Strong VITAS PerformanceRe-purchase of 500,000 Shares in the QuarterTwo Roto-Rooter Franchises Purchased for $20.6 Million CINCINNATI, April 23, 2026 (GLOBE NEWSWIRE) -- Chemed Corporation (Chemed) (NYSE: CHE), which operates VITAS Healthcare Corporation (VITAS), the nation’s largest providers of end-of-life care, and Roto-Rooter, the nation’s largest commercial and residential plumbing and drain cleaning services provider, reported financial results for its first quarter ended March 31, 2026, versus the comparable prior-year period.
Results for Quarter Ended March 31, 2026
Consolidated operating results:
Revenue increased 1.6% to $657.5 millionGAAP Diluted Earnings-per-Share (EPS) of $4.84, a decrease of 0.4%Adjusted Diluted EPS of $5.65, an increase of 0.4% VITAS segment operating results:
Net Patient Revenue of $420.0 million, an increase of 3.1%Average Daily Census (ADC) of 22,723, an increase of 2.2%Admissions of 19,394, an increase of 6.9%Net Income, excluding certain discrete items, of $52.2 million, an increase of 4.4%Adjusted EBITDA, excluding Medicare Cap, of $70.8 million, an increase of 0.6%Adjusted EBITDA margin, excluding Medicare Cap, of 16.8%, a decrease of 41-basis points Roto-Rooter segment operating results:
Revenue of $237.5 million, a decrease of 0.9%Net Income, excluding certain discrete items, of $37.7 million, a decrease of 9.7%Adjusted EBITDA of $53.5 million, a decline of 9.6%Adjusted EBITDA margin of 22.5%, a decline of 218-basis points VITAS
VITAS net revenue was $420.0 million in the first quarter of 2026, which is an increase of 3.1% when compared to the prior-year period. This revenue increase is comprised primarily of a 2.2% increase in days-of-care and a geographically weighted average Medicare reimbursement rate increase of approximately 2.6%. Acuity mix shift negatively impacted revenue growth 120-basis points in the quarter when compared to the prior-year period’s revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes negatively impacted revenue growth by 47-basis points.
Total VITAS admissions increased 6.9% in the first quarter of 2026 compared to the first quarter of 2025.
In the first quarter of 2026, VITAS accrued $2.4 million in Medicare Cap billing limitation. No Medicare Cap billing limitation was recorded in the first quarter of 2026 for the Florida combined program and none is anticipated for the 2026 fiscal period.
Of VITAS’ 33 Medicare provider numbers, 25 provider numbers have an anticipated full-year Medicare Cap cushion of 10% or greater, four provider numbers have a cushion between 0% and 10%, and four provider numbers have a Medicare Cap billing limitation totaling $9.5 million.
Average revenue per patient per day in the first quarter of 2026 was $210.62 which is 146-basis points above the prior-year period. Reimbursement for routine home care and high-acuity care averaged $188.59 and $1,131.82, respectively. During the quarter, high-acuity days-of-care were 2.3% of total days of care, a decline of 28-basis points when compared to the prior-year quarter.
The first quarter 2026 gross margin, excluding Medicare Cap, was 22.9%, a 71-basis point decline from the same period of 2025. Selling, general and administrative expenses were $26.1 million in the first quarter of 2026 compared to $26.5 million in the prior-year quarter.
Adjusted EBITDA, excluding Medicare Cap, totaled $70.8 million in the quarter, an increase of 0.6% when compared to the prior-year period. Adjusted EBITDA margin in the quarter, excluding Medicare Cap, was 16.8%.
Roto-Rooter
Roto-Rooter generated quarterly revenue of $237.5 million in the first quarter of 2026, a decrease of 0.9%, when compared to the prior-year quarter.
Roto-Rooter branch commercial revenue in the quarter totaled $56.5 million, a decrease of 1.9% from the prior-year period. This aggregate commercial revenue change consisted of excavation declining 7.8%, water restoration declining 10.0% and drain cleaning declining 0.9%, offset by an increase in plumbing of 3.9%.
Roto-Rooter branch residential revenue in the quarter totaled $166.3 million, a decrease of 1.5%, over the prior-year period. This aggregate residential revenue change consisted of water restoration declining 11.8% offset by plumbing increasing 9.3%, excavation increasing 0.9%, and drain cleaning increasing of 1.1%.
In the first quarter of 2026, revenue from independent contractors was $17.8 million which is a decline of 3.3% as compared to the same period of 2025.
Roto-Rooter’s first quarter 2026 gross margin was 51.0%. This compares to the prior-year quarter’s gross margin of 50.9%. Roto-Rooter’s selling, general and administrative expenses were $67.9 million in the quarter, which is an increase of 8.4% compared to the first quarter of 2025.
Adjusted EBITDA in the first quarter of 2026 totaled $53.5 million, a decrease of 9.6% when compared to the first quarter of 2025. The Adjusted EBITDA margin in the quarter was 22.5% which represents a 218-basis point decline from the first quarter of 2025.
On March 31, 2026, Roto-Rooter purchased the territory and assets of the franchises operating in San Francisco, California and Fort Worth, Texas in two separate transactions. The aggregated, combined purchase price of these transactions was approximately $20.6 million. Collectively, these Roto-Rooter locations serve a population of approximately 3.3 million people. This purchase is part of Roto-Rooter’s ongoing strategy of acquiring franchises to boost productivity, market share and profitability. These two acquisitions are anticipated to add $5.0 million to $5.5 million of revenue for the remainder of 2026.
Chemed Consolidated
As of March 31, 2026, Chemed had total cash and cash equivalents of $16.9 million and $91.2 million in long-term debt.
In April 2026, Chemed entered into a new five-year $450 million Amended and Restated Credit Agreement (Credit Agreement). This Credit Agreement consists of a $450 million revolving line of credit and a $250 million expansion feature. The interest rate on this Credit Agreement has a floating rate that is currently SOFR plus 100-basis points. There is approximately $313.3 million undrawn borrowing capacity under the Credit Agreement after excluding $45.5 million for Letters of Credit.
During the quarter, the Company repurchased 500,000 shares of Chemed stock for $197.7 million which equates to a cost per share of $395.36. As of March 31, 2026, there was approximately $229.6 million of remaining share repurchase authorization under its plan.
Guidance Update
Historically, we do not give quarterly updates to guidance. Due to the materially improved performance of VITAS, coupled with the level of share repurchases in the first quarter of 2026, we believe updating guidance is appropriate in this instance. Further operational detail will be provided during the investor conference call.
VITAS’ initiatives to return to a normal growth pattern after managing the 2025 Medicare Cap issue were more quickly successful than originally anticipated. This led to higher revenue, excluding the impact of Medicare Cap, and adjusted EBITDA margins, excluding the impact of Medicare Cap, in the first quarter 2026 than what was included in the original guidance. As a result, anticipated ADC growth for 2026 is updated to a revised range of 4.5% to 5.5% compared to the original guidance range of 3.5% to 4.0%. Anticipated revenue growth, excluding the impact of the Medicare Cap, improves from the original guidance range of 5.5% to 6.5% to a revised range of 6.5% to 7.5%. Finally, revised EBITDA margin, excluding the impact of the Medicare Cap, is anticipated to be 18.0% to 18.5% compared to the original guidance of 17.5% to 18.5%.
Roto-Rooter performed generally within our expectations. In total, there were various headwinds and tailwinds that contributed to the overall results in the first quarter of 2026.
In the first quarter of 2026, unusual ice and snowstorms led to some level of service disruption for five days of the quarter across 24 Roto-Rooter branches. This resulted in an estimated loss of net revenue of between $3 million and $4 million in the quarter.
Additionally, total leads for Roto-Rooter increased 3.3% during the quarter but continuing the previously discussed trends, a larger portion of those leads were the result of paid internet marketing. As a result, total marketing expense during the quarter exceeded our expectations by approximately $2.0 million.
When factoring all the gives and takes within the expected Roto-Rooter performance for the remainder of fiscal 2026, anticipated revenue growth remains unchanged at 3.0% to 3.5%. Estimated adjusted EBITDA margin is lowered slightly to 21.5% to 22.5% compared to the original guidance range of 22.5% to 23.0%. This is primarily due to elevated marketing costs now expected to persist above our original guidance for the remainder of the year.
Based on the above, full-year 2026 earnings per diluted share, excluding non-cash expenses for stock options, tax benefits from stock option exercises, costs related to litigation and other discrete items, is estimated to be in the range of $24.00 to $24.75. The mid-point of the revised guidance represents a 13% increase from 2025 adjusted earnings per diluted share of $21.55. The revised 2026 guidance assumes an effective corporate tax rate on adjusted earnings of 24.5% and a diluted share count of 13.6 million shares. The original 2026 guidance was for adjusted earnings per diluted share to be between $23.25 and $24.25.
Conference Call
As previously disclosed, Chemed will host a conference call and webcast at 10 a.m., ET, on Friday April 24, 2026, to discuss the company's quarterly results and to provide an update on its business. Participants may access a live webcast of the conference call through the investor relations section of Chemed’s website, Investor Relations Home | Chemed Corporation or the hosting website https://edge.media-server.com/mmc/p/o65jro38.
Participants may also register via teleconference at:
https://register-conf.media-server.com/register/BI6f413b6cd3ee468481cac75d7519454e.
Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.
A taped replay of the conference call will be available beginning approximately two hours after the call's conclusion. You may access the replay via webcast through the investor relations section of Chemed’s website.
Chemed operates in the healthcare field through its VITAS Healthcare Corporation subsidiary. VITAS provides daily hospice services to patients with severe, life-limiting illnesses. This type of care is focused on making the terminally ill patient's final days as comfortable and pain-free as possible.
Chemed operates in the residential and commercial plumbing and drain cleaning industry under the brand name Roto-Rooter. Roto-Rooter provides plumbing, drain cleaning, and water cleanup services through company-owned branches, independent contractors and franchisees in the United States and Canada. Roto-Rooter also has licensed master franchisees in the republics of Indonesia and Singapore, and the Philippines.
This press release contains information about Chemed’s EBITDA, Adjusted EBITDA, and Adjusted Diluted EPS, which are not measures derived in accordance with GAAP and which exclude components that are important to understanding Chemed’s financial performance. In reporting its operating results, Chemed provides EBITDA, Adjusted EBITDA and Adjusted Diluted EPS measures to help investors and others evaluate the Company’s operating results, compare its operating performance with that of similar companies that have different capital structures and evaluate its ability to meet its future debt service, capital expenditures and working capital requirements. Chemed’s management similarly uses EBITDA, Adjusted EBITDA, and Adjusted Diluted EPS to assist it in evaluating the performance of the Company across fiscal periods and in assessing how its performance compares to its peer companies. These measures also help Chemed’s management to estimate the resources required to meet Chemed’s future financial obligations and expenditures. Chemed’s EBITDA, Adjusted EBITDA and Adjusted Diluted EPS should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP. We calculated Adjusted EBITDA Margin by dividing Adjusted EBITDA by service revenue and sales. A reconciliation of Chemed’s net income to its EBITDA, Adjusted EBITDA and Adjusted Diluted EPS is presented in the tables following the text of this press release.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 REGARDING FORWARD-LOOKING INFORMATION
Statements in this press release contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods and are based upon assumptions subject to certain known and unknown risks, uncertainties, contingencies and other factors, including, but not limited to, the impact of laws and regulations on Chemed’s operations, including Medicare Cap and Medicare reimbursement rates, Chemed’s estimates of the effect of Medicare Cap on VITAS’ revenues and future prospects, Chemed’s expectations regarding VITAS’ patient mix and Chemed’s expectations regarding demand for Roto-Rooter’s services.
Because forward looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Chemed’s control. Chemed’s actual results and financial condition may differ materially from those indicated in the forward-looking statements included in this press release, including as a result of the risks described above and those described in the Chemed’s Annual Report on Form 10-K for the year ended December 31, 2025 and in its Quarterly Reports filed in 2026. Any forward-looking statement made by Chemed in this press release is based only on information currently available to Chemed and speaks only as of the date on which it is made. Chemed undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
CHEMED CORPORATION AND SUBSIDIARY COMPANIESCONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data) (unaudited) Three Months Ended March 31, 2026
2025
Service revenues and sales $657,513 $646,943 Cost of services provided and goods sold 441,749 430,530 Selling, general and administrative expenses (aa) 114,321 105,587 Depreciation 14,303 13,445 Amortization 2,570 2,572 Other operating (income)/expense (8) 51 Total costs and expenses 572,935 552,185 Income from operations 84,578 94,758 Interest expense (512) (329)Other income--net (bb) 4,774 1,245 Income before income taxes 88,840 95,674 Income taxes (22,538) (23,917)Net income $66,302 $71,757 Earnings Per Share Net income $4.85 $4.91 Average number of shares outstanding 13,675 14,622 Diluted Earnings Per Share Net income $4.84 $4.86 Average number of shares outstanding 13,690 14,764 (aa) Selling, general and administrative ("SG&A") expenses comprise (in thousands): Three Months Ended March 31, 2026
2025
SG&A expenses before long-term incentive compensation and the impact of market value adjustments related to deferred compensation plans $108,931 $103,760 Market value adjustments related to deferred compensation trusts 3,885 (830)Long-term incentive compensation 1,505 2,657 Total SG&A expenses $114,321 $105,587 (bb) Other income--net comprises (in thousands): Three Months Ended March 31, 2026
2025
Market value adjustments related to deferred compensation trusts $3,885 $(830)Interest income 890 2,076 Other (1) (1)Total other income--net $4,774 $1,245 CHEMED CORPORATION AND SUBSIDIARY COMPANIESCONSOLIDATED BALANCE SHEETS(in thousands, except per share data) (unaudited) March 31, 2026
2025
Assets Current assets Cash and cash equivalents $16,856 $173,882 Accounts receivable less allowances 215,479 285,873 Inventories 7,208 7,790 Prepaid income taxes 7,614 4,436 Prepaid expenses 26,906 30,404 Total current assets 274,063 502,385 Investments of deferred compensation plans held in trust 143,778 127,949 Properties and equipment, at cost less accumulated depreciation 207,734 199,679 Lease right of use asset 133,597 131,150 Identifiable intangible assets less accumulated amortization 80,417 89,929 Goodwill 687,501 666,940 Other assets 8,725 8,483 Total Assets $1,535,815 $1,726,515 Liabilities Current liabilities Accounts payable $65,698 $47,692 Accrued insurance 65,101 65,743 Accrued income taxes 25,770 38,247 Accrued compensation 62,750 59,905 Short-term lease liability 41,286 42,976 Other current liabilities 60,810 35,993 Total current liabilities 321,415 290,556 Deferred income taxes 14,575 11,771 Deferred compensation liabilities 142,660 127,292 Long-term debt 91,200 - Long-term lease liability 104,448 102,082 Other liabilities 13,523 13,052 Total Liabilities 687,821 544,753 Stockholders' Equity Capital stock 37,607 37,535 Paid-in capital 1,603,730 1,538,419 Retained earnings 3,013,504 2,786,264 Treasury stock, at cost (3,809,245) (3,182,718)Deferred compensation payable in Company stock 2,398 2,262 Total Stockholders' Equity 847,994 1,181,762 Total Liabilities and Stockholders' Equity $1,535,815 $1,726,515 CHEMED CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) For the Three Months Ended March 31, 2026
2025
Cash Flows from Operating Activities Net income $66,302 $71,757 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 16,873 16,017 Stock option expense 9,249 9,091 Benefit for deferred income taxes (4,737) (14,174) Noncash long-term incentive compensation 1,386 2,420 Amortization of debt issuance costs 80 80 Changes in operating assets and liabilities, excluding amounts acquired in business combinations: Increase in accounts receivable (32,899) (67,424) Decrease in inventories 335 403 Increase in prepaid expenses (88) (4,430) Increase/(decrease) in accounts payable and other current liabilities 2,235 (22,592) Change in current income taxes 26,817 37,286 Net change in lease assets and liabilities (471) 169 (Increase)/decrease in other assets (3,603) 3,034 Increase in other liabilities 6,709 951 Other sources 31 156 Net cash provided by operating activities 88,219 32,744 Cash Flows from Investing Activities Business combinations, net of cash acquired (20,610) (225) Capital expenditures (17,116) (13,280) Proceeds from sale of fixed assets 134 112 Other uses (197) (281) Net cash used by investing activities (37,789) (13,674) Cash Flows from Financing Activities Purchases of treasury stock (190,039) (33,222) Proceeds from revolving line of credit 135,480 - Payments on revolving line of credit (44,280) - Dividends paid (8,173) (7,325) Capital stock surrendered to pay taxes on stock-based compensation (1,482) (6,254) Proceeds from exercise of stock options 1,312 22,666 Change in cash overdrafts payable (493) 438 Other (uses)/sources (414) 159 Net cash used by financing activities (108,089) (23,538) Decrease in Cash and Cash Equivalents (57,659) (4,468) Cash and cash equivalents at beginning of year 74,515 178,350 Cash and cash equivalents at end of period $16,856 $173,882 CHEMED CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (in thousands) (unaudited) Chemed VITAS Roto-Rooter Corporate Consolidated 2026 (a) Service revenues and sales $420,018 $237,495 $- $657,513 Cost of services provided and goods sold 325,467 116,282 - 441,749 Selling, general and administrative expenses 26,109 67,929 20,283 114,321 Depreciation 5,912 8,379 12 14,303 Amortization 26 2,544 - 2,570 Other operating expense/(income) 52 (60) - (8) Total costs and expenses 357,566 195,074 20,295 572,935 Income/(loss) from operations 62,452 42,421 (20,295) 84,578 Interest expense (50) (136) (326) (512) Intercompany interest income/(expense) 6,238 4,512 (10,750) - Other income—net 95 15 4,664 4,774 Income/(loss) before income taxes 68,735 46,812 (26,707) 88,840 Income taxes (16,528) (11,028) 5,018 (22,538) Net income/(loss) $52,207 $35,784 $(21,689) $66,302 2025 (b) Service revenues and sales $407,400 $239,543 $- $646,943 Cost of services provided and goods sold 312,807 117,723 - 430,530 Selling, general and administrative expenses 26,538 62,649 16,400 105,587 Depreciation 5,196 8,237 12 13,445 Amortization 26 2,546 - 2,572 Other operating expense/(income) 64 (13) - 51 Total costs and expenses 344,631 191,142 16,412 552,185 Income/(loss) from operations 62,769 48,401 (16,412) 94,758 Interest expense (48) (132) (149) (329) Intercompany interest income/(expense) 5,296 3,930 (9,226) - Other income—net 48 10 1,187 1,245 Income/(loss) before income taxes 68,065 52,209 (24,600) 95,674 Income taxes (18,035) (12,265) 6,383 (23,917) Net income/(loss) $50,030 $39,944 $(18,217) $71,757 The "Footnotes to Financial Statements" are integral parts of this financial information. CHEMED CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING SUMMARIES OF EBITDA FOR THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (in thousands) (unaudited) Chemed VITAS Roto-Rooter Corporate Consolidated 2026 Net income/(loss) $52,207 $35,784 $(21,689) $66,302 Add/(deduct): Interest expense 50 136 326 512 Income taxes 16,528 11,028 (5,018) 22,538 Depreciation 5,912 8,379 12 14,303 Amortization 26 2,544 - 2,570 EBITDA 74,723 57,871 (26,369) 106,225 Add/(deduct): Intercompany interest expense/(income) (6,238) (4,512) 10,750 - Interest income (95) (15) (779) (889) Stock option expense - - 9,249 9,249 Long-term incentive compensation - - 1,505 1,505 Acquisition expense - 167 - 167 Adjusted EBITDA $68,390 $53,511 $(5,644) $116,257 2025 Net income/(loss) $50,030 $39,944 $(18,217) $71,757 Add/(deduct): Interest expense 48 132 149 329 Income taxes 18,035 12,265 (6,383) 23,917 Depreciation 5,196 8,237 12 13,445 Amortization 26 2,546 - 2,572 EBITDA 73,335 63,124 (24,439) 112,020 Add/(deduct): Intercompany interest expense/(income) (5,296) (3,930) 9,226 - Interest income (49) (10) (2,017) (2,076) Stock option expense - - 9,091 9,091 Long-term incentive compensation - - 2,657 2,657 Adjusted EBITDA $67,990 $59,184 $(5,482) $121,692 The "Footnotes to Financial Statements" are integral parts of this financial information. CHEMED CORPORATION AND SUBSIDIARY COMPANIESRECONCILIATION OF ADJUSTED NET INCOME(in thousands, except per share data)(unaudited) Three Months Ended March 31, 2026
2025
Net income as reported $66,302 $71,757 Add/(deduct) pre-tax cost of: Stock option expense 9,249 9,091 Amortization of reacquired franchise rights 2,352 2,352 Long-term incentive compensation 1,505 2,657 Acquisition expense 167 - Add/(deduct) tax impacts: Tax impact of the above pre-tax adjustments (1) (2,248) (2,320) Excess tax expenses/(benefits) on stock compensation 56 (463) Adjusted net income $77,383 $83,074 Diluted Earnings Per Share As Reported Net income $4.84 $4.86 Average number of shares outstanding 13,690 14,764 Adjusted Diluted Earnings Per Share Adjusted net income $5.65 $5.63 Average number of shares outstanding 13,690 14,764 (1) The tax impact of pre-tax adjustments was calculated using the effective tax rate of the operating unit for which each adjustment is associated. The "Footnotes to Financial Statements" are integral parts of this financial information. CHEMED CORPORATION AND SUBSIDIARY COMPANIESOPERATING STATISTICS FOR VITAS SEGMENT(unaudited) Three Months Ended March 31,OPERATING STATISTICS2026
2025
Net revenue ($000) (c) Homecare$371,091 $351,566 Inpatient 35,925 34,022 Continuous care 18,133 24,637 Other 5,578 5,344 Subtotal$430,727 $415,569 Room and board, net (3,257) (3,525)Contractual allowances (5,077) (2,319)Medicare cap allowance (2,375) (2,325)Net Revenue$420,018 $407,400 Net revenue as a percent of total before Medicare cap allowance Homecare 86.2% 84.6%Inpatient 8.3 8.2 Continuous care 4.2 5.9 Other 1.3 1.3 Subtotal 100.0 100.0 Room and board, net (0.8) (0.8)Contractual allowances (1.1) (0.6)Medicare cap allowance (0.6) (0.6)Net Revenue 97.5% 98.0%Days of care Homecare 1,691,619 1,632,569 Nursing home 294,818 307,108 Respite 10,875 9,995 Subtotal routine homecare and respite 1,997,312 1,949,672 Inpatient 30,474 29,704 Continuous care 17,288 22,620 Total 2,045,074 2,001,996 Number of days in relevant time period 90 90 Average daily census ("ADC") (days) Homecare 18,796 18,140 Nursing home 3,276 3,412 Respite 120 111 Subtotal routine homecare and respite 22,192 21,663 Inpatient 339 330 Continuous care 192 251 Total 22,723 22,244 Total Admissions 19,394 18,139 Total Discharges 18,537 17,875 Average length of stay (days) 102.7 118.7 Median length of stay (days) 15.0 16.0 ADC by major diagnosis Cerebro 44.5% 44.7%Neurological 11.3 12.4 Cancer 9.6 9.6 Cardio 16.3 16.1 Respiratory 7.7 7.2 Other 10.6 10.0 Total 100.0% 100.0%Admissions by major diagnosis Cerebro 26.9% 28.4%Neurological 6.9 6.5 Cancer 23.5 24.6 Cardio 15.8 15.0 Respiratory 12.4 11.6 Other 14.5 13.9 Total 100.0% 100.0% Estimated uncollectible accounts as a percent of revenues 1.2% 0.6% Accounts receivable -- Days of revenue outstanding-excluding unapplied Medicare payments38.8 47.3 Days of revenue outstanding-including unapplied Medicare payments33.6 44.5 CHEMED CORPORATION AND SUBSIDIARY COMPANIES FOOTNOTES TO FINANCIAL STATEMENTS FOR THE THREE MONTHS AND YEARS ENDED MARCH 31, 2026 AND 2025 (unaudited) (a)Included in the results of operations for 2026 are the following significant credits/(charges) which may not be indicative of ongoing operations (in thousands): Three Months Ended March 31, 2026 VITAS Roto-Rooter Corporate Consolidated Stock option expense $- $- $(9,249) $(9,249) Amortization of reacquired franchise agreements - (2,352) - (2,352) Long-term incentive compensation - - (1,505) (1,505) Acquisition expense - (167) - (167) Pretax impact on earnings - (2,519) (10,754) (13,273) Excess tax expenses on stock compensation - - (56) (56) Income tax benefit on the above - 587 1,661 2,248 After-tax impact on earnings $- $(1,932) $(9,149) $(11,081) (b)Included in the results of operations for 2025 are the following significant credits/(charges) which may not be indicative of ongoing operations (in thousands): Three Months Ended March 31, 2025 VITAS Roto-Rooter Corporate Consolidated Stock option expense $- $- $(9,091) $(9,091) Long-term incentive compensation - - (2,657) (2,657) Amortization of reacquired franchise agreements - (2,352) - (2,352) Pretax impact on earnings - (2,352) (11,748) (14,100) Excess tax benefits on stock compensation - - 463 463 Income tax benefit on the above - 546 1,774 2,320 After-tax impact on earnings $- $(1,806) $(9,511) $(11,317) (c)VITAS has 13 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 23 small (less than 200 ADC) hospice programs. Of Vitas' 33 Medicare provider numbers, for the current cap year, 25 provider numbers have a Medicare cap cushion of greater than 10%, four provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability. CONTACT:
Michael D. Witzeman
(513) 762-6714
Chemed (CHE - Free Report) came out with quarterly earnings of $5.65 per share, beating the Zacks Consensus Estimate of $5.17 per share. This compares to earnings of $5.63 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +9.28%. A quarter ago, it was expected that this operator of the Roto-Rooter plumbing service and Vitas Healthcare hospices would post earnings of $7.02 per share when it actually produced earnings of $6.42, delivering a surprise of -8.55%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Chemed, which belongs to the Zacks Medical - Outpatient and Home Healthcare industry, posted revenues of $657.51 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.59%. This compares to year-ago revenues of $646.94 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Chemed shares have lost about 12.8% since the beginning of the year versus the S&P 500's gain of 4.3%.
What's Next for Chemed?While Chemed has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Chemed was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.41 on $659.17 million in revenues for the coming quarter and $23.74 on $2.67 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Outpatient and Home Healthcare is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Aveanna Healthcare (AVAH - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026.
This home health care services provider is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of +30%. The consensus EPS estimate for the quarter has been revised 1.8% lower over the last 30 days to the current level.
Aveanna Healthcare's revenues are expected to be $616.44 million, up 10.2% from the year-ago quarter.
Abacus FCF Advisors LLC bought a new position in shares of Chemed Corporation (NYSE:CHE – Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 13,871 shares of the company’s stock, valued at approximately $5,935,000. Abacus FCF Advisors LLC owned 0.10% of Chemed at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC bought a new position in Chemed during the 4th quarter worth $274,000. Mendel Money Management raised its holdings in Chemed by 85.6% during the 4th quarter. Mendel Money Management now owns 2,890 shares of the company’s stock worth $1,237,000 after purchasing an additional 1,333 shares during the last quarter. Diversified Enterprises LLC raised its holdings in Chemed by 19.8% during the 4th quarter. Diversified Enterprises LLC now owns 709 shares of the company’s stock worth $303,000 after purchasing an additional 117 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Chemed by 13.9% in the 4th quarter. Teacher Retirement System of Texas now owns 15,534 shares of the company’s stock worth $6,646,000 after purchasing an additional 1,900 shares during the period. Finally, M&T Bank Corp lifted its position in shares of Chemed by 10,291.1% in the 4th quarter. M&T Bank Corp now owns 85,934 shares of the company’s stock worth $36,768,000 after purchasing an additional 85,107 shares during the period. 95.85% of the stock is owned by institutional investors.
Insider Buying and Selling In other Chemed news, CEO Kevin J. Mcnamara sold 2,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $403.18, for a total transaction of $806,360.00. Following the transaction, the chief executive officer directly owned 93,719 shares in the company, valued at approximately $37,785,626.42. This trade represents a 2.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.29% of the company’s stock.
Key Stories Impacting Chemed Here are the key news stories impacting Chemed this week:
Positive Sentiment: Company raised FY2026 EPS guidance to $24.00–$24.75, above prior consensus, giving investors a better earnings outlook for the year. Chemed Reports First-Quarter 2026 Results Positive Sentiment: Adjusted Q1 EPS of $5.65 beat Street estimates (around $5.30), signaling core profitability resilience and helping lift sentiment. Chemed (CHE) Beats Q1 Earnings and Revenue Estimates Positive Sentiment: VITAS (hospice) showed revenue and operating improvements (net patient revenue +3.1%, higher average daily census and admissions), which management cited when raising guidance. Chemed Reports First-Quarter 2026 Results Neutral Sentiment: Revenue was roughly flat/only modestly up (+1.6% to $657.5M), essentially in line with expectations — not a growth surprise but not a miss either. Press Release / Slide Deck Neutral Sentiment: Cash from operations improved meaningfully and the company repurchased 500,000 shares and closed two Roto‑Rooter franchise purchases (~$20.6M) — capital allocation activity that investors may view positively over time. Chemed Reports First-Quarter 2026 Results Negative Sentiment: Roto‑Rooter showed revenue and EBITDA declines and margin compression (notable drop in segment EBITDA and margins), a near‑term drag on consolidated profitability. Chemed earnings on deck as hospice, plumbing units face tests Negative Sentiment: GAAP diluted EPS and net income were slightly down year‑over‑year, and balance‑sheet notes (lower cash, higher liabilities) plus recent insider sales may concern some investors focused on capital structure. Chemed Corp (CHE) Stock Rises on Q1 2026 Earnings Chemed Price Performance Shares of NYSE CHE opened at $420.67 on Friday. The company has a 50-day moving average price of $403.17 and a 200-day moving average price of $426.24. The stock has a market capitalization of $6.15 billion, a P/E ratio of 22.92, a P/E/G ratio of 1.52 and a beta of 0.49. Chemed Corporation has a 1 year low of $365.20 and a 1 year high of $583.96.
Chemed (NYSE:CHE – Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $5.65 earnings per share for the quarter, topping analysts’ consensus estimates of $5.30 by $0.35. The company had revenue of $657.51 million for the quarter, compared to analyst estimates of $659.22 million. Chemed had a net margin of 10.23% and a return on equity of 25.70%. The firm’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.63 EPS. Chemed has set its FY 2026 guidance at 24.000-24.75 EPS. As a group, equities research analysts anticipate that Chemed Corporation will post 21.92 earnings per share for the current fiscal year.
Chemed Announces Dividend The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Monday, February 23rd were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, February 23rd. Chemed’s dividend payout ratio is presently 13.08%.
Analyst Upgrades and Downgrades Several equities research analysts have recently weighed in on CHE shares. Jefferies Financial Group cut shares of Chemed from a “buy” rating to a “hold” rating in a research report on Thursday, January 22nd. Oppenheimer dropped their price objective on Chemed from $580.00 to $500.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Royal Bank Of Canada restated a “sector perform” rating and set a $422.00 target price (down from $572.00) on shares of Chemed in a research report on Friday, February 27th. Zacks Research lowered Chemed from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 4th. Finally, Weiss Ratings cut Chemed from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, April 13th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $498.00.
Get Our Latest Stock Analysis on CHE
About Chemed (Free Report)
Chemed Corporation is a diversified provider of essential home services and healthcare solutions in the United States. Headquartered in Cincinnati, Ohio, the company operates through two principal business segments—Roto-Rooter and Vitas Healthcare. Since its founding in 1974, Chemed has built a reputation for reliability and expertise, serving both residential and commercial customers across a broad range of markets.
The Roto-Rooter segment offers a comprehensive suite of plumbing, drain cleaning and water restoration services.
See Also Five stocks we like better than Chemed
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Cwm LLC boosted its holdings in shares of Chemed Corporation (NYSE:CHE – Free Report) by 88.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,084 shares of the company’s stock after purchasing an additional 1,914 shares during the period. Cwm LLC’s holdings in Chemed were worth $1,747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CHE. Geneos Wealth Management Inc. lifted its position in Chemed by 330.4% during the first quarter. Geneos Wealth Management Inc. now owns 99 shares of the company’s stock valued at $61,000 after purchasing an additional 76 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in Chemed by 67.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 11,365 shares of the company’s stock valued at $5,534,000 after purchasing an additional 4,560 shares during the period. Marshall Wace LLP acquired a new position in Chemed during the second quarter valued at $579,000. Brown Advisory Inc. lifted its position in Chemed by 36.9% during the second quarter. Brown Advisory Inc. now owns 549 shares of the company’s stock valued at $267,000 after purchasing an additional 148 shares during the period. Finally, Cerity Partners LLC lifted its position in Chemed by 237.7% during the second quarter. Cerity Partners LLC now owns 4,451 shares of the company’s stock valued at $2,165,000 after purchasing an additional 3,133 shares during the period. 95.85% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In A number of research analysts recently issued reports on the stock. Royal Bank Of Canada restated a “sector perform” rating and set a $422.00 target price (down from $572.00) on shares of Chemed in a research report on Friday, February 27th. Zacks Research downgraded shares of Chemed from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 4th. Jefferies Financial Group downgraded shares of Chemed from a “buy” rating to a “hold” rating in a research report on Thursday, January 22nd. Oppenheimer decreased their target price on shares of Chemed from $580.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Finally, Weiss Ratings downgraded shares of Chemed from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, April 13th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Chemed has an average rating of “Hold” and an average target price of $498.00.
Get Our Latest Analysis on CHE
Key Chemed News Here are the key news stories impacting Chemed this week:
Positive Sentiment: Company raised FY2026 EPS guidance to $24.00–$24.75, above prior consensus, giving investors a better earnings outlook for the year. Chemed Reports First-Quarter 2026 Results Positive Sentiment: Adjusted Q1 EPS of $5.65 beat Street estimates (around $5.30), signaling core profitability resilience and helping lift sentiment. Chemed (CHE) Beats Q1 Earnings and Revenue Estimates Positive Sentiment: VITAS (hospice) showed revenue and operating improvements (net patient revenue +3.1%, higher average daily census and admissions), which management cited when raising guidance. Chemed Reports First-Quarter 2026 Results Neutral Sentiment: Revenue was roughly flat/only modestly up (+1.6% to $657.5M), essentially in line with expectations — not a growth surprise but not a miss either. Press Release / Slide Deck Neutral Sentiment: Cash from operations improved meaningfully and the company repurchased 500,000 shares and closed two Roto‑Rooter franchise purchases (~$20.6M) — capital allocation activity that investors may view positively over time. Chemed Reports First-Quarter 2026 Results Negative Sentiment: Roto‑Rooter showed revenue and EBITDA declines and margin compression (notable drop in segment EBITDA and margins), a near‑term drag on consolidated profitability. Chemed earnings on deck as hospice, plumbing units face tests Negative Sentiment: GAAP diluted EPS and net income were slightly down year‑over‑year, and balance‑sheet notes (lower cash, higher liabilities) plus recent insider sales may concern some investors focused on capital structure. Chemed Corp (CHE) Stock Rises on Q1 2026 Earnings Chemed Stock Performance Shares of Chemed stock opened at $420.67 on Friday. The firm has a 50-day simple moving average of $403.17 and a two-hundred day simple moving average of $426.24. The company has a market cap of $6.15 billion, a P/E ratio of 22.92, a price-to-earnings-growth ratio of 1.52 and a beta of 0.49. Chemed Corporation has a fifty-two week low of $365.20 and a fifty-two week high of $583.96.
Chemed (NYSE:CHE – Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $5.65 earnings per share for the quarter, topping analysts’ consensus estimates of $5.30 by $0.35. The business had revenue of $657.51 million during the quarter, compared to the consensus estimate of $659.22 million. Chemed had a net margin of 10.23% and a return on equity of 25.70%. The company’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.63 earnings per share. Chemed has set its FY 2026 guidance at 24.000-24.75 EPS. Equities research analysts forecast that Chemed Corporation will post 21.92 EPS for the current year.
Chemed Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Monday, February 23rd were given a $0.60 dividend. The ex-dividend date was Monday, February 23rd. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Chemed’s dividend payout ratio is 13.08%.
Insider Buying and Selling at Chemed In other Chemed news, CEO Kevin J. Mcnamara sold 2,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $403.18, for a total value of $806,360.00. Following the completion of the transaction, the chief executive officer owned 93,719 shares in the company, valued at approximately $37,785,626.42. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.29% of the company’s stock.
Chemed Company Profile (Free Report)
Chemed Corporation is a diversified provider of essential home services and healthcare solutions in the United States. Headquartered in Cincinnati, Ohio, the company operates through two principal business segments—Roto-Rooter and Vitas Healthcare. Since its founding in 1974, Chemed has built a reputation for reliability and expertise, serving both residential and commercial customers across a broad range of markets.
The Roto-Rooter segment offers a comprehensive suite of plumbing, drain cleaning and water restoration services.
Further Reading Five stocks we like better than Chemed
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Key Takeaways Chemed Q1 EPS of $5.65 beat estimates, while revenues rose 1.6% to $657.5M, also topping forecasts.CHE's VITAS revenues grew 3.1% on higher care days and Medicare rates, while Roto-Rooter sales dipped 0.9%.Chemed's operating margin fell 170 bps as SG&A expenses rose 8.3% and costs increased. Chemed Corporation (CHE - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of $5.65, up 0.4% year over year. The figure surpassed the Zacks Consensus Estimate by 9.28%.
The company’s GAAP EPS was $4.84, down 0.4% from last year’s reported figure.
CHE’s RevenuesRevenues in the reported quarter came in at $657.5 million, rising 1.6% from the year-ago quarter’s figure. The metric topped the Zacks Consensus Estimate by 2.59%.
Following the earnings announcement on April 23, CHE stock rose nearly 10%, finishing at $421.11 on Friday.
CHE’s Q1 Segmental Details Chemed operates through two wholly owned subsidiaries — VITAS (a major provider of end-of-life care) and Roto-Rooter (a leading commercial and residential plumbing plus drain cleaning service provider).
VITASIn the first quarter, net patient revenues totaled $420 million, up 3.1% on a year-over-year basis. The rise in revenues was primarily due to a 2.2% increase in days-of-care and a 2.6% jump in the geographically weighted average Medicare reimbursement rate.
Roto-RooterThe segment reported sales of $237.5 million, down 0.9% year over year.
Total Roto-Rooter branch commercial revenues decreased 1.9% year over year. This aggregate commercial revenue change consisted of excavation plunging 7.8%, water restoration declining 10%, and drain cleaning falling 0.9%. This was offset by an increase in plumbing of 3.9%
Total Roto-Rooter branch residential revenues registered a decrease of 1.5% over the prior-year period. This aggregate residential revenue change consisted of water restoration declining 11.8%, offset by plumbing increasing 9.3%, excavation increasing 0.9%, and drain cleaning increasing 1.1%.
CHE’s Q1 Margin PerformanceThe gross profit decreased 0.3% year over year to $215.8 million in the first quarter of 2026. The gross margin contracted 64 basis points (bps) year over year to 32.8% due to a 2.6% increase in the cost of services provided and goods sold.
SG&A expenses rose 8.3% year over year to $114.3 million. The adjusted operating profit fell 8.5% from the year-ago period to $101.4 million. The adjusted operating margin contracted 170 bps to 15.4% during the quarter.
CHE’s Liquidity & Capital StructureChemed exited the first quarter with cash and cash equivalents of $16.9 million compared with $74.5 million at the end of 2025. Long-term debt came in at $91.2 million.
The cumulative net cash provided by operating activities was $88.2 million compared with $32.7 million in the year-ago period.
The company repurchased 500,000 shares of Chemed stock for $197.7 million, which equates to costs of $395.36 per share. As of March 31, 2026, there was $229.6 million of remaining share repurchase authorization under its plan.
Chemed has a consistent dividend-paying history, with five-year annualized dividend growth of 12.7%.
Chemed’s 2026 GuidanceFor 2026, the company now expects revenues from VITAS, prior to Medicare Cap, to increase 6.5%-7.5% (earlier 5.5-6.5%) from the 2025 reported level. The Zacks Consensus Estimate for total revenues is pegged at $2.67 billion, which indicates a 5.5% year-over-year improvement.
Adjusted EPS for the year is now expected to be in the band of $24-$24.75 (previously, $23.25-$24.25). The Zacks Consensus Estimate for the metric is pegged at $23.74, which implies 10.2% growth from the 2025 adjusted figure.
Our Take on CHEChemed exited the first quarter of 2026 on a solid note, with both earnings and revenues beating respective estimates. VITAS restored its normal growth trajectory faster than anticipated following the 2025 Medicare Cap issue, driving stronger revenue performance. Roto-Rooter showed signs of improvement across multiple fronts, with both residential plumbing and residential sewer and drain revenues increasing for the first time since the fourth quarter of 2022.
On March 31, 2026, Roto-Rooter purchased the territory and assets of the franchises operating in San Francisco, CA, and Fort Worth, TX, in two separate transactions, aggregating to roughly $20.6 million. This purchase is part of Roto-Rooter’s ongoing strategy of acquiring franchises to boost productivity, market share and profitability.
Meanwhile, contraction of both margins in the quarter is discouraging.
CHE’s Zacks Rank and Key PicksChemed currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the broader medical space are Globus Medical (GMED - Free Report) , Intuitive Surgical (ISRG - Free Report) and Phibro Animal Health (PAHC - Free Report) .
Globus Medical, currently sporting a Zacks Rank #1 (Strong Buy), reported a fourth-quarter 2025 adjusted EPS of $1.28, which surpassed the Zacks Consensus Estimate by 20.8%. Revenues of $826.4 million beat the Zacks Consensus Estimate by 4.9%. You can see the complete list of today’s Zacks #1 Rank stocks here.
GMED has an earnings yield of 4.7% compared to the industry’s negative 1.4% yield. The company beat earnings estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 18.79%.
Intuitive Surgical,carrying a Zacks Rank #2 (Buy) at present, posted a first-quarter 2026 adjusted EPS of $2.50, exceeding the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion topped the Zacks Consensus Estimate by 6.2%.
ISRG has an earnings yield of 2.1% compared to the industry’s negative 0.9% yield. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 16.82%.
Phibro Animal Health,carrying a Zacks Rank #2 at present, posted a second-quarter fiscal 2026 adjusted EPS of 87 cents, exceeding the Zacks Consensus Estimate by 27.01%. Revenues of $373.9 million outperformed the Zacks Consensus Estimate by 4.72%.
PAHC has an estimated long-term earnings growth rate of 21.5% compared with the industry’s 12.1% growth. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 20.15%.
CINCINNATI, May 05, 2026 (GLOBE NEWSWIRE) -- Chemed Corporation (NYSE:CHE) today announced that it will deliver a presentation at the Bank of America Securities 2026 Health Care Conference on Tuesday, May 12, 2026, at 3:00 PM (PDT) at the Encore at the Wynn Las Vegas.
The presentation will be webcast live and can be accessed, along with the presentation materials, through the Chemed website at www.chemed.com (Investor Relations). The webcast replay will be available within 24 hours of the live presentation and will be accessible for 90 days.
Listed on the New York Stock Exchange and headquartered in Cincinnati, Ohio, Chemed Corporation (www.chemed.com) operates two wholly owned subsidiaries: VITAS Healthcare and Roto-Rooter. VITAS is the nation's largest provider of end-of-life hospice care and Roto-Rooter is the nation’s leading provider of plumbing and drain cleaning services.
Statements in this press release or in other Chemed communications may relate to future events or Chemed's future performance. Such statements are forward-looking statements and are based on present information Chemed has related to its existing business circumstances. Investors are cautioned that such forward-looking statements are subject to inherent risk that actual results may differ materially from such forward-looking statements. Further, investors are cautioned that Chemed does not assume any obligation to update forward-looking statements based on unanticipated events or changed expectations.
CINCINNATI, May 13, 2026 (GLOBE NEWSWIRE) -- Chemed Corporation (NYSE:CHE) today announced that it will deliver a presentation at the RBC Capital Markets Global Healthcare Conference on Wednesday, May 20, 2026, at approximately 8:30 a.m. (ET) at The InterContinental New York Barclay Hotel in New York City.
The audio webcast can be accessed by visiting the Chemed website at www.chemed.com (Investor Relations). The webcast replay will be available within 24 hours after the live presentation and will be accessible for 90 days.
Listed on the New York Stock Exchange and headquartered in Cincinnati, Ohio, Chemed Corporation (www.chemed.com) operates two wholly owned subsidiaries: VITAS Healthcare and Roto-Rooter. VITAS is the nation's largest provider of end-of-life hospice care and Roto-Rooter is the nation’s leading provider of plumbing and drain cleaning services.
Statements in this press release or in other Chemed communications may relate to future events or Chemed's future performance. Such statements are forward-looking statements and are based on present information Chemed has related to its existing business circumstances. Investors are cautioned that such forward-looking statements are subject to inherent risk and that actual results may differ materially from such forward-looking statements. Further, investors are cautioned that Chemed does not assume any obligation to update forward-looking statements based on unanticipated events or changed expectations.
CINCINNATI, May 18, 2026 (GLOBE NEWSWIRE) -- Stockholders of Chemed Corporation (NYSE: CHE) today elected a slate of nine directors at the Company’s 2026 annual stockholders’ meeting.
Stockholders ratified the continuation of PricewaterhouseCoopers LLP as the Company’s independent accountants for 2026. The non-binding proposal on Chemed’s executive compensation was not approved.
Dividend Declared
Following the stockholders’ meeting, Chemed’s Board of Directors declared a quarterly cash dividend of 60 cents per share on the Company’s capital stock, payable on June 16, 2026, to stockholders of record as of May 28, 2026. This represents the 220th consecutive quarterly dividend paid to stockholders in Chemed’s 55 years as a public company.
Listed on the New York Stock Exchange and headquartered in Cincinnati, Ohio, Chemed Corporation (www.chemed.com) operates two wholly owned subsidiaries: VITAS Healthcare and Roto-Rooter. VITAS is the nation's largest provider of end-of-life hospice care, and Roto-Rooter is the nation’s leading provider of plumbing and drain cleaning services.
Statements in this press release or in other Chemed communications may relate to future events or Chemed's future performance. Such statements are forward-looking statements and are based on present information Chemed has related to its existing business circumstances. Investors are cautioned that such forward-looking statements are subject to inherent risk and that actual results may differ materially from such forward-looking statements. Further, investors are cautioned that Chemed does not assume any obligation to update forward-looking statements based on unanticipated events or changed expectations.
Investors looking for stocks in the Medical - Outpatient and Home Healthcare sector might want to consider either Aveanna Healthcare (AVAH - Free Report) or Chemed (CHE - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Aveanna Healthcare and Chemed are sporting Zacks Ranks of #2 (Buy) and #4 (Sell), respectively, right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that AVAH is likely seeing its earnings outlook improve to a greater extent. However, value investors will care about much more than just this.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
AVAH currently has a forward P/E ratio of 11.76, while CHE has a forward P/E of 18.27. We also note that AVAH has a PEG ratio of 0.79. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. CHE currently has a PEG ratio of 1.53.
Another notable valuation metric for AVAH is its P/B ratio of 6.64. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, CHE has a P/B of 6.88.
Based on these metrics and many more, AVAH holds a Value grade of A, while CHE has a Value grade of C.
AVAH stands above CHE thanks to its solid earnings outlook, and based on these valuation figures, we also feel that AVAH is the superior value option right now.
CINCINNATI, June 08, 2026 (GLOBE NEWSWIRE) -- Roto-Rooter Services Company, a wholly owned subsidiary of Chemed Corporation ("Chemed") (NYSE: CHE) announced it has acquired a formerly independent Roto-Rooter franchise serving 21 counties in south Texas for approximately $12.0 million. The service area includes the cities of Corpus Christi, McAllen, Laredo and Brownsville, Texas.
Listed on the New York Stock Exchange and headquartered in Cincinnati, Ohio, Chemed Corporation (www.chemed.com) operates two wholly owned subsidiaries: VITAS Healthcare and Roto-Rooter. VITAS is the nation's largest provider of end-of-life hospice care and Roto-Rooter is the nation’s leading provider of plumbing and drain cleaning services.
Statements in this press release or in other Chemed communications may relate to future events or Chemed's future performance. Such statements are forward-looking statements and are based on present information Chemed has related to its existing business circumstances. Investors are cautioned that such forward-looking statements are subject to inherent risk and that actual results may differ materially from such forward-looking statements. Further, investors are cautioned that Chemed does not assume any obligation to update forward-looking statements based on unanticipated events or changed expectations.
Investors interested in Medical - Outpatient and Home Healthcare stocks are likely familiar with Aveanna Healthcare (AVAH) and Chemed (CHE). But which of these two stocks presents investors with the better value opportunity right now?
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Travis Boersma Sells 749,999 Shares of Dutch Bros (NYSE:BROS) StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 749,999 shares of Dutch Bros stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $60.39, for a total transaction of $45,292,439.61. Following the completion of the sale, the chairman owned 2,671,855 shares of the company's stock, valued at $161,353,323.45. This represents a 21.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 750,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $63.02, for a total value of $47,265,000.00. Following the sale, the chairman owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 23.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
New York, New York--(Newsfile Corp. - May 11, 2026) - Levi & Korsinsky notifies investors that it has commenced an investigation into Peabody Energy Corporation ("Peabody Energy Corporation") (NYSE: BTU) concerning potential violations of the federal securities laws.
During the Q4 2025 earnings call on February 5, 2026, CFO Mark A. Spurbeck told investors that full-year 2025 results "met or exceeded original guidance for seven of eight volume and cost metrics." CEO James C. Grech described the company as sitting "at the intersection of multiple policy and market trendsmoving in a highly favorable direction" -- a statement made shortly before the Q1 2026 earnings release disclosed a net loss of $32.4 million, a decline in adjusted EBITDA, and surging diesel costs that had not been adequately disclosed to investors.
The gap between the guidance narrative and actual results was stark. Management projected costs "consistent with 2025 levels" while diesel expenses climbed materially. The Centurion mine -- described by the CEO as "well ahead of its original schedule" in February -- was disclosed as delayed, removing expected production volume from the 2026 outlook.
If you suffered a loss on your Peabody Energy Corporation securities and would like to explore a potential recovery under the federal securities laws, Learn More About the Investigation or contact Joseph E. Levi, Esq. via email at [email protected] or call (212)363-7500 to speak to our team of experienced shareholder advocates.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004 [email protected]
Tel: (212)363-7500
Fax: (212)363-7171
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296906
VANCOUVER, BC / ACCESS Newswire / May 13, 2026 / BTU METALS CORP. ("BTU" or the "Company") (TSX-V:BTU)(OTCQB:BTUMF) is pleased to announce it has signed an option to acquire a 100% interest in the Dixie East Block 2 property located approximately 30 km east of the Kinross ‘World Class' Great Bear ("GBR") Dixie Project, southeast of Red Lake, Ontario. The claim package consists of 49 mining claims covering 2,450 acres approximately 2 kilometres northeast of the recently acquired Dixie East Project (see PR dated October 27, 2025), referred to as Dixie East Block 1 (See Figure 1).
New Property Acquisition Highlights:
Strategic Land Expansion in Tier-1 Red Lake District: Option to acquire a 100% interest in the Dixie East Block 2 claims, located approximately 30 km east of the Great Bear Dixie Project, further consolidating the Company's position near Canada's newest World Class gold discovery.
District-Scale Upside Along Prospective Mineral Corridor: Newly acquired claims are underexplored and situated within the interpreted location of the same generally east trending structural corridor that hosts gold and base metal mineralization regionally, enhancing the broader exploration potential of the Dixie East Project and supporting a district-scale growth strategy.
Recent Research Initiatives Identified Deep Regional Structures: cutting through the area, these structures include the host for gold at the Great Bear deposit - the LP fault - The actual data supporting the location of the LP (lithoprobe) structure was collected along Highway 105 roughly halfway between the Great Bear Gold Deposit and the Dixie East area.1
New scientific research: has determined the age of the Great Bear main gold mineralizing event to be much younger than the enclosing host rocks, highlighting the strong association of structure and the gold mineralization. The study also highlights the association of gold mineralization with highly deformed felsic intrusive rocks similar to those found in some historic drill holes in the Dixie East area.
Kinross Discovers New Gold Mineralization: recently disclosed high grade gold results up to 215.4 g/t gold over 2.1 metres at a location called Strider, 2.4 kilometres east of the Viggo gold area and planned open pit, indicating the Great Bear gold mineralization is more extensive than previously known.2
Low-Cost Option with Strong Leverage to Discovery: BTU can earn 100% interest in the property through modest staged payments totalling $78,000 and issuing 400,000 shares to the vendor over four years, thereby providing cost-effective exposure to exploration upside with minimal near-term financial burden.
Figure 1: Dixie East Project Regional Map
Paul Wood, CEO, commented: "We're very pleased to expand our total footprint in the Dixie East area with the acquisition of this prospective land package, a strategic addition that strengthens the long-term potential of our existing Dixie East project. This move positions us to unlock new opportunities for growth, value creation, and sustained success in an increasingly dynamic gold market.
Terms of the Dixie East Transaction
To acquire 100% interest in the Dixie East Block 2 claims (49) the Company is required to make cumulative cash payments of $78,000 over 4 years and is required to issue 400,000 shares to the vendor. This transaction is subject to approval by the TSXV. The shares issued will be subject to normal course trading restrictions.
Qualified Person
Bruce Durham, P. Geo., VP Exploration of the Company is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information in this press release.
About BTU
BTU Metals Corp. is a junior mining exploration company. BTU's primary assets are the Dixie Halo Project located in Red Lake, Ontario (optioned to Kinross) immediately adjacent to the Kinross Great Bear Project and its gold and critical minerals properties in the active Wawa gold district. The Company continues to look to acquire high quality exploration projects to add to its portfolio for the benefit of its stakeholders. The Company has no debt and minimal property obligations.
References
1 Red Lake Lithoprobe Cross-Section, Zeng & Calvert, 2006.
ON BEHALF OF THE BOARD
"Paul Wood"
Paul Wood, CEO, Director [email protected]
BTU Metals Corp.
Telephone: 1-604-683-3995
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company is forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: risks relating to the global economic climate; dilution; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. The Company has also assumed that no significant events occur outside of the normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Peabody Energy guided investors toward a 3.5 million ton production target for its Centurion mine in 2026 while internal startup delays and surging diesel costs were already undermining that outlook.
, /PRNewswire/ -- Peabody Energy Corporation (NYSE: BTU) shareholders who purchased stock based on the company's forward guidance for 2026 and suffered losses may have legal rights. On the company's Q4 2025 earnings call on February 5, 2026, President and CEO James C. Grech told investors that the Centurion mine would "deliver 3.5 million tons in 2026" and was "well ahead of its original schedule." Weeks later, Q1 2026 results revealed a $32.4 million net loss, a delayed Centurion startup, and materially higher diesel-fuel operating costs.
Shareholders who lost money on BTU are encouraged to submit their information to Levi & Korsinsky . You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
The gap between what management projected and what actually materialized was stark. On February 5, 2026, Mr. Grech described visiting the Centurion site and watching the team install "the very last shield" in advance of longwall mining. Mr. Spurbeck reinforced the narrative, telling investors that "Seaborne met volumes are projected to increase... with the start of longwall production at Centurion." Neither executive disclosed that diesel-fuel costs were rising sharply or that the mine's production timeline was at risk.
When Q1 2026 earnings landed, the company reported a net loss of $32.4 million and a decline in adjusted EBITDA. The Centurion mine startup had been delayed, and higher diesel costs -- identified internally as a primary margin headwind -- had not been flagged in the February call. The 3.5 million ton target for 2026 was likely no longer achievable on the original timeline.
If you purchased Peabody Energy shares and suffered a loss, click here to discuss your legal rights with Levi & Korsinsky . You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
Levi & Korsinsky, LLP | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com
Frequently Asked Questions About the BTU Investigation
Q: Which statements are being investigated as potentially misleading? A: The investigation concerns whether Peabody Energy made materially false or misleading statements regarding the Centurion mine's production timeline and the company's cost outlook for 2026. CEO James C. Grech stated the mine was "well ahead of its original schedule" and would produce 3.5 million tons in 2026. CFO Mark A. Spurbeck projected costs "consistent with 2025 levels." Weeks later, Q1 2026 results showed a delayed startup, surging diesel costs, and a $32.4 million net loss.
Q: Who is eligible to participate in the BTU investigation? A: Investors who purchased BTU stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.
Q: What do BTU investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.
Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential recovery.
Q: What if I already sold my BTU shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought BTU and sold at a loss may still participate in the investigation.
Q: What does it cost me to participate? A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: What if I live outside the United States? A: U.S. securities fraud investigations generally cover purchases on U.S. exchanges regardless of the investor's country of residence.
CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
Ed Korsinsky, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
[email protected] \
Tel: (212) 363-7500\
Fax: (212) 363-7171
LOS ANGELES, May 13, 2026 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Peabody Energy Corporation (“Peabody” or “the Company”) (NYSE: BTU) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Peabody claimed that its Centurion mine was "well ahead of its original schedule,” but later revealed as part of its Q1 2026 earnings release that the Centurion mine had been delayed, making its 2026 production targets fall out of reach.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335 [email protected]
NEW YORK, May 14, 2026 (GLOBE NEWSWIRE) -- Peabody Energy Corporation (NYSE: BTU) reported a net loss of $32.4 million in Q1 2026 after disclosing that the Centurion mine startup -- previously described by CEO James C. Grech as "well ahead of its original schedule" -- had been delayed. Shareholders who lost money on their BTU investment are encouraged to submit their information here. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
On February 5, 2026, during Peabody's Q4 2025 earnings call, CEO James C. Grech stated he had been in Australia the prior week where he observed the team and that the team was "installing the very last shield and the finishing touches on the Centurion mine in advance of starting long-wall mining, well ahead of its original schedule." He projected the mine would "deliver 3.5 million tons in 2026, ramping up to that 4.7 mark by 2028." When Q1 2026 results were released, the company disclosed that the Centurion startup was delayed -- making the 3.5 million ton target unachievable on the stated timeline.
Levi & Korsinsky is investigating whether Peabody Energy's officers and directors made materially false or misleading statements regarding the Centurion mine's operational readiness and production schedule. The investigation focuses on whether the company had internal knowledge of startup delays at the time the February 2026 statements were made.
BTU investors who suffered losses are encouraged to contact Levi & Korsinsky to discuss their legal rights. You may also reach Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
WHY LEVI & KORSINSKY -- Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, Levi & Korsinsky, LLP is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors.
Frequently Asked Questions About the BTU Investigation
Q: Who is conducting the BTU investigation? A: Levi & Korsinsky, LLP is investigating potential securities law violations on behalf of investors who purchased BTU securities and suffered financial losses. The firm is nationally recognized, ranked in the ISS Top 50 for seven consecutive years, and has recovered hundreds of millions of dollars for aggrieved investors.
Q: Which statements are being investigated as potentially misleading? A: The investigation concerns whether Peabody Energy made materially false or misleading statements regarding the Centurion mine's production schedule and operational readiness -- specifically CEO James C. Grech's February 2026 claim that the mine was "well ahead of its original schedule" and would deliver 3.5 million tons in 2026.
Q: Who is eligible to participate in the BTU investigation? A: Investors who purchased BTU stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.
Q: What do BTU investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.
Q: What if I already sold my BTU shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought BTU and sold at a loss may still participate in the investigation.
Q: What does it cost me to participate? A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: Do I need to go to court or give testimony? A: No. Participating in the investigation does not require court appearances or depositions.
New York, New York--(Newsfile Corp. - May 18, 2026) - Levi & Korsinsky notifies investors that it has commenced an investigation into Peabody Energy Corporation (NYSE: BTU) ("Peabody Energy Corporation") concerning potential violations of the federal securities laws.
During the Q4 2025 earnings call on February 5, 2026, CFO Mark A. Spurbeck told investors that full-year 2025 results "met or exceeded original guidance for seven of eight volume and cost metrics." CEO James C. Grech described the company as sitting "at the intersection of multiple policy and market trendsmoving in a highly favorable direction" -- a statement made shortly before the Q1 2026 earnings release disclosed a net loss of $32.4 million, a decline in adjusted EBITDA, and surging diesel costs that had not been adequately disclosed to investors.
The gap between the guidance narrative and actual results was stark. Management projected costs "consistent with 2025 levels" while diesel expenses climbed materially. The Centurion mine -- described by the CEO as "well ahead of its original schedule" in February -- was disclosed as delayed, removing expected production volume from the 2026 outlook.
If you suffered a loss on your Peabody Energy Corporation securities and would like to explore a potential recovery under the federal securities laws, Learn More About the Investigation or contact Joseph E. Levi, Esq. via email at [email protected] or call (212)363-7500 to speak to our team of experienced shareholder advocates.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004 [email protected]
Tel: (212)363-7500
Fax: (212)363-7171
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297777
Peabody Energy posts $32.4 million net loss in Q1 2026 as Centurion mine startup delays and surging diesel costs blindside investors.
, /PRNewswire/ -- Peabody Energy Corporation (NYSE: BTU) shareholders suffered steep losses after the company's Q1 2026 earnings release revealed a net loss of $32.4 million, a sharp decline in adjusted EBITDA, a delayed startup for the critical Centurion metallurgical coal mine, and higher-than-expected operating costs driven by diesel fuel. Investors who lost money on BTU are encouraged to submit their information here. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
The Centurion mine represented one of Peabody's most significant capital investments and a central component of its seaborne metallurgical coal growth strategy. On February 5, 2026, during the Q4 2025 earnings call, CEO James C. Grech told investors the mine was "well ahead of its original schedule" and projected it would "deliver 3.5 million tons in 2026, ramping up to that 4.7 mark by 2028."
Levi & Korsinsky, LLP is investigating whether Peabody Energy may have made materially false or misleading statements regarding the Centurion mine's production timeline and the company's cost outlook. Shareholders who purchased BTU and suffered a loss are encouraged to click here to get more information on this investigation. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
ABOUT LEVI & KORSINSKY, LLP -- Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report.
Frequently Asked Questions About the BTU Investigation
Q: What is the BTU securities fraud investigation about? A: A securities fraud investigation has been initiated concerning Peabody Energy Corporation (NYSE: BTU) regarding potentially materially false and misleading statements about the Centurion mine's production schedule.
Q: Who is conducting the BTU investigation? A: Levi & Korsinsky, LLP is investigating potential securities fraud on behalf of investors who purchased BTU securities. The firm is nationally recognized, ranked in the ISS Top 50 for seven consecutive years, and has recovered hundreds of millions of dollars for aggrieved investors.
Q: Who is eligible to participate in the BTU investigation? A: Investors who purchased BTU stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.
Q: What do BTU investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.
Q: What if I already sold my BTU shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought BTU and sold at a loss may still participate in the investigation.
Q: What does it cost me to participate? A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
NEW YORK, May 21, 2026 (GLOBE NEWSWIRE) -- Peabody Energy Corporation (NYSE: BTU) shareholders who lost money when the stock dropped following the company's Q1 2026 earnings release -- which revealed a $32.4 million net loss despite management's prior claims of meeting guidance targets -- are encouraged to submit their information to Levi & Korsinsky. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
During the Q4 2025 earnings call on February 5, 2026, CFO Mark A. Spurbeck told investors that full-year 2025 results "met or exceeded original guidance for seven of eight volume and cost metrics." CEO James C. Grech described the company as sitting "at the intersection of multiple policy and market trends…moving in a highly favorable direction" -- a statement made shortly before the Q1 2026 earnings release disclosed a net loss of $32.4 million, a decline in adjusted EBITDA, and surging diesel costs that had not been adequately disclosed to investors.
The gap between the guidance narrative and actual results was stark. Management projected costs "consistent with 2025 levels" while diesel expenses climbed materially. The Centurion mine -- described by the CEO as "well ahead of its original schedule" in February -- was disclosed as delayed, removing expected production volume from the 2026 outlook.
Shareholders who lost money on their BTU investment may click here to discuss their legal rights with Levi & Korsinsky. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
ABOUT THE FIRM -- For over two decades, Levi & Korsinsky has represented shareholders in securities investigations and related matters. Ranked in ISS Top 50 for seven consecutive years.
Frequently Asked Questions About the BTU Investigation
Q: Who is eligible to participate in the BTU investigation? A: Investors who purchased BTU stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.
Q: Which statements are being investigated as potentially misleading? A: The investigation concerns whether Peabody Energy made materially false or misleading statements regarding its production schedule for the Centurion mine, its cost outlook for 2026, and whether guidance metrics presented to investors accurately reflected the company's financial trajectory. When the actual results were disclosed, the stock price declined sharply.
Q: What do BTU investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.
Q: What if I already sold my BTU shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought BTU and sold at a loss may still participate in the investigation.
Q: What does it cost me to participate? A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: Do I need to go to court or give testimony? A: No. Participating in the investigation does not require court appearances or depositions.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004 [email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
New York, New York--(Newsfile Corp. - May 25, 2026) - Levi & Korsinsky notifies investors that it has commenced an investigation into Peabody Energy Corporation ("Peabody Energy Corporation") (NYSE: BTU) concerning potential violations of the federal securities laws.
During the Q4 2025 earnings call on February 5, 2026, CFO Mark A. Spurbeck told investors that full-year 2025 results "met or exceeded original guidance for seven of eight volume and cost metrics." CEO James C. Grech described the company as sitting "at the intersection of multiple policy and market trendsmoving in a highly favorable direction" -- a statement made shortly before the Q1 2026 earnings release disclosed a net loss of $32.4 million, a decline in adjusted EBITDA, and surging diesel costs that had not been adequately disclosed to investors.
The gap between the guidance narrative and actual results was stark. Management projected costs "consistent with 2025 levels" while diesel expenses climbed materially. The Centurion mine -- described by the CEO as "well ahead of its original schedule" in February -- was disclosed as delayed, removing expected production volume from the 2026 outlook.
If you suffered a loss on your Peabody Energy Corporation securities and would like to explore a potential recovery under the federal securities laws, Learn More About the Investigation or contact Joseph E. Levi, Esq. via email at [email protected] or call (212)363-7500 to speak to our team of experienced shareholder advocates.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004 [email protected]
Tel: (212)363-7500
Fax: (212)363-7171
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298726
Peabody Energy guided investors toward a 3.5 million ton production target for its Centurion mine in 2026 while internal startup delays and surging diesel costs were already undermining that outlook.
, /PRNewswire/ -- Peabody Energy Corporation (NYSE: BTU) shareholders who purchased stock based on the company's forward guidance for 2026 and suffered losses may have legal rights. On the company's Q4 2025 earnings call on February 5, 2026, President and CEO James C. Grech told investors that the Centurion mine would "deliver 3.5 million tons in 2026" and was "well ahead of its original schedule." Weeks later, Q1 2026 results revealed a $32.4 million net loss, a delayed Centurion startup, and materially higher diesel-fuel operating costs.
Shareholders who lost money on BTU are encouraged to submit their information to Levi & Korsinsky . You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
The gap between what management projected and what actually materialized was stark. On February 5, 2026, Mr. Grech described visiting the Centurion site and watching the team install "the very last shield" in advance of longwall mining. Mr. Spurbeck reinforced the narrative, telling investors that "Seaborne met volumes are projected to increase... with the start of longwall production at Centurion." Neither executive disclosed that diesel-fuel costs were rising sharply or that the mine's production timeline was at risk.
When Q1 2026 earnings landed, the company reported a net loss of $32.4 million and a decline in adjusted EBITDA. The Centurion mine startup had been delayed, and higher diesel costs -- identified internally as a primary margin headwind -- had not been flagged in the February call. The 3.5 million ton target for 2026 was likely no longer achievable on the original timeline.
If you purchased Peabody Energy shares and suffered a loss, click here to discuss your legal rights with Levi & Korsinsky . You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
Levi & Korsinsky, LLP | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com
Frequently Asked Questions About the BTU Investigation
Q: Which statements are being investigated as potentially misleading? A: The investigation concerns whether Peabody Energy made materially false or misleading statements regarding the Centurion mine's production timeline and the company's cost outlook for 2026. CEO James C. Grech stated the mine was "well ahead of its original schedule" and would produce 3.5 million tons in 2026. CFO Mark A. Spurbeck projected costs "consistent with 2025 levels." Weeks later, Q1 2026 results showed a delayed startup, surging diesel costs, and a $32.4 million net loss.
Q: Who is eligible to participate in the BTU investigation? A: Investors who purchased BTU stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.
Q: What do BTU investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.
Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential recovery.
Q: What if I already sold my BTU shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought BTU and sold at a loss may still participate in the investigation.
Q: What does it cost me to participate? A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: What if I live outside the United States? A: U.S. securities fraud investigations generally cover purchases on U.S. exchanges regardless of the investor's country of residence.
, /PRNewswire/ -- Peabody (NYSE: BTU) today announced its intention to offer, subject to market and other conditions, $225,000,000 aggregate principal amount of convertible senior notes due 2031 (the "notes") in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Peabody also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $25,000,000 principal amount of notes.
The notes will be senior, unsecured obligations of Peabody, will accrue interest payable semi-annually in arrears and will mature on June 1, 2031, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Peabody will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Peabody's election. Peabody expects that the reference price used to calculate the initial conversion price for the notes will be the U.S. composite volume weighted average price of Peabody's common stock from 9:30 a.m. through 4:00 p.m. Eastern Daylight Time on the date of pricing.
Peabody may not redeem the notes prior to June 5, 2029, except in the event of a cleanup redemption (as defined below). The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Peabody's option at any time, and from time to time, on or after June 5, 2029 and on or before the 31st scheduled trading day immediately before the maturity date, if the last reported sale price per share of Peabody's common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
Peabody may redeem for cash all, but not less than all, of the notes at any time if the amount of the notes that remains outstanding is less than 15% of the aggregate principal amount of the notes initially issued under the indenture and certain other conditions are satisfied (a "cleanup redemption"). The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
If certain corporate events that constitute a "fundamental change" occur, then, subject to a limited exception, noteholders may require Peabody to repurchase their notes for cash. The repurchase price will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.
Peabody intends to use the net proceeds from the offering of the notes to fund the cost of entering into capped call transactions (as described below) and, together with available cash, to repurchase a portion of Peabody's outstanding 3.250% Convertible Senior Notes due 2028 (the "2028 Notes"). Peabody intends to use the remainder of the net proceeds, if any, for general corporate purposes.
In connection with any repurchases of the 2028 Notes, Peabody expects that holders of the 2028 Notes who agree to have their 2028 Notes repurchased and who have hedged their equity price risk with respect to such 2028 Notes (the "hedged holders") will unwind all or part of their hedge positions by buying Peabody's common stock and/or entering into or unwinding various derivative transactions with respect to Peabody's common stock. The amount of Peabody's common stock to be purchased by the hedged holders or the notional number of shares of Peabody's common stock underlying such derivative transactions may be substantial in relation to the historic average daily trading volume of Peabody's common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of Peabody's common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. Peabody cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or Peabody's common stock and the corresponding effect on the initial conversion price of the notes.
In connection with the pricing of the notes, Peabody expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or affiliates thereof and/or one or more other financial institutions (the "option counterparties"). The capped call transactions are expected generally to reduce potential dilution to Peabody's common stock upon any conversion of the notes prior to May 30, 2030, and/or offset any potential cash payments Peabody is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. The capped call transactions are expected to expire over a period of trading days beginning on April 17, 2030. If the initial purchasers exercise their option to purchase additional notes, then Peabody expects to enter into additional capped call transactions with the option counterparties.
Peabody has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Peabody's common stock and/or purchase shares of Peabody common stock concurrently with, or shortly after, the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Peabody's common stock or the notes at that time.
In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Peabody's common stock and/or purchasing or selling Peabody's common stock or other securities of Peabody in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on April 17, 2030 and (y) following any early conversion of the notes, any repurchase of the notes by Peabody on any fundamental change repurchase date, any redemption date or any other date on which the notes are repurchased by Peabody, in each case if Peabody exercises the relevant election to terminate the corresponding portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Peabody's common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs following conversion or during any observation period related to a conversion of the notes, it could affect the number of shares and/or value of the consideration that noteholders will receive upon conversion of the notes.
The notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. This press release does not constitute a notice of redemption or an offer to purchase with respect to the 2028 notes.
Peabody is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future.
Contact:
Kala Finklang
Vic Svec
[email protected]
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results, including statements regarding the anticipated terms of the notes being offered and the capped call transactions, the completion, terms, timing and size of the proposed offering and the capped call transactions and the intended use of the proceeds. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Peabody's common stock and risks relating to Peabody's business, including those described in Peabody's most recent Annual Report on Form 10-K and in other periodic reports that Peabody files from time to time with the SEC. Peabody may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
, /PRNewswire/ -- Peabody (NYSE: BTU) today announced the pricing of its offering of $225,000,000 aggregate principal amount of 0.50% convertible senior notes due 2031 (the "notes") in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The issuance and sale of the notes is scheduled to settle on June 2, 2026, subject to customary closing conditions. Peabody also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $25,000,000 principal amount of notes.
The notes will be senior, unsecured obligations of Peabody and will accrue interest at a rate of 0.50% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2026. The notes will mature on June 1, 2031, unless earlier repurchased, redeemed or converted. Before December 1, 2030, noteholders will have the right to convert their notes only upon the occurrence of certain events. At any time from, and including, December 1, 2030, noteholders may convert their notes at their election until the close of business on the second scheduled trading day immediately before the maturity date. Peabody will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Peabody's election. The initial conversion rate is 26.0970 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $38.32 per share of common stock. The initial conversion price represents a premium of approximately 32.5% over the U.S. composite volume weighted average price of Peabody's common stock from 9:30 a.m. through 4:00 p.m. Eastern Daylight Time on May 28, 2026, which was $28.9197 per share. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.
Peabody may not redeem the notes prior to June 5, 2029, except in the event of a cleanup redemption (as defined below). The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Peabody's option at any time, and from time to time, on or after June 5, 2029 and on or before the 31st scheduled trading day immediately before the maturity date, if the last reported sale price per share of Peabody's common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
Peabody may redeem for cash all, but not less than all, of the notes at any time if the amount of the notes that remains outstanding is less than 15% of the aggregate principal amount of the notes initially issued under the indenture and certain other conditions are satisfied (a "cleanup redemption"). The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
If certain corporate events that constitute a "fundamental change" occur, then, subject to a limited exception, noteholders may require Peabody to repurchase their notes for cash. The repurchase price will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
Peabody estimates that the net proceeds from the offering will be approximately $218.9 million (or approximately $243.3 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers' discounts and commissions and Peabody's estimated offering expenses. Peabody intends to use approximately $15.0 million of the net proceeds from the offering of the notes to fund the cost of entering into capped call transactions (as described below) and, together with available cash, to repurchase approximately $241.2 million aggregate principal amount of Peabody's outstanding 3.250% Convertible Senior Notes due 2028 (the "2028 Notes") for a cash purchase price of approximately $388.8 million.
In connection with Peabody's repurchases of the 2028 Notes, Peabody expects that holders of the 2028 Notes who agree to have their 2028 Notes repurchased and who have hedged their equity price risk with respect to such 2028 Notes (the "hedged holders") will unwind all or part of their hedge positions by buying Peabody's common stock and/or entering into or unwinding various derivative transactions with respect to Peabody's common stock. The amount of Peabody's common stock to be purchased by the hedged holders or the notional number of shares of Peabody's common stock underlying such derivative transactions may be substantial in relation to the historic average daily trading volume of Peabody's common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of Peabody's common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. Peabody cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or Peabody's common stock and the corresponding effect on the initial conversion price of the notes.
In connection with the pricing of the notes, Peabody entered into privately negotiated capped call transactions with certain of the initial purchasers or their affiliates and certain other financial institutions (the "option counterparties"). The capped call transactions are expected generally to reduce potential dilution to Peabody's common stock upon any conversion of the notes prior to May 30, 2030, and/or offset any potential cash payments Peabody is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the capped call transactions will initially be $50.6095 per share, which represents a premium of approximately 75.0% over the U.S. composite volume weighted average price of Peabody's common stock from 9:30 a.m. through 4:00 p.m. Eastern Daylight Time on May 28, 2026 (which was $28.9197 per share), and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions will expire over a period of trading days beginning on April 17, 2030. If the initial purchasers exercise their option to purchase additional notes, then Peabody expects to enter into additional capped call transactions with the option counterparties.
Peabody has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Peabody's common stock and/or purchase shares of Peabody common stock concurrently with, or shortly after, the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Peabody's common stock or the notes at that time.
In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Peabody's common stock and/or purchasing or selling Peabody's common stock or other securities of Peabody in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on April 17, 2030 and (y) following any early conversion of the notes, any repurchase of the notes by Peabody on any fundamental change repurchase date, any redemption date or any other date on which the notes are repurchased by Peabody, in each case if Peabody exercises the relevant election to terminate the corresponding portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Peabody's common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs following conversion or during any observation period related to a conversion of the notes, it could affect the number of shares and/or value of the consideration that noteholders will receive upon conversion of the notes.
The notes were and will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. This press release does not constitute a notice of redemption or an offer to purchase with respect to the 2028 notes.
Peabody is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future.
Contact:
Kala Finklang
Vic Svec
[email protected]
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results, including statements regarding the notes being offered and the capped call transactions, the completion of the proposed offering and the capped call transactions and the intended use of the proceeds. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Peabody's common stock and risks relating to Peabody's business, including those described in Peabody's most recent Annual Report on Form 10-K and in other periodic reports that Peabody files from time to time with the SEC. Peabody may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
, /PRNewswire/ -- Peabody (NYSE: BTU) today announced the pricing of its offering of $225,000,000 aggregate principal amount of 0.50% convertible senior notes due 2031 (the "notes") in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The issuance and sale of the notes is scheduled to settle on June 2, 2026, subject to customary closing conditions. Peabody also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $25,000,000 principal amount of notes.
The notes will be senior, unsecured obligations of Peabody and will accrue interest at a rate of 0.50% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2026. The notes will mature on June 1, 2031, unless earlier repurchased, redeemed or converted. Before December 1, 2030, noteholders will have the right to convert their notes only upon the occurrence of certain events. At any time from, and including, December 1, 2030, noteholders may convert their notes at their election until the close of business on the second scheduled trading day immediately before the maturity date. Peabody will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Peabody's election. The initial conversion rate is 26.0970 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $38.32 per share of common stock. The initial conversion price represents a premium of approximately 32.5% over the U.S. composite volume weighted average price of Peabody's common stock from 9:30 a.m. through 4:00 p.m. Eastern Daylight Time on May 28, 2026, which was $28.9197 per share. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.
Peabody may not redeem the notes prior to June 5, 2029, except in the event of a cleanup redemption (as defined below). The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Peabody's option at any time, and from time to time, on or after June 5, 2029 and on or before the 31st scheduled trading day immediately before the maturity date, if the last reported sale price per share of Peabody's common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
Peabody may redeem for cash all, but not less than all, of the notes at any time if the amount of the notes that remains outstanding is less than 15% of the aggregate principal amount of the notes initially issued under the indenture and certain other conditions are satisfied (a "cleanup redemption"). The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
If certain corporate events that constitute a "fundamental change" occur, then, subject to a limited exception, noteholders may require Peabody to repurchase their notes for cash. The repurchase price will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
Peabody estimates that the net proceeds from the offering will be approximately $218.9 million (or approximately $243.3 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers' discounts and commissions and Peabody's estimated offering expenses. Peabody intends to use approximately $15.0 million of the net proceeds from the offering of the notes to fund the cost of entering into capped call transactions (as described below) and, together with available cash, to repurchase approximately $241.2 million aggregate principal amount of Peabody's outstanding 3.250% Convertible Senior Notes due 2028 (the "2028 Notes") for a cash purchase price of approximately $388.8 million.
In connection with Peabody's repurchases of the 2028 Notes, Peabody expects that holders of the 2028 Notes who agree to have their 2028 Notes repurchased and who have hedged their equity price risk with respect to such 2028 Notes (the "hedged holders") will unwind all or part of their hedge positions by buying Peabody's common stock and/or entering into or unwinding various derivative transactions with respect to Peabody's common stock. The amount of Peabody's common stock to be purchased by the hedged holders or the notional number of shares of Peabody's common stock underlying such derivative transactions may be substantial in relation to the historic average daily trading volume of Peabody's common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of Peabody's common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. Peabody cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or Peabody's common stock and the corresponding effect on the initial conversion price of the notes.
In connection with the pricing of the notes, Peabody entered into privately negotiated capped call transactions with certain of the initial purchasers or their affiliates and certain other financial institutions (the "option counterparties"). The capped call transactions are expected generally to reduce potential dilution to Peabody's common stock upon any conversion of the notes prior to May 30, 2030, and/or offset any potential cash payments Peabody is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the capped call transactions will initially be $50.6095 per share, which represents a premium of approximately 75.0% over the U.S. composite volume weighted average price of Peabody's common stock from 9:30 a.m. through 4:00 p.m. Eastern Daylight Time on May 28, 2026 (which was $28.9197 per share), and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions will expire over a period of trading days beginning on April 17, 2030. If the initial purchasers exercise their option to purchase additional notes, then Peabody expects to enter into additional capped call transactions with the option counterparties.
Peabody has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Peabody's common stock and/or purchase shares of Peabody common stock concurrently with, or shortly after, the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Peabody's common stock or the notes at that time.
In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Peabody's common stock and/or purchasing or selling Peabody's common stock or other securities of Peabody in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on April 17, 2030 and (y) following any early conversion of the notes, any repurchase of the notes by Peabody on any fundamental change repurchase date, any redemption date or any other date on which the notes are repurchased by Peabody, in each case if Peabody exercises the relevant election to terminate the corresponding portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Peabody's common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs following conversion or during any observation period related to a conversion of the notes, it could affect the number of shares and/or value of the consideration that noteholders will receive upon conversion of the notes.
The notes were and will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. This press release does not constitute a notice of redemption or an offer to purchase with respect to the 2028 notes.
Peabody is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future.
This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results, including statements regarding the notes being offered and the capped call transactions, the completion of the proposed offering and the capped call transactions and the intended use of the proceeds. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Peabody's common stock and risks relating to Peabody's business, including those described in Peabody's most recent Annual Report on Form 10-K and in other periodic reports that Peabody files from time to time with the SEC. Peabody may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
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What happenedAccording to a Securities and Exchange Commission (SEC) filing dated May 14, 2026, RPG Investment Advisory, LLC reduced its position in Peabody Energy (BTU +4.89%) by 186,928 shares during the first quarter. The firm’s estimated transaction value was $6.53 million, based on the mean closing price for the quarter. The quarter-end value of the BTU stake decreased by $4.69 million, reflecting both the share sale and price movement.
What else to knowThe fund’s BTU stake now represents 1.05% of reportable assets, down from 1.52% the previous quarter.
Top holdings after the filing:
NASDAQ: NVDA: $55.42 million (6.7% of AUM)NASDAQ: GOOGL: $41.15 million (5.0% of AUM)NASDAQ: AAPL: $33.75 million (4.1% of AUM)NYSE: PWR: $29.68 million (3.6% of AUM)NASDAQ: AMZN: $28.57 million (3.4% of AUM)As of May 13, 2026, BTU shares were priced at $24.05, up 59.6% over the past year.
Company OverviewMetricValueRevenue (TTM)$3.90 billionNet Income (TTM)$-119.70 millionDividend Yield1.03%Price (as of market close May 13, 2026)$24.05Company SnapshotPeabody Energy is a leading coal producer with a global footprint, operating major mining assets in the United States and Australia. Its primary revenue comes from coal mining and sales to utilities and industrial customers. The company uses a diverse coal reserve portfolio and strong logistics to supply global power and industrial sectors.
Peabody Energy serves electricity generators, industrial facilities, and steel manufacturers across North America, Asia, and other international markets.It operates through multiple mining segments, monetizing coal reserves via direct sales, brokered trading, and transportation-related services.
What this transaction means for investorsPeabody Energy is a coal producer with a cash-generating thermal business and a metallurgical-coal strategy that depends heavily on the Centurion ramp. Thermal coal, used in power generation, remains an important source of cash, while metallurgical coal is tied to steelmaking and higher-value export markets. That makes Peabody less about coal prices by itself and more about whether thermal cash flow can support a cleaner ramp in metallurgical coal.
Peabody’s first quarter results highlight how much the company’s strategy relies on Centurion’s performance. The company made $82.5 million in adjusted EBITDA but still had a net loss of $32.4 million. Thermal coal helped soften the impact, while Centurion’s challenges affected the metallurgical segment. Peabody also reduced its 2026 Centurion volume forecast to 2.5 million tons, down from the original 3.5 million tons, making mine-level execution even more important for investors.
Investors should watch to see if Centurion can shift from being expensive to becoming a steady source of metallurgical coal. Thermal coal will likely keep generating cash even when markets are volatile, but Peabody’s best chance for growth comes from improving steelmaking-coal output and strong performance at the mine. The most promising sign would be Centurion achieving more stable production, with thermal cash flow helping to strengthen the balance sheet.
Eric Trie has positions in Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Nvidia, and Quanta Services. The Motley Fool has a disclosure policy.
VANCOUVER, BC / ACCESS Newswire / June 3, 2026 / BTU METALS CORP. ("BTU" or the "Company") (TSX.V:BTU)(OTCQB:BTUMF) is pleased to announce it has entered into a definitive agreement to acquire a 100% interest in the Dixie East Block 3 Project (the "Project" or the "Property"), located approximately 6 kilometres east of the Kinross-owned Great Bear Project in the eastern part of the Red Lake District, Ontario. The newly acquired claim package is directly adjacent to the Kinross and BTU Dixie Halo Project and further augments the Company's strategic land position in one of Canada's most active and prospective gold exploration districts. The new acquisition brings the Company's total Dixie East Project strike coverage to approximately 17 kilometres (Figure 1).
The Dixie East Block 3 claims strengthen the Company's district-scale exploration footprint surrounding the multi-million-ounce Great Bear gold deposit being advanced toward production by Kinross as well as the easterly extent of their recently announced high-grade Strider gold discovery.
Dixie East Block 3 Acquisition Highlights:
Strategic Expansion Adjacent to Kinross-Optioned Ground: The Dixie East Block 3 claims are directly contiguous with the Company's Dixie Halo Project, currently operated by Kinross under an option and Joint Venture agreement and further enhances the Company's exposure to ongoing exploration success in the broader Great Bear district and increases the Company's cumulative Dixie East land package to approximately 17 km of strike length.
Located Along Prospective Regional Structural Corridor: The newly acquired claims occur within the interpreted extension of the same east-trending regional structural corridor associated with gold mineralization at the Great Bear Project, including the LP Fault system.
Emerging District-Scale Gold Potential: Kinross recently reported high-grade gold drill intercepts west of the new property from the new Strider Zone, including 215.4 g/t gold over 2.1 metres, results that further support the importance of this regional scale gold mineralized structural corridor and that shows the potential of the broader mineralized system to contain high gold values well beyond the current Great Bear known mineralization.1
Cost-Effective Exposure to Discovery Potential: This acquisition expands the Company's strategic land position proximal to the Great Bear gold discovery through a low-cost transaction structure that increases the Company's exposure to exploration success as well as future district-scale opportunities.
Dixie East Properties cover Interpreted Location of Significant Regional Structures: The Company continues to refine the interpreted location of significant regional deep-seated structures known to control gold mineralization throughout the area by assembling and utilizing all available datasets.
There is no history of gold exploration on the property. Geological interpretation and data review work completed to date has not shown any history of gold exploration on the property which is largely overburden covered. The style of a significant portion of the gold mineralization discovered at the Great Bear Project is quite unique and was in fact even overlooked in drill core that had intersected visible gold mineralization within the Great Bear corridor.
The Company will commence work on the Block 3 property this summer. The Company is funded and will commence geological work immediately upon approval of the property agreement.
"The acquisition of Block 3 represents another important step in BTU's strategy of building a district-scale land position east of the Great Bear Project," stated Paul Wood, Chief Executive Officer of BTU. "With approximately 17 kilometres of cumulative strike coverage now controlled across the Dixie East trend, we believe the project offers significant long-term exploration potential within one of the most prolific new gold discovery areas in Canada. The proximity to Kinross' Great Bear Project and their recently announced high grade Strider gold discovery further reinforces our conviction in the broader regional structural corridor and its potential to host new areas of significant gold mineralization."
Figure 1: Dixie East Project Regional Map with Geophysics and Kinross-owned Great Bear ProjectTerms of the Transaction
Pursuant to the definitive purchase agreement, the Company will acquire 100% interest in the Block 3 claim group through the issuance of an aggregate total of 800,000 common shares of the Company, a cash payment of $16,000 plus a 1.5% NSR, with the right for BTU to buy back a 0.5% interest at any time for $500,000, to the arm's length vendors. This transaction is subject to approval from the TSXV. The shares issued will be subject to normal course trading restrictions.
Qualified Person
Bruce Durham, P.Geo., Vice President Exploration of the Company, is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information in this news release. Mr. Durham has verified the technical information disclosed herein through a review of historical exploration records, publicly available information relating to adjacent properties, and regional geological datasets relevant to the Dixie East Project.
About BTU
BTU Metals Corp. is a junior mining exploration company. BTU's primary assets are the Dixie Halo Project located in Red Lake, Ontario (operated by Kinross) immediately adjacent to the Kinross Great Bear Project and its gold and critical minerals properties in the active Wawa gold district. The Company continues to look to acquire high quality exploration projects to add to its portfolio for the benefit of its stakeholders. The Company has no debt and minimal property obligations.
References
1 Kinross News Release - "Kinross reports strong 2026 first-quarter results" Link NOTE: Results on the Kinross property should not be considered to be representative of results on the Company's properties.
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company is forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: risks relating to the global economic climate; dilution; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. The Company has also assumed that no significant events occur outside of the normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
President Donald Trump just did something no one saw coming, sending shares of Peabody Energy (BTU +4.89%) rallying 15% at their highest point in trading this week. Although the stock cooled off a bit on Friday, it was still up 9% up for the week through 11 a.m. ET Friday.
Image source: Getty Images.
The massive catalyst that rocked the coal stock In an Oval Office announcement on June 4 , Trump invoked the Defense Production Act (DPA) -- a 1950 law that grants the president authority to influence domestic industries related to national security – to boost the coal industry.
The Trump administration announced hundreds of millions of dollars in funding to "build, upgrade, and modernize coal-powered infrastructure." The plan includes $350 million for commissioning two new coal-fired plants, recommissioning a plant shut down in 2024, and modernizing another plant.
The U.S. Department of Energy (DOE) had earlier committed $175 million to upgrade six existing coal facilities. Last year, the department announced $500 million in funding to support 13 coal plants, which could save enough coal-fired capacity to power 14 million homes in America. In total, at least 42 coal mines that may have been shut will remain operational under the Trump administration.
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Long story short, the U.S. government is aggressively pivoting back to fossil fuels, including coal in a bid to expand to grid capacity and reliability while lowering energy costs to meet the booming demand for power, especially from artificial intelligence (AI) data centers and electrification.
It's a massive tailwind for Peabody Energy, the largest coal producer in the U.S., which is why its shares surged after the announcement. Peabody Energy owns the largest coal mine in the world, the North Antelope Rochelle Mine in Wyoming. It dug up 65 million tons of coal in 2025 .
What does this mean for Peabody Energy? Peabody Energy filed for bankruptcy in 2016 amid ill-timed acquisitions, burgeoning debt, and slumping coal demand. Within a year, it restructured, emerged from bankruptcy, and has since focused on maintaining low costs, digging up whatever it could from existing mines, and pivoting from thermal coal to metallurgical coal, which is mainly used in steelmaking.
Between 2010 and 2025, coal production fell 50%, according to recent research from The Motley Fool. The government's infusion should change that story, as it signals longer lifespans for existing coal plants and higher potential demand and revenue visibility for coal giants like Peabody Energy.
Peabody Energy Corporation is rated Hold with a 12-month price target of $29.12, reflecting balanced risk/reward at current levels. BTU's Q1 results were mixed: revenue beat estimates, but adjusted EBITDA fell 43% YoY and free cash flow turned negative. Centurion mine ramp-up is the key growth driver, but met coal volatility and operational risks temper upside potential.
Acushnet (NYSE: GOLF - Get Free Report) and Topgolf Callaway Brands (NYSE: CALY - Get Free Report) are both mid-cap consumer discretionary companies, but which is the better investment? We will compare the two businesses based on the strength of their earnings, risk, analyst recommendations, institutional ownership, dividends, valuation and profitability. Volatility and Risk Acushnet has a
Key Takeaways Acushnet leans on premium brands, steady growth and margin stability to maintain consistent execution.CALY pushes a transformation strategy, prioritizing margins and efficiency amid near-term revenue pressure.Estimates show Acushnet delivering steady growth, while CALY reflects volatility tied to its ongoing reset. Callaway Golf Company (CALY - Free Report) and Acushnet Holdings Corp. (GOLF - Free Report) are two prominent players in the global golf equipment market, benefiting from sustained participation growth, rising engagement across demographics and resilient demand for premium products. While Callaway is undergoing a strategic transformation to sharpen its focus on higher-margin core businesses, Acushnet continues to build on its premium brand strength and consistent execution across equipment and wearables.
As the golf industry navigates tariff pressures and evolving consumer dynamics, both companies are positioning themselves to capture the next phase of growth through innovation, product differentiation and operational discipline. But which stock currently offers the more compelling risk-reward profile? Let’s break it down.
The Case for Callaway StockCallaway is in the midst of a major transformation, returning to its roots as a focused golf equipment and apparel company after divesting non-core assets. The sale of Jack Wolfskin and a majority stake in Topgolf have streamlined operations and materially strengthened the balance sheet, placing the company in a net cash position.
With the portfolio reset largely complete, management is now prioritizing profitability over pure top-line growth. The company is pulling back from lower-margin categories and channels, rationalizing SKUs and extending product life cycles to improve efficiency and margin durability. While these moves are expected to pressure revenues in the near term — particularly in the second half of 2026 — they are aimed at driving stronger long-term free cash flow and operating leverage.
Innovation remains central to Callaway’s strategy. New product launches, including the Quantum driver with Tri-Force Face technology and updated Chrome Tour golf balls, are designed to strengthen its position in premium segments. Management indicated early feedback has been positive, though still preliminary and subject to validation during the peak selling season.
Operationally, the company is making progress on margins through mix optimization and targeted investments, such as expanding its fitting programs. Equipment margins have shown improvement on an underlying basis, excluding tariff impacts, indicating that internal initiatives are gaining traction.
However, several headwinds remain. Tariff costs are expected to increase further in 2026, weighing on profitability. At the same time, softer consumer confidence and management’s deliberate shift away from lower-margin volume are likely to keep near-term revenue growth muted.
The Case for Acushnet StockAcushnet continues to execute from a position of strength, supported by its premium brands like Titleist and FootJoy. The company delivered solid growth in 2025, driven by strong demand for golf equipment — particularly balls and clubs — along with favorable pricing and product mix.
Its strategy is firmly rooted in premiumization and innovation. Investments in product development, precision manufacturing and custom fitting capabilities are enabling both volume growth and pricing power. Capacity expansion initiatives, especially in golf ball production and club assembly, further enhance its ability to meet demand and support long-term growth.
Acushnet is also entering 2026 with a robust product cycle. Multiple launches across golf balls, wedges, putters and an accelerated driver rollout are expected to support steady revenue growth, with EBITDA margins projected to remain stable despite ongoing tariff pressures.
Operational discipline is another key differentiator. The company continues to invest in its global fitting network, digital infrastructure and supply chain capabilities, while maintaining a balanced capital allocation strategy that includes dividends and share repurchases.
That said, challenges persist. Tariffs remain a meaningful cost headwind, and certain segments — particularly apparel and footwear — have shown softness in international markets such as Japan and Korea. Additionally, ongoing investments in ERP systems and capacity expansion are expected to keep expenses elevated in the near term.
How Does the Consensus Estimate Compare for CALY & GOLF?The Zacks Consensus Estimate for Callaway’s 2026 sales suggests a year-over-year decline of 42.3%, while earnings per share (EPS) indicate a rise of 128.6%. In the past 60 days, earnings estimates for 2026 have jumped 152.6%.
CALY Earnings Estimate Trend
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Acushnet’s 2026 sales and EPS suggests year-over-year increases of 3.9% and 10.6%, respectively. In the past 60 days, earnings estimates for 2026 have inched up 0.3%.
GOLF Earnings Estimate Trend
Image Source: Zacks Investment Research
Price Performance & Valuation of CALY & GOLFCallaway stock has surged 97.7% in the past year against the industry’s fall of 0.6%, while the S&P 500 witnessed growth of 18.2%. Meanwhile, Acushnet shares have gained 36.8% in the same time.
Callaway is trading at a forward 12-month price-to-earnings (P/E) ratio of 31.21, above the industry average of 18.03 over the last year. Acushnet’s forward 12-month P/E multiple sits at 24.53 over the same time frame.
Image Source: Zacks Investment Research
Conclusion: Acushnet Has an Edge Over CallawayBoth Callaway and Acushnet are well-positioned within the global golf equipment market, but Acushnet stands out as the more compelling investment choice at this stage. Its consistent execution, premium brand strength and stable margin outlook provide a more balanced and visible earnings trajectory, offering investors a clearer risk-reward profile.
While Callaway presents meaningful upside potential through its ongoing transformation and margin-focused strategy, its near-term setup remains more uncertain. Revenue headwinds, tariff exposure and execution risks tied to its strategic reset continue to create variability in earnings visibility. Additionally, its relatively elevated valuation suggests that expectations around the turnaround are already partly reflected in the stock.
Considering these factors, Acushnet currently has the edge as the better investment option for investors seeking more stable, risk-adjusted returns.
Both Callaway and Acushnet carry a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The trade landscape in 2025 and 2026 raised costs and rewrote the rulebook for who wins in consumer goods. A baseline 10% tariff on most imports, reciprocal tariffs hitting China as high as 145% at times, and the death of the de minimis loophole have fundamentally changed the competitive math.
Granted, tariff conversations and discussions are ongoing, but companies that spent the last decade building lean, China-dependent supply chains are now scrambling. But a handful of less-discussed names have been positioned ahead of all of it. Here are four that deserve a closer look.
Image source: Getty Images.
1. Insteel Industries is watching imports dry up There's a sentence buried in Insteel Industries' (IIIN 0.10%) most recent earnings call that should make investors pause. The company noted that as a result of the Section 232 tariff being expanded to derivative products, "imports have declined precipitously." Insteel is the largest domestic manufacturer of steel wire reinforcing products for concrete construction, and for years, it had to compete against foreign PC strand flooding in at artificially low prices. That structural disadvantage is now gone.
Insteel operates almost entirely within the U.S., purchases raw materials domestically, and serves infrastructure and construction markets. These sectors are getting a long tailwind from domestic manufacturing investment. Only about 10% of its revenue touches import-exposed categories. That's the kind of supply chain the current moment was made for. This is a solid investment to consider.
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2. Duluth Trading Co. is playing defense with its sourcing Duluth Trading Co. (DLTH +2.98%) just reported one of its quieter-but-more-interesting results in recent memory. Gross margin jumped 890 basis points in its fiscal fourth quarter, and it did so while absorbing more than $7 million in tariff costs. That's not really luck. It's what the company calls its "direct to factory sourcing initiative." In other words, it's building closer relationships with overseas manufacturers to cut out middlemen and reduce the cost per unit.
At the same time, Duluth is leaning into its identity as a brand for what it calls the "Modern, Self-Reliant American," which, whether you find that marketing compelling or not, is a customer who responds well to functional, durable American-style goods. The stock is small and illiquid, but the operational turnaround here is real. Be wary, the stock has had a great month. I would take a "wait and see" approach when starting investments here.
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3. Acushnet Holdings is mitigating tariffs better than almost anyone Most companies projected tariff costs, only to see those projections blow up. Acushnet Holdings (GOLF 0.42%) is the parent company of Titleist and FootJoy, and did the opposite: It reduced its full-year tariff impact estimate from $75 million to around $35 million through a deliberate set of mitigation actions. The golf market itself has shown resilience, Acushnet continues to grow, and the Titleist brand commands the kind of premium pricing that creates a buffer.
The company has been aggressively buying back shares and maintaining its dividend. For an investor who wants tariff exposure in a sector nobody is writing about, this is an unusual combination of pricing power and supply chain sophistication.
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4. Lifetime Brands built its own factory in Mexico Before "nearshoring" was a financial media buzzword, Lifetime Brands (LCUT 0.11%) acquired manufacturing operations in Mexico and built out its own plastics production facility. By the end of 2025, the company expected roughly 80% of its production to be sourced outside China.
The housewares space is getting squeezed, and Lifetime's stock has struggled. But the company has consistently paid dividends for 15 years, carries a current ratio of over 2 times, and is one of the few in its category that physically controls a nearshore manufacturing operation. The question is whether it executes cleanly into 2026. With the ticker being this low and the market cap dropping this spring, it's a safe time to consider buying.
FAIRHAVEN, Mass.--(BUSINESS WIRE)--Acushnet Holdings Corp. (NYSE: GOLF) (“Acushnet”) will publish its first quarter 2026 financial results on May 6, 2026 at approximately 6:30 a.m. Eastern Time. Acushnet will also issue an advisory news release announcing availability of the results via the Acushnet Investor Relations (http://www.acushnetholdingscorp.com/ir) and the U.S. Securities and Exchange Commission (https://www.sec.gov/cgi-bin/browse-edgar?company=acushnet&owner=exclude&action=getcompany) websites on May 6, 2026.
Acushnet will hold a conference call for investors at 8:30 a.m. Eastern Time on May 6, 2026 to review the first quarter 2026 financial results. A live webcast of that call will be available on the Acushnet Investor Relations website and a replay will be available shortly after the conclusion of the live event.
ABOUT ACUSHNET HOLDINGS CORP.
We are the global leader in the design, development, manufacture and distribution of performance‑driven golf products, and these products are widely recognized for their quality excellence. Driven by our focus on dedicated and discerning golfers and the golf shops that serve them, we believe we are the most authentic and enduring company in the golf industry. Our mission—to be the performance and quality leader in every golf product category in which we compete—has remained consistent since we entered the golf ball business in 1932. Today, we are the steward of two of the most revered brands in golf—Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wearable brands.
Additional information can be found at www.acushnetholdingscorp.com.
Brunswick (BC - Free Report) came out with quarterly earnings of $0.7 per share, beating the Zacks Consensus Estimate of $0.46 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +53.61%. A quarter ago, it was expected that this boat and sporting goods company would post earnings of $0.58 per share when it actually produced earnings of $0.58, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Brunswick, which belongs to the Zacks Leisure and Recreation Products industry, posted revenues of $1.38 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.65%. This compares to year-ago revenues of $1.22 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Brunswick shares have added about 6.9% since the beginning of the year versus the S&P 500's gain of 4.2%.
What's Next for Brunswick?While Brunswick has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Brunswick was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.55 on $1.56 billion in revenues for the coming quarter and $4.23 on $5.75 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Products is currently in the top 16% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Acushnet (GOLF - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.
This golf products maker is expected to post quarterly earnings of $1.38 per share in its upcoming report, which represents a year-over-year change of -14.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Acushnet's revenues are expected to be $722.09 million, up 2.7% from the year-ago quarter.
FAIRHAVEN, Mass.--(BUSINESS WIRE)--Acushnet Holdings Corp. (NYSE: GOLF) (“Acushnet”) published its first quarter 2026 financial results on May 6, 2026. The results are available via the Acushnet Investor Relations (http://www.acushnetholdingscorp.com/ir) and the U.S. Securities and Exchange Commission (https://www.sec.gov/cgi-bin/browse-edgar?company=acushnet&owner=exclude&action=getcompany) websites.
Acushnet will hold a conference call for investors at 8:30 a.m. Eastern Time on May 6, 2026 to review the first quarter 2026 financial results. A live webcast of that call will be available on the Acushnet Investor Relations website and a replay will be available shortly after the conclusion of the live event.
ABOUT ACUSHNET HOLDINGS CORP.
We are the global leader in the design, development, manufacture and distribution of performance‑driven golf products, and these products are widely recognized for their quality excellence. Driven by our focus on dedicated and discerning golfers and the golf shops that serve them, we believe we are the most authentic and enduring company in the golf industry. Our mission—to be the performance and quality leader in every golf product category in which we compete—has remained consistent since we entered the golf ball business in 1932. Today, we are the steward of two of the most revered brands in golf—Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wearable brands.
Additional information can be found at www.acushnetholdingscorp.com.
Acushnet (GOLF - Free Report) came out with quarterly earnings of $1.36 per share, missing the Zacks Consensus Estimate of $1.38 per share. This compares to earnings of $1.62 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -1.57%. A quarter ago, it was expected that this golf products maker would post a loss of $0.27 per share when it actually produced a loss of $0.3, delivering a surprise of -11.11%.
Over the last four quarters, the company has not been able to surpass consensus EPS estimates.
Acushnet, which belongs to the Zacks Leisure and Recreation Products industry, posted revenues of $752.98 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 4.28%. This compares to year-ago revenues of $703.37 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Acushnet shares have added about 17.5% since the beginning of the year versus the S&P 500's gain of 6%.
What's Next for Acushnet?While Acushnet has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Acushnet was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.58 on $773.08 million in revenues for the coming quarter and $3.77 on $2.66 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Products is currently in the top 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Peloton (PTON - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.
This exercise bike and treadmill company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +150%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Peloton's revenues are expected to be $614.95 million, down 1.5% from the year-ago quarter.
First Quarter Net Sales (+9%), Net Income from Continuing Operations (+18%) and Adjusted EBITDA (+31%)
Raises Full Year 2026 Net Sales and Adjusted EBITDA Outlook
HIGHLIGHTS
Q1 Non-GAAP Net Income from Continuing Operations increased 96%. Q1 GAAP and Non-GAAP Gross Margin increased 250 basis points and 260 basis points year-over-year, respectively. Repurchased $79 million of outstanding common shares through April 2026, including $75 million in open market transactions. On May 1, upon maturity, the Company settled in full its $258 million of convertible notes in cash and remains in a net cash position. Increasing full year 2026 net sales outlook to $2.015 billion - $2.070 billion and Adjusted EBITDA outlook to $211 million - $233 million. , /PRNewswire/ -- Callaway Golf Company (the "Company," "Callaway," "we," "our," "us") (NYSE: CALY) announced its financial results for the first quarter ended March 31, 2026.
"We had a strong start to the year with first quarter revenue increasing 9% and Adjusted EBITDA increasing 31%," commented Chip Brewer, President and Chief Executive Officer of Callaway Golf Company. "While these results reflect some timing between quarters that benefitted Q1, overall these results reflect strong demand for our new products and the good progress we are making with our gross margin and cost savings initiatives. In addition, despite the increased macroeconomic uncertainty, the golf industry and golf consumer remain healthy. This all allows us to increase our expectations for the full year. Lastly, and perhaps most importantly, as the team and I have now had the opportunity to fully refocus on this business over the last several months, we are energized by the longer-term opportunities we see. In short, we are pleased with both the start to our year and what we see as the longer-term direction of our business."
CONSOLIDATED RESULTS
The Company announced the following GAAP and non-GAAP financial results for the three months ended March 31, 2026 and 2025:
GAAP RESULTS
(in millions, except percentages and per share data)
Three Months Ended March 31,
2026
2025
$ Change
% Change
Net sales
$ 687.5
$ 629.6
$ 57.9
9.2 %
Income (loss) from operations
138.2
103.1
35.1
34.0 %
Total other income (expense), net
(2.9)
(12.5)
9.6
(76.8) %
Income (loss) from equity method investments
(27.7)
—
(27.7)
n/m
Income (loss) from continuing operations, before income taxes
107.6
90.6
17.0
18.8 %
Income tax provision (benefit)
32.7
27.2
5.5
20.2 %
Net income (loss) from continuing operations
$ 74.9
$ 63.4
$ 11.5
18.1 %
Net income (loss) from discontinued operations, net of tax
18.2
(61.3)
79.5
(129.7) %
Net income (loss)
$ 93.1
$ 2.1
$ 91.0
n/m
Net earnings (loss) per common share from continuing operations - diluted
$ 0.38
$ 0.33
$ 0.05
15.2 %
Net earnings (loss) per common share - diluted
$ 0.47
$ 0.02
$ 0.45
n/m
Weighted-average common shares outstanding - diluted
202.7
198.2
4.5
2.3 %
NON-GAAP RESULTS
Non-GAAP results (1) exclude certain non-cash and non-recurring adjustments and (2) include certain adjustments to interest expense that were otherwise presented in discontinued operations, both as further explained in the Additional Information and Disclosures section of this release. The Company has also provided a reconciliation of the non-GAAP information to the most directly comparable GAAP information in the tables to this release.
(in millions, except percentages and per share data)
Three Months Ended March 31,
2026
2025
$
Change
%
Change
Constant
Currency
vs. 2025(1)
Net sales
$ 687.5
$ 629.6
$ 57.9
9.2 %
8.0 %
Non-GAAP income (loss) from operations
$ 142.2
$ 104.4
$ 37.8
36.2 %
30.0 %
Non-GAAP net income (loss) from continuing operations
$ 111.8
$ 57.1
$ 54.7
95.8 %
Non-GAAP earnings (loss) per common share from continuing operations - diluted
$ 0.56
$ 0.30
$ 0.26
86.7 %
Non-GAAP Adjusted EBITDA
$ 163.7
$ 124.9
$ 38.8
31.1 %
(1)
See "Additional Information and Disclosures—Non-GAAP Information" for the calculation methodology of constant currency measures.
FIRST QUARTER 2026 CONSOLIDATED RESULTS COMMENTARY
(All comparisons to prior periods are calculated on a year-over-year basis, unless otherwise noted)
The Company's net sales from continuing operations of $687.5 million increased 9.2% due to a 9.5% increase in the Golf Equipment segment, driven by its strong new product lineup and a healthy start to the golf season. Additionally, the Company had an 8.4% increase in the Apparel, Gear and Other segment as a result of strength in TravisMathew sales. The Company also saw a $7.6 million benefit from foreign currency as the U.S. dollar weakened early in the quarter.
GAAP and non-GAAP gross margin increased approximately 250 and 260 basis points to 47.5% and 47.7%, respectively. The increases in gross margin were due to the increased sales and positive impacts from the Company's gross margin initiatives, which include select price increases.
GAAP operating expense increased 4.4%, while non-GAAP operating expense increased 3.4%. The increased expense was due to lapping the $12 million one‑time benefit related to the early termination of the Company's former Japan headquarters lease in Q1 last year. Excluding the Japan lease, expenses were down versus last year driven by the previously announced cost-savings initiatives and some timing of spend between Q1 and Q2.
Net income from continuing operations was $74.9 million on a GAAP basis and $111.8 million on a non-GAAP basis. Adjusted EBITDA from continuing operations was $163.7 million, which represented a 31.1% increase year-over-year. The increase in Adjusted EBITDA was driven primarily by higher net sales and improved gross margins. These benefits more than offset approximately $18 million of incremental tariff expense and the year‑over‑year headwind from lapping the $12 million one-time Japan lease benefit in Q1 2025.
SEGMENT RESULTS
SEGMENT NET SALES
The table below provides net sales by segment for the periods presented:
(in millions, except percentages)
Three Months Ended March 31,
Constant
Currency
vs. 2025(1)
2026
2025
% Change
%
Change
Golf Equipment
$ 486.2
$ 443.9
9.5 %
8.0 %
Apparel, Gear and Other
201.3
185.7
8.4 %
7.9 %
Net sales
$ 687.5
$ 629.6
9.2 %
8.0 %
(1)
See "Additional Information and Disclosures—Non-GAAP Information" for the calculation methodology of constant currency measures.
SEGMENT OPERATING INCOME
The table below provides the breakout of segment operating income for the periods presented:
(in millions, except percentages)
Three Months Ended March 31,
2026
2025
Change
Golf Equipment
$ 117.6
$ 101.8
15.5 %
% of segment net sales
24.2 %
22.9 %
130 bps
Apparel, Gear and Other
52.0
35.4
46.9 %
% of segment net sales
25.8 %
19.1 %
670 bps
Total Segment Operating Income (loss)
$ 169.6
$ 137.2
23.6 %
% of total segment net sales
24.7 %
21.8 %
290 bps
Total Segment Operating Income Constant Currency Growth (Decline)
18.9 %
The following is a reconciliation on a GAAP basis of total segment operating income to income before income taxes for the periods presented:
Three Months Ended March 31,
(in millions)
2026
2025
$ Change
Total Segment operating income (loss):
$ 169.6
$ 137.2
$ 32.4
Non-recurring expenses (1)
(4.0)
(1.3)
(2.7)
Corporate costs and expenses (2)
(27.4)
(32.8)
5.4
Income (loss) from operations
138.2
103.1
35.1
Interest income (expense), net
(5.8)
(14.9)
9.1
Other income (expense), net
2.9
2.4
0.5
Income (loss) from equity method investments
(27.7)
—
(27.7)
Income (loss) from continuing operations, before income taxes
$ 107.6
$ 90.6
$ 17.0
(1)
Includes certain non-recurring and non-cash items as described in the schedules to this release.
(2)
Includes corporate general and administrative expenses not utilized by management in determining segment profitability. For 2025, Corporate costs and expenses also includes adjustments for discontinued operations related to indirect costs that were previously allocated to the Topgolf and Jack Wolfskin businesses.
BALANCE SHEET AND CASH FLOW HIGHLIGHTS
Inventory decreased $15.3 million year-over-year to $596.4 million, largely driven by timing of shipments. As of March 31, 2026, the Company was in a net cash position with $474 million in debt outstanding and unrestricted cash and cash equivalents of $500 million. On May 1, 2026, upon maturity, the Company settled in full in cash its $258 million of convertible notes. This year through April 30, 2026, the Company has repurchased 5.6 million shares of its common stock at an average cost of $14.08 per share 2026 OUTLOOK
2026 FULL YEAR OUTLOOK
(in millions, except where noted otherwise)
2026
Current Estimate
2026
Previous Estimate
2025
As Reported
Consolidated Net Sales
$2.015 to $2.070B
$1.98B to $2.05B
$2.06B
Adjusted EBITDA (1)
$211 to $233
$170 to $195
$222
(1)
Non-GAAP measure. See "Additional Information and Disclosures—Non-GAAP Information" for more information and the schedules to this press release for reconciliations to the most directly comparable GAAP measure.
2026 SECOND QUARTER OUTLOOK
(in millions)
Q2 2026
Estimate
Q2 2025
As Reported
Consolidated Net Sales
$585 to $610
$600
Adjusted EBITDA (1)
$98 to $108
$92
(1)
Non-GAAP measure. See "Additional Information and Disclosures—Non-GAAP Information" for more information and the schedules to this press release for reconciliations to the most directly comparable GAAP measure.
ADDITIONAL INFORMATION AND DISCLOSURES
Conference Call and Webcast
The Company will be holding a conference call at 2:00 p.m. Pacific time today, May 7, 2026, to discuss the Company's financial results, outlook and business. The call will be webcast live on our investor relations website at https://ir.callawaygolf.com/news-and-events/presentations. The Company's earnings presentation will be available ahead of the call and will include additional details. A replay of the conference call will be available approximately two hours after the call ends. The replay may be accessed through the Investor Relations section of the Company's website at https://ir.callawaygolf.com.
Non-GAAP Information
The GAAP results contained in this press release and the financial statement schedules attached to this press release have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). To supplement the GAAP results, the Company has provided certain non-GAAP financial information as follows:
Constant Currency Basis. The Company provided certain information regarding the Company's financial results or projected financial results on a "constant currency basis" or as "constant currency" results. This information estimates the impact of changes in foreign currency exchange rates on the translation of the Company's current or projected future period financial results as compared to the applicable comparable period. This impact is derived by taking the current or projected local currency results and translating them into U.S. dollars based upon the foreign currency exchange rates for the applicable comparable period. It does not include any other effect of changes in foreign currency rates on the Company's results or business.
Non-Recurring, Non-cash and Interest Expense Adjustments. The Company provided information excluding certain non-cash amortization of acquired intangible assets, including customer and distributor relationships and acquired developed technology related to the Company's acquisitions of TravisMathew and OGIO (together, the "Acquisitions"). While the amortization of acquired intangible assets is excluded from the calculation of non-GAAP net income, the revenue and operating costs associated with these acquired companies is reflected in non-GAAP net income calculations, as well as the acquired assets that contribute to revenue generation. For specific non-recurring adjustment items, please see the Supplemental Financial Information and Non-GAAP Reconciliation section of this release. Non-recurring adjustments include, among other things subtraction of costs related to a plan intended to optimize organizational efficiencies and decrease operating costs under the separate business structures that are anticipated after the separation of Topgolf (the "Transformation Plan"). Costs incurred related to Non-Recurring and Non-Cash Adjustments are excluded from the measurement of segment profitability for internal and external reporting purposes. In addition, we have added back to certain of our non-GAAP results interest expense relating to debt incurred at the corporate level that is categorized under discontinued operations in order to burden continuing operations with the full impact of the Company's total term debt.
Adjusted EBITDA. The Company provides information about its results excluding interest, taxes, depreciation and amortization expenses, stock compensation expense, non-cash lease amortization expense, and the non-recurring and non-cash items referenced above.
In addition, the Company has included in the schedules attached to this release a reconciliation of certain non-GAAP information to the most directly comparable GAAP information. The non-GAAP information presented in this release and related schedules should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. Management uses such non-GAAP information for financial and operational decision-making purposes and as a means to evaluate period-over-period comparisons and in forecasting the Company's business going forward. Management believes that the presentation of such non-GAAP information, when considered in conjunction with the most directly comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying performance, and, in some cases, financial condition, of the Company's business with regard to these items.
For forward-looking Adjusted EBITDA from Continuing Operations, a reconciliation to net income (loss) from continuing operations, the most closely comparable GAAP financial measure, is not provided because the Company is unable to provide such reconciliation without unreasonable efforts. The inability to provide a reconciliation is because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact net income in the future but would not impact Adjusted EBITDA from Continuing Operations. These items may include certain non-cash depreciation, which will fluctuate based on the Company's level of capital expenditures, non-cash amortization of intangibles related to the Company's Acquisitions, income taxes, which can fluctuate based on changes in the other items noted and/or future forecasts, interest expense, which varies based upon the amount of borrowing to fund the business, and other non-recurring costs and non-cash adjustments. Historically, the Company has excluded these items from Adjusted EBITDA from Continuing Operations. The Company currently expects to continue to exclude these items in future disclosures of Adjusted EBITDA from Continuing Operations and may also exclude other items that may arise. The events that typically lead to the recognition of such adjustments are inherently unpredictable as to if or when they may occur, and therefore actual results may differ materially. This unavailable information could have a significant impact on net income.
Equity Method Investments. The Company also removes any income or losses from equity method investments from non-GAAP net income from continuing operations and Adjusted EBITDA.
Forward-Looking Statements
Statements used in this press release that relate to future plans, events, financial results, performance, prospects, or growth opportunities, including statements relating to the Company's second quarter and full year 2026 guidance (including net sales, Adjusted EBITDA from Continuing Operations and cash balances), strength and demand of the Company's products and services, continued brand momentum, positioning of the Company's brands to gain market share, demand for golf and outdoor activities and apparel, continued investments in the business, consumer trends and behavior, future industry and market conditions, completion of any share repurchases, including the timing and amount thereof, return of capital to shareholders and positioning to create shareholder value, future liquidity, foreign currency effects and their impacts, tariff and tax rates and the effectiveness of mitigation efforts relating thereto, potential refunds of IEEPA tariffs, and statements of belief and any statement of assumptions underlying any of the foregoing, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "estimate," "could," "would," "should," "intend," "may," "plan," "seek," "anticipate," "project" and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. These statements are based upon current information and expectations. Accurately estimating the forward-looking statements is based upon various risks and unknowns, including uncertainty regarding global economic conditions, including relating to inflation, decreases in consumer demand and spending, and any severe or prolonged economic downturn or economic recession; the Company's level of indebtedness; continued availability of credit facilities and liquidity and ability to comply with applicable debt covenants; effectiveness of capital allocation and cost/expense reduction efforts; continued brand momentum and product success; growth in the direct-to-consumer and e-commerce channels; ability to realize the benefits of the continued investments in the Company's business; consumer acceptance of and demand for the Company's and its subsidiaries' products; any changes in U.S. or foreign trade, tax or other policies, including restrictions on imports or an increase in import tariffs; future retailer purchasing activity, which can be significantly negatively affected by adverse industry and economic conditions and overall retail inventory levels; the level of promotional activity in the marketplace; and future changes in foreign currency exchange rates and the degree of effectiveness of the Company's hedging programs. Actual results may differ materially from those estimated or anticipated as a result of these risks and unknowns or other risks and uncertainties, including the effect of terrorist activity, armed conflict, natural disasters or pandemic diseases on the economy generally, on the level of demand for the Company's and its subsidiaries' products or on the Company's ability to manage its operations, supply chain and delivery logistics in such an environment; delays, difficulties or increased costs in the supply of components or commodities needed to manufacture the Company's products or in manufacturing the Company's products; and a decrease in participation levels in golf generally. For additional information concerning these and other risks and uncertainties that could affect these statements and the Company's business, see the Company's Annual Report on Form 10-K for the year ended December 31, 2025 as well as other risks and uncertainties detailed from time to time in the Company's reports on Forms 10-K, 10-Q and 8-K subsequently filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
About Callaway Golf Company
Callaway Golf Company (NYSE: CALY), is a premium golf equipment, gear and apparel company with a portfolio of global brands, including Callaway Golf, Odyssey, TravisMathew, and OGIO. Through an unwavering commitment to innovation and premium craftsmanship, Callaway designs, manufactures, and sells high-performance golf clubs, golf balls, apparel, bags, and other accessories—setting the standard for performance in the game of golf. For more information, please visit https://ir.callawaygolf.com.
Investor Contact
Patrick Burke
[email protected]
CALLAWAY GOLF COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
March 31, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$ 499.5
$ 903.2
Accounts receivable, net
393.8
123.2
Inventories
596.4
625.3
Other current assets
135.6
113.9
Current assets of discontinued operations
—
4,170.0
Total current assets
1,625.3
5,935.6
Property, plant and equipment, net
156.2
159.5
Operating lease right-of-use assets, net
164.5
173.5
Goodwill and intangible assets, net
841.7
842.2
Equity method investments
221.2
—
Other assets, net
171.6
175.2
Total assets
$ 3,180.5
$ 7,286.0
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses
$ 282.9
$ 296.2
Accrued employee compensation and benefits
54.2
84.9
Long-term debt, current portion
274.4
765.3
Asset-based credit facilities
44.1
44.7
Operating lease liabilities, short-term
22.6
22.9
Deferred revenue
15.5
21.5
Other current liabilities
19.9
18.5
Current liabilities of discontinued operations
—
3,113.5
Total current liabilities
713.6
4,367.5
Long-term debt, net
152.9
650.7
Operating lease liabilities, long-term
181.1
189.7
Other long-term liabilities
9.0
9.2
Total shareholders' equity
2,123.9
2,068.9
Total liabilities and shareholders' equity
$ 3,180.5
$ 7,286.0
CALLAWAY GOLF COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Three Months Ended March 31,
2026
2025
Net sales
$ 687.5
$ 629.6
Cost of sales
360.8
346.0
Gross profit
326.7
283.6
Operating expenses:
Selling, general and administrative expense
173.3
164.6
Research and development expense
15.2
15.9
Total operating expenses
188.5
180.5
Income (loss) from operations
138.2
103.1
Interest income (expense), net
(5.8)
(14.9)
Other income (expense), net
2.9
2.4
Total other income (expense), net
(2.9)
(12.5)
Income (loss) from equity method investments
(27.7)
—
Income (loss) from continuing operations, before income taxes
107.6
90.6
Income tax provision (benefit)
32.7
27.2
Net income (loss) from continuing operations
$ 74.9
$ 63.4
Net income (loss) from discontinued operations, net of tax
18.2
(61.3)
Net income (loss)
$ 93.1
$ 2.1
Basic earnings (loss) per common share:
Continuing operations
$ 0.41
$ 0.35
Discontinued operations
$ 0.10
$ (0.33)
Net earnings (loss)
$ 0.51
$ 0.01
Diluted earnings (loss) per common share:
Continuing operations
$ 0.38
$ 0.33
Discontinued operations
$ 0.09
$ (0.31)
Net earnings (loss)
$ 0.47
$ 0.02
Weighted-average common shares outstanding:
Basic
183.7
183.4
Diluted
202.7
198.2
CALLAWAY GOLF COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In millions)
(Unaudited)
Three Months Ended
March 31,
2026
2025
Cash flows from operating activities:
Net income (loss) from continuing operations
$ 74.9
$ 63.4
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating
activities:
Depreciation and amortization
10.8
11.7
Loss from equity method investments
27.7
—
Amortization of debt discount and issuance costs
0.8
1.5
Gain on lease termination incentive
—
(12.0)
Deferred taxes, net
19.5
22.6
Share-based compensation
6.4
5.9
Loss from partial debt extinguishment
7.5
—
Loss on asset disposals
0.6
—
Unrealized net losses (gains) on hedging instruments and foreign currency
(0.7)
5.2
Gain on investment from golf-related ventures
(4.5)
—
Other
(0.5)
0.2
Change in assets and liabilities, net of business combinations
(311.5)
(207.4)
Net cash provided by (used in) operating activities - continuing operations
(169.0)
(108.9)
Net cash provided by (used in) operating activities - discontinued operations
—
23.7
Net cash provided by (used in) operating activities
(169.0)
(85.2)
Cash flows from investing activities:
Capital expenditures
(7.0)
(7.8)
Proceeds from sale of business line, net of cash retained
818.8
—
Net cash provided by (used in) investing activities - continuing operations
811.8
(7.8)
Net cash provided by (used in) investing activities - discontinued operations
—
(62.2)
Net cash provided by (used in) investing activities
811.8
(70.0)
Cash flows from financing activities:
Repayments of long-term debt
(1,004.3)
(4.6)
Proceeds from credit facilities, net
—
19.9
Debt issuance costs
—
(0.4)
Repayments of financing leases
(0.1)
(0.1)
Acquisition of treasury stock
(42.0)
(3.3)
Net cash provided by (used in) financing activities - continuing operations
(1,046.4)
11.5
Net cash provided by (used in) financing activities - discontinued operations
—
13.6
Net cash provided by (used in) financing activities
(1,046.4)
25.1
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(0.4)
2.5
Net increase (decrease) in cash, cash equivalents and restricted cash
(404.0)
(127.6)
Cash, cash equivalents and restricted cash at beginning of period
903.5
450.3
Cash, cash equivalents and restricted cash at end of period
$ 499.5
$ 322.7
Less: restricted cash of discontinued operations at end of period
—
(5.7)
Cash and cash equivalents of continuing operations at end of period
$ 499.5
$ 317.0
CALLAWAY GOLF COMPANY
CONSOLIDATED NET SALES AND OPERATING SEGMENT INFORMATION
(In millions)
(Unaudited)
Net Sales by Product Category
Three Months Ended
March 31,
Growth/(Decline)
Constant
Currency
vs. 2025(1)
2026
2025
Dollars
Percent
Percent
Net sales:
Golf Clubs
$ 380.6
$ 340.0
$ 40.6
11.9 %
10.4 %
Golf Balls
105.6
103.9
1.7
1.6 %
0.3 %
Apparel
102.7
98.0
4.7
4.8 %
5.1 %
Gear, Accessories & Other
98.6
87.7
10.9
12.4 %
11.1 %
Total net sales
$ 687.5
$ 629.6
$ 57.9
9.2 %
8.0 %
(1) Calculated by applying 2025 exchange rates to 2026 reported net sales in regions outside the U.S.
Net Sales by Region
Three Months Ended
March 31,
Growth/(Decline)
Constant
Currency
vs. 2025(1)
2026
2025
Dollars
Percent
Percent
Net sales:
United States
$ 448.8
$ 416.1
$ 32.7
7.9 %
7.9 %
Europe
83.2
64.3
18.9
29.4 %
18.2 %
Asia
103.6
106.8
(3.2)
(3.0 %)
(0.7 %)
Rest of world
51.9
42.4
9.5
22.4 %
15.8 %
Total net sales
$ 687.5
$ 629.6
$ 57.9
9.2 %
8.0 %
(1) Calculated by applying 2025 exchange rates to 2026 reported net sales in regions outside the U.S.
Operating Segment Information
Three Months Ended
March 31,
Growth/(Decline)
Constant
Currency
vs. 2025(1)
2026
2025
Dollars
Percent
Percent
Net sales:
Golf Equipment
$ 486.2
$ 443.9
$ 42.3
9.5 %
8.0 %
Apparel, Gear and Other
201.3
185.7
15.6
8.4 %
7.9 %
Total net sales
$ 687.5
$ 629.6
$ 57.9
9.2 %
8.0 %
Segment operating income:
Golf Equipment
$ 117.6
$ 101.8
$ 15.8
15.5 %
Apparel, Gear and Other
52.0
35.4
16.6
46.9 %
Total segment operating income
169.6
137.2
32.4
23.6 %
Non-recurring items (2)
(4.0)
(1.3)
(2.7)
n/m
Corporate costs and expenses (3)
(27.4)
(32.8)
5.4
(16.5) %
Income (loss) from operations
138.2
103.1
35.1
34.0 %
Interest income (expense), net
(5.8)
(14.9)
9.1
(61.1) %
Other income (expense), net
2.9
2.4
0.5
20.8 %
Total other income (expense), net
(2.9)
(12.5)
9.6
(76.8) %
Income (loss) from equity method investments
(27.7)
—
(27.7)
n/m
Income (loss) from continuing operations, before income taxes
$ 107.6
$ 90.6
$ 17.0
18.8 %
(1) Calculated by applying 2025 exchange rates to 2026 reported net sales in regions outside the U.S.
(2) Includes certain non-recurring and non-cash items as described in the below schedules to this release.
(3) Includes corporate general and administrative expenses not utilized by management in determining segment profitability. Corporate costs and expenses also includes adjustments
for discontinued operations related to indirect costs that were previously allocated to the Topgolf and Jack Wolfskin businesses.
CALLAWAY GOLF COMPANY
SUPPLEMENTAL FINANCIAL INFORMATION AND NON-GAAP RECONCILIATION
(In millions, except per share data)
(Unaudited)
Three months ended March 31,
2026
2025
GAAP
Non-Cash
Acquisition-
related
Amortization
Tax
Valuation
Allowance
Non-
Recurring
Items(1)
(Loss) From
Equity Method
Investments
Non-
GAAP
GAAP
Non-Cash
Acquisition-
related
Amortization
Non-
Recurring
Items(2)
Non-
GAAP
Net sales
$ 687.5
$ —
$ —
$ —
$ —
$ 687.5
$ 629.6
$ —
$ —
$ 629.6
Cost of sales
360.8
—
—
1.1
—
359.7
346.0
—
0.3
345.7
Gross profit
$ 326.7
$ —
$ —
$ (1.1)
$ —
$ 327.8
$ 283.6
$ —
$ (0.3)
$ 283.9
Gross Margin
47.5 %
47.7 %
45.0 %
45.1 %
(1) Non-recurring items from continuing operations primarily includes $1.0 million of charges incurred to relocate to a new UK warehousing property as a result of the sale of the Jack Wolfskin business in 2025.
(2) Non-recurring items from continuing operations primarily includes restructuring and reorganization costs.
Three months ended March 31,
2026
2025
GAAP
Non-Cash
Acquisition-
related
Amortization
Tax
Valuation
Allowance (3)
Non-
Recurring
Items(1)
(Loss) From
Equity Method
Investments(4)
Non-
GAAP
GAAP
Non-Cash
Acquisition-
related
Amortization
Non-
Recurring
Items(2)
Non-
GAAP
Income (loss) from operations
$ 138.2
$ (0.2)
$ —
$ (3.8)
$ —
$ 142.2
$ 103.1
$ (0.1)
$ (1.2)
$ 104.4
Net income (loss) from continuing operations
$ 74.9
$ (0.2)
$ 0.1
$ (4.4)
$ (32.4)
$ 111.8
$ 63.4
$ —
$ 6.3
$ 57.1
(1) Non-recurring items from continuing operations primarily includes $7.5 million of other expense related to the continuing operations portion of the $15.0 million write off of debt issuance costs due to the $1.0 billion partial repayment of the term
loan in January 2026 in connection with the sale of Topgolf, $1.0 million of costs related to the relocation to a new UK warehouse as a result of the sale of the Jack Wolfskin business in 2025, $1.0 million of restructuring charges related to the
Transformation Plan and a $0.7 million write-off of software assets stemming from our separation from Topgolf. These costs were partially offset by a $4.3 million gain on our investment in Five Iron.
(2) Non-recurring items from continuing operations primarily include $0.7 million of restructuring charges related to the Transformation Plan. In addition, $9.5 million of term loan interest expense incurred at the corporate level and included in
discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.
(3) During the first quarter of fiscal year 2026, we released valuation allowances on certain U.S. deferred tax assets in both continuing and discontinued operations related to the disposal of the Topgolf and Jack Wolfskin businesses.
(4) Represents our 40% proportionate share of Topgolf's net loss, which is accounted for under the equity method.
Three months ended March 31,
2026
2025
GAAP
Non-Cash
Acquisition-
related
Amortization
Tax
Valuation
Allowance
Non-
Recurring
Items
(Loss) From
Equity Method
Investments
Non-
GAAP
GAAP
Non-Cash
Acquisition-
related
Amortization
Non-
Recurring
Items
Non-
GAAP
Diluted earnings (loss) per share from
continuing operations (1)
$ 0.38
$ —
$ —
$ (0.02)
$ (0.16)
$ 0.56
$ 0.33
$ —
$ 0.03
$ 0.30
Weighted-average shares outstanding - diluted
202.7
202.7
202.7
202.7
202.7
202.7
198.2
198.2
198.2
198.2
(1) When aggregated, earnings per share amounts may not add across due to rounding.
CALLAWAY GOLF COMPANY
SUPPLEMENTAL FINANCIAL INFORMATION AND NON-GAAP RECONCILIATION
(In millions, except per share data)
(Unaudited)
2026 Trailing Twelve Month Adjusted EBITDA
2025 Trailing Twelve Month Adjusted EBITDA
Quarter Ended
Quarter Ended
June 30,
September 30,
December 31,
March 31,
June 30,
September 30,
December 31,
March 31,
2025
2025
2025
2026
Total
2024
2024
2024
2025
Total
Net income (loss) from continuing operations
$ 45.5
$ (4.1)
$ (66.0)
$ 74.9
$ 50.3
$ 99.4
$ 31.0
$ (93.9)
$ 63.4
$ 99.9
Interest expense (income), net
15.3
14.8
15.6
5.8
51.5
15.9
15.1
14.7
14.9
60.6
Income tax provision (benefit)
13.1
2.7
5.8
32.7
54.3
(17.8)
(34.8)
62.2
27.2
36.8
Non-cash depreciation and amortization
expense
11.2
10.8
10.4
10.8
43.2
10.9
11.3
11.8
11.7
45.7
Non-cash stock compensation and stock
warrant expense, net
5.4
5.8
6.7
6.5
24.4
6.0
5.6
7.1
5.9
24.6
Non-cash lease amortization expense
0.6
0.3
0.1
(0.5)
0.5
0.6
0.4
0.4
0.6
2.0
Acquisitions & non-recurring items, before
income taxes(1)
0.9
0.3
2.3
5.8
9.3
1.7
1.2
2.1
1.2
6.2
Loss from equity method investments
—
—
—
27.7
27.7
—
—
—
—
—
Adjusted EBITDA
$ 92.0
$ 30.6
$ (25.1)
$ 163.7
$ 261.2
$ 116.7
$ 29.8
$ 4.4
$ 124.9
$ 275.8
(1) In 2026, amounts primarily relate to the write-off of a proportionate amount debt issuance costs due to the $1.0 billion partial repayment of term loan debt in January 2026 in connection with the sale of Topgolf, charges
incurred to relocate to a new UK warehouse in connection with the sale of the Jack Wolfskin business, the write-off of IT assets stemming from the sale of Topgolf, and restructuring charges related to the Transformation
Plan, partially offset by remeasurement gains on our cost method investment and gains on the disposal of intellectual property. In 2025, amounts primarily include restructuring and reorganization charges related to the
Transformation Plan. In 2024, amounts primarily include restructuring and reorganization charges related to the Transformation Plan, IT integration costs associated with the implementation of a new cloud based HRM
system, IT costs related to a cybersecurity incident, and costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company's acquisitions.
CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 SharesCocaCola Company (The) (NYSE:KO - Get Free Report) EVP Jennifer Mann sold 23,984 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.41, for a total value of $2,000,505.44. Following the completion of the transaction, the executive vice president owned 157,400 shares of the company's stock, valued at approximately $13,128,734. The trade was a 13.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
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Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 750,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $63.02, for a total value of $47,265,000.00. Following the sale, the chairman owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 23.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
New Verisk Model Context Protocol (MCP) connectors enable conversational, natural-language interactions, provide contextual access to Verisk’s trusted insurance analytics inside enterprise AI environments. Enables underwriting and claims professionals to access Verisk’s regulatory-grade data within Claude, surfacing relevant insights and reducing manual tasks. AI-enabled insurance workflows with embedded governance and security controls that reinforce trust, ensure humans remain at the center of every decision. JERSEY CITY, N.J., May 05, 2026 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading strategic data analytics and technology partner to the global insurance industry, today announced its trusted insurance analytics are now available in Claude, Anthropic’s family of AI models, through standardized Verisk Model Context Protocol (MCP) connectors. These connectors enable insurance and property restoration professionals to access insights conversationally within a secure, governed environment, and bring meaningful efficiency.
Verisk’s analytics and solutions are used by U.S. property & casualty insurers, including the top 100 insurers, as well as global insurers, reinsurers and brokers. This deep understanding of essential processes, platforms, and workflows positions Verisk to responsibly support the next evolution of how insurance professionals engage with trusted data and analytics through AI.
Building on this foundation, Verisk MCP connectors simplify access to insurance analytics, surfacing contextual insights and streamlining tasks within Claude:
Through MCP connectors, insurance professionals can access Verisk’s proprietary, regulatory-grade data and analytics through generative AI, governed by Verisk’s established data governance framework to support customers’ controlled access and compliance needs. Insights are surfaced through natural language, rather than requiring navigation across multiple systems and dashboards. Helps teams save time by enabling tasks to be streamlined and reducing manual steps. Intelligently presents data and insights that are relevant to the current task or query. This approach combines speed and reliability to meaningfully accelerate mission‑critical underwriting and claims workflows. “Trust is the foundation of insurance, and that doesn’t change as new technologies emerge,” said Lee Shavel, president and CEO of Verisk. “What is changing is how professionals expect to interact with information. Our role is to bring AI into insurance in a way that reflects the realities of the industry – where data must be authoritative, decisions must be explainable, and accountability remains with people. This collaboration with Anthropic applies a conversational interface to Verisk’s governed analytics so professionals can work more efficiently, while upholding the industry’s high standards.”
Verisk MCP Connectors Integrate Trusted Analytics, Contextual Intelligence, and Task Execution into Enterprise AI Workflows
Verisk is launching two connectors in Claude that provide conversational access to its proprietary analytics for underwriting and restoration use cases, enabling professionals to discover insights more quickly while preserving the rigor and reliability required for insurance decision‑making:
Verisk Underwriting Intelligence (ISO Indications):
Through this connector, insurers can access loss cost trends, experience insights, and filing signals from Insurance Services Office (ISO), a Verisk business, using conversational queries within their underwriting workflow. By bringing together insights that typically require navigating multiple tools and datasets, the connector helps underwriters and actuaries more efficiently assess indications, explore emerging patterns, and support underwriting decisions with greater confidence – while ensuring judgment and accountability remain with insurance professionals, consistent with existing processes and controls. It is estimated that integrating AI in this workflow could save hundreds of hours per carrier per year, freeing up capacity for higher-value, strategic analysis. Verisk XactRestore:
Restoration professionals, including contractors who repair property damage following insured events, rely on Xactware from Verisk to support estimating and repair activities tied to insurance claims. Through this connector, professionals can engage with researched pricing and estimating intelligence using natural language, providing a conversational layer that supports scoping, estimate development, and iteration alongside existing estimating processes. It is estimated that experienced contractors can achieve time savings ranging from 30 minutes to two hours per estimate. Responsible AI Built for Insurance
Verisk aligns with insurers’ existing systems, entitlements, and operating models. Model- and platform-agnostic, Verisk’s approach enables clients to integrate Verisk data, insights and AI into their existing environments regardless of their strategy or vendor choices. Verisk’s use of AI is within established, controlled workflows and aligned with its contractual data use, confidentiality, and governance obligations.
Verisk’s collaboration with Anthropic builds on the company’s commitment to applying artificial intelligence responsibly in the insurance market, through rigorous governance and compliance protocols. Verisk has embedded AI across the insurance ecosystem for more than two decades and has deployed approximately 40 agentic and generative AI solutions grounded in proprietary data, deep domain expertise, and transparent, explainable methodologies.
“Insurance is a highly regulated, high-stakes industry, and Verisk has long been a leader for how trusted data and analytics are applied responsibly,” said Mike Ram, Head of Insurance at Anthropic. “By pairing Claude with Verisk’s governed analytics and established controls, this collaboration shows how generative AI can enhance professional decision-making without compromising the rigor and accountability the industry demands.”
Shavel added, “Responsible use of generative AI isn’t just about efficiency – it’s about helping insurers make sound decisions, so consumers and policyholders receive clarity, confidence, and support when it matters most.”
For more information, visit https://www.verisk.com/company/ai/.
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, catastrophic events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work. For more, visit Verisk.com and the Verisk Newsroom.
LONDON, May 11, 2026 (GLOBE NEWSWIRE) -- As UK insurers, brokers, and distributors face increasing pressure to control operating costs, improve customer engagement and bring new products to market faster, digital‑first and technology‑enabled insurance models are gaining traction. Zen Insurance enters the market at a time when speed, efficiency and genuine product choice are becoming critical for competitive differentiators for digital-first brands. One Call is launching Zen Insurance in the UK using Verisk Ignite’s end‑to‑end policy management platform, working in conjunction with Applied Systems Europe’s Applied Rating Hub to support insurer connectivity.
Zen Insurance, a new brand under One Call, will offer a no-touch, fully digital customer experience, enabling consumers to easily manage their policies through online portals, live chat and self-service interactions. This efficient online operating model, powered by Verisk’s policy management system and Applied Rating Hub, enables One Call to pass along cost savings in the competitive customer pricing offered by Zen Insurance.
“Our customers want an easy-to-use platform with seamless transactions and self-service options, and Zen Insurance will deliver just that," said Josh Barnsdale, Chief Technology Officer at One Call. "With Verisk Ignite providing the intuitive end-to-end policy management system and Applied Rating Hub powering real-time access to an influential insurer panel, we have been able to bring Zen Insurance to market with speed and agility.”
Technology Powering Zen Insurance
Verisk Ignite, a cloud‑based policy management platform, will power the brand. Ignite supports the full policy lifecycle — from quote and bind through to mid‑term adjustments, renewals, documentation and billing — enabling high levels of automation while reducing the operational complexity typically associated with launching new insurance brands. As part of Verisk, a long‑standing data analytics and technology partner to the global insurance industry, Ignite brings decades of insurance expertise, enterprise‑grade scale, and strong governance to policy management.
Applied Rating Hub offers a single connection to a marketplace of 30+ personal lines insurers and Managing General Agents (MGAs), featuring more than 100 products and supporting full‑cycle Electronic Data Interchange (EDI) trading across the UK insurance industry. Through a single real‑time connection to multiple insurers, Applied Rating Hub reduces integration complexity and operational bottlenecks, helping businesses reach the market faster and deliver greater choices to customers.
Introducing Zen Insurance’s digital‑first car insurance
Zen Insurance begins with car insurance, supported by technology that enables flexibility across other vehicle categories and home insurance.
“Launching a true customer-first and fully digital insurance solution takes more than a strong front end, it requires process automation and robust, digitally enabled workflows across the entire insurance lifecycle to put real control in the hands of the policyholder and deliver a market-leading customer experience.” said Nick Haldane, Managing Director of Verisk Ignite. “As the market moves rapidly towards a more automated world, the ability to streamline processes, reduce manual intervention, put the power in the hands of the policyholder and respond quickly to change is valuable. We’re excited that Verisk’s end-to-end policy management platform, built for automation and scale, is enabling brands like One Call’s Zen Insurance to enter the market quickly, while delivering the flexibility and efficiency that customers now expect.”
"Digital insurance brands need to enter the market quickly and with genuine product choice if they are to compete effectively, and that requires removing the friction from insurer connectivity," said Matt Wellman, senior director of Enterprise Accounts & Insurer Relationships at Applied Systems. "The collaboration demonstrates exactly how a single connection to Applied Rating Hub can accelerate go-to-market for a fully digital brand, giving Zen Insurance the competitive edge it needs."
###
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work. For more, visit Verisk.com and the Verisk Newsroom.
About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world's largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied's people and products enable millions of people around the world to safeguard and protect what matters most.
About One Call/Zen Insurance
Beginning as a local insurance broker in Doncaster in 1995, One Call has grown into one of the UK’s most trusted insurance providers. Over the past three decades, One Call has expanded its product range to include car, home, travel, van and commercial cover, introduced digital services, and built a team of over a thousand dedicated professionals. Launching in 2026, Zen Insurance provides a flexible and fully self-serviced user-friendly system for customers to manage every aspect of their insurance.
Verisk reported Q1 revenue of $783M (+4% y/y), with improved margins and strong adjusted EBITDA, but top-line growth remains modest. VRSK maintains a healthy balance sheet with 2.4x debt/EBITDA and 8x interest coverage; liquidity and solvency are not concerns. Management reaffirmed 2026 guidance, expects Q1 to be a trough, and anticipates federal contract resumption and normalized catastrophe activity to support growth.
On May 18, 2026, Verisk Analytics Inc VRSK shares rose 5.5%, bringing the current price to $171.52. Despite today's positive movement, the stock has seen significant volatility over the past year, with a 52-week high of $322.92 and a low of $155.94.
GF Value™ verdict: Currently priced at $171.52, which is 45.2% below the GF Value™ of $313.12, indicating substantial upside potential.GF Score™: The stock has a strong GF Score™ of 80/100, suggesting it has favorable characteristics for long-term investment.Notable signal: Insider activity shows that insiders bought $0.4M and sold $0.2M in the last three months, indicating some level of confidence in the company’s future prospects. Is VRSK Overvalued or Undervalued? Verisk Analytics Inc VRSK currently trades at $171.52, significantly below its GF Value™ estimate of $313.12, which indicates that the stock is 45.2% undervalued. This disparity highlights a considerable margin of safety for potential investors. As per the GF Valuation label, the stock is categorized as significantly undervalued, suggesting an opportunity for growth as the market adjusts its valuation.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the substantial difference between the current price and the GF Value™, investors may find VRSK appealing; however, they should consider the risks associated with market volatility and the recent downward trends in the stock price over the year.
How Does VRSK's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 26.1x 43.7x Forward P/E 22.5x N/A The current P/E (TTM) of 26.1x is significantly lower than its 5-year median P/E of 43.7x, indicating that VRSK is trading well below its historical valuation. Furthermore, the forward P/E of 22.5x also supports the notion of undervaluation. This P/E analysis aligns with the GF Value™ verdict, reinforcing the perspective that VRSK presents a potentially attractive entry point based on its historical performance metrics.
What Does VRSK's GF Score™ Tell Us? Metric Rating GF Score™ 80/100 Financial Strength 5/10 Profitability 9/10 Growth 9/10 Valuation 4/10 Momentum 2/10 The GF Score™ of 80/100 indicates that Verisk Analytics Inc has strong characteristics overall, particularly in profitability and growth, where it scores 9/10. However, the valuation and momentum ranks are weaker, at 4/10 and 2/10 respectively. This disparity suggests that while the company showcases robust operational metrics, it may face challenges in market perception and price momentum.
What Are Insiders Doing with VRSK Stock? Insider trading activity for Verisk Analytics Inc shows a mixed sentiment, with insiders buying $0.4M worth of shares while selling $0.2M in the last three months. This pattern could indicate some level of confidence in the company's future performance, as insiders typically have a good insight into the business. However, the selling activity also raises caution and suggests that some insiders may be taking profits or reallocating their investments.
What This Means for Investors Based on the GF Value™ analysis, Verisk Analytics Inc is currently undervalued, offering a potential opportunity for investors looking for stocks with strong fundamentals and significant upside potential. However, it is essential to consider the volatility in its price performance and the mixed signals from insider activity.
For the complete analysis, visit the Verisk Analytics Inc VRSK stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is VRSK's GF Score™?
VRSK has a GF Score™ of 80/100, indicating that the stock possesses favorable characteristics for long-term investment based on various performance metrics.
Is VRSK overvalued or undervalued?
VRSK is currently undervalued, trading at $171.52 compared to the GF Value™ of $313.12, suggesting a significant upside potential.
What is VRSK's P/E ratio?
VRSK's P/E (TTM) ratio is 26.1x, which is 40% below its 5-year median P/E of 43.7x, indicating that the stock is trading at a lower valuation compared to its historical performance.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Verisk Analytics is rated Buy as AI-driven fears have compressed its valuation despite resilient fundamentals and reaffirmed 2026 guidance. VRSK's subscription-heavy revenue base, high EBITDA margins, and proprietary insurance data provide defensibility against AI disruption concerns. Management views Q1 as a trough and sees an opportunity to leverage AI for productivity and value realization, not disintermediation.
