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SAN DIEGO , Aug. 04, 2026 (GLOBE NEWSWIRE) -- LPL Financial LLC today announced that LPL Research has launched a new suite of Building Block Model Portfolios, expanding its model portfolio platform to more than 70 offerings. Designed to provide advisors with greater flexibility in portfolio construction, the new models can be combined to create customized investment solutions tailored to a broad range of client objectives. The launch reflects LPL Research's continued investment in portfolio innovation and comes as its model portfolio platform surpassed $100 billion in assets under management (AUM).

Introducing Building Block Model Portfolios

LPL Research has introduced 17 Building Block Model Portfolios designed to provide advisors with greater portfolio construction flexibility. The new models include single-asset mutual fund, ETF and SMA strategies across equities, fixed income and alternatives.

The models can be used independently or combined within Unified Managed Account (UMA) structures, enabling advisors to build tailored portfolios aligned with clients' investment objectives and risk preferences.

“The introduction of our building block model portfolios enhances the flexibility and choice we provide to advisors and institutions,” said LPL Chief Investment Officer Marc Zabicki. “Grounded in our research and asset allocation expertise, these modular solutions are designed to help build more personalized portfolios and adapt investment strategies to reflect evolving client needs.”

Growing Adoption of LPL Research Models

The launch comes as LPL Research's model portfolio platform surpasses $100 billion in AUM (as of February 2026), reflecting continued advisor adoption of professionally managed investment solutions. The milestone underscores the platform's growth and the increasing demand for model-based portfolio management across advisory practices.

“Surpassing $100 billion in model portfolio assets reflects the strength of our investment platform, the performance of our strategies and the trust advisors place in our team,” said LPL Chief Wealth Officer Aneri Jambusaria. “When we pursue strong investment outcomes, our community is better positioned to help clients pursue their financial goals. That impact extends to the more than 8 million Americans served through the LPL platform, and it remains at the center of everything we do.”

Expanding Portfolio Construction Capabilities

The Building Block Model Portfolios are designed to give advisors greater control over portfolio design through a modular approach that spans equities, fixed income and alternatives. Used individually or within UMA structures, the models allow advisors to create more customized investment strategies while benefiting from the ongoing oversight and expertise of LPL Research.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports over 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $2.6 trillion in brokerage and advisory assets on behalf of approximately 8 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC. 

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial. 

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

There is no assurance that advisory model portfolios are suitable for all investors or will yield positive outcomes.

The purchase of certain securities will be required to affect some of the strategies. Investing involves risks, including possible loss of principal. This material is general information only and is not intended to provide specific advice or recommendations for your clients.

Advisory accounts may not be appropriate for every investor. A brokerage account may be more appropriate if your client prefers a buy-and-hold strategy.

Media Contact: 
[email protected] 
(402) 740-2047 

Tracking #: 1151900

August 04, 2026 09:00 ET  | Source: MKS Inc.

ANDOVER, Mass., Aug. 04, 2026 (GLOBE NEWSWIRE) -- MKS Inc. (NASDAQ: MKSI), a global provider of enabling technologies that transform our world, today announced that its Board of Directors has authorized a quarterly cash dividend of $0.25 per share, payable on September 3, 2026, to shareholders of record as of August 25, 2026.

Future dividend declarations, as well as the record and payment dates for such dividends, are subject to the final determination of the Company's Board of Directors.

About MKS Inc.
MKS Inc. (NASDAQ: MKSI) enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.

Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding MKS’ dividend program and any future dividend payment obligations. Any statements that are not statements of historical fact should be considered to be forward-looking statements. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements are cash available for distribution, the then current and expected needs and availability of cash to pay MKS’ obligations, and the other factors described in MKS’ Annual Report on Form 10-K for the year ended December 31, 2025 and any subsequent Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release.

MKS Investor Relations Contact:
Paretosh Misra
Vice President, Investor Relations
Telephone: +1 (978) 284-4705
Email: [email protected]

Posted by Defense World Staff on Aug 4th, 2026

California State Teachers Retirement System raised its holdings in Knight-Swift Transportation Holdings Inc. (NYSE:KNX – Free Report) by 24.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 192,598 shares of the transportation company’s stock after purchasing an additional 38,300 shares during the quarter. California State Teachers Retirement System owned 0.12% of Knight-Swift Transportation worth $11,090,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Encompass Capital Advisors LLC bought a new stake in shares of Knight-Swift Transportation during the 1st quarter worth $28,790,000. Maverick Capital Ltd. bought a new position in Knight-Swift Transportation in the first quarter valued at about $611,000. Quantinno Capital Management LP grew its position in Knight-Swift Transportation by 10.5% in the first quarter. Quantinno Capital Management LP now owns 312,284 shares of the transportation company’s stock valued at $17,981,000 after acquiring an additional 29,746 shares during the last quarter. SummitTX Capital L.P. acquired a new position in Knight-Swift Transportation during the first quarter worth about $7,104,000. Finally, Castleark Management LLC bought a new position in shares of Knight-Swift Transportation in the first quarter worth about $7,257,000. Institutional investors own 88.77% of the company’s stock.

Analyst Ratings Changes Several equities research analysts recently issued reports on the stock. Zacks Research raised shares of Knight-Swift Transportation from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Raymond James Financial increased their price objective on shares of Knight-Swift Transportation from $76.00 to $91.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 2nd. UBS Group raised their target price on shares of Knight-Swift Transportation from $79.00 to $94.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Citigroup raised shares of Knight-Swift Transportation from a “neutral” rating to a “buy” rating and set a $90.00 target price on the stock in a research note on Thursday, July 9th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Knight-Swift Transportation in a report on Monday, July 13th. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $84.44.

Check Out Our Latest Report on Knight-Swift Transportation

Insider Transactions at Knight-Swift Transportation In other news, Director Reid Dove sold 50,000 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $70.25, for a total value of $3,512,500.00. Following the completion of the sale, the director owned 169,154 shares of the company’s stock, valued at approximately $11,883,068.50. This represents a 22.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Cary M. Flanagan sold 3,600 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $70.82, for a total value of $254,952.00. Following the transaction, the chief accounting officer owned 5,405 shares of the company’s stock, valued at $382,782.10. This trade represents a 39.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.90% of the company’s stock.

Knight-Swift Transportation Trading Down 1.7% Shares of NYSE KNX opened at $68.34 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. Knight-Swift Transportation Holdings Inc. has a 52-week low of $38.63 and a 52-week high of $82.86. The firm has a 50 day moving average price of $75.61 and a two-hundred day moving average price of $65.62. The stock has a market cap of $11.11 billion, a P/E ratio of 262.87, a price-to-earnings-growth ratio of 0.59 and a beta of 1.18.

Knight-Swift Transportation (NYSE:KNX – Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.12. Knight-Swift Transportation had a net margin of 0.56% and a return on equity of 3.51%. The firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter last year, the firm earned $0.21 earnings per share. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. Knight-Swift Transportation has set its Q3 2026 guidance at 0.710-0.770 EPS. As a group, equities analysts forecast that Knight-Swift Transportation Holdings Inc. will post 2.42 EPS for the current year.

Knight-Swift Transportation Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Monday, June 8th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, June 8th. Knight-Swift Transportation’s payout ratio is 307.69%.

About Knight-Swift Transportation (Free Report)

Knight-Swift Transportation Holdings Inc (NYSE: KNX) is one of North America’s largest asset-based truckload carriers, offering a wide range of transportation and logistics services. The company was formed in 2017 through the merger of Knight Transportation and Swift Transportation, each with decades of experience in long-haul dry van and refrigerated freight. Since the merger, Knight-Swift has pursued a growth strategy that includes fleet expansions, targeted acquisitions, and investments in technology to enhance service reliability and network efficiency.

The company’s core business activities include full truckload operations for dry van, temperature-controlled and flatbed shipments.

Featured Articles Five stocks we like better than Knight-Swift Transportation SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Why Rare Earth Processing Could Be the Real 2027 Opportunity The S&P 493 Are Staging a Comeback—This Value ETF Offers Broad Exposure TSMC Insiders Are Buying the Pullback—But Is the Signal as Bullish as It Looks? Want to see what other hedge funds are holding KNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Knight-Swift Transportation Holdings Inc. (NYSE:KNX – Free Report).

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« PREVIOUS HEADLINECalifornia State Teachers Retirement System Raises Stock Holdings in National Fuel Gas Company $NFG

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$0.67 PER SHARE NET INCOME

$0.86 PER SHARE NON-GAAP OPERATING EARNINGS   

Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28 - $4.40 Per Share

, /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported the following results for the second quarter and six months ended June 30, 2026:

PSEG Consolidated (unaudited)
Second Quarter Comparative Results
 

Income

Earnings Per Share

($ millions, except per share amounts)

2026

2025

2026

2025

Net Income

$334

$585

$0.67

$1.17

  Reconciling Items

91

(201)

0.19

(0.40)

Non-GAAP Operating Earnings

$425

$384

$0.86

$0.77

  Average Shares Outstanding (Diluted)

499

500

See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings.

PSEG Consolidated (unaudited)
Six Months Ended June 30 Comparative Results
 

Income

Earnings Per Share

($ millions, except per share amounts)

2026

2025

2026

2025

Net Income

$1,075

$1,174

$2.15

$2.35

  Reconciling Items

128

(72)

0.26

(0.15)

Non-GAAP Operating Earnings

$1,203

$1,102

$2.41

$2.20

  Average Shares Outstanding (Diluted)

499

500

See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings.

"The efficient execution of PSEG's strategic plan continues to benefit our customers with a resilient and reliable electric and gas system. In early July, these systems withstood a series of heatwaves and successive thunderstorms – accompanied by 70 mile per hour winds – that resulted in one of the most damaging storms in our history," said Ralph LaRossa, PSEG's chair, president and CEO.

LaRossa continued, "PSE&G reconnected approximately 380,000 customers with nearly all customers restored within 24 hours of losing power, demonstrating the value of our system-reliability investments as well as our ability to respond quickly and safely. PSE&G's around-the-clock restoration efforts were led by over 330 crews and over 10 million proactive customer communications."

"PSE&G reached a peak summer load of 10,446 MW on July 2, the highest in 14 years, and activated Demand Response – part of our Clean Energy Future programs – during three separate events throughout the early July heatwave. These peak demands amplify the importance of our suite of award-winning Clean Energy Future programs, which now generate more than $1 billion in annual customer savings, helping nearly 525,000 residential and business customers save energy and lower utility bills since the program started in 2020.  PSE&G's energy efficiency investments have supported approximately 9,300 jobs statewide, including a network of more than 1,000 trade and union allies."

"During the quarter, PSE&G filed with the New Jersey Board of Public Utilities to lower residential gas bills by 5%, beginning October 1, continuing to benefit our customers with the lowest gas utility bills in New Jersey and the Mid-Atlantic Region."

"PSEG Nuclear also performed well during the quarter, supplying the grid with 7.8 TWh of carbon-free, 24 by 7 baseload generation and achieving a capacity factor of 92.0% that included a second consecutive breaker to breaker run at Salem Unit 2."

"In addition to an exemplary storm response, our teams delivered solid financial and operational results for the second quarter and first half of 2026, enabling us to maintain PSEG's full-year 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share.  We are also reaffirming PSEG's five-year, non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements. Importantly, our solid balance sheet enables the funding of PSEG's total five-year capital investment program of $24 billion to $28 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth," LaRossa concluded.

PSEG Results by Segment (unaudited)

Second Quarter and Six Months Ended June 30, Comparative Results

($ millions)

2Q 2026

2Q 2025

YTD 2026

YTD 2025

PSE&G Net Income/Non-GAAP Operating Earnings

$342

$332

$919

$878

PSEG Power & Other Net Income/(Loss)

(8)

253

156

296

      Total PSEG Net Income 

$334

$585

$1,075

$1,174

PSEG Power & Other Non-GAAP Operating Earnings 

$83

$52

$284

$224

      Total PSEG Non-GAAP Operating Earnings

$425

$384

$1,203

$1,102

PSE&G's results for the second quarter reflect ongoing investments in Energy Efficiency, Gas System Modernization and Transmission. These results were partially offset by higher operation and maintenance costs as well as higher depreciation and interest expense related to incremental investments and a prior year Transmission true up.

PSEG Power & Other results for the quarter reflect higher realized prices and an increase in nuclear generation, partly offset by the absence of zero emission certificates which ended May 2025, and higher interest expense and taxes. 

###

PSEG will host a conference call to review its second quarter 2026 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today.  Please register to access this event by visiting: https://investor.pseg.com/investor-news-and-events

About PSEG

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers.  PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. PSEG aims to power a future where people use energy more efficiently, and it's safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Best in Class North America Index for 18 consecutive years. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

Non-GAAP Financial Measures

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results.  Operating Earnings is a non-GAAP financial measure that differs from Net Income. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.

See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.

Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

Forward-Looking Statements

Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects; significant resource adequacy challenges that present affordability and reliability concerns and that could cause
policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operations, and financial condition and increase regulatory uncertainty for utility investment initiatives and programs; the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits; any equipment failures, gas explosions, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers; any inability to recover the carrying amount of our long-lived assets; disruptions or cost increases in our supply chain, including labor shortages; any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms; the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems; failure to attract and retain a qualified workforce; increases in the costs of equipment, materials, fuel, services and labor; the impact of our covenants in our debt instruments and credit agreements on our business; adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements; any inability to enter into or extend certain significant contracts; development, adoption and use of Artificial Intelligence by us and our third-party vendors; fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units; the ability to obtain adequate nuclear fuel supply; changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns; third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel; any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules; risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to those to which nuclear generation plants that we operate are subject; the impact of changes in state and federal legislation and regulations on our business, including PSE&G's ability to recover costs and earn returns on authorized investments; PSE&G's proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned; our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or production tax credits; adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns; risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks; changes in or violation of federal, state and local environmental laws and regulations and enforcement; delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and changes in tax laws and regulations. All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Attachment 1

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

Three Months Ended June 30, 2026

PSEG

Eliminations

PSE&G

PSEG Power
& Other(a)

OPERATING REVENUES  

$           2,554

$                  (117)

$            2,137

$              534

OPERATING EXPENSES

Energy Costs

866

(117)

776

207

Operation and Maintenance

906

-

545

361

Depreciation and Amortization

321

-

286

35

  Total Operating Expenses

2,093

(117)

1,607

603

OPERATING INCOME

461

-

530

(69)

Net Gains (Losses) on Trust Investments

144

-

-

144

Net Other Income (Deductions)

41

-

17

24

Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)

21

-

20

1

Interest Expense

(269)

-

(174)

(95)

INCOME BEFORE INCOME TAXES 

398

-

393

5

Income Tax Expense

(64)

-

(51)

(13)

NET INCOME (LOSS)

$              334

$                         -

$               342

$                 (8)

Reconciling Items Excluded from Net Income (Loss)(b)

91

-

-

91

OPERATING EARNINGS (non-GAAP)

$              425

$                         -

$               342

$                83

Earnings Per Share

NET INCOME

$             0.67

Reconciling Items Excluded from Net Income(b)

0.19

OPERATING EARNINGS (non-GAAP)

$             0.86

Three Months Ended June 30, 2025

PSEG

Eliminations

PSE&G

PSEG Power
& Other(a)

OPERATING REVENUES  

$           2,805

$                  (146)

$            2,031

$              920

OPERATING EXPENSES

Energy Costs

826

(146)

760

212

Operation and Maintenance

854

-

504

350

Depreciation and Amortization

308

-

275

33

  Total Operating Expenses

1,988

(146)

1,539

595

OPERATING INCOME 

817

-

492

325

Net Gains (Losses) on Trust Investments

95

-

-

95

Net Other Income (Deductions)

46

(1)

16

31

Net Non-Operating Pension and OPEB Credits (Costs)

16

-

18

(2)

Interest Expense

(248)

1

(161)

(88)

INCOME BEFORE INCOME TAXES 

726

-

365

361

Income Tax Expense

(141)

-

(33)

(108)

NET INCOME 

$              585

$                         -

$               332

$              253

Reconciling Items Excluded from Net Income(b)

(201)

-

-

(201)

OPERATING EARNINGS (non-GAAP)

$              384

$                         -

$               332

$                52

Earnings Per Share

NET INCOME

$             1.17

Reconciling Items Excluded from Net Income(b)

(0.40)

OPERATING EARNINGS (non-GAAP)

$             0.77

(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b) See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP).

Attachment 2

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

Six Months Ended June 30, 2026

PSEG

Eliminations

PSE&G

PSEG Power
& Other(a)

OPERATING REVENUES  

$           6,402

$                  (770)

$            5,222

$          1,950

OPERATING EXPENSES

Energy Costs

2,373

(770)

2,134

1,009

Operation and Maintenance

1,843

-

1,182

661

Depreciation and Amortization

650

-

581

69

  Total Operating Expenses

4,866

(770)

3,897

1,739

OPERATING INCOME

1,536

-

1,325

211

Net Gains (Losses) on Trust Investments

127

-

-

127

Net Other Income (Deductions)

84

-

36

48

Net Non-Operating Pension and OPEB Credits (Costs)

40

-

37

3

Interest Expense

(541)

-

(349)

(192)

INCOME BEFORE INCOME TAXES 

1,246

-

1,049

197

Income Tax Expense

(171)

-

(130)

(41)

NET INCOME

$           1,075

$                         -

$               919

$              156

Reconciling Items Excluded from Net Income(b)

128

-

-

128

OPERATING EARNINGS (non-GAAP)

$           1,203

$                         -

$               919

$              284

Earnings Per Share

NET INCOME

$             2.15

Reconciling Items Excluded from Net Income(b)

0.26

OPERATING EARNINGS (non-GAAP)

$             2.41

Six Months Ended June 30, 2025

PSEG

Eliminations

PSE&G

PSEG Power
& Other(a)

OPERATING REVENUES  

$           6,027

$                  (680)

$            4,695

$          2,012

OPERATING EXPENSES

Energy Costs

2,012

(680)

1,854

838

Operation and Maintenance

1,773

-

1,080

693

Depreciation and Amortization

628

-

555

73

  Total Operating Expenses

4,413

(680)

3,489

1,604

OPERATING INCOME

1,614

-

1,206

408

Net Gains (Losses) on Trust Investments

103

-

-

103

Net Other Income (Deductions)

83

(2)

32

53

Net Non-Operating Pension and OPEB Credits (Costs)

32

-

35

(3)

Interest Expense

(489)

2

(318)

(173)

INCOME BEFORE INCOME TAXES 

1,343

-

955

388

Income Tax Expense

(169)

-

(77)

(92)

NET INCOME

$           1,174

$                         -

$               878

$              296

Reconciling Items Excluded from Net Income(b)

(72)

-

-

(72)

OPERATING EARNINGS (non-GAAP)

$           1,102

$                         -

$               878

$              224

Earnings Per Share

NET INCOME

$             2.35

Reconciling Items Excluded from Net Income(b)

(0.15)

OPERATING EARNINGS (non-GAAP)

$             2.20

(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.

(b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

Attachment 3 

Public Service Enterprise Group Incorporated

Capitalization Schedule

(Unaudited, $ millions)

June 30,

December 31,

2026

2025

DEBT

Commercial Paper and Loans

$                    950

$                 1,529

Long-Term Debt*

23,591

22,545

Total Debt

24,541

24,074

STOCKHOLDERS' EQUITY

Common Stock

5,026

5,062

Treasury Stock

(1,471)

(1,435)

Retained Earnings

13,853

13,446

Accumulated Other Comprehensive Loss

(79)

(91)

Total Stockholders' Equity

17,329

16,982

Total Capitalization

$               41,870

$               41,056

*Includes current portion of Long-Term Debt

Attachment 4

Public Service Enterprise Group Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited, $ millions)

Six Months Ended June 30, 

2026

2025

Cash Flows From Operating Activities

 Net Income

$                     1,075

$                     1,174

 Adjustments to Reconcile Net Income to Net Cash Flows

   From Operating Activities

746

353

Net Cash Provided By (Used In) Operating Activities

1,821

1,527

Net Cash Provided By (Used In) Investing Activities

(1,451)

(1,388)

Net Cash Provided By (Used In) Financing Activities

(310)

(78)

Net Change in Cash, Cash Equivalents and Restricted Cash

60

61

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

156

154

Cash, Cash Equivalents and Restricted Cash at End of Period

$                         216

$                        215

Attachment 5

Public Service Electric & Gas Company

 Retail Sales 

(Unaudited)

June 30, 2026

Electric Sales

Three Months

   Change vs.

Six Months

   Change vs.

Sales (millions kWh)

Ended

2025

Ended

2025

Residential

3,242

3 %

6,732

5 %

Commercial & Industrial

6,316

1 %

13,100

2 %

Other

71

16 %

168

4 %

Total

9,629

2 %

20,000

3 %

Gas Sold and Transported

Three Months

Change vs.

Six Months

Change vs.

Sales (millions therms)

Ended

2025

Ended

2025

Firm Sales

Residential Sales

188

(4 %)

980

4 %

Commercial & Industrial

163

1 %

674

3 %

Total Firm Sales

351

(1 %)

1,654

4 %

Non-Firm Sales*

Commercial & Industrial

190

(45 %)

351

(26 %)

Total Non-Firm Sales

190

351

Total Sales

541

(23 %)

2,005

(3 %)

*Contract Service Gas rate included in non-firm sales

Weather Data*

Three Months

Change vs.

Six Months

Change vs.

Ended

2025

Ended

2025

THI Hours - Actual

5,477

9 %

5,598

9 %

THI Hours - Normal

4,246

4,267

Degree Days - Actual

457

23 %

3,018

10 %

Degree Days - Normal

468

2,919

*Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. Summer weather is measured by the temperature-humidity index (THI), which takes into account both the temperature and the humidity to measure the need for air conditioning. Both measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data.

Attachment 6

Nuclear Generation Measures

(Unaudited)

GWh Breakdown

GWh Breakdown

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Nuclear - NJ

4,952

4,670

10,044

10,134

Nuclear - PA

2,835

2,841

5,732

5,732

7,787

7,511

15,776

15,866

Attachment 7

Public Service Enterprise Group Incorporated

Statistical Measures

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Weighted Average Common Shares Outstanding (millions)

Basic

498

499

498

499

Diluted

499

500

499

500

Stock Price at End of Period

$81.16

$84.18

Dividends Paid per Share of Common Stock 

$0.67

$0.63

$1.34

$1.26

Dividend Yield

3.3 %

3.0 %

Book Value per Common Share

$34.79

$33.43

Market Price as a Percent of Book Value

233 %

252 %

Attachment 8

Public Service Enterprise Group Incorporated

Consolidated Operating Earnings (non-GAAP) Reconciliation

Reconciling Items

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

($ millions, Unaudited)

Net Income

$         334

$      585

$      1,075

$    1,174

(Gain) Loss on Nuclear Decommissioning Trust (NDT) 

Fund Related Activity, pre-tax

(153)

(108)

(147)

(120)

(Gain) Loss on Mark-to-Market (MTM), pre-tax(a)

258

(190)

299

(2)

Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)

(14)

97

(24)

50

Operating Earnings (non-GAAP)

$         425

$      384

$      1,203

$    1,102

PSEG Fully Diluted Average Shares Outstanding (in millions)

499

500

499

500

($ Per Share Impact - Diluted, Unaudited)

Net Income

$        0.67

$     1.17

$        2.15

$     2.35

(Gain) Loss on NDT Fund Related Activity, pre-tax

(0.30)

(0.22)

(0.29)

(0.25)

(Gain) Loss on MTM, pre-tax(a)

0.52

(0.38)

0.60

-

Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)

(0.03)

0.20

(0.05)

0.10

Operating Earnings (non-GAAP)

$        0.86

$     0.77

$        2.41

$     2.20

(a) Includes the financial impact from positions with forward delivery months.

(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.

Attachment 9

PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation

Three Months Ended

Six Months Ended

Reconciling Items

June 30,

June 30,

2026

2025

2026

2025

($ millions, Unaudited)

Net Income (Loss)

$           (8)

$      253

$         156

$      296

(Gain) Loss on NDT Fund Related Activity, pre-tax

(153)

(108)

(147)

(120)

(Gain) Loss on MTM, pre-tax(a)

258

(190)

299

(2)

Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b)

(14)

97

(24)

50

Operating Earnings (non-GAAP)

$           83

$        52

$         284

$      224

PSEG Fully Diluted Average Shares Outstanding (in millions)

499

500

499

500

(a) Includes the financial impact from positions with forward delivery months.

(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.

SOURCE PSEG

Some reports claimed that the stolen money is somewhere around $130 million already. And, it's still increasing.

Just a few days after admitting to a key vulnerability that left millions and millions worth of BTC in jeopardy, the team behind the self-proclaimed ‘best bitcoin hardware wallet’ published a key message urging users to migrate their funds.

Coldcard’s official X account informed customers that they should “treat this as urgent” and move their funds. The posts added that they have to follow the advisory of their models, upgrade their devices, generate a new seed, and “carefully” move their funds.

Please treat this as urgent. Migrate your funds. Follow the advisory for your model, upgrade your device, generate a new seed, and carefully move your funds.

Help spread the word, especially to people who are less online and may not see this update.

The threat is still ongoing. https://t.co/cbJxJles8x

— COLDCARD (@COLDCARDwallet) August 4, 2026

The Coldcard saga unraveled at the end of July. Some users first issued warnings online that their funds, stored on the hard wallet, had disappeared before the team admitted to a critical vulnerability in the code.

According to the latest estimations by Galaxy Research, the confirmed amount stolen is over $100 million. Some reports noted that the actual number could be around $130 million.

Market commentator Joe Consorti argued earlier that the attacker may struggle to spend a large portion of the swiped BTC since every BTC is being tracked on the public blockchain.

Tags:

About the author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.

PANews, August 4 — According to Cointelegraph, Bernstein analysts said that Texas’s suspension of approvals for data center projects connecting to the state grid is expected to have no significant impact on most bitcoin mining companies, because most Texas mining sites already have approved power capacity contracts.

Previously, Texas Governor Greg Abbott asked the Public Utility Commission of Texas (PUCT) and grid operator ERCOT to review all data center projects applying to connect to the grid, in response to the power strain and public backlash caused by the rapid expansion of data centers.

Bernstein believes the review will limit speculative data center projects, while projects with a development history and already approved power resources will become more valuable. Bitcoin mining companies, with their long construction cycles, self-built infrastructure, and local operating experience, may benefit from this.

Analysts pointed out that companies such as Cipher Mining (CIFR), Core Scientific (CORZ), and CleanSpark (CLSK) may face some approval pressure for their future expansion plans, while IREN (IREN) and Riot Platforms (RIOT) may have a stronger competitive advantage because they already have power capacity approved by ERCOT.

Bernstein stated that as approvals for new data center projects tighten, approved power capacity (MW) will become an increasingly scarce asset.

HOUSTON, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR) (“Intuitive Machines”, together with its subsidiaries, the “Company”), a leading space technology, infrastructure, and services company, today announced it was selected by L3Harris Technologies (NYSE: LHX) to support the development and production of spacecraft platforms for the Space Development Agency’s Accelerated Missile Defense Tranche 3 (“AMDT3”) mission.

Intuitive Machines will design, build, and deliver 18 advanced spacecraft platforms to enable L3Harris’ advanced missile defense solutions for hypersonic and ballistic missile tracking. The AMDT3 mission supports the Golden Dome for America’s space-based capabilities and will help to advance homeland defense, deterrence, and ensure U.S. space operations remain resilient and responsive.

"AMDT3 builds on a foundation of proven performance and mission trust established through our previous Tracking Layer mission selections. We look forward to continuing to support this important mission with L3Harris and the Space Development Agency," said Intuitive Machines President of Space Systems, Chris Johnson. "We are committed to delivering spacecraft platforms and integrated systems that enable sustained, scalable operations across demanding mission architectures."

AMDT3 will be built on the IM 300 platform, also used for the upcoming Tranche 1, Tranche 2, and Tranche 3 Tracking Layer missions. The IM 300 supports missions ranging from Earth observation, connectivity and defense missions with superior adaptability and efficient manufacturing processes.

About Intuitive Machines

Intuitive Machines is a leading space infrastructure company that builds spacecraft, connects networks, and operates infrastructure-as-a-service for commercial, civil, and national security customers.

With a proven track record across the space domain, the Company, through organic growth and portfolio expansion, has built over 300 spacecraft, delivered over 260 kilograms of payload to the lunar surface, and provided precision navigation expertise that has guided spacecraft across our solar system.

These capabilities form an integrated Build-Connect-Operate infrastructure service company, enabling customers to achieve mission and campaign outcomes through a single prime solution. Intuitive Machines’ technology has been demonstrated across the space domain and is engineered to support the next century of opportunity in space.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by the words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “strategy,” “outlook,” the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our expectations and plans relating to our lunar missions and satellites, including the expected timing of building our satellites and landers, launch and our progress in preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our operations, including our performance on future lunar missions, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; information regarding our expectations on revenue generation and cash. These forward-looking statements reflect the Company’s predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this press release: our factors detailed under the section titled Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), the section titled Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations and the section titled Part II. Item 1A. “Risk Factors” in our most recently filed Quarterly Report on Form 10-Q, and in our subsequent filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

Contacts

For investor inquiries:

[email protected]

For media inquiries:

[email protected]

TLDR XRP trades near $1.06–$1.08, down about 43% for the year, with the 200-day EMA still sloping lower. Analyst Cryptollica says XRP’s monthly momentum is at its weakest level in more than 13 years. Weekly XRP ETF inflows hit $14.86 million, led by Bitwise and Franklin Templeton, according to BankXRP. July’s ETF inflows totaled $27.29 million, a fourth straight positive month but slower than earlier in 2026. The CLARITY Act remains stalled in the Senate, with recess expected around August 7–10. XRP is trading between $1.06 and $1.08 on August 4, 2026. The price is down about 43% so far this year.

The token has spent nine weeks moving between roughly $1.00 and $1.19. That range followed a sharp drop from $1.30 in June.

Crypto analyst Cryptollica posted on X that XRP’s monthly momentum has hit its weakest point in more than 13 years. The analyst said this oversold reading is deeper than corrections seen in 2014, 2018, 2020, and 2022.

Cryptollica pointed out that XRP is now testing a long-term support level that has drawn buyers in the past. Whether that support holds will show if the coin can recover or slide further.

XRP JUST BROKE A 13 YEAR RECORD

HAS NEVER BEEN THIS OVERSOLD. EVER

Not in 2014.
Not in 2018.
Not in 2020.
Not even during the 2022 collapse.

After 13 years of price history, monthly momentum has reached a new all time low while XRP tests its long term rising base.

This is not… pic.twitter.com/aEh9kbmlpc

— Cryptollica (@Cryptollica) August 3, 2026

ETF Inflows Show Mixed Signals Spot XRP ETFs pulled in $14.86 million over the past week, according to a post from BankXRP on X. Bitwise led with $10.15 million, bringing its total to $511 million.

Franklin Templeton added $4.70 million for the week, pushing its running total to $426 million. BankXRP said the inflows show institutions are still buying despite the price drop.

XRP spot ETFs recorded $14.86 million in net inflows last week.

Bitwise led with $10.15 million, bringing cumulative inflows to $511 million. Franklin Templeton's XRPZ followed with $4.70 million, total $426 million. pic.twitter.com/M2I0ekWv3O

— 𝗕𝗮𝗻𝗸XRP (@BankXRP) August 3, 2026

Looking at July as a whole, XRP ETFs took in $27.29 million. That marks four straight months of inflows, but it’s slower than April’s $81.59 million and May’s $131.94 million.

On July 31, XRP ETFs saw $7.69 million in net inflows. Bitwise brought in $7.12 million that day, while Franklin Templeton added $576,520.

By comparison, Bitcoin and Ethereum funds took in roughly $172 million and $365 million in July. XRP’s inflows look small next to those larger tokens even during a positive streak.

Technical Picture Stays Bearish On the daily chart, XRP’s RSI sits at 45.73, a neutral reading. The 4-hour RSI is near 52, also neutral rather than oversold.

XRP trades below its 50-period and 100-period moving averages on the 4-hour chart. Those averages sit near $1.079 and $1.101.

A close above $1.093 could open the door to $1.116 and $1.135 as next targets. The 200-day EMA sits near $1.397, about 31% above current price and still sloping down.

XRP Price on CoinGecko Ripple’s usual escrow release added supply pressure in August. Up to 1 billion XRP can unlock monthly, though Ripple typically returns about 700 million to new escrow contracts.

That leaves roughly 200 million to 300 million new XRP entering circulation each month. About 62.5 billion tokens are in public hands, with 32 billion still locked in escrow.

The CLARITY Act, which would shift XRP oversight from the SEC to the CFTC, remains off the Senate floor schedule. The Senate is expected to enter recess around August 7 to 10, leaving little time for a vote before then.

Digital assets firm Tether has released its second-quarter 2026 financial figures, highlighting steady operational results and strategic adjustments to its reserve portfolio. The company, known for issuing the USDT stablecoin, recorded approximately $1.5 billion in net operating profit for the three months ending June 30, 2026.

This performance was primarily fueled by income generated from its substantial holdings of US Treasury securities and repurchase agreement activities.

According to the attestation prepared by independent accounting firm BDO, Tether’s total assets stood at roughly $187.75 billion at the close of the quarter.

Liabilities totaled about $183.64 billion, the bulk of which related to issued digital tokens.

This left a reserve surplus of approximately $4.11 billion, confirming that assets continued to exceed obligations despite market fluctuations.

Circulating USDT reached about $184.6 billion, representing a modest increase of roughly $446 million from the prior quarter and pushing the token’s share of the overall stablecoin market above 60 percent even as the broader sector experienced contraction.

A notable development involved the expansion of physical gold holdings. Tether acquired an additional 14 tons of bullion during the period, elevating its total gold reserves to more than 146 tons.

These holdings were valued at around $18.8 billion at quarter-end.

The move underscores gold’s growing role within the company’s diversified reserve strategy, which remains heavily weighted toward short-duration, high-quality liquid assets such as US government-backed instruments.

Concurrently, Tether reduced its exposure to secured lending by approximately $2.38 billion, equivalent to a 15 percent decline.CEO Paolo Ardoino emphasized the resilience of the firm’s approach amid volatility in both gold and Bitcoin markets.

He noted that USDT stayed fully backed throughout the quarter, with reserves still surpassing liabilities by $4.11 billion.

Ardoino highlighted the strong contribution from Treasury and repo performance, the continued status as one of the world’s largest purchasers of US Treasuries, the gold additions, and growth in the global user base exceeding 30 million additional participants.

These outcomes, he stated, illustrate the company’s liquidity, discipline, and capacity to navigate market cycles while supporting hundreds of millions of users worldwide.

The attestation also reaffirmed that the majority of reserves are allocated to instruments providing ready liquidity for potential redemptions under varying conditions.

Work continued on a more comprehensive Big Four audit process, alongside broader efforts to develop technology and financial infrastructure.

Bitcoin holdings increased modestly during the quarter as well, though market price movements affected the reported dollar valuations of both gold and Bitcoin positions.

The Q2 results portray a stablecoin issuer maintaining operational strength and actively refining its asset mix.

By prioritizing high-quality liquid assets while selectively increasing exposure to physical gold, Tether aims to balance yield generation with resilience.

The reported profit and reserve buffer provide further evidence of the digital asset firm’s ability to generate returns from traditional fixed-income instruments even as it expands into alternative store-of-value assets. User growth and market-share gains for USDT further signal sustained demand for its products across global markets.

Posted by Defense World Staff on Aug 4th, 2026

Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) will likely be issuing its Q2 2026 results after the market closes on Wednesday, August 5th. Analysts expect Manulife Financial to announce earnings of $0.78 per share and revenue of $7.2825 billion for the quarter. Individuals may review the information on the company’s upcoming Q2 2026 earning report page for the latest details on the call scheduled for Thursday, August 6, 2026 at 8:00 AM ET.

Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last posted its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). The business had revenue of $8.89 billion during the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.During the same quarter last year, the firm earned $0.99 EPS. On average, analysts expect Manulife Financial to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Manulife Financial Trading Up 0.1% Shares of NYSE MFC opened at $44.49 on Tuesday. The stock has a market cap of $73.95 billion, a P/E ratio of 17.66 and a beta of 0.84. Manulife Financial has a 12-month low of $29.70 and a 12-month high of $44.89. The business’s fifty day simple moving average is $41.03 and its 200-day simple moving average is $38.26.

Manulife Financial Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, May 29th were issued a dividend of $0.485 per share. The ex-dividend date was Friday, May 29th. This represents a $1.94 annualized dividend and a yield of 4.4%. Manulife Financial’s dividend payout ratio is 56.75%.

Hedge Funds Weigh In On Manulife Financial Several large investors have recently bought and sold shares of the stock. Sfam LLC purchased a new stake in shares of Manulife Financial in the 4th quarter valued at about $28,000. Heritage Wealth Advisors acquired a new stake in shares of Manulife Financial in the 4th quarter valued at about $30,000. Mcguire Capital Advisors Inc. purchased a new position in Manulife Financial during the 4th quarter worth approximately $36,000. UMB Bank n.a. grew its stake in Manulife Financial by 25.2% during the 4th quarter. UMB Bank n.a. now owns 2,502 shares of the financial services provider’s stock worth $91,000 after buying an additional 503 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in Manulife Financial during the third quarter worth approximately $141,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analyst Weigh In A number of equities research analysts have issued reports on the company. TD Securities reaffirmed a “buy” rating on shares of Manulife Financial in a research report on Thursday, May 14th. Weiss Ratings downgraded Manulife Financial from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, July 21st. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Wednesday, July 15th. Finally, Zacks Research cut shares of Manulife Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Manulife Financial has a consensus rating of “Moderate Buy” and an average price target of $51.50.

View Our Latest Research Report on Manulife Financial

Manulife Financial Company Profile (Get Free Report)

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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Fintech

4 August 2026 | 07:53 Kamino announced a new product called Kamino Institutional Yield, designed to connect capital held on Solana with credit markets outside crypto.

Key Takeaways Commodity Yield targets approximately 7% to 8% and opened with a $25 million deposit cap. Depositors receive kicUSDC, representing their share of the vault and its accrued yield. Withdrawals depend partly on loans being repaid, so immediate access is not guaranteed at every size. The higher target return comes with offchain legal, operational and counterparty risks. For users already moving USDC between DeFi lending markets in search of better returns, a target yield of 7% to 8% will immediately stand out.

Kamino’s new Commodity Yield vault offers that return by financing short-term commodity trades rather than lending against crypto collateral. Users keep an onchain position through Solana, but the money ultimately depends on commodity traders, banks, escrow agents, insurers and legal agreements operating outside the network.

That is the central trade-off. Depositors gain access to a form of institutional credit that is normally difficult for individuals to reach, while giving up some of the liquidity and transparency associated with automated onchain lending.

Kamino describes the product as institutional-grade credit brought onto Solana through its new Kamino Institutional Yield platform.

Say hello to institutional-grade credit on Solana via @kamino https://t.co/jRD0vNVbtj

— Solana (@solana) August 3, 2026

What Happens After You Deposit USDC Users deposit USDC into the Commodity Yield vault and receive kicUSDC. That token represents their proportional interest in the strategy and reflects the yield generated by its underlying loans.

Kamino says the capital is deployed through a fund structure regulated by the Cayman Islands Monetary Authority, or CIMA. The fund then finances short-duration commodity transactions.

Solana handles the deposit, vault accounting and ownership token. The borrowers, goods, escrow balances, insurance and repayment agreements remain offchain.

This means owning kicUSDC is different from lending USDC through a conventional DeFi money market. Depositors are exposed to the performance of a managed credit portfolio rather than a visible pool of crypto-backed loans controlled mainly by smart contracts.

How a Commodity Trade Produces the Yield Kamino explains the process through an example involving a copper trader.

The trader agrees to buy copper from a wholesaler for $9 million and sell it to an end buyer for $10 million. The supplier wants payment before shipping, while the buyer pays only after receiving and inspecting the copper.

The trader needs temporary financing to bridge that gap.

Capital from the Kamino vault is provided through a special-purpose vehicle and fund structure. The money is placed in a segregated escrow account that the wholesaler can verify before releasing the shipment.

The copper is insured while in transit. Once it arrives and passes inspection, the escrow account pays the supplier. The end buyer later pays the amount agreed in the sales contract, allowing the trader to repay the financing with interest.

The interest paid by the trader becomes revenue for the vault and contributes to the return received by kicUSDC holders.

The transaction begins with an identified supplier, buyer and commercial margin. Even so, shipment delays, disputed goods, fraud, borrower failure or problems enforcing contracts can still interrupt repayment.

What Withdrawals May Look Like in Practice Kamino says withdrawals can be completed immediately while the vault has enough available USDC in its liquidity buffer.

When redemption requests exceed that buffer, depositors may need to wait for outstanding loans to mature. The underlying money cannot always be returned instantly because part of it may still be financing goods that have not completed their commercial journey.

Someone withdrawing a small amount during normal conditions may receive USDC quickly. A larger request, or many users withdrawing at once, could create a queue until borrowers repay their loans.

Before depositing, users should check whether Kamino discloses:

The size of the vault’s liquid USDC buffer. The average duration of outstanding loans. How queued withdrawals are processed. Whether redemptions can be paused or delayed. Any fees charged when entering or leaving the vault. This product is therefore unsuitable for money that may be needed immediately. A 7% to 8% target becomes less attractive if the depositor cannot tolerate waiting for repayment during stressed conditions.

Collateral Helps, but Recovery Can Still Take Time Kamino says the loans are supported by physical commodities and/or cash held in 1:1 escrow accounts with tier-one banks.

Cash escrow can offer relatively direct protection because funds have already been placed with a bank. Physical collateral is more complicated. Goods may need to be located, inspected, legally seized and sold before lenders recover their money.

The value of a commodity can also change while a dispute is being resolved. Insurance may cover damage or loss during shipping without covering fraud, contractual disputes or every form of borrower failure.

“Fully collateralized” therefore describes the assets intended to support the loan. It does not promise instant or complete recovery in every default scenario.

The Main Risks Are Not Visible on Solana Blockchain records can show USDC entering the vault, kicUSDC being issued and tokens moving between wallets. They cannot verify whether a shipment exists, whether the goods meet the agreed quality or whether an invoice is genuine.

Repayment may depend on:

Commodity traders and corporate borrowers. Suppliers and end buyers. Escrow agents and commercial banks. Shipping companies, inspectors and insurers. Fund managers, administrators and legal entities. The Solana contracts could work exactly as designed while an offchain problem still delays or reduces the amount returned to the vault.

Jurisdiction adds another layer. The fund structure is based in the Cayman Islands, while borrowers, banks, goods and commercial counterparties may operate elsewhere. A dispute could involve several legal systems and take longer to resolve than an automated crypto liquidation.

Kamino says the vault will provide continuous portfolio transparency. For depositors, the useful details will be loan maturities, borrower concentration, collateral location, repayment status, overdue balances and completed recoveries, not simply the total value deposited.

How It Differs From a DeFi Lending Pool Kamino Institutional Yield vs. Standard DeFi Money Markets Comparison Standard DeFi Lending Kamino Commodity Yield Source of Return Interest paid by users borrowing crypto assets. Interest paid on short-term commodity-finance loans. Borrowers Usually pseudonymous wallets using onchain collateral. Identified businesses participating in commodity trades. Collateral Digital assets held in smart contracts. Physical commodities and/or cash escrow, according to Kamino. Transparency Loans and collateral are generally visible onchain. Deposits are visible onchain, while loan performance relies partly on external reporting. Default Handling Smart contracts can automatically liquidate collateral. Recovery may require escrow release, insurance or legal enforcement. Withdrawals Depend on available liquidity in the lending pool. Use a liquidity buffer, with larger requests potentially waiting for loan repayments. Who the Vault May Suit Commodity Yield may appeal to users who want USDC exposure to private credit and are comfortable evaluating risks that cannot be checked entirely through blockchain data.

It is more suitable for depositors who:

Can leave their funds invested through the duration of the underlying loans. Accept that withdrawals may sometimes be delayed. Understand that a stablecoin deposit is not the same as a protected cash account. Are comfortable relying on fund managers, banks and legal agreements. Can assess the vault through portfolio reports rather than onchain data alone. It is a weaker fit for anyone treating USDC as emergency cash, requiring guaranteed immediate withdrawals or expecting smart contracts to manage every important risk automatically.

Why the $25 Million Cap Matters Commodity Yield opened with a maximum of $25 million in deposits. That gives Kamino room to test its lending, reporting and redemption processes without taking unlimited capital from the beginning.

The cap also keeps the launch in perspective. It introduces a new type of credit product on Solana, but it does not yet show that commodity finance can operate at significant scale through the network.

The first completed lending cycles will provide more useful information than the headline yield. Investors will be able to see whether borrowers repay on schedule, whether withdrawals work during periods of heavier demand and how close the realized return comes to the 7% to 8% target after fees.

What the Product Adds to Solana Most tokenized real-world-asset products have focused on government debt, money-market funds and the reserves supporting yield-bearing stablecoins. Kamino is bringing a different form of credit onto Solana’s distribution layer.

The blockchain makes it easier to deposit USDC, receive a transferable vault position and track ownership. The fund handles the commercial lending that cannot be completed entirely through smart contracts.

A successful first vault could lead to other private-credit strategies. Its importance will be determined by repayment performance, withdrawal reliability and sustained demand rather than the launch announcement alone.

Kamino is offering DeFi users a higher target return by moving beyond crypto-native lending. The price of that return is exposure to the slower and less transparent world of borrowers, banks, shipments and legal enforcement.

Disclaimer: This article is for informational purposes only and does not constitute financial, legal or investment advice. Yield targets are not guaranteed, and offchain credit structures can involve liquidity, counterparty, operational and legal risks. Methodology: This article uses Kamino’s official launch announcement and explanatory materials for Kamino Institutional Yield and the Commodity Yield vault, together with Solana’s public post about the launch. Product descriptions, target returns and collateral claims are attributed to Kamino. Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

Hut 8 (HUT - Free Report) came out with a quarterly loss of $0.26 per share versus the Zacks Consensus Estimate of a loss of $0.5. This compares to a loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +48.00%. A quarter ago, it was expected that this crypto currency mining company would post a loss of $0.28 per share when it actually produced a loss of $0.12, delivering a surprise of +57.14%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Hut 8, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $74.93 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.12%. This compares to year-ago revenues of $41.3 million. The company has topped consensus revenue estimates just once 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.

Hut 8 shares have added about 144% since the beginning of the year versus the S&P 500's gain of 11%.

What's Next for Hut 8?While Hut 8 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 Hut 8 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 -$0.95 on $77.31 million in revenues for the coming quarter and -$4.40 on $305.93 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 37% 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, Oaktree Specialty Lending (OCSL - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This specialty finance company is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of -2.7%. The consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level.

Oaktree Specialty Lending's revenues are expected to be $69.61 million, down 7.5% from the year-ago quarter.

NEW YORK, Aug. 04, 2026 (GLOBE NEWSWIRE) -- etoro, the NASDAQ-listed trading and investing platform, and Papaya Global, a leader in global workforce payments, today announced a partnership to advance a simple but powerful idea: that salary should be the beginning not the end of a wealth building journey. Together they are launching etoro work powered by Papaya Global's Banco, a new offering that connects people's earnings directly to investing, meeting workers at the exact moment they are paid.

Commenting on the partnership, Yoni Assia, etoro CEO and Co-founder, said: “etoro’s mission has always been to open the global markets by giving people the tools they need to grow their financial knowledge and wealth. Many people never get a natural moment to start, so what excites me most about working with Papaya Global is the chance to meet workers right where they are, the moment they’re paid, and turn that into a chance to learn, build confidence, and grow their wealth over time.”

For billions of people, pay lands in an account and simply stops there. Access to regulated, easy-to-use investing is not built into the moment people are paid. etoro work powered by Banco is designed to change that: to give people a frictionless, optional path from earnings to investing, paired with the education and community that help them make confident decisions. etoro brings a multi-asset trading and investing platform and a global community built on shared knowledge; Papaya Global brings the workforce payments network that reaches people the moment they are paid.

“Salary should be the beginning not the end of workers’ financial experience. We’ve built Banco to introduce the next generation of workforce payments and to expose global workers to smart wealth management. This partnership takes that further. The moment your pay lands, it can start working for you. Partnering with etoro is the right way to bring this vision to life on a global scale,” comments Eynat Guez, CEO and Co-Founder, Papaya Global.

etoro work powered by Banco intends to cover every form of employment and compensation (salary, bonuses, stock options, RSUs, and benefits) in one place, so workers can see, understand, and grow the full value of what they earn. The vision is a service where every income event becomes an opportunity to build long-term wealth: the next evolution of financial wellness, moving beyond helping people access what they earn to helping them grow what they earn.

About etoro
etoro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So, we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On etoro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors.

About Papaya Global
Papaya Global is a global workforce payments platform that moves workforce money in real time, across currencies and corridors, helping enterprises pay their people quickly, compliantly, and at lower cost than traditional bank rails. Learn more: papayaglobal.com

Media Contacts
eToro: [email protected]
Papaya Global: [email protected]

Disclaimers
etoro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

etoro is a group of companies that are authorised and regulated in their respective jurisdictions. The regulatory authorities overseeing eToro include:

The Financial Conduct Authority (FCA) in the UKThe Cyprus Securities and Exchange Commission (CySEC) in CyprusThe Australian Securities and Investments Commission (ASIC) in AustraliaThe Financial Services Authority (FSA) in the SeychellesThe Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAEThe Monetary Authority of Singapore (MAS) in SingaporeThe United States eToro USA Securities Inc, FINRA Member, Securities and Exchange Commission (SEC) regulated.eToro USA LLC, a money services business holding Money Transmitter Licenses in most states, andeToro NY LLC licensed with NYDFS. This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.

Regulation and License numbers

UK
eToro (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (“FCA”). Firm Reference Number: 583263. Registered in England under Company No. 07973792

Europe
eToro (Europe) Ltd, is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 109/10. Registered in Cyprus under Company No. HE 200585.

Middle East
eToro (ME) Limited, is licensed and regulated by the Abu Dhabi Global Market (“ADGM”)’s Financial Services Regulatory Authority (“FSRA“) as an Authorised Person to conduct the Regulated Activities of (a) Dealing in Investments as Principal (Matched), (b) Arranging Deals in Investments, (c) Providing Custody, (d) Arranging Custody and (e) Managing Assets (under Financial Services Permission Number 220073) under the Financial Services and Market Regulations 2015 (“FSMR”). Registered Office and its principal place of business: Office 26 and 27, 25th floor, Al Sila Tower, ADGM Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.

Australia
eToro AUS Capital Limited (AFSL number 491139) and eToro Asset Management Limited (AFSL 319738) (“collectively, eToro Australia”) is regulated by the Australian Securities & Investments Commission (“ASIC”) for the provision of financial services and products.

U.S.
Securities trading is offered by eToro USA Securities Inc., member of FINRA and SIPC, a self-directed broker-dealer that does not provide recommendations or investment advice. All investments involve risk, losses may exceed the amount of principal invested, and past performance does not guarantee future results. Crypto trading is offered by eToro USA LLC or eToro NY LLC (Money Transmitter License - MT #104940) (Virtual Currency License - VC #122584), as applicable based on the customer's residence and is not available in HI, NV, Puerto Rico and the US Virgin Islands. These entities are not registered broker-dealers or FINRA members and your cryptocurrency holdings are not FDIC or SIPC insured. Visit our Disclosure Library for additional important disclosures including our Customer Relationship Summary and order routing information and statistics. FINRA Brokercheck © 2026

Strengthening the Software Layer of its Vertically Integrated AI Cloud Platform August 04, 2026 07:01 ET  | Source: IREN

NEW YORK, Aug. 04, 2026 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced it has completed the acquisition of Mirantis, Inc. (“Mirantis”), a leading provider of cloud software and services, through the issuance of approximately 12.6m ordinary shares, fixed at signing, plus cash, restricted stock units and other consideration of approximately $40m as of closing.

The acquisition deepens IREN’s capabilities across AI workload orchestration, monitoring and customer support, further strengthening its vertically integrated AI Cloud platform spanning owned and operated data centers, compute and software.

The acquisition also supports IREN’s strategy to serve a large and diverse customer base over time, including hyperscalers, enterprises and AI developers across bare metal and managed cloud services, and has already facilitated several of IREN’s announced and prospective AI Cloud contracts.

Mirantis brings deep software engineering and technical expertise, and a track record of serving more than 1,500 enterprise customers globally. Mirantis is an inaugural partner of the NVIDIA AI Cloud Ready Initiative, and has integrated k0rdent AI with NVIDIA DSX OS software components, supporting current and next-generation NVIDIA architectures. The open-source k0rdent AI platform will continue to be developed and supported for Mirantis’ customers.

The combination brings together IREN’s owned and operated data centers and compute with Mirantis’ flexible, interoperable software layer, giving customers greater choice and control in how they deploy and scale AI workloads.

Daniel Roberts, Co-Founder and Co-CEO of IREN, commented:

“From the beginning our view has been simple: own the land and power, build the data centers, deliver the compute. Mirantis adds the software layer on top, turning infrastructure into a platform. That’s what lets us serve everyone from hyperscalers running bare metal to enterprises who want fully managed AI cloud.”

Alex Freedland, Founder and CEO of Mirantis, commented:

“For more than a decade, Mirantis has helped enterprises deploy and operate mission-critical cloud infrastructure software, and that commitment to our customers remains unchanged. Becoming part of IREN gives us the opportunity to bring those capabilities to an even larger infrastructure platform, accelerating innovation while continuing to invest in the open and infrastructure-agnostic k0rdent AI platform.”

About IREN

IREN is a vertically integrated AI Cloud provider, delivering large-scale data centers and compute for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions across North America, Europe and APAC.

Contacts

Investors
[email protected]

Media
[email protected]

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, revenue targets, anticipated benefits of the Mirantis acquisition, customer utilization and adoption of the k0rdent AI platform, and other trends we expect to affect our business. These statements often include words such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled”. Forward-looking statements may also be made, verbally or in writing, by members of our Board or management team in connection with this news release.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve and are subject to known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to differ materially from any future results performance or achievements expressed or implied by the forward-looking statements, including IREN’s ability to successfully integrate and achieve the anticipated benefits of the acquisition, any unanticipated costs or liabilities associated with the acquisition, any failure to comply with laws, rules, regulations or business practices that IREN may become subject to as a result of any expansion of its business in connection with the acquisition of Mirantis, as well as IREN’s ability to successfully execute on its growth strategies and operating plans, achieve its targeted annualized AI Cloud revenue, continue to develop its existing data center sites, design and deploy direct-to-chip liquid cooling systems, and diversify and expand into the market for high performance computing solutions (including the market for cloud services and potential colocation services), along with other important factors discussed under the caption “Risk Factors” in IREN’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on August 28, 2025 and our other filings with the SEC. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement included in this press release speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

ams-OSRAM AG (AMSSY) Q2 2026 Earnings Call August 4, 2026 3:45 AM EDT

Company Participants

Juergen Rebel - Senior Vice President of Investor Relations
Aldo Kamper - Chairman of the Management Board & CEO
Rainer Irle - CFO & Member of Management Board

Conference Call Participants

Janardan Menon - Jefferies LLC, Research Division
Sébastien Sztabowicz - Kepler Cheuvreux, Research Division
Amelia Banks
Craig Mcdowell - JPMorgan Chase & Co, Research Division
Harry Blaiklock - UBS Investment Bank, Research Division
Robert Sanders - Deutsche Bank AG, Research Division

Presentation

Operator

Ladies and gentlemen, welcome to the ams Osram conference call on second quarter 2026 results and live webcast. I am Sergen, the conference call operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. [Operator Instructions]. At this time, it is my pleasure to hand over to you, Mr. Rebel, Head of Investor Relations. Please go ahead.

Juergen Rebel
Senior Vice President of Investor Relations

Good morning. This is Juergen speaking. Welcome to our second quarter 2026 earnings call. Aldo, our CEO, will comment on business performance and strategic progress, and Rainer, our CFO, will walk you through the financials. Please refer to the Q2 earnings call presentation that is available on our website. With that, Aldo, please take us through the quarter.

Aldo Kamper
Chairman of the Management Board & CEO

Thank you, Juergen, and also good morning from my side. We delivered another strong quarter, with revenue and adjusted EBITDA both landing at the high end of our guidance range, while continuing to execute on our Digital Photonics strategy. Let us turn to slide three. Our semiconductor core business grew 13% year-on-year on a like-for-like basis, driven by automotive strength and improving industrial demand. It is nearly twice the growth implied by our

There's no denying Tesla (TSLA +3.49%) is one of the market's most exciting growth companies right now. But, currently priced at 140 times next year's expected earnings of $2.23 per share, there's also no denying Tesla stock is outrageously expensive. For perspective on that figure, the S&P 500's forward-looking price-to-earnings (P/E) ratio right now is only 21.

Today's Change

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322.08

Sure, plenty of stocks have been rightfully valued at sky-high levels like this in the past. Think Amazon, or Cisco back in the 1990s. These outfits were positioned to capitalize on the internet's then-budding explosion. Investors were willing to pay a steep price because future growth was likely to be strong enough to justify the premium.

This doesn't hold true every time, though. Sometimes, the assumptions of future growth driving wildly high P/E ratios end up being just plain wrong. Businesses such as Groupon, GoPro, and meal-kit company Blue Apron come to mind. Only in retrospect did the flaws in these companies' business models become evident.

So what must Tesla get right in the foreseeable future to justify its stock's rich valuation right now? Here are the top five things the company must do to justify its stock's present price, but one in particular is a huge must-do.

1. It must lead an EV market that eventually displaces combustion-engine cars Tesla technically isn't the leader of the world's electric-vehicle business anymore. That honor belongs to China's BYD (BYDDY +1.09%), which delivered 557,090 battery-electric vehicles last quarter, versus Tesla's 480,126. But there's arguably room for two (or more) titans in the EV business. Tesla just needs to make sure it's one of them.

Perhaps the more important factor here, rather, is electric vehicles' continued penetration of the global automobile market itself. This is still happening, too; the International Energy Administration reports that worldwide EV sales topped 20 million last year -- about one out of every four cars purchased in 2025, up 20% from 2024's count. But headwinds appear to be blowing. BloombergNEF predicts that global EV demand will only grow 11% year over year to 23 million passenger vehicles in 2026, with most of the demand coming from China, where Tesla is increasingly uncompetitive. Meanwhile, although the U.S. remains Tesla's biggest market, this market isn't growing. Tesla's second-quarter U.S. sales fell 20% year over year to only 114,629 vehicles, according to numbers from Cox Automotive.

Something's got to change with either or both of these trajectories.

2. Lots of Tesla owners must subscribe to full self-driving features Tesla's vehicles come with a range of safety-minded driver assistance features. What many non-Tesla owners might not fully appreciate, however, is that the full self-driving features you hear so much about aren't free. They're now only offered on a subscription basis, at a cost of $99 per month. That's not a fortune, but it's certainly enough of an added cost that many owners might balk at the price.

And most of them have balked. Only about 1.5 million (roughly 15%) of all Tesla owners are currently paying this monthly fee, although to its credit, the company added a record-breaking 200,000 full-self-driving subscribers last quarter alone. That doesn't translate into a ton of revenue yet. It could someday, though, and this is very high-margin revenue.

For reference, a key component of Chief Executive Officer Elon Musk's trillion-dollar compensation package calls for a minimum of 10 million full-self-driving subscribers.

3. Robotaxis must work and gain wide adoption Speaking of self-driving cars, although its growth has been uneven and the underlying technology remains far from perfect, Tesla continues cultivating its robotaxi business, adding Orlando and Tampa, Florida, to its served markets just last month, and bringing its total markets up to seven. That's not nearly as much presence as Musk intimated would be the case when he first unveiled Tesla's new venture back in 2024.

Image source: Tesla.

That could change. Goldman Sachs predicts the worldwide robotaxi market could be worth more than $400 billion by 2035. Even winning a fraction of this business would be a boon for Tesla.

But it's miles away from capturing even a respectable fraction of the current and future robotaxi market.

4. Tesla's clean-energy arm must become a significant profit center Ironically, perhaps one of Tesla's biggest and best opportunities is also currently one of its smallest and least-discussed businesses. That's its solar panels (and solar roofs) and corresponding battery storage. Last quarter's energy revenue of $3.1 billion only accounted for about a tenth of Tesla's total Q2 top line.

The money is there to be made, though. Market research outfit Technavio says the U.S. residential solar market is poised to grow at an average annualized pace of more than 13% through 2030, when it will be worth more than $30 billion, although this outlook still arguably only scratches the surface of what's possible in the long run. Wood Mackenzie believes more than 70 million homes in the U.S. could conceivably install solar panels within the next 25 years.

5. Its AI robot, Optimus, must live up to Elon Musk's hype Last but hardly least, Tesla's artificial intelligence (AI)-controlled humanoid robot, Optimus, must be a smashing success to justify Tesla shares' forward P/E of 140.

This is the biggie. Indeed, it wouldn't be unreasonable to suggest that Tesla is now an AI robot company that also happens to manufacture electric vehicles and solar panels. Musk's certainly painted that picture anyway, suggesting more than once that Optimus will be "the biggest product ever, of any kind." That sort of rhetoric dramatically builds lofty expectations.

And to be fair, it might be possible. Although it's a long-term outlook, Morgan Stanley predicts the number of humanoid robots on the planet could reach 1 billion by 2050, translating into a $5 trillion market opportunity. However. as Morgan Stanley's head of global autos and shared mobility research, Adam Jonas, adds, "Adoption should be relatively slow until the mid-2030s, accelerating in the late 2030s and 2040s."

There's the rub for current and prospective Tesla shareholders. The market might support a premium valuation based on Musk's originally suggested commercial launch of Optimus sometime in 2027. If it takes much longer than that for Optimus to become a meaningful, profitable business, though -- giving competitors time to catch up -- investors may dial back their bullishness.

NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) just quietly reset how investors should think about its next decade. The chip story is well told. The software story now has a number.

The Number Three. That is how many open-source Omniverse libraries NVIDIA is releasing on GitHub as part of its Agent Toolkit expansion tied to SIGGRAPH 2026: ovrtx, ovphysx and CAD-to-SimReady. Three libraries sound modest. What they actually do is embed NVIDIA’s simulation stack directly inside the 3D and CAD tools engineers already use, letting AI agents handle sensor simulation, physics, and asset validation without leaving Houdini, Onshape, or Blender. That is the anchor: three open-source libraries designed to make NVIDIA the default runtime for physical AI development.

What It Means NVIDIA’s physical AI thesis has always needed a software layer to match the hardware. This is that layer. NVIDIA is meeting developers inside the tools they already run. SideFX is integrating the libraries into Houdini. PTC (NASDAQ:PTC) is integrating them into Onshape. Four Inception startups (ForgeCAD, Lightwheel, Moonlake AI, and Palatial) are building agent-driven workflows on top. Every one of those integrations is a lock-in point.

The financial scale behind this software push is already visible in the reported numbers. Q1 FY27 Data Center revenue reached $75.25 billion, up 92% year over year, with Data Center Networking revenue of $14.8 billion, up 199% year over year. Total revenue landed at $81.61 billion, up 85.2%, with non-GAAP EPS of $1.87 versus a $1.7738 estimate. The company is guiding Q2 FY27 revenue to $91.0 billion plus or minus 2% at a 75% non-GAAP gross margin. Those margins are the tell. Hardware alone rarely runs at that level for long. Software attach does.

Market Reaction The stock has cooled since the Q1 FY27 filing. Shares traded around $206.86 on Aug. 3, down nearly 12% from their year-to-date high. But over the past month, NVIDIA is up 5.78% with a one-year gain of nearly 15%. Longer horizons still tell the compounding story: 916% over five years. Market cap sits near $5.01 trillion against a P/E of 31 and a forward P/E of 23. NVIDIA reports Q2 FY27 financials on Aug. 26, and shares could rally into the company’s earnings call, especially with a renewed focus on the three-library release.

The Bull Case The three-library release matters because it converts NVIDIA’s hardware lead into a developer standard. Jensen Huang framed it directly: “The physical AI era will be built in simulation first.” If that is correct, the company that owns the simulation runtime owns the training ground for every robot, autonomous vehicle, and industrial system that follows.

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The rest of the R&D disclosure reads like an argument for the same thesis. NVIDIA announced NemoClaw for the OpenClaw agent platform, OpenShell with privacy and security controls, and an Agent Toolkit for building autonomous enterprise AI agents. It rolled out Alpamayo 1.5 and Omniverse NuRec for autonomous driving, new Cosmos and Isaac GR00T N models, and the Halos OS unified safety architecture. It expanded partnerships for autonomous driving with Hyundai, Kia, Uber, BYD, Geely, Isuzu, and Nissan. On the compute side, the Vera Rubin platform and BlueField-4 STX anchor the next generation, and NVIDIA Dynamo 1.0 boosts generative and agentic inference on Blackwell GPUs by up to 7x.

Huang’s own framing from the call: “Agentic AI has arrived, doing productive work, generating real value and scaling rapidly across companies and industries. NVIDIA is uniquely positioned at the center of this transformation as the only platform that runs in every cloud, powers every frontier and open source model, and scales everywhere AI is produced, from hyperscale data centers to the edge.”

Capital return backs the operating story. The board approved an additional $80 billion share repurchase authorization, raised the quarterly dividend from $0.01 to $0.25 per share, and returned approximately $20.0 billion to shareholders in Q1. Analyst positioning is lopsidedly constructive, with 48 Buy ratings, 10 Strong Buy ratings, two Hold ratings and one Sell ratings, and an analyst target price of $302.31.

Bottom Line Three libraries do not sound like a moat until you notice where they land: inside Houdini, inside Onshape, inside the tools engineers already trust. That is how software ecosystems compound. Long-term holders should track two catalysts from the input data. First, the RTX Spark systems arriving in fall 2026 from ASUS, Dell, HP, Lenovo, Microsoft Surface and MSI, which put local physical AI compute in developer hands. Second, the Q2 FY27 guidance of $91 billion plus or minus 2%, which is the next reported test of whether agentic and physical AI demand keeps compounding. Three libraries. One thesis. A company that keeps making its ecosystem harder to leave.

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Item 1 of 2 A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, U.S. January 9, 2020. REUTERS/George Frey

[1/2]A pharmacist holds a bottle of the drug Eliquis, made by Pfizer Pharmaceuticals, at a pharmacy in Provo, Utah, U.S. January 9, 2020. REUTERS/George Frey Purchase Licensing Rights, opens new tab

CompaniesAug 4 (Reuters) - Pfizer (PFE.N), opens new tab on Tuesday reported better-than-expected second-quarter results, boosted by strong demand for blood thinner Eliquis, ​and unveiled plans for an additional $2.5 billion in savings through its ‌ongoing cost-cutting efforts.

Investors look for signs that Pfizer’s big-ticket deals are paying offPfizer said the additional savings, expected to be realized between 2027 and 2029, will build on existing cost-cutting efforts as it seeks to offset declining COVID-related revenue and restore ​sustainable growth.

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The company is also counting on newer medicines to lessen ​its dependence on aging blockbuster drugs, while investors are watching for ⁠signs that its $10 billion acquisition of Metsera can help establish a meaningful ​foothold in the fast-growing obesity market.

Pfizer has said it expects to return to ​stronger growth after 2028.

CEO Albert Bourla struck an optimistic tone, saying the company's "launched and acquired products performed well ... our obesity program is advancing with meaningful momentum."

Revenue from acquired products rose ​25% on an operational basis during the quarter.

Eliquis sales rose 19% on ​an operational basis, driven by higher U.S. net pricing from lower rebates and a favorable ‌channel ⁠mix, along with stronger demand across global markets.

Sales of Eliquis, which Pfizer sells with Bristol Myers Squibb (BMY.N), opens new tab, were $2.43 billion in the quarter, above analysts' estimates of $1.93 billion.

Higher sales of Eliquis and cancer therapy Padcev helped offset weaker demand for ​the company's COVID products.

The ​U.S. drugmaker now ⁠expects annual sales of $60.5 billion to $62.5 billion, up from $59.5 billion to $62.5 billion forecast previously.

It reaffirmed its annual profit forecast ​to reflect a $650 million impact related to a licensing deal ​worth ⁠up to $10.5 billion with China's Innovent Biologics (1801.HK), opens new tab.

On an adjusted basis, the company reported a profit of 77 cents per share, compared with analysts' estimates of 68 cents per ⁠share, according ​to data compiled by LSEG.

Shares of the ​drugmaker were flat in premarket trading.

Reporting by Mariam Sunny and Mrinalika Roy in Bengaluru; Editing by Anil D'Silva

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Pfizer (PFE - Free Report) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.78 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +13.24%. A quarter ago, it was expected that this drugmaker would post earnings of $0.71 per share when it actually produced earnings of $0.75, delivering a surprise of +5.63%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Pfizer, which belongs to the Zacks Large Cap Pharmaceuticals industry, posted revenues of $15.03 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.04%. This compares to year-ago revenues of $14.65 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.

Pfizer shares have added about 0.5% since the beginning of the year versus the S&P 500's gain of 11%.

What's Next for Pfizer?While Pfizer 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 Pfizer 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 $0.87 on $16.11 billion in revenues for the coming quarter and $2.96 on $61.87 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, Large Cap Pharmaceuticals is currently in the bottom 7% 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.

Eli Lilly (LLY - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This drugmaker is expected to post quarterly earnings of $6.01 per share in its upcoming report, which represents a year-over-year change of -4.8%. The consensus EPS estimate for the quarter has been revised 2.3% lower over the last 30 days to the current level.

Eli Lilly's revenues are expected to be $20.26 billion, up 30.2% from the year-ago quarter.

Caterpillar CAT shares climbed more than 9% in premarket trading on Tuesday after the construction and mining equipment maker raised its full-year revenue forecast, and beat second-quarter earnings estimates as its power segment continues to benefit from rising data center spending.

The company now expects full-year revenue to grow in the mid-to-high teens percentage range, an improvement from its previous outlook for low-double-digit growth.

It also reduced its projected tariff-related costs for the year to about $2.2 billion, compared with its earlier estimate of between $2.2 billion and $2.6 billion.

Adjusted earnings came in at $8.17 per share for the quarter, comfortably ahead of analysts' expectations of $6.20 per share compiled by LSEG.

The company had earned $4.72 per share in the same period a year earlier.

Revenue for the April-June quarter rose 24% year over year to a record $20.5 billion, marking the first time in Caterpillar's history that quarterly sales exceeded the $20 billion mark.

"This is the first time in company history that we have generated over $20 billion in sales and revenues in a single quarter," Chairman and Chief Executive Officer Joe Creed said.

The company's results underscore how the global artificial intelligence boom continues to reshape demand across industrial sectors beyond semiconductor manufacturers.

Power & Energy sales increased 17% year over year to $8.238 billion from $7.037 billion.

Within that segment, the company reported higher sales of large reciprocating engines as well as turbines and related services, primarily for data center applications.

Over recent quarters, Caterpillar has benefited from surging demand for both construction machinery used to build data centers and power-generation equipment needed to support those facilities.

Beyond AI infrastructure, Caterpillar also continued to benefit from increased infrastructure and energy spending in the United States.

The company said strong commercial construction activity, including projects linked to data centers, combined with infrastructure investments under President Donald Trump's administration, helped drive order growth.

Its core construction industries segment posted a 35% increase in revenue during the quarter, led by a 50% jump in North American sales.

During the quarter, Caterpillar booked $9.4 billion in new orders, lifting its order backlog to a record $72.1 billion.

"Strong order rates and a growing backlog reflect broadening momentum across all three of our primary segments," Creed said.

The latest results come despite recent volatility across AI-linked stocks as investors questioned whether the pace of artificial intelligence spending could be sustained.

Caterpillar and other suppliers of power equipment for data centers, including Vertiv Holdings and GE Vernova, have experienced share price weakness in recent weeks amid broader concerns over AI capital expenditure.

However, analysts continue to view Caterpillar as a long-term beneficiary of the AI infrastructure buildout.

Gimme Credit analyst Carol Levenson said earlier that Caterpillar's Power & Energy division "is becoming increasingly dominant as demand for its large reciprocating engines and turbines swells with data-center/AI capital spending."

Analyst Semenuk has also argued that the growth opportunity remains in its early stages and believes Caterpillar could generate at least $10 in quarterly earnings per share by 2029.

The company's shares have already reflected growing optimism around that outlook.

Caterpillar stock crossed the $1,000 mark in June and remains up about 40% so far this year.

JPMorgan too sees the stock as a premier cyclical and industrial play.

JPMorgan experts recently said that CAT’s exceptionally solid balance sheet and pricing power allow the manufacturer to preserve operating margins even during broader macroeconomic uncertainty.

A package of Huggies brand diapers, made by Kimberly-Clark, is shown in Boca Raton, Florida October 22, 2013. REUTERS/Joe Skipper/ File Photo Purchase Licensing Rights, opens new tab

Aug 4 (Reuters) - Kimberly-Clark (KMB.O), opens new tab cut its annual sales and profit forecasts on Tuesday, citing a significant hit to second-quarter sales in China that stemmed from what it said were false viral claims about the ​quality of some of its diaper brands.

The Kleenex maker said claims circulating on Chinese social media ‌that its Huggies diapers contained formamide, a substance banned in multiple countries, weighed on demand despite independent testing by a government-certified third party confirming their quality and safety.

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Beijing-based media outlet Economic Times Daily reported in June that Chinese brands Babycare Bibabebe and Kimberly-Clark's ​Huggies tested positive for formamide, according to the Hong Kong Free Press. The toxic substance can irritate ​the skin, eyes and breathing if inhaled.

The allegations emerged just ahead of China's annual "618" ⁠shopping festival, one of the country's biggest e-commerce events. Kimberly-Clark said the disruption would continue to pressure sales ​and earnings in the near term.

On June 22, China's market regulator said it had established a joint investigation team to ​look into "formamide issues in infant diapers", without naming any company or brand. Authorities have not provided an update on the status of the probe.

"We're disappointed but remain confident in the underlying quality of our global innovation and commercial plans," CEO Mike Hsu said in ​a statement.

The unexpected challenges in a key international market overshadowed cost-saving efforts, resetting expectations for investors who had ​been guided for stronger growth.

Kimberly-Clark, on track to complete its roughly $40 billion acquisition of Kenvue (KVUE.N), opens new tab by the year-end, now expects 2026 ‌organic sales ⁠growth to trail the weighted average growth of its categories and markets by about 100 basis points. Those categories grew about 2% over the last 12 months.

It had previously forecast growth in line with or above the then weighted category average of about 2.5%.

The company expects annual adjusted earnings per share to grow at a high-single-digit rate ​on a constant-currency basis, compared ​with its earlier forecast ⁠for double-digit growth.

Kimberly-Clark labeled the disruption a "one-time external impact". It will temper organic growth in International Personal Care segment this year by three to four percentage points and ​hold back operating profit growth by 10 to 12 percentage points, COO Russ Torres ​said, "as we invest ⁠aggressively to defend our franchise".

Last month, Kimberly-Clark finalized the sale of a 51% stake in its international tissue business to Suzano (SUZB3.SA), opens new tab, creating the $3.4 billion Arbex joint venture to compete with rivals Procter & Gamble (PG.N), opens new tab and Essity.

Net sales rose 0.6% to $4.19 billion for ⁠the three ​months ended June 30. Analysts on average expected $4.22 billion, according to ​data compiled by LSEG.

Adjusted operating profit increased 6.2% to $757 million, helped by tariff refunds, productivity savings and favorable currency effects.

Shares of the company were ​flat in premarket trading.

Reporting by Neil J Kanatt in Bengaluru and Alexander Marrow in London; Editing by Joyjeet Das

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Boomers heading into Fall 2026 are doing what disciplined income investors always do in August: rotating away from summer growth chasers and locking in reliable Q3 and Q4 cash flow. With Core PCE at 130.27 in June 2026, sitting in the 90.9th percentile of its trailing 12-month range, real yield still matters. The five names below share one trait every retiree cares about: multi-decade dividend records backed by durable cash flow. Each pays this quarter, each is US-listed, and each has raised or reaffirmed guidance in the last earnings cycle.

Coca-Cola (KO) Coca-Cola (NYSE:KO | KO Price Prediction) is the classic Boomer anchor, and the 2026 numbers back it up. Shares closed at $87.59 on July 31, 2026, up 26.97% year to date. The quarterly dividend is now $0.53, raised from $0.51 in early 2026, with the next $0.53 payment landing October 1 after the September 15 ex-date.

The bull case tightened in July. Q2 2026 adjusted EPS of $0.97 beat the $0.9323 consensus by 4.04%, revenue of $13.38B rose 6.7% year over year, and management raised FY2026 guidance to organic revenue growth of ~5% and comparable EPS growth of 9% to 10%. Operating margin expanded to 34.9%, and the FIFA World Cup 2026 marketing cycle sits directly in front of the stock.

Risk: Asia Pacific price/mix declined 9%, Q4 has six fewer selling days than Q4 2025, and IRS tax litigation remains unresolved. Analysts still carry a $94.70 average price target.

Verizon (VZ) Verizon (NYSE:VZ) is the yield workhorse of the group. At $46.81 (up 20.71% YTD through July 31), the $0.7075 quarterly dividend, most recently paid August 3, 2026, annualizes to roughly $2.83, putting the running yield in the 6% neighborhood.

The turnaround thesis has teeth now. Q2 2026 delivered 184,000 postpaid phone net adds versus a 9,000 loss the prior year, churn improved to 0.92%, fiber broadband grew 43.3% to 10.9M, and adjusted EBITDA rose 7.2% to $13.72B. Management raised FY2026 adjusted EPS guidance to $4.99-$5.04 and expanded the buyback to as much as $4.5B. CEO Dan Schulman called this the "strongest operating position we have seen in years".

Risk: Total unsecured debt of $136.5B and net unsecured debt/EBITDA at 2.5x keep balance sheet discipline on the watchlist.

Altria (MO) Altria (NYSE:MO) is the highest-yielding name on this list. Shares traded at $68.33 on July 31, up 22.31% YTD, with the dividend yield at 6.24% on a $4.24 annualized payout. The $1.06 quarterly dividend was last increased in Q3 2025 from $1.02.

The income record is the whole point. Altria has delivered 60 dividend increases in the past 56 years and paid out $7.0B in FY2025 dividends. FY2026 guidance was reaffirmed at $5.56-$5.72 in adjusted diluted EPS, with $720M remaining on the $2B buyback.

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Risk: Secular volume decline is real. Domestic cigarette volume fell 5%, Marlboro retail share slipped 1.4 points to 39.7%, and on! nicotine pouch share dropped 4.2 points to 13.4%. Boomers own MO for the check rather than the growth chart.

Johnson & Johnson (JNJ) Johnson & Johnson (NYSE:JNJ) is the Dividend King on the list. The quarterly dividend was raised to $1.34, with the next payment September 8, 2026 following the August 25 ex-date. That marks 64 consecutive years of dividend growth. Shares finished July at $256.35, up 25.25% YTD and 59.5% over the trailing year.

Growth is finally showing up alongside the income. Q1 2026 revenue of $24.06B grew 9.9% year over year, DARZALEX hit $3.96B (+22.5%), TREMFYA jumped 68.3%, and CARVYKTI grew 62.1%. FY2026 guidance was raised to $100.3B-$101.3B in sales and $11.45-$11.65 adjusted EPS.

Risk: STELARA biosimilar erosion of 59.7% created a roughly 920 basis point drag on Innovative Medicine, and litigation charges added $330M in Q1.

Realty Income (O) Realty Income (NYSE:O) is the monthly dividend anchor of the portfolio. Shares closed at $63.87 on July 31, up 16.76% YTD, and the dividend yield sits at 5.04%. The $0.271 monthly dividend pays August 14, 2026, extending a streak of 670 consecutive monthly dividends and 114 consecutive quarterly increases.

Fundamentals held up in Q1. AFFO rose 6.6% to $1.13/share on $1.55B revenue, portfolio occupancy stayed at 98.9%, and management deployed $2.8B at a 7.1% initial weighted average cash yield. FY2026 AFFO/share guidance was raised to $4.41-$4.44 with investment volume lifted to $9.5B.

Risk: Impairment provisions of $129.3M, a non-cash credit loss uptick of $39.1M, and Net Debt/EBITDA at 5.2x mean interest-rate sensitivity still drives the stock day to day. For Boomers building Q3 income, the monthly cadence remains the differentiator.

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Contact [email protected] for any questions or corrections.

If approved, BOTOX® Cosmetic (onabotulinumtoxinA) would be the only neurotoxin with five aesthetic indications and the first and only approved for masseter muscle prominence in the U.S.  Submission is supported by two Phase 3 studies (M21-416 and M21-417), demonstrating statistically significant improvements in masseter muscle prominence and patient satisfaction with treatment  , /PRNewswire/ -- Allergan Aesthetics, an AbbVie company (NYSE: ABBV), today announced the U.S. Food and Drug Administration (FDA) has accepted for review its supplemental Biologics License Application (sBLA) for BOTOX® Cosmetic (onabotulinumtoxinA) for the temporary improvement in the appearance of marked to very marked masseter muscle prominence (MMP) associated with masseter muscle activity in adults. If approved, BOTOX® Cosmetic would become the first and only neurotoxin indicated for this condition in the U.S. and expand its portfolio to a fifth aesthetic indication. 

"This submission builds on the depth and versatility of BOTOX® Cosmetic and reflects our continued investment in advancing aesthetic medicine," said Darin Messina, Ph.D., senior vice president, head of aesthetics research and development, AbbVie. "At Allergan Aesthetics, our approach to innovation includes both developing new treatment options and continuing to expand the potential of established products. The pursuit of a fifth aesthetic indication demonstrates that commitment to addressing evolving patient needs." 

MMP can contribute to the appearance of a wider or more square lower face. This submission addresses a growing patient interest in non-surgical facial contouring options, offering a clinically studied approach to achieving improved jawline definition and shape, as well as a more slimming jawline overall. If approved, this indication would provide both patients and aesthetic specialists with a differentiated, science-backed treatment option. 

"Patients are increasingly seeking overall facial assessments with non-surgical options to address aesthetic needs for the lower face," said Steve Yoelin, MD, a coordinating clinical investigator with over 25 years of experience in minimally invasive medical aesthetics. "As facial assessment continues to evolve beyond individual treatment areas, this indication would further broaden the clinical utility of BOTOX® Cosmetic, if approved, by providing an important new treatment option." 

The sBLA submission is supported by two Phase 3 clinical studies (M21-416 and M21-417), both of which met their primary endpoints and demonstrated statistically significant improvements in the severity of masseter muscle prominence compared with placebo (p=0.0046 and p=0.0014, respectively). The safety profile was consistent with established uses, with no new safety signals identified. Patient satisfaction was also demonstrated, with twice as many patients treated with BOTOX® Cosmetic reporting they were "Very Satisfied" or "Satisfied" compared with placebo. 

BOTOX® Cosmetic (onabotulinumtoxinA) Important Information 
BOTOX® Cosmetic (onabotulinumtoxinA) is indicated in adult patients for the temporary improvement in the appearance of:
- Moderate to severe glabellar lines associated with corrugator and/or procerus muscle activity 
- Moderate to severe lateral canthal lines associated with orbicularis oculi activity 
- Moderate to severe forehead lines associated with frontalis activity 
- Moderate to severe platysma bands associated with platysma muscle activity 

IMPORTANT SAFETY INFORMATION, INCLUDING BOXED WARNING 

WARNING: DISTANT SPREAD OF TOXIN EFFECTPostmarketing reports indicate that the effects of BOTOX® Cosmetic and all botulinum toxin products may spread from the area of injection to produce symptoms consistent with botulinum toxin effects. These may include asthenia, generalized muscle weakness, diplopia, ptosis, dysphagia, dysphonia, dysarthria, urinary incontinence, and breathing difficulties. These symptoms have been reported hours to weeks after injection. Swallowing and breathing difficulties can be life threatening and there have been reports of death. The risk of symptoms is probably greatest in children treated for spasticity, but symptoms can also occur in adults treated for spasticity and other conditions, particularly in those patients who have an underlying condition that would predispose them to these symptoms. In unapproved uses and approved indications, cases of spread of effect have been reported at doses comparable to those used to treat cervical dystonia and spasticity and at lower doses.

CONTRAINDICATIONS
BOTOX® Cosmetic is contraindicated in the presence of infection at the proposed injection site(s) and in individuals with known hypersensitivity to any botulinum toxin preparation or to any of the components in the formulation.

WARNINGS AND PRECAUTIONS
Lack of Equivalency Between Botulinum Toxin Products
The potency Units of BOTOX® Cosmetic are specific to the preparation and assay method utilized. BOTOX® Cosmetic is not equivalent to other preparations of botulinum toxin products, and therefore, Units of biological activity of BOTOX® Cosmetic cannot be compared to nor converted into Units of any other botulinum toxin products assessed with any other specific assay method.

Spread of Toxin Effect
Please refer to Boxed Warning for Distant Spread of Toxin Effect.

No definitive serious adverse event reports of distant spread of toxin effect associated with dermatologic use of BOTOX® Cosmetic at the labeled dose of 20 Units (for glabellar lines), 24 Units (for lateral canthal lines), 40 Units (for forehead lines with glabellar lines), 44 Units (for simultaneous treatment of lateral canthal lines and glabellar lines), and 64 Units (for simultaneous treatment of lateral canthal lines, glabellar lines, and forehead lines) have been reported. Patients or caregivers should be advised to seek immediate medical care if swallowing, speech, or respiratory disorders occur.

Serious Adverse Reactions With Unapproved Use
Serious adverse reactions, including excessive weakness, dysphagia, and aspiration pneumonia, with some adverse reactions associated with fatal outcomes, have been reported in patients who received BOTOX® injections for unapproved uses. In these cases, the adverse reactions were not necessarily related to distant spread of toxin, but may have resulted from the administration of BOTOX® to the site of injection and/or adjacent structures. In several of the cases, patients had preexisting dysphagia or other significant disabilities. There is insufficient information to identify factors associated with an increased risk for adverse reactions associated with the unapproved uses of BOTOX®. The safety and effectiveness of BOTOX® for unapproved uses have not been established.

Hypersensitivity Reactions
Serious and/or immediate hypersensitivity reactions have been reported. These reactions include anaphylaxis, serum sickness, urticaria, soft-tissue edema, and dyspnea. If such a reaction occurs, discontinue further injection of BOTOX Cosmetic and immediately institute appropriate medical therapy. One fatal case of anaphylaxis has been reported in which lidocaine was used as the diluent and, consequently, the causal agent cannot be reliably determined.

Cardiovascular System
There have been reports following administration of BOTOX® of adverse events involving the cardiovascular system, including arrhythmia and myocardial infarction, some with fatal outcomes. Some of these patients had risk factors, including preexisting cardiovascular disease. Use caution when administering to patients with preexisting cardiovascular disease.

Increased Risk of Clinically Significant Effects With Preexisting Neuromuscular Disorders
Patients with neuromuscular disorders may be at increased risk of clinically significant effects, including generalized muscle weakness, diplopia, ptosis, dysphonia, dysarthria, severe dysphagia, and respiratory compromise from onabotulinumtoxinA (see Warnings and Precautions). Monitor individuals with peripheral motor neuropathic diseases, amyotrophic lateral sclerosis or neuromuscular junction disorders (eg, myasthenia gravis or Lambert-Eaton syndrome) when given botulinum toxin.

Dysphagia and Breathing Difficulties
Treatment with BOTOX® and other botulinum toxin products can result in swallowing or breathing difficulties. Patients with preexisting swallowing or breathing difficulties may be more susceptible to these complications. In most cases, this is a consequence of weakening of muscles in the area of injection that are involved in breathing or oropharyngeal muscles that control swallowing or breathing (see Boxed Warning).

Preexisting Conditions at the Injection Site
Use caution when BOTOX® Cosmetic treatment is used in the presence of inflammation at the proposed injection site(s) or when excessive weakness or atrophy is present in the target muscle(s).

Dry Eye in Patients Treated With BOTOX® Cosmetic
There have been reports of dry eye associated with BOTOX® Cosmetic injection in or near the orbicularis oculi muscle. If symptoms of dry eye (eg, eye irritation, photophobia, or visual changes) persist, consider referring patients to an ophthalmologist.

Human Albumin and Transmission of Viral Diseases
This product contains albumin, a derivative of human blood. Based on effective donor screening and product manufacturing processes, it carries a remote risk for transmission of viral diseases and variant Creutzfeldt-Jakob disease (vCJD). There is a theoretical risk for transmission of Creutzfeldt-Jakob disease (CJD), which would also be considered remote. No cases of transmission of viral diseases, CJD, or vCJD have ever been identified for licensed albumin or albumin contained in other licensed products.

ADVERSE REACTIONS
The most frequently reported adverse reactions following injection of BOTOX® Cosmetic for glabellar lines were eyelid ptosis (3%), facial pain (1%), facial paresis (1%), and muscular weakness (1%).

The most frequently reported adverse reaction following injection of BOTOX® Cosmetic for lateral canthal lines was eyelid edema (1%).

The most frequently reported adverse reactions following injection of BOTOX® Cosmetic for forehead lines with glabellar lines were headache (9%), brow ptosis (2%), and eyelid ptosis (2%).

The safety profile of BOTOX® Cosmetic treatment of platysma bands is consistent with the known safety profile of BOTOX® Cosmetic for other indications.

DRUG INTERACTIONS 
Coadministration of BOTOX® Cosmetic and aminoglycosides or other agents interfering with neuromuscular transmission (eg, curare-like compounds) should only be performed with caution as the effect of the toxin may be potentiated. Use of anticholinergic drugs after administration of BOTOX® Cosmetic may potentiate systemic anticholinergic effects.

The effect of administering different botulinum neurotoxin products at the same time or within several months of each other is unknown. Excessive neuromuscular weakness may be exacerbated by administration of another botulinum toxin prior to the resolution of the effects of a previously administered botulinum toxin.

Excessive weakness may also be exaggerated by administration of a muscle relaxant before or after administration of BOTOX® Cosmetic.

USE IN SPECIFIC POPULATIONS
There are no studies or adequate data from postmarketing surveillance on the developmental risk associated with use of BOTOX® Cosmetic in pregnant women. There are no data on the presence of BOTOX® Cosmetic in human or animal milk, the effects on the breastfed child, or the effects on milk production.

Please see BOTOX® Cosmetic full Prescribing Information, including Boxed Warning and Medication Guide.

About Allergan Aesthetics

At Allergan Aesthetics, an AbbVie company, we develop, manufacture, and market a portfolio of leading aesthetics brands and products. Our aesthetics portfolio includes facial injectables, body contouring, plastics, skin care, and more. Our goal is to consistently provide our customers with innovation, education, exceptional service, and a commitment to excellence, all with a personal touch. For more information, visit www.allerganaesthetics.com. 

About AbbVie

AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.

Forward-Looking Statements 

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2025 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law. 

SOURCE AbbVie

Electric power transmission pylon miniatures and Duke Energy logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

Aug 4 (Reuters) - Utility Duke Energy (DUK.N), opens new tab beat Wall Street estimates for second-quarter profit on Tuesday, ​as higher electricity demand and recovery ‌of rate-based infrastructure investments offset rising expenses.

The Charlotte, North Carolina-based company posted an adjusted ​profit of $1.43 per share for the ​three months ended June 30, compared with ⁠analysts' estimates of $1.30, according to data ​compiled by LSEG.

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Here are more details:

Energy ​companies are pushing to increase customer electricity rates in 2026 to help pay for infrastructure improvements, ​as power grids are strained by ​extreme weather and rising demand from electrification and expanding ‌data ⁠centers.

Regulated utilities rely on rate case processes to set how much customers are charged for electricity.

Its electric utilities segment ​posted quarterly ​profit of ⁠1.27 billion, compared with $1.19 billion a year ago.

The segment, which ​serves 7.9 million customers in ​North ⁠Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, owns 51,000 megawatts of energy capacity.

However, ⁠interest ​expenses rose 6.6% to $957 ​million.

The company reaffirmed its full-year adjusted profit guidance of $6.55 ​to $6.80 per share.

Reporting by Pranav Mathur in Bengaluru

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

Q2 Net Revenue of $3.5 billion with 21.7 million Active Customers

, /PRNewswire/ -- Wayfair Inc. ("Wayfair," "we," or "our") (NYSE: W), the destination for all things home, today reported financial results for its second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

Total net revenue of $3.5 billion, increased $246 million, up 7.5% year over year U.S. net revenue of $3.1 billion, increased $251 million, up 8.7% year over year International net revenue of $394 million, decreased $5 million, down 1.3% year over year. International Net Revenue Constant Currency Growth was (2.0)% Gross profit was $1,054 million, or 30.0% of total net revenue. Non-GAAP Contribution Profit was $539 million, or 15.3% of net revenue Net loss was $1 million and Non-GAAP Adjusted EBITDA was $242 million Diluted loss per share was $0.01 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.95 Net cash provided by operating activities was $360 million and Non-GAAP Free Cash Flow was $301 million Cash, cash equivalents and short-term investments totaled $1.1 billion and total liquidity was $1.6 billion, including availability under our revolving credit facility "Q2 marked another strong quarter of share capture and top line momentum, with 7.5% net revenue growth fueled by momentum in orders, which were up by 6% for the period. We saw the best sequential growth we've seen in a Q2 since the second quarter of 2020. In fact, revenue growth in the US was the best we've seen in the entire post-COVID period, with nearly 9% year-over-year revenue growth, continuing the high single digit share spread we've held since last fall," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.

"We saw noteworthy outperformance from our specialty retail brands, which grew by nearly 20% in the second quarter, and Perigold, which grew by more than 35%. We are excited to see ramping growth in the Wayfair business and complementing that with outsized growth from our specialty and luxury brands, all building to why we expect to see even further acceleration as our numerous initiatives play out."

Other Second Quarter Highlights 

Active customers totaled 21.7 million as of June 30, 2026, an increase of 3.3% year over year LTM net revenue per active customer was $596 as of June 30, 2026, an increase of 4.2% year over year Orders per customer, measured as LTM orders delivered divided by active customers, was 1.89 for the second quarter of 2026, compared to 1.86 for the second quarter of 2025 Orders delivered in the second quarter of 2026 were 10.6 million, an increase of 6.0% year over year Repeat customers placed 80.2% of total orders delivered in the second quarter of 2026, compared to 80.7% in the second quarter of 2025 Repeat customers placed 8.5 million orders in the second quarter of 2026, an increase of 4.9% year over year Average order value was $332 in the second quarter of 2026, compared to $328 in the second quarter of 2025 64.1% of total orders delivered were placed via a mobile device in the second quarter of 2026, compared to 62.9% in the second quarter of 2025 Key Financial Statement and Operating Metrics

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except LTM net revenue per active customer, average order
value and per share data)

Key Financial Statement Metrics:

Net revenue

$          3,519

$          3,273

$          6,450

$          6,003

Gross profit

$          1,054

$             984

$          1,934

$          1,821

Income (loss) from operations

$             104

$               17

$               93

$           (105)

Net (loss) income

$                (1)

$               15

$            (106)

$             (98)

(Loss) earnings per share

Basic

$          (0.01)

$            0.11

$           (0.81)

$          (0.77)

Diluted

$          (0.01)

$            0.11

$           (0.81)

$          (0.77)

Net cash provided by operating activities

$            360

$             273

$             308

$            177

Key Operating Metrics:

Active customers (1)

21.7

21.0

21.7

21.0

LTM net revenue per active customer (2)

$            596

$             572

$            596

$            572

Orders delivered (3)

10.6

10.0

20.0

19.1

Average order value (4)

$            332

$             328

$            322

$            315

Non-GAAP Financial Measures:

Adjusted Gross Profit

$         1,056

$            986

$         1,937

$         1,825

Contribution Profit

$            539

$            497

$            979

$            888

Adjusted EBITDA

$            242

$            205

$            393

$            311

Free Cash Flow

$            301

$            230

$            195

$              91

Adjusted Diluted Earnings per Share

$           0.95

$           0.87

$           1.22

$           1.02

(1)

The number of active customers represents the total number of individual customers who have purchased at least once directly from our sites during the preceding twelve-month period. The change in active customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the last twelve months. We view the number of active customers as a key indicator of our growth.

(2)

Last twelve months ("LTM") net revenue per active customer represents our total net revenue in the last twelve months divided by our total number of active customers for the same preceding twelve-month period. We view LTM net revenue per active customer as a key indicator of our customers' purchasing patterns, including their initial and repeat purchase behavior.

(3)

Orders delivered represent the total orders delivered in any period, inclusive of orders that may eventually be returned. As we ship a large volume of packages through multiple carriers, actual delivery dates may not always be available; in those cases, we estimate delivery dates using historical data. We recognize net revenue when an order is delivered, and therefore orders delivered, together with average order value, is an indicator of the net revenue we expect to recognize in a given period. We view orders delivered as a key indicator of our growth.

(4)

We define average order value as total net revenue in a given period divided by the orders delivered in that period. We view average order value as a key indicator of the mix of products on our sites, the mix of offers and promotions and the purchasing behavior of our customers.

Webcast and Conference Call

Wayfair will host a conference call and webcast to discuss its second quarter 2026 financial results today at 8 a.m. (ET). Investors and participants should register for the call in advance by visiting https://events.q4inc.com/analyst/622572405?pwd=UaY8U308. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast at https://events.q4inc.com/attendee/622572405. An archive of the webcast conference call will be available shortly after the call ends on Wayfair's Investor website at investor.wayfair.com. Important information may be disseminated initially or exclusively via the Investor website; investors should consult the site to access this information.

About Wayfair

Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you're looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.

The Wayfair family of brands includes:

Wayfair: Every style. Every home. AllModern: Modern made simple. Birch Lane: Classic style for joyful living. Joss & Main: The ultimate style edit for home.  Perigold: The destination for luxury home. Wayfair Professional: A one-stop Pro shop. Media Relations Contact:
Tara Lambropoulos
[email protected] 

Investor Relations Contact
Ryan Barney
[email protected] 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal and state securities laws. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding our investment plans and anticipated returns on those investments; our plans for growth, including customer and revenue growth and growth rates; our future results of operations and financial position; available liquidity and access to financing sources; performance across our brands and segments; anticipated cost-cutting and liability and dilution management exercises and the expected results of such exercises; our business strategy; anticipated benefits of our strategic initiatives; plans and objectives of management for future operations, including regarding our physical retail stores and omni-channel strategy; investment in our logistics network; consumer activity and behaviors; developments in our technology and systems, including our use of artificial intelligence and machine learning technologies and the anticipated results of those developments; and the impact of macroeconomic events, including interest rates, tariffs and inflation, and our response to such events. In some cases, you can identify forward-looking statements by terms such as "aim," "may," "will," "should," "expects," "plans," "anticipates," "continues," "could," "intends," "goals," "target," "projects," "contemplates," "believes," "estimates," "predicts" or "potential" or the negative of these terms or other similar expressions.

Forward-looking statements are based on current expectations of future events. We cannot guarantee that any forward-looking statement will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. We believe that these risks and uncertainties include, but are not limited to, adverse macroeconomic conditions, including economic instability, changes in laws and regulations and other governmental actions or policies, including those related to taxes and new or increased tariffs, and the uncertainty surrounding potential changes in such laws and regulations or other potential governmental actions or policies; export controls, sustained higher interest rates and inflation, slower growth or the potential for recession, disruptions in the global supply chain and other conditions affecting the retail environment for products we sell, geopolitical disturbances and conflicts, or threats of such actions and related uncertainty, which could exacerbate other risks such as shipment disruptions or fuel shortages, and other matters that influence consumer spending and preferences, as well as our ability to plan for and respond to the impact of these conditions; risks relating to our liability and dilution management exercises; our ability to manage the impacts of our restructurings and workforce reductions; our ability to acquire and retain customers in a cost-effective manner; our ability to increase our net revenue; our ability to curate, market, grow and maintain strong brands; our ability to grow our customer base; and our ability to expand our business and compete successfully, including risks relating to achieving the anticipated benefits of strategic initiatives and investments in our technology and systems, including generative AI. A further list and description of risks, uncertainties and other factors that could cause or contribute to differences in our future results include the cautionary statements herein and in our most recent Annual Report on Form 10-K and in our other filings and reports with the Securities and Exchange Commission. We qualify all of our forward-looking statements by these cautionary statements.

These forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

WAYFAIR INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) 

June 30,

December 31,

2026

2025

(in millions, except share and per
share data)

Assets:

Current assets

Cash and cash equivalents

$          1,065

$             1,476

Short-term investments

78

66

Accounts receivable, net

184

132

Inventories

84

71

Prepaid expenses and other current assets

274

256

Total current assets

1,685

2,001

Operating lease right-of-use assets

722

862

Property and equipment, net

512

516

Other non-current assets

59

61

Total assets

$          2,978

$             3,440

Liabilities and Stockholders' Deficit:

Current liabilities

Accounts payable

$          1,317

$             1,202

Other current liabilities

951

927

Total current liabilities

2,268

2,129

Long-term debt

2,797

3,233

Operating lease liabilities, net of current

680

835

Other non-current liabilities

21

25

Total liabilities

5,766

6,222

Commitments and contingencies (Note 5)

Stockholders' deficit:

Convertible preferred stock, $0.001 par value per share: 10,000,000 shares authorized
and none issued at June 30, 2026 and December 31, 2025.

—

—

Class A common stock, par value $0.001 per share, 500,000,000 shares authorized,
115,500,539 and 108,365,428 shares issued and outstanding at June 30, 2026 and
December 31, 2025, respectively.

—

—

Class B common stock, par value $0.001 per share, 164,000,000 shares authorized,
20,977,914 and 21,978,295 shares issued and outstanding at June 30, 2026 and
December 31, 2025, respectively.

—

—

Additional paid-in capital

2,166

2,073

Accumulated deficit

(4,929)

(4,823)

Accumulated other comprehensive loss

(25)

(32)

Total stockholders' deficit

(2,788)

(2,782)

Total liabilities and stockholders' deficit

$          2,978

$             3,440

WAYFAIR INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except per share data)

Net revenue (1) 

$          3,519

$          3,273

$          6,450

$          6,003

Cost of goods sold (2)

2,465

2,289

4,516

4,182

Gross profit

1,054

984

1,934

1,821

Operating expenses:

Customer service and merchant fees (2)

128

121

242

228

Advertising

392

372

721

716

Selling, operations, technology, general and administrative (2)

428

465

852

894

Impairment and other related net charges

2

—

2

23

Restructuring and other charges, net

—

9

24

65

Total operating expenses

950

967

1,841

1,926

Income (loss) from operations

104

17

93

(105)

Interest expense, net

(39)

(29)

(78)

(52)

Other (expense) income, net

(4)

23

(15)

33

(Loss) gain on debt extinguishment

(59)

6

(102)

31

Income (loss) before income taxes

2

17

(102)

(93)

Provision for income taxes, net

3

2

4

5

Net (loss) income

$               (1)

$               15

$           (106)

$             (98)

(Loss) earnings per share

Basic

$          (0.01)

$            0.11

$          (0.81)

$          (0.77)

Diluted

$          (0.01)

$            0.11

$          (0.81)

$          (0.77)

Weighted-average number of shares of common stock
outstanding used in computing per share amounts:

Basic

132

128

131

127

Diluted

132

129

131

127

(1) The following tables present net revenue attributable to our reportable segments for the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions)

U.S. net revenue

$          3,125

$          2,874

$          5,737

$          5,303

International net revenue

394

399

713

700

Net revenue

$          3,519

$          3,273

$          6,450

$          6,003

(2) Includes equity-based compensation and related taxes as follows:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions)

Cost of goods sold

$               2

$                2

$                3

$                4

Customer service and merchant fees

3

4

5

7

Selling, operations, technology, general and administrative

67

95

135

158

Total equity-based compensation and related taxes

$             72

$            101

$            143

$            169

WAYFAIR INC. 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30,

2026

2025

(in millions)

Cash flows from operating activities:

Net loss

$             (106)

$              (98)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

131

159

Equity-based compensation expense

136

164

Amortization of debt discount and issuance costs

4

5

Impairment and other related net charges

2

23

Loss (gain) on debt extinguishment

102

(31)

Other non-cash adjustments

(15)

32

Changes in operating assets and liabilities:

Accounts receivable, net

(52)

49

Inventories

(12)

(11)

Prepaid expenses and other assets

(21)

21

Accounts payable and other liabilities

139

(136)

Net cash provided by operating activities

308

177

Cash flows for investing activities:

Purchase of short- and long-term investments

(43)

(55)

Sale and maturities of short- and long-term investments

31

58

Purchase of property and equipment

(51)

(18)

Site and software development costs

(62)

(68)

Net cash used in investing activities

(125)

(83)

Cash flows for financing activities:

Proceeds from issuance of debt, net of issuance costs

395

691

Payments to extinguish debt

(245)

(742)

Settlement of long-term debt

(701)

—

Payments of taxes related to net share settlement of equity awards

(48)

(9)

Net cash used in financing activities

(599)

(60)

Effect of exchange rate changes on cash and cash equivalents

5

(28)

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

(411)

6

Cash, cash equivalents and restricted cash

Beginning of period

$            1,476

$            1,320

End of period

$            1,065

$            1,326

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including Adjusted Gross Profit, Adjusted Gross Margin, Contribution Profit, Contribution Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Diluted Earnings or Loss per Share and Net Revenue Constant Currency Growth. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our core operational performance. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in this earnings release.

We calculate Adjusted Gross Profit as gross profit plus equity-based compensation and related taxes included in cost of goods sold. Gross margin is defined as gross profit as a percentage of net revenue for the same period. Adjusted Gross Margin is calculated as Adjusted Gross Profit as a percentage of revenue for the same period. We disclose Adjusted Gross Profit and Adjusted Gross Margin because they are important indicators of our business performance, as they provide visibility into our underlying gross profitability by excluding the impact of non-cash equity-based compensation expense and related taxes. Accordingly, we believe these metrics provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and the board of directors.

We calculate Contribution Profit as Adjusted Gross Profit less customer service and merchant fees and less advertising expense, plus equity-based compensation and related taxes included in customer service and merchant fees. Contribution Margin is calculated as Contribution Profit as a percentage of revenue for the same period. We believe that these adjustments to gross profitability provide a more meaningful understanding of the economic impact of orders fulfilled through our platform, as they incorporate the direct expenses associated with generating and servicing customer demand and isolate key cost drivers. Accordingly, we believe that Contribution Profit and Contribution Margin offer useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and the board of directors.

We calculate Adjusted EBITDA as net income or loss before depreciation and amortization, equity-based compensation and related taxes, interest income or expense, net, other income or expense, net, provision or benefit for income taxes, net, non-recurring items and other items not indicative of our core operating performance. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Net Revenue. We disclose Adjusted EBITDA because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, management uses Adjusted EBITDA as a measure of profitability, and our references in this earnings release and the related earnings conference call to profitability (other than references to GAAP gross profit) are references to Adjusted EBITDA. We believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis as these costs may vary independent of business performance. For instance, we exclude the impact of equity-based compensation and related taxes as we do not consider this item to be indicative of our core operating performance. Investors should, however, understand that equity-based compensation and related taxes will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

We calculate Free Cash Flow as net cash provided by or used in operating activities less net cash used to purchase property and equipment and site and software development costs (collectively, "Capital Expenditures"). We disclose Free Cash Flow because it is an important indicator of our business performance as it measures the amount of cash we generate. Accordingly, we believe that Free Cash Flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

We calculate Adjusted Diluted Earnings or Loss per Share as net income or loss plus equity-based compensation and related taxes, provision or benefit for income taxes, net, non-recurring items, other items not indicative of our core operating performance, and, if dilutive, interest expense associated with convertible debt instruments under the if-converted method divided by the weighted-average number of shares of common stock used in the computation of diluted earnings or loss per share. Accordingly, we believe that these adjustments to our adjusted diluted net income or loss before calculating per share amounts for all periods presented provide a more meaningful comparison between our operating results from period to period.

We calculate Net Revenue Constant Currency Growth by translating the current period local currency net revenue by the currency exchange rates used to translate the financial statements in the comparable prior-year period. We disclose Net Revenue Constant Currency Growth because it is an important indicator of our operating results. Accordingly, we believe that Net Revenue Constant Currency Growth provides useful information to investors and others in understanding and evaluating trends in our operating results in the same manner as our management.

We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP financial measures. We do not attempt to provide a reconciliation of forward-looking non-GAAP financial measures to forward looking GAAP financial measures because forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

The non-GAAP financial measures have limitations as analytical tools. We do not, nor do we suggest that investors should consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies, including other companies in our industry.

The following table reflects the reconciliation of gross profit to Adjusted Gross Profit and Adjusted Gross Profit Margin for each of the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except percentages)

Reconciliation of Adjusted Gross Profit:

Gross profit

$       1,054

$          984

$       1,934

$       1,821

Gross margin

30.0 %

30.1 %

30.0 %

30.3 %

Add: Equity-based compensation and related taxes included in cost of goods sold

2

2

3

4

Adjusted Gross Profit

$       1,056

$          986

$       1,937

$       1,825

Adjusted Gross Margin

30.0 %

30.1 %

30.0 %

30.4 %

The following table reflects the reconciliation of Adjusted Gross Profit to Contribution Profit and Contribution Profit Margin for each of the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except percentages)

Reconciliation of Contribution Profit:

Net revenue

$       3,519

$       3,273

$       6,450

$       6,003

Less: Cost of goods sold

2,465

2,289

4,516

4,182

Gross profit

1,054

984

1,934

1,821

Gross margin

30.0 %

30.1 %

30.0 %

30.3 %

Add: Equity-based compensation and related taxes included in cost of goods sold

2

2

3

4

Adjusted Gross Profit

1,056

986

1,937

1,825

Adjusted Gross Margin

30.0 %

30.1 %

30.0 %

30.4 %

Less: Customer service and merchant fees

128

121

242

228

Less: Advertising

392

372

721

716

Add: Equity-based compensation and related taxes
included in customer service and merchant fees

3

4

5

7

Contribution Profit

$          539

$          497

$          979

$          888

Contribution Margin

15.3 %

15.2 %

15.2 %

14.8 %

The following table reflects the reconciliation of net (loss) income to Adjusted EBITDA and Adjusted EBITDA margin for each of the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except percentages)

Reconciliation of Adjusted EBITDA:

Net (loss) income

$               (1)

$             15

$        (106)

$           (98)

Depreciation and amortization

64

78

131

159

Equity-based compensation and related taxes

72

101

143

169

Interest expense, net

39

29

78

52

Other expense (income), net

4

(23)

15

(33)

Provision for income taxes, net

3

2

4

5

  Other:

      Impairment and other related net charges (1)

2

—

2

23

      Restructuring and other charges, net (2)

—

9

24

65

      Loss (gain) on debt extinguishment (3)

59

(6)

102

(31)

Adjusted EBITDA

$            242

$          205

$         393

$          311

Net revenue

$         3,519

$       3,273

$      6,450

$       6,003

Net (loss) income margin

— %

0.5 %

(1.6) %

(1.6) %

Adjusted EBITDA Margin

6.9 %

6.3 %

6.1 %

5.2 %

(1)

During the three and six months ended June 30, 2026, we recorded $2 million impairment associated with our decision to exit a customer service center in the U.S. During the six months ended June 30, 2025, we recorded net charges of $23 million, inclusive of $20 million associated with the Germany Restructuring and weakened macroeconomic conditions in connection with our Germany operations and, $3 million related to changes in sublease market conditions for a technology center in the U.S.

(2)

During the six months ended June 30, 2026, we incurred $24 million of charges related to a loss on termination of an operating lease for a logistics facility. During the three and six months ended June 30, 2025, we incurred $9 million and $65 million, respectively, of charges consisting primarily of one-time employee severance, benefits, relocation and transition costs. This is inclusive of $46 million related to the Germany Restructuring and $19 million related to the March 2025 workforce reduction. We do not expect to incur any further material charges related to this workforce reduction.

(3)

During the three and six months ended June 30, 2026, we recorded a $59 million and $102 million, respectively, loss on debt extinguishment upon repurchase of $145 million in aggregate principal amount of the 2028 Notes. During the three and six months ended June 30, 2025, we recorded a $6 million and $31 million, respectively, gain on debt extinguishment upon repurchase of $80 million in aggregate principal amount of the 2025 Notes and $696 million in aggregate principal amount of the 2026 Notes.

The following table presents Adjusted EBITDA attributable to our segments, and the reconciliation of net income or loss to Adjusted EBITDA is presented in the preceding table:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions)

Segment Adjusted EBITDA:

US

$            261

$            224

$            422

$            319

International

(19)

(19)

(29)

(8)

Adjusted EBITDA

$            242

$            205

$            393

$            311

The following table presents a reconciliation of net cash provided by or used in operating activities to Free Cash Flow for each of the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions)

Net cash provided by operating activities

$            360

$            273

$            308

$            177

Purchase of property and equipment

(26)

(13)

(51)

(18)

Site and software development costs

(33)

(30)

(62)

(68)

Free Cash Flow

$            301

$            230

$            195

$             91

A reconciliation of the numerator and denominator for diluted earnings or loss per share, the most directly comparable GAAP financial measure, to the numerator and denominator for Adjusted Diluted Earnings or Loss per Share, in order to calculate Adjusted Diluted Earnings or Loss per Share is as follows:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except per share data)

Numerator:

Numerator for basic and diluted (loss) earnings per share - net (loss) income

$               (1)

$             15

$           (106)

$             (98)

Adjustments to net (loss) income

Interest expense associated with convertible debt instruments

4

13

11

27

Equity-based compensation and related taxes

72

101

143

169

Provision for income taxes, net

3

2

4

5

Other:

Impairment and other related net charges

2

—

2

23

Restructuring and other charges, net

—

9

24

65

Loss (gain) on debt extinguishment

59

(6)

102

(31)

Numerator for Adjusted Diluted Earnings
per Share - Adjusted net (loss) income

$            139

$            134

$            180

$             160

Denominator:

Denominator for basic (loss) earnings per share -
weighted-average number of shares of common stock
outstanding

132

128

131

127

Effect of dilutive securities:

Restricted stock units

—

1

—

—

Denominator for diluted (loss) earnings per share -
weighted-average number of shares of common stock
outstanding after the effect of dilutive securities

132

129

131

127

Adjustments to effect of dilutive securities:

Restricted stock units

1

—

—

—

Convertible debt instruments

14

27

16

30

Denominator for Adjusted Diluted Earnings per
Share - Adjusted weighted-average number of shares
of common stock outstanding after the effect of
dilutive securities

147

156

147

157

Diluted (loss) earnings per share

$          (0.01)

$           0.11

$          (0.81)

$           (0.77)

Adjusted Diluted Earnings per Share

$           0.95

$           0.87

$           1.22

$            1.02

SOURCE Wayfair Inc.