Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Allegro MicroSystems, Inc. (ALGM - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Allegro MicroSystems, Inc. currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market? In order to see if ALGM is a promising momentum pick, let's examine some Momentum Style elements to see if this company holds up.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For ALGM, shares are up 6.61% over the past week while the Zacks Electronics - Semiconductors industry is up 5.57% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 5.71% compares favorably with the industry's 18.59% performance as well.
While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of Allegro MicroSystems, Inc. have risen 25.58%, and are up 80.76% in the last year. In comparison, the S&P 500 has only moved 7.85% and 30.1%, respectively.
Investors should also take note of ALGM's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now ALGM is averaging 2,645,504 shares for the last 20 days..
Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with ALGM.
Over the past two months, 2 earnings estimates moved higher compared to 1 lower for the full year. These revisions helped boost ALGM's consensus estimate, increasing from $0.94 to $0.98 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.
Bottom LineGiven these factors, it shouldn't be surprising that ALGM is a #2 (Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Allegro MicroSystems, Inc. on your short list.
On May 26, 2026, Allegro Microsystems Inc ALGM shares rose 10.5% to a current price of $50.76. This significant increase comes in the context of a 52-week price range of $22.41 to $51.40, highlighting a remarkable rise in investor interest and confidence in the stock.
GF Value™ verdict: Current price of $50.76 is 76.1% above the GF Value™ of $28.83, indicating the stock is significantly overvalued.GF Score™ is 82/100, suggesting a strong overall quality as a stock.Most notable signal: Insiders sold $3.4M worth of shares in the last 3 months with no purchases reported. Is ALGM Overvalued or Undervalued? Allegro Microsystems Inc's current share price of $50.76 is significantly above the GF Value™ estimate of $28.83, representing a 76.1% margin of overvaluation. This disparity suggests that the stock is trading at a price that may not be justified by its underlying fundamentals. The GF Valuation label categorizes the stock as "Significantly Overvalued," which indicates a higher risk for potential declines if market sentiment shifts or if the company fails to meet growth expectations.
The margin of safety is critical for investors to consider, as buying into a stock that is significantly overvalued can expose them to potential losses in the future. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Therefore, the current price may not only be inflated but also suggest that a correction could be on the horizon if earnings do not catch up to the elevated valuation.
How Does ALGM's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 51.5x 42.8x Allegro Microsystems' current P/E ratio of 51.5x exceeds its 5-year median P/E of 42.8x, suggesting that the stock is trading at a premium compared to its historical valuation. This aligns with the GF Value™ verdict that indicates the stock is overvalued, reinforcing the notion that current price levels may not be sustainable without corresponding earnings growth.
What Does ALGM's GF Score™ Tell Us? Metric Rating GF Score™ 82/100 Financial Strength 7/10 Profitability 7/10 Growth 8/10 Valuation 3/10 Momentum 10/10 The GF Score™ of 82/100 reflects a strong overall quality for Allegro Microsystems Inc, particularly in terms of growth and momentum. The profitability and financial strength scores of 7/10 indicate solid operational fundamentals. However, the low valuation rank of 3/10 highlights concerns regarding its current pricing relative to intrinsic value. This mixed scoring suggests that while the company possesses strong growth potential, the high valuation could pose risks for long-term investors.
What Are Insiders Doing with ALGM Stock? Recent insider activity has shown a notable trend, with insiders selling $3.4 million in shares over the last three months, and no reported purchases. This pattern of selling may signal a lack of confidence from those closest to the company, potentially indicating that insiders believe the stock is currently overvalued. Such selling activity can raise red flags for external investors, suggesting caution warranted in entering or holding the stock.
What This Means for Investors Based on the analysis of GF Value™, Allegro Microsystems Inc is currently overvalued. The significant gap between its market price and intrinsic value, along with the recent insider selling, presents notable risks for potential investors. Caution and thorough due diligence are recommended given the high valuation levels.
For the complete analysis, visit the Allegro Microsystems Inc ALGM stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is ALGM's GF Score™?
ALGM's GF Score™ is 82/100, indicating a strong overall quality as a stock based on its financial strength, profitability, growth, valuation, and momentum.
Is ALGM overvalued or undervalued?
ALGM is currently overvalued, with a market price of $50.76 compared to a GF Value™ estimate of $28.83, representing a 76.1% overvaluation.
What is ALGM's P/E ratio?
ALGM's current P/E ratio is 51.5x, which is higher than its 5-year median P/E of 42.8x, indicating that the stock is trading at a premium compared to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
On May 27, 2026, Allegro Microsystems Inc ALGM shares fell 3.5% to $49.00, continuing a volatile trend amidst a strong recent performance. Over the past week, the stock has gained 10.5%, and it has achieved an impressive year-to-date increase of 85.8%. The 52-week high stands at $51.66, while the low is $22.41.
GF Value™ verdict: Current price of $49.00 is 70.0% above the GF Value™ of $28.83, indicating significant overvaluation.GF Score™ of 82/100 signals a strong overall rating for ALGM.Notable signal: Insider activity shows that insiders sold $3.6M in shares over the last three months, with no purchases reported. Is ALGM Overvalued or Undervalued? The current price of Allegro Microsystems Inc ALGM at $49.00 is significantly above its GF Value™ estimate of $28.83, which suggests that the stock is overvalued by 70.0%. This disparity indicates a lack of margin of safety for potential investors. When a stock is overvalued, the risk of a price correction increases, especially if market conditions change or if the company fails to meet growth expectations. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
Given the GF Valuation label of "Significantly Overvalued," it is important to exercise caution. The high valuation might reflect market enthusiasm or speculative trading rather than underlying business fundamentals. This situation could present a risk for current shareholders and potential investors, especially if the company's performance does not justify the lofty price levels.
How Does ALGM's Valuation Compare to Its History? Metric Current Historical P/E (TTM) Not provided 42.8x (5-Year Median) Forward P/E 49.7x N/A Currently, Allegro Microsystems Inc's forward P/E ratio of 49.7x indicates that the stock is trading above its historical median P/E of 42.8x. This analysis aligns with the GF Value™ verdict, reinforcing the notion that ALGM is overvalued. Investors may need to reassess their positions, especially in light of the substantial premium over historical valuation metrics.
What Does ALGM's GF Score™ Tell Us? Metric Rating GF Score™ 82 Financial Strength 7/10 Profitability 7/10 Growth 8/10 Valuation 3/10 Momentum 10/10 The GF Score™ of 82/100 suggests that Allegro Microsystems Inc has strong growth potential and solid financial health, with growth rated at 8/10 and financial strength at 7/10. However, the valuation score of 3/10 highlights a significant area of concern, as it points to overvaluation relative to the stock's intrinsic value. The momentum rank of 10/10 indicates that the stock has been performing well in the short term, but this should not overshadow the valuation concerns.
What Are Insiders Doing with ALGM Stock? Recent insider activity has shown a trend of selling, with insiders offloading $3.6M worth of shares in the last three months and no reported insider purchases. This pattern might suggest a lack of confidence among insiders regarding the company's future performance at current valuation levels. Insider selling can often be interpreted as a signal that insiders believe the stock is overvalued, which aligns with the current GF Value™ assessment.
What This Means for Investors Based on the GF Value™ assessment, Allegro Microsystems Inc ALGM is currently overvalued at $49.00, significantly above its estimated fair value of $28.83. Investors may need to exercise caution as the stock appears to be trading at a premium, which could expose them to potential downside risks.
For the complete analysis, visit the Allegro Microsystems Inc ALGM stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is ALGM's GF Score™?
ALGM's GF Score™ is 82/100, indicating a strong overall ranking based on key metrics such as financial strength, profitability, and growth potential.
Is ALGM overvalued or undervalued?
ALGM is currently overvalued, with a market price of $49.00 compared to a GF Value™ estimate of $28.83, indicating a significant premium.
What is ALGM's P/E ratio?
The forward P/E for ALGM is 49.7x, which is above its historical 5-year median P/E of 42.8x, suggesting that the stock is trading at a higher valuation than in the past.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Aurora Innovation (AUR +1.59%), a developer of self-driving technology for various vehicle types and applications, closed Thursday at $5.88, up 15.52%. The stock moved higher after news of an expanded Hirschbach partnership outlining 500 Aurora Driver-powered trucks and a potential multi-year revenue stream in the hundreds of millions. Investors will be following closely regarding the execution of the planned commercial rollout.
The company’s trading volume reached 59.2 million shares, which is about 208% above compared with its three-month average of 19 million shares. Aurora Innovation went public in 2021 and has fallen 41% since its IPO.
How the markets moved todayThe S&P 500 (^GSPC +0.47%) rose 1.02% to finish Thursday at 7,209, while the Nasdaq Composite (^IXIC +0.36%) gained 0.89% to close at 24,892. Among autonomous vehicle technology peers, Alphabet (GOOGL +1.15%) closed at $381.94 (+9.97%) and Tesla (TSLA +1.17%) finished at $381.63 (+2.37%), reflecting strong interest in advanced mobility platforms.
What this means for investorsAurora Innovation shares climbed after the company and Hirschbach Motor Lines announced a non-binding plan to scale up to 500 Aurora Driver-powered trucks for Hirschbach’s autonomous fleet, with deliveries expected to begin in 2027. The proposed deployment envisions up to 500 million driverless miles and a multi-year revenue opportunity in the hundreds of millions of dollars, while final commercial terms remain subject to binding agreements.
The announcement gives Aurora a clearer path from early freight operations toward commercial autonomous trucking, but the stock’s next test is whether these plans translate into binding commitments and actual revenue from delivering paid, driverless miles. Future updates on binding customer commitments, actual truck deployments, and paid driverless miles on commercial routes will determine whether the Hirschbach plan becomes a sustainable and repeatable source of revenue.
Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Tesla. The Motley Fool has a disclosure policy.
“It's down a lot. It makes no sense,” he added. “It's because there's not enough aircraft servicing, because people feel that people aren't going to fly anymore. Wrong!”
RTX, on April 30, raised its quarterly dividend from 68 cents to 73 cents per share.
Aurora Innovation, Inc. (NASDAQ:AUR) is a “worthy” spec, Cramer said. “I'm not sure when they can ever make any money, but I'm going to go with you because I like the spec nature of it.”
The company, on April 30, announced expansion of its strategic partnership with Hirschbach Motor Lines, including a plan for the carrier to own 500 Aurora Driver-powered trucks.
Cramer said Amprius Technologies, Inc. (NYSE:AMPX) is “a storage spec, and it makes a lot of sense.”
Fremont, California-based Amprius will hold a conference call on Thursday, May 7 to discuss first-quarter financial results. Analysts expect the lithium-ion battery maker to report a quarterly loss at 2 cents per share on revenue of $25.72 million.
Price Action:
Aurora Innovation shares gained 4.3% to settle at $6.13 on Friday. RTX shares fell 1.2% to close at $173.99. Amprius Technologies shares fell 0.9% to settle at $20.87 on Friday. Photo via Shutterstock
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Aurora expands freight network and V.A.S. starts operations to customer endpoints
OKLAHOMA CITY--(BUSINESS WIRE)--Aurora Innovation, Inc. (NASDAQ: AUR) and Volvo Autonomous Solutions (V.A.S.) today announced the expansion of their autonomous freight network with a new 200-mile route between Dallas and Oklahoma City. The expansion marks a significant milestone as V.A.S. begins hauling freight to customer facilities in Oklahoma City with the Volvo VNL Autonomous integrated with the Aurora Driver.
Expanding to New Freight Markets
The Oklahoma City program currently supports trips five days a week in supervised autonomy. By logging hundreds of miles, the Volvo VNL Autonomous integrated with the Aurora Driver supports safer, quicker, and more efficient movement of goods, enabling V.A.S. to provide a premium service.
By operating directly to customer facilities, V.A.S. can reduce the need for drayage moves and additional handoffs, helping remove complexity from the logistics flow. Customers also benefit from Volvo’s extensive dealer network, robust service support, and proven uptime capabilities, helping them adopt autonomous transport while maintaining efficiency.
“Expanding our operations into Oklahoma City and adding customer endpoints is an important step for scaling autonomous transport,” said Sasko Cuklev, Head of On-Road Solutions at Volvo Autonomous Solutions. “Running end-to-end requires a higher level of operational precision and integration, and it further demonstrates how autonomous trucks can operate reliably in real logistics environments. Together with Aurora we are focused on expanding our network and accelerating the adoption of this new and exciting technology.”
“Leveraging our technology to open new routes quickly and efficiently is a core part of our strategy,” said Ossa Fisher, President of Aurora. “Aurora and Volvo are firing on all cylinders and our ability to execute together at scale is clear. As Volvo’s most advanced autonomy partner, we are proud to be the first to deploy the Volvo VNL Autonomous across multiple states.”
The launch also highlights the maturity of the Aurora Driver to meet VAS’ customer demand. Within weeks, Aurora mapped the Dallas-to-Oklahoma City interstate route and began autonomous hauls.
Leading the Industry in Safety and Scale
Volvo, the global leader in safety innovation, and Aurora, the leader in self-driving truck technology, have combined complementary expertise to deliver autonomous trucks at scale – setting the standard for integration, reliability, and safety along the way.
The companies revealed the purpose-built Volvo VNL Autonomous at the 2024 ACT Expo. Last year, line-side integration of the Aurora Driver with the Volvo VNL began at Volvo’s New River facility, the largest Volvo production facility in the world. Volvo plans to build hundreds of these trucks in 2027. Supported by strong technical and commercial momentum, Aurora and V.A.S. are now in the final validation phase for driverless operations.
About Volvo Autonomous Solutions
Volvo Autonomous Solutions (V.A.S.) is the business area within the Volvo Group focused on developing and commercializing autonomous transport solutions in selected industry verticals. V.A.S. delivers end-to-end autonomous transport solutions that combine a purpose-built vehicle, a virtual driver, required infrastructure, operations and uptime support, and a fleet management system that orchestrates transport operations and manages logistics flows. Solutions are tailored to each customer’s needs and designed to support safer, more productive and more sustainable operations.
About Aurora
Aurora (Nasdaq: AUR) is delivering the benefits of self-driving technology safely, quickly, and broadly to make transportation safer, increasingly accessible, and more reliable and efficient than ever before. The Aurora Driver is a self-driving system designed to operate multiple vehicle types, from freight-hauling trucks to ride-hailing passenger vehicles, and underpins Aurora’s driver as a service product for trucking. Aurora is working with industry leaders across the transportation ecosystem, including AUMOVIO, FedEx, Hirschbach, NVIDIA, PACCAR, Ryder, Schneider, Toyota, Uber, Uber Freight, Volvo Trucks, Volvo Autonomous Solutions, and Werner. To learn more, visit aurora.tech.
This press release contains certain forward-looking statements within the meaning of the federal securities laws. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, those statements around our driverless operations and future financial and operating performance; our ability to meet customer demand, reduce costs and general expectations beyond that year; the safety benefits of our technology and product; our ability to achieve certain milestones around, and realize the potential benefits of, the development, manufacturing, scaling and commercialization of the Aurora Driver and related services, on the timeframe we expect or at all; our relationships with our partners and customers and anticipated benefits that they may derive from our product; and the anticipated impact of our product on the freight industry and economy. These statements are based on management’s current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading “Risk Factors” section of Aurora Innovation, Inc.’s (“Aurora”) Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 11, 2026, and other documents filed by Aurora from time to time with the SEC, which are accessible on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. Aurora undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
It can be challenging to find an artificial intelligence (AI) stock trading under $50 that's worth taking a small stake in, as the hype around these companies can often outrun reality.
Still, they exist, and three that I view as promising options to consider are SoundHound AI (SOUN 1.07%), Aurora Innovation (AUR +1.59%), and Serve Robotics (SERV 5.31%). All of these companies are still unprofitable, and two are in the very early stages of generating any kind of revenue. They are speculative stocks, to be sure, so if you choose to invest in them, these positions should make up only a small portion of your overall portfolio.
Still, if they can deliver unexpected revenue growth, land large clients, or announce any other bullish business developments, they could also close out 2026 as significant winners in the AI space.
Image source: Getty Images.
1. SoundHound AI As an audio AI company, SoundHound AI builds tech that enables AI agents to turn vocal interactions into actions. For example, it has partnerships within the restaurant industry, where its AI agents take drive-thru orders from customers. SoundHound's AI agents are also being used to handle customer interactions across a host of industries, including retail, healthcare, and financial services.
The company recently announced an agreement to acquire LivePerson, a company that specializes in AI messaging. With LivePerson's range of messaging solutions, from phone calls to social media interactions, SoundHound could boost its cross-selling potential.
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Of the three companies on this list, SoundHound has the most meaningful revenue generation so far, and it's furthest along in proving its business use case. In 2025, it reported revenue of $168.9 million, a 99% increase from 2024. For 2026, it expects revenue to land in a range between $225 million and $260 million. SoundHound's stock price is down year to date so far, but if it can boost its forecast and surprise markets at some point, the stock could regain its footing and march higher.
2. Aurora Innovation AI is coming to the trucking industry in the form of self-driving vehicles. According to the researchers at Fortune Business Insights, the autonomous truck market is expected to be worth $46.5 billion globally this year, but they forecast it will grow to $107.7 billion by 2034. Still, it's a relatively new market, and there aren't a ton of pure-play investments to consider in it.
One of the few is Aurora, which aims to address the pain points of the freight industry. According to the American Trucking Associations, the driver shortage in the industry is on pace to grow in the coming years, and the number of hours a person can drive in a given day is legally capped for safety reasons. Moreover, the industry faces higher fuel and insurance costs.
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Aurora is still small, but by the end of 2026, it expects to have over 200 autonomous trucks in operation. The company reported revenue of just $3 million in 2025 but expects it to grow to between $14 million and $16 million in 2026. Aurora is already having a strong 2026, so it has the opportunity to keep carrying that momentum into the end of the year.
3. Serve Robotics Serve Robotics describes itself as an "industry leader in physical AI." Its robots use AI to help them navigate the world around them, and their models are continuously refined with new real-world data. This may sound a little futuristic, but it is a rapidly expanding sector: Fortune Business Insights forecasts the global AI robot market will grow from $7.4 billion in 2026 to $60.6 billion by 2034.
Today, the company is mainly involved in the delivery industry through partnerships with DoorDash, as well as Uber Technologies through Uber Eats.
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It's also planning to acquire privately held Diligent Robotic, which is building robot assistants for the healthcare industry. Its Moxi robots have been deployed in more than 25 hospital facilities.
Serve Robotics CEO Dr. Ali Kashani said in his company's press release:
We've proven we can deploy robots safely and reliably at scale in complex urban environments. By extending our platform beyond sidewalks and into hospitals, we're expanding where our Physical AI can operate, learn, and create value. Over time, Serve and Moxi will share one autonomy stack, one data flywheel, and one operating system for robots that work alongside people across city sidewalks and critical institutions. This is how autonomy becomes infrastructure.
The growth potential is there, but this company is still in the very early stages of proving its business model, with 2025 revenue of $2.7 million and projections for revenue of $26 million in 2026. Its stock price is slightly down on the year, but there's still plenty of time for the company to make some moves or announcements that can change its trajectory.
After a successful pilot program with one of the largest private fleets in America, Aurora transitions to driverless commercial operations on select routes
DALLAS--(BUSINESS WIRE)--Aurora Innovation, Inc. (NASDAQ: AUR) and McLane Company, Inc., a Berkshire Hathaway (NYSE: BRK.A) subsidiary, today announced an agreement to begin driverless hauls in Texas with the Aurora Driver, an SAE L4 self-driving system that is first being deployed in long-haul trucking. The partnership enables McLane – one of the largest distributors in America, serving chain restaurants, convenience stores, and mass merchants – to move supplies and perishable food more efficiently for America’s most beloved restaurant brands with autonomous trucks.
“The business of moving food is essential to our economy and our way of life. With a 134-year legacy, McLane is deeply woven into the American distribution industry,” said Ossa Fisher, president at Aurora. “We’re excited to enter the next chapter with McLane and transform the American food supply chain with autonomous trucks. Our collective momentum in logistics is palpable."
Proven Safety and Reliability
The companies began their supervised autonomy pilot in 2023. Since then, the Aurora Driver logged over 280,000 autonomous miles in Texas and delivered 1,400 loads for McLane, helping it serve restaurant customers across the state.
Based on Aurora's record of safely delivering goods for McLane with 100% on-time performance, McLane approved the transition to driverless operations between Dallas and Houston. Aurora plans to expand to new routes between McLane distribution centers across the U.S. Sun Belt by the end of the year, with plans to serve additional McLane business in the future.
“We’ve been thoroughly impressed with Aurora’s technology, exceptional safety performance and commitment to operational excellence,” said Susan Adzick, president of McLane Restaurant. “Autonomous technology helps us drive greater efficiency across the supply chain, while our drivers remain focused on the critical last mile—and continuing to serve as the face of our company to customers.”
Strengthening the Supply Chain with Autonomy
During the pilot, Aurora met the demands of McLane’s rigorous schedule, expanding to two round-trips daily between Dallas and Houston, seven days a week. The workflow utilizes a hybrid model: the Aurora Driver manages the long-haul ‘middle mile,’ while McLane drivers handle local deliveries to customer locations. This hybrid model with autonomous and human drivers will continue as the companies deepen their work together.
Autonomous trucks moving refrigerated hauls 24/7 offer scalable, reliable capacity that can flex with demand—bringing greater efficiency to operations and helping address ongoing labor constraints. By supporting more consistent transit schedules and dependable middle-mile coverage, the Aurora Driver helps keep freight moving smoothly.
About Aurora
Aurora (Nasdaq: AUR) is delivering the benefits of self-driving technology safely, quickly, and broadly to make transportation safer, increasingly accessible, and more reliable and efficient than ever before. The Aurora Driver is a self-driving system designed to operate multiple vehicle types, from freight-hauling trucks to ride-hailing passenger vehicles, and underpins Aurora’s driver as a service product for trucking. Aurora is working with industry leaders across the transportation ecosystem, including AUMOVIO, FedEx, Hirschbach, NVIDIA, PACCAR, Ryder, Schneider, Toyota, Uber, Uber Freight, Volvo Trucks, Volvo Autonomous Solutions, and Werner. To learn more, visit aurora.tech.
About McLane
Founded in 1894, McLane Company Inc. is one of the largest distributors in America, serving convenience stores, mass merchants, and chain restaurants. As an industry-leading partner to the biggest retail and restaurant businesses, McLane buys, sells, delivers, and serves the world’s most beloved brands. With headquarters in Temple, Texas, McLane has more than 80 distribution centers across the country, employs more than 25,000 teammates, and delivers to nearly every zip code in the US. McLane is a wholly owned subsidiary of Berkshire Hathaway, Inc.
This press release contains certain forward-looking statements within the meaning of the federal securities laws. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, those statements around our driverless operations and future financial and operating performance; our ability to meet customer demand, reduce costs and general expectations beyond that year; the safety benefits of our technology and product; our ability to achieve certain milestones around, and realize the potential benefits of, the development, manufacturing, scaling and commercialization of the Aurora Driver and related services, on the timeframe we expect or at all; our relationships with our partners and customers and anticipated benefits that they may derive from our product; and the anticipated impact of our product on the freight industry and economy. Statements in this press release about McLane’s intent to expand its partnership reflect current plans and discussions, and whether that intent is finalized and results in binding orders is subject to definitive documentation, which may not occur on the expected timeline, or at all. These statements are based on management’s current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading “Risk Factors” section of Aurora Innovation, Inc.’s (“Aurora”) Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 11, 2026, and other documents filed by Aurora from time to time with the SEC, which are accessible on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. Aurora undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
Berkshire Hathaway subsidiary McLane is planning to deploy self-driving trucking technology from Aurora Innovation on routes in Texas and across the U.S. Sun Belt by the end of the year, expanding on an autonomous freight pilot program the companies began in 2023, McLane and Aurora announced Wednesday.
Temple, Texas-based McLane is one of the largest distribution companies in the U.S., with more than 80 distribution centers that cover nearly every ZIP code in the country, and 25,000 employees. It will use the Aurora Driver technology in long-haul trucking to move supplies, including perishables, to restaurant brands.
The existing pilot includes two round-trips daily between Dallas and Houston, seven days a week, with what is called "supervised" autonomous technology controlling the "middle mile" in long-haul trucking, while McLane drivers take over for last-mile local delivery of loads to customers using separate trucks.
Since 2023, McLane routes using this technology logged 280,000 autonomous miles in Texas, covering 1,400 loads delivered to restaurants. Now McLane has approved driverless operations between Dallas and Houston and plans to add new routes between McLane distribution centers across the U.S. Sun Belt by the end of the year.
"Autonomous technology helps us drive greater efficiency across the supply chain, while our drivers remain focused on the critical last mile — and continuing to serve as the face of our company to customers," Susan Adzick, president of McLane Restaurant, said in a statement.
Trucks operating in the middle mile of logistics networks move orders between centralized distribution facilities and last-mile delivery points. Automating the middle mile is a current focus for many distribution networks, including at Amazon, and for self-driving freight companies.
The companies declined to specify the number of trucks or loads to be part of driverless hauls, only saying that Aurora Driver software-powered trucks will continue to make multiple trips between Dallas and Houston every day.
Importantly, there is still a human "observer" in the cab on these routes, which move loads on trucks from OEM Paccar, which has requested the observers remain in the cabs for now. Unlike "supervised" trips, the observer never operates the vehicle and Aurora Driver is "fully responsible for all driving tasks, including pulling over to a safe location if required," according to the company.
Aurora has plans to deploy a new fleet of trucks from Volkswagen subsidiary International LT starting this quarter that will not have observers, with 200 trucks in all expected by the end of the year. Aurora declined to say whether McLane has plans to adopt these trucks. Aurora is McLane's only current self-driving truck partner.
The companies said there are plans to expand the effort in the future. McLane Company serves convenience stores and mass merchants, in addition to chain restaurants. One of its biggest customers is Walmart, which once owned McLane and sold the company to Berkshire Hathaway in 2003.
McLane declined to identify customers that the driverless trucking will extend to in the future.
Autonomous freight trucking is expected to scale rapidly starting this year. Autonomous freight companies have converged on Texas as a primary deployment point, and it's not just because of the pro-business, light regulatory touch for which the state is known. The Sun Belt traffics in a massive amount of freight, with routes stretching from Texas to Arizona and California. Lack of severe weather conditions such as snow and ice also removes one variable for the autonomous technology to navigate.
Uber Freight founder and chairman Lior Ron, who joined self-driving tech company Waabi as chief operating officer last August, said automation is the most fundamental shift of the next decade in transportation. "I can't think of something that will be as helpful to the next era of logistics and innovation and how goods are being moved. The technology is now here," he told CNBC in August. In five years time, Ron expects driverless freight trucks will be "a common sight across the U.S. in the supply chain, and especially in the Sunbelt corridors."
Aurora Innovation recently started a 1,000-mile autonomous route between Fort Worth, Texas, and Phoenix, Arizona, notable for being beyond what a human trucker could handle without a stop. The company also announced earlier this week a deal with Volvo Autonomous Solutions to run a new 200-mile freight route between Dallas and Oklahoma City.
Aurora Innovation will start hauling loads in driverless trucks for distribution giant McLane, the latest company to adopt the startup’s autonomous vehicle technology following a multi-year pilot program.
Under the commercial agreement announced Wednesday, trucks outfitted with Aurora’s self-driving system will be used to transport goods between Dallas and Houston. These trucks will operate autonomously and will not have a human safety driver on board who can take over. However, Aurora will still have what it describes as a “human observer” sitting in the cab — who does not operate the vehicle — per an agreement it has with truck manufacturer Paccar.
Aurora said it plans to expand to new routes between McLane distribution centers across the U.S. Sun Belt by the end of the year.
The companies launched a pilot program in 2023 using autonomous trucks with a human safety operator. The pilot eventually expanded to two round-trips daily between Dallas and Houston.
McLane recently approved moving to driverless operations, which now run seven days a week between the two Texas cities.
The companies are taking a novel approach to this route, using Aurora’s driverless tech for the long-haul portion of the trip before handing it over to a McLane truck driver who makes local deliveries to customers like fast food restaurants. Aurora said this handoff occurs at the company’s Dallas and Houston terminals located right off the freeway.
The commercial contract is the latest win for Aurora as it tries to transition from a developer of autonomous trucks to a commercial operator earning money on its driverless routes. And it comes a year after the company launched its commercial self-driving truck service in Texas. Since then, Aurora has landed a commercial agreement to haul frac sand for Detmar Logistics. Last month, Hirschbach Motor Lines agreed to buy 500 Aurora-powered trucks; that agreement, which is outlined in a memorandum of understanding, is expected to close later this year.
Today, the company operates driverless trucks — some with a human observer still in the cab — on routes between Dallas and Houston, Fort Worth and El Paso, El Paso and Phoenix, Fort Worth and Phoenix, and Laredo and Dallas.
Aurora reports its first-quarter earnings Wednesday after the markets close.
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Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast. She is also co-founder and co-host of the podcast, “The Autonocast.” She previously wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.
You can contact or verify outreach from Kirsten by emailing [email protected] or via encrypted message at kkorosec.07 on Signal.
Aurora Innovation (AUR +1.59%) stock took off today after the driverless vehicle technology company announced a new partnership with a Berkshire Hathaway subsidiary.
Aurora and Berkshire-owned McClane Company announced an arrangement to commence autonomous deliveries in Texas, utilizing an Aurora self-driving system initially being implemented in long-haul trucking. It expands on a prior pilot program, and it sent Aurora shares higher by 11% today, as of 12:45 p.m. ET.
Image source: The Motley Fool.
Autonomous truck routes Texas-based McClane serves convenience stores, large retailers, and restaurant chains and is an industry-leading partner to the biggest retail and restaurant businesses. The new agreement stems from a successful pilot program that transported 1,400 loads for McLane, helping serve restaurant clients throughout the state with a 100% on-time delivery rate.
Aurora intends to extend its operations to new routes connecting McLane distribution centers across the U.S. Sun Belt by the end of the year, with plans to accommodate more McLane business in the future.
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Aurora has also just expanded an existing self-driving program with Volvo Group's Volvo Autonomous Solutions (V.A.S.), featuring a new 200-mile route connecting Dallas and Oklahoma City. Investors will likely hear more about both partnerships when Aurora reports first-quarter earnings after the bell today.
Howard Smith has positions in Berkshire Hathaway. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.
PITTSBURGH--(BUSINESS WIRE)--Aurora Innovation, Inc. (NASDAQ: AUR) today announced its first quarter 2026 results. Aurora's shareholder letter and financial results are available on its investor relations website at ir.aurora.tech.
“We are hitting a new gear - we are on the cusp of launching a new platform and are on track to put hundreds of driverless trucks on the road this year,” said Chris Urmson, co-founder and CEO of Aurora.
Share “We are hitting a new gear - we are on the cusp of launching a new platform and are on track to put hundreds of driverless trucks on the road this year,” said Chris Urmson, co-founder and CEO of Aurora. “We're also seeing incredible customer momentum with early adopters like Hirschbach planning for 500 Aurora Driver-powered trucks. The industry sees the value of the Aurora Driver and what it can do for their businesses."
Business Highlights
Next-Gen Hardware at Scale: Aurora remains on track to launch its second-generation hardware kit on the International® LT® Series vehicle, enabling driverless operations without a partner-requested observer in Q2. Aurora’s next-generation hardware is built to last for a million miles while reducing overall cost by more than half. Aurora anticipates deploying more than 200 driverless trucks by the end of the year. Scaling Driver as a Service: Aurora continues to see significant commercial demand. Notably, Hirschbach has plans to scale their autonomous fleet, with intent to own and operate 500 trucks through Aurora’s Driver as a Service (DaaS) business model. This represents a potential multi-year revenue stream in the hundreds of millions of dollars, with truck delivery slated to begin in 2027. Blue-Chip Customer Adoption: Aurora recently started driverless hauls for McLane Company, Inc., a Berkshire Hathaway subsidiary. Aurora now has seven customers within its driverless cohort. Rapid Route Expansion: Aurora validated driverless operations on the bidirectional routes between Dallas and Laredo within just six weeks of initiating supervised autonomous runs. Aurora has also opened a new bi-directional route between Dallas and Oklahoma City, where the Aurora Driver is powering supervised autonomy for a key Volvo Autonomous Solutions customer. The company will host a business review conference call today, May 6, at 5:00 p.m. Eastern time. The conference call will be webcast on Aurora's investor relations website at ir.aurora.tech, and an accompanying presentation has also been posted to the website. A replay of the webcast will be available for 30 days following the call.
About Aurora
Aurora (Nasdaq: AUR) is delivering the benefits of self-driving technology safely, quickly, and broadly to make transportation safer, increasingly accessible, and more reliable and efficient than ever before. The Aurora Driver is a self-driving system designed to operate multiple vehicle types, from freight-hauling trucks to ride-hailing passenger vehicles, and underpins Aurora’s driver as a service product for trucking. Aurora is working with industry leaders across the transportation ecosystem, including AUMOVIO, FedEx, Hirschbach, McLane, NVIDIA, PACCAR, Ryder, Schneider, Toyota, Uber, Uber Freight, Volvo Trucks, Volvo Autonomous Solutions, and Werner. To learn more, visit aurora.tech.
This press release contains certain forward-looking statements within the meaning of the federal securities laws. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, the prospects of the development, manufacturing, scaling (including, but not limited to, the lane expansion strategy, the transition to our DaaS model, fleet size, fleet ownership, and our product’s availability and capabilities) and commercialization, and realization of the potential benefits, of the Aurora Driver and related services and technology; the relationships and anticipated benefits with customers and partners (including, but not limited to, our ability to finalize and execute on customer contracts or orders, and whether customer intentions to order, such as Hirschbach’s non-binding MOU result in binding agreements and orders); the timing for developing, and the anticipated benefits of, future generations of hardware kits; the anticipated impact of our product on the freight industry and economy; and our financial performance, anticipated investment in truck fleet and expected cash use and cash runway. These statements are based on management’s current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading “Risk Factors” section of Aurora Innovation, Inc.’s (“Aurora”) Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC) on February 11, 2026, and other documents filed by Aurora from time to time with the SEC, which are accessible on the SEC website at www.sec.gov. Additional information will also be set forth in Aurora’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. Aurora undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
Aurora Innovation, Inc. (AUR - Free Report) came out with a quarterly loss of $0.11 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to a loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +8.33%. A quarter ago, it was expected that this company would post a loss of $0.12 per share when it actually produced a loss of $0.12, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Reinvent Technology Partners Y, which belongs to the Zacks Technology Services industry, posted revenues of $1 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 7.53%. This compares to zero revenues a year ago.
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.
Reinvent Technology Partners Y shares have added about 70.1% since the beginning of the year versus the S&P 500's gain of 6%.
What's Next for Reinvent Technology Partners Y?While Reinvent Technology Partners Y 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 Reinvent Technology Partners Y 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 -$0.12 on $1.44 million in revenues for the coming quarter and -$0.47 on $15.07 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the bottom 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Priority Technology (PRTH - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 11.
This company is expected to post quarterly earnings of $0.22 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Priority Technology's revenues are expected to be $240.35 million, up 7% from the year-ago quarter.
Self-driving has been “almost here” for over a decade. But somewhere between DARPA challenges and a handful of driverless trucks hauling freight between Dallas and Houston, Aurora co-founder and CEO Chris Urmson’s story changed. The self-driving truck company started commercial driverless operations last April and is now scaling from a handful of trucks to hundreds this year.
On this episode of TechCrunch’s Equity podcast, we’re bringing you a conversation Rebecca Bellan had with Urmson at the HumanX conference in San Francisco. The pair dug into the long road from lab to highway and how physical AI differs from the LLM boom everyone else is chasing.
Listen to the full episode to hear about:
Why long-haul trucking may crack the autonomy business case before robotaxis ever do What “verifiable AI” means and why Urmson thinks end-to-end systems are a liability when lives are on the line The surprisingly common-sense solution to the driverless truck safety triangle problem What Aurora’s roadmap looks like beyond trucking, and which companies in the autonomy space have Urmson genuinely excited Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.
Rebecca Bellan is a senior reporter at TechCrunch where she covers the business, policy, and emerging trends shaping artificial intelligence. Her work has also appeared in Forbes, Bloomberg, The Atlantic, The Daily Beast, and other publications.
You can contact or verify outreach from Rebecca by emailing [email protected] or via encrypted message at rebeccabellan.491 on Signal.
Theresa Loconsolo is an audio producer at TechCrunch focusing on Equity, the network’s flagship podcast. Before joining TechCrunch in 2022, she was one of 2 producers at a four-station conglomerate where she wrote, recorded, voiced and edited content, and engineered live performances and interviews from guests like lovelytheband. Theresa is based in New Jersey and holds a bachelors degree in Communication from Monmouth University.
You can contact or verify outreach from Theresa by emailing [email protected].
Shares of Aurora Innovation (AUR +1.59%) shot up 16% this week, according to data from S&P Global Market Intelligence. The autonomous driving technology company posted earnings this week and announced a new route for its semi-truck partnerships.
Aurora Innovation's stock is up 80% this year. Here's why the stock was soaring yet again this week, and whether now is a great time to buy this red-hot stock.
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Earnings release and new partnerships Autonomous vehicles are growing in popularity across the United States, and Aurora Innovation is trying to get in on the trend. However, instead of serving passenger drivers, Aurora is looking to win contracts for self-driving routes for long-haul trucks.
It is still in the early stages, but it just launched a new truck route with Volvo between Dallas and Oklahoma City. The opportunity in self-driving trucks is massive, with millions operating in the United States at any one time. By the end of 2026, management aims to have 200 trucks in its fleet and $80 million in run-rate revenue. In the first quarter, it only generated $1 million in sales and lost $244 million, making this an audacious goal.
Image source: Getty Images.
Time to buy this hot stock? Aurora is an interesting business opportunity, but the stock is much too expensive today. Shares trade at a market cap of $13.66 billion, which would be expensive even if it had 10,000 trucks in operation. That is many years away, if it ever gets there. Avoid chasing Aurora Innovation stock; leave it on the sidelines for now.
Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Aurora Innovation (AUR +1.59%), a developer of autonomous driving systems for various vehicle types and applications, closed Thursday at $7.14, down 1.79%. The stock moved lower after a multi-day rally driven by upbeat Q1 results, new trucking deployments, and analyst support. Investors will now be watching execution on 2026 driverless semi-truck and revenue targets.
Trading volume reached 48.4 million shares, coming in about 136% above its three-month average of 20.6 million shares. Aurora Innovation IPO'd in 2021 and has fallen 29% since going public.
How the markets moved todayThe S&P 500 (^GSPC +0.47%) slipped 0.38% Thursday to 7,337, while the Nasdaq Composite (^IXIC +0.36%) eased 0.13% to finish at 25,806. Among self-driving vehicle technology names, industry peers Alphabet (GOOGL +1.15%) closed at $397.99 (-0.01%) and Tesla (TSLA +1.17%) finished at $411.81 (+3.28%), highlighting mixed sentiment across autonomy-focused names.
What this means for investorsAurora Innovation shares soared yesterday after the company updated investors with its first-quarter results, and announced a new partnership with McLane Company, a Berkshire Hathaway (BRKA +0.33%) (BRKB 0.05%) subsidiary.
The stock dipped today, though, after investors digested that news. After a successful pilot program, McClane will begin autonomous semi-truck deliveries in Texas, using an Aurora self-driving system that is currently being used in long-haul trucking.
After that news, analysts at Needham expressed confidence in Aurora and established a $13 price target for the company. Investors, though, should be aware that the company continues to burn cash, using approximately $159 million in operating cash during Q1. Its autonomous vehicle aspirations still have a long road to travel.
Howard Smith has positions in Alphabet, Berkshire Hathaway, and Tesla. The Motley Fool has positions in and recommends Alphabet, Berkshire Hathaway, and Tesla. The Motley Fool has a disclosure policy.
For a company working to prove out its business model, a big endorsement can go a long way. That's what happened with the autonomous trucking company Aurora Innovation (AUR +1.59%) and its expansion agreement with the Berkshire Hathaway transportation subsidiary, McLane.
This is an important development for Aurora, and receiving even an indirect nod of approval from Berkshire can carry some weight.
Image source: Getty Images.
Driverless operations McLane has over 80 U.S. distribution centers, serving markets that range from retail to restaurants. It began using Aurora's tech in 2023 and has since recorded 280,000 supervised autonomous miles in Texas. The current pilot program includes two daily round-trips, where the technology drives the middle mile, which is typically the longest stretch of the drive.
The expansion approves driverless operations between Dallas and Houston, with new routes being developed. "Aurora plans to expand to new routes between McLane distribution centers across the U.S. Sun Belt by the end of the year, with plans to serve additional McLane business in the future," Aurora said in its press release.
This is an important milestone because it shows that a large company saw enough value in Aurora's tech to expand its partnership. That vote of confidence can lead to other clients.
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Still in the early stages of the Aurora Innovation story The global autonomous truck market is expected to more than double from $46.7 billion in 2025 to $139.4 billion by 2033, according to Grand View Research. As one of the few pure-play autonomous trucking stocks, there's a lot of potential here. Still, the potential reward must be weighed against the risk.
Aurora has fewer than 200 trucks on the road. The company's revenue was just $3 million for all of 2025, while the net loss totaled $816 million. That doesn't negate the future upside potential, but it just needs to be balanced with managing the risk, which can be accomplished by taking a measured investment approach.
Jack Delaney has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.
Autonomous long-haul trucking is poised for significant deployment, offering substantial investment opportunities for those who understand the technology and market and are committed to the long term. Technology viability is proven, with Aurora logging 12 million autonomous miles and Kodiak deploying 28 customer-owned trucks as of Q1 2026. Autonomous trucking offers compelling cost advantages, projecting 2030 per-mile costs at $2.06 versus $3.21 for human-driven, primarily from labor cost elimination.
For investing in artificial intelligence (AI) stocks, it can often feel like a lot of the biggest gains have already been made through chipmakers, and that you may have missed the boat if you didn't already own them. Taiwan Semiconductor Manufacturing is up over 250%, Advanced Micro Devices has gained more than 500%, and Nvidia jumped roughly 1,000% over the past five years, respectively.
Digging a little deeper, however, there are still plenty of promising AI growth stocks that aren't chipmakers that could still lead to long-term gains. To be clear, these are speculative companies, and there is plenty of risk involved. Still, trading below $10 at this time, SoundHound AI (SOUN 1.07%) and Aurora Innovation (AUR +1.59%) also offer plenty of upside potential.
Image source: Getty Images.
The AI voice agent stock SoundHound is an AI voice agent company, with its technology found across industries that range from retail to finance to healthcare. It just reported record revenue of $44.2 million for its 2026 first-quarter results, which was up 52% from the previous year.
It also shared several updates on its agreements with other companies, including with Walmart for its TV brand. The company reaffirmed its 2026 full-year revenue guidance, expecting it to be between $225 million and $260 million.
It was a strong quarter, but that may have led the market to want a revenue guidance raise, which didn't happen. Also, some are worried about SoundHound's pending acquisition of LivePerson, a conversational AI company, in an all-stock transaction valued at $43 million. There are execution risks with the acquisition, especially given that LivePerson has been struggling over the last few years.
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Still, if SoundHound can extract value from LivePerson, it could prove to be a savvy purchase, as management expects the acquisition target to add $100 million in annual revenue by 2027.
The key will be successful integration, as there's already skepticism around this deal, and it doesn't help that SoundHound is unprofitable today. There's not much room for error or underwhelming quarters moving forward. But as markets are dismissive, that's also the kind of setup that could set the stock price up for big gains over the long term if LivePerson adds the kind of value SoundHound expects.
The autonomous trucking stock
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The trucking industry is facing a series of challenges, including a looming driver shortage, higher gas prices, and restrictions on driver hours. Aurora Innovation, with its autonomous trucking technology, believes it can address those concerns.
The company says "AI is essential to the success of self-driving systems" and that it leverages AI to "navigate complex and dynamic scenarios." Its AI combines machine learning with programmed safety rules, such as coming to a complete stop at a stop sign.
Aurora has been starting small to prove the safety of its tech, but it expects more than 200 driverless trucks to be operational by the end of 2026. It also just announced an expansion to an earlier agreement with the Berkshire Hathaway subsidiary, McLane, to now allow driverless trips in Texas.
There's a lot of promise with Aurora Innovation, but as mentioned previously, it's also a speculative investment, as its revenue was just $3 million in 2025. The stock price is more than two and a half times as volatile as the broader markets, so for most investors planning to hold on for the long haul, it will feel like a bit of a roller coaster at times.
Jack Delaney has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Berkshire Hathaway, Nvidia, SoundHound AI, Taiwan Semiconductor Manufacturing, and Walmart. The Motley Fool has a disclosure policy.
On May 21, 2026, Ralph Lauren Corp RL released its 8-K filing reporting fourth quarter and full-year fiscal 2026 results. The quarter delivered higher-than-expected revenue alongside margin gains, while earnings per share came in below analyst forecasts. Founded by designer Ralph Lauren in 1967 in New York City, Ralph Lauren Corp. designs, markets, and distributes lifestyle merchandise across North America, Europe, and Asia. Best known for its polo shirts, the company’s portfolio spans apparel, footwear, eyewear, jewelry, handbags, home goods, and fragrances under brands such as Ralph Lauren Collection, Polo Ralph Lauren, and Lauren Ralph Lauren, with distribution through wholesale, retail, e-commerce, and licensing.
Quarter and Full-Year Highlights Revenue in Q4 FY2026 rose 17% year over year to $2.0 billion on a reported basis, or 12% in constant currency. GAAP diluted EPS was $2.45. Adjusted diluted EPS was $2.80. Global direct-to-consumer comparable store sales increased 17% in the quarter, supported by mid-teens average unit retail (AUR) growth and strong full-price selling.
For fiscal 2026, revenue grew 15% to $8.1 billion reported, up 12% in constant currency. GAAP diluted EPS was $15.11. Adjusted diluted EPS was $16.59. Adjusted gross and operating margins expanded above management’s outlook, with full-year adjusted operating margin up 200 basis points year over year to 16.0%.
“For nearly 60 years, our brand has stood for optimism, quality, authenticity, and a life well lived.”“Our teams around the world executed with excellence and agility to deliver a strong first year of our Next Great Chapter: Drive strategic plan… we exceeded our financial commitments in Fiscal 2026 with revenues surpassing $8 billion for the first time on healthy quality of sales.”Performance vs. Analyst Estimates Revenue of $2.0 billion was above the estimated revenue of 1,836.85 million. GAAP diluted EPS of $2.45 was below the estimated EPS of 4.16. Adjusted diluted EPS of $2.80 was below the estimated EPS of 4.16.
Operational and Regional Trends Ralph Lauren Corp RL benefited from broad-based strength in direct-to-consumer, with digital and brick-and-mortar both positive across regions. AUR increased by mid-teens in Q4 and for the full year, reflecting brand elevation, favorable mix, and reduced discounting. Regional sales in Q4 were led by Asia, while North America and Europe also posted gains, with Europe’s reported growth aided by foreign exchange.
By region in Q4: North America revenue increased 8% to $763 million. Comparable store sales in North America increased 16%, with brick-and-mortar up 14% and digital commerce up 21%. Europe revenue increased 18% to $620 million reported and 6% in constant currency; retail comps rose 5% and wholesale grew double digits reported. Asia revenue increased 31% to $564 million reported and 28% in constant currency, with comparable store sales up 25%.
Margins, Balance Sheet, and Cash Returns Q4 gross margin was 69.7%, up 110 basis points year over year on both a GAAP and adjusted basis, driven by mix, AUR, and lower cotton costs, which more than offset higher U.S. tariffs and other product costs. Adjusted operating margin improved to 11.0%, up 70 basis points. For the full year, adjusted operating margin expanded to 16.0%, up 200 basis points, supported by sales growth and operating expense leverage.
The company ended fiscal 2026 with $2.1 billion in cash and short-term investments and $1.2 billion in total debt. Inventory was $1.0 billion, up 7% year over year. Capital expenditures were $408 million, reflecting real estate, store expansion and renovations, and technology investments. Shareholder returns topped $700 million via dividends and share repurchases, including approximately $500 million in buybacks and a 10% dividend increase to $1.00 per share quarterly ($4.00 annualized), with $1.4 billion remaining under the repurchase authorization.
Metric Q4 FY2026 YoY / Notes Revenue $2.0 billion +17% reported; +12% constant currency Gross Margin (adj.) 69.7% +110 bps Operating Margin (adj.) 11.0% +70 bps GAAP EPS $2.45 vs. $2.03 in Q4 FY2025 Adjusted EPS $2.80 vs. $2.27 in Q4 FY2025 Global DTC Comps +17% Mid-teens AUR growth Metric FY2026 YoY / Notes Revenue $8.1 billion +15% reported; +12% constant currency Gross Margin (adj.) 69.9% +130 bps Operating Margin (adj.) 16.0% +200 bps GAAP EPS $15.11 Tax rate 20% Adjusted EPS $16.59 Tax rate 20% Cash & Short-Term Investments $2.1 billion Debt: $1.2 billion Inventory $1.0 billion +7% YoY Capital Expenditures $408 million vs. $216 million in FY2025 Share Repurchases ~$500 million $1.4 billion authorization remaining Dividend $1.00 per quarter +10% increaseWhy This Matters for Apparel & Accessories Investors Ralph Lauren Corp RL ’s ability to lift AUR in the mid-teens alongside higher full-price sell-through is a key indicator of brand pricing power in a highly promotional category. Sustained gross margin near 70% underscores the benefits of mix shift toward direct-to-consumer and premium product, which typically converts to stronger cash generation over time. The strong regional performance in Asia, with robust comps and digital gains, showcases the brand’s resonance with new and existing consumers in higher-growth markets.
Challenges remain. The earnings per share shortfall versus consensus suggests higher operating costs and the cadence of investments can weigh on near-term profitability. Tariffs and non-cotton cost inflation pressured product costs, an industry-wide headwind that can compress margins if price/mix tailwinds fade. Inventory rose 7%, which requires disciplined channel management to avoid markdown risk. Capital expenditures nearly doubled year over year, which can elevate execution risk but also support long-term omnichannel capabilities.
Income Statement, Balance Sheet, and Cash Flow Context Income statement strength centered on revenue acceleration and margin expansion. Adjusted operating expenses increased 17% in Q4, and the adjusted operating expense rate ticked up to 58.6% from 58.4%, highlighting continued investment. Balance sheet liquidity remained solid, with cash exceeding total debt by roughly $0.9 billion. Shareholder capital returns were meaningful through both repurchases and a higher dividend, signaling confidence and providing support to total return profiles typical for established premium brands in this industry.
GuruFocus Valuation Check Based on GuruFocus data, the stock screens as overvalued relative to intrinsic estimates. GF Value stands at $237.08 against a current price of $329.24, implying the shares trade approximately 38.9% above the GF Value assessment.
The GF Score of 90/100 (Strong) reflects a favorable composite of fundamentals, supported by a Financial Strength score of 7/10, Profitability Rank of 8/10, and Growth Rank of 9/10. These metrics point to a well-capitalized company with solid margins and robust growth execution. However, Predictability is just 1 star, indicating historical variability in revenue and earnings patterns that can lead to wider valuation swings. A Moat Score of 6/10 suggests a moderate competitive advantage consistent with established premium brands but not immune to industry pressures.
Insider Activity shows $0.4 million in insider sales over the last three months with no reported insider buying. This is a mild caution signal rather than a definitive negative, but it is noteworthy when shares trade above GF Value. For a deeper dive, visit the Ralph Lauren Corp stock page on GuruFocus.
Explore the complete 8-K earnings release (here) from Ralph Lauren Corp for further details.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Aurora Innovation (AUR +1.59%), a self-driving hardware and software developer, closed at $6.16, down 1.60%. Shares are reacting to ongoing pressure from Uber (UBER 1.80%)’s recent block sale and broader weakness in autonomous-driving names. Investors are also watching execution on driverless truck deployments and platform launches.
Trading volume reached 59.8 million shares, coming in about 132% above its three-month average of 25.8 million shares. Aurora Innovation IPO'd in 2021 and has fallen 38% since going public.
How the markets moved todayThe S&P 500 (^GSPC +0.47%) slipped 0.26% to close at 7,386, while the Nasdaq Composite (^IXIC +0.36%) declined 0.97% to close at 25,679. Among self-driving technology peers, Alphabet (GOOGL +1.15%) closed at $364.26 (+0.26%) and Tesla (TSLA +1.17%) closed at $396.68 (-3.00%), underscoring mixed sentiment across autonomous-vehicle players.
What this means for investorsAurora Innovation shares have been under pressure for almost a month since Uber, its largest shareholder, announced it was raising capital and using some of its Aurora ownership as collateral. Aurora shares are down 25% since May 14.
Uber also sold a block of 67.5 million Aurora shares at $7.10 per share on June 2. Uber still owns over 258 million shares, though, representing about 15.6% ownership of Aurora.
It also hasn’t helped that investors have been moving away from various types of tech stocks recently, including self-driving technology names. Neither transaction should be viewed as a change in Uber’s confidence in Aurora’s technology. But investors should expect volatility in a speculative name like Aurora.
Howard Smith has positions in Alphabet and Tesla. The Motley Fool has positions in and recommends Alphabet, Tesla, and Uber Technologies. The Motley Fool has a disclosure policy.
Q4 Revenue up 9% year-over-year
Q4 Annual Recurring Revenue up 8% year-over-year
Q4 Subscription Net Retention improved to 107%
FY26 record annual Operating Cash Flow of $168 million and Share Repurchases of $194 million
LiveRamp Enters into Definitive Agreement to be Acquired by Publicis Groupe in All-Cash Transaction with an Equity Value of $2.5 billion
SAN FRANCISCO, May 17, 2026 (GLOBE NEWSWIRE) -- LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2026.
Q4 Financial Highlights
Unless otherwise indicated, all comparisons are to the prior year period.
Total revenue was $206 million, up 9%.Subscription revenue was $158 million, up 9%.Marketplace & Other revenue was $49 million, up 11%.GAAP gross profit was $146 million, up 11%. GAAP gross margin of 71% expanded by 1 percentage point. Non-GAAP gross profit was $149 million, up 10%. Non-GAAP gross margin of 72% expanded by 1 percentage point.GAAP income from operations was $15 million compared to a loss of $12 million. GAAP operating margin of 7% expanded by 14 percentage points. Non-GAAP operating income was $40 million, up 75%. Non-GAAP operating margin of 20% expanded by 7 percentage points.GAAP and non-GAAP diluted earnings per share was $1.12 and $0.52, respectively. GAAP diluted EPS benefited from the release of deferred tax valuation allowances.Net cash provided by operating activities was $59 million compared to $63 million.Share repurchases in the fourth quarter totaled approximately 2.8 million shares for $76 million. Fiscal Year 2026 Financial Highlights
Unless otherwise indicated, all comparisons are to the prior year period.
Total revenue was $813 million, up 9%. Subscription revenue was $614 million, up 8%.Marketplace & Other revenue was $199 million, up 12%. GAAP gross profit was $575 million, up 9%. GAAP gross margin of 71% was flat. Non-GAAP gross profit was $591 million, up 7%, and non-GAAP gross margin of 73% compressed by 1 percentage point.GAAP Income from operations was $83 million compared to $5 million. GAAP operating margin of 10% expanded by 10 percentage points. Non-GAAP operating income was $182 million, up 34%. Non-GAAP operating margin of 22% expanded by 4 percentage points.GAAP diluted earnings per share was $2.24, and non-GAAP diluted EPS was $2.27. GAAP diluted EPS benefited from the release of deferred tax valuation allowances.Net cash provided by operating activities was $168 million compared to $154 million. Share repurchases in fiscal 2026 totaled approximately 7.1 million shares for $194 million. As of March 31, 2026, there was $262 million in remaining capacity under the recently modified share repurchase authorization that expires on December 31, 2027. A reconciliation between GAAP and non-GAAP results is provided in the schedules in this press release.
Commenting on the results, CEO Scott Howe said: “We finished FY26 on a strong note, with Q4 revenue and operating income ahead of consensus and ARR growth accelerating sequentially. We also achieved record operating cash flow in FY26, and returned over 100% to shareholders through buybacks. We continue to leverage AI to make our platform faster, more effective and easier to use, including the recent introduction of AI agent accessibility, enabling specialized AI agents to autonomously collaborate with any partner.”
Howe continued: “In addition, we announced an agreement to be acquired by Publicis Groupe, delivering significant and certain value to LiveRamp shareholders. This transaction reflects the strength of our business, the value of our platform and the strategic role LiveRamp plays in an AI-driven market. Together, we believe we can accelerate data collaboration and the delivery of AI capabilities that help customers and partners advance agentic transformation and derive more value, faster.”
GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for the fourth quarter and fiscal year ended March 31, 2026 ($ in millions, except per share amounts):
GAAP Non-GAAP Q4 FY26 FY26 Q4 FY26 FY26Subscription revenue $158 $614 -- -- YoY change % 9% 8% -- -- Marketplace & Other revenue $49 $199 -- -- YoY change % 11% 12% -- -- Total revenue $206 $813 -- -- YoY change % 9% 9% -- -- Gross profit $146 $575 $149 $591 % Gross margin 71% 71% 72% 73%YoY change, pts 1 pt 0 pts 1 pt (1) pt Operating income $15 $83 $40 $182 % Operating margin 7% 10% 20% 22%YoY change, pts 14 pts 10 pts 7 pts 4 pts Net earnings $71 $146 $33 $148 Diluted earnings per share $1.12 $2.24 $0.52 $2.27 Shares to calculate diluted EPS 63.4 65.0 63.4 65.0 YoY change % (4)% (2)% (6)% (4)% Operating cash flow $59 $168 Free cash flow $59 $166 Totals and year-over-year changes may not reconcile due to rounding. A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.
Additional Business Highlights & Metrics
We announced the launch of new AI capabilities to help transform how marketers plan, execute, measure, and optimize campaigns agentically. We introduced agent-powered access to the LiveRamp platform, enabling specialized AI agents to autonomously collaborate with any partner, moving from manual, fragmented workflows to intelligent, governed execution that delivers better performance (link). We announced native support for NVIDIA AI infrastructure, upgrading our clean room architecture to handle the world’s most advanced and compute-intensive AI workloads. AI partners and brands can now securely and seamlessly train and deploy sophisticated models using LiveRamp clean rooms or via the LiveRamp Marketplace at up to 15x speed, without exposing data or model weights (link). We announced an expanded partnership with Unity, a leading game engine, to help marketers more effectively reach mobile users and generate better marketing returns. The partnership will make LiveRamp’s durable, interoperable identifier – RampID – available across Unity Exchange, enabling marketers, agencies, and platforms to apply identity-based buying strategies within Unity’s mobile ecosystem that includes 2.9 billion monthly active mobile devices (link).In March we hosted our annual customer and partner conference, RampUp, bringing together more than 2,300 leaders from across the digital advertising ecosystem. The event included more than 40 presentations and panels featuring some of our largest customers and partners, such as General Motors, JPMorgan Chase, Netflix, and Meta. Video replays of these sessions are available here. Also, we hosted an investor presentation that can be accessed here. On February 12, 2026 we announced an increase in our share repurchase authorization by $200 million and extended the expiration by one year to December 31, 2027. As of March 31, 2026, there was $262 million in remaining capacity under the authorization.On February 11, 2026 we appointed to our Board of Directors Kristi Argyilan, who currently serves as Global Head of Advertising at Uber. Widely recognized as the pioneer of retail media, Argyilan previously led the Albertsons Media Collective and championed the industry-wide move toward measurement standardization (link). LiveRamp ended the fiscal year with 133 customers whose annualized subscription revenue exceeds $1 million, compared to 128 in the prior year period. LiveRamp ended the fiscal year with 846 direct subscription customers, compared to 840 in the prior year period.Subscription net retention was 107% and platform net retention was 108%.Annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $545 million, up 8% compared to the prior year period. Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $518 million, up 10% compared to the prior year period. Transaction with Publicis Groupe
In a separate press release issued today, LiveRamp announced that it has entered into a definitive agreement to be acquired by Publicis Groupe. Under the terms of the agreement, Publicis Groupe will acquire all of the outstanding shares of LiveRamp for $38.50 per share in an all-cash transaction for an equity value of $2.5 billion. This represents a premium of 30% to LiveRamp’s closing stock price on May 15, 2026, the last full trading day prior to the transaction announcement. The transaction is expected to close by the end of calendar 2026, subject to customary closing conditions, including approval by LiveRamp shareholders. The transaction press release is available on the LiveRamp investor relations website.
Given the announced transaction, LiveRamp will not host its previously scheduled earnings conference call or provide financial guidance in conjunction with this earnings release.
About LiveRamp
LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, ad tech platforms, publishers, data providers, and commerce media networks—unlocking insights that deliver transformational consumer experiences, and drive measurable business outcomes. As consumers embrace AI-powered experiences, the LiveRamp data collaboration network expands the breadth and accuracy of the data on which marketing AI capabilities operate. Our platform is engineered for AI agent accessibility, facilitating autonomous data collaboration between the specialized AI agents utilized by our customers and partners. Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating business growth.
LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning LiveRamp, Publicis, the proposed transaction and other matters. Forward-looking statements contained herein could include, among other things, statements regarding the anticipated timing of the consummation of the proposed transaction; statements about management’s confidence in and strategies for performance of the combined businesses; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as “may,” “could,” “expect,” “anticipate,” “intend,” “believe,” “likely,” “estimate,” “outlook,” “plan,” “contemplate,” “project,” “target” or other comparable terms. These forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the control of LiveRamp or Publicis. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication including, but not limited to: economic uncertainties that could impact LiveRamp or LiveRamp’s suppliers, customers and partners, geopolitical circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of LiveRamp’s customers to renew their agreements with LiveRamp upon their expiration; LiveRamp’s ability to add new customers and upsell within LiveRamp’s subscription business; LiveRamp’s reliance upon partners, including data suppliers, who may withdraw or withhold data from LiveRamp; increased competition and rapidly changing technology that could impact LiveRamp’s products and services; LiveRamp’s ability to keep up with rapidly changing technology practices in LiveRamp’s products and services or that expected benefits from utilization of technological innovations (including AI) may not be realized as soon as expected or at all; the risk that LiveRamp fails to realize the potential benefits of or have difficulty integrating acquired businesses; and LiveRamp’s inability to attract, motivate and retain talent. Additional risks include maintaining LiveRamp’s culture and LiveRamp’s ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in LiveRamp’s current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting LiveRamp’s workforce. LiveRamp’s global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. LiveRamp’s international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm LiveRamp’s business. The risk of a significant breach of the confidentiality of the information or the security of LiveRamp’s or LiveRamp’s customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that LiveRamp’s current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to LiveRamp on commercially reasonable terms, or at all, could be detrimental to LiveRamp’s business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about LiveRamp’s industry; interruptions or delays in service from data center or cloud hosting vendors LiveRamp relies upon; and LiveRamp’s dependence on the continued availability of third-party data hosting and transmission services. LiveRamp’s clients’ ability to use data on LiveRamp’s platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting LiveRamp’s business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to LiveRamp’s customers which could cause enterprise software budget tightening. In addition, third parties may claim that LiveRamp is infringing their intellectual property or may infringe LiveRamp’s intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of LiveRamp’s resources. Factors that could cause actual future events to differ materially from the forward looking-statements in this communication in regard to the proposed transaction concerning LiveRamp and Publicis include, but are not limited to: (1) failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change, or other circumstance that could give rise to the right of one or multiple of the parties to terminate the definitive agreement between Publicis and LiveRamp; (2) the possibility that the transaction does not close when expected or at all because required regulatory, shareholder, or other approvals are not received or satisfied on a timely basis or at all; (3) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, including those resulting from the announcement, pendency or completion of the transaction; (4) risks that the new businesses will not be integrated successfully or that the combined companies will not realize estimated cost savings, value of certain tax assets, synergies and growth or that such benefits may take longer to realize than expected; (5) failure to realize anticipated benefits of the combined operations; (6) risks relating to unanticipated costs of integration; (7) ability to hire and retain key personnel; (8) ability to successfully integrate the companies’ businesses; (9) the potential impact of announcement or consummation of the proposed transactions on relationships with third parties, including clients, employees and competitors, including reputational risk; (10) ability to attract new clients and retain existing clients in the manner anticipated; (11) reliance on and integration of information technology systems; (12) suffering reduced profits or losses as a result of intense competition; or (13) potential litigation that may be instituted against LiveRamp or its directors or officers related to the proposed transaction or the merger agreement. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the parties’ businesses, including those described in LiveRamp’s Annual Report on Form 10-K for the year ended March 31, 2025, in Part I “Cautionary Statements Relevant to Forward-Looking Information” and Part I, Item 1A, “Risk Factors,” as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission (the “SEC”) and those described in documents Publicis has filed with the Autorité des Marchés Financiers (the French securities regulator). The parties do not undertake, nor do they have, any obligation to provide updates or to revise any forward-looking statements.
NO OFFER OR SOLICITATION
This communication does not constitute 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 applicable regulations.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction, LiveRamp Holdings, Inc. will be filing documents with the SEC, including preliminary and definitive proxy statements relating to the proposed transaction (the “proxy statement”). The definitive proxy statement will be mailed to LiveRamp’s shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Any vote in respect of resolutions to be proposed at LiveRamp’s shareholder meeting to approve the proposed transaction should be made only on the basis of the information contained in LiveRamp’s proxy statement and documents incorporated by reference therein. Investors and security holders may obtain free copies of these documents (when they are available) and other related documents filed with the SEC at the SEC’s website at www.sec.gov or on LiveRamp’s website at www.liveramp.com.
PARTICIPANTS IN THE SOLICITATION
Publicis, LiveRamp and their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of LiveRamp in respect of the proposed transactions contemplated by the proxy statement. Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the shareholders of LiveRamp in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement when it is filed with the SEC. Information about the directors and executive officers of LiveRamp and their ownership of shares of LiveRamp common stock and other securities of LiveRamp can be found in the sections entitled “Nominees and Continuing Directors,” “Stock Ownership,” “Compensation Discussion and Analysis,” “Compensation Tables,” and “Non-Employee Director Compensation” included in LiveRamp’s proxy statement in connection with its 2025 Annual Meeting of Shareholders, filed with the SEC on June 27, 2025; in the Form 3 and Form 4 initial statements of beneficial ownership and statements of changes in beneficial ownership filed with the SEC by LiveRamp’s directors and executive officers; and in other documents subsequently filed by LiveRamp with the SEC, including LiveRamp’s proxy statement relating to the proposed transaction when it becomes available. Investors and security holders may obtain free copies of these documents and other related documents filed with the SEC at the SEC’s website at www.sec.gov or on LiveRamp’s website at www.liveramp.com.
The financial information set forth in this press release reflects estimates based on information available at this time.
LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.
To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.
For more information, contact:
LiveRamp Investor Relations [email protected]
LiveRampⓇ and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(Dollars in thousands, except per share amounts) For the three months ended March 31, $% 2026 2025 VarianceVariance Revenues 206,092 188,724 17,368 9.2%Cost of revenue 60,548 57,929 2,619 4.5%Gross profit 145,544 130,795 14,749 11.3%% Gross margin 70.6% 69.3% Operating expenses Research and development 37,756 45,926 (8,170)(17.8)%Sales and marketing 56,192 56,961 (769)(1.4)%General and administrative 32,988 32,175 813 2.5%Gains, losses and other items, net 3,315 7,241 (3,926)(54.2)%Total operating expenses 130,251 142,303 (12,052)(8.5)% Income (loss) from operations 15,293 (11,508) 26,801 N/A% Margin 7.4% (6.1)% Total other income, net 3,967 4,762 (795)(16.7)%Income (loss) from continuing operations before income taxes 19,260 (6,746) 26,006 N/AIncome tax benefit (50,476) (479) (49,997)(10,437.8)%Net earnings (loss) from continuing operations 69,736 (6,267) 76,003 N/A Earnings from discontinued operations, net of tax 1,176 — 1,176 N/A Net earnings (loss) 70,912 (6,267) 77,179 1,231.5% Basic earnings (loss) per share: Continuing operations 1.12 (0.10) 1.21 N/ADiscontinued operations 0.02 — 0.02 N/ABasic earnings (loss) per share 1.14 (0.10) 1.23 N/A Diluted earnings (loss) per share: Continuing operations 1.10 (0.10) 1.20 N/ADiscontinued operations 0.02 — 0.02 N/ADiluted earnings (loss) per share 1.12 (0.10) 1.21 N/A Basic weighted average shares 62,382 65,957 Diluted weighted average shares 63,382 65,957 Some totals may not sum due to rounding. LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(Dollars in thousands, except per share amounts) For the twelve months ended March 31, $% 2026 2025 VarianceVariance Revenues 812,940 745,580 67,360 9.0%Cost of revenue 238,117 215,910 22,207 10.3%Gross profit 574,823 529,670 45,153 8.5%% Gross margin 70.7% 71.0% Operating expenses Research and development 148,139 176,668 (28,529)(16.1)%Sales and marketing 205,647 213,106 (7,459)(3.5)%General and administrative 132,581 126,499 6,082 4.8%Gains, losses and other items, net 4,990 7,993 (3,003)(37.6)%Total operating expenses 491,357 524,266 (32,909)(6.3)% Income from operations 83,466 5,404 78,062 1,444.5%% Margin 10.3% 0.7% Total other income, net 14,598 17,436 (2,838)(16.3)%Income from continuing operations before income taxes 98,064 22,840 75,224 329.4%Income tax expense (benefit) (46,712) 25,342 (72,054)N/ANet earnings (loss) from continuing operations 144,776 (2,502) 147,278 N/A Earnings from discontinued operations, net of tax 1,176 1,688 (512)(30.3)% Net earnings (loss) 145,952 (814) 146,766 18,030.2% Basic earnings (loss) per share: Continuing operations 2.26 (0.04) 2.30 N/ADiscontinued operations 0.02 0.03 (0.01)(28.1)%Basic earnings (loss) per share 2.28 (0.01) 2.29 N/A Diluted earnings (loss) per share: Continuing operations 2.23 (0.04) 2.26 N/ADiscontinued operations 0.02 0.03 (0.01)(29.2)%Diluted earnings (loss) per share 2.24 (0.01) 2.26 N/A Basic weighted average shares 64,105 66,126 Diluted weighted average shares 65,045 66,126 Some totals may not sum due to rounding. LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP EPS (1)(Unaudited)(Dollars in thousands, except per share amounts) For the three months ended March 31, For the twelve months ended March 31, 2026 2025 2026 2025 Income (loss) from continuing operations before income taxes 19,260 (6,746) 98,064 22,840 Income tax expense (benefit) (50,476) (479) (46,712) 25,342 Net earnings (loss) from continuing operations 69,736 (6,267) 144,776 (2,502)Earnings from discontinued operations, net of tax 1,176 — 1,176 1,688 Net earnings (loss) 70,912 (6,267) 145,952 (814) Basic earnings (loss) per share 1.14 (0.10) 2.28 (0.01)Diluted earnings (loss) per share 1.12 (0.10) 2.24 (0.01) Excluded items: Purchased intangible asset amortization (cost of revenue) 2,750 3,135 11,000 14,415 Non-cash stock compensation (cost of revenue and operating expenses) 18,930 24,166 82,988 107,979 Restructuring and merger charges (gains, losses, and other) 3,315 7,241 4,990 7,993 Total excluded items from continuing operations 24,995 34,542 98,978 130,387 Income from continuing operations before income taxes and excluding items 44,255 27,796 197,042 153,227 Income tax expense (2) 11,064 7,759 49,261 38,296 Non-GAAP net earnings from continuing operations 33,191 20,037 147,781 114,931 Non-GAAP earnings per share from continuing operations Basic 0.53 0.30 2.31 1.74 Diluted 0.52 0.30 2.27 1.70 Basic weighted average shares 62,382 65,957 64,105 66,126 Diluted weighted average shares 63,382 67,479 65,045 67,499 (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A. (2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes. LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)(Unaudited)(Dollars in thousands) For the three months ended March 31, For the twelve months ended March 31, 2026 2025 2026 2025 Income (loss) from operations 15,293 (11,508) 83,466 5,404 Operating income (loss) margin 7.4% (6.1)% 10.3% 0.7% Excluded items: Purchased intangible asset amortization (cost of revenue) 2,750 3,135 11,000 14,415 Non-cash stock compensation (cost of revenue and operating expenses) 18,930 24,166 82,988 107,979 Restructuring and merger charges (gains, losses, and other) 3,315 7,241 4,990 7,993 Total excluded items 24,995 34,542 98,978 130,387 Income from operations before excluded items 40,288 23,034 182,444 135,791 Non-GAAP operating income margin 19.5% 12.2% 22.4% 18.2% (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A. LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF ADJUSTED EBITDA (1)(Unaudited)(Dollars in thousands) For the three months ended March 31, For the twelve months ended March 31, 2026 2025 2026 2025 Net earnings (loss) from continuing operations 69,736 (6,267) 144,776 (2,502)Income tax expense (benefit) (50,476) (479) (46,712) 25,342 Total other income, net (3,967) (4,762) (14,598) (17,436) Income (loss) from operations 15,293 (11,508) 83,466 5,404 Depreciation and amortization 3,320 3,803 13,399 17,207 EBITDA 18,613 (7,705) 96,865 22,611 Other adjustments: Non-cash stock compensation (cost of revenue and operating expenses) 18,930 24,166 82,988 107,979 Restructuring and merger charges (gains, losses, and other) 3,315 7,241 4,990 7,993 Other adjustments 22,245 31,407 87,978 115,972 Adjusted EBITDA 40,858 23,702 184,843 138,583 (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A. LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Dollars in thousands) March 31, March 31, $% 2026 2025 VarianceVarianceAssets Current assets: Cash and cash equivalents 379,547 413,331 (33,784)(8.2)%Restricted cash — 595 (595)(100.0)%Short-term investments 7,500 7,500 — —%Trade accounts receivable, net 212,977 186,169 26,808 14.4%Refundable income taxes, net 10,243 9,708 535 5.5%Other current assets 42,874 38,886 3,988 10.3%Total current assets 653,141 656,189 (3,048)(0.5)% Property and equipment 23,396 23,813 (417)(1.8)%Less - accumulated depreciation and amortization 18,246 17,629 617 3.5%Property and equipment, net 5,150 6,184 (1,034)(16.7)% Intangible assets, net 9,167 20,167 (11,000)(54.5)%Goodwill 502,067 501,756 311 0.1%Deferred commissions, net 40,727 44,452 (3,725)(8.4)%Deferred income taxes 57,873 1,982 55,891 2,819.9%Other assets, net 26,052 28,641 (2,589)(9.0)% 1,294,177 1,259,371 34,806 2.8% Liabilities and Stockholders' Equity Current liabilities: Trade accounts payable 129,730 112,271 17,459 15.6%Accrued payroll and related expenses 55,063 50,776 4,287 8.4%Other accrued expenses 40,280 38,586 1,694 4.4%Deferred revenue 39,714 45,885 (6,171)(13.4)%Total current liabilities 264,787 247,518 17,269 7.0% Other liabilities 57,411 62,994 (5,583)(8.9)% Stockholders' equity: Preferred stock — — — n/aCommon stock 16,183 15,918 265 1.7%Additional paid-in capital 2,129,554 2,045,316 84,238 4.1%Retained earnings 1,459,310 1,313,358 145,952 11.1%Accumulated other comprehensive income 5,640 4,295 1,345 31.3%Treasury stock, at cost (2,638,708) (2,430,028) (208,680)8.6%Total stockholders' equity 971,979 948,859 23,120 2.4% 1,294,177 1,259,371 34,806 2.8% LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(Dollars in thousands) For the three months ended March 31, 2026 2025Cash flows from operating activities: Net earnings (loss) 70,912 (6,267)Earnings from discontinued operations, net of tax (1,176) — Non-cash operating activities: Depreciation and amortization 3,320 3,803 Loss on disposal or impairment of assets 8 44 Lease-related impairment and restructuring charges — (28)Gain on sale of strategic investments (112) (515)Loss on marketable equity securities 124 206 Provision for doubtful accounts 696 (453)Deferred income taxes (56,385) (496)Non-cash stock compensation expense 18,930 24,166 Changes in operating assets and liabilities: Accounts receivable, net 4,909 25,187 Deferred commissions (492) 46 Other assets 4,314 4,703 Accounts payable and other liabilities 15,915 11,738 Income taxes 4,142 (523)Deferred revenue (6,203) 969 Net cash provided by operating activities 58,902 62,580 Cash flows from investing activities: Capital expenditures (289) (293)Proceeds from sale of strategic investment 112 763 Net cash provided by (used in) investing activities (177) 470 Cash flows from financing activities: Proceeds related to the issuance of common stock under stock and employee benefit plans 103 202 Shares repurchased for tax withholdings upon vesting of stock-based awards (570) (1,026)Acquisition of treasury stock (75,604) (25,447)Net cash used in financing activities (76,071) (26,271)Net cash provided by (used in) continuing operations (17,346) 36,779 Cash flows from discontinued operations: From operating activities 1,176 (798)Net cash provided by (used in) discontinued operations 1,176 (798)Net cash provided by (used in) continuing and discontinued operations (16,170) 35,981 Effect of exchange rate changes on cash (171) 580 Net change in cash, cash equivalents and restricted cash (16,341) 36,561 Cash, cash equivalents and restricted cash at beginning of period 395,888 377,365 Cash, cash equivalents and restricted cash at end of period 379,547 413,926 Supplemental cash flow information: Cash paid for income taxes, net 1,642 558 Cash received for income taxes, net from discontinued operations (1,863) — Cash received for tenant improvement allowances — (870)Cash paid for operating lease liabilities 2,492 2,426 Operating lease assets obtained in exchange for operating lease liabilities 426 — Operating lease assets, and related lease liabilities, relinquished in lease terminations — (40)Purchases of property, plant and equipment remaining unpaid at period end 44 20 Marketable equity securities obtained in disposition of strategic investment — 652 Excise tax payable on net stock repurchases 690 64 LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(Dollars in thousands) For the twelve months ended March 31, 2026 2025Cash flows from operating activities: Net earnings (loss) 145,952 (814)Earnings from discontinued operations, net of tax (1,176) (1,688)Non-cash operating activities: Depreciation and amortization 13,399 17,207 Loss on disposal or impairment of assets 148 85 Lease-related impairment and restructuring charges 617 14 Gain on sale of strategic investments (159) (515)Loss on marketable equity securities 260 206 Provision for doubtful accounts 1,991 695 Deferred income taxes (56,272) (447)Non-cash stock compensation expense 82,988 107,979 Changes in operating assets and liabilities: Accounts receivable, net (28,345) 3,547 Deferred commissions 3,725 3,691 Other assets 2,477 2,105 Accounts payable and other liabilities 3,023 3,573 Income taxes 5,437 3,430 Deferred revenue (6,310) 14,897 Net cash provided by operating activities 167,755 153,965 Cash flows from investing activities: Capital expenditures (1,376) (1,042)Cash paid in acquisitions, net of cash received (595) (1,951)Purchases of investments — (1,967)Proceeds from sales of investments — 26,989 Proceeds from sale of strategic investment 359 763 Purchases of strategic investments (3,320) (1,400)Net cash provided by (used in) investing activities (4,932) 21,392 Cash flows from financing activities: Proceeds related to the issuance of common stock under stock and employee benefit plans 8,207 8,833 Shares repurchased for tax withholdings upon vesting of stock-based awards (13,017) (10,331)Acquisition of treasury stock (194,534) (101,198)Net cash used in financing activities (199,344) (102,696)Net cash provided by (used in) continuing operations (36,521) 72,661 Cash flows from discontinued operations: From operating activities 1,176 1,688 Net cash provided by discontinued operations 1,176 1,688 Net cash provided by (used in) continuing and discontinued operations (35,345) 74,349 Effect of exchange rate changes on cash 966 106 Net change in cash, cash equivalents and restricted cash (34,379) 74,455 Cash, cash equivalents and restricted cash at beginning of period 413,926 339,471 Cash, cash equivalents and restricted cash at end of period 379,547 413,926 Supplemental cash flow information: Cash paid for income taxes, net from continuing operations 3,963 22,548 Cash received for income taxes, net from discontinued operations (1,863) (2,486)Cash received for tenant improvement allowances — (2,628)Cash paid for operating lease liabilities 9,963 9,798 Operating lease assets obtained in exchange for operating lease liabilities 1,173 2,327 Operating lease assets, and related lease liabilities, relinquished in lease terminations — (595)Purchases of property, plant and equipment remaining unpaid at period end 44 20 Marketable equity securities obtained in disposition of strategic investment — 652 Excise tax payable on net stock repurchases 1,257 128 LIVERAMP HOLDINGS, INC AND SUBSIDIARIESCALCULATION OF FREE CASH FLOW (1)(Unaudited)(Dollars in thousands) 6/30/20249/30/202412/31/20243/31/2025FY2025 6/30/20259/30/202512/31/20253/31/2026FY2026 Net cash provided by (used in) operating activities $(9,328)$55,596 $45,117 $62,580 $153,965 $(15,821)$57,408 $67,266 $58,902 $167,755 Less: Capital expenditures (226) (241) (282) (293) (1,042) (336) (589) (162) (289) (1,376) Free Cash Flow $(9,554)$55,355 $44,835 $62,287 $152,923 $(16,157)$56,819 $67,104 $58,613 $166,379 (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A. LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(Dollars in thousands, except per share amounts) Yr-to-Yr FY2025 FY2026 FY2026 to FY2025 6/30/20249/30/202412/31/20243/31/2025FY2025 6/30/20259/30/202512/31/20253/31/2026FY2026 %$ Revenues 175,961 185,483 195,412 188,724 745,580 194,822 199,829 212,197 206,092 812,940 9.0%67,360 Cost of revenue 51,749 51,234 54,998 57,929 215,910 58,319 59,594 59,656 60,548 238,117 10.3%22,207 Gross profit 124,212 134,249 140,414 130,795 529,670 136,503 140,235 152,541 145,544 574,823 8.5%45,153 % Gross margin 70.6% 72.4% 71.9% 69.3% 71.0% 70.1% 70.2% 71.9% 70.6% 70.7% Operating expenses Research and development 44,118 43,889 42,735 45,926 176,668 39,608 36,952 33,823 37,756 148,139 (16.1)%(28,529)Sales and marketing 54,175 51,107 50,863 56,961 213,106 51,906 48,685 48,864 56,192 205,647 (3.5)%(7,459)General and administrative 30,961 31,369 31,994 32,175 126,499 37,345 33,170 29,078 32,988 132,581 4.8%6,082 Gains, losses and other items, net 206 397 149 7,241 7,993 423 — 1,252 3,315 4,990 (37.6)%(3,003)Total operating expenses 129,460 126,762 125,741 142,303 524,266 129,282 118,807 113,017 130,251 491,357 (6.3)%(32,909) Income (loss) from operations (5,248) 7,487 14,673 (11,508) 5,404 7,221 21,428 39,524 15,293 83,466 1,444.5%78,062 % Margin (3.0)% 4.0% 7.5%(6.1)% 0.7% 3.7% 10.7% 18.6% 7.4% 10.3% Total other income, net 4,444 4,197 4,033 4,762 17,436 3,709 3,544 3,378 3,967 14,598 (16.3)%(2,838) Income (loss) from continuing operations before income taxes (804) 11,684 18,706 (6,746) 22,840 10,930 24,972 42,902 19,260 98,064 329.4%75,224 Income tax expense (benefit) 6,685 9,952 9,184 (479) 25,342 3,183 (2,448) 3,029 (50,476) (46,712) N/A(72,054)Net earnings (loss) from continuing operations (7,489) 1,732 9,522 (6,267) (2,502) 7,747 27,420 39,873 69,736 144,776 N/A147,278 Earnings from discontinued operations, net of tax — — 1,688 — 1,688 — — — 1,176 1,176 (30.3)%(512) Net earnings (loss) $(7,489)$1,732 $11,210 $(6,267)$(814) $7,747 $27,420 $39,873 $70,912 $145,952 N/A146,766 Basic earnings (loss) per share: Continuing Operations (0.11) 0.03 0.15 (0.10) (0.04) 0.12 0.42 0.63 1.12 2.26 N/A2.30 Discontinued Operations 0.00 0.00 0.03 0.00 0.03 0.00 0.00 0.00 0.02 0.02 (28.1)%(0.01)Basic earnings (loss) per share (0.11) 0.03 0.17 (0.10) (0.01) 0.12 0.42 0.63 1.14 2.28 N/A2.29 Diluted earnings (loss) per share: Continuing Operations (0.11) 0.03 0.14 (0.10) (0.04) 0.12 0.42 0.62 1.10 2.23 N/A2.26 Discontinued Operations 0.00 0.00 0.03 0.00 0.03 0.00 0.00 0.00 0.02 0.02 (29.2)%(0.01)Diluted earnings (loss) per share (0.11) 0.03 0.17 (0.10) (0.01) 0.12 0.42 0.62 1.12 2.24 N/A2.26 Basic weighted average shares 66,621 66,294 65,631 65,957 66,126 65,448 65,074 63,517 62,382 64,105 Diluted weighted average shares 66,621 67,309 66,743 65,957 66,126 66,731 65,781 64,285 63,382 65,045 Some earnings (loss) per share amounts may not add due to rounding. LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)(Unaudited)(Dollars in thousands) FY2025 FY2026 6/30/20249/30/202412/31/20243/31/2025FY2025 6/30/20259/30/202512/31/20253/31/2026FY2026Expenses: Cost of revenue $51,749 $51,234 $54,998 $57,929 $215,910 58,319 59,594 59,656 60,548 238,117 Research and development 44,118 43,889 42,735 45,926 176,668 39,608 36,952 33,823 37,756 148,139 Sales and marketing 54,175 51,107 50,863 56,961 213,106 51,906 48,685 48,864 56,192 205,647 General and administrative 30,961 31,369 31,994 32,175 126,499 37,345 33,170 29,078 32,988 132,581 Gains, losses and other items, net 206 397 149 7,241 7,993 423 — 1,252 3,315 4,990 Gross profit, continuing operations: 124,212 134,249 140,414 130,795 529,670 136,503 140,235 152,541 145,544 574,823 % Gross margin 70.6% 72.4% 71.9% 69.3% 71.0% 70.1%70.2%71.9%70.6%70.7% Excluded items: Purchased intangible asset amortization (cost of revenue) 3,846 3,748 3,686 3,135 14,415 2,750 2,750 2,750 2,750 11,000 Non-cash stock compensation (cost of revenue) 1,596 1,499 1,455 1,615 6,165 1,541 1,452 1,033 891 4,917 Non-cash stock compensation (research and development) 10,205 10,920 10,085 10,494 41,704 8,332 6,503 5,634 5,093 25,562 Non-cash stock compensation (sales and marketing) 7,093 7,383 7,278 5,716 27,470 6,014 5,469 5,018 6,419 22,920 Non-cash stock compensation (general and administrative) 9,091 9,266 7,942 6,341 32,640 9,523 7,093 6,446 6,527 29,589 Restructuring charges (gains, losses, and other) 206 397 149 7,241 7,993 423 — 1,252 3,315 4,990 Total excluded items 32,037 33,213 30,595 34,542 130,387 28,583 23,267 22,133 24,995 98,978 Expenses, excluding items: Cost of revenue 46,307 45,987 49,857 53,179 195,330 54,028 55,392 55,873 56,907 222,200 Research and development 33,913 32,969 32,650 35,432 134,964 31,276 30,449 28,189 32,663 122,577 Sales and marketing 47,082 43,724 43,585 51,245 185,636 45,892 43,216 43,846 49,773 182,727 General and administrative 21,870 22,103 24,052 25,834 93,859 27,822 26,077 22,632 26,461 102,992 Gross profit, excluding items: $129,654 $139,496 $145,555 $135,545 $550,250 140,794 144,437 156,324 149,185 590,740 % Gross margin 73.7% 75.2% 74.5% 71.8% 73.8% 72.3%72.3%73.7%72.4%72.7% (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A. LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP EPS (1)(Unaudited)(Dollars in thousands, except per share amounts) FY2025 FY2026 6/30/20249/30/202412/31/20243/31/2025FY2025 6/30/20259/30/202512/31/20253/31/2026FY2026 Income (loss) from continuing operations before income taxes (804)11,68418,706(6,746)22,840 10,93024,972 42,90219,260 98,064 Income tax expense (benefit) 6,685 9,9529,184(479)25,342 3,183(2,448)3,029(50,476)(46,712)Net earnings (loss) from continuing operations (7,489)1,7329,522(6,267)(2,502) 7,74727,420 39,87369,736 144,776 Earnings from discontinued operations, net of tax — —1,688— 1,688 —— —1,176 1,176 Net earnings (loss) (7,489)1,73211,210(6,267)(814) 7,74727,420 39,87370,912 145,952 Earnings (loss) per share: Basic (0.11)0.030.17(0.10)(0.01) 0.120.42 0.631.14 2.28 Diluted (0.11)0.030.17(0.10)(0.01) 0.120.42 0.621.12 2.24 Excluded items: Purchased intangible asset amortization (cost of revenue) 3,846 3,7483,6863,135 14,415 2,7502,750 2,7502,750 11,000 Non-cash stock compensation (cost of revenue and operating expenses) 27,985 29,06826,76024,166 107,979 25,41020,517 18,13118,930 82,988 Restructuring and merger charges (gains, losses, and other) 206 3971497,241 7,993 423— 1,2523,315 4,990 Total excluded items from continuing operations 32,037 33,21330,59534,542 130,387 28,58323,267 22,13324,995 98,978 Income from continuing operations before income taxes and excluding items 31,233 44,89749,30127,796 153,227 39,51348,239 65,03544,255 197,042 Income tax expense 7,371 10,74512,4217,759 38,296 9,87812,060 16,25911,064 49,261 Non-GAAP net earnings from continuing operations 23,862 34,15236,88020,037 114,931 29,63536,179 48,77633,191 147,781 Non-GAAP earnings per share from continuing operations Basic 0.36 0.520.560.30 1.74 0.450.56 0.770.53 2.31 Diluted 0.35 0.510.550.30 1.70 0.440.55 0.760.52 2.27 Basic weighted average shares 66,621 66,29465,63165,957 66,126 65,44865,074 63,51762,382 64,105 Diluted weighted average shares 68,463 67,30966,74367,479 67,499 66,73165,781 64,28563,382 65,045 Some totals may not add due to rounding (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A. APPENDIX ALIVERAMP HOLDINGS, INC. AND SUBSIDIARIESQ4 FISCAL 2026 FINANCIAL RESULTSEXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures. Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable: Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance. Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations. Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations. Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company's announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment. Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information. Our non-GAAP financial schedules are: Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable. Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company's performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance. Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company's discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
French advertising group Publicis Groupe has agreed to acquire U.S. data collaboration company LiveRamp for a total enterprise value of about $2.2 billion in an all-cash deal, it said on Sunday.
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transaction may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating the sale of LiveRamp Holdings, Inc. (NYSE: RAMP) to Publicis Groupe for $38.50 per share.
Halper Sadeh encourages LiveRamp shareholders to click here to learn more about their rights and options or contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or [email protected] or [email protected].
The investigation concerns whether LiveRamp and its board of directors violated the federal securities laws and/or breached their fiduciary duties by failing to: (1) obtain the best possible price for LiveRamp shareholders; (2) conduct a fair sales process free of any conflicts of interests; and (3) disclose all material information for LiveRamp shareholders to evaluate the transaction.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Halper Sadeh LLC, an investor rights law firm, is investigating the sale of LiveRamp Holdings, Inc. (NYSE: RAMP) to Publicis Groupe for $38.50 per share.
Halper Sadeh encourages LiveRamp shareholders to click here to learn more about their rights and optionsor contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or [email protected] or [email protected].
The investigation concerns whether LiveRamp and its board of directors violated the federal securities laws and/or breached their fiduciary duties by failing to: (1) obtain the best possible price for LiveRamp shareholders; (2) conduct a fair sales process free of any conflicts of interests; and (3) disclose all material information for LiveRamp shareholders to evaluate the transaction.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260518834167/en/
MONSEY, N.Y., May 18, 2026 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of LiveRamp Holdings, Inc. (NYSE: RAMP) for $38.50 per share in cash to Publicis Groupe.
The sale price is below the price target of at least one Wall Street analyst: Shyam Patil of Susquehanna (with a price target of $50.00).
If you remain a RAMP shareholder and have concerns about the fairness of the sale price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/liveramp-holdings/
Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].
“We are investigating whether the RAMP board of directors acted in the best interests of RAMP shareholders in recommending the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the sale price is fair to RAMP shareholders, and whether all material information regarding the transaction has been fully disclosed. We encourage RAMP shareholders to contact the firm if they have any concerns.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245 [email protected]
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Publicis said data co-creation is integral in the age of artificial intelligence. (Dreamstime)
Shares of LiveRamp surged Monday after Publicis, a French advertising company, announced it was acquiring the data specialist for $2.2 billion as it looks to boost its competitive edge in the age of artificial intelligence.
SAN DIEGO, May 18, 2026 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, PLLP has launched an investigation into whether the board members of LiveRamp Holdings, Inc. (NYSE: RAMP) breached their fiduciary duties in connection with the proposed sale of the Company to Publicis Groupe.
If you own LiveRamp shares and believe this proposed transaction undervalues your investment, please consider joining our investigation. To participate or learn more, you can click or copy and paste the following link:
https://www.johnsonfistel.com/investigations/liveramp-holdings-inc/
Shareholders seeking more information may also contact lead analyst Jim Baker at [email protected] or 619-814-4471. If emailing, please include a phone number.
Background
On May 17, 2026, LiveRamp announced that it had entered into a definitive merger agreement pursuant to which it will be acquired by Publicis Groupe. Under the agreement, Publicis will acquire LiveRamp for $38.50 per share in cash. The transaction is expected to close before year-end 2026, subject to regulatory approvals, approval by LiveRamp shareholders, and other customary closing conditions.
Johnson Fistel’s investigation focuses on whether the Company’s board of directors conducted a fair process to maximize shareholder value and whether shareholders are receiving fair consideration for their shares.
About Johnson Fistel, PLLP | Top Law Firm – Securities Fraud & Investor Rights
Johnson Fistel, PLLP is a nationally recognized shareholder-rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits and also assists foreign investors who purchased shares on U.S. exchanges. Stay informed about stock-drop news and learn how Johnson Fistel can help you recover losses by visiting www.johnsonfistel.com.
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In 2024, Johnson Fistel was ranked among the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services. This recognition reflects the firm’s effectiveness in advocating for investors, having recovered approximately $90,725,000 for aggrieved clients in cases where it served as lead or co-lead counsel. This marks the eighth time the firm has been recognized as a top plaintiffs’ securities law firm in the United States, based on the total dollar value of final recoveries.
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Johnson Fistel, PLLP
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James Baker, Investor Relations – or – Frank J. Johnson, Esq.
619-814-4471 | [email protected] | [email protected]
Are D, RAMP, SACH, NEE Obtaining Fair Deals for their Shareholders? PR Newswire
NEW YORK, May 18, 2026
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transactions may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Dominion Energy, Inc. (NYSE: D)'s sale to NextEra Energy, Inc. for 0.8138 shares of NextEra for each share of Dominion. If you are a Dominion shareholder, click here to learn more about your legal rights and options.
LiveRamp Holdings, Inc. (NYSE: RAMP)'s sale to Publicis Groupe for $38.50 per share. If you are a LiveRamp shareholder, click here to learn more about your legal rights and options.
Sachem Capital Corp. (NYSE: SACH)'s merger with Industrial Realty Group. Upon closing of the proposed transaction, Sachem shareholders will own approximately 5.9% of the combined company. If you are a Sachem shareholder, click here to learn more about your rights and options.
NextEra Energy, Inc. (NYSE: NEE)'s merger with Dominion Energy, Inc. Upon closing of the proposed transaction, NextEra shareholders will own approximately 74.5% of the combined company. If you are a NextEra shareholder, click here to learn more about your rights and options.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
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Contact Information:
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Shares of LiveRamp (RAMP 0.11%) surged on Monday after the data collaboration platform agreed to be acquired by French marketing communications giant Publicis Groupe (PUBGY +1.56%).
Image source: Getty Images.
A compelling offer for LiveRamp's shareholders Under the terms of the deal, Publicis would buy LiveRamp for $38.50 per share in cash. That's a premium of nearly 30% to its closing stock price on Friday. The agreement values LiveRamp at roughly $2.2 billion.
The sale is projected to close by the end of the year, subject to regulatory and shareholder approval.
Today's Change
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Current Price
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37.58
Joining forces to build better agentic AI LiveRamp's platform enables its customers to integrate data from a variety of sources, including more than 25,000 publisher sites and 500 technology partners.
LiveRamp will bolster Publicis' data co-creation abilities -- the process of generating proprietary, higher-value data assets from disparate information that no single data provider could deliver on its own.
Publicis plans to use these capabilities to develop smarter AI agents by securely unifying fragmented data to reveal unique signal combinations and actionable insights.
Accretive to earnings Publicis expects the acquisition to boost its adjusted profits in the first year post-closing. It now sees earnings per share rising by 8% to 10% on a constant currency basis in 2027, up from a prior forecast of 7% to 9%.
Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
French advertising company Publicis has acquired artificial intelligence data platform LiveRamp.
The $2.2 billion deal is aimed at making Publicis a “leader in data co-creation, an important capability in the age of artificial intelligence and an enabler of agentic business transformation,” the companies said in a Sunday (May 17) news release.
As the release noted, LiveRamp is a global data collaboration platform that let companies “unify, manage, and activate” data across the digital space, connecting more than 25,000 publisher domains and 500+ technology and data partners in 14 markets. It also allows brands, retailers, media platforms and data providers to safely and effectively collaborate and connect data.
A report by The Wall Street Journal (WSJ) about the deal characterized the acquisition as Publicis trying to tap a rising demand from companies that want to transform their businesses by deploying AI agents that can complete tasks autonomously.
“We did not need LiveRamp to win in the marketing space,” Publicis CEO and Chairman Arthur Sadoun told WSJ. “Where LiveRamp plus Publicis is going to make a difference is in the agentic space, in this new market where there is huge opportunity because there is a huge barrier created by data.”
LiveRamp allows companies in different industries to scan data across different sources and transform them into actionable data assets, the report added.
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“There is no way you can win with agents if you don’t have the right and differentiated data,” Sadoun said. “For agents to be competitive and to work, they have to run on good data, data that is unique, actionable, connected.”
In other agentic AI news, PYMNTS wrote Monday about the technology’s use in the banking world, following Fiserv’s launch of agentOS, an operating system that lets financial institutions deploy and manage AI agents across core banking, payments and servicing workflows.
The infrastructure here, that report added, is “moving faster than the rules,” with the Financial Data Exchange launching an initiative focused on what happens when AI agents handle consumer financial data autonomously.
“The problem it is trying to solve is structural. When a consumer connects a bank account to a third-party app, the consent is visible and deliberate,” PYMNTS added.
“When an AI agent does the same thing on a consumer’s behalf, the questions multiply: who authorized the agent, what data can it access, how is that permission tracked and who is liable when something goes wrong. The standards that govern consumer financial data sharing today were not written for that scenario.”
NEW YORK, May 19, 2026 (GLOBE NEWSWIRE) -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating LiveRamp Holdings, Inc. (NYSE: RAMP) related to its sale to Publicis Groupe. Under the terms of the proposed transaction, LiveRamp shareholders are expected to receive $38.50 per share in cash. Is it a fair deal?
Click here for more info https://monteverdelaw.com/case/liveramp-holdings-inc/. It is free and there is no cost or obligation to you.
NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:
Do you file class actions and go to Court?When was the last time you recovered money for shareholders?What cases did you recover money in and how much?
About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.
Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America [email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of LiveRamp Holdings, Inc. (NYSE: RAMP) to Publicis Groupe. Under the terms of the proposed transaction, shareholders of LiveRamp will receive $38.50 in cash for each share of LiveRamp that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-ramp/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Bala Cynwyd, Pennsylvania--(Newsfile Corp. - May 19, 2026) - Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of LiveRamp Holdings, Inc. ("LiveRamp" or the "Company") (NYSE: RAMP) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the sale of the Company to Publicis Groupe for a total enterprise value of $2.167 billion in an all-cash transaction, based on an acquisition price of $38.50 per share.
The investigation concerns whether the LiveRamp Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the proposed transaction is paying fair value to shareholders of the Company.
If you own shares of LiveRamp stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman by email at [email protected], visit https://www.brodskysmith.com/cases/liveramp-holdings-inc-nyse-ramp/, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298106
LiveRamp Holdings Inc (NYSE:RAMP) saw a sharp surge in its momentum score, jumping from 46.78 to 87.15 on a week-over-week basis.
A momentum score is a metric used to gauge how strongly a stock is trending based on recent price changes and trading volume, reflecting the strength and direction of its current trend.
Publicis Acquires LiveRamp In $2.1 Billion AI Data DealThe all-cash transaction represented a total equity value of $2.546 billion, including $379 million in net cash.
The deal combined LiveRamp's data collaboration platform with Publicis assets, including Epsilon's identity technology and Marcel's AI capabilities, to help clients securely connect data, generate insights and build AI agents.
Publicis said the acquisition expanded its addressable market and supported long-term growth, while LiveRamp continued operating as a neutral and interoperable platform.
Following the acquisition, LiveRamp was set to remain led by CEO Scott Howe, who reported to Publicis Groupe CEO Arthur Sadoun, with the transaction expected to close by the end of 2026.
Benzinga's Edge Stock Rankings now provide a detailed view of LiveRamp Holdings's price structure, showing that its short-, medium- and long-term trends have all turned positive based on the latest data.
Analyst Reaction To LiveRamp DealAnalyst Rich Greenfield said that with LiveRamp under Publicis Groupe, Publicis may be building a "walled garden" in advertising by controlling identity, data, and targeting internally.
He added that this shift could reduce reliance on external platforms and lower the need to pay premium fees to companies like The Trade Desk.
Separately, Trace Cohen supported the acquisition, saying agencies increasingly need access to data and calling the deal a major move that signals more data-focused acquisitions across the industry.
Price ActionLiveramp Holdings closed at $37.73, up 0.13% on Wednesday, and is down 0.21% in pre-market trading on Thursday at the time of writing.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Love You Stock on Shutterstock.com
Market News and Data brought to you by Benzinga APIs
NEW YORK, May 29, 2026 (GLOBE NEWSWIRE) -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating
LiveRamp Holdings, Inc. (NYSE: RAMP) related to its sale to Publicis Groupe. Under the terms of the proposed transaction, LiveRamp shareholders are expected to receive $38.50 per share in cash.
Click here for more information https://monteverdelaw.com/case/liveramp-holdings-inc/. It is free and there is no cost or obligation to you.
NextEra Energy, Inc. (NYSE: NEE) related to merger with Dominion Energy, Inc. Upon closing of the proposed transaction, NextEra shareholders will own approximately 74.5% of the combined company.
Click here for more information https://monteverdelaw.com/case/nextera-energy-inc/. It is free and there is no cost or obligation to you.
Dominion Energy, Inc. (NYSE: D) related to its sale to NextEra Energy, Inc. Under the terms of the proposed transaction, Dominion shareholders are expected to receive 0.8138 shares of NextEra for each share of Dominion.
Click here for more information https://monteverdelaw.com/case/dominion-energy-inc/. It is free and there is no cost or obligation to you.
InMed Pharmaceuticals, Inc. (NASDAQ: INM) related to its merger with Mentari Therapeutics, Inc. Upon closing of the proposed transaction, InMed shareholders are expected to own approximately 1.51% of the combined company.
Click here for more info https://monteverdelaw.com/case/inmed-pharmaceuticals-inc/. It is free and there is no cost or obligation to you.
NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:
Do you file class actions and go to Court?When was the last time you recovered money for shareholders?What cases did you recover money in and how much?
About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.
Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America [email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
LONG BEACH, Calif., May 05, 2026 (GLOBE NEWSWIRE) -- Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE: CRC), today provided a first quarter 2026 update on its financial and operating results.
Increasing Second Half 2026 Activity to Accelerate Development of Long Duration Oil Inventory
Raising 2026E Adjusted EBITDAX Guidance by 42% Driven by Strong Oil Prices, Increased Target Synergies and Expected Operating Efficiencies
LONG BEACH, Calif., May 05, 2026 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) (CRC) today reported its financial and operating results for the first quarter of 2026. In addition, CRC announced plans to increase second half 2026 drilling activity, materially enhancing full-year expectations and building momentum into 2027. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, May 6, 2026. Conference call details can be found within this release.
Highlights
Delivered average net production of 154 thousand barrels of oil equivalent per day (MBoe/d) (81% oil); oil volumes were reduced by approximately 1.5 thousand barrels of oil per day (MBo/d) due to the impact of higher oil prices on production sharing contractsReported a net loss of $711 million, primarily driven by the non-cash loss in the fair value of its outstanding commodity derivatives1, adjusted net income1 of $79 million and $304 million of adjusted EBITDAX1Generated net cash provided by operating activities of $99 million or $247 million of net cash provided by operating activities before net changes in operating assets and liabilities1 Delivered $32 million of negative free cash flow1 or $116 million of free cash flow before net changes in operating assets and liabilities1Returned $46 million to shareholders, including $36 million in dividends and $10 million in share repurchases2Ended the first quarter of 2026 with $1,251 million in borrowing capacity and including $25 million in available cash and cash equivalents3 representing $1,276 million of liquidity1, 3Optimized capital structure and extended maturities through recent $350 million follow-on offering of 7.000% senior notes due 2034 (2034 Senior Notes) and subsequent redemption of $350 million 8.250% senior notes due 2029 (2029 Senior Notes)Preparing for first carbon dioxide (CO2) injection at California's inaugural carbon capture and storage (CCS) project at CRC's Elk Hills cryogenic gas plant; see Carbon TerraVault's First Quarter 2026 Update for additional information 2026 Guidance Highlights
Increased mid-point of expected Berry merger annual synergy target range by 12% to $90 - $100 millionIncreased expected drilling, completions and workover capital1 investments by approximately $100 million to accelerate high-return drilling projects in California and UtahReduced facilities capital by $10 million, reflecting ongoing field consolidationIncreased capital budget range to $520 - $560 million with a full-year average of five rigsTargeting 2026E gross production exit rate of approximately 175 MBoe/d, representing ~1% entry-to-exit production growthHigher oil prices, increased drilling activity and improved operating efficiencies drive a 42% increase in 2026E adjusted EBITDAX1 to a guidance midpoint of $1,450 million "We continued to demonstrate the strength of our integrated portfolio strategy, delivering solid results while advancing high-return oil developments and capturing incremental merger-related synergies," said Francisco Leon, CRC's President and Chief Executive Officer. "With higher oil prices and an attractive drilling return portfolio, we see a clear opportunity to accelerate development across our multi-decade resource inventory. As a result, we are adding incremental drilling activity this year to drive higher production, EBITDAX and cash flow. Our low-decline, capital-efficient conventional asset base underpins this strategy and we are moving decisively to unlock its value. CRC is a different kind of energy company, and our consistent results reinforce our ability to create durable, long-term value for our shareholders while meeting California's energy needs."
First Quarter 2026 Results
Operating expenses were in line with expectations reflecting solid execution and the ongoing capture of Berry merger-related synergiesGeneral and administrative expenses were slightly higher than expectations primarily driven by the timing of legal fees and cash-settled stock-based compensation related to a higher share priceInvested total capital of $131 million including drilling, completions and workover capital1 of $70 million; total capital was at the high-end of expectations driven by strategic acceleration of investments to support planned second half 2026 drilling activity
Select Production, Price and Financial Results and Non-GAAP Measures 1st Quarter 4th Quarter($ in millions except production and prices) 2026 2025Net oil production per day (MBbl/d)5 124 109Realized oil price without derivative settlements ($ per Bbl) $74.53 $61.14Realized oil price with derivative settlements1 ($ per Bbl)1 $69.37 $64.27Net NGL production per day (MBbl/d)5 10 9Realized NGL price ($ per Bbl) $44.98 $42.86Net natural gas production per day (Mmcf/d)5 117 113Realized natural gas price ($ per Mcf) $3.56 $3.91Net total production per day (MBoe/d)5 154 137 Margin from purchased commodities1 $18 $13Electricity revenue net of electricity generation expenses1 $6 $40Net (loss) gain from commodity sales derivatives $(848) $126Other operating expenses net of other revenue1 $44 $75 Select Financial Statement Data and Non-GAAP Measures: 1st Quarter 4th Quarter($ and shares in millions, except per share amounts) 2026 2025Total operating revenues before net (loss) gain from commodity derivatives1 $967 $798 Operating costs $365 $325General and administrative expenses $106 $95Adjusted general and administrative expenses1 $99 $89Taxes other than on income $67 $55Transportation costs $26 $20Operating (loss) income $(711) $47Interest and debt expense, net $29 $29Income tax (benefit) provision $(49) $11Deferred income tax (benefit) provision $(50) $22Net (loss) income $(711) $12Weighted-average common shares outstanding - diluted 88.7 85.1Net (loss) income per share - diluted $(8.02) $0.14 Adjusted net income1 $79 $40Adjusted net income per share1 - diluted $0.88 $0.47Net cash provided by operating activities $99 $235Adjusted EBITDAX1 $304 $251Free cash flow1 $(32) $115Capital investments $131 $120 Guidance
The following table provides key second quarter and full year 2026 financial and operating guidance4. CRC is positioned to accelerate activity in the summer of 2026, increasing to a seven rig program in the second half of 2026, which includes 6 rigs in California and 1 rig in Utah. CRC currently holds the permits necessary to execute a majority of its planned capital program, subject to commodity prices and market conditions. See Attachment 2 for further information on CRC's second quarter and full year 2026 guidance.
2Q26ETotal Year
2026ENet Production (MBoe/d)148 - 150149 - 155Percentage Oil81%
81%
Capital Investments ($ millions)$120 - $140$520 - $560Adjusted EBITDAX1 ($ millions)$370 - $410$1,400 - $1,500 Shareholder Returns
On May 5, 2026, CRC's Board of Directors declared a quarterly cash dividend of $0.405 per share of common stock, payable to shareholders of record on May 29, 2026. The dividend is expected to be paid on June 18, 2026.
In the first quarter 2026, CRC repurchased 0.2 million shares of its common stock for $10 million2 at an average price of $45.70 per share and returned $36 million in dividends to shareholders. Since mid-2021, the Company has returned approximately $1,619 million to shareholders2, including $1,180 million in share repurchases and $439 million in dividends.
Balance Sheet and Liquidity
In April 2026, CRC's lenders reaffirmed its $1,500 million borrowing base under its Revolving Credit Facility as part of its semi-annual redetermination.
On March 23, 2026, CRC completed a $350 million follow-on offering of Senior Notes due 2034, generating net proceeds of $347 million, reflecting approximately $2 million of issuance premium and $5 million of issuance costs. The net proceeds, combined with cash on hand, were used to redeem $350 million of CRC's outstanding Senior Notes due 2029.
As of March 31, 2026, CRC had liquidity of $1,276 million1,3, consisting of $25 million in available cash and cash equivalents3 and $1,251 million of available borrowing capacity under its Revolving Credit Facility (which reflects $1,460 million of borrowing capacity less $184 million of outstanding letters of credit and $25 million outstanding on the Revolving Credit Facility).
Participation in Upcoming Investor Conferences
CRC is scheduled to participate in the following events in May, June and July 2026:
Goldman Sachs Eleventh Annual Leverage Finance and Credit Conference, May 28, Dana Point, CA2026 RBC Capital Markets Global Energy, Power & Infrastructure Conference, June 2, New York, NYBofA Securities Energy and Power Credit Conference, June 3, New York, NYJP Morgan Natural Resources Conference, June 23, New York, NYRBC Capital Markets Energy Transition Conference 2026, June 25, London, UKTD Cowen 24th Annual Calgary Energy, Power & Utilities Conference, July 7 and 8, Calgary, AB CRC’s presentation materials will be available on the day of the event on its website. See the Events and Presentations page under the Investor Relations section at www.crc.com.
Conference Call Details
A conference call and webcast is planned for 1 p.m. ET (10 a.m. PT) on Wednesday, May 6, 2026. To participate in the call, dial (877) 328-5505 (International calls dial +1 (412) 317-5421) or access via webcast at www.crc.com. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10207969/103b95d691e. A digital replay of the conference call will be available for approximately 90 days.
1 See Attachment 3 for the non-GAAP financial measures of adjusted net income (loss), adjusted net income (loss) per share - basic and diluted, net cash provided by operating activities before net changes in operating assets and liabilities, adjusted EBITDAX, free cash flow, free cash flow before net changes in operating assets and liabilities, adjusted general and administrative expenses, total operating revenues before net (loss) gain from commodity derivatives, margin from purchased commodities, electricity revenue net of electricity generation expenses and other operating expenses net of other revenue, including reconciliations to the most directly comparable GAAP measure without unreasonable effort. See Attachment 2 for the 2Q26 and 2026 estimates of the non-GAAP measures of adjusted EBITDAX, adjusted general and administrative expenses, margin from purchased commodities, other operating expenses net of other revenue and electricity revenue net of electricity generation expenses, including reconciliations to its most directly comparable GAAP measure, without unreasonable effort. See Attachment 1 for a reconciliation of drilling completion and workover capital to total capital investments, and non-cash commodity derivative (loss) gain from combined derivatives to net (loss) gain from combined derivatives, reported under GAAP.
2 All of CRC’s future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors' approval. The total value of shares purchased excludes commissions and excise taxes. Commissions paid on share repurchases were not significant in all periods presented.
3 Excludes restricted cash of $15 million.
4 2Q26 guidance assumes Brent price of $105.36 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $2.77 per mcf. Total year 2026 guidance assumes Brent price of $90.58 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $3.61 per mcf.
5 Net production per day for the periods presented reflects the impact of transaction timing. Berry Corporation volumes contributed for approximately 14 days in 2025 following the transaction close. Production amounts shown are reported results and are not presented on a pro forma basis.
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit crc.com.
About Carbon TerraVault
Carbon TerraVault (CTV), CRC’s carbon management business, is developing services to capture, transport and permanently store carbon dioxide (CO2) for its customers. CTV is engaged in a series of proposed CCS projects to inject CO2 captured from industrial sources into depleted reservoirs deep underground for permanent sequestration. For more information, visit carbonterravault.com.
Forward-Looking Statements
Information set forth in this communication, including financial estimates and statements as to the effects of the Berry Merger, constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements, and include statements regarding the benefits of the Berry Merger, CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives and intentions of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of CRC and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements.
Although CRC believes the expectations and forecasts reflected in its 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 its 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 CRC’s actual results to be materially different than those expressed in its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings with the SEC. These factors include, but are not limited to: fluctuations in commodity prices; production levels and/or pricing by OPEC, OPEC+ or U.S. producers; government policy, war and political conditions and events; integration efforts and projected synergies and other benefits in connection with the Berry Merger and other acquisitions; divestitures and joint ventures; regulatory actions and changes that affect the oil and gas industry generally and us in particular; the efforts of activists to delay or prevent oil and gas activities or the development of CRC’s carbon management segment; changes in business strategy and the ability and financial resources to execute our capital plan in a timely manner; lower-than-expected production; changes to estimates of reserves and related future cash flows; the recoverability of resources and unexpected geologic conditions; general economic conditions and trends; results from operations and competition in the industries in which it operates; CRC’s ability to realize the anticipated benefits from prior or future efforts to reduce costs; environmental risks and liability; the benefits contemplated by its energy transition strategies and initiatives; CRC’s ability to successfully identify, develop and finance carbon capture and storage projects, power projects and other renewable energy efforts; delays from government approvals and otherwise that could affect the timing of first injection of CO2; future dividends and share repurchases and de-leveraging efforts; and natural disasters, accidents, mechanical failures, power outages, labor difficulties, cybersecurity breaches or attacks or other catastrophic events.
CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the date hereof, and CRC is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information.
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Attachment 1STATEMENTS OF OPERATIONS, SELECT FINANCIAL INFORMATION 1st Quarter 4th Quarter 1st Quarter($ and shares in millions, except per share amounts) 2026 2025 2025 Statements of Operations: Revenues Oil, natural gas and natural gas liquids sales $905 $679 $814 Net (loss) gain from commodity derivatives (848) 126 6 Revenue from marketing of purchased commodities 41 60 64 Electricity revenue 11 52 22 Other revenue 10 7 6 Total operating revenues 119 924 912 Operating Expenses Operating costs 365 325 316 General and administrative expenses 106 95 72 Depreciation, depletion and amortization 133 129 131 Asset impairment — 57 — Taxes other than on income 67 55 70 Costs related to marketing of purchased commodities 23 47 50 Electricity generation expenses 5 12 10 Transportation costs 26 20 20 Accretion expense 27 29 29 Net loss on natural gas purchase derivatives 24 26 (6)Measurement period adjustments, net — — 1 Other operating expenses, net 54 82 33 Total operating expenses 830 877 726 Operating (Loss) Income (711) 47 186 Non-Operating (Expenses) Income Interest and debt expense, net (29) (29) (27)Equity loss from unconsolidated subsidiaries (2) (1) (1)Loss on early extinguishment of debt (21) — (1)Other non-operating income, net 3 6 5 (Loss) Income Before Income Taxes (760) 23 162 Income tax benefit (provision) 49 (11) (47)Net (Loss) Income $(711) $12 $115 Net income per share - basic $(8.02) $0.14 $1.27 Net income per share - diluted $(8.02) $0.14 $1.26 Adjusted net income $79 $40 $98 Adjusted net income per share - basic $0.89 $0.47 $1.08 Adjusted net income per share - diluted(1) $0.88 $0.47 $1.07 Weighted-average common shares outstanding - basic 88.7 84.6 90.6 Weighted-average common shares outstanding - diluted(1) 88.7 85.1 91.2 Effective tax rate 6% 48% 29% 1st Quarter 4th Quarter 1st Quarter($ in millions) 2026 2025 2025 Cash Flow Data: Net cash provided by operating activities $99 $235 $186 Net cash used in investing activities $(136) $(508) $(79)Net cash (used in) provided by financing activities $(55) $209 $(265) March 31 December 31, ($ in millions) 2026 2025 Select Balance Sheet Information: Total current assets $788 $938 Property, plant and equipment, net $5,904 $5,905 Total current liabilities $1,441 $1,050 Long-term debt, net $1,310 $1,283 Noncurrent asset retirement obligations $906 $913 Total stockholders' equity $2,918 $3,674 (1) Adjusted net income per share - diluted for the three months ended March 31, 2026 is calculated using weighted average shares outstanding of 89.5 million shares. GAINS AND LOSSES FROM COMMODITY DERIVATIVES 1st Quarter 4th Quarter 1st Quarter($ millions) 2026 2025 2025 Non-cash (loss) gain from commodity sales derivatives $(792) $95 $22 Net settlements and premiums (56) 31 (16)Net (loss) gain from commodity sales derivatives $(848) $126 $6 Non-cash loss (gain) from natural gas purchase derivatives $12 $22 $(18)Settlements 12 4 12 Net loss (gain) from natural gas purchase derivatives $24 $26 $(6) Non-cash (loss) gain from combined commodity derivatives $(804) $73 $40 Net settlements and premiums from combined derivatives (68) 27 (28)Net (loss) gain from combined commodity derivatives $(872) $100 $12 CAPITAL INVESTMENTS 1st Quarter 4th Quarter 1st Quarter($ millions) 2026 2025 2025 Facilities(1) $37 $46 $16Drilling and completions 53 38 15Workovers 17 18 19Other 9 9 —Oil and natural gas segment 116 111 50Carbon management segment 12 11 2Corporate and other(1) 3 (2) 3Total capital investment $131 $120 $55 (1) Certain amounts previously reported in the Q1 2025 earnings release have been corrected. This correction relates to reporting of $8 million of capital as Corporate and other in Q1 2025 and this amount was reclassified to Facilities in Q4 2025. LIQUIDITY ($ millions) March 31, 2026 December 31, 2025Available cash and cash equivalents(1) $25 $117 Revolving credit facility: Borrowing capacity 1,460 1,460 Revolver balance drawn (25) — Outstanding letters of credit (184) (176)Availability $1,251 $1,284 Liquidity $1,276 $1,401 (1) Excludes restricted cash of $15 million at both March 31, 2026 and December 31, 2025. Attachment 2CRC GUIDANCE Consolidated
2Q26E Oil and Natural Gas
Segment Carbon Management
SegmentNet production (MBoe/d) 148 - 150 Net oil production (%) 81%
Operating costs ($ millions) $335 - $355 $335 - $355 General and administrative expenses ($ millions) $90 - $100 $13 - $17 $2 - $4Adjusted general and administrative expenses ($ millions) $85 - $95 $13 - $17 $2 - $4Depreciation, depletion and amortization ($ millions) $145 - $157 $140 - $150 Capital investments ($ millions) $120 - $140 $115 - $130 $2 - $5Adjusted EBITDAX ($ millions) $370 - $410 Margin from purchased commodities ($ millions) (1) $10 - $15 Electricity revenue net of electricity generation expenses ($ millions) $(6) - $(2) Other operating expenses net of other revenue ($ millions) (2) $10 - $20 $2 - $10Transportation costs ($ millions) $25 - $30 $19 - $24 Taxes other than on income ($ millions) $60 - $70 $55 - $60 Interest and debt expense ($ millions) $30 - $35 Other Assumptions: Brent ($/Bbl) $105.36
NYMEX ($/Mcf) $2.77
Price realization oil - % of Brent: 94% - 97% Price realization NGLs - % of Brent: 44% - 50% Price realization natural gas - % of NYMEX: 38% - 44% Current income tax provision ($ millions) (3) $2 -$4 Effective tax rate 6% - 9% CRC GUIDANCE Consolidated
2026E Oil and Natural Gas
Segment Carbon Management
SegmentNet production (MBoe/d) 149 - 155 Net oil production (%) 81%
Operating costs ($ millions) $1,415 - $1,485 $1,415 - $1,485 General and administrative expenses ($ millions) $360 - $380 $50 - $60 $6 - $12Adjusted general and administrative expenses ($ millions) $325 - $340 $50 - $60 $6 - $12Depreciation, depletion and amortization ($ millions) $595 - $615 $575 - $590 Capital investments ($ millions) $520 - $560 $500 - $525 $12 - $20Adjusted EBITDAX ($ millions) $1,400 - $1,500 Margin from purchased commodities ($ millions) (1) $50 - $65 Electricity revenue net of electricity generation expenses ($ millions) $25 - $45 Other operating expenses net of other revenue ($ millions) (2) $75 - $85 $20 - $30Transportation costs ($ millions) $105 - $115 $65 - $70 Taxes other than on income ($ millions) $270 - $280 $238 - $243 Interest and debt expense ($ millions) $120 - $130 Other Assumptions: Brent ($/Bbl) $90.58
NYMEX ($/Mcf) $3.61
Price realization oil - % of Brent: 94% - 98% Price realization NGLs - % of Brent: 50% - 55% Price realization natural gas - % of NYMEX: 67% - 72% Current income tax provision ($ millions) (3) $5 - $8 Effective tax rate 12% - 16% (1) Margin from purchased commodities is calculated as the difference between revenue from marketing of purchased commodities and costs related to marketing of purchased commodities, and excludes costs of transportation.
(2) Other operating revenue and expenses, net is calculated as the difference between other revenue and other operating expenses, net and includes exploration expense and CMB expenses. CMB expenses includes lease cost for sequestration easements, advocacy, and other startup related costs.
See Attachment 3 for management's disclosure of its use of these non-GAAP measures and how these measures provide useful information to investors about CRC's results of operations and financial condition.
(3) Current income tax composition is subject to variability and depends on a number of factors, including but not limited to, final taxable income determinations, the availability and utilization of net operating loss carryforwards (NOLs), applicable tax credits, and other differences between book and taxable income. Accordingly, the current provision may vary from period to period and should not be viewed as indicative of future tax obligations.
FORWARD LOOKING NON-GAAP RECONCILIATIONS
2Q26E Consolidated Oil and Natural Gas
Segment Carbon Management
Segment($ millions) Low High Low High Low HighGeneral and administrative expenses $90 $100 $13 $17 $2 $4Equity-settled stock-based compensation (5) (5) — — — —Estimated adjusted general and administrative expenses $85 $95 $13 $17 $2 $4 Consolidated 2Q26E($ millions) Low HighRevenue from marketing of purchased commodities $15 $32 Costs related to marketing of purchased commodities (5) (17)Margin from purchased commodities $10 $15 Consolidated 2Q26E($ millions) Low HighOther operating expenses, net $14 $30 Other revenue (4) (10)Other operating expenses net of other revenue $10 $20 2026E Consolidated Oil and Natural Gas
Segment Carbon Management
Segment($ millions) Low High Low High Low HighGeneral and administrative expenses $360 $380 $50 $60 $6 $12Equity-settled stock-based compensation (35) (40) — — — —Estimated adjusted general and administrative expenses $325 $340 $50 $60 $6 $12 Consolidated 2026E($ millions) Low HighRevenue from marketing of purchased commodities $143 $168 Costs related to marketing of purchased commodities (93) (103)Margin from purchased commodities $50 $65 Consolidated 2026E($ millions) Low HighOther operating expenses, net $101 $119 Other revenue (26) (34)Other operating expenses net of other revenue $75 $85 Attachment 3NON-GAAP RECONCILIATIONS To supplement the presentation of its financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), management uses certain non-GAAP measures to assess its financial condition, results of operations and cash flows. These measures are also widely used by the industry, the investment community and CRC's lenders. Although these are non-GAAP measures, the amounts included in the calculations were computed in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing CRC's financial performance, such as CRC's cost of capital and tax structure, as well as the effect of acquisition and development costs of CRC's assets. Management believes that the non-GAAP measures presented, when viewed in combination with CRC's financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the Company's performance. The non-GAAP measures presented herein may not be comparable to other similarly titled measures of other companies. Below are additional disclosures regarding each of these non-GAAP measures, including reconciliations to their most directly comparable GAAP measure where applicable. ADJUSTED NET INCOME (LOSS) Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. CRC defines adjusted net income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Management believes these non-GAAP measures provide useful information to the industry and the investment community interested in comparing CRC's financial performance between periods. Reported earnings are considered representative of management's performance over the long term. Adjusted net income (loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP. The following table presents a reconciliation of the GAAP financial measure of net income and net income attributable to common stock per share to the non-GAAP financial measures of adjusted net income and adjusted net income per share. 1st Quarter 4th Quarter 1st Quarter($ millions, except per share amounts) 2026 2025 2025 Net (loss) income $(711) $12 $115 Unusual, infrequent and other items: Non-cash derivative loss (gain) on Brent based commodity contracts 792 (95) (22)Non-cash derivative loss on natural gas derivative contracts 12 22 — Asset impairment — 57 — Severance and termination costs 25 12 2 Merger-related costs 1 20 3 Loss on early extinguishment of debt 21 — 1 Offshore platform expense 10 12 — Measurement period adjustments — — 1 Other, net 8 11 (9)Total unusual, infrequent and other items 869 39 (24)Income tax (benefit) provision of adjustments at the combined tax rate (79) (11) 7 Adjusted net income $79 $40 $98 Net income (loss) per share – basic $(8.02) $0.14 $1.27 Net income (loss) per share – diluted $(8.02) $0.14 $1.26 Adjusted net income per share – basic $0.89 $0.47 $1.08 Adjusted net income per share – diluted $0.88 $0.47 $1.07 ADJUSTED EBITDAX CRC defines adjusted EBITDAX as earnings before interest expense; income taxes; depreciation, depletion and amortization; exploration expense; other unusual, infrequent and out-of-period items; and other non-cash items. CRC believes this measure provides useful information in assessing its financial condition, results of operations and cash flows and is widely used by the industry, the investment community and its lenders. Although this is a non-GAAP measure, the amounts included in the calculation were computed in accordance with GAAP. Certain items excluded from this non-GAAP measure are significant components in understanding and assessing CRC’s financial performance, such as its cost of capital and tax structure, as well as depreciation, depletion and amortization of CRC's assets. This measure should be read in conjunction with the information contained in CRC’s financial statements prepared in accordance with GAAP. A version of adjusted EBITDAX is a material component of certain of its financial covenants under CRC's Revolving Credit Facility and is provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP.These materials include forward-looking non-GAAP financial measures, including adjusted EBITDAX. CRC is unable to provide a reconciliation of such forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP financial measures because certain information needed to reconcile these measures is dependent on future events, many of which are outside of CRC’s control and cannot be reasonably predicted at this time. These items include, but are not limited to, changes in working capital, the timing and amount of capital accruals, and other non-cash or unusual items. Accordingly, a quantitative reconciliation is not available without unreasonable efforts.
The following table represents a reconciliation of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measure of adjusted EBITDAX. CRC has included non-GAAP measures of adjusted EBITDAX for its oil and gas segment and its carbon management segment below. Management believes these segment non-GAAP measures are useful for investors to understand the results of our core businesses.
1st Quarter 4th Quarter 1st Quarter($ millions, except per BOE amounts) 2026 2025 2025 Net (loss) income $(711) $12 $115 Interest and debt expense 29 29 27 Depreciation, depletion and amortization 133 129 131 Income tax (benefit) provision (49) 11 47 Exploration expense — 1 — Interest income (1) (5) (3)Equity loss from unconsolidated subsidiaries 2 1 1 Unusual, infrequent and other items (1) 869 39 (24)Non-cash items Accretion expense 27 29 29 Stock-based compensation 7 6 6 Pension and post-retirement benefits (2) (1) (1)Adjusted EBITDAX $304 $251 $328 Net cash provided by operating activities $99 $235 $186 Cash interest payments 1 42 11 Cash interest received (1) (5) (3)Exploration expense — 1 — Working capital changes 205 (22) 134 Adjusted EBITDAX $304 $251 $328 Net (loss) income per Boe $(51.19) $0.96 $9.09 Adjusted EBITDAX per Boe $21.89 $19.85 $25.92 (1) See Adjusted Net Income (Loss) reconciliation. SEGMENT ADJUSTED EBITDAX This measure should be read in conjunction with Note 16 Segment Information in CRC’s 2025 Annual Report. A reconciliation of the non-GAAP measure of segment adjusted EBITDAX cannot be reconciled to the comparable measure of operating cash flow prepared in accordance with GAAP without unreasonable effort. Oil and Natural Gas Segment 1st Quarter 4th Quarter 1st Quarter($ millions) 2026 2025 2025 Segment profit $281 $46 $266 Depreciation, depletion and amortization 128 127 126 Exploration expense — 1 — Accretion expense 27 29 29 Adjusted income items(1) 3 66 1 Adjusted EBITDAX - Oil and Natural Gas $439 $269 $422 Carbon Management Segment Segment loss $(12) $(20) $(25)Interest on contingent liability (related to Carbon TerraVault JV) 3 3 3 Equity loss from unconsolidated subsidiary 1 2 1 Adjusted income items(1) — — — Adjusted EBITDAX - Carbon Management $(8) $(15) $(21) (1) Certain amounts previously reported in the Q4 2025 earnings release have been corrected. This correction relates to reporting of adjusted income items in Carbon Management in Q1 2025 and this amount was reclassified to Oil and Natural Gas in Q1 2026. FREE CASH FLOW Management uses free cash flow, which is defined by CRC as net cash provided by operating activities less capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC's net cash provided by operating activities to free cash flow. 1st Quarter 4th Quarter 1st Quarter($ millions) 2026 2025 2025 Net cash provided by operating activities $99 $235 $186 Capital investments (131) (120) (55)Free cash flow $(32) $115 $131 FREE CASH FLOW BEFORE NET CHANGES IN OPERATING ASSETS AND LIABILITIES Management uses free cash flow before changes in operating assets and liabilities, which is defined by CRC as net cash provided by operating activities less net changes in operating assets and liabilities and capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC's net cash provided by operating activities to free cash flow before net changes in operating assets and liabilities. 1st Quarter 4th Quarter 1st Quarter($ millions) 2026 2025 2025 Net cash provided by operating activities $99 $235 $186 Net changes in operating assets and liabilities 148 (24) 66 Net cash provided by operating activities before net changes in operating assets and liabilities 247 211 252 Capital investments (131) (120) (55)Free cash flow before net changes in operating assets and liabilities $116 $91 $197 ADJUSTED GENERAL & ADMINISTRATIVE EXPENSES Management uses a measure called adjusted general and administrative (G&A) expenses and adjusted G&A per BOE to provide useful information to investors interested in comparing CRC's costs between periods and performance to its peers. 1st Quarter 4th Quarter 1st Quarter($ millions) 2026 2025 2025 General and administrative expenses $106 $95 $72 Stock-based compensation (7) (6) (6)Adjusted G&A expenses $99 $89 $66 G&A per BOE $7.63 $7.51 $5.69 Adjusted G&A per BOE $7.13 $7.04 $5.22 TOTAL OPERATING REVENUES BEFORE NET (LOSS) GAIN FROM COMMODITY DERIVATIVES Management uses a measure called total operating revenues before net (loss) gain from commodity derivatives, which is calculated as the difference between total operating revenues less net (loss) gain from commodity derivatives. 1st Quarter 4th Quarter 1st Quarter($ millions) 2026 2025 2025Total operating revenues $119 $924 $912Less: Net (loss) gain from commodity derivatives (848) 126 6Total operating revenues before net (loss) gain from commodity derivatives $967 $798 $906 MARGIN FROM PURCHASED COMMODITIES Management uses a measure called margin from purchased commodities, which is calculated as the difference between revenue from purchased commodities and costs related to purchased commodities. This non-GAAP measure excludes transportation costs. 1st Quarter 4th Quarter 1st Quarter($ millions) 2026 2025 2025 Revenue from purchased commodities $41 $60 $64 Costs related to purchased commodities (23) (47) (50)Margin from purchased commodities $18 $13 $14 ELECTRICITY REVENUE NET OF ELECTRICITY GENERATION EXPENSES Management uses a measure called electricity revenue net of electricity generation expenses, which is calculated as the difference between electricity revenue and electricity generation expenses. 1st Quarter 4th Quarter 1st Quarter($ millions) 2026 2025 2025 Electricity revenue $11 $52 $22 Electricity generation expenses (5) (12) (10)Electricity revenue net of electricity generation expenses $6 $40 $12 OTHER OPERATING EXPENSES NET OF OTHER REVENUE Management uses a measure called other operating expenses net of other revenue, which is calculated as the difference between other operating expenses, net and other revenue. 1st Quarter 4th Quarter 1st Quarter($ millions) 2026 2025 2025 Other operating expenses, net(1) $54 $82 $33 Other revenue (10) (7) (6)Other operating expenses net of other revenue $44 $75 $27 (1) Other operating expenses, net includes carbon management expenses beginning in 2025. Attachment 4PRODUCTION STATISTICS 1st Quarter 4th Quarter 1st QuarterNet Production Per Day 2026 2025 2025Oil (MBbl/d) San Joaquin Basin 96 82 84Los Angeles Basin 17 17 18Uinta Basin 3 1 —Other Basins 8 9 9Total 124 109 111 NGLs (MBbl/d) San Joaquin Basin 10 9 10Total 10 9 10 Natural Gas (MMcf/d) San Joaquin Basin 95 97 101Los Angeles Basin 1 1 1Sacramento Basin 10 11 12Uinta Basin 8 1 —Other Basins 3 3 3Total 117 113 117 Total Net Production (MBoe/d) 154 137 141 Gross Operated and Net Non-Operated 1st Quarter 4th Quarter 1st QuarterProduction Per Day 2026 2025 2025Oil (MBbl/d) San Joaquin Basin 103 88 90Los Angeles Basin 21 21 22Uinta Basin 4 1 —Other Basins 9 10 11Total 137 120 123 NGLs (MBbl/d) San Joaquin Basin 10 11 10Other Basins 1 — —Total 11 11 10 Natural Gas (MMcf/d) San Joaquin Basin 127 130 134Los Angeles Basin 6 6 7Sacramento Basin 13 14 15Uinta Basin 11 1 —Other Basins 3 4 3Total 160 155 159 Total Gross Production (MBoe/d) 175 157 160 Attachment 5PRICE STATISTICS 1st Quarter 4th Quarter 1st Quarter 2026 2025 2025 Oil ($ per Bbl) Realized price with derivative settlements $69.37 $64.27 $72.01 Realized price without derivative settlements $74.53 $61.14 $73.57 NGLs ($/Bbl) $44.98 $42.86 $54.64 Natural gas ($/Mcf) Realized price with derivative settlements $3.56 $3.91 $4.12 Realized price without derivative settlements $3.56 $3.91 $4.12 Index Prices Brent oil ($/Bbl) $77.90 $63.08 $74.92 WTI oil ($/Bbl) $71.93 $59.14 $71.42 NYMEX average monthly settled price ($/MMBtu) $5.04 $3.55 $3.65 Realized Prices as Percentage of Index Prices Oil with derivative settlements as a percentage of Brent 89% 102% 96%Oil without derivative settlements as a percentage of Brent 96% 97% 98% Oil with derivative settlements as a percentage of WTI 96% 109% 101%Oil without derivative settlements as a percentage of WTI 104% 103% 103% NGLs as a percentage of Brent 58% 68% 73%NGLs as a percentage of WTI 63% 72% 77% Natural gas with derivative settlements as a percentage of NYMEX contract month average 71% 110% 113% Natural gas without derivative settlements as a percentage of NYMEX contract month average 71% 110% 113% Attachment 6FIRST QUARTER 2026 DRILLING ACTIVITY San Joaquin Los Angeles Ventura Sacramento Wells Drilled Basin Basin Basin Basin Total Development Wells Primary 1 — — — 1Waterflood 17 — — — 17Steamflood 44 — — — 44Total (1) 62 — — — 62 (1) Includes steam injectors and drilled but uncompleted wells, which are not included in the SEC definition of wells drilled.
California Resources Corporation (CRC - Free Report) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $1.07 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +5.71%. A quarter ago, it was expected that this company would post earnings of $0.49 per share when it actually produced earnings of $0.47, delivering a surprise of -4.08%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
California Resources, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $967 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 7.17%. This compares to year-ago revenues of $912 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
California Resources shares have added about 54.7% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for California Resources?While California Resources 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 California Resources 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 #1 (Strong 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 $1.32 on $928.74 million in revenues for the coming quarter and $5.03 on $3.75 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, Oil and Gas - Exploration and Production - United States is currently in the top 5% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Evolution Petroleum (EPM - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 12.
This oil and gas company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 185.7% higher over the last 30 days to the current level.
Evolution Petroleum's revenues are expected to be $22.97 million, up 1.8% from the year-ago quarter.
- Positive data announced from Phase 1 Dose Expansion Study of varsetatug masetecan (“Varseta-M”) EpCAM PROBODY® ADC in Patients with Advanced Colorectal Cancer (CRC) - - Enrollment of 40 patients in Varseta-M Dose Optimization completed; data update expected in 2H 2026 to inform monotherapy dose selection and potential registrational trial in late line CRC - - Varseta-M Phase 1 study evaluating combination with bevacizumab is ongoing with initial data expected by 1H 2027; Phase 1/2 Varseta-M chemotherapy combination study to be initiated in 2H 2026 - - Initiation of Phase 1 expansion cohort(s) in non-CRC indications planned for 2H 2026 - - Company to host conference call today at 5 p.m. ET / 2 p.m.
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CocaCola Company (The) (NYSE:KO - Get Free Report) EVP Jennifer Mann sold 23,984 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.41, for a total value of $2,000,505.44. Following the completion of the transaction, the executive vice president owned 157,400 shares of the company's stock, valued at approximately $13,128,734. The trade was a 13.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
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Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,054 shares of the company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $60.37, for a total transaction of $15,759,829.98. Following the completion of the sale, the insider owned 2,671,855 shares in the company, valued at $161,299,886.35. This represents a 8.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
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2 hours ago
Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,055 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $63.02, for a total value of $16,451,686.10. Following the completion of the transaction, the insider owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
NYSE:BROS
Read Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of Stock
2 hours ago
Travis Boersma Sells 749,999 Shares of Dutch Bros (NYSE:BROS) StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 749,999 shares of Dutch Bros stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $60.39, for a total transaction of $45,292,439.61. Following the completion of the sale, the chairman owned 2,671,855 shares of the company's stock, valued at $161,353,323.45. This represents a 21.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 750,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $63.02, for a total value of $47,265,000.00. Following the sale, the chairman owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 23.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Key Takeaways CRC beat Q1 adjusted EPS and revenue estimates; operating revenues rose 6% to $967M.CRC posted a $711M GAAP loss from non-cash derivative fair-value hits; adjusted net income was $79M.CRC raised 2026 targets with a drilling ramp, around 175 MBoe/d exit rate, and $90-$100M Berry synergies. California Resources Corporation (CRC - Free Report) posted first-quarter 2026 adjusted earnings of 88 cents per share, down 17.8% year over year but ahead of the Zacks Consensus Estimate by 6%. Total operating revenues before net commodity-derivative impacts were $967 million, up 6% year over year and ahead of the consensus mark by 7.2%.
Results reflected CRC’s oil-weighted production base and strong realizations. Net production averaged 154 thousand barrels of oil equivalent per day (MBoe/d), with oil representing 81% of volumes.
CRC's Derivative Loss Masks Underlying ProfitOn a GAAP basis, CRC reported a net loss of $711 million, primarily tied to a non-cash loss in the fair value of outstanding commodity derivatives. That swing in mark-to-market results dominated the income statement even as operating performance tracked well with management’s expectations.
Excluding those unusual and non-cash items, CRC generated adjusted net income of $79 million. Adjusted EBITDAX came in at $304 million, underscoring the company’s ability to translate a firmer Brent backdrop into stronger core cash earnings.
California Resources' Pricing Strength Supports QuarterCalifornia Resources continued to benefit from favorable oil pricing during the quarter. The company’s average realized oil price was $74.53 per barrel before the impact of hedging, closely tracking Brent crude prices. After including hedging impacts, the realized price came to $69.37 per barrel.
Pricing for other products also remained healthy. The company received nearly $45 per barrel for natural gas liquids, while natural gas prices averaged $3.56 per Mcf. These results were supported by CRC’s regional market exposure and pricing strategy.
CRC's Cost Base Reflects Timing Items and Operating MixCalifornia Resources reported total operating costs of $365 million for the quarter. Administrative expenses came in higher than expected at $106 million, mainly due to legal-related costs and increased employee compensation linked to the company’s rising share price.
Other expenses also affected quarterly results. Taxes excluding income taxes totaled $67 million, while transportation expenses were $26 million. Other operating expenses, after adjusting for related revenues, came to $44 million. At the same time, the company benefited from some additional income sources, including $18 million from commodity marketing activities and $6 million from electricity-related operations.
California Resources' Resilient Cash Flow and Balance SheetCalifornia Resources continued to generate healthy cash flow during the quarter, even as spending increased to prepare for higher activity later in the year. The company generated $247 million in operating cash flow before working-capital changes, while free cash flow came in at $116 million. Total capital spending was $131 million, mainly related to drilling, well maintenance and facility upgrades to support future production growth.
The company also strengthened its balance sheet by refinancing part of its debt. CRC issued $350 million in new long-term notes and used the proceeds to repay higher-interest debt due earlier. It ended the quarter with solid liquidity of about $1.3 billion and maintained a relatively low debt level compared to earnings, with a net leverage of 1.1X on a last-12-month adjusted EBITDAX basis.
CRC Raises 2026 Targets on Activity Ramp and SynergiesCalifornia Resources increased its full-year forecast as it plans to ramp up drilling activity in the second half of 2026. The company expects to operate seven drilling rigs later this year, including six in California and one in Utah. CRC also expects production to gradually rise through the year, ending 2026 at around 175 MBoe/d.
The Zacks Rank #1 (Strong Buy) company raised guidance for several important financial measures. CRC now expects stronger production, higher earnings and increased investment spending in 2026. It also increased its expected cost savings from the Berry merger to $90-$100 million annually. At the same time, ongoing efficiency improvements and consolidation of operations are helping reduce certain infrastructure-related spending.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
California Resources Advances CCS and Data Center OptionalityBeyond its oil and gas operations, California Resources highlighted continued progress in its carbon management business. The company completed the construction of its carbon capture and storage project at the Elk Hills gas plant and is now awaiting final approval from the EPA to begin injecting and storing carbon dioxide underground. Management views this as an important milestone for the project and for carbon capture efforts in California.
CRC also pointed to growing interest in its Elk Hills “powered land” strategy. A major data center developer is investing millions of dollars to help prepare the site and speed up permitting work. The company believes its combination of natural gas supply, available land and carbon capture capabilities could help meet rising electricity demand from AI-related data centers.
A Look at Some Other E&P EarningsWhile we have discussed CRC’s first-quarter results in detail, let’s take a look at some other upstream energy reports of this season.
EOG Resources (EOG - Free Report) posted adjusted earnings of $3.41 per share, up 18.8% from the year-ago level of $2.87. The bottom line beat the Zacks Consensus Estimate for earnings of $3.07 by 11.1%. EOG’s total revenues of $6.9 billion increased 22.1% year over year and beat the consensus mark of $6.3 billion. Strong quarterly results were supported by higher production, with total crude-oil-equivalent volumes averaging 1,383.8 MBoe/d in the quarter, reflecting strong production execution.
Cost control helped keep the earnings flow-through intact even as activity remained elevated. Lease and well expenses were $462 million, and depreciation, depletion and amortization were $1.19 billion. For investors, the quarter reinforced that EOG’s earnings power is being driven by a combination of operating scale and steady expense execution.
Diamondback Energy (FANG - Free Report) reported first-quarter 2026 adjusted earnings per share of $4.23, which beat the Zacks Consensus Estimate of $3.55, driven by strong production. However, the company’s bottom line declined from the year-ago adjusted profit of $4.54. The underperformance was due to a 91.5% drop in the year-over-year realized natural gas prices. Diamondback’s production of oil and natural gas averaged 979.4 MBoe/d, comprising 53.2% oil.
Diamondback Energy logged $933 million in capital expenditure — spending $784 million on operated drilling and completion additions to oil and natural gas properties, and $149 million on non-operated additions. The company booked $1.7 billion in adjusted free cash flow in the first quarter.
W&T Offshore (WTI - Free Report) posted break-even first-quarter 2026 earnings per share compared with the Zacks Consensus Estimate of 2 cents. Revenues of $150 million beat the consensus mark of $137 million by 9.5% and increased 15.5% year over year. Operationally, W&T Offshore turned in average sales volumes of 36.2 MBoe/d (53% liquids), keeping output near the top end of guidance despite adverse weather. The quarter also featured sharply lower lease operating expenses per barrel, helping support a meaningful step-up in profitability measures such as adjusted EBITDA.
Production growth remained a key operational theme. W&T Offshore said first-quarter output increased 19% from the year-ago period, supported by contributions from prior acquisitions and continued execution across its Gulf of America asset base.
For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. California Resources Corporation (CRC - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Oils-Energy sector should help us answer this question.
California Resources Corporation is a member of the Oils-Energy sector. This group includes 238 individual stocks and currently holds a Zacks Sector Rank of #1. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. California Resources Corporation is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for CRC's full-year earnings has moved 308.1% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, CRC has moved about 36.8% on a year-to-date basis. Meanwhile, stocks in the Oils-Energy group have gained about 30.6% on average. This shows that California Resources Corporation is outperforming its peers so far this year.
One other Oils-Energy stock that has outperformed the sector so far this year is ConocoPhillips (COP - Free Report) . The stock is up 30.8% year-to-date.
In ConocoPhillips' case, the consensus EPS estimate for the current year increased 120.9% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, California Resources Corporation belongs to the Oil and Gas - Exploration and Production - United States industry, a group that includes 34 individual stocks and currently sits at #12 in the Zacks Industry Rank. This group has gained an average of 30% so far this year, so CRC is performing better in this area.
In contrast, ConocoPhillips falls under the Oil and Gas - Integrated - United States industry. Currently, this industry has 12 stocks and is ranked #95. Since the beginning of the year, the industry has moved +31.9%.
Investors with an interest in Oils-Energy stocks should continue to track California Resources Corporation and ConocoPhillips. These stocks will be looking to continue their solid performance.
KERN COUNTY, Calif., May 26, 2026 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) has achieved the first landmark carbon dioxide (CO2) injection at Carbon TerraVault I (CTV I), a first-of-its-kind carbon capture and storage (CCS) project that will help advance California’s progress toward carbon neutrality.
Located at CRC’s Elk Hills Field in Kern County, CTV I is California’s first operational CCS project, establishing a market for storing CO₂ from industrial sources and placing CRC among a small group of operators globally that have advanced CCS projects from concept to operation. The project sources CO₂ from CRC’s cryogenic gas plant and leverages existing infrastructure at a depleted oil and natural gas reservoir designed to safely and permanently store captured CO₂ more than one mile underground.
“First injection at CTV I demonstrates that California can lead on climate solutions that are practical, scalable and cost-effective,” said CRC President and CEO Francisco Leon. “This project reflects years of technical work, rigorous regulatory review, and collaboration with state and federal agencies to deliver real emissions reductions while strengthening California’s energy resilience.”
CTV I is composed of two depleted oil and natural gas reservoirs – “26R” and “A1-A2”. At its maximum capacity, CTV I – 26R will be capable of storing up to 1.46 million metric tons of CO₂ annually – equivalent to taking nearly 350,000 cars off the road each year – with total storage potential of 38 million metric tons.
“The Golden State is building the full suite of tools needed to meet our climate goals, and Carbon TerraVault I is proof that innovation and ambition are the California way,” said California Governor Gavin Newsom. “This first-of-its-kind project in Kern County will permanently store carbon pollution underground for the first time in California's history. These are the kind of climate solutions that spur the industries and infrastructure needed to power a cleaner future and create good-paying jobs right here in our communities.”
As part of the CTV I Community Benefits Plan, CRC committed over $1 million to support local communities across Kern County. Over the course of 2026, a Community Advisory Council, comprised of local stakeholders, will be established to evaluate and respond to the region's needs.
CTV I – 26R, part of the Carbon TerraVault Joint Venture between CRC and Brookfield, is the first reservoir in California to receive final Class VI permits from the U.S. Environmental Protection Agency (EPA).
“Carbon capture, utilization, and storage is a critical piece of California’s climate solutions puzzle and an important tool we’re counting on to help achieve carbon neutrality,” said California Air Resources Board Chair Lauren Sanchez. "Reaching our climate goals requires both reducing and sequestering emissions, and this milestone demonstrates how we’re moving every viable solution forward to get there.”
Beyond CTV I – 26R, CRC has submitted eight additional CTV storage reservoirs for U.S. EPA Class VI permitting, representing approximately 352 million metric tons of total potential CO₂ storage capacity that will be built around California in the years ahead.
“The first CO₂ injection at CTV I marks an exciting milestone for carbon management in California,” said Craig Frenette, Senior Vice President at Brookfield. “It represents the start of a scalable new chapter for climate solutions, with significant opportunity for growth for CTV. We’re proud to be part of a project helping lay the foundation for long-term impact.”
Chris Gould, Managing Director of CTV, said the project made use of a known reservoir that stored hydrocarbons for millions of years. “First injection at CTV I is the result of years of dedication from our CTV team, capturing and permanently storing CO₂ from our operations. It demonstrates our ability to safely deliver complex, first-of-its-kind projects that reduce CRC’s net operational emissions and lowering the carbon intensity of the power we deliver to Californians.”
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.
About Carbon TerraVault
Carbon TerraVault (CTV), CRC’s carbon management business, develops services to capture, transport and permanently store CO2 for its customers. CTV is advancing a portfolio of CCS projects, including CTV I, which is now operational and injecting CO₂ for permanent sequestration in a depleted reservoir deep underground. For more information, visit carbonterravault.com.
About Carbon TerraVault Joint Venture
Carbon TerraVault Joint Venture (CTV JV) is a carbon management partnership focused on CCS development formed between CRC and Brookfield to develop both infrastructure and storage assets required for CCS development in California. CRC owns 51% of CTV JV with Brookfield owning the remaining 49% interest.
About Brookfield
Brookfield Asset Management is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, energy, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.
For more information, please visit our website at www.brookfield.com.
Forward-Looking Statements
This document contains statements that CRC believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts are forward-looking statements, and include statements regarding CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.
Although CRC believes the expectations and forecasts reflected in its 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 its 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 CRC’s actual results to be materially different than those expressed in its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings with the Securities and Exchange Commission. These factors include, but are not limited to: government policy, war and political conditions and events; integration efforts and projected benefits in connection with acquisitions, divestitures and joint ventures; regulatory actions and changes that affect the oil and gas industry generally and us in particular; the efforts of activists to delay prevent oil and gas activities or the development of CRC’s carbon management segment; the ability to grow and develop its carbon management business and achieve projected injection and storage rates; changes in business strategy and capital plan; lower-than-expected production; changes to estimates of reserves and related future cash flows; the recoverability of resources and unexpected geologic conditions; general economic conditions and trends; results from operations and competition in the industries in which it operates; CRC’s ability to realize the anticipated benefits from prior or future efforts to reduce costs; environmental risks and liability; the benefits contemplated by its energy transition strategies and initiatives; CRC’s ability to successfully identify, develop and finance carbon capture and storage projects, power projects and other renewable energy efforts; future dividends and share repurchases and de-leveraging efforts; and natural disasters, accidents, mechanical failures, power outages, labor difficulties, cybersecurity breaches or attacks or other catastrophic events.
CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the filing date, and CRC undertakes no obligation to update this information. This document may also contain information from third party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information.
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How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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Stock to Watch: California Resources Corporation (CRC - Free Report) California Resources Corporation is an independent energy and carbon management company focused primarily on California. The company operates two reportable segments: oil and natural gas, and carbon management, which it brands as Carbon TerraVault. The oil and natural gas segment explores for, develops and produces crude oil, condensate, natural gas liquids and natural gas across California basins, including San Joaquin, Los Angeles and Sacramento, and also holds assets in Utah following recent acquisitions. Carbon TerraVault is focused on developing carbon capture and storage (CCS) projects and includes an investment in a joint venture formed to advance large-scale carbon management solutions in California. Headquartered in Long Beach, CA, the company in its current form was established following the 2014 spin-off from Occidental Petroleum.
CRC is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Oils-Energy stock. CRC has a Momentum Style Score of B, and shares are up 1.2% over the past four weeks.
Two analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $1.71 to $5.56 per share. CRC also boasts an average earnings surprise of +8.6%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, CRC should be on investors' short list.
