dividends going forward, redirecting that capital toward these higher-return uses. Repurchases may be made from time to time in the open market or through privately negotiated transactions, subject to market conditions and other factors; the program does not obligate the company to repurchase any minimum number of shares and may be suspended or discontinued at any time.
Skyworks’ Third Quarter 2026 Conference Call
Skyworks will host a conference call with analysts to discuss its third quarter fiscal 2026 results and business outlook on July 28, 2026, at 4:30 p.m. EDT.
To listen to the conference call, please visit the investor relations section of Skyworks’ website at https://investors.skyworksinc.com/events-presentations. Playback of the conference call will be available on Skyworks’ website at www.skyworksinc.com/investors beginning at 9 p.m. EDT on July 28, 2026. Additionally, a transcript of the Company’s prepared remarks will be made available on our website promptly after their conclusion during the call.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. We are 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). For more information, please visit Skyworks’ website at: www.skyworksinc.com.
Important Information About the Proposed Transaction and Where to Find It
In connection with the proposed mergers (the “Mergers”) with Qorvo, Inc. (“Qorvo”), Skyworks has filed with the SEC a registration statement on Form S-4 (File No. 333-291947) (the “Registration Statement”), which includes a prospectus with respect to the shares of Skyworks’ common stock to be issued in the Mergers and a joint proxy statement for Skyworks’ and Qorvo’s respective stockholders (the “Joint Proxy Statement/Prospectus”). The Registration Statement was declared effective on December 23, 2025, and Skyworks filed a final prospectus on December 23, 2025, and Qorvo filed a definitive proxy statement on December 23, 2025. The Joint Proxy Statement/Prospectus was mailed to stockholders of Skyworks and Qorvo on or about December 23, 2025. Each of Skyworks and Qorvo may also file with or furnish to the SEC other relevant documents regarding the Mergers. This communication is not a substitute for the Registration Statement, the Joint Proxy Statement/Prospectus or any other document that Skyworks or Qorvo may mail to their respective stockholders in connection with the Mergers.
INVESTORS AND SECURITY HOLDERS OF SKYWORKS AND QORVO ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING SKYWORKS, QORVO, THE MERGERS AND RELATED MATTERS.
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]. These documents filed with the SEC are also available for free to the public at the website maintained by the SEC at www.sec.gov.
No Offer or Solicitation
This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Safe Harbor Statement
This earnings release includes “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Skyworks’ and Qorvo’s current expectations, estimates and projections concerning future events, prospects and results, including the expected date of closing and potential benefits of the proposed transactions with Qorvo, their respective businesses and industries, management’s beliefs and certain assumptions, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, including certain projections and business trends, including with respect to future sales and revenue, as well as plans for dividend payments and stock repurchases, expected leadership of the combined company and expectations related to the closing of the pending transaction with Qorvo. Forward-looking statements can often be identified by words such as “expect,” “anticipate,” “forecast,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” and similar expressions and variations or negatives of these words, or other comparable terminology that conveys uncertainty regarding future events or outcomes. All such statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the proposed transactions or to make or take any filing or other action required to consummate the transactions in a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and adversely from those projected and may affect our future operating results, financial position and cash flows, and, therefore, you should not place undue reliance on any such statements and should exercise caution in relying on forward-looking statements.
These risks, uncertainties and other important factors that may cause a difference include, but are not limited to: 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., our ability to obtain foreign-sourced raw materials, including from Chinese-based sources, as well as our 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 our, and our customers’, products to economic cycles or changes in economic conditions, including inflation and recession that could result from trade war or trade protection measures; our reliance on a small number of key customers for a large percentage of our sales; decreased gross margins and loss of market share as a result of increased competition; our ability to obtain design wins from customers; our ability to convert design wins into revenue, including with respect to the design win with a leading Android OEM noted in this earnings release; market acceptance of our products and our customers’ products, including market acceptance of new, emerging technologies such as AI; the mix and volume of phone models sold by our largest customer; the completion of the proposed transactions with Qorvo on anticipated terms and timing, including obtaining required regulatory approvals, realizing the anticipated tax treatment; the potential impacts of the proposed transactions with Qorvo on the businesses of Skyworks and Qorvo, including unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, and the expansion and growth of their businesses; the failure to realize the anticipated benefits of the proposed transactions with Qorvo, including as a result of delay in completing the transactions or integrating the businesses of Skyworks and Qorvo; Skyworks’ and Qorvo’s ability to implement their business strategies; pricing trends; potential litigation relating to the proposed transactions that has been or could be instituted against Skyworks, Qorvo or their respective directors; the risk that disruptions from the proposed transactions will harm Skyworks’ or Qorvo’s business, including current plans and operations; the ability of Skyworks and Qorvo to retain and hire key personnel; potential adverse reactions or changes to business relationships with employees, customers, other business partners or governmental entities resulting from the announcement, pendency or completion of the proposed transactions; uncertainty as to the long-term value of Skyworks’ common stock; legislative, regulatory and economic developments affecting Skyworks’ and Qorvo’s businesses; general economic and market developments and conditions; the evolving legal, regulatory and tax regimes under which Skyworks and Qorvo operate; potential business uncertainty, including changes to existing business relationships during the pendency of the proposed transactions, that could affect Skyworks’ or Qorvo’s financial performance; restrictions during the pendency of the proposed transactions that may impact Skyworks’ or Qorvo’s ability to pursue certain business opportunities or strategic transactions; the unpredictability and severity of catastrophic events, including acts of terrorism, outbreaks of war or hostilities, as well as Skyworks’ and Qorvo’s response to any of the aforementioned factors; the costs, fees, expenses and other charges related to the transactions with Qorvo, including with respect to any related litigation; reduced flexibility in operating our business as a result of the indebtedness incurred in connection with the transaction with Silicon Laboratories Inc. and the substantial amount of additional indebtedness we expect to incur in connection with the Qorvo transactions; delays in the deployment of commercial 5G networks or in consumer adoption of 5G-enabled devices; the volatility of our stock price; changes in laws, regulations and/or policies that could adversely affect our operations and financial results, the economy and our customers’ demand for our products, or the financial markets and our ability to raise capital; fluctuations in our manufacturing yields due to our complex and specialized manufacturing processes; our ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition our products to smaller geometry process technologies and achieve higher levels of design integration; the quality of our products and any defect remediation costs; our 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 our customers’ ability to obtain such services and materials; risks that we may not be able to optimize our manufacturing footprint and achieve any financial and operational benefits from such efforts, including reducing fixed costs or improving utilization rates, disruptions to our manufacturing processes, including relating to any relocation of our key facilities; our ability to successfully manage our senior management transitions; our 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 our business and product plans; the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; other economic, social, military and geopolitical conditions in the countries in which we, our customers or our 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 our industry, including the risk of significant disruptions to our business operations, as well as negative impacts to our financial condition; our ability to prevent theft of our intellectual property, disclosure of confidential information or breaches of our information technology systems; uncertainties of litigation, including potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; our ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; our ability to make certain investments and acquisitions, integrate companies we acquire and/or enter into strategic alliances; and other risks and uncertainties, including those detailed from time to time in our filings, including the Joint Proxy Statement/Prospectus, with the Securities and Exchange Commission. While the factors identified here and in the Joint Proxy Statement/Prospectus are considered representative, no such list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Skyworks’ or Qorvo’s consolidated financial condition, results of operations or liquidity.
The forward-looking statements contained in this earnings release are made only as of the date hereof, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, should circumstances change, except as otherwise required by securities or other applicable laws.
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.
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended(in millions, except per share amounts)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025Net revenue$934.8 $965.0 $2,913.9 $2,986.7 Cost of goods sold 559.8 564.0 1,726.3 1,752.1 Gross profit 375.0 401.0 1,187.6 1,234.6 Operating expenses: Research and development 207.8 199.4 623.5 562.4 Selling, general, and administrative 98.7 89.3 326.8 259.9 Amortization of intangibles 0.2 0.2 0.7 0.7 Restructuring, impairment, and other charges 19.8 1.5 42.2 22.6 Total operating expenses 326.5 290.4 993.2 845.6 Operating income 48.5 110.6 194.4 389.0 Interest expense (5.9) (6.6) (19.8) (20.2)Other income, net 6.2 8.0 29.3 35.9 Income before income taxes 48.8 112.0 203.9 404.7 Provision for income taxes 14.9 7.0 55.2 69.0 Net income$33.9 $105.0 $148.7 $335.7 Earnings per share: Basic$0.23 $0.70 $0.99 $2.15 Diluted$0.22 $0.70 $0.99 $2.14 Weighted average shares: Basic 150.4 150.0 150.1 156.3 Diluted 151.4 150.3 150.8 156.9 SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Three Months Ended Nine Months Ended(in millions)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025GAAP gross profit$375.0 $401.0 $1,187.6 $1,234.6 Share-based compensation expense [a] 10.9 8.5 34.0 21.5 Amortization of acquisition-related intangibles 34.1 37.7 105.7 114.8 Restructuring and other charges — 7.0 — 25.1 Non-GAAP gross profit$420.0 $454.2 $1,327.3 $1,396.0 GAAP gross margin % 40.1% 41.6% 40.8% 41.3%Non-GAAP gross margin % 44.9% 47.1% 45.6% 46.7% Three Months Ended Nine Months Ended(in millions)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025GAAP operating income$48.5 $110.6 $194.4 $389.0 Share-based compensation expense [a] 53.2 55.2 168.9 168.9 Acquisition-related expenses 25.7 2.8 97.2 3.4 Amortization of acquisition-related intangibles 34.2 37.9 106.4 115.5 Settlements, gains, losses, and impairments (2.0) — 1.5 (1.8)Restructuring and other charges 22.0 17.9 54.3 56.3 Non-GAAP operating income$181.6 $224.4 $622.7 $731.3 GAAP operating margin % 5.2% 11.5% 6.7% 13.0%Non-GAAP operating margin % 19.4% 23.3% 21.4% 24.5% Three Months Ended Nine Months Ended(in millions)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025GAAP net income$33.9 $105.0 $148.7 $335.7 Share-based compensation expense [a] 53.2 55.2 168.9 168.9 Acquisition-related expenses 25.7 2.8 97.2 3.4 Amortization of acquisition-related intangibles 34.2 37.9 106.4 115.5 Settlements, gains, losses, and impairments (2.0) — 1.5 (1.8)Restructuring and other charges 22.0 17.9 54.3 56.3 Tax adjustments (3.3) (18.4) (8.1) (22.6)Non-GAAP net income$163.7 $200.4 $568.9 $655.4 Three Months Ended Nine Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025GAAP net income per share, diluted$0.22 $0.70 $0.99 $2.14 Share-based compensation expense [a] 0.35 0.36 1.12 1.08 Acquisition-related expenses 0.17 0.02 0.64 0.02 Amortization of acquisition-related intangibles 0.23 0.25 0.70 0.74 Settlements, gains, losses, and impairments (0.01) — 0.01 (0.01)Restructuring and other charges 0.14 0.12 0.36 0.36 Tax adjustments (0.02) (0.12) (0.05) (0.15)Non-GAAP net income per share, diluted$1.08 $1.33 $3.77 $4.18 Three Months Ended Nine Months Ended(in millions)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025GAAP net cash provided by operating activities$70.4 $314.1 $516.2 $1,100.8 Capital expenditures (87.1) (61.4) (226.0) (139.0)Non-GAAP free cash flow$(16.7) $252.7 $290.2 $961.8 GAAP net cash provided by operating activities margin % 7.5% 32.5% 17.7% 36.9%Non-GAAP free cash flow margin %(1.8)% 26.2% 10.0% 32.2% SKYWORKS SOLUTIONS, INC.
DISCUSSION REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES
Our earnings release contains some or all of the following financial measures that have not been calculated in accordance with United States Generally Accepted Accounting Principles (“GAAP”): (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP diluted earnings per share, and (v) non-GAAP free cash flow and free cash flow margin. As set forth in the “Unaudited Reconciliations of Non-GAAP Financial Measures” table found above, we derive such non-GAAP financial measures by excluding certain expenses and other items from the respective GAAP financial measure that is most directly comparable to each non-GAAP financial measure. Management uses these non-GAAP financial measures to evaluate our operating performance and compare it against past periods, make operating decisions, forecast for future periods, compare our operating performance against peer companies, and determine payments under certain compensation programs. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-recurring expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods and competitors more difficult, obscure trends in ongoing operations, or reduce management’s ability to make forecasts.
We provide investors with non-GAAP gross profit and gross margin, non-GAAP operating income and operating margin, non-GAAP net income, non-GAAP diluted earnings per share, and non-GAAP free cash flow and free cash flow margin because we believe it is important for investors to be able to closely monitor and understand changes in our ability to generate income from ongoing business operations. We believe these non-GAAP financial measures give investors an additional method to evaluate historical operating performance and identify trends, an additional means of evaluating period-over-period operating performance and a method to facilitate certain comparisons of our operating results to those of our peer companies. We believe that providing non-GAAP operating income and operating margin allows investors to assess the extent to which our ongoing operations impact our overall financial performance. We also believe that providing non-GAAP net income and non-GAAP diluted earnings per share allows investors to assess the overall financial performance of our ongoing operations by eliminating the impact of share-based compensation expense, acquisition-related expenses, amortization of acquisition-related intangibles, settlements, gains, losses, and impairments, restructuring-related charges, and certain tax items which may not occur in each period presented and which may represent non-cash items unrelated to our ongoing operations. We further believe that providing non-GAAP free cash flow and free cash flow margin provide insight into our liquidity, our cash-generating capability, and the amount of cash potentially available to return to shareholders. We believe that disclosing these non-GAAP financial measures contributes to enhanced financial reporting transparency and provides investors with added clarity about complex financial performance measures.
We calculate non-GAAP gross profit by excluding from GAAP gross profit, share-based compensation expense, amortization of acquisition-related intangibles, and restructuring and other charges. We calculate non-GAAP operating income by excluding from GAAP operating income, share-based compensation expense, acquisition-related expenses, amortization of acquisition-related intangibles, settlements, gains, losses, and impairments, and restructuring-related charges. We calculate non-GAAP net income and diluted earnings per share by excluding from GAAP net income and diluted earnings per share, share-based compensation expense, acquisition-related expenses, amortization of acquisition-related intangibles, settlements, gains, losses, and impairments, restructuring-related charges, and certain tax items. We calculate non-GAAP free cash flow by deducting capital expenditures from GAAP net cash provided by operating activities. We exclude certain items identified above from the respective non-GAAP financial measure referenced above for the reasons set forth with respect to each such excluded item below:
Share-Based Compensation Expense - because (1) the total amount of expense is partially outside of our control because it is based on factors such as stock price volatility and interest rates, which may be unrelated to our performance during the period in which the expense is incurred, (2) it is an expense based upon a valuation methodology premised on assumptions that vary over time, and (3) the amount of the expense can vary significantly between companies due to factors that can be outside of the control of such companies.
Acquisition-Related Expenses and Amortization of Acquisition-Related Intangibles - including such items as, when applicable, fair value adjustments to contingent consideration, fair value charges incurred upon the sale of acquired inventory, acquisition-related expenses, and amortization of acquired intangible assets because they are not considered by management in making operating decisions and we believe that such expenses do not have a direct correlation to our future business operations and thereby including such charges does not necessarily reflect the performance of our ongoing operations for the period in which such charges or reversals are incurred.
Settlements, Gains, Losses, and Impairments - because such settlements, gains, losses, and impairments (1) are not considered by management in making operating decisions, (2) are infrequent in nature, (3) are generally not directly controlled by management, (4) do not necessarily reflect the performance of our ongoing operations for the period in which such charges are recognized, and/or (5) can vary significantly in amount between companies and make comparisons less reliable.
Restructuring and Other Charges - because these charges have no direct correlation to our future business operations and including such charges or reversals does not necessarily reflect the performance of our ongoing operations for the period in which such charges or reversals are incurred.
Certain Income Tax Items - including certain deferred tax charges and benefits that do not result in a current tax payment or tax refund and other adjustments, including but not limited to, items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. Skyworks uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across reporting periods and to align with its recent historical average of current taxes. For fiscal 2026, Skyworks will apply a non-GAAP tax rate of 10%, which reflects current taxes relative to non-GAAP pre-tax income after applying certain non-GAAP tax adjustments.
The non-GAAP financial measures presented in the table above should not be considered in isolation and are not an alternative for the respective GAAP financial measure that is most directly comparable to each such non-GAAP financial measure. Investors are cautioned against placing undue reliance on these non-GAAP financial measures and are urged to review and consider carefully the adjustments made by management to the most directly comparable GAAP financial measures to arrive at these non-GAAP financial measures. Non-GAAP financial measures may have limited value as analytical tools because they may exclude certain expenses that some investors consider important in evaluating our operating performance or ongoing business performance. Further, non-GAAP financial measures may have limited value for purposes of drawing comparisons between companies as a result of different companies potentially calculating similarly titled non-GAAP financial measures in different ways because non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Our earnings release contains forward-looking estimates of non-GAAP diluted earnings per share for the fourth quarter of our 2026 fiscal year (“Q4 2026”). We provide this non-GAAP measure to investors on a prospective basis for the same reasons (set forth above) that we provide it to investors on a historical basis. We are unable to provide a reconciliation of our forward-looking estimate of Q4 2026 GAAP diluted earnings per share to a forward-looking estimate of Q4 2026 non-GAAP diluted earnings per share because certain information needed to make a reasonable forward-looking estimate of GAAP diluted earnings per share for Q4 2026 (other than estimated share-based compensation expense of $0.20 to $0.40 per diluted share, estimated amortization of intangibles of $0.20 to $0.30 per diluted share and certain tax items of -$0.15 to $0.20 per diluted share) is difficult to predict and estimate and is often dependent on future events that may be uncertain or outside of our control. Such events may include unanticipated changes in our GAAP effective tax rate, unanticipated one-time charges related to asset impairments (fixed assets, inventory, intangibles, or goodwill), unanticipated acquisition-related expenses, unanticipated settlements, gains, losses, and impairments, and other unanticipated non-recurring items not reflective of ongoing operations. The probable significance of these unknown items, in the aggregate, is estimated to be in the range of $0.00 to $0.15 in quarterly earnings per diluted share on a GAAP basis. Our forward-looking estimates of both GAAP and non-GAAP measures of our financial performance may differ materially from our actual results and should not be relied upon as statements of fact.
[a] The following table summarizes the expense recognized in accordance with ASC 718 - Compensation, Stock Compensation (in millions):
Three Months Ended Nine Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025Cost of goods sold$10.9 $8.5 $34.0 $21.5Research and development 30.0 32.8 96.4 86.0Selling, general, and administrative 12.3 13.9 38.5 48.9Restructuring, impairment, and other charges — — — 12.5Total share-based compensation$53.2 $55.2 $168.9 $168.9 SKYWORKS SOLUTIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of(in millions)July 3, 2026 October 3, 2025Assets Cash, cash equivalents, and marketable securities$813.8 $1,388.4Accounts receivable, net 348.2 598.1Inventory 1,015.5 754.7Property, plant, and equipment, net 1,205.7 1,194.6Goodwill and intangible assets, net 2,855.5 2,985.7Other assets 1,186.3 995.5Total assets$7,425.0 $7,917.0 Liabilities and Equity Accounts payable$268.6 $236.0Accrued and other liabilities 921.2 928.1Debt 496.9 995.8Stockholders’ equity 5,738.3 5,757.1Total liabilities and equity$7,425.0 $7,917.0 SKYWORKS SOLUTIONS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended Nine Months Ended(in millions)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025Cash flows from operating activities: Net income$33.9 $105.0 $148.7 $335.7 Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation 53.2 55.2 168.9 168.9 Depreciation 73.8 70.1 216.1 206.3 Amortization of intangible assets 42.9 45.8 130.4 139.8 Deferred income taxes 17.7 1.4 7.6 21.1 Amortization of debt discount and issuance costs 0.4 0.5 1.4 1.5 Other, net (2.1) (1.6) (2.7) (5.2)Changes in assets and liabilities: Receivables, net (12.2) (24.3) 250.0 112.6 Inventory (133.3) (26.8) (268.1) 85.2 Accounts payable (2.9) 21.6 30.0 32.6 Other current and long-term assets and liabilities (1.0) 67.2 (166.1) 2.3 Net cash provided by operating activities 70.4 314.1 516.2 1,100.8 Cash flows from investing activities: Capital expenditures (87.1) (61.4) (226.0) (139.0)Purchased intangibles (0.2) (6.7) (19.8) (24.1)Purchases of marketable securities (0.9) (135.9) (28.6) (415.9)Sales and maturities of marketable securities 0.3 126.6 232.7 473.9 Other 2.6 — 3.3 2.2 Net cash used in investing activities (85.3) (77.4) (38.4) (102.9)Cash flows from financing activities: Repurchase of common stock - payroll tax withholdings on equity awards (1.5) (4.5) (41.6) (43.4)Repurchase of common stock - stock repurchase program — (330.2) (7.5) (830.2)Dividends paid (106.9) (103.9) (320.1) (327.0)Proceeds from employee stock purchase plan — — 21.2 20.0 Debt financing costs — — (1.1) — Payments of debt (500.0) — (500.0) — Net cash used in financing activities (608.4) (438.6) (849.1) (1,180.6)Net decrease in cash and cash equivalents (623.3) (201.9) (371.3) (182.7)Cash and cash equivalents at beginning of period 1,413.3 1,387.8 1,161.3 1,368.6 Cash and cash equivalents at end of period$790.0 $1,185.9 $790.0 $1,185.9
Enphase Energy ve 2. čtvrtletí zvýšil tržby na 291,9 milionu USD a upravený EPS činil 0,46 USD, tedy v souladu s odhady. Hrubá marže podle GAAP dosáhla 60,0 % díky 45,4 milionu USD z tarifních refundací.
Live Coverage Updates appear automatically as they are published.
Live Updates Pinned 1 hour ago
Live
This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of Enphase’s earnings.
Simply stay on this page, and new updates will appear below automatically. We expect Enphase to release earnings shortly after 4:05 p.m. ET.
8 minutes ago
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Enphase Energy (NASDAQ:ENPH) reported a 60.0% GAAP gross margin in Q2, but that headline figure received a major boost from tariff refunds.
The company recognized $45.4 million of tariff refunds in gross profit, adding 15.6 percentage points to GAAP gross margin. Excluding one-time items, non-GAAP gross margin reached 46.8%, up from 43.9% in Q1 but below 48.6% one year ago.
The underlying improvement is still encouraging. Reciprocal tariffs reduced Q2 gross margin by approximately two percentage points, less than half the 4.3-point impact recorded in Q1.
12 minutes ago
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Enphase is moving its IQ Solid-State Transformer beyond the conceptual stage, with several AI data-center opportunities progressing to formal RFI and RFP processes.
Management said the potential pipeline represents multiple gigawatts of demand. Enphase also completed a 15-module series stack operating at 4.16 kilovolts and remains on track to demonstrate a full IQ SST system later this year.
The project could expand Enphase beyond residential solar into the much larger AI infrastructure market. The next major validation point will be converting technical engagement with customers into commercial orders.
44 minutes ago
Live
Enphase Energy just reported earnings, with shares initially up 4% following the report. Here are the key numbers:
Revenue: $291.9 million vs. $289.9 million expected Adjusted EPS: $0.46 vs. $0.46 expected GAAP Gross Margin: 60.0% Free Cash Flow: $25.9 million Q3 Guidance:
Revenue: $290 million to $320 million vs. $304.3 million expected Quick Read:
Enphase delivered a modest revenue beat and matched EPS expectations, while its Q3 revenue midpoint landed slightly above consensus.
Safe-harbor revenue more than doubled sequentially to $84.3 million, helping offset continued uncertainty surrounding the residential solar recovery.
1 hour ago
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Why Q3 Guidance Will Overshadow the Q2 Earnings Report Tonight’s headline numbers matter less than what management says about Q3. Enphase Energy (NASDAQ:ENPH | ENPH Price Prediction) already flagged that Q1 and Q2 sell-through was tracking 10% to 15% below prior expectations, so investors want a Q3 revenue floor after the Section 25D expiration.
Bullish Scenario: Q3 revenue guide above $300 million, safe harbor sustained near the $40-$50 million CEO estimate, batteries above 150 MWh, and European battery activations building on ~75% Netherlands growth.
Bearish Scenario: Guide below $270 million, gross margin under 42%, or cautious commentary on U.S. channel inventory. With shares at $36.33 and a P/E of 36, tone on Propel scaling toward 500 originations weekly is the swing factor.
1 hour ago
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Enphase Energy (NASDAQ:ENPH) heads into tonight’s Q2 report with split analyst sentiment. The consensus 12-month price target sits at $48.93, with 3 strong buy, 8 buy, 17 hold, 1 sell, and 2 strong sell ratings. Shares last traded near $36.47, well below the 52-week high of $73.74 and above the low of $25.78.
Recent target activity is mixed. Citigroup lifted its target to $43 from $31 on July 23. Argus trimmed to $38 on July 24. GLJ Research raised to $24.47 from $21.70 while keeping a Sell, citing margin pressure. With shares down 20.11% over the past month, options skew stays cautious.
Firm Analyst Rating Price Target Date GLJ Research Gordon Johnson Sell $24.47 Jul 28, 2026 Argus Research Team Hold $38.00 Jul 24, 2026 Citigroup Vikram Bagri Buy $43.00 Jul 23, 2026 1 hour ago
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With shares trading today at $36.45, here are some questions analysts are likely to have to Enphase Energy on tonight’s call:
Top 5 Analyst Questions How is post-Section 25D U.S. sell-through trending after the pull-forward? Will Q3 guidance beat Zacks’ $290.91M revenue consensus? Are reciprocal tariffs still a ~3 percentage point margin drag? What is the Propel prepaid-lease origination run rate? Timeline for IQ SST monetization in AI data-center power? Key Topics to Address European recovery beyond Q4’s -29% QoQ print Safe harbor pipeline execution IQ9 and Kestrel ASIC roadmap Buzzwords to Listen For “Sell-through,” “channel inventory,” “45X,” “domestic content,” “GaN-based,” “VPP attach rates.” Red Flags Q3 revenue guide below $290.91M Gross margin compression beyond tariff impact Rising channel inventory or European softness Silence on Propel traction 1 hour ago
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With Enphase Energy (NASDAQ:ENPH) hours from its Q2 earnings report, here is the balanced setup beyond the guidance and price targets already covered.
Bull Case Momentum is real: three consecutive beats through Q1 2026, including a $0.47 vs. $0.45 result, against a low $0.16 EPS estimate tonight. U.S. sell-through jumped 21% QoQ in Q4 2025, potentially pulling into Q2. Composite sentiment reads 63.7, bullish, with insiders net buying. Bear Case Shares are down 20.11% over the past month, signaling positioning risk. Beats rarely stick: the average one-week reaction after a beat is -3.9%. European revenue fell 29% QoQ in Q4 2025, and tariffs remain a ~5-point margin drag. Analyst consensus skews cautious at 11 buys, 17 holds, 3 sells. 2 hours ago
Live
Enphase Energy reports Q2 earnings after today’s close with guidance calling for $280 million to $310 million in revenue, including approximately $85 million of safe-harbor sales.
The anticipated tariff drag narrows to roughly three percentage points from 4.3 points in Q1, providing a modest tailwind. More important will be signs that Propel prepaid-lease originations are stabilizing U.S. demand, European “green shoots” are strengthening, and the new IQ SST product can establish Enphase in AI data-center power.
Enphase is attempting to evolve beyond subsidy-dependent residential solar into a broader energy-electronics platform spanning batteries, EV charging, and data centers and currently trades at a share price of $36.35. A clean beat with stronger Propel disclosure could support Citigroup’s $43 price target, while a weak Q3 outlook would strengthen GLJ Research’s bear case and $24.47 target.
Enphase Energy (NASDAQ:ENPH) reports Q2 2026 results tonight, July 28, at 4:05 PM ET. Shares trade near $36.60, down 20.11% in a month, setting the stage for a tense earnings report for the residential solar company.
Tariff Relief Meets Demand Reset Q1 2026 revenue landed at $282.9 million with non-GAAP EPS of $0.47, as U.S. residential revenue fell 23% sequentially after the Section 25D pull-forward exhausted itself. Non-GAAP gross margin compressed to 43.9%, weighed by a 6.7-point PTC monetization hit and 4.3 points of reciprocal tariffs.
Management cut both U.S. battery list prices 12% to 14% and European battery prices about 10% to defend market share. Europe already responded: April battery activations jumped about 75% in the Netherlands and about 27% in Germany versus the Q1 monthly pace.
Consensus Estimates Metric Q2 2026 Estimate YoY Change Guidance Midpoint Revenue $290.91M vs. $363.15M prior year $295M EPS (Non-GAAP) $0.46 vs. $0.69 prior year n/a Non-GAAP Gross Margin 44%-47% vs. 48.6% 45.5% Revenue lands roughly 20% below the prior-year comp, a reset the sell-side has already digested. The margin band actually widens quarter-over-quarter thanks to lower tariff rates, but PTC accounting and safe harbor mix keep the reported number lumpy.
What I’m Watching: Propel, SST, and European Follow-Through Tonight I’ll be watching four specific items when CEO Badri Kothandaraman takes the call. First, Propel origination velocity. Management wants to move from 200 net originations per week to 500 by the end of Q4, with an 84% battery attach rate already validating unit economics.
Second, the IQ Solid-State Transformer commentary. Enphase now sizes the AI data-center power opportunity at 11 gigawatts by 2031, with customer pilots in 2027 and volume in 2028. Any named partner or funded engagement would rerate the growth narrative.
Third, European battery run-rate. April was strong, but Q2 needs to convert those activations into revenue that offsets ongoing U.S. TPO financing challenges, which Kothandaraman flagged as the primary headwind alongside weather.
Fourth, channel inventory. Enphase said it would under-ship by about $25 million in Q2 to normalize U.S. stock. Investors will focus on whether that correction stays contained or bleeds into Q3.
Earnings History Quarter EPS Surprise 1-Day Move 1-Week Move 30-Day Move Q4 2025 +21.43% -8.52% -6.66% -20.92% Q3 2025 +37.22% -3.24% +3.4% -8.22% Q2 2025 +9.00% -2.65% -8.44% +4.66% Q1 2025 -5.96% +1.51% -1.07% -12.05% On average, shares moved -3.19% in the week after earnings over the past year.
CubeSmart oznámila čtvrtletní dividendu 0,53 USD na kmenovou akcii za období končící 30. září 2026. Splatná je 15. října 2026 pro akcionáře k 1. říjnu 2026.
MALVERN, Pa., July 28, 2026 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) announced today that its Board of Trustees declared a quarterly dividend of $0.53 per common share for the period ending September 30, 2026. The dividend is payable on October 15, 2026 to common shareholders of record on October 1, 2026.
About the Company
CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,535 self-storage properties across the United States. According to the 2026 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the U.S.
The Company’s mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers through innovative solutions, unparalleled service, and genuine care. The Company's self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers.
For more information about business and personal storage or to learn more about the Company and find a nearby storage facility, visit www.cubesmart.com or call CubeSmart toll free at 800-800-1717.
Company Contact:
CubeSmart
Josh Schutzer
Senior Vice President, Finance
610-535-5700
Kilroy Realty oznámila ve 2. čtvrtletí FFO ve výši 0,92 USD na akcii a potvrdila celoroční výhled. Pronájmy na západním pobřeží dál zrychlují, zejména v San Francisku a v segmentu life science.
Are Dividend-Paying Office REITs Finally Staging A Comeback?Kilroy Realty NYSE: KRC reported second-quarter funds from operations of $0.92 per diluted share and said leasing conditions continued to improve across its West Coast office and life science markets, supported by stronger tenant demand, reduced high-quality space availability and expanding renewal discussions.
CEO Angela Aman said the company executed about 376,000 square feet of new and renewal leases during the quarter, bringing first-half leasing volume to roughly 944,000 square feet, more than 40% above the comparable period in 2025. For comparable leases signed in the quarter, GAAP rental rates increased 21% and cash rents increased 6.1%.
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Excluding space that had been vacant for more than 12 months, GAAP and cash re-leasing spreads were 27.3% and 15.6%, respectively. CFO Jeffrey Kuehling said it was the first quarter in nearly two years in which both GAAP and cash re-leasing spreads were positive.
Signed Pipeline Supports Future NOI Growth At June 30, Kilroy had more than 1 million square feet of signed but not yet commenced leases, representing more than $78 million of annualized base rent. The annualized base rent per square foot in that pool exceeded $75, about 30% above the company’s current portfolio-wide level, according to Aman.
Further, 86% of signed-but-not-commenced leases use triple-net structures, compared with 53% of the existing portfolio. Aman said the lease mix should provide a disproportionately positive contribution to net operating income as tenants commence occupancy.
Portfolio occupancy, including Kilroy Oyster Point Phase 2, was 77% at quarter-end, down 60 basis points sequentially. Kuehling said occupancy was affected by two previously disclosed large move-outs, which reduced occupancy by about 140 basis points. New lease commencements partly offset that impact.
The company also completed about 75,000 square feet of renewals during the quarter on space it had expected to vacate. Retention was 27.9% for the quarter and 30% year to date, including subtenants. Kuehling said the remaining 2026 expiration schedule is more granular, with no expirations above 50,000 square feet.
San Francisco Demand Broadens Aman said San Francisco, Kilroy’s largest market, recorded its fourth consecutive quarter of positive net absorption. The market’s flight-to-quality trend has reduced competitive sublease space and direct vacancy in trophy and Class A properties, while average effective rents have risen about 15% year over year.
Active tenant demand in San Francisco has surpassed 10 million square feet, a level not seen since 2019, according to Aman. Artificial intelligence-related companies account for about one-third of that demand pipeline, though the company said interest is broad-based across industries.
Chief Leasing Officer Rob Paratte said 7.5 million square feet had been leased year to date in San Francisco, while availability had declined by 4.5 million square feet. He said the decline in large, available blocks is prompting tenants to make decisions more quickly, including tenants with lease expirations still several years away.
Kilroy said it has also seen improved activity in Seattle’s South Lake Union and Denny Regrade areas, suburban San Diego, Beverly Hills, Culver City and the South Bay in Los Angeles, as well as Austin. In Los Angeles, the company signed a 51,000-square-foot lease with Universal Music Group at Santa Monica Media Center, bringing that project to 100% leased.
Life Science Activity Picks Up at Oyster Point In life sciences, Aman cited improving sector conditions, including a more than 70% year-over-year increase in the XBI, open biotech IPO and follow-on equity markets, and active merger, acquisition and licensing activity.
At Kilroy Oyster Point Phase 2, the company executed a previously announced 38,000-square-foot lease with Olema Pharmaceuticals. Paratte said touring activity in South San Francisco and the Peninsula rose from 317,000 square feet in the first quarter to more than 800,000 square feet in the second quarter.
He said Kilroy has active interest in all unleased space in its multitenant Oyster Point building. The company’s final available spec suite has multiple interested parties, while two new floors of spec labs are expected to become available in December and January. Paratte also pointed to growing demand from robotics companies, including some requirements above 100,000 square feet.
Capital Recycling and Balance Sheet Actions EVP and CIO Eliott Trencher said Kilroy sold $348 million of assets year to date, including the previously discussed $202 million Los Angeles residential sale. The company has $165 million of land sales under contract, with roughly half expected to close late in 2026 or early in 2027.
Kilroy is evaluating additional land sales and acquisition opportunities, focusing on office and life science assets in its five existing markets. Trencher said the company would remain selective, generally seeking opportunities where leasing, capital investment or future lease-roll expertise can create value.
Regarding the Flower Mart site in San Francisco, Kilroy is working with the city on a revised plan that is expected to allow more flexibility in phasing and a broader mix of uses, including residential. Aman said the company expects to complete that process later in the fourth quarter. Trencher said current rents do not yet support either office or residential development economics, and Kilroy expects to stop expense capitalization at year-end 2026.
During the quarter, Kilroy increased its revolving credit facility to $1.25 billion and extended its maturity to July 2030. It also upsized its term loan to $250 million and extended its maturity to July 2031. In July, the company repaid $200 million of private placement notes with cash on hand ahead of their October maturity.
Kilroy affirmed its full-year guidance for FFO of $3.49 to $3.63 per diluted share and same-property NOI growth of 25 to 125 basis points. Kuehling said the third quarter will face a difficult comparison with the prior year, when the company recognized $4 million in restoration fees and net real estate tax refund benefits.
About Kilroy Realty (NYSE:KRC)Kilroy Realty Corporation NYSE: KRC is a publicly traded real estate investment trust focused on the development, acquisition and management of high‐quality office and mixed‐use properties along the U.S. West Coast. The company's portfolio encompasses major urban markets including Los Angeles, San Diego, the San Francisco Bay Area and Seattle. Kilroy Realty targets properties in transit‐oriented submarkets, blending workplace space with retail, residential and hospitality amenities to create vibrant, walkable neighborhoods.
Founded in the mid‐20th century by members of the Kilroy family, the company evolved from a regional landlord into one of the leading West Coast office landlords.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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