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A 3D-printed Meta logo and word "AI" are seen in this illustration created on July 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesJuly 28 (Reuters) - Meta Platforms (META.O), opens new tab and the world's largest asset manager BlackRock (BLK.N), opens new tab on Tuesday announced a venture to develop and operate a ​data center campus in El Paso, Texas, a project that would cost about $14 ‌billion in development.

The race to build out AI infrastructure has prompted tech giants to turn to debt sales worth tens of billions of dollars or seek external capital from fund managers such ​as BlackRock due to an unprecedented scale of investment.

Learn about the latest breakthroughs in AI and tech with the Reuters Artificial Intelligencer newsletter. Sign up here.

Meta said BlackRock-managed funds will take ​an 80% ownership stake in the venture, with Meta retaining the ⁠remaining 20%. A portion of BlackRock's investment will be financed through $12.5 billion in debt. ​Meta will also receive a $1 billion distribution to align ownership.

Meta will contribute land and ​in-progress construction assets worth about $2.3 billion, while BlackRock will make a cash contribution of about $4.9 billion, the company said.

The Facebook-parent earlier said it was building an over $10 billion data center project in El Paso, ​near the Texas-New Mexico border, among 28 data centers it has in either operation or ​under construction in the U.S.

The data center campus, already under construction, is designed to provide 1 ‌gigawatt ⁠of compute capacity, essential for Meta's AI technologies and supporting its core business. Operations are expected to commence in 2028.

Meta has said it plans to invest $600 billion to build data centers by 2028, with an aim to fast-track work on personal ​superintelligence, which could help ​spin up new ⁠cash flows from the Meta AI app, image-to-video ad tools and smart glasses.

The social media giant is building several gigawatt-scale data centers ​across the U.S., including one in rural Louisiana, a project ​Meta expected ⁠to expand to 5 gigawatts of compute capacity, with investment increasing to more than $50 billion.

Shares of Meta had fallen about 10% so far this year, as investors are scrutinizing ⁠costs ​of AI expansion. The company is scheduled to report ​second-quarter results on July 29.

Morgan Stanley & Co and J.P. Morgan Securities served as financial advisors to Meta ​in connection with this transaction.

Reporting by Jaspreet Singh in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles., opens new tab

, /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) today reported second quarter Earnings per Share ("EPS") of $4.20 and Adjusted EPS of $4.21. These results were better than the company's guidance, driven by strong close-in demand, lower costs, and favorable performance from joint ventures. The company now expects full year Adjusted EPS to be in the range of $17.73 to $17.87. The increase in earnings expectations reflects the stronger-than-expected second quarter performance and an improved outlook for the remainder of the year. This outlook incorporates a modest booking impact for select itineraries primarily due to prolonged geopolitical activity.

"The strong second quarter performance demonstrates the continued strength of our brands, the appeal of our vacation experiences, and the momentum in our business," said Jason Liberty, Chairman and CEO, Royal Caribbean Group. "We expect another year of approximately double-digit growth in revenue and earnings, driven by consumers' preference for our leading brands and supported by our strong booked position, leading margin profile, and fortified balance sheet."

"We continue to expand, elevate and differentiate our portfolio of vacation experiences," Liberty added. "Legend of the Seas, which launched earlier this month as the third ship in our Icon class, is part of a platform that is reshaping the cruising experience and delivering exceptional returns. Its successful debut represents another important milestone in the execution of our innovation pipeline as we continue to redefine the vacation experience. At the same time, we are deepening guest engagement through our loyalty and technology platforms - strengthening our relationships with guests, increasing repeat rates, and positioning us to capture a greater share of the growing $2 trillion global vacation market."

Second Quarter 2026:

Total revenue was $4.8 billion, a 6% increase year over year. Load factor in the second quarter was 110%. Gross Margin Yields decreased 5.6% as-reported. Net Yields increased 1.9% as-reported and 1.2% in Constant Currency. Gross Cruise Costs per Available Passenger Cruise Days ("APCD") increased 4.5% as-reported. Net Cruise Costs ("NCC"), excluding Fuel, per APCD increased 4.4% as-reported and 3.9% in Constant Currency. Net Income was $1.1 billion or $4.20 per share, Adjusted Net Income was $1.1 billion or $4.21 per share, and Adjusted EBITDA was $1.8 billion. Full Year 2026 Outlook:

Revenue is expected to grow 9% year over year. Net Yields are expected to increase 2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency. NCC, excluding Fuel, per APCD are expected to increase approximately 0.4% as-reported and be approximately flat in Constant Currency. Adjusted EPS is expected to be in the range of $17.73 to $17.87, representing 14% year over year growth, and a 23% CAGR over the first two years of the company's Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027. Second Quarter 2026 Results
Net Income for the second quarter of 2026 was $1.1 billion or $4.20 per share compared to Net Income of $1.2 billion or $4.41 per share for the same period in the prior year. Adjusted Net Income was $1.1 billion or $4.21 per share for the second quarter of 2026 compared to Adjusted Net Income of $1.2 billion or $4.38 per share for the same period in the prior year. The company also reported total revenues of $4.8 billion and Adjusted EBITDA of $1.8 billion.

Capacity for the second quarter was up 5% year over year and the company delivered memorable vacations to 2.4 million guests, a 6% increase year over year. Total revenue increased 6% year over year. Gross Margin Yields decreased 5.6% as-reported, and Net Yields increased 1.9% as-reported (1.2% in Constant Currency), when compared to the second quarter of 2025. Load factor for the quarter was 110%. Net Yield growth exceeded the company's guidance primarily driven by better than expected close-in demand.

Gross Cruise Costs per APCD increased 4.5% as-reported, compared to the second quarter of 2025. NCC, excluding Fuel, per APCD increased 4.4% as-reported (and 3.9% in Constant Currency), when compared to the second quarter of 2025. The better-than-expected cost performance in the second quarter was primarily driven by favorable timing of expenses.

Update on Bookings and Onboard Revenue
The overall demand environment remains strong, supported by consumers' continued preference for the company's differentiated experiences. Since the last earnings call, the company has experienced a modest, near-term impact on bookings for select itineraries, primarily due to prolonged geopolitical activity. The company remains booked at record prices, booking volumes are above last year's levels, and load factors remain robust across its vacation portfolio. The company continues to benefit from strong guest engagement and demand for onboard and destination experiences, supported by ongoing enhancements to its product offerings and more targeted pre-cruise engagement.

"Consumer demand for our vacation experiences is strong, and guests continue to demonstrate a desire to spend on memorable experiences with us," said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. "As we build a broader vacation platform, we are giving guests more reasons to vacation with Royal Caribbean across more occasions, while reinforcing our ability to drive higher engagement and spend over time. While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels, including for itineraries where demand was impacted by geopolitical developments this year."

Third Quarter 2026
Net Yields are expected to be approximately flat as-reported and in Constant Currency as compared to 2025, reflecting continued healthy demand and pricing at record levels leading to expected total revenue growth of 8%.

NCC, excluding Fuel, per APCD, is expected to decrease 1.7% to 1.2% as-reported and 1.6% to 1.1% in Constant Currency as compared to 2025.

Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects third quarter Adjusted EPS to be in the range of $6.26 to $6.36.

Fuel Expense
Bunker pricing, net of hedging, for the second quarter was $839 per metric ton and consumption was 422,000 metric tons.

The company does not forecast fuel prices and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. Based on current fuel prices, the company has included $362 million of fuel expense in its third quarter guidance at a forecasted consumption of 441,000 metric tons, which is 58% hedged via swaps.

Forecasted consumption is 58%, 53%, 29%, and 14% hedged via swaps for 2026, 2027, 2028, and 2029 respectively. The annual average cost per metric ton of the hedge portfolio is approximately $474, $405, $424, and $451 for 2026, 2027, 2028, and 2029 respectively.

The company provided the following guidance for the third quarter and full year 2026:

FUEL STATISTICS

Third Quarter 2026

Full Year 2026

Fuel Consumption (metric tons)

441,000

1,756,000

Fuel Expenses

$362 million

$1,338 million

Third Quarter 2026

Remainder of Year 2026

Percent Hedged (fwd. consumption)

58.0 %

58.0 %

GUIDANCE

As-Reported

Constant Currency

Third Quarter 2026

Net Yields vs. 2025

Approximately Flat

Approximately Flat

Net Cruise Costs per APCD vs. 2025

0.3% to 0.8%

0.4% to 0.9%

Net Cruise Costs per APCD ex. Fuel vs. 2025

(1.7)% to (1.2)%

(1.6)% to (1.1)%

Full Year 2026

Net Yields vs. 2025

2.35% to 2.85%

1.75% to 2.25%

Net Cruise Costs per APCD vs. 2025

Approximately 1.7%

Approximately 1.4%

Net Cruise Costs per APCD ex. Fuel vs. 2025

Approximately 0.4%

Approximately Flat

GUIDANCE

Third Quarter 2026

Full Year 2026

APCDs

14.9 million

56.9 million

Capacity change vs. 2025

8.5 %

6.6 %

Depreciation and amortization

$485 to $495 million

$1,905 to $1,915 million

Net Interest, excluding loss on extinguishment of debt

$255 to $265 million

$980 to $990 million

Adjusted EPS

$6.26 to $6.36

$17.73 to $17.87

SENSITIVITY

Third Quarter 2026

Full Year 2026

1% Change in Net Yields

$45 million

$156 million

1% Change in NCC excluding Fuel

$18 million

$73 million

Third Quarter 2026

Remainder of Year 2026

1% Change in Currency

$8 million

$14 million

10% Change in Fuel prices

$13 million

$26 million

100 basis pt. Change in SOFR

$0.2 million

$1.8 million

Exchange rates used in guidance calculations

GBP

$1.34

AUD

$0.70

CAD

$0.71

EUR

$1.14

Liquidity
As of June 30, 2026, the Group's liquidity position was $6.9 billion, which includes cash and cash equivalents and undrawn revolving credit facility capacity. In July, the company increased its revolving credit facility capacity by $250 million, through the accordion feature, to a total capacity of $6.6 billion.

During the second quarter, the company returned over $600 million to shareholders through $199 million of share repurchases, totaling 0.8 million shares, and $404 million of dividend payments. The company has $805 million remaining under its current share repurchase program authorization.

The company noted that as of June 30, 2026, the scheduled debt maturities for 2026, 2027, 2028, 2029 and 2030 were $0.9 billion, $2.7 billion, $3.4 billion, $1.2 billion, and $1.3 billion respectively.

Capital Expenditures and Capacity Guidance
Capital expenditures for the full year 2026 are expected to be approximately $4.7 billion, based on current foreign exchange rates and are predominantly related to the company's new ship order book and land-based destination initiatives. The company took delivery of Legend of the Seas during the second quarter. In April the company also announced orders for Icon VI and Icon VII, with committed financing in place. Non-new ship related capital expenditures are expected to be $1.6 billion.

Capacity changes for 2026 are expected to be 6.6% compared to 2025. Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively. These figures do not include potential ship sales or additions that the company may elect in the future.

Conference call scheduled
The company has scheduled a conference call at 10 a.m. Eastern Time today. This call can be heard, either live or on a delayed basis, on the company's investor relations website at www.rclinvestor.com. 

Definitions
Selected Operational and Financial Metrics

Adjusted Earnings per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.

Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the periods presented, these items included (i) other income; (ii) restructuring charges and other initiative expenses; and (iii) equity investment impairment, (recovery) of losses and other.

Adjusted EBITDA Margin is a non-GAAP measure that represents Adjusted EBITDA (as defined above) divided by total revenues.

Adjusted Gross Margin represents Gross Margin, adjusted for payroll and related, food, fuel, other operating, and depreciation and amortization expenses. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd., excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt and inducement expense; (ii) restructuring charges and other initiative expenses; (iii) the amortization of the Silversea intangible assets resulting from the Silversea acquisition; (iv) gain on sale of noncontrolling interest; and (v) equity investment impairment, recovery of losses, and other.

Adjusted Operating Income is a non-GAAP measure that represents operating income including income from equity investments and provision for income taxes but excluding certain items for which we believe adjusting for is meaningful when assessing our operating performance on a comparative basis. We use this non-GAAP measure to calculate ROIC (as defined below).

Available Passenger Cruise Days ("APCD") is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.

Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our revenues and expenses in "Constant Currency" - i.e., as if the current period's currency exchange rates had remained constant with the comparable prior period's rates. We calculate "Constant Currency" by applying the average of the prior period exchange rates for each of the corresponding months, of the reported and/or forecasted period, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations.

EBITDA is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd. excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) provision for income taxes. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis.

Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.

Gross Margin Yield represent Gross Margin per APCD.

Invested Capital represents the most recent five-quarter average of total debt (i.e., Current portion of long-term debt plus Long-term debt) plus the most recent five-quarter average of Total shareholders' equity. We use this measure to calculate ROIC (as defined below).

Net Cruise Costs and Net Cruise Costs excluding Fuel are non-GAAP measures that represent Gross Cruise Costs excluding commissions, transportation and other expenses, and onboard and other expenses and, in the case of Net Cruise Costs excluding Fuel, fuel expenses. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs excluding Fuel to be the most relevant indicators of our cost performance. For the periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel excludes restructuring charges and other initiative expenses.

Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because they reflect the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation and other expenses, and onboard and other expenses.

Occupancy ("Load factor"), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days (as defined below) by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

Passenger Cruise Days ("PCD") represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.

Perfecta Program refers to the multi-year Adjusted EPS and ROIC goals we are seeking to achieve by end of 2027. Under our Perfecta Program, we are targeting 20% compound annual growth rate in Adjusted EPS compared to 2024 and ROIC of 17% or higher by the end of 2027.

Return on Invested Capital ("ROIC") represents Adjusted Operating Income divided by Invested Capital. We believe ROIC is a meaningful measure because it quantifies how efficiently we generated operating income relative to the capital we have invested in the business.

For additional information see "Adjusted Measures of Financial Performance" below.

About Royal Caribbean Group
Royal Caribbean Group is a leading global vacation company spanning cruise, exclusive destinations, and land-based vacation experiences. The company operates 71 ships sailing to more than 1,000 destinations across all seven continents through its three wholly owned brands -Royal Caribbean, Celebrity Cruises, and Silversea - and a 50% joint venture interest in TUI Cruises which operates the Mein Schiff and Hapag-Lloyd brands.

The Group is expanding its portfolio of private destinations from three to eight by 2028 through its Perfect Day and Royal Beach Club collections, and the company will enter river cruising in 2027 with Celebrity River Cruises. Powered by innovative brands, advanced technology, and an industry-leading loyalty program, the company has built a connected vacation ecosystem, turning the vacation of a lifetime into a lifetime of vacations.

Named to the Fortune World's Most Admired Companies 2026 list and to Forbes' 2026 Best American Companies lists, Royal Caribbean Group is guided by its mission to deliver the best vacations responsibly. For more information, visit www.royalcaribbeangroup.com. 

Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: statements regarding revenues, costs and financial results for 2026 and beyond; anticipated timing for launch of private destinations, our progress toward achievement of our Perfecta program; demand for our brands; expectations on river cruise offerings; future capital expenditures; and expectations regarding our credit profile and fuel expenses. Words such as "anticipate," "believe," "committed," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "encouraged," "project," "shaping up," "position," "allows," "seek," "should," "will," "would," "considering," and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management's current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the economic and geopolitical environment, including changing tariffs and the related uncertainty thereof, on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; changes in operating costs; the unavailability or cost of air service; disease outbreaks and increased concern about the risk of illness on our ships or when travelling to or from our ships, which could cause a decrease in demand, guest cancellations, and ship redeployments; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; the effects of weather, climate events and/or natural disasters on our business; risks related to our sustainability activities; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; unavailability of ports of call; vacation industry competition and increase in industry capacity and overcapacity; inability to manage our cost and capital allocation strategies; the uncertainties of conducting business globally and expanding into new markets and new ventures, including potential acquisitions; issues with travel advisers that sell and market our cruises; reliance on third-party service providers; potential unavailability of insurance coverage; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining data integrity and security; uncertainties of a foreign legal system as we are not incorporated in the United States; our ability to obtain sufficient financing or capital to fund our capital expenditures, operations, debt repayments and other financing needs; our expectation and ability to pay a cash dividend on our common stock in the future; changes to our dividend policy; growing anti-tourism sentiments and environmental concerns; changes in U.S. or other countries' foreign travel policy; impact of new or changing legislation and regulations (including environmental regulations) or governmental orders on our business; fluctuations in foreign currency exchange rates, fuel prices and interest rates; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; our ability to recruit, develop and retain high quality personnel; and pending or threatened litigation, investigations and enforcement actions.

More information about factors that could affect our operating results is included under the caption "Risk Factors" in our most recent annual report on Form 10-K, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Adjusted Measures of Financial Performance
This press release includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP.

The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. These measures may be different from adjusted measures used by other companies. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding U.S. GAAP measures.

A reconciliation to the most comparable U.S. GAAP measure of all adjusted financial measures included in this press release can be found in the tables included at the end of this press release. We have not provided a quantitative reconciliation of the projected non-GAAP financial measures to the most comparable GAAP financial measures because preparation of meaningful U.S. GAAP projections would require unreasonable effort. Due to significant uncertainty, we are unable to predict, without unreasonable effort, the future movement of foreign exchange rates, fuel prices and interest rates inclusive of our related hedging programs. In addition, we are unable to determine the future impact of non-core business related gains and losses which may result from strategic initiatives. These items are uncertain and could be material to our results of operations in accordance with U.S. GAAP. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful.

ROYAL CARIBBEAN CRUISES LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in millions, except per share data)

Quarter Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Passenger ticket revenues

$         3,344

$       3,199

$      6,365

$      5,942

Onboard and other revenues

1,488

1,339

2,919

2,595

Total revenues

4,832

4,538

9,284

8,537

Cruise operating expenses:

Commissions, transportation and other

622

606

1,186

1,128

Onboard and other

288

262

501

463

Payroll and related

405

329

806

669

Food

262

246

526

486

Fuel

355

279

619

557

Other operating

615

561

1,157

1,061

Total cruise operating expenses

2,547

2,283

4,795

4,362

Marketing, selling and administrative expenses

513

508

1,095

1,071

Depreciation and amortization expenses

464

417

925

829

Operating Income

1,307

1,329

2,469

2,275

Other income (expense):

Interest income

5

12

10

15

Interest expense, net of interest capitalized

(236)

(228)

(514)

(477)

Equity investment income

67

107

151

155

Other income

7

11

9

15

Income before income taxes

1,150

1,232

2,126

1,983

Provision for income taxes

(14)

(17)

(39)

(33)

Net Income

1,136

1,214

2,086

1,950

Less: Net Income attributable to noncontrolling interest

8

5

16

10

Net Income attributable to Royal Caribbean Cruises Ltd.

$         1,128

$       1,210

$      2,070

$      1,940

Earnings per Share:

Basic

$          4.21

$        4.45

$       7.70

$       7.17

Diluted

$          4.20

$        4.41

$       7.68

$       7.10

Weighted-Average Shares Outstanding:

Basic

268

272

269

270

Diluted

268

275

270

275

Comprehensive Income (Loss)

Net Income

$         1,136

$       1,214

$      2,086

$      1,950

Other comprehensive income (loss):

Foreign currency translation adjustments

—

(9)

—

(26)

Change in defined benefit plans

6

4

4

—

(Loss) gain on cash flow derivative hedges

(137)

181

84

309

Total other comprehensive (loss) income

(131)

176

88

283

Comprehensive Income

1,005

1,391

2,174

2,233

Less: Comprehensive Income attributable to noncontrolling interest

8

5

16

10

Comprehensive Income attributable to Royal Caribbean Cruises Ltd.

$           997

$       1,386

$      2,158

$      2,222

__________________________________________________

Certain amounts may not add or calculate due to use of rounded numbers.

ROYAL CARIBBEAN CRUISES LTD.

STATISTICS

(unaudited)

Quarter Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Passengers Carried

2,399,066

2,254,057

4,908,738

4,495,730

Passenger Cruise Days

14,962,211

14,277,894

29,835,410

28,046,226

APCD

13,572,396

12,942,385

27,275,099

25,600,377

Occupancy

110.2 %

110.3 %

109.4 %

109.6 %

ROYAL CARIBBEAN CRUISES LTD.

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

As of

June 30,

December 31,

2026

2025

(unaudited)

Assets

Current assets

Cash and cash equivalents

$                875

$                825

Trade and other receivables, net

441

317

Inventories

267

264

Prepaid expenses and other assets

803

690

Derivative financial instruments

47

115

Total current assets

2,433

2,211

Property and equipment, net

38,251

35,696

Operating lease right-of-use assets

618

620

Goodwill

808

808

Other assets

2,534

2,284

Total assets

$             44,644

$             41,619

Liabilities and Shareholders' Equity

Current liabilities

Current portion of long-term debt

$              1,573

$              3,180

Current portion of operating lease liabilities

71

90

Accounts payable

1,093

953

Accrued expenses and other liabilities

2,165

2,026

Derivative financial instruments

17

67

Customer deposits

6,736

5,739

Total current liabilities

11,655

12,055

Long-term debt

21,263

18,165

Long-term operating lease liabilities

611

600

Other long-term liabilities

654

554

Total liabilities

34,183

31,374

Shareholders' equity

Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)

—

—

Common stock ($0.01 par value; 500,000,000 shares authorized; 303,877,626  and 303,054,848 shares issued, June 30, 2026
and December 31, 2025, respectively)

3

3

Paid-in capital

7,896

7,964

Retained earnings

7,187

5,925

Accumulated other comprehensive loss

(516)

(604)

Treasury stock (36,429,278 and 32,631,826 common shares at cost, at June 30, 2026  and December 31, 2025, respectively)

(4,334)

(3,251)

Total shareholders' equity attributable to Royal Caribbean Cruises Ltd.

10,236

10,037

Noncontrolling Interest

225

208

Total shareholders' equity

10,461

10,245

Total liabilities and shareholders' equity

$             44,644

$             41,619

ROYAL CARIBBEAN CRUISES LTD.

CONSOLIDATED STATEMENTS OF CASH FLOW

(unaudited; in millions)

Six Months Ended June 30,

2026

2025

Operating Activities

Net Income

$           2,086

$           1,950

Adjustments:

Depreciation and amortization

925

829

Net deferred income tax (benefit) expense

(2)

4

Loss (Gain) on derivative instruments not designated as hedges

8

(56)

Share-based compensation expense

68

92

Equity investment income

(151)

(155)

Amortization of debt issuance costs, discounts and premiums

14

46

Loss on extinguishment of debt and inducement expense

60

10

Changes in operating assets and liabilities:

Increase in trade and other receivables, net

(138)

(51)

(Increase) decrease in inventories

(3)

17

Increase in prepaid expenses and other assets

(133)

(142)

Increase in accounts payable

6

24

Decrease in accrued expenses and other liabilities

(107)

(21)

Increase in customer deposits

996

883

Other, net

65

(57)

Net cash provided by operating activities

3,694

3,373

Investing Activities

Purchases of property and equipment

(3,237)

(1,264)

Cash received on settlement of derivative financial instruments

109

111

Cash paid on settlement of derivative financial instruments

(18)

(11)

Investments in and loans to unconsolidated affiliates

(43)

(77)

Cash received on loans from unconsolidated affiliates

—

70

Other, net

(13)

25

Net cash used in investing activities

(3,202)

(1,146)

Financing Activities

Debt proceeds

5,716

730

Debt issuance costs

(103)

(28)

Repayments of debt

(4,193)

(1,945)

Repurchase of common stock

(1,035)

(241)

Dividends paid

(674)

(348)

Payments of withholding tax on stock awards

(191)

(62)

Other, net

39

7

Net cash used in financing activities

(441)

(1,887)

Effect of exchange rate changes on cash and cash equivalents

(1)

7

Net increase in cash and cash equivalents

50

347

Cash and cash equivalents at beginning of period

825

388

Cash and cash equivalents at end of period

$            875

$            735

Supplemental Disclosure

Cash paid during the period for:

Interest, net of amount capitalized

$            431

$            443

Non-cash Investing Activities

Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities

$            248

$             61

ROYAL CARIBBEAN CRUISES LTD.

NON-GAAP RECONCILING INFORMATION

(unaudited)

Gross Margin Yields, Net Yields and Adjusted Gross Margin per PCD are calculated as follows (in millions, except APCD, PCD, Yields, and Adjusted Gross Margin per PCD. Certain amounts may not add or calculate due to the use of rounded numbers):

Quarter Ended June 30,

Six Months Ended June 30,

2026

2026 On a
Constant
Currency Basis

2025

2026

2026 On a
Constant
Currency Basis

2025

Total revenues

$         4,832

$         4,802

$         4,538

$         9,284

$         9,188

$         8,537

Less:

Cruise operating expenses

2,547

2,538

2,283

4,795

4,763

4,362

Depreciation and amortization expenses

464

464

417

925

929

829

Gross Margin

1,820

1,801

1,838

3,564

3,495

3,345

Add:

Payroll and related

405

405

329

806

805

669

Food

262

262

246

526

526

486

Fuel

355

355

279

619

619

557

Other operating

615

609

561

1,157

1,139

1,061

Depreciation and amortization expenses

464

464

417

925

929

829

Adjusted Gross Margin

$         3,922

$         3,896

$         3,670

$         7,597

$         7,515

$         6,946

APCD

13,572,396

13,572,396

12,942,385

27,275,099

27,275,099

25,600,377

Passenger Cruise Days

14,962,211

14,962,211

14,277,894

29,835,410

29,835,410

28,046,226

Gross Margin Yields

$       134.11

$       132.66

$       142.00

$       130.69

$       128.15

$       130.67

Net Yields

$       288.95

$       287.05

$       283.56

$       278.54

$       275.51

$       271.33

Adjusted Gross Margin per PCD

$       262.11

$       260.39

$       257.03

$       254.64

$       251.87

$       247.67

ROYAL CARIBBEAN CRUISES LTD.

NON-GAAP RECONCILING INFORMATION

(unaudited)

Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel are calculated as follows (in millions, except APCD and costs per APCD. Certain amounts may not add or calculate due to the use of rounded numbers):

Quarter Ended June 30,

Six Months Ended June 30,

2026

2026 On a
Constant
Currency Basis

2025

2026

2026 On a
Constant
Currency Basis

2025

Total cruise operating expenses

$         2,547

$         2,538

$         2,283

$         4,795

$         4,763

$         4,362

Marketing, selling and administrative expenses

513

511

508

1,095

1,086

1,071

Gross Cruise Costs

3,060

3,049

2,791

5,890

5,849

5,433

Less:

Commissions, transportation and other

622

619

606

1,186

1,174

1,128

Onboard and other

288

288

262

501

499

463

Net Cruise Costs including other costs

2,150

2,142

1,923

4,203

4,175

3,842

Less:

Restructuring charges and other initiatives expenses (1)

—

—

3

3

3

6

Net Cruise Costs

2,150

2,142

1,920

4,200

4,173

3,837

Less:

Fuel

355

355

279

619

619

557

Net Cruise Costs excluding Fuel

$         1,796

$         1,788

$         1,641

$         3,581

$         3,554

$         3,280

APCD

13,572,396

13,572,396

12,942,385

27,275,099

27,275,099

25,600,377

Gross Cruise Costs per APCD

$       225.48

$       224.62

$       215.68

$        215.95

$       214.44

$        212.22

Net Cruise Costs per APCD

$       158.42

$       157.83

$       148.34

$        154.00

$       152.99

$        149.88

Net Cruise Costs excluding Fuel per APCD

$       132.30

$       131.71

$       126.76

$        131.30

$       130.29

$        128.14

(1) These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).

ROYAL CARIBBEAN CRUISES LTD.

NON-GAAP RECONCILING INFORMATION

(unaudited)

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not add or calculate due to the use of rounded numbers):

Quarter Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net Income attributable to Royal Caribbean Cruises Ltd.

$         1,128

$         1,210

$        2,070

$        1,940

Interest income

(5)

(12)

(10)

(15)

Interest expense, net of interest capitalized

236

228

514

477

Depreciation and amortization expenses

464

417

925

829

Provision for income taxes

14

17

39

33

EBITDA

1,837

1,860

3,538

3,264

Other income

(7)

(11)

(9)

(15)

Restructuring charges and other initiative expenses (1)

—

3

3

6

Equity investment impairment, (recovery) of losses and other

—

(1)

—

(1)

Adjusted EBITDA

$         1,830

$         1,851

$        3,532

$        3,252

Total revenues

$         4,832

$         4,538

$        9,284

$        8,537

APCD

13,572,396

12,942,385

27,275,099

25,600,377

Net Income attributable to Royal Caribbean Cruises Ltd. per APCD

$         83.13

$         93.47

$        75.89

$        75.76

Adjusted EBITDA per APCD

$       134.84

$       143.00

$      129.50

$      127.04

Adjusted EBITDA Margin

37.9 %

40.8 %

38.0 %

38.1 %

(1)  These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).

ROYAL CARIBBEAN CRUISES LTD.

NON-GAAP RECONCILING INFORMATION

(unaudited)

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd., and Adjusted Earnings per Share are calculated as follows (in millions, except per share data. Certain amounts may not add or calculate due to the use of rounded numbers):

Quarter Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net Income attributable to Royal Caribbean Cruises Ltd.

$           1,128

$           1,210

$          2,070

$          1,940

Loss on extinguishment of debt and inducement expense (1)

—

—

29

10

Restructuring charges and other initiative expenses (2)

—

3

3

6

Amortization of Silversea intangible assets resulting from the Silversea acquisition (3)

2

2

3

3

Gain on sale of noncontrolling interest (4)

—

(11)

—

(11)

Equity investment impairment, (recovery) of losses and other

—

(1)

—

(1)

Adjusted Net Income attributable to Royal Caribbean Cruises Ltd.

$           1,130

$           1,202

$          2,105

$          1,946

Earnings per Share - Diluted (5)

$            4.20

$            4.41

$           7.68

$           7.10

Adjusted Earnings per Share - Diluted (6)

$            4.21

$            4.38

$           7.81

$           7.09

Weighted-Average Shares Outstanding - Diluted

268

275

270

275

(1)

For 2026, includes the loss on extinguishment of debt associated with redemptions of the senior notes maturing in 2026. For 2025, includes $10 million of inducement expense related to the settlements of the 2025 6.00% convertible notes. These amounts are included in Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss).

(2)

These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).

(3)

Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition.

(4)

For 2025, represents gain on sale of noncontrolling interest of Floating Docks and Grand Bahama Shipyard. These amounts are included in Other income within our consolidated statements of comprehensive income (loss).

(5)

For 2025, diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $1 million and $16 million for the quarter and for the six months ended June 30, 2025, respectively.

(6)

For 2025, Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $1 million and $6 million for the quarter and six months ended June 30, 2025, respectively.

SOURCE Royal Caribbean Group

Posted by Defense World Staff on Jul 28th, 2026

Elliott Investment Management L.P. raised its holdings in shares of Hewlett Packard Enterprise Company (NYSE:HPE – Free Report) by 47.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,421,735 shares of the technology company’s stock after buying an additional 8,790,757 shares during the quarter. Hewlett Packard Enterprise comprises 3.2% of Elliott Investment Management L.P.’s investment portfolio, making the stock its 5th largest holding. Elliott Investment Management L.P. owned approximately 2.07% of Hewlett Packard Enterprise worth $652,912,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Headlands Technologies LLC bought a new position in Hewlett Packard Enterprise during the second quarter worth $26,000. SJS Investment Consulting Inc. boosted its holdings in Hewlett Packard Enterprise by 159.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,165 shares of the technology company’s stock valued at $28,000 after purchasing an additional 716 shares during the period. Union Savings Bank acquired a new stake in Hewlett Packard Enterprise in the 4th quarter worth $30,000. Reflection Asset Management bought a new position in shares of Hewlett Packard Enterprise during the 4th quarter worth about $31,000. Finally, Thompson Investment Management Inc. bought a new position in shares of Hewlett Packard Enterprise during the 4th quarter worth about $34,000. 80.78% of the stock is owned by institutional investors.

Hewlett Packard Enterprise Price Performance Shares of Hewlett Packard Enterprise stock opened at $48.19 on Tuesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.75 and a current ratio of 1.09. The firm’s 50-day simple moving average is $45.43 and its 200-day simple moving average is $31.61. Hewlett Packard Enterprise Company has a twelve month low of $19.64 and a twelve month high of $64.25. The firm has a market cap of $63.81 billion, a P/E ratio of 45.04, a price-to-earnings-growth ratio of 0.52 and a beta of 1.42.

Hewlett Packard Enterprise (NYSE:HPE – Get Free Report) last posted its quarterly earnings results on Monday, June 1st. The technology company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.25. The firm had revenue of $10.68 billion during the quarter, compared to analyst estimates of $9.78 billion. Hewlett Packard Enterprise had a net margin of 3.94% and a return on equity of 11.91%. The company’s quarterly revenue was up 40.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.82) earnings per share. Hewlett Packard Enterprise has set its FY 2026 guidance at 3.350-3.450 EPS and its Q3 2026 guidance at 0.880-0.930 EPS. As a group, research analysts expect that Hewlett Packard Enterprise Company will post 2.88 EPS for the current fiscal year.

Hewlett Packard Enterprise Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 16th were paid a $0.1425 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.57 annualized dividend and a yield of 1.2%. Hewlett Packard Enterprise’s payout ratio is currently 53.27%.

Analyst Ratings Changes Several research firms recently weighed in on HPE. Barclays increased their target price on shares of Hewlett Packard Enterprise from $28.00 to $67.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Zacks Research upgraded Hewlett Packard Enterprise from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, June 10th. Loop Capital raised Hewlett Packard Enterprise from a “hold” rating to a “buy” rating and upped their price target for the company from $23.00 to $75.00 in a report on Tuesday, June 2nd. Citigroup raised their price objective on Hewlett Packard Enterprise from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday. Finally, JPMorgan Chase & Co. boosted their price objective on Hewlett Packard Enterprise from $37.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.31.

Read Our Latest Stock Report on HPE

Insider Activity at Hewlett Packard Enterprise In other news, CFO Marie Myers sold 93,583 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $30.01, for a total value of $2,808,425.83. Following the sale, the chief financial officer owned 204,754 shares in the company, valued at approximately $6,144,667.54. The trade was a 31.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 6,482 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $29.10, for a total transaction of $188,626.20. Following the completion of the sale, the director directly owned 8,018 shares in the company, valued at approximately $233,323.80. The trade was a 44.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 118,850 shares of company stock valued at $3,908,125 in the last 90 days. 0.44% of the stock is owned by corporate insiders.

Hewlett Packard Enterprise Company Profile (Free Report)

Hewlett Packard Enterprise (HPE) is an enterprise technology company that designs, develops and sells IT infrastructure, software and services for business and government customers. Its core offerings span servers, storage, networking, and related software, together with consulting, integration and support services aimed at modernizing and managing enterprise IT environments. HPE’s product portfolio includes systems for traditional data centers as well as solutions for high-performance computing, edge computing and telecommunications infrastructure.

A major focus for HPE is hybrid cloud and consumption-based IT.

Further Reading Five stocks we like better than Hewlett Packard Enterprise AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight Want to see what other hedge funds are holding HPE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hewlett Packard Enterprise Company (NYSE:HPE – Free Report).

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Memory chip makers Micron and Sandisk are two of the hottest artificial intelligence stocks on the market, with shares gaining 720% and 3,200%, respectively, in the past year. But Shopify (SHOP +11.54%) is also leaning into the AI revolution, and Wall Street thinks the stock is undervalued.

Among 55 analysts, Shopify has a median target price of $150 per share, implying 32% upside from its current share price of $113. But Keith Weiss at Morgan Stanley is among the most optimistic analysts; he recently set Shopify with a bull-case target price of $287 per share, implying about 150% upside from its current price.

Here's what investors should know.

Image source: Getty Images.

Shopify is leaning into agentic commerce Shopify provides a turnkey solution for omnichannel commerce. Its software platform lets merchants manage their businesses across physical and digital storefronts, including social media, online marketplaces, and custom websites. Shopify also provides adjacent merchant solutions for payments, marketing, logistics, and artificial intelligence (AI).

Shopify's gross merchandise volume (GMV) increased 35% in the first quarter as investments beyond its core retail e-commerce offering continued to pay off. In particular, wholesale (business-to-business) GMV rose 80% and international GMV increased 45%. In turn, total revenue rose 31% to $3.1 billion and non-GAAP net income climbed 44% to $0.36 per diluted share.

Shopify is the market leader in e-commerce software and its merchants account for nearly 15% of U.S. e-commerce sales, which makes it the second largest company in the industry behind Amazon. Shopify is well positioned to gain market share in the agentic commerce era. Agentic commerce is a new technology where AI agents shop for consumers, handling everything from product research and comparisons to purchases.

Shopify co-developed the Universal Commerce Protocol (UCP) with Alphabet's Google, an open standard that allows commerce platform to syndicate merchant product catalog across agentic surfaces. Shopify is the only platform that enables product discovery and selling inside OpenAI's ChatGPT, Microsoft's Copilot, and Google's Gemini, according to President Harley Finkelstein.

Shopify is already benefiting from investments in agentic commerce. In the first quarter, AI-driven traffic to merchant storefronts climbed 8x, and orders from AI-powered searches increased 13x. "Early signals on AI channels are really compelling," Finkelstein told analysts. That bodes well for the future. Grand View Research estimates that agentic commerce sales will increase at 36% annually through 2033.

Meanwhile, Shopify employees are also leaning on AI to improve productivity. AI tools now handle over 50% of coding and management expects that figure to increase. By automating that work, Shopify was able to ship more than 300 new products last year while keeping its headcount flat. Those internal efficiencies should drive greater profitability over time.

Today's Change

(

11.54

%) $

13.13

Current Price

$

126.88

Shopify stock is expensive but still worth consideration Wall Street expects Shopify's adjusted earnings to increase at 31% annually through 2028. In that context, the current valuation of 74 times earnings looks relatively expensive. Yet, Keith Weiss at Morgan Stanley believes his bull-case scenario will materialize if sales growth accelerates on stronger-than-anticipated adoption of merchant solutions like Shopify Payments and Shopify Audiences (machine learning marketing software).

I doubt revenue growth will accelerate enough for the stock to hit $287 per share any time soon; the valuation is simply too rich. However, Wall Street's median target price values Shopify at $150 per share. That is more reasonable, though the company will probably still need to beat estimates and deliver encouraging guidance to reach that price.

Here's the bottom line: Shopify is well positioned to take market share in e-commerce as the agentic AI era unfolds. Yes, the stock is expensive, but it's also down 36% from its high. I think that creates a reasonable entry point for patient investors with a time horizon of at least five years. But I would start with a very small position and add shares if the stock continues to fall.

, /PRNewswire/ -- Dover Corporation (NYSE: DOV) today announced that it has signed a definitive agreement to acquire Cloeren Incorporated ("Cloeren"). Cloeren will become part of the MAAG business unit within Dover's Pumps & Process Solutions segment following the closing of the deal.

As a global leader in the production of high-performance, custom-designed extrusion T-dies and feedblocks primarily for polymer and plastics applications, Cloeren is highly regarded for its technical capabilities and blue-chip customer base. The Company is based in Orange, TX, near North America's petrochemical and energy export hub, with additional manufacturing locations in Marshall, TX; Eau Claire, WI; and Micheldorf, Austria.

The acquisition adds complementary extrusion technologies to MAAG's portfolio and expands its ability to serve customers with a broader, more complete solution across polymer processing applications.

"Cloeren is a strong strategic fit for MAAG and will further enhance our capabilities in extrusion applications," said Ueli Thuerig, President of MAAG. "The addition of Cloeren's technologies and engineering expertise expands our solutions offering and strengthens our ability to support customers with highly engineered, mission-critical equipment."

The transaction is expected to close in the third quarter following satisfactory completion of customary closing conditions. The terms of the transaction were not disclosed.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Forward-Looking Statements:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the anticipated effects of the transaction. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions, and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Contact:
Jack Dickens
Vice President – Investor Relations
(630) 743-2566
[email protected]

Media Contact:
Adrian Sakowicz
Vice President – Communications
(630) 743-5039
[email protected]

SOURCE Dover

Posted by Defense World Staff on Jul 28th, 2026

Arrowstreet Capital Limited Partnership purchased a new position in shares of Oracle Corporation (NYSE:ORCL – Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 370,229 shares of the enterprise software provider’s stock, valued at approximately $54,464,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Dickmeyer Boyce Financial Management Inc. bought a new stake in Oracle in the first quarter worth $353,000. Gibbs Wealth Management lifted its position in shares of Oracle by 58.2% in the first quarter. Gibbs Wealth Management now owns 40,516 shares of the enterprise software provider’s stock worth $5,960,000 after buying an additional 14,902 shares during the last quarter. Alamar Capital Management LLC acquired a new stake in shares of Oracle in the first quarter worth about $1,248,000. Davis R M Inc. boosted its stake in shares of Oracle by 27.6% during the 1st quarter. Davis R M Inc. now owns 25,780 shares of the enterprise software provider’s stock worth $3,792,000 after acquiring an additional 5,580 shares in the last quarter. Finally, Cetera Investment Advisers boosted its stake in shares of Oracle by 7.4% during the 1st quarter. Cetera Investment Advisers now owns 787,215 shares of the enterprise software provider’s stock worth $115,806,000 after acquiring an additional 54,003 shares in the last quarter. Institutional investors own 42.44% of the company’s stock.

Key Oracle News Here are the key news stories impacting Oracle this week:

Positive Sentiment: Oracle won a Pentagon cloud and software contract with a $3.31 billion five-year base value and potential total value of nearly $7 billion over 10 years. The agreement strengthens Oracle’s position in government cloud computing and reinforces its AI-related growth strategy. A $7 Billion Reason to Buy Oracle Stock Now Positive Sentiment: Reports that Nvidia could provide roughly $250 billion in financing or support for an OpenAI data-center buildout are boosting expectations for Oracle, which could benefit from the project’s cloud and infrastructure requirements. Nvidia and OpenAI Data Center Push Positive Sentiment: Falling interest rates are supporting high-growth technology stocks, while Oracle’s upcoming earnings report is expected to show double-digit year-over-year EPS growth. Oracle previously exceeded quarterly EPS and revenue estimates, with revenue rising 20.6% year over year. Tech Stocks Gap Higher as Rates Drop Neutral Sentiment: Brokerages maintain an average “Moderate Buy” recommendation, but investors are focused on whether Oracle can convert its large AI and defense pipeline into sustainable cash flow and earnings growth. Oracle Receives Moderate Buy Recommendation Negative Sentiment: Despite the Pentagon award, Oracle shares recently fell to a 52-week low and remain down more than 60% from their prior peak. Investors appear concerned that contract wins may not offset spending demands, elevated leverage and execution risks. Oracle Stock Plunged to a 52-Week Low Negative Sentiment: Oracle’s debt-to-equity ratio is 3.21, and one major customer may face difficulty meeting its obligations. That raises concerns about liquidity, customer concentration and the cost of financing its aggressive data-center expansion. Oracle Stock Down: Buying Opportunity or Falling Knife Oracle Price Performance NYSE ORCL opened at $120.00 on Tuesday. The stock has a 50-day simple moving average of $168.98 and a 200 day simple moving average of $166.18. Oracle Corporation has a twelve month low of $114.75 and a twelve month high of $345.72. The stock has a market capitalization of $345.65 billion, a PE ratio of 20.58, a P/E/G ratio of 0.72 and a beta of 1.72. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.12 and a current ratio of 1.12.

Oracle (NYSE:ORCL – Get Free Report) last released its earnings results on Wednesday, June 10th. The enterprise software provider reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.15. The firm had revenue of $19.18 billion for the quarter, compared to analyst estimates of $19.10 billion. Oracle had a return on equity of 58.62% and a net margin of 25.37%.The company’s revenue was up 20.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.70 EPS. Oracle has set its Q1 2027 guidance at 1.720-1.760 EPS and its FY 2027 guidance at 8.050-8.050 EPS. Research analysts anticipate that Oracle Corporation will post 6.47 EPS for the current year.

Oracle Announces Dividend The business also recently declared a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Friday, July 10th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, July 10th. Oracle’s dividend payout ratio (DPR) is currently 34.31%.

Wall Street Analyst Weigh In A number of research analysts recently weighed in on the company. Moffett Nathanson set a $325.00 price objective on Oracle in a research note on Thursday, June 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $284.00 target price on shares of Oracle in a research report on Thursday, June 11th. BMO Capital Markets increased their price target on Oracle from $200.00 to $220.00 and gave the company an “outperform” rating in a report on Thursday, June 11th. BTIG Research reissued a “buy” rating and issued a $400.00 price target on shares of Oracle in a research report on Friday, June 5th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $190.00 price objective on shares of Oracle in a research note on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $265.03.

Check Out Our Latest Analysis on ORCL

Insider Activity In other news, Vice Chairman Jeffrey Henley sold 400,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $159.16, for a total transaction of $63,664,000.00. Following the transaction, the insider owned 400,000 shares in the company, valued at approximately $63,664,000. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 40.90% of the company’s stock.

Oracle Company Profile (Free Report)

Oracle Corporation is a multinational technology company that develops and sells database software, cloud engineered systems, enterprise software applications and related services. The company is widely known for its flagship Oracle Database and a portfolio of enterprise-grade software products that support data management, application development, analytics and middleware. Over recent years Oracle has expanded its focus to include cloud infrastructure and cloud applications, positioning itself as a provider of both platform and software-as-a-service solutions for large organizations.

Oracle’s product and service offerings include Oracle Database and the Autonomous Database, Oracle Cloud Infrastructure (OCI), enterprise resource planning (ERP), human capital management (HCM) and supply chain management (SCM) cloud applications (often grouped under Oracle Fusion Cloud Applications), middleware such as WebLogic, and developer technologies including Java and MySQL.

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Posted by Defense World Staff on Jul 28th, 2026

Advent International L.P. grew its position in shares of Intuit Inc. (NASDAQ:INTU – Free Report) by 332.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,000 shares of the software maker’s stock after purchasing an additional 17,682 shares during the quarter. Intuit makes up 0.2% of Advent International L.P.’s holdings, making the stock its 23rd biggest holding. Advent International L.P.’s holdings in Intuit were worth $9,945,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of Intuit by 61.3% during the fourth quarter. Brighton Jones LLC now owns 3,552 shares of the software maker’s stock worth $2,233,000 after purchasing an additional 1,350 shares during the period. Revolve Wealth Partners LLC raised its position in Intuit by 145.6% during the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker’s stock worth $511,000 after purchasing an additional 482 shares during the last quarter. Nicholas Hoffman & Company LLC. bought a new position in Intuit during the 1st quarter worth $785,564,000. Sivia Capital Partners LLC lifted its holdings in Intuit by 23.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 886 shares of the software maker’s stock worth $698,000 after buying an additional 166 shares during the period. Finally, Florida Financial Advisors LLC grew its position in shares of Intuit by 12.2% in the 2nd quarter. Florida Financial Advisors LLC now owns 470 shares of the software maker’s stock valued at $370,000 after buying an additional 51 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Intuit In related news, Director Vasant M. Prabhu bought 1,250 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were acquired at an average cost of $309.45 per share, with a total value of $386,812.50. Following the completion of the purchase, the director directly owned 1,250 shares in the company, valued at $386,812.50. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard L. Dalzell sold 338 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $279.86, for a total transaction of $94,592.68. Following the completion of the sale, the director owned 12,326 shares of the company’s stock, valued at $3,449,554.36. The trade was a 2.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,239 shares of company stock worth $348,354. 2.49% of the stock is owned by insiders.

Analysts Set New Price Targets Several brokerages have recently weighed in on INTU. Oppenheimer decreased their price target on Intuit from $558.00 to $406.00 and set an “outperform” rating for the company in a research note on Thursday, May 21st. Mizuho reduced their target price on Intuit from $600.00 to $500.00 and set an “outperform” rating on the stock in a report on Tuesday, May 26th. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $580.00 to $335.00 in a report on Tuesday, July 21st. BMO Capital Markets dropped their price target on shares of Intuit from $550.00 to $412.00 and set an “outperform” rating on the stock in a research report on Thursday, May 21st. Finally, The Goldman Sachs Group lowered shares of Intuit from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $519.00 to $276.00 in a research note on Tuesday, June 2nd. Twenty-one investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $468.84.

View Our Latest Report on INTU

Trending Headlines about Intuit Here are the key news stories impacting Intuit this week:

Positive Sentiment: Intuit is highlighted as an “AI winner” that uses artificial intelligence behind the scenes to reduce costs and improve operating efficiency rather than relying solely on AI product sales. The article also cites strong recent earnings and supportive analyst ratings. These 3 AI Winners Don’t Sell the Tech—They Use It Positive Sentiment: The stock’s outperformance in the latest session may have attracted additional momentum-focused buying. Intuit’s latest reported quarter included revenue growth of 10.4% year over year and earnings that exceeded analyst expectations, providing a fundamental backdrop for the advance. Intuit Rises Higher Than Market: Key Facts Neutral Sentiment: Multiple law firms reminded investors of September 8–9 deadlines to seek lead-plaintiff status in a securities class action covering purchases made from August 22, 2025, through May 20, 2026. These notices largely repeat existing allegations and do not represent a new company operating update. Rosen Securities Class Action Notice Negative Sentiment: The class action alleges that Intuit made material misstatements or omissions about the strength of its tax-related business and TurboTax growth outlook. The litigation follows a sharp prior stock decline and could create legal costs, reputational risk and continued investor uncertainty. Intuit Class Action Lawsuit Notice Negative Sentiment: An investment-fund review says Intuit has lost investor appeal because of concerns about AI disruption and future earnings, signaling that valuation and competitive-growth risks remain overhangs despite the recent rebound. Intuit Lost Appeal on AI Disruption and Earnings Concerns Intuit Stock Up 2.6% Shares of Intuit stock opened at $303.91 on Tuesday. The stock’s 50-day moving average is $291.65 and its 200 day moving average is $389.50. Intuit Inc. has a one year low of $252.84 and a one year high of $813.70. The firm has a market cap of $83.13 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 1.09 and a beta of 1.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.45 and a quick ratio of 1.45.

Intuit (NASDAQ:INTU – Get Free Report) last issued its earnings results on Wednesday, May 20th. The software maker reported $12.80 earnings per share for the quarter, topping analysts’ consensus estimates of $12.57 by $0.23. The business had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $8.54 billion. Intuit had a return on equity of 25.18% and a net margin of 21.91%.The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the previous year, the company posted $11.65 earnings per share. Intuit has set its Q4 2026 guidance at 3.560-3.620 EPS and its FY 2026 guidance at 23.800-23.850 EPS. Equities research analysts anticipate that Intuit Inc. will post 18.18 EPS for the current year.

Intuit Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Thursday, July 9th were given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Thursday, July 9th. Intuit’s payout ratio is presently 29.07%.

Intuit Company Profile (Free Report)

Intuit Inc (NASDAQ: INTU) is a financial software company headquartered in Mountain View, California, that develops and sells cloud-based financial management and compliance products for individuals, small businesses, self-employed workers and accounting professionals. Founded in 1983 by Scott Cook and Tom Proulx, the company has grown from desktop tax and accounting software into a diversified provider of online financial tools. As of my latest update, Sasan Goodarzi serves as Chief Executive Officer.

Intuit’s product portfolio includes QuickBooks, its flagship accounting and business-management platform that offers bookkeeping, payroll, payments and invoicing capabilities; TurboTax, a tax-preparation and filing service aimed at individual taxpayers; and Mint, a consumer personal-finance and budgeting app.

Read More Five stocks we like better than Intuit AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTU – Free Report).

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Transaction brings together Agusto & Co.'s Pan-African market expertise and S&P Global Ratings' global ratings experience to support the development of African markets  Partnership deepens and strengthens S&P Global Ratings' presence in Africa's domestic credit markets  , /PRNewswire/ -- S&P Global announced today that it has agreed to acquire a majority stake in Agusto & Co., a leading Pan-African rating agency with operations in Nigeria, Kenya, Rwanda and Ghana. The investment, a strategic step for both companies, will complement and support the growth strategy of the S&P Global Ratings division in Africa. By combining S&P Global's international expertise and resources with Agusto & Co.'s strong Pan-African presence and reputation for excellence, the partnership aims to expand market insights, strengthen credit transparency, and support market participants across the region. 

"We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa," said Yann Le Pallec, President, S&P Global Ratings. "This transaction underscores our commitment to supporting growth and transparency in local credit markets throughout the continent. Africa's opportunity is extraordinary, and by combining our global expertise with Agusto & Co.'s deep local insights, together we can foster informed analysis, constructive market dialogue, and greater investor confidence both regionally and internationally."

"This partnership is a transformational milestone for Agusto & Co. and African capital markets, fulfilling our late founder's vision of affiliating with a leading global rating agency," said Yinka Adelekan, Managing Director of Agusto & Co. "For more than 30 years, we have built a trusted credit rating institution across Africa. By combining our deep Pan-African market knowledge and analytical independence with S&P Global Ratings' global expertise, resources and affiliate network, we believe this partnership will create new opportunities, enhance value for market participants, and support the continued development of transparent and resilient credit markets across the continent."

Agusto & Co. is a leading Pan-African credit rating agency with a strong presence in Nigeria and other key African markets, rating financial institutions, corporates and other entities. Following the transaction, Agusto & Co. will continue to operate as a separate ratings entity and issue its own credit ratings and methodologies in accordance with applicable regulatory requirements.

The transaction is subject to customary closing conditions, including receipt of required regulatory approvals. The terms of the transaction were not disclosed. Subject to obtaining all required regulatory approvals, the transaction is expected to close during the second half of 2026.

The transaction is not expected to have a material impact on the financial results of S&P Global or S&P Global Ratings.

Media Contacts:

Farhan Husain  
S&P Global Ratings
[email protected]  

Michelle James
S&P Global Ratings
[email protected] 

About S&P Global

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape.

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges and plan for tomorrow – today. Learn more at www.spglobal.com.

About Agusto & Co. 

Agusto & Co. is a Pan-African credit rating agency and a leading provider of industry research and knowledge in Nigeria and Sub-Saharan Africa. Since inception, Agusto & Co. has assigned over 4,000 ratings to banks, corporates, finance & leasing companies, funds & investment managers, insurance companies, microfinance banks, mortgage institutions, corporate bonds, municipal bonds, structured notes, securities & investment firms, supranational bonds and sovereigns, across Africa. 

Agusto & Co. holds credit rating licenses that allow it to operate in Nigeria, Kenya, Rwanda and Ghana. The agency has a thorough understanding of both the African macroeconomic and business environments.  Agusto & Co. is also an Approved Verifier by the Climate Bonds Standard with the capacity to perform verification of green bonds, projects and assets in Africa. In addition, Agusto & Co. is listed by the International Capital Market Association (ICMA)  as an External Reviewer that has adopted the Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Sustainability-Linked Bond Principles, and provides Second Party Opinion (SPO) across Africa.  

Forward-Looking Statements: This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995.  These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company's business strategies and methods of generating revenue; the development and performance of the Company's services and products; the expected impact of acquisitions and dispositions; the Company's effective tax rates; and the Company's cost structure, dividend policy, cash flows or liquidity. 

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things: 

worldwide economic, financial, political, regulatory, and geopolitical conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs and disruptions to shipping in connection with the military conflict in the Middle East), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration;  the volatility and health of debt, equity, commodities and energy markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;  the demand and market for credit ratings in and across the sectors and geographies where the Company operates;  the Company's ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;  the outcome of litigation, government and regulatory proceedings, investigations and inquiries;  concerns in the marketplace affecting the Company's credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;  the level of merger and acquisition activity in the United States and abroad;  the level of the Company's future cash flows and capital investments;  the effect of competitive products (including those incorporating artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion;  the impact of customer cost-cutting pressures;  a decline in the demand for our products and services by our customers and other market participants;  our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors;  the introduction of competing products (including those developed by AI) or technologies by other companies;   our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services;  our ability to attract, incentivize and retain key employees, especially in a competitive business environment;  our ability to successfully navigate key organizational changes;  the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;  the Company's exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;  the Company's ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;  consolidation of the Company's customers, suppliers or competitors;  the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;  the Company's ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;  the impact on the Company's revenue and net income caused by fluctuations in foreign currency exchange rates;  the impact of changes in applicable tax or accounting requirements on the Company;  the ability of the separation of Mobility Global to qualify for tax-free treatment for U.S. federal income tax purposes;  any disruption to the Company's business in connection with the separation of Mobility Global; and  any loss of synergies from separating the businesses of Mobility Global and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility Global not realizing all of the expected benefits of the separation.  The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company's businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company's filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. 

SOURCE S&P Global

Posted by Defense World Staff on Jul 28th, 2026

Cetera Investment Advisers lowered its holdings in shares of The Kroger Co. (NYSE:KR – Free Report) by 17.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 311,154 shares of the company’s stock after selling 66,152 shares during the period. Cetera Investment Advisers owned about 0.05% of Kroger worth $22,515,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Ares Financial Consulting LLC purchased a new position in Kroger during the fourth quarter worth $25,000. Princeton Global Asset Management LLC lifted its position in shares of Kroger by 268.1% in the fourth quarter. Princeton Global Asset Management LLC now owns 416 shares of the company’s stock valued at $26,000 after acquiring an additional 303 shares in the last quarter. MV Capital Management Inc. acquired a new stake in shares of Kroger during the fourth quarter valued at $26,000. Whipplewood Advisors LLC acquired a new stake in shares of Kroger during the first quarter valued at $27,000. Finally, Lloyd Advisory Services LLC. purchased a new stake in Kroger during the 4th quarter worth about $28,000. 80.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades Several brokerages recently weighed in on KR. Royal Bank Of Canada reissued an “outperform” rating on shares of Kroger in a research note on Monday, June 1st. Erste Group Bank cut shares of Kroger from a “buy” rating to a “hold” rating in a research note on Monday, April 27th. Morgan Stanley lowered their price target on shares of Kroger from $73.00 to $67.00 and set an “equal weight” rating for the company in a report on Monday, June 22nd. Wells Fargo & Company set a $58.00 price objective on shares of Kroger in a research note on Monday, June 22nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Kroger from $72.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Ten investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $72.00.

View Our Latest Stock Report on Kroger

Kroger Price Performance KR opened at $57.99 on Tuesday. The Kroger Co. has a 52-week low of $54.15 and a 52-week high of $76.58. The company has a market cap of $35.53 billion, a P/E ratio of 34.11, a P/E/G ratio of 1.53 and a beta of 0.44. The company has a quick ratio of 0.39, a current ratio of 0.79 and a debt-to-equity ratio of 2.43. The company has a 50 day moving average of $60.65 and a two-hundred day moving average of $65.39.

Kroger (NYSE:KR – Get Free Report) last released its quarterly earnings data on Thursday, June 18th. The company reported $1.58 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.01). The company had revenue of $46.12 billion during the quarter, compared to analysts’ expectations of $45.59 billion. Kroger had a net margin of 0.71% and a return on equity of 44.33%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $1.49 earnings per share. Kroger has set its FY 2026 guidance at 5.100-5.30 EPS. On average, analysts expect that The Kroger Co. will post 5.21 earnings per share for the current year.

Kroger Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Saturday, August 15th will be issued a $0.39 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.56 dividend on an annualized basis and a yield of 2.7%. This is an increase from Kroger’s previous quarterly dividend of $0.35. Kroger’s dividend payout ratio (DPR) is presently 82.35%.

About Kroger (Free Report)

The Kroger Co (NYSE: KR) is one of the largest supermarket operators in the United States, offering a wide range of retail grocery and related services. Founded in Cincinnati in 1883 by Bernard Kroger, the company operates a portfolio of supermarket and multi-department store banners and provides customers with fresh foods, packaged groceries, deli and bakery items, meat and seafood, produce, and prepared foods. Kroger’s stores commonly include pharmacy services and fuel centers, positioning the company as a broad-based neighborhood retail destination for everyday needs.

In addition to traditional in-store retailing, Kroger manufactures and distributes a variety of private-label brands and operates its own food production and supply-chain facilities.

Featured Stories Five stocks we like better than Kroger AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight Want to see what other hedge funds are holding KR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Kroger Co. (NYSE:KR – Free Report).

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, /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the second quarter ended June 30, 2026. All comparisons are to the second quarter of the prior year, unless otherwise noted.

SUMMARY

The Sherwin-Williams Company Reports 2026 Second Quarter Financial Results Consolidated Net sales increased 7.5% to $6.79 billion in the quarter Net sales from stores in the Paint Stores Group open more than twelve calendar months increased 4.2% in the quarter Diluted net income per share increased 14.3% to $3.43 per share in the quarter compared to $3.00 per share in the second quarter of 2025 Adjusted diluted net income per share increased 9.5% to $3.70 per share in the quarter compared to $3.38 per share in the second quarter of 2025 Net income increased 11.8% in the quarter to $843.6 million, or 12.4% of Net sales Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in the quarter increased 13.8% to $1.43 billion, or 21.1% of Net sales Increasing full year 2026 diluted net income per share guidance in the range of $10.92 to $11.32 per share, including Valspar acquisition-related amortization expense of $0.81 per share and severance and other restructuring expenses of $0.07 per share Increasing full year 2026 adjusted diluted net income per share guidance in the range of $11.80 to $12.20 per share CEO REMARKS

"Sherwin-Williams delivered strong second quarter results and continued to outperform the market despite ongoing global uncertainty and no meaningful improvement in demand," said Chair, President and Chief Executive Officer, Heidi G. Petz. "Sales improvement was driven by continued growth investments, new account wins and increased share of wallet, and exceeded guidance on a consolidated basis and across all three reportable segments. We also implemented pricing actions to offset raw material inflation that pressured our gross margin in the quarter. Adjusted EBITDA and diluted earnings per share rose approximately 10% year over year, and adjusted EBITDA margin grew 60 basis points to 21.5%. Net operating cash improved by 21% in the quarter, and free cash flow conversion in the quarter was 86%. We returned $1.46 billion to shareholders through dividends and share repurchases. Our team remains focused on executing our customer-centered strategy while controlling what we can control amidst a challenging macro-economic backdrop."

SECOND QUARTER CONSOLIDATED RESULTS
(in millions, except per share data)

Three Months Ended June 30,

2026

2025

$ Change

% Change

Net sales

$       6,789.3

$      6,314.5

$          474.8

7.5 %

Income before income taxes

$       1,112.5

$         985.7

$          126.8

12.9 %

Percent to Net sales

16.4 %

15.6 %

Net income per share - diluted

$           3.43

$           3.00

$            0.43

14.3 %

Adjusted net income per share - diluted

$           3.70

$           3.38

$            0.32

9.5 %

Consolidated Net sales increased primarily due to higher Net sales in all reportable segments, inclusive of the October 2025 acquisition of Suvinil.

Income before income taxes increased primarily due to higher Net sales, partially offset by a moderate rise in raw material costs, an increase in employee-related costs, incremental selling, general and administrative (SG&A) expenses associated with Suvinil, higher costs in the Administrative function related to the new global headquarters and technology center and additional interest expense attributable to an increase in short-term borrowings and long-term debt.

Diluted net income per share included a charge of $0.20 per share for Valspar acquisition-related amortization expense in the second quarter of 2026 and 2025. In the second quarter of 2026 and 2025, diluted net income per share also included a charge of $0.07 and $0.18 per share, respectively, related to severance and other restructuring expenses.

SECOND QUARTER SEGMENT RESULTS
(in millions)Paint Stores Group (PSG)

Three Months Ended June 30,

2026

2025

$ Change

% Change

Net sales

$        3,890.0

$        3,702.2

$          187.8

5.1 %

Same-store sales (1)

4.2 %

0.8 %

Segment profit

$          957.6

$          916.5

$            41.1

4.5 %

Reported segment margin

24.6 %

24.8 %

(1)Same-store sales represents Net sales from stores open more than twelve calendar months.

Net sales in PSG increased primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, as well as low-single digit percentage sales volume growth. Net sales increased in all professional customer end markets, led by a double-digit percentage increase in protective and marine, a high-single digit percentage increase in commercial and a mid-single digit percentage increase in residential repaint. Segment profit increased primarily due to higher Net sales, partially offset by a moderate rise in raw material costs and increased costs to support higher sales, including investments in additional sales reps and stores.

Consumer Brands Group (CBG)

Three Months Ended June 30,

2026

2025

$ Change

% Change

Net sales

$          983.5

$          809.4

$          174.1

21.5 %

Segment profit

$          212.9

$          164.2

$            48.7

29.7 %

Reported segment margin

21.6 %

20.3 %

Adjusted segment profit (1)

$          241.4

$          181.4

$            60.0

33.1 %

Adjusted segment margin

24.5 %

22.4 %

(1)

Adjusted segment profit equals Segment profit excluding the impact of Valspar acquisition-related amortization expense and severance and other restructuring expenses. In CBG, Valspar acquisition-related amortization expense was $15.6 million and $15.5 million in the second quarter of 2026 and 2025, respectively, and severance and other restructuring expenses were $12.9 million and $1.7 million in the second quarter of 2026 and 2025, respectively.

Net sales in CBG increased primarily as a result of the acquisition of Suvinil, increased Net sales in North America and a 1.6% impact from favorable foreign currency translation. Segment profit increased primarily due to higher Net sales, favorable mix, supply chain efficiencies and benefits from foreign currency transaction gains and losses, partially offset by a moderate rise in raw material costs and incremental SG&A expenses associated with the Suvinil acquisition. Adjusted segment profit increased for these same reasons, including an increase in the expenses associated with targeted restructuring actions in the second quarter of 2026.

Valspar acquisition-related amortization expense reduced Segment profit as a percent of Net sales by 160 and 190 basis points in the second quarter of 2026 and 2025, respectively. Severance and other restructuring expenses reduced Segment profit as a percent of Net sales by 130 and 20 basis points in the second quarter of 2026 and 2025, respectively.

Performance Coatings Group (PCG)

Three Months Ended June 30,

2026

2025

$ Change

% Change

Net sales

$        1,913.8

$        1,801.1

$          112.7

6.3 %

Segment profit

$          273.3

$          245.1

$            28.2

11.5 %

Reported segment margin

14.3 %

13.6 %

Adjusted segment profit (1)

$          332.0

$          302.3

$            29.7

9.8 %

Adjusted segment margin

17.3 %

16.8 %

(1)

Adjusted segment profit equals Segment profit excluding the impact of Valspar acquisition-related amortization expense and severance and other restructuring expenses. In PCG, Valspar acquisition-related amortization expense was $49.9 million and $49.0 million in the second quarter of 2026 and 2025, respectively, and severance and other restructuring expenses were $8.8 million and $8.2 million in the second quarter of 2026 and 2025, respectively.

Net sales in PCG increased primarily due to selling price increases, mainly attributable to product mix, which impacted Net sales by a low-single digit percentage, low-single digit percentage sales volume growth and a 2.0% impact from favorable foreign currency translation. Net sales increased in all businesses, led by General Industrial and Automotive Refinish, which each increased by a high-single digit percentage, and Packaging, Industrial Wood and Coil, which each increased by a mid-single digit percentage. Segment profit increased primarily due to higher Net sales, partially offset by a moderate rise in raw material costs and an increase in employee-related costs to support higher sales. Adjusted segment profit increased for these same reasons, including a modest increase in the expenses associated with targeted restructuring actions in the second quarter of 2026.

Valspar acquisition-related amortization expense reduced Segment profit as a percent of Net sales by 260 and 270 basis points in the second quarter of 2026 and 2025, respectively. Severance and other restructuring expenses reduced Segment profit as a percent of Net sales by 40 and 50 basis points in the second quarter of 2026 and 2025, respectively.

LIQUIDITY AND CASH FLOW

The Company generated $1.49 billion in Net operating cash and returned cash of $2.23 billion to our shareholders in the form of dividends and repurchases of 5.6 million shares of its common stock during the first six months of 2026. At June 30, 2026, the Company had remaining authorization to purchase 24.0 million shares of its common stock through open market purchases.

2026 GUIDANCE

Third Quarter

Full Year

2026

2026

Net sales

Up mid to high-single digit %

Up mid to high-single digit %

Effective tax rate

Low twenty percent

Diluted net income per share

$10.92

-

$11.32

Adjusted diluted net income per share (1)

$11.80

-

$12.20

(1)

Excludes $0.81 per share of Valspar acquisition-related amortization expense and $0.07 per share of severance and other restructuring expenses.

"Our better than expected second quarter results reflect the power of our differentiated model, our focus on the customer and the decisive actions our teams are taking to grow share, manage costs and respond to this dynamic environment," said Ms. Petz. "While customer sentiment and the leading indicators we track point to continued demand softness in the second half, we remain focused on the actions within our control. Our deep and experienced team is executing with urgency, driving share gains, improving productivity and maintaining discipline across the enterprise.

"During the second quarter, we took restructuring actions that are expected to generate approximately $17 million of annual savings, and we see additional opportunities to leverage our competitive advantages, simplify the business, improve execution and deliver greater value to our customers. At the same time, broad-based cost inflation continues across raw materials, energy, logistics and packaging, and we are responding with pricing actions across our businesses, including an announced 8% price increase in Paint Stores Group effective September 1.

"Against this backdrop, we expect third quarter 2026 consolidated Net sales to be up a mid to high-single digit percentage compared to the third quarter of 2025. We are raising our full year 2026 guidance, with consolidated Net sales expected to be up a mid to high-single digit percentage compared to full year 2025. Diluted net income per share is expected to be in the range of $10.92 to $11.32 per share, including acquisition-related amortization expense of $0.81 per share and severance and other restructuring expenses of $0.07 per share, compared to $10.26 per share in 2025. Full year 2026 adjusted diluted net income per share is expected to be in the range of $11.80 to $12.20 per share compared to $11.43 per share in 2025.

"We are pleased with our first-half performance and the momentum we are carrying into the second half of the year. Our updated outlook remains appropriately disciplined given the uncertain environment, but our confidence is grounded in the strength of our team, our customer relationships, our differentiated model and our proven ability to deliver."

CONFERENCE CALL INFORMATION

The Company will host a conference call to discuss its financial results for the second quarter, and its outlook for the third quarter and full year 2026, at 10:00 a.m. EDT on Tuesday, July 28, 2026. Heidi G. Petz, Sherwin-Williams' Chair, President and Chief Executive Officer, along with other senior executives, will participate on the call.

The conference call will be webcast simultaneously in listen only mode. To listen to the webcast on the Sherwin-Williams website, click on https://investors.sherwin-williams.com/financials/quarterly-results/, then click on the webcast icon following the reference to the Q2 webcast. An archived replay of the webcast will be available at https://investors.sherwin-williams.com/financials/quarterly-results/ beginning approximately two hours after the call ends.

ABOUT THE SHERWIN-WILLIAMS COMPANY

Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial and retail customers. The Company manufactures products under well-known brands such as Sherwin-Williams®, Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson's® WaterSeal®, Cabot®, Suvinil® and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through a chain of more than 5,400 Company-operated stores and branches, while the Company's other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers and industrial distributors. The Sherwin-Williams Performance Coatings Group supplies a broad range of highly-engineered solutions for the construction, industrial, packaging and transportation markets in more than 120 countries around the world. Sherwin-Williams shares are traded on the New York Stock Exchange (symbol: SHW). For more information, visit www.sherwin.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements contained in this press release constitute "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements are based upon management's current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions and may relate to, among other things, anticipated future performance (including sales and earnings), expected growth, and future business plans. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "anticipate," "aspire," "believe," "could," "estimate," "expect," "goal," "intend," "may," "plan," "potential," "project," "seek," "should," "strive," "target," "will," or "would" or the negative thereof or comparable terminology.

Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside our control, that could cause actual results to differ materially from such statements and from our historical results, performance and experience. These risks, uncertainties and other factors include such things as: general business and economic conditions in the United States and worldwide; inflation rates, interest rates, unemployment rates, labor costs, healthcare costs, recessionary conditions, geopolitical conditions, terrorist activity, armed conflicts and wars, public health crises, pandemics, outbreaks of disease and supply chain disruptions; shifts in consumer behavior driven by economic downturns in cyclical segments of the economy; shortages and increases in the cost of raw materials and energy; catastrophic events, adverse weather conditions and natural disasters (including those that may be related to climate change); disruptions to our information technology systems, including due to digitization efforts or cybersecurity incidents; our ability to attract, retain, develop and progress a qualified global workforce; the loss of any of our largest customers; increased competition or failure to keep pace with developments in key competitive areas of our business; our ability to successfully integrate past and future acquisitions, into our existing operations; risks and uncertainties associated with our expansion into and our operations in South America, Asia, Europe and other foreign markets; policy changes affecting international trade, including import/export restrictions and tariffs; our ability to achieve our strategies or expectations relating to sustainability considerations, including as a result of evolving legal, regulatory and other standards, processes and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite suppliers, energy sources, or financing and changes in carbon markets and carbon accounting rules; damage to our business, reputation, image or brands due to negative publicity; the infringement or loss of our intellectual property rights or the theft or unauthorized use of our trade secrets or other confidential business information; a weakening of global credit markets or changes to our credit ratings; our ability to generate cash to service our indebtedness; fluctuations in foreign currency exchange rates and changing monetary policies; our ability to comply with a variety of complex U.S. and non-U.S. laws, rules and regulations; increases in tax rates, or changes in tax laws or regulations; our ability to comply with numerous, complex and increasingly stringent domestic and foreign health, safety and environmental laws, regulations and requirements; our liability related to environmental investigation and remediation activities at some of our currently- and formerly-owned sites; the nature, cost, quantity and outcome of pending and future litigation, including lead pigment and lead-based paint litigation; and the other risk factors discussed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and our other reports filed with the SEC.

Readers are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results and that the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

INVESTOR RELATIONS CONTACTS:

Jim Jaye                                                                             
Senior Vice President, Investor Relations & Corporate Communications                                         
Direct: 216.515.8682
[email protected]

Eric Swanson
Vice President, Investor Relations
Direct: 216.566.2766                                                        
[email protected]                                                  

MEDIA CONTACT:

Julie Young
Vice President, Global Corporate Communications
Direct: 216.515.8849
[email protected]

The Sherwin-Williams Company and Subsidiaries

Statements of Consolidated Income (Unaudited)

(in millions, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net sales

$       6,789.3

$       6,314.5

$     12,456.2

$     11,620.2

Cost of goods sold

3,451.3

3,196.2

6,337.7

5,942.8

Gross profit

3,338.0

3,118.3

6,118.5

5,677.4

Percent to Net sales

49.2 %

49.4 %

49.1 %

48.9 %

Selling, general and administrative expenses

2,103.7

2,011.6

4,073.3

3,805.4

Percent to Net sales

31.0 %

31.9 %

32.7 %

32.7 %

Other general expense - net

3.4

6.3

9.7

15.2

Interest expense

135.9

112.4

267.5

216.2

Interest income

(5.4)

(2.4)

(8.2)

(5.7)

Other (income) expense - net

(12.1)

4.7

(16.1)

7.6

Income before income taxes

1,112.5

985.7

1,792.3

1,638.7

Income taxes

268.9

231.0

414.0

380.1

Net income

$         843.6

$         754.7

$       1,378.3

$       1,258.6

Net income per common share:

Basic

$          3.46

$          3.04

$          5.63

$          5.06

Diluted

$          3.43

$          3.00

$          5.58

$          5.00

Weighted average shares outstanding:

Basic

243.9

248.4

244.8

248.9

Diluted

246.0

251.3

247.1

251.9

The Sherwin-Williams Company and Subsidiaries

Business Segments (Unaudited)

(millions of dollars)

2026

2025

Net

Segment

Net

Segment

Sales

Profit (Loss)

Sales

Profit (Loss)

Three Months Ended June 30:

Paint Stores Group

$       3,890.0

$          957.6

$        3,702.2

$          916.5

Consumer Brands Group

983.5

212.9

809.4

164.2

Performance Coatings Group

1,913.8

273.3

1,801.1

245.1

Administrative

2.0

(331.3)

1.8

(340.1)

Consolidated totals

$       6,789.3

$       1,112.5

$        6,314.5

$          985.7

Six Months Ended June 30:

Paint Stores Group

$       6,939.9

$       1,516.4

$        6,642.0

$        1,457.7

Consumer Brands Group

1,891.8

410.1

1,571.6

296.1

Performance Coatings Group

3,619.6

505.7

3,403.1

457.8

Administrative

4.9

(639.9)

3.5

(572.9)

Consolidated totals

$      12,456.2

$       1,792.3

$      11,620.2

$        1,638.7

The Sherwin-Williams Company and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(millions of dollars)

June 30,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$          293.5

$          269.8

Accounts receivable, net

3,571.2

3,111.9

Inventories

2,529.7

2,484.6

Other current assets

604.8

559.0

Total current assets

6,999.2

6,425.3

Property, plant and equipment, net

4,219.4

3,805.9

Goodwill

8,023.2

7,807.6

Intangible assets

3,803.7

3,543.4

Operating lease right-of-use assets

2,059.9

2,011.3

Other assets

1,846.0

1,770.1

Total assets

$      26,951.4

$      25,363.6

Liabilities and Shareholders' Equity

Current liabilities:

Short-term borrowings

$       2,246.4

$        1,706.7

Accounts payable

2,826.4

2,570.0

Compensation and taxes withheld

768.4

688.9

Accrued taxes

405.4

255.8

Current portion of long-term debt

1,498.4

1,150.7

Current portion of operating lease liabilities

486.5

480.7

Other accruals

1,395.5

1,343.6

Total current liabilities

9,627.0

8,196.4

Long-term debt

8,327.3

7,828.9

Postretirement benefits other than pensions

133.4

120.7

Deferred income taxes

757.2

560.9

Long-term operating lease liabilities

1,656.8

1,603.2

Other long-term liabilities

2,595.0

2,652.6

Shareholders' equity

3,854.7

4,400.9

Total liabilities and shareholders' equity

$      26,951.4

$      25,363.6

Reconciliation of Non-GAAP Financial Measures

Management of the Company utilizes certain financial measures that are not in accordance with U.S. generally accepted accounting principles (US GAAP) to analyze and manage the performance of the business. Management provides non-GAAP information in reporting its financial results to give investors additional data to evaluate the Company's operations. Management does not, nor does it suggest investors should, consider such non-GAAP measures in isolation from, or in substitution for, financial information prepared in accordance with US GAAP.

Management believes that investors' understanding of the Company's operating performance is enhanced by the disclosure of diluted net income per share excluding Valspar acquisition-related amortization and certain other adjustments. Valspar acquisition-related amortization expense is excluded from diluted net income per share due to its significance as a result of the purchase price assigned to finite-lived intangible assets at the date of acquisition and the related impact on underlying business performance and trends. While these intangible assets contribute to the Company's revenue generation, the related revenue is not excluded. This adjusted diluted earnings per share measurement is not in accordance with US GAAP. It should not be considered a substitute for diluted earnings per share computed in accordance with US GAAP and may not be comparable to similarly titled measures reported by other companies. The following tables reconcile diluted net income per share computed in accordance with US GAAP to adjusted diluted net income per share.

Year Ending

Three Months Ended

Six Months Ended

December 31, 2026

June 30, 2026

June 30, 2026

(after-tax guidance)

Pre-Tax

Tax

Effect (1)

After-Tax

Pre-Tax

Tax

Effect (1)

After-Tax

Low

High

Diluted net income per share

$   3.43

$   5.58

$  10.92

$  11.32

Acquisition-related amortization expense (2)

$    .27

$    .07

.20

$    .53

$    .13

.40

.81

.81

Severance and other restructuring expenses

.10

.03

.07

.10

.03

.07

.07

.07

Adjusted diluted net income per share

$   3.70

$   6.05

$  11.80

$  12.20

Three Months Ended

Six Months Ended

Year Ended

June 30, 2025

June 30, 2025

December 31, 2025

Pre-Tax

Tax

Effect (1)

After-Tax

Pre-Tax

Tax

Effect (1)

After-Tax

Pre-Tax

Tax

Effect (1)

After-Tax

Diluted net income per share

$   3.00

$   5.00

$ 10.26

Acquisition-related amortization expense (2)

$    .26

$    .06

.20

$    .51

$    .13

.38

$   1.03

$    .25

.78

Severance and other restructuring expenses

.23

.05

.18

.31

.07

.24

.44

.10

.34

Trademark impairment

—

—

—

—

—

—

.07

.02

.05

Adjusted diluted net income per share

$   3.38

$   5.62

$ 11.43

(1)

The tax effect is calculated based on the statutory rate and the nature of the item, unless otherwise noted.

(2)

Acquisition-related amortization expense, which is included within Selling, general and administrative expenses, consists of the amortization of intangible assets related to the Valspar acquisition. These intangible assets are primarily customer relationships and intellectual property and are being amortized over their remaining useful lives.

Management believes that investors' understanding of the Company's operating performance is enhanced by the disclosure of EBITDA, which is a non-GAAP financial measure defined as Net income before Interest expense, Income taxes, depreciation and amortization, as well as Adjusted EBITDA, which is a non-GAAP financial measure that excludes certain adjustments that management further believes enhances investors' understanding of the Company's operating performance. The reader is cautioned that the Company's EBITDA and Adjusted EBITDA should not be compared to other entities unknowingly. Further, EBITDA and Adjusted EBITDA should not be considered alternatives to Net income as an indicator of operating performance. The following table reconciles Net income computed in accordance with US GAAP to EBITDA and Adjusted EBITDA, as applicable.

(millions of dollars)

Three Months

Three Months

Six Months

Ended

Ended

Ended

March 31, 2026

June 30, 2026

June 30, 2026

Net income

$          534.7

$            843.6

$          1,378.3

Interest expense

131.6

135.9

267.5

Income taxes

145.1

268.9

414.0

Depreciation

98.3

98.5

196.8

Amortization

88.5

87.9

176.4

EBITDA

$          998.2

$          1,434.8

$          2,433.0

Severance and other restructuring expenses

—

23.8

23.8

Adjusted EBITDA

$          998.2

$          1,458.6

$          2,456.8

Three Months

Three Months

Six Months

Ended

Ended

Ended

March 31, 2025

June 30, 2025

June 30, 2025

Net income

$          503.9

$            754.7

$          1,258.6

Interest expense

103.8

112.4

216.2

Income taxes

149.1

231.0

380.1

Depreciation

79.9

79.3

159.2

Amortization

81.0

83.4

164.4

EBITDA

$          917.7

$          1,260.8

$          2,178.5

Severance and other restructuring expenses

19.3

59.0

78.3

Adjusted EBITDA

$          937.0

$          1,319.8

$          2,256.8

Management believes that investors' understanding of the Company's operating performance and ability to generate shareholder value is enhanced by the disclosure of free cash flow conversion. Free cash flow, which is a non-GAAP financial measure, is defined as Net operating cash less Capital expenditures. Free cash flow conversion, which is a non-GAAP financial measure, is defined as free cash flow divided by EBITDA, another non-GAAP financial measure discussed and reconciled above. The reader is cautioned that free cash flow and free cash flow conversion should not be compared to other entities unknowingly. Further, free cash flow and free cash flow conversion should not be considered alternatives to Net operating cash as determined in accordance with GAAP. The following table reconciles Net operating cash computed in accordance with US GAAP to free cash flow and free cash flow conversion.

(millions of dollars)

Three Months

Ended

June 30, 2026

Net operating cash

$        1,347.5

Capital expenditures

(108.4)

Free cash flow

$        1,239.1

EBITDA

$        1,434.8

Free cash flow conversion

86 %

The Sherwin-Williams Company and Subsidiaries

Selected Information (Unaudited)

(millions of dollars, except store count data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Depreciation

$        98.5

$        79.3

$      196.8

$      159.2

Capital expenditures

108.4

181.5

246.7

370.8

Cash dividends

197.5

197.9

394.6

398.3

Amortization of intangibles

87.9

83.4

176.4

164.4

Significant components of Other general expense - net:

Provisions for environmental related matters - net

$         3.3

$         0.4

$         3.4

$         3.5

Loss (gain) on sale or disposition of assets

0.1

(1.3)

(1.8)

(3.4)

Other

—

7.2

8.1

15.1

Significant components of Other (income) expense - net:

Investment gains

$        (9.7)

$        (6.3)

$        (6.4)

$        (9.5)

Foreign currency transaction related losses (gains) - net

0.3

13.1

(5.5)

23.1

Other (1)

(2.7)

(2.1)

(4.2)

(6.0)

Store Count Data:

Paint Stores Group - net new stores

(6)

20

(12)

38

Paint Stores Group - total stores

4,841

4,811

4,841

4,811

Consumer Brands Group - net new stores

—

(28)

1

(22)

Consumer Brands Group - total stores

308

312

308

312

Performance Coatings Group - net new branches

—

—

—

—

Performance Coatings Group - total branches

317

324

317

324

(1) Consists of items of revenue, gains, expenses and losses unrelated to the primary business purpose of the Company.

SOURCE The Sherwin-Williams Company

Increases Full-year Outlook for Sales, Adj. Op. Profit and Adj. EPS

Total company orders1 up ~40%; Commercial HVAC1 up ~65%; data centers up >300% Net sales up 4%; organic sales up 3% GAAP EPS of $0.60 and adjusted EPS of $0.86 Net cash flows from operating activities of $927 million and free cash flow of $810 million Returned ~$640 million to shareholders through dividends and repurchases Raises full year outlook to ~$23B sales, ~$3.5B adj. op. profit and ~$2.90 adj. EPS Includes ~($0.05) adj. EPS impact from NORESCO exit and new U.S. factory costs , /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today reported better than expected financial results for the second quarter of 2026.

"We ended the first half with a stronger than expected second quarter, including better sales, adjusted EPS and free cash flow," said Chairman & CEO David Gitlin. "Organic sales returned to growth earlier than expected, up 3%, driven by strong performance in our CSA segment. Improving Residential and Light Commercial markets in CSA and CSE are encouraging. Orders were very strong globally in the second quarter supported by continued data center demand. Given record backlog levels and our year-to-date performance, we are raising our full-year outlook and now expect sales of about $23 billion and adjusted EPS of ~$2.90."

1 Excludes NORESCO (exit announced) and Riello (exit completed on July 1, 2026)

Second Quarter 2026 Results

Total Company

(Unaudited)

Three Months Ended

June 30

(In millions)

2026

2025

Change

Net sales

$    6,351

$    6,113

4 %

Organic sales

3 %

Operating profit

$       825

$       903

(9) %

Operating margin

13.0 %

14.8 %

(180) bps

Adjusted operating profit

$    1,095

$    1,166

(6) %

Adjusted operating margin

17.2 %

19.1 %

(190) bps

Diluted earnings per share:

Continuing operations

$      0.60

$      0.70

(14) %

Continuing operations - Adjusted

$      0.86

$      0.92

(7) %

Carrier's second-quarter sales of $6.4 billion increased 4% compared to the prior year. Organic sales increased 3% and foreign currency translation was a tailwind of 1%.

GAAP operating profit of $825 million in the quarter declined 9% from last year, driven primarily by the Climate Solutions Americas (CSA) and Climate Solutions Asia Pacific, Middle East and Africa segments (CSAME).           

Adjusted operating margin of 17.2% was down 190 basis points from last year, predominantly due to favorable volume and productivity more than offset by the impact of increased input costs and unfavorable business mix. 

Net earnings from continuing operations were $501 million and adjusted net earnings from continuing operations were $721 million. GAAP EPS from continuing operations was $0.60 and adjusted EPS was $0.86, down 14% and 7% year-over-year, respectively. The declines were primarily driven by lower operating profit and a higher effective tax rate, partially offset by the benefit of a lower share count.

Climate Solutions Americas (CSA)

(Unaudited)

Three Months Ended

June 30

(In millions)

2026

2025

Change

Net sales

$    3,372

$    3,252

4 %

Organic sales

4 %

Segment operating profit

$       823

$       879

(6) %

Segment operating margin

24.4 %

27.0 %

(260) bps

CSA segment sales grew 4%. Organic sales were up 4% driven by Residential and Light Commercial (RLC), up 9% and 10% respectively, partially offset by Commercial1, down 8% due to the timing of customer deliveries.

Segment operating margin decreased 260 basis points as revenue growth mainly related to price which was more than offset by unfavorable mix and input costs.

Climate Solutions Europe (CSE)

(Unaudited)

Three Months Ended

June 30

(In millions)

2026

2025

Change

Net sales

$    1,324

$    1,253

6 %

Organic sales

3 %

Segment operating profit

$         95

$         99

(4) %

Segment operating margin

7.2 %

7.9 %

(70) bps

CSE segment sales increased 6%. Organic sales were up 3% with RLC up high-single digits and Commercial down mid-single digits.

Segment operating margin decreased 70 basis points driven by volume growth and favorable price / cost more than offset by unfavorable mix and selling investments.

1 Excludes NORESCO

Climate Solutions Asia Pacific, Middle East & Africa (CSAME)

(Unaudited)

Three Months Ended

June 30

(In millions)

2026

2025

Change

Net sales

$      917

$      882

4 %

Organic sales

4 %

Segment operating profit

$      108

$      135

(20) %

Segment operating margin

11.8 %

15.3 %

(350) bps

CSAME segment sales increased 4%. Organic sales were up 4% driven by double-digit growth in India, the Middle East, Southeast Asia and Australia partially offset by continued pressure in RLC in China.

Segment operating margin decreased 350 basis points driven by volume growth and productivity more than offset by unfavorable mix and lower JV income due to the impacts from the Middle East conflict.

Climate Solutions Transportation (CST)

(Unaudited)

Three Months Ended

June 30

(In millions)

2026

2025

Change

Net sales

$      738

$      726

2 %

Organic sales

— %

Segment operating profit

$      118

$      128

(8) %

Segment operating margin

16.0 %

17.6 %

(160) bps

CST sales increased 2% driven by strong growth in Container. Organic sales were flat as strong Container growth of ~40% was offset by low-teens declines in Global Truck and Trailer.

Segment operating margin declined 160 basis points, due to unfavorable mix from lower Global Truck and Trailer volume offset by higher Container volume. 

Cash Flow

(Unaudited)

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Net cash flows provided by operating activities

$       927

$       649

$     1,006

$     1,132

Less: Capital expenditures

(117)

(81)

(211)

(144)

Free cash flow

$       810

$       568

$        795

$        988

Net cash flows generated from operating activities were $927 million and capital expenditures were $117 million, resulting in free cash flow of $810 million.

Full-Year 2026 Guidance**

Current Guidance**

Prior Guidance

Sales

~$23 billion

Organic* up ~M-HSD

FX 1%

Net, Acquisitions / Divestitures (2%)
~$225 million and ~$125 million year-over-
year revenue headwind from Riello and
NORESCO exits, respectively 

~$22 billion

Organic* flat to up LSD

FX 1%

Net, Acquisitions / Divestitures (1%)
~$250 million year-over-year revenue
headwind from Riello exit

Adjusted Operating Profit*

~$3.5 billion

~$3.4 billion

Adjusted EPS*

~$2.90

~$2.80

Free Cash Flow*

~$2 billion

~$2 billion

Riello divestiture completed on July 1st. NORESCO divestiture announced.

*Note: When the company provides expectations for organic sales, adjusted operating profit, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See "Use and Definitions of Non-GAAP Financial Measures" below for additional information.

**As of July 28, 2026

Conference Call

Carrier will host a webcast of its earnings conference call today, Tuesday, July 28, 2026, at 7:30 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site. For alternative dial-in information, please contact Carrier investor relations at [email protected].

Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, expectations relating to our sales backlog, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, market conditions including with respect to residential end-markets, data center and otherwise, growth prospects for 2026 and beyond, expectations concerning the mitigation and net impact of tariffs during 2026, Carrier's guidance for full-year 2026, Carrier's plans with respect to our indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation, those described below and under the section titled "Risk Factors" in our most recent Annual Report on Form 10-K and in subsequent reports that we file with the SEC: the effect of economic conditions in the industries and markets in which Carrier and our businesses operate in the U.S. and globally and any changes therein, including financial market conditions, inflationary cost pressures, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction, the impact of weather conditions, pandemic health issues, natural disasters and the financial condition of our customers and suppliers; challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; future levels of capital spending and research and development spending; future availability of credit and factors that may affect such availability, including credit market conditions and Carrier's capital structure and credit ratings; the timing and scope of future repurchases of Carrier's common stock, including market conditions and the level of other investing activities and uses of cash; delays and disruption in the delivery of materials and services from suppliers; cost reduction efforts and restructuring costs and savings and other consequences thereof; new business and investment opportunities; the outcome of legal proceedings, investigations and other contingencies; the impact of pension plan assumptions on future cash contributions and earnings; the impact of the negotiation of collective bargaining agreements and labor disputes; the effect of changes in political conditions in the U.S. and other countries in which Carrier and our businesses operate, including the effect of ongoing uncertainty and/or changes in U.S. trade policies, on general market conditions, global trade policies, the imposition of tariffs, and currency exchange rates in the near term and beyond; the effect of changes in tax, environmental, regulatory (including among other things import/export) and other laws and regulations in the U.S. and other countries in which we and our businesses operate; the ability of Carrier to retain and hire key personnel; the scope, nature, impact or timing of acquisition and divestiture activity, such as our acquisition of the VCS business and our portfolio transformation transactions, including among other things integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; a determination by the IRS and other tax authorities that the distribution of Carrier from RTX Corporation (f/k/a United Technologies Corporation) or certain related transactions should be treated as taxable transactions; and risks associated with current and future indebtedness, as well as our ability to reduce indebtedness and the timing thereof. The forward-looking statements speak only as of the date of this communication. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements is disclosed from time to time in our other filings with the SEC.

About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.

Carrier. For the World We Share

CARR-IR

Contact:

Investor Relations

Michael Rednor

561-365-2020

[email protected] 

Media Inquiries

Kristina Pantelides

561-236-4241

[email protected] 

SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS

Following are tables that present selected financial data of Carrier Global Corporation ("Carrier"). Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures.

Use and Definitions of Non-GAAP Financial Measures

Carrier reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

Organic sales, adjusted operating profit, adjusted operating margin, adjusted earnings per share ("EPS"), adjusted effective tax rate and net debt are non-GAAP financial measures and are associated with Carrier's continuing operations unless specifically noted.

Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as "other significant items"). Adjusted operating profit represents consolidated operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of consolidated net sales (a GAAP measure). Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets and other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs, amortization of acquired intangible assets and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents (a GAAP measure).

Segment operating profit is the measure of profit and loss that the Chief Operating Decision Maker uses to evaluate segment profitability. Segment operating profit represents operating profit (a GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature.

Free cash flow is a non-GAAP financial measure that represents net cash flows provided by continuing operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Carrier's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of Carrier's common stock and distribution of earnings to shareowners. Orders are contractual commitments with customers to provide specified goods or services for an agreed upon price and may not be subject to penalty if cancelled.

Price/cost represents the combined impact of realized pricing, cost inflation and productivity actions, including manufacturing efficiencies, sourcing initiatives and certain productivity measures.

When Carrier provides our expectations for organic sales, adjusted operating profit (including on a segment basis), adjusted operating margin (including on a segment basis), adjusted effective tax rate, adjusted EPS, free cash flow, and interest expense, net on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

Carrier Global Corporation

Condensed Consolidated Statement of Operations

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions, except per share amounts)

2026

2025

2026

2025

Net sales

Product sales

$     5,634

$     5,477

$    10,301

$    10,129

Service sales

717

636

1,391

1,202

Total Net sales

6,351

6,113

11,692

11,331

Costs and expenses

Cost of products sold

(4,081)

(3,867)

(7,672)

(7,225)

Cost of services sold

(542)

(477)

(1,048)

(892)

Research and development

(148)

(161)

(291)

(314)

Selling, general and administrative

(810)

(813)

(1,672)

(1,542)

Total Costs and expenses

(5,581)

(5,318)

(10,683)

(9,973)

Equity method investment net earnings

58

78

89

122

Other income (expense), net

(3)

30

(15)

52

Operating profit

825

903

1,083

1,532

Non-service pension benefit (expense)

1

—

2

1

Interest (expense) income, net

(105)

(91)

(195)

(173)

Earnings before income taxes

721

812

890

1,360

Income tax (expense) benefit

(180)

(162)

(84)

(273)

Earnings from continuing operations

541

650

806

1,087

Discontinued operations, net of tax

—

(17)

—

(17)

Net earnings (loss)

541

633

806

1,070

Less: Non-controlling interest in subsidiaries'

40

42

67

67

Net earnings (loss) attributable to common shareowners

$        501

$        591

$         739

$      1,003

Amounts attributable to common shareowners:

Continuing operations

$        501

$        608

$         739

$      1,020

Discontinued operations

—

(17)

—

(17)

Net earnings (loss) attributable to common shareowners

$        501

$        591

$         739

$      1,003

Earnings per share

Basic:

Continuing operations

$       0.61

$       0.71

$        0.89

$        1.18

Discontinued operations

—

(0.02)

—

(0.01)

Net earnings (loss)

$       0.61

$       0.69

$        0.89

$        1.17

Diluted:

Continuing operations

$       0.60

$       0.70

$        0.88

$        1.17

Discontinued operations

—

(0.02)

—

(0.02)

Net earnings (loss)

$       0.60

$       0.68

$        0.88

$        1.15

Weighted-average number of shares outstanding

Basic

828.1

854.9

831.5

860.8

Diluted

836.5

866.3

839.6

872.3

Carrier Global Corporation

Condensed Consolidated Balance Sheet

(Unaudited)

(In millions)

June 30, 2026

December 31, 2025

Assets

Cash and cash equivalents

$            1,344

$              1,555

Accounts receivable, net

3,246

2,639

Inventories, net

2,759

2,483

Assets held for sale

815

592

Other current assets

1,250

1,264

Total current assets

9,414

8,533

Future income tax benefits

1,126

1,074

Fixed assets, net

3,162

3,165

Operating lease right-of-use assets

568

546

Intangible assets, net

5,756

6,326

Goodwill

15,267

15,501

Pension and post-retirement assets

61

56

Equity method investments

1,341

1,321

Other assets

677

668

Total Assets

$          37,372

$            37,190

Liabilities and Equity

Accounts payable

$            3,216

$              2,702

Accrued liabilities

3,963

3,774

Liabilities held for sale

414

170

Short-term borrowings and current portion of long-term debt

1,638

468

Total current liabilities

9,231

7,114

Long-term debt

10,314

11,365

Future pension and post-retirement obligations

185

192

Future income tax obligations

1,622

1,833

Operating lease liabilities

442

418

Other long-term liabilities

2,106

2,140

Total Liabilities

23,900

23,062

Equity

Common stock

10

10

Treasury stock

(7,550)

(6,795)

Additional paid-in capital

8,688

8,665

Retained earnings

12,536

12,193

Accumulated other comprehensive income (loss)

(537)

(269)

Non-controlling interest

325

324

Total Equity

13,472

14,128

Total Liabilities and Equity

$          37,372

$            37,190

Carrier Global Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Operating Activities

Net earnings (loss)

$        541

$        633

$        806

$     1,070

Discontinued operations, net of tax

—

17

—

17

Adjustments for non-cash items, net:

Depreciation and amortization

314

317

629

620

Deferred income tax provision

(63)

(89)

(242)

(158)

Stock-based compensation costs

12

21

33

44

Equity method investment net earnings

(58)

(78)

(89)

(122)

(Gain) loss on sale of investments and impairments, net

40

(12)

37

(17)

Changes in operating assets and liabilities

Accounts receivable, net

(142)

(340)

(651)

(702)

Inventories, net

(197)

(111)

(335)

(412)

Accounts payable and accrued liabilities

280

(103)

631

378

Distributions from equity method investments

39

4

51

81

Other operating activities, net

122

5

83

(47)

Net cash flows provided by (used in) continuing operating activities

888

264

953

752

Net cash flows provided by (used in) discontinued operating activities

39

385

53

380

Net cash flows provided by (used in) operating activities

927

649

1,006

1,132

Investing Activities

Capital expenditures

(117)

(81)

(211)

(144)

Investment in businesses, net of cash acquired

(31)

(49)

(54)

(61)

Dispositions of businesses

7

—

15

8

Settlement of derivative contracts, net

(29)

51

6

87

Other investing activities, net

—

(4)

9

(3)

Net cash flows provided by (used in) continuing investing activities

(170)

(83)

(235)

(113)

Net cash flows provided by (used in) discontinued investing activities

—

28

—

35

Net cash flows provided by (used in) investing activities

(170)

(55)

(235)

(78)

Financing Activities

Increase (decrease) in short-term borrowings, net

(10)

(8)

361

(57)

Issuance of long-term debt

17

6

39

15

Repayment of long-term debt

(41)

(3)

(57)

(1,208)

Repurchases of common stock

(439)

(340)

(745)

(1,628)

Dividends paid on common stock

(199)

(192)

(400)

(390)

Dividends paid to non-controlling interest

(64)

(9)

(65)

(9)

Other financing activities, net

(24)

(1)

(34)

(17)

Net cash flows provided by (used in) continuing financing activities

(760)

(547)

(901)

(3,294)

Net cash flows provided by (used in) discontinued financing activities

—

—

—

—

Net cash flows provided by (used in) financing activities

(760)

(547)

(901)

(3,294)

Effect of foreign exchange rate changes on cash and cash equivalents

3

51

(10)

68

Net increase (decrease) in cash and cash equivalents and restricted
cash, including cash classified in current assets held for sale

—

98

(140)

(2,172)

Less: Change in cash balances classified as assets held for sale

27

—

70

—

Net increase (decrease) in cash and cash equivalents and restricted cash

(27)

98

(210)

(2,172)

Cash, cash equivalents and restricted cash, beginning of period

1,374

1,702

1,557

3,972

Cash, cash equivalents and restricted cash, end of period

1,347

1,800

1,347

1,800

Less: restricted cash

3

3

3

3

Cash and cash equivalents, end of period

$     1,344

$     1,797

$     1,344

$     1,797

Carrier Global Corporation

Segment Summary

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Segment net sales

Climate Solutions Americas

$   3,372

$   3,252

$   5,873

$   5,824

Climate Solutions Europe

1,324

1,253

2,617

2,422

Climate Solutions Asia Pacific, Middle East & Africa

917

882

1,751

1,708

Climate Solutions Transportation

738

726

1,451

1,377

Segment net sales

$   6,351

$   6,113

$ 11,692

$ 11,331

Segment operating profit

Climate Solutions Americas

$    823

$    879

$   1,196

$   1,449

Climate Solutions Europe

95

99

184

204

Climate Solutions Asia Pacific, Middle East & Africa

108

135

189

256

Climate Solutions Transportation

118

128

219

225

Segment operating profit

$   1,144

$   1,241

$   1,788

$   2,134

Segment operating margin

Climate Solutions Americas

24.4 %

27.0 %

20.4 %

24.9 %

Climate Solutions Europe

7.2 %

7.9 %

7.0 %

8.4 %

Climate Solutions Asia Pacific, Middle East & Africa

11.8 %

15.3 %

10.8 %

15.0 %

Climate Solutions Transportation

16.0 %

17.6 %

15.1 %

16.3 %

Components of Changes in Net Sales

Three Months Ended June 30, 2026 Compared with Three Months Ended June 30, 2025

(Unaudited)

Factors Contributing to Total % change in Net Sales

Organic

FX
Translation

Acquisitions /
Divestitures, net

Other

Total

Climate Solutions Americas

4 %

— %

— %

— %

4 %

Climate Solutions Europe

3 %

3 %

— %

— %

6 %

Climate Solutions Asia Pacific, Middle East & Africa

4 %

— %

— %

— %

4 %

Climate Solutions Transportation

— %

2 %

— %

— %

2 %

Consolidated

3 %

1 %

— %

— %

4 %

Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025

(Unaudited)

Factors Contributing to Total % change in Net Sales

Organic

FX
Translation

Acquisitions /
Divestitures, net

Other

Total

Climate Solutions Americas

1 %

— %

— %

— %

1 %

Climate Solutions Europe

1 %

7 %

— %

— %

8 %

Climate Solutions Asia Pacific, Middle East & Africa

1 %

1 %

1 %

— %

3 %

Climate Solutions Transportation

2 %

3 %

— %

— %

5 %

Consolidated

1 %

2 %

— %

— %

3 %

Carrier Global Corporation

Reconciliations

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Reconciliation to Earnings before income taxes

Segment operating profit

$     1,144

$     1,241

$     1,788

$     2,134

Corporate and other

(49)

(75)

(99)

(120)

Restructuring costs

(8)

(47)

(116)

(55)

Amortization of acquired intangible assets

(213)

(214)

(426)

(415)

Acquisition/divestiture-related costs

(8)

(6)

(18)

(11)

Riello impairment

(46)

—

(46)

—

CCR gain

—

7

—

7

Other

5

(3)

—

(8)

Non-service pension (expense) benefit

1

—

2

1

Interest (expense) income, net

(105)

(91)

(195)

(173)

Earnings before income taxes

$        721

$        812

$        890

$     1,360

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Reconciliation of Segment operating profit to Adjusted operating profit

Climate Solutions Americas

$        823

$        879

$     1,196

$     1,449

Climate Solutions Europe

95

99

184

204

Climate Solutions Asia Pacific, Middle East & Africa

108

135

189

256

Climate Solutions Transportation

118

128

219

225

Segment operating profit

$     1,144

$     1,241

$     1,788

$     2,134

Corporate and other

(49)

(75)

(99)

(120)

Adjusted operating profit

$     1,095

$     1,166

$     1,689

$     2,014

Carrier Global Corporation 

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Net Income, Earnings Per Share and Effective Tax Rate

(Unaudited)

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

(In millions, except per share amounts)

Reported

Adjustments

Adjusted

Reported

Adjustments

Adjusted

Net sales

$  6,351

$        —

$  6,351

$ 11,692

$         —

$ 11,692

Operating profit

$     825

270

a

$  1,095

$   1,083

606

a

$   1,689

Operating margin

13.0 %

17.2 %

9.3 %

14.4 %

Earnings before income taxes

$     721

270

a

$     991

$      890

606

a

$   1,496

Income tax (expense) benefit

$    (180)

(50)

b

$    (230)

$       (84)

(142)

b

$     (226)

Effective tax rate

25.0 %

23.2 %

9.4 %

15.1 %

Earnings from continuing operations
attributable to common shareowners

$     501

$      220

$     721

$      739

$       464

$   1,203

Summary of Adjustments:

Restructuring costs

$          8

a

$       116

a

Amortization of acquired intangible assets

213

a

426

a

Acquisition/divestiture-related costs

8

a

18

a

Riello impairment

46

a

46

a

Other

(5)

a

—

a

Total adjustments

$       270

$       606

Tax effect on adjustments above

$        (50)

$      (142)

Total tax adjustments

$        (50)

b

$      (142)

b

Diluted shares outstanding

836.5

836.5

839.6

839.6

Diluted earnings per share:

Continuing operations

$    0.60

$    0.86

$     0.88

$     1.43

Carrier Global Corporation

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Net Income, Earnings Per Share and Effective Tax Rate

(Unaudited)

Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

(In millions, except per share amounts)

Reported

Adjustments

Adjusted

Reported

Adjustments

Adjusted

Net sales

$  6,113

$        —

$  6,113

$ 11,331

$          —

$ 11,331

Operating profit

$     903

263

a

$  1,166

$   1,532

482

a

$   2,014

Operating margin

14.8 %

19.1 %

13.5 %

17.8 %

Earnings before income taxes

$     812

263

a

$  1,075

$   1,360

482

a

$   1,842

Income tax (expense) benefit

$    (162)

(75)

b

$    (237)

$     (273)

(133)

b

$     (406)

Effective tax rate

20.0 %

22.1 %

20.1 %

22.1 %

Earnings from continuing operations
attributable to common shareowners

$     608

$      188

$     796

$   1,020

$        349

$   1,369

Summary of Adjustments:

Restructuring costs

$         47

a

55

a

Amortization of acquired intangible assets

214

a

$        415

a

Acquisition/divestiture-related costs

6

a

11

a

CCR gain

(7)

a

(7)

a

Other

3

a

8

a

Total adjustments

$       263

$        482

Tax effect on adjustments above

$        (69)

$       (127)

Tax specific adjustments

(6)

(6)

Total tax adjustments

$        (75)

b

$       (133)

b

Diluted shares outstanding

866.3

866.3

872.3

872.3

Diluted earnings per share:

Continuing operations

$    0.70

$    0.92

$     1.17

$     1.57

Free Cash Flow Reconciliation

(Unaudited)

Three Months Ended

 June 30,

Six Months Ended

June 30,

(In millions)

2026

2025

2026

2025

Net cash flows provided by operating activities

$       927

$       649

$     1,006

$     1,132

Less: Capital expenditures

(117)

(81)

(211)

(144)

Free cash flow

$       810

$       568

$        795

$        988

Net Debt Reconciliation

(Unaudited)

(In millions)

June 30, 2026

December 31, 2025

Long-term debt

$             10,314

$             11,365

Short-term borrowings and current portion of long-term debt

1,638

468

Less: Cash and cash equivalents

1,344

1,555

Net debt

$             10,608

$             10,278

SOURCE Carrier Global Corporation

28.7.2026 13:17, BAAKOMB

Komerční banka ve čtvrtek ráno představí výsledky za 2Q 2026, od 14:00 bude následovat konferenční hovor s managementem. Projektujeme 7% meziroční růst provozního zisku. Čistý zisk by však měl poklesnout z důvodu výrazného meziročního růstu nákladů na riziko.

Projekce hospodaření Komerční banky za 2Q 2026 v mil. Kč Odhad Fio Konsensus trhu 2Q 2025 Čisté úrokové výnosy 6 539 6 587 6 404 Čisté poplatky a provize 1 671 1 714 1 652 Ostatní provozní výnosy 1 074 1 055 984 Provozní výnosy 9 284 9 356 9 039 Provozní náklady (4 050) (4 101) (4 128) Provozní zisk 5 233 5 255 4 911 Náklady na riziko (274) (159) 529 Čistý zisk 4 124 4 270 4 623 Čisté úrokové výnosy by měly dle naší projekce meziročně vzrůst o 2 % na 6 539 mil. Kč díky vyššímu objemu úvěrového portfolia.

Čisté poplatky a provize dle našeho odhadu zůstanou na podobné úrovni, zatímco ostatní provozní výnosy by měly meziročně vzrůst o 9 %.  

Celkové výnosy by tak měly dosáhnout výše 9 284 mil. Kč, meziročně +3 %.  

Provozní náklady by měly meziročně poklesnout o 2 % díky nižším mzdovým nákladům z důvodu meziročně nižšího počtu zaměstnanců.

Celkově by tak dle našich odhadů měla Komerční banka reportovat meziroční růst provozního zisku o 7 % na 5 233 mil. Kč.

Oproti minulému roku, kdy banka rozpouštěla opravné položky, očekáváme čistou tvorbu ve výši 274 mil. Kč.

Na úrovni čistého zisku očekáváme, že Komerční banka vykáže meziroční pokles o 11 % na 4 124 mil. Kč.

Akcie Komerční banky (BAAKOMB) se obchodují na pražské burze za 1 053 Kč a na RM-SYSTÉMu za 1 059 Kč.

Karel Nedvěd, Fio banka, a.s.

TNL Mediagene has repaid in full all principal and accrued interest under the senior convertible note issued to 3i, LP in December 2025.

The Company and 3i, LP have mutually agreed to terminate the underlying securities purchase agreement in full, together with the related notes, registration rights agreement, subsidiary guarantee and transfer agent instructions, with mutual releases.

No convertible notes remain outstanding under the facility, which was established to fund the Company's Nasdaq listing.

The termination follows the Company's full repayment of the initial senior convertible note under the same facility in November 2025.

Tokyo, Japan--(Newsfile Corp. - July 28, 2026) - TNL Mediagene (NASDAQ: TNMG) (the "Company"), a technology and digital media company providing AI-driven advertising, marketing technology, content commerce and data analytics solutions, and operating multi-language digital media brands across Asia, today announced that it has completed the full repayment of the senior convertible note issued to 3i, LP ("3i") in December 2025 and that the Company and 3i have mutually agreed to terminate the underlying securities purchase agreement in its entirety.

On July 8, 2026, the Company made the final payment for the senior convertible note issued to 3i on December 8, 2025 (the "Second Note") with the initial principal amount of $1,666,667.00 and the accrued interest of $150,000.03, and the Second Note was fully repaid on the same date. For the repayments of the Second Note, the Company has made payments in shares totaling 3,381,700 ordinary shares.

On July 23, 2026, the Company and 3i entered into a Termination Agreement pursuant to which the securities purchase agreement dated November 25, 2024, as amended (the "Note SPA"), was terminated in full, together with the related notes, registration rights agreement, subsidiary guarantee and irrevocable transfer agent instructions. The Termination Agreement was entered into by mutual written consent in accordance with the terms of the Note SPA and provides for mutual releases between the parties.

The Note SPA was established in connection with the Company's business combination and Nasdaq listing in December 2024, and the notes issued under it funded the Company's listing-related expenses and other expenses. The initial senior convertible note issued under the facility, in the principal amount of $4,722,222, was repaid in full on November 11, 2025. With the repayment of the Second Note and the termination of the Note SPA, the facility has served its purpose and no convertible notes remain outstanding under it, substantially reducing convertible-instrument-related dilution and overhang on the Company's ordinary shares.

"Completing this repayment and terminating the facility marks the conclusion of the financing structure we put in place to fund our public listing. We appreciate 3i's support through that period and are pleased to have concluded the arrangement on mutually agreed terms. Retiring this debt and simplifying our financing arrangements allows us to align our capital structure with our strategic direction as a technology business. We can now direct investor attention to the execution of our technology strategy rather than to financing mechanics," said Joey Chung , Co-Founder and President of TNL Mediagene.

The Company's ordinary share purchase agreement with Tumim Stone Capital, LLC and the related registration rights agreement remain in effect, and the warrant issued to 3i in December 2025 remains outstanding in accordance with its terms.

About TNL Mediagene

Headquartered in Tokyo, TNL Mediagene (NASDAQ: TNMG) is a technology company providing AI-powered advertising, marketing technology, content commerce, and data analytics solutions to brands and agencies across Asia. Formed in May 2023 through the merger of Japan's Mediagene Inc. and Taiwan's The News Lens Co., Ltd., the Company combines advertising and marketing technology platforms with a portfolio of established digital media brands to deliver integrated solutions for the evolving digital landscape.

The Company's technology offerings include AI-driven advertising, marketing and digital studio services, content commerce, and advanced data analytics capabilities. These solutions are supported by the Company's well-established multi-language digital media brands in Japanese, Chinese, and English, spanning business, technology, lifestyle, and culture, which provide audience engagement and first-party data.

Known for its appeal to younger audiences, and high-quality content, TNL Mediagene has approximately 480 employees with offices in Japan and Taiwan.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to TNL Mediagene. Forward-looking statements generally relate to future events or TNL Mediagene's future financial or operating performance. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "aim," "seek" or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements in this communication include, but are not limited to, statements about TNL Mediagene's future business plan and growth strategies and statements by TNL Mediagene's management. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for TNL Mediagene to predict these events or how they may affect TNL Mediagene. In addition, risks and uncertainties are described in TNL Mediagene's filings with the Securities and Exchange Commission, including the risks and uncertainties set forth under the heading "Risk Factors" in TNL Mediagene's Annual Report on Form 20-F filed on April 30, 2026, as may be supplemented or amended by the TNL Mediagene's Reports of a Foreign Private Issuer on Form 6-K. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. TNL Mediagene cannot assure you that the forward-looking statements in this communication will prove to be accurate. There may be additional risks that TNL Mediagene presently does not know or that TNL Mediagene currently does not believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by TNL Mediagene, its directors, officers or employees or any other person. Except as required by applicable law, TNL Mediagene does not have any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date of this communication. You should, therefore, not rely on these forward-looking statements as representing the views of TNL Mediagene as of any date subsequent to the date of this communication.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306892

Source: TNL Mediagene

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Posted by Defense World Staff on Jul 28th, 2026

Castleark Management LLC decreased its stake in Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) by 97.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 770 shares of the technology company’s stock after selling 30,383 shares during the period. Castleark Management LLC’s holdings in Lumentum were worth $541,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in LITE. Hilton Head Capital Partners LLC purchased a new stake in shares of Lumentum during the 1st quarter worth approximately $25,000. Sachetta LLC grew its holdings in shares of Lumentum by 118.8% in the 1st quarter. Sachetta LLC now owns 35 shares of the technology company’s stock worth $25,000 after acquiring an additional 19 shares during the period. V Square Quantitative Management LLC purchased a new position in Lumentum in the 4th quarter valued at approximately $28,000. Truvestments Capital LLC increased its stake in Lumentum by 300.0% in the 4th quarter. Truvestments Capital LLC now owns 76 shares of the technology company’s stock valued at $28,000 after purchasing an additional 57 shares in the last quarter. Finally, Triumph Capital Management acquired a new position in Lumentum during the fourth quarter worth $30,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Trading Down 6.7% Shares of LITE opened at $711.96 on Tuesday. Lumentum Holdings Inc. has a fifty-two week low of $101.61 and a fifty-two week high of $1,085.68. The company has a market capitalization of $55.39 billion, a PE ratio of 131.84 and a beta of 1.48. The stock has a fifty day moving average of $841.23 and a two-hundred day moving average of $730.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.97 and a current ratio of 1.14.

Lumentum (NASDAQ:LITE – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.10. The business had revenue of $808.40 million for the quarter, compared to analysts’ expectations of $810.21 million. Lumentum had a return on equity of 24.81% and a net margin of 17.61%.The business’s revenue was up 90.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 earnings per share. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, analysts forecast that Lumentum Holdings Inc. will post 6.42 EPS for the current year.

Insider Activity In other Lumentum news, Director Brian Lillie sold 11,951 shares of Lumentum stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $981.64, for a total value of $11,731,579.64. Following the completion of the sale, the director owned 13,959 shares in the company, valued at $13,702,712.76. The trade was a 46.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Isaac Hosojiro Harris sold 4,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $860.00, for a total transaction of $3,440,000.00. Following the transaction, the director directly owned 8,400 shares of the company’s stock, valued at approximately $7,224,000. This represents a 32.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 41,260 shares of company stock valued at $38,859,220 in the last three months. Company insiders own 0.43% of the company’s stock.

Wall Street Analysts Forecast Growth A number of analysts have commented on LITE shares. Needham & Company LLC reiterated a “buy” rating and set a $1,040.00 target price on shares of Lumentum in a research report on Tuesday, June 9th. Jefferies Financial Group restated a “buy” rating and issued a $1,200.00 price target on shares of Lumentum in a research report on Wednesday, May 6th. Zacks Research downgraded Lumentum from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Lumentum in a research report on Friday, July 17th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $1,014.00 price objective on shares of Lumentum in a research note on Wednesday, May 6th. Fourteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Lumentum currently has an average rating of “Moderate Buy” and an average target price of $1,012.67.

Get Our Latest Stock Report on Lumentum

About Lumentum (Free Report)

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.

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