Wall Street watches a company's quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands out among the rest: earnings.
We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises.
The ability to identify stocks that are likely to top quarterly earnings expectations can be profitable, but it's no simple task. Here at Zacks, our Earnings ESP filter helps make things easier.
The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP is more formally known as the Expected Surprise Prediction, and it aims to grab the inside track on the latest analyst estimate revisions ahead of a company's report. The idea is relatively intuitive as a newer projection might be based on more complete information.
The core of the ESP model is comparing the Most Accurate Estimate to the Zacks Consensus Estimate, where the resulting percentage difference between the two equals the Expected Surprise Prediction. The Zacks Rank is also factored into the ESP metric to better help find companies that appear poised to top their next bottom-line consensus estimate, which will hopefully help lift the stock price.
In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.
Most stocks, about 60%, fall into the #3 (Hold) category, and they are expected to perform in-line with the broader market. Stocks with a #2 (Buy) and #1 (Strong Buy) rating, or the top 15% and top 5% of stocks, respectively, should outperform the market, with Strong Buy stocks outperforming more than any other rank.
Should You Consider Archrock Inc.?The final step today is to look at a stock that meets our ESP qualifications. Archrock Inc. (AROC - Free Report) earns a #3 (Hold) one day from its next quarterly earnings release on May 5, 2026, and its Most Accurate Estimate comes in at $0.49 a share.
By taking the percentage difference between the $0.49 Most Accurate Estimate and the $0.47 Zacks Consensus Estimate, Archrock Inc. has an Earnings ESP of +5.00%. Investors should also know that AROC is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
AROC is one of just a large database of Oils and Energy stocks with positive ESPs. Another solid-looking stock is Weatherford (WFRD - Free Report) .
Slated to report earnings on July 28, 2026, Weatherford holds a #3 (Hold) ranking on the Zacks Rank, and its Most Accurate Estimate is $0.97 a share 85 days from its next quarterly update.
The Zacks Consensus Estimate for Weatherford is $0.96, and when you take the percentage difference between that number and its Most Accurate Estimate, you get the Earnings ESP figure of +0.87%.
AROC and WFRD's positive ESP metrics may signal that a positive earnings surprise for both stocks is on the horizon.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
May 05, 2026 08:30 ET | Source: Weatherford International, LLC
HOUSTON, May 05, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced it has been awarded multiple managed pressure drilling (“MPD”) contracts and a global aftermarket agreement with Noble Corporation (“Noble”), further strengthening the long-standing relationship between the two companies and reinforcing Weatherford’s leadership in MPD systems and lifecycle support.
The awards include the delivery of two deepwater managed pressure drilling systems to support Noble’s Guyana operations, with delivery expected before year-end. Weatherford is also executing an upgrade on a third-party MPD system that is being assembled and configured at the Company’s Managed Pressure Wells Center of Excellence in Houston with deployment to Nigeria expected in the third quarter. In addition, Weatherford and Noble have entered into a global aftermarket agreement covering MPD systems across Noble’s fleet, providing standardized lifecycle support, parts, and services to enhance operational reliability worldwide.
Girish Saligram, Weatherford’s President and Chief Executive Officer, commented, “These awards reflect both the strength of our partnership with Noble and the value our managed pressure drilling technology delivers in complex offshore environments. Our MPD systems are designed to provide precise pressure control, enhance safety, and improve drilling efficiency, and our global manufacturing and aftermarket capabilities ensure consistent performance throughout the asset lifecycle. We are proud to support Noble with technologies and services that help drive reliable execution across their global operations.”
Joey Kawaja, Noble’s Senior Vice President of Operations, commented, “Managed pressure drilling plays a critical role in enabling safe and efficient execution in some of the world’s most complex offshore environments. Weatherford has been a trusted partner to Noble for many years, and these awards reinforce our confidence in their MPD technology, operational expertise, and global support capabilities. The addition of new systems further strengthens our ability to deliver top-tier performance across our fleet and support our customers worldwide.”
Weatherford’s MPD solutions deliver precise wellbore pressure control to support drilling performance in complex and high-pressure environments while improving safety and reducing non-productive time. Combined with the Company’s global Centers of Excellence and aftermarket infrastructure, Weatherford provides customers with consistent quality, responsiveness, and long-term asset value.
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
For Investors:
Luke Lemoine
Weatherford Investor Relations
+1 713-836-7777 [email protected]
May 06, 2026 08:30 ET | Source: Weatherford International, LLC
HOUSTON, May 06, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced that it has been awarded two contracts with Constellation Oil Services to support offshore operations in Brazil, strengthening its long‑standing presence in the country’s deepwater market. The contracts span both well intervention and drilling activities and reinforce Weatherford’s position as a trusted partner to drilling contractors operating in Brazil’s most complex offshore environments.
Expanded Support for Offshore Well Intervention Operations
Under the first contract, Weatherford will expand its services on Constellation’s UDW (“ultra deepwater”) semisubmersible Gold Star, which operates offshore Brazil, focused on Campos and Espírito Santo Basins. The additional scope provided by Weatherford supports plug and abandonment and workover activities, enhances the Gold Star capability for offshore well intervention work, and strengthens its position within the Brazilian offshore market. Weatherford will execute the work using local teams and infrastructure in Brazil.
The new contract commenced in March and is expected to run through December 2028, aligned with the term of the Gold Star’s contract. This marks the first time such an integrated service has been incorporated into the rig’s scope of work and the first instance of this model being contracted by the end client directly through the rig. In this context, Weatherford positions itself at the forefront of this market development through a strategic partnership with Constellation, supported by strong technical and operational capabilities and short response times that proved to be a key differentiator for the client.
New Managed Pressure Drilling Contract in the Búzios Field
In a second, independent award, Constellation Oil Services has selected Weatherford to support a new offshore drilling campaign in Brazil, with a focus in the Búzios Field, one of the country’s largest offshore production areas. The scope includes the provision of drilling technology for Constellation’s UDW drillship Brava Star, under which Weatherford will provide equipment and operate and maintain the system, commencing in the first quarter of 2027 through December 2030. The agreement reflects Constellation’s confidence in Weatherford’s operational track record, safety focus, and ability to support complex deepwater drilling operations.
Girish Saligram, Weatherford’s President and Chief Executive Officer, commented, “These awards reflect Weatherford’s ability to execute complex offshore operations at scale, combining proven technology with strong local delivery and the continued confidence Constellation places in our operational capabilities. Across intervention and drilling activities, our solutions are supporting safer operations, improved performance, and high reliability in deepwater environments, backed by dedicated infrastructure and experienced teams in Brazil.”
The awards underscore Weatherford’s broad portfolio of offshore technologies and strong in‑country delivery capability, as the company continues to expand its role in some of Brazil’s most demanding offshore developments.
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
For Investors:
Luke Lemoine
Weatherford Investor Relations
+1 713-836-7777 [email protected]
May 07, 2026 08:30 ET | Source: Weatherford International, LLC
HOUSTON, May 07, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced that it has been selected by Ventura Offshore Holding Ltd (“Ventura Offshore”) to provide a complete managed pressure drilling (“MPD”) solution for the SSV Victoria offshore drilling rig in Brazil.
As part of the award, Weatherford will deliver its G3 Integrated Riser Joint (“IRJ”) MPD system, along with turnkey rig preparation, system integration, and a long‑term aftermarket maintenance services package for offshore operations in Brazil’s Búzios Field. The single, OEM‑led scope enables seamless execution from system delivery and installation through long‑term operation, while the aftermarket services support predictable costs, high efficiency, and system reliability over the life of the contract.
Weatherford’s MPD IRJ technology enhances safety, performance, and uptime in deepwater wells with tight pressure windows and is the most widely deployed MPD solution in Brazil, supported by proven offshore experience and strong local teams providing engineering, maintenance, and field support. Global engineering and configuration support is delivered through Weatherford’s Managed Pressure Wells Center of Excellence in Houston, Texas.
Girish Saligram, Weatherford’s President and Chief Executive Officer, commented, “We appreciate Ventura Offshore’s confidence in Weatherford and the opportunity to support the SSV Victoria as it prepares for offshore operations in Brazil. This award underscores our shared focus on reliable execution, leveraging our proven MPD experience in offshore Brazil and the strength of our local teams to deliver safe, efficient, and consistent performance alongside Ventura Offshore.”
Guilherme Coelho, CEO of Ventura Offshore, commented, “An integrated MPD solution is key to safe, predictable, and high-performance operations on SSV Victoria. Weatherford’s end-to-end scope and strong track record in Brazil align well with our focus on reducing interfaces and operational risk. We look forward to working together to enhance the operational capabilities of the SSV Victoria and deliver consistent results for our client.”
This award represents new work for Weatherford and reinforces the Company’s position as a trusted MPD partner in Brazil’s offshore market, leveraging proven technology, local expertise, and integrated execution capabilities to support complex deepwater operations.
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
About Ventura Offshore Holding Ltd.
Ventura Offshore Holding Ltd. is a deep-water drilling contractor providing offshore drilling services to the oil and gas industry since 1998 in Brazil and worldwide. The Company owns and operates one drillship, DS Carolina, and two semisubmersible drilling rigs, SSV Victoria and SSV Catarina, and further manages one drillship, Atlantic Zonda. The drilling rigs are currently operating offshore Brazil and Indonesia. The Company is incorporated under the laws of Bermuda and was listed on Euronext Growth Oslo on June 5, 2024, under the ticker “VTURA.” Additional information about Ventura Offshore Holding can be found at https://ventura-offshore.com/en/a-ventura/
For Investors:
Luke Lemoine
Weatherford Investor Relations
+1 713-836-7777 [email protected]
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Weatherford (WFRD - Free Report) Weatherford International plc is a multinational energy services company that provides equipment and services used across the well life cycle in oil, natural gas, and new energy platforms. Its offerings support drilling, evaluation, well construction, completions, production, intervention, and responsible abandonment. The company conducts business in approximately 75 countries with about 295 operating locations that include manufacturing, research and development, service, and training facilities. Weatherford ordinary shares trade on the Nasdaq Global Select Market under the symbol WFRD.
WFRD is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 17.96; value investors should take notice.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.23 to $6.07 per share. WFRD boasts an average earnings surprise of +42.7%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, WFRD should be on investors' short list.
May 14, 2026 16:30 ET | Source: Weatherford International, LLC
HOUSTON, May 14, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today the release of the 2025 Sustainability Report, reflecting continued sustainability progress and highlighting the impact of efforts across operations.
Girish Saligram, Weatherford’s President and Chief Executive Officer, commented, “At Weatherford, sustainability continues to be an important factor in how we operate, innovate, and deliver value to our customers. Over the past year, we have built on our progress, strengthening our approach and advancing initiatives that support long-term performance. As the global landscape continues to shift, we remain focused on driving meaningful impact and working alongside our customers to help shape the future of the industry.”
We invite you to explore the 2025 Sustainability Report at weatherford.com/sustainability.
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
For Investors:
Luke Lemoine
Weatherford Investor Relations
+1 713-836-7777 [email protected]
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Weatherford (WFRD - Free Report) Weatherford International plc is a multinational energy services company that provides equipment and services used across the well life cycle in oil, natural gas, and new energy platforms. Its offerings support drilling, evaluation, well construction, completions, production, intervention, and responsible abandonment. The company conducts business in approximately 75 countries with about 295 operating locations that include manufacturing, research and development, service, and training facilities. Weatherford ordinary shares trade on the Nasdaq Global Select Market under the symbol WFRD.
WFRD is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Oils-Energy stock. WFRD has a Momentum Style Score of B, and shares are up 10% over the past four weeks.
For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.23 to $6.07 per share. WFRD boasts an average earnings surprise of +42.7%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, WFRD should be on investors' short list.
May 21, 2026 08:30 ET | Source: Weatherford International, LLC
HOUSTON, May 21, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced it has been awarded a deepwater integrated completions contract by Esso Exploration & Production Nigeria Ltd. (“EEPNL”), an ExxonMobil affiliate, for offshore Nigeria.
The contract falls within Weatherford’s Well Construction and Completions portfolio. Weatherford will provide integrated upper and lower completions solutions for deepwater wells, with a scope focused on supporting safety, reliability, well integrity, and operational efficiency over the lifecycle of the well.
The integrated completions equipment will be configured and prepared through Weatherford’s global supply chain and supported locally in Nigeria, in line with contract terms, to enable in-country execution and service delivery.
Girish Saligram, Weatherford’s President and Chief Executive Officer, commented, “This contract reflects our ability to deliver integrated completions solutions for deepwater operations. We will provide technologies designed to support well integrity, reliability, and efficient execution in complex offshore environments.”
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
For Investors:
Luke Lemoine
Weatherford Investor Relations
+1 713-836-7777 [email protected]
A month has gone by since the last earnings report for Weatherford (WFRD - Free Report) . Shares have added about 10.3% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Weatherford due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
WFRD Q1 Earnings Top Estimates on Well Construction Segment's Strength
Weatherford International delivered first-quarter 2026 earnings of $1.49 per share, reflecting a 44.7% increase from $1.03 in the year-ago period. The bottom line topped the Zacks Consensus Estimate of $1.02 by 46.1%.
Quarterly revenues were $1,152 million, down 3.4% from $1,193 million in the year-ago period. The top line beat the Zacks Consensus Estimate of $1,138.33 million by 1.2%.
The strong quarterly earnings reflected steady Well Construction and Completions performance despite operational disruptions in the Middle East.
WFRD’s Regional Trends Reflect Headwinds and Resilience
In the first quarter of 2026, North America revenues were $220 million, down 12% year over year, reflecting softer activity in U.S. land and offshore markets, partially offset by stronger Completions activity in Canada. International revenues totaled $932 million, down 1% from the prior-year quarter.
Within international markets, Latin America revenues fell 7% year over year to $223 million, largely tied to lower activity in Argentina following the sale of the Pressure Pumping business, partially offset by a rebound in activity in Mexico.
Middle East/North Africa/Asia revenues declined 5% to $476 million amid heightened geopolitical tensions, partially offset by higher Completions activity in Saudi Arabia. Europe/Sub-Sahara Africa/Russia was a bright spot, with revenues rising 17% year over year to $233 million, driven by higher Integrated Services and Projects and Tubular Running Services (“TRS”) activity in Europe.
Q1 Segment Trends
Weatherford’s Well Construction and Completions (WCC) segment generated $443 million in revenues, essentially flat compared with $441 million in the year-ago quarter. Segment adjusted EBITDA was $110 million, down 14% year over year. The decline reflected flat overall activity and weaker fall through in the Middle East/North Africa/Asia, partly offset by better TRS fall through in North America.
Drilling and Evaluation (DRE) revenues decreased 8% year over year to $321 million, with segment adjusted EBITDA of $72 million, down 3%. This can be primarily attributed to reduced activity levels in Latin America, the MENA region and North America, partially offset by stronger wireline and drilling services activity in Europe.
Production and Intervention (PRI) revenues declined 11% to $296 million, and segment adjusted EBITDA dropped 13% to $54 million, pressured by the Argentina Pressure Pumping divestiture and lower Artificial Lift activity in North America. The decrease was partially offset by higher Subsea Intervention activity.
Profitability, Balance Sheet and Cash Flows
WFRD posted first-quarter 2026 operating income of $123 million, down 13% year over year, while net income attributable to Weatherford rose 42% to $108 million. The year-over-year increase in net income was aided by lower interest and other expenses, despite revenue pressure and operational complexity tied to the Iran conflict.
Net cash provided by operating activities was $136 million, and capital expenditures were $54 million. Weatherford continued returning capital, paying $20 million in dividends and repurchasing $10 million of shares, resulting in total shareholder returns of $30 million in the reported quarter.
As of March 31, 2026, cash and cash equivalents were $1,012 million, with restricted cash of $38 million, while long-term debt stood at $1,453 million.
WFRD’s Management Commentary and Outlook
Management expects operational disruptions in the Middle East to weigh on near-term visibility, with several weeks potentially needed for activity levels to normalize. The company indicated that freight costs have risen sharply, while project delays and suspensions have affected drilling and workover activity across multiple Middle East countries due to the Iran conflict.
For the second quarter of fiscal 2026, Weatherford guided revenues to $1.017- $1.110 billion and adjusted EBITDA between $195 million and $220 million. For full-year 2026, the company expects revenues of $4.50-$4.95 billion and adjusted EBITDA in the range of $945 million to $1.075 billion, with adjusted free cash flow conversion in the mid-40% range and an effective tax rate in the low to mid-20% range.
Management quantified the Iran conflict impact as approximately $30-$50 million of profit headwind over the first half of the year, while expressing increased confidence in a stronger second-half ramp and improving visibility into 2027.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted -12.86% due to these changes.
VGM ScoresCurrently, Weatherford has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Weatherford has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
HOUSTON, June 01, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) and NCS Multistage Holdings, Inc. (NASDAQ: NCSM) (“NCS Multistage”) today announced that Weatherford has entered into a definitive agreement to acquire NCS Multistage. Under the terms of the agreement, NCS Multistage stockholders have an election to receive either Weatherford common stock or a combination of Weatherford common stock and cash. On a blended basis, this is expected to be the equivalent of 0.463 shares of Weatherford common stock for each NCS Multistage share with up to 19.99% of this payable in cash. Annual cost synergies are expected to be at least $15 million and be realized within 18 months of closing. The deal is expected to be immediately accretive to adjusted Free Cash Flow per share.
NCS Multistage brings a complementary technology portfolio aimed at supporting the optimization of oil and gas well completions and field development strategies. Its solutions are designed to enhance reliability and performance in complex well environments and are widely recognized for engineering rigor and capital-efficient deployment.
Compelling Strategic Benefits
The acquisition is expected to complement and enhance Weatherford’s portfolio by:
Expanding offerings in the well completions segment, while deepening Weatherford’s capabilities in the unconventional space.
Supporting the delivery of differentiated, technology-enabled solutions that help customers improve operational and production outcomes.Providing an avenue for further growth of NCS Multistage’s portfolio by leveraging Weatherford’s international footprint. Girish Saligram, Weatherford’s President and Chief Executive Officer, commented, “The acquisition of NCS Multistage is a natural complement to our completions strategy and enhances the application fit of our well construction products portfolio. NCS Multistage's technology is expected to enhance our ability to serve customers across the completion lifecycle, from well design through production optimization and late-life interventions, while deepening our exposure to the growing unconventional resource market. We expect to realize at least $15 million in annual run-rate cost synergies over a period of 18 months. Additionally, we see a meaningful opportunity to create additional value by bringing this technology to our global customer base, and we look forward to welcoming NCS Multistage into Weatherford.”
Ryan Hummer, NCS Multistage’s Chief Executive Officer, commented, “This is a significant step for NCS Multistage that we believe positions our business—and the talented people who built it—for the next phase of growth as part of a leading global energy services company. I am proud of the company that our team at NCS Multistage has built, and it is clear from our interactions that Weatherford recognizes the strength of our technology, the quality of our operations, and the commitment of our people. This combination creates an opportunity for our products, technology, and people to reach a broader set of customers and markets faster than we could on our own, supported by Weatherford’s financial strength and international footprint, providing long-term opportunity and value for our stakeholders.”
Transaction Details and Approvals
The transaction has been approved by the Board of Directors of Weatherford, the Board of Directors of NCS Multistage, and the controlling stockholder of NCS Multistage that owns more than 50% of NCS Multistage’s outstanding common stock. The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2026. Until the transaction closes, Weatherford and NCS Multistage will continue to operate as separate, independent companies.
Under the terms of the agreement, NCS Multistage stockholders can elect to receive either 0.554 shares of Weatherford common stock at closing, or a combination of 0.239 shares of Weatherford common stock and a cash amount equal to 0.137 shares of Weatherford common stock at closing, subject to proration and certain limitations and adjustments. On a blended basis, this is expected to be the equivalent of 0.463 shares of Weatherford common stock with up to 19.99% of the total equity consideration payable in cash.
Advisors
King & Spalding LLP is acting as legal counsel to Weatherford and Baker Botts L.L.P. is acting as legal counsel to NCS Multistage. Piper Sandler & Co. is serving as financial advisor to NCS Multistage.
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
About NCS Multistage
NCS Multistage is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completion and field development strategies. NCS Multistage provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly those that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS Multistage’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East and Argentina. Visit ncsmultistage.com for more information.
Forward-Looking Statements
This communication includes statements, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements, and any related oral statements, can be identified by the use of terms such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. These statements include, but are not limited to, statements about the expected timing and completion of the proposed transaction between Weatherford and NCS Multistage, the anticipated benefits of the proposed transaction, and plans and expectations for the new combined company after the completion of the proposed transaction. Such statements are based upon the current beliefs of Weatherford’s and NCS Multistage’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to the ability to complete the proposed transaction on the timeframe or on the terms currently anticipated or at all, including due to a failure to obtain requisite regulatory approvals; risks related to difficulties, inabilities or delays in integrating the parties’ businesses; the ability to realize the anticipated benefits of the proposed transaction, including estimated synergies; the occurrence of any event, change or other circumstance that could give rise to the right of either or both parties to terminate the Merger Agreement; the potential impact of the announcement or consummation of the proposed transaction on the parties’ stock price and on their respective business, contractual and operational relationships; risks related to business disruptions from the proposed transaction that may harm the business or current plans and operations of either or both parties, including diversion of management time from ongoing business operations; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of either or both parties to hire and retain key personnel; the outcome of any legal proceedings that may be instituted against Weatherford or NCS Multistage, or their respective directors; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; Weatherford’s ability to receive, in a timely manner and on satisfactory terms, required shareholder and court approval, and to satisfy the other conditions to the proposed redomestication within the expected timeframe or at all; our ability to realize the expected benefits from the proposed redomestication; the occurrence of difficulties in connection with the redomestication, including any costs related thereto; the risk that the proposed redomestication disrupts current plans and operations; global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, public health issues such as pandemics, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; as well as the factors and risks described in Weatherford’s Annual Report on Form 10-K for the year ended December 31, 2025 and NCS Multistage’s Annual Report on Form 10-K for the year ended December 31, 2025, and, in each case, in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable factors not discussed in this communication could also have material adverse effects on forward-looking statements. You should not place undue reliance on any of Weatherford’s or NCS Multistage’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and Weatherford and NCS Multistage undertake no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”), or in a transaction exempt from the registration requirements of the Securities Act.
Additional Information About the Transaction and Where to Find It
In connection with the proposed transaction, Weatherford intends to file a registration statement on Form S-4 (the “Form S-4”) that also constitutes a prospectus of Weatherford with respect to the shares of Weatherford to be issued in the proposed transaction (the “prospectus”) and NCS Multistage intends to file an information statement on Schedule 14C, with the Securities and Exchange Commission (the “SEC”). Each of Weatherford and NCS Multistage may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the Form S-4 or prospectus or any other document that Weatherford or NCS Multistage may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE INFORMATION STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the Form S-4 and the information statement/prospectus (if and when available) and other documents containing important information about Weatherford, NCS Multistage and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with, or furnished to, the SEC by Weatherford will be available free of charge on Weatherford’s website at https://weatherford.com/investor-relations/home. Copies of the documents filed with, or furnished to, the SEC by NCS Multistage will be available free of charge on NCS Multistage’s website at https://ir.ncsmultistage.com. The information included on, or accessible through, Weatherford’s or NCS Multistage’s website is not incorporated by reference into this communication.
For Investors:
Luke Lemoine
Weatherford Investor Relations
+1 713-836-7777 [email protected]
Mike Morrison
NCS Multistage Holdings Chief Financial Officer and Treasurer
+1 281-453-2222 [email protected]
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Stock to Watch: Weatherford (WFRD - Free Report) Weatherford International plc is a multinational energy services company that provides equipment and services used across the well life cycle in oil, natural gas, and new energy platforms. Its offerings support drilling, evaluation, well construction, completions, production, intervention, and responsible abandonment. The company conducts business in approximately 75 countries with about 295 operating locations that include manufacturing, research and development, service, and training facilities. Weatherford ordinary shares trade on the Nasdaq Global Select Market under the symbol WFRD.
WFRD is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 16.9; value investors should take notice.
For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.38 to $6.13 per share. WFRD boasts an average earnings surprise of +42.7%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, WFRD should be on investors' short list.
HOUSTON, June 01, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) filed its definitive proxy statement (the “Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) on April 21, 2026, in connection with Weatherford’s proposal to Redomesticate from Ireland to the United States of America (the “U.S.”). Capitalized terms used herein but not defined have the meanings set forth in the Proxy Statement.
As explained in the Proxy Statement, we believe that moving from Ireland back to the U.S. provides Weatherford and its shareholders with certain unique financial, operational, and other benefits. These include the following:
Financial Benefits: The Redomestication has expected financial benefits for Weatherford and its shareholders, which we estimate could result in approximately $20 million to $30 million in annual cash savings to Weatherford beginning in 2027, if the Redomestication is completed in 2026. Additionally, we view the Redomestication as fundamental to achieving our long-term goal of approximately 50% annual adjusted free cash flow conversion*;Key Value Drivers: The Redomestication is expected to enhance long-term shareholder value by simplifying our corporate structure, increasing financial and operational flexibility, broadening our U.S. shareholder and lending base, improving access to capital, enhancing cash management and administrative efficiency, and providing certain tax benefits, all of which are expected to contribute to the financial benefits discussed above;Eases M&A Process and Regulation: Moving to the U.S. will enable us to more effectively and efficiently execute merger and acquisition transactions, including to closely align with our peers with respect to the M&A and regulatory framework in the U.S. and to streamline transactions that Weatherford may pursue to enhance shareholder value;Court Approved Process: The Redomestication is being effected through a Scheme of Arrangement under Irish Law, which provides added protection to our shareholders and which must be sanctioned by the Irish High Court at a hearing where interested parties may appear (including Weatherford-Ireland shareholders) in person or by counsel;Headquarters Rationalized with Jurisdiction: We are moving our corporate jurisdiction to Texas to align with our Texas headquarters and longstanding Texas operations.
* Adjusted free cash flow conversion is a non-GAAP measure. See Non-GAAP Financial Measure Defined below.
Our Redomestication proposal is a move from Ireland to the U.S. and is distinct in many regards from many of the domestic state-to-state standalone reincorporations currently being presented to shareholders of other companies. We are moving from a foreign domicile back to the U.S. principally for financial, operational and other benefits. Our proposal supports Weatherford’s value and addresses its specific needs – accordingly, we ask for your support.
We were disappointed to learn that certain proxy advisory firms are recommending that our shareholders vote to keep Weatherford as an Irish domiciled company, rather than moving back to the U.S. We believe both Glass Lewis and ISS overlooked the financial, operational and other benefits of moving back to the U.S. described in our Proxy Statement and referenced herein. We encourage you to evaluate this transaction on its own merits.
Since the current management team and board of directors joined Weatherford in 2020, the company has been intensely focused on creating and delivering shareholder value. As evidence of this focus, we have significantly grown Weatherford's equity value, deleveraged the business by paying down over $1 billion in notes since Q1’24, and substantially improved our liquidity. We have also implemented a $500 million share repurchase program, initiated an annual dividend, and subsequently increased it. Building on this track record, our board of directors and management team recommend that shareholders approve the redomestication of the Company from Ireland to the U.S., which will better position us to continue advancing this focus on shareholder value.
Weatherford strongly believes the Redomestication will enhance shareholder value over the long-term and strongly encourages you to vote “FOR” each of the proposals at the shareholder meetings. Please vote today.
You can vote at proxyvote.com with your 16-digit control number. Your control number was emailed to you from [email protected]. If you can’t find your control number, or you need assistance voting your shares, you can also call our proxy solicitor, Okapi Partners, toll-free at +1 (855) 208-8902, or e-mail [email protected].
Forward-Looking Statements
This release, as well as other statements we make, include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts, including statements about Weatherford’s beliefs, plans, estimates, or expectations, are forward-looking statements. Forward-looking statements often use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “plan,” “potential,” “should,” “target,” “will,” and other words of similar meaning. Such forward-looking statements include, but are not limited to, statements regarding the Redomestication, that include, among other things, the anticipated timing and benefits of the Redomestication, including the realization of additional cost savings and operational efficiencies, and statements relating to future financial performance and results and goals. These statements are based on current beliefs, plans, estimates, and expectations, all of which involve risk and uncertainty. Actual results may differ materially from those included in such forward-looking statements and therefore you should not place undue reliance on them.
The factors that could cause actual results to differ materially from current expectations include, but are not limited to, our ability to receive, in a timely manner and on satisfactory terms, required shareholder and court approval, and to satisfy the other conditions to the Redomestication within the expected timeframe or at all; our ability to realize the expected benefits from the Redomestication; the occurrence of difficulties in connection with the Redomestication, including any costs related thereto; the risk that the Redomestication disrupts current plans and operations; any changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by the tax authorities in Ireland, the United States and other jurisdictions following the Redomestication; and the future financial performance of Weatherford following the Redomestication.
The foregoing factors are in addition to those other risks, uncertainties, and factors included in the “Risk Factors” section and elsewhere in Weatherford’s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, the proxy statement described below, and other documents filed with the SEC. There may be other risks and uncertainties that we are not currently aware of or are unable to predict and which may also affect Weatherford’s forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements and Weatherford undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Additional Information and Where to Find It
In connection with the Redomestication, Weatherford filed a definitive proxy statement with the SEC on April 21, 2026. Weatherford may also file other relevant documents with the SEC regarding the Redomestication. The definitive proxy statement has been mailed to shareholders of Weatherford. This communication is not a substitute for any proxy statement or any other document that is or may be filed with the SEC or sent to Weatherford’s shareholders in connection with the Redomestication.
INVESTORS AND SECURITY HOLDERS OF WEATHERFORD ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT WEATHERFORD AND THE REDOMESTICATION AND RELATED MATTERS.
Investors and security holders are and will be able to obtain free copies of the definitive proxy statement and other documents containing important information about Weatherford and the Redomestication through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Weatherford are available free of charge on Weatherford’s website at www.weatherford.com.
Participants in the Solicitation
Weatherford and its directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies from Weatherford’s shareholders in connection with the Redomestication. Information about the directors and executive officers of Weatherford and their ownership of Weatherford’s securities is set forth in the definitive proxy statement relating to the Redomestication https://www.sec.gov/ix?doc=/Archives/edgar/data/1603923/000119312526166847/d120523ddef14a.htm, which was filed with the SEC on April 21, 2026, including under the sections entitled “2025 Director Compensation,” “2025 Summary Compensation Table,” “Grants of Plan-Based Awards,” “Outstanding Equity Awards at December 31, 2025,” “Option Exercises and Shares Vested in 2025,” and “Share Ownership.” You may obtain free copies of these documents using the sources indicated above.
Non-GAAP Financial Measure Defined
Adjusted Free Cash Flow Conversion - Adjusted free cash flow conversion is a non-GAAP measure that is calculated by dividing adjusted free cash flow by adjusted EBITDA. Management believes adjusted free cash flow conversion is useful to assess the level of normalized liquidity generated in the operating cycle. Adjusted free cash flow conversion should be considered in addition to, but not as a substitute for the GAAP measures described above for the respective components, and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP. The statement of adjusted free cash flow conversion above is a statement of Weatherford’s long-term goal, rather than a statement as to expected future performance.
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
For Investors:
Luke Lemoine
Weatherford Investor Relations
+1 713-836-7777 [email protected]
Key Takeaways WFRD agreed to acquire NCS Multistage to expand its well completions and solutions.NCSM holders can choose all stock or stock plus cash in the merger deal terms.WFRD expects $15M annual synergies within 18 months and higher adjusted free cash flow per share. Weatherford International plc (WFRD - Free Report) has recently signed an agreement to acquire NCS Multistage Holdings (NCSM - Free Report) in a deal that is intended to broaden WFRD’s footprint and range of offerings in well completions, while expanding the company’s capabilities in the unconventional resource sector. Per the terms of the agreement, the shareholders of NCS Multistage will be able to choose between an all-stock or a cash-and-stock option for the merger consideration.
Expected Synergies and Free Cash Flow AccretionThis implies that NCSM shareholders will receive either only Weatherford common stock or a combination of Weatherford common stock and cash. Overall, the company expects shareholders to receive 0.463 shares of Weatherford common stock in exchange for one NCS Multistage share, with 19.99% of the value to be payable in cash. WFRD noted that the cost synergies from this deal are expected to be at least $15 million on an annual basis, which will be realized within the first 18 months of closing. The acquisition is also expected to be accretive to its adjusted free cash flow per share.
Long-Term Growth Opportunities From the AcquisitionThe acquisition of NCS Multistage brings complementary technologies that should enhance Weatherford’s well-completions portfolio and field development solutions. The deal will enable the deployment of innovative, technology-driven solutions that improve operational efficiency and reliability in complex well environments. Additionally, NCS Multistage's services are expected to benefit from Weatherford's extensive global footprint.
WFRD conducts business in nearly 75 countries and offers a wide range of services across the entire well life cycle. Its offerings include drilling support, evaluation, well construction, completions, production, intervention and more. The acquisition is expected to strengthen its capabilities and serve customers at all stages of the well construction and completion lifecycle, and provide increased exposure to the unconventional resource segment.
Zacks Rank and Key PicksWFRD currently carries a Zacks Rank #3 (Hold), while NCSM has a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the energy sector are Cenovus Energy (CVE - Free Report) and W&T Offshore (WTI - Free Report) . While Cenovus sports a Zacks Rank #1 (Strong Buy), W&T Offshore carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cenovus Energy Inc. is a Canadian integrated energy company with operations spanning across the upstream, midstream and downstream sectors. The company is involved in exploration and production from its low-cost oil sands and heavy oil assets in Canada. The strategic MEG Energy acquisition is expected to boost Cenovus Energy's production levels in 2026.
W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its future production prospects, which is expected to enhance its revenues.
June 11, 2026 16:30 ET | Source: Weatherford International, LLC
HOUSTON, June 11, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced the results of its shareholder meetings held on June 11, 2026, which included a Special Court-Convened Meeting in compliance with Irish law and the Company’s 2026 Annual General Meeting.
Shareholders representing approximately 89.78% of the Company’s 71,933,662 outstanding shares, cast votes at the meetings. All items related to routine matters brought before the shareholders at the Company’s annual meeting were approved, including the election of Weatherford’s directors, the ratification of the Company’s external auditor in KPMG, and other matters.
Shareholders also voted on certain non-routine proposals related to the Company’s proposed redomestication from Ireland to Texas in the U.S. at the meetings. While more than 60% of votes cast were in support of the redomestication proposals, those requiring a higher 75% approval did not receive the level of votes needed to pass.
Given the level of support for the proposed redomestication from Ireland to the U.S. and the associated value to be created thereby, the Company will continue engaging with shareholders and intends to present an updated proposal in the coming weeks to redomicile to Delaware in the U.S. at a future meeting. Further details will be announced in due course.
Girish Saligram, Weatherford’s President and Chief Executive Officer, commented, “We are encouraged by the strong shareholder engagement and the majority support we received for the redomestication proposals. While we are disappointed that we did not achieve the 75% threshold required to move forward, the conversations held as part of our shareholder interactions and the resulting support for the proposed move back to the U.S. reinforces our conviction in the value creation potential of this initiative. We remain confident that aligning our corporate structure with a U.S. domicile will better position Weatherford for long-term growth, enhanced market access, and increased shareholder value. The leadership team and our board of directors remain deeply committed to value creation and believe that the timing is right for the Company to make this move. We are hopeful and confident that the amended proposal to move to Delaware will have broad support. Further, we expect that the modest delay resulting from the transition to Delaware will not impact our employees, customers, operations or the anticipated financial or simplification outcomes for 2027 and beyond, assuming the redomestication is completed. We look forward to continuing our engagement with shareholders as we advance our path forward.”
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
Forward-Looking Statements
This release, as well as other statements we make, include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts, including statements about Weatherford’s beliefs, plans, estimates, or expectations, are forward-looking statements. Forward-looking statements often use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “plan,” “potential,” “should,” “target,” “will,” and other words of similar meaning. Such forward-looking statements include, but are not limited to, statements regarding the redomestication, that include, among other things, the anticipated timing and benefits of the redomestication, including the realization of additional cost savings and operational efficiencies, and statements relating to future financial performance and results and goals. These statements are based on current beliefs, plans, estimates, and expectations, all of which involve risk and uncertainty. Actual results may differ materially from those included in such forward-looking statements and therefore you should not place undue reliance on them.
The factors that could cause actual results to differ materially from current expectations include, but are not limited to, our ability to receive, in a timely manner and on satisfactory terms, required shareholder and court approval, and to satisfy the other conditions to the redomestication within the expected timeframe or at all; our ability to realize the expected benefits from the redomestication; the occurrence of difficulties in connection with the redomestication, including any costs related thereto; the risk that the redomestication disrupts current plans and operations; any changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by the tax authorities in Ireland, the United States and other jurisdictions following the redomestication; and the future financial performance of Weatherford following the redomestication.
The foregoing factors are in addition to those other risks, uncertainties, and factors included in the “Risk Factors” section and elsewhere in Weatherford’s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, the proxy statement for the meetings, and other documents filed with the SEC. There may be other risks and uncertainties that we are not currently aware of or are unable to predict and which may also affect Weatherford’s forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements and Weatherford undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
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Strict capital discipline among upstream energy companies is reducing the demand for oilfield services, resulting in a gloomy forecast for the Zacks Oil and Gas- Field Services industry. The success of firms in this industry heavily relies on their ability to adeptly manage the shifting landscape of energy transition. As a result, not achieving energy transition goals will adversely impact their cash flow.
Among the companies in the industry that are likely to survive the business challenges are Halliburton Company (HAL - Free Report) , TechnipFMC plc (FTI - Free Report) and Weatherford International plc (WFRD - Free Report) .
About the Industry The Zacks Oil and Gas - Field Services industry comprises companies that primarily engage in providing support services to exploration and production players. These companies help in manufacturing, repairing and maintaining wells, drilling equipment, leasing of drilling rigs, seismic testing and transport and directional solutions, among others. Also, the firms help upstream energy players locate oil and natural gas and drill and evaluate hydrocarbon wells. Hence, oilfield services businesses are positively correlated to expenditures from upstream firms. Furthermore, with countries worldwide investing heavily in liquefied natural gas (LNG) terminals, a few oilfield service companies are extending their reach beyond the hydrocarbon fields and capitalizing on contracts for manufacturing equipment used in LNG facilities to decrease carbon emissions.
3 Trends Defining the Oilfield Services Industry's Future Highly Volatile Business: The demand for oilfield services is predominantly tied to exploration and production activities. Given the reliance of oil explorers and producers on the volatile commodity pricing landscape, the business of oilfield service companies is susceptible to uncertainty.
Lower Upstream Spending: Although the commodity pricing scenario is favorable for exploration and production operations, there has been a slowdown in drilling activities, which may continue as upstream players are prioritizing stockholder returns rather than boosting output. Drilling activity slowdown signifies lower demand for oilfield services as oilfield service players mainly assist upstream companies in setting up oil and gas wells.
Impacts of Failing Energy Transition Goals on Cashflows: The prosperity of companies within the industry hinges greatly on their adeptness in navigating the evolving energy transition landscape. This encompasses the ability of oilfield service providers to efficiently tackle the decarbonization of oil and gas operations while expanding the adoption of inventive, low-carbon and carbon-neutral technologies. Consequently, falling short of energy transition objectives will have repercussions on their cash flow.
Zacks Industry Rank Indicates Bearish Outlook The Zacks Oil and Gas – Field Services is a 20-stock group within the broader Zacks Oil - Energy sector. The industry currently carries a Zacks Industry Rank #204, which places it in the bottom 17% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates gloomy near-term prospects. 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.
Before we present a few stocks that you may consider, let’s take a look at the industry’s recent stock market performance and valuation picture.
Industry Outperforms S&P 500 & Sector The Zacks Oil and Gas – Field Services industry has surpassed the Zacks S&P 500 composite and the broader Zacks Oil – Energy sector over the past year.
The industry has jumped 64.4% over this period compared with the S&P 500’s rise of 25.1% and the broader sector’s 28.2% growth.
One-Year Price Performance
Industry's Current Valuation Since oil and gas companies are debt-laden, it makes sense to value them based on the EV/EBITDA (Enterprise Value/Earnings before Interest, Tax, Depreciation and Amortization) ratio. This is because the valuation metric takes not just equity into account but also the level of debt. For capital-intensive companies, EV/EBITDA is a better valuation metric because it is not influenced by changing capital structures and ignores the effect of non-cash expenses.
On the basis of the trailing 12-month EV/EBITDA, the industry is currently trading at 9.62X compared with the S&P 500’s 18.08X and the sector’s 6.78X.
Over the past five years, the industry has traded as high as 17.81X and as low as 5.91X, with a median of 7.93X.
Trailing 12-Month Enterprise Value-to EBITDA (EV/EBITDA) Ratio
3 Oilfield Services Stocks to Watch Halliburton is also benefiting from the ongoing high prices of oil. This is because the company, carrying a Zacks Rank #3 (Hold), provides services and equipment to explorers and producers to maximize upstream operations, starting from drilling, completing and even shutting down of oil and gas wells.
Price and Consensus: HAL
TechnipFMC, being a leading provider of technology, equipment and services to the upstream players for extracting resources efficiently while reducing costs, is well-positioned to capitalize on the high oil prices. With exploration and production activities remaining favorable, demand for FTI’s services is likely to continue growing. With its activities spreading across Subsea and Surface Technologies, the company, with a Zacks Rank of 3, is strongly positioned to gain on both onshore and offshore operations. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price and Consensus: FTI
Weatherford International, a leading energy player, is likely to benefit from high oil prices. This is because the company, carrying a Zacks Rank #3, helps explorers and producers in getting optimal oil and gas from the fields. Since oil is still in its glorious days, increased upstream operations will likely drive the rise in demand for WFRD’s oilfield services.
Cathie Wood doesn't shy away from fire sales as the CEO of Ark Invest. On Friday, her family of aggressive growth ETFs added to existing stakes in CoreWeave (CRWV +8.61%), Cloudflare (NET 0.23%), and Toast (TOST +0.93%), which declined 14%, 24%, and 11%, respectively.
It was not a good day for those investors. Let's see why Wood is buying at a time when the overall market was going the other way.
Image source: Getty Images.
1. CoreWeave CoreWeave stock tumbled 11% on Friday, after following up mixed financial results with problematic top-line guidance. The hyperscaler is posting explosive growth as the AI revolution clamors for high-performance, low-latency GPU computing infrastructure solutions that CoreWeave excels at providing.
Revenue rose 112% to $2.078 billion through the first three months of this year. Analysts were holding out for a 101% top-line jump. That's a clear beat, but it was a different story on the other end of the income statement. The company posted a first-quarter loss of $1.40 a share, a lot more red ink than the $1.20 a share that Wall Street pros were targeting.
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CoreWeave has now fallen short on the bottom line three times over the past four quarters, but that shouldn't be a problem. This isn't a bottom-line story. CoreWeave is investing in growth, spending to make sure it meets the booming AI demand. No one expects it to be profitable in the next couple of years.
But it doesn't have to be. The orders keep stacking up despite the substantial long-term debt on its balance sheet. CoreWeave secured another $40 billion in order commitments during the quarter, bringing its backlog to a whopping $100 billion at the end of March.
This does bring us to the bigger problem than the bottom-line miss. Despite a near quadrupling of the order commitments backlog over the past year, CoreWeave is eyeing only $2.45 billion to $2.6 billion in revenue for the second quarter. This is a 108% increase over the past year at the midpoint, but analysts had been modeling a larger step up. Even the $12 billion to $13 billion in revenue it's forecasting for the entire year was just shy of where the Wall Street pros were perched at the midpoint.
It was far from a perfect report, but was Friday's selling overdone? CoreWeave has done nothing but deliver triple-digit revenue growth in every quarter since going public more than a year ago. It will keep doing that in the near term. The track record for growth investors is pretty good when a company is growing this quickly with a long backlog of orders to keep the pace going for the near future.
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2. Cloudflare Cloudflare stock came within spitting distance of hitting a new all-time intraday high on Thursday. The initial skepticism for cybersecurity stocks in the AI age was subsiding for Cloudlfare as it positions itself as a vital infrastructure necessity for AI agents, edge computing specialists, and the enterprise security market. The bullish momentum went away when Cloudflare offered up its latest financial update.
The numbers were pretty good. Revenue rose 34% to $640 million. Its adjusted earnings were $0.25 per share. Cloudflare topped expectations on both fronts. Its revenue guidance for the current quarter was a tad soft, but it did lift its revenue and adjusted earnings outlook for all of 2026. Unfortunately, the top-line raise of $18 million to $20 million for the full year is essentially the $20 million beat from its initial first-quarter forecast. In short, the outlook for the final nine months of the year remains largely unchanged despite the deluge of new orders.
Cloudflare also announced it will trim its workforce by 1,100 people in the next few months. That's the next step in its push to make the company an agentic AI-first operating model. The move would shave costs in the long run, but at a time when it can't fulfill its order backlog fast enough, is shedding overhead the smartest decision?
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3. Toast All three of the stocks on this list have a few things in common.
They each experienced double-digit percentage declines on Friday, a day when the broader market inched higher. Earnings season came calling, with all of them announcing results after Thursday's market close. They were already Ark Invest holdings, with Wood adding more to the positions. Toast wraps up the list, with a 15% dive after its earnings-season spotlight. Its cloud-based platform for restaurant operators continues to gain traction. Toast added 7,000 net new locations through the first three months of the year. The 171,000 outlets using Toast represent a 22% increase over the past year.
This matches the 22% increase in gross payment volume of $51.3 billion for the first quarter. Net income and operating profit more than doubled. The market still wasn't impressed. Near-term concerns about the restaurant industry and margin pressures resulted in a stock selloff despite the otherwise tasty report. Wood came for seconds, again.
BOSTON--(BUSINESS WIRE)--Pizza operations are among the most technically complex in hospitality—between managing pickup and delivery simultaneously and customizing orders at scale, all while keeping kitchens moving. That's why Toast (NYSE: TOST), the global technology platform built for restaurants and retail businesses, is proud to bring its enterprise technology suite to Hungry Howie's—the nation's original Flavored Crust® pizza—where it will be implemented across Hungry Howie's entire footpr.
Key Takeaways Square launched Square for Drive-Thru to streamline order capture, kitchen flow and customer handoffs.XYZ added Reporting API access, combo meal tools and enhanced fulfillment coordination features.Square for Restaurants supports open APIs, reporting, cash flow and customer engagement tools. Block’s (XYZ - Free Report) merchant-facing business, Square, has introduced Square for Drive-Thru to streamline workflow for quick-service restaurants (QSRs). A solution built in collaboration with The Howard Company and Nanonation integrates order capture, kitchen operations and customer handoffs across Square’s point of sale (POS) and kitchen display systems (KDS). By reducing operational bottlenecks, the platform helps improve order accuracy and speed of service.
Customers can view their orders in real time on confirmation screens, while KDS routes orders directly to the appropriate kitchen station with automated order labeling and sequencing. This helps restaurants deliver the correct orders to the right customers more efficiently.
Built on Square for Restaurants, Square for Drive-Thru collates reporting, cash flow tools, marketing and customer engagement solutions, while operators can use their preferred third-party tools with open APIs, providing a complete, flexible business system.
Square is expanding its restaurant and drive-thru capabilities with new tools aimed at improving efficiency, reporting and customer service for multi-location operators. The company opened its Reporting API to external developers, enabling easier access to analytics and business intelligence data. Additional features include customizable combo meals, advanced report-building tools, enhanced fulfillment coordination across dine-in and delivery channels, and flexible payment method tracking to simplify reconciliation.
Square said that these innovations help QSRs manage operational complexity, improve speed and accuracy at the drive-thru, and support scalable growth while enhancing the overall guest experience.
How Are Block’s Competitors Faring?PayPal Holdings, Inc. (PYPL - Free Report) supports restaurant and quick-service workflows, including payments at counters, kiosks, mobile ordering, and even drive-thru transactions through PayPal Restaurant POS and PayPal Fast Food POS. The platform enables restaurants to unify payment processing, order management and customer engagement across channels, helping improve transaction speed and operational efficiency.
Toast (TOST - Free Report) offers a comprehensive technology ecosystem designed specifically for restaurants and quick-service operators. Its integrated platform combines POS software, KDS, digital menu boards, mobile ordering tools and AI-powered voice-ordering capabilities to streamline restaurant workflows. Toast’s drive-thru solutions help QSRs improve order accuracy, reduce service times and manage peak-hour demand more efficiently.
XYZ’s Price Performance, Valuation & EstimatesShares of Block have rallied 46.9% over the past three months, outperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
In terms of forward 12-month P/E, XYZ stock is trading at 17.71X, which is at a discount to the Zacks Internet Software industry’s 26.73X.
Image Source: Zacks Investment Research
Block’s estimate revisions reflect a positive trend. The Zacks Consensus Estimate for full-year 2026 EPS has been revised northward 1.4% over the past month. It indicates a significant increase year over year.
Image Source: Zacks Investment Research
Block currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?
Let's take a look at what these Wall Street heavyweights have to say about Toast (TOST - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.
Toast currently has an average brokerage recommendation (ABR) of 1.70, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 30 brokerage firms. An ABR of 1.70 approximates between Strong Buy and Buy.
Of the 30 recommendations that derive the current ABR, 19 are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 63.3% and 3.3% of all recommendations.
Brokerage Recommendation Trends for TOST
Check price target & stock forecast for Toast here>>>
While the ABR calls for buying Toast, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
Zacks Rank Should Not Be Confused With ABRIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.
There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.
Should You Invest in TOST?Looking at the earnings estimate revisions for Toast, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $1.3.
Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Toast. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Toast.
On a recent episode of The Compound and Friends, hosts Josh Brown and Michael Batnick sat down with former Janus analyst Matt Ancrum to discuss his study of 100-bagger stocks. He found that 100-bagger stocks came from all different sectors, but there were some industries that accounted for a lion’s share of the world’s 100-baggers.
The Sector Breakdown Ancrum studied companies that went public between 1980 and 2000. Technology and software stocks accounted for about a third of the 100-bagger list, leaving the majority to other sectors. The 1980 to 1984 IPO class alone produced Home Depot (NYSE:HD | HD Price Prediction), Apple (NASDAQ:AAPL), Nike (NYSE:NKE), UnitedHealth (NYSE:UNH), and Amgen (NASDAQ:AMGN). He found that 100-baggers emerged consistently across every decade studied.
Retail produced an outsized share. Home Depot, AutoZone (NYSE:AZO), and Tractor Supply (NASDAQ:TSCO) were all cited as retail 100-baggers. Home Depot has compounded at 195.42% over the past decade, AutoZone at 356.18%, and Tractor Supply at 103.61%, with AutoZone still buying back stock aggressively ($310.8M repurchased in fiscal Q2 2026).
The manufacturing sector saw similar results. Amphenol (NYSE:APH) and HEICO (NYSE:HEI) were named as manufacturing 100-baggers. Amphenol is up 980.51% over ten years, with Q1 FY2026 revenue of $7.62 billion (58.4% YoY growth). The serial acquirer, HEICO, has compounded by 789.23% over the same span.
The takeaway is that while 100-bagger stocks come from all different industries, there was an outsized portion in the technology, retail, and manufacturing sectors.
The Modern Application: AI vs. Mission Critical Software Host Josh Brown framed a topic on everyone’s mind today: “A lot of the stocks that you talk about are, as we speak, being thought of on Wall Street as literally marked for death by Anthropic and Gemini and ChatGPT.”
Ancrum’s filter splits software into low-consequence (marketing tools, basic site builders) and high-consequence (cybersecurity, tax, compliance). On Australian council software vendor TechnologyOne, he noted: “You as a CEO, you’re actually personally accountable. That’s high consequence.” Switching to save a few dollars per seat is typically seen as irrational because the buyer carries the risk.
Brown applied that lens to Toast (NYSE:TOST), where he is personally underwater 30%, 40%, and to ServiceTitan. His view on Toast’s stickiness: “Once you convince a guy that owns a diner to adopt this, he ain’t never taking it out.” The runway is real. Toast serves 150,000 restaurant locations in a 600,000-location addressable market, and CEO Aman Narang has stated confidence in scaling to “$5 billion and $10 billion in ARR over the next decade” from $2.05B today.
Ancrum closed with the dot-com analogy: of today’s top 20 e-commerce sites, “There’s only 5 new economy, 15 old economy” retailers like Walmart and Home Depot that ultimately dominated online. The incumbent often wins the disruption.
Toast (TOST - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Over the past month, shares of this restaurant software provider have returned -20.7%, compared to the Zacks S&P 500 composite's +8.6% change. During this period, the Zacks Internet - Software industry, which Toast falls in, has gained 1.5%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
For the current quarter, Toast is expected to post earnings of $0.32 per share, indicating a change of +33.3% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
For the current fiscal year, the consensus earnings estimate of $1.3 points to a change of +46.1% from the prior year. Over the last 30 days, this estimate has remained unchanged.
For the next fiscal year, the consensus earnings estimate of $1.71 indicates a change of +31.2% from what Toast is expected to report a year ago. Over the past month, the estimate has remained unchanged.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Toast is rated Zacks Rank #3 (Hold).
Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
For Toast, the consensus sales estimate for the current quarter of $1.87 billion indicates a year-over-year change of +20.8%. For the current and next fiscal years, $7.38 billion and $8.68 billion estimates indicate +19.9% and +17.7% changes, respectively.
Last Reported Results and Surprise HistoryToast reported revenues of $1.63 billion in the last reported quarter, representing a year-over-year change of +21.9%. EPS of $0.29 for the same period compares with $0.2 a year ago.
Compared to the Zacks Consensus Estimate of $1.63 billion, the reported revenues represent a surprise of +0.1%. The EPS surprise was +3.57%.
Over the last four quarters, Toast surpassed consensus EPS estimates two times. The company topped consensus revenue estimates each time over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Toast is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Toast. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
LONDON--(BUSINESS WIRE)--Toast Supports the International Chamber of Commerce UK Trade & Export Initiative for Hospitality Brands Expanding Internationally.
Toast (NYSE: TOST), the global technology platform built for restaurant and retail businesses, today announced its participation as a proud sponsor of the Inte
Toast remains a compelling buy amid market rotation, with misunderstood growth and oversold shares despite robust fundamentals. TOST trades at 14.5x EV/FY26 adjusted EBITDA, with EBITDA growing over 30% y/y and stock-based comp declining to under 2% of market cap. Q1 revenue grew 22% y/y to $1.63B, showing no deceleration despite industry headwinds; 7k new paid locations added, up 22% y/y.
Toast (TOST - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Shares of this restaurant software provider have returned -14.4% over the past month versus the Zacks S&P 500 composite's +5.1% change. The Zacks Internet - Software industry, to which Toast belongs, has lost 1.2% over this period. Now the key question is: Where could the stock be headed in the near term?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For the current quarter, Toast is expected to post earnings of $0.32 per share, indicating a change of +33.3% from the year-ago quarter. The Zacks Consensus Estimate has changed +8.3% over the last 30 days.
For the current fiscal year, the consensus earnings estimate of $1.34 points to a change of +50.6% from the prior year. Over the last 30 days, this estimate has changed +17.8%.
For the next fiscal year, the consensus earnings estimate of $1.74 indicates a change of +29.6% from what Toast is expected to report a year ago. Over the past month, the estimate has changed +4.8%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Toast is rated Zacks Rank #2 (Buy).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
For Toast, the consensus sales estimate for the current quarter of $1.87 billion indicates a year-over-year change of +20.8%. For the current and next fiscal years, $7.38 billion and $8.68 billion estimates indicate +19.9% and +17.7% changes, respectively.
Last Reported Results and Surprise HistoryToast reported revenues of $1.63 billion in the last reported quarter, representing a year-over-year change of +21.9%. EPS of $0.29 for the same period compares with $0.2 a year ago.
Compared to the Zacks Consensus Estimate of $1.63 billion, the reported revenues represent a surprise of +0.1%. The EPS surprise was +3.57%.
Over the last four quarters, Toast surpassed consensus EPS estimates two times. The company topped consensus revenue estimates each time over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Toast is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Toast. However, its Zacks Rank #2 does suggest that it may outperform the broader market in the near term.
When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Toast (TOST - Free Report) .
Toast currently has an average brokerage recommendation (ABR) of 1.70, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 30 brokerage firms. An ABR of 1.70 approximates between Strong Buy and Buy.
Of the 30 recommendations that derive the current ABR, 19 are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 63.3% and 3.3% of all recommendations.
Brokerage Recommendation Trends for TOST
Check price target & stock forecast for Toast here>>>
The ABR suggests buying Toast, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.
With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.
Zacks Rank Should Not Be Confused With ABRIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.
Should You Invest in TOST?In terms of earnings estimate revisions for Toast, the Zacks Consensus Estimate for the current year has increased 17.8% over the past month to $1.34.
Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Toast. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Therefore, the Buy-equivalent ABR for Toast may serve as a useful guide for investors.
Markets continue to rip higher, but not all stocks. There are still quite a few stocks that are actually in the red on the year, and many stocks that still look undervalued.
In today's video I will go through 4 stocks I believe the stock market is getting wrong and valuations look intriguing at current levels. One of those stocks is Toast (TOST +0.93%) which is a name that has been under pressure given the software sell-off that has taken place in 2026.
Watch this short video to learn more, consider subscribing to the channel, and check out the special offer in the link below.
*Stock prices used were end-of-day prices of April 27, 2026. The video was published on April 28, 2026.
Mark Roussin, CPA has positions in Boeing, Lockheed Martin, Toast, and Vistra. The Motley Fool has positions in and recommends Boeing and Toast. The Motley Fool recommends Lockheed Martin. The Motley Fool has a disclosure policy.
Mark Roussin is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
Key Takeaways Stocks like ALHC, TOST, TTMI and WK were screened for strong liquidity and asset efficiency.The screen narrowed 7,700 stocks to 11, with these four meeting strict efficiency and growth criteria.Each stock also boasts higher asset utilization than its industry average and solid growth attributes. Liquidity measures a company’s capability to meet short-term debt obligations. Investors seeking strong portfolio returns should benefit from adding stocks with sound liquidity, which encourages business growth. Stocks with high liquidity levels have always been in demand, owing to their potential to provide maximum returns.
Investors may want to consider adding four top-ranked stocks — Alignment Healthcare, Inc. (ALHC - Free Report) , Toast Inc (TOST - Free Report) , TTM Technologies, Inc. (TTMI - Free Report) and Workiva, Inc (WK - Free Report) — to their portfolios to boost returns.
However, it is important to exercise caution. While high liquidity can indicate that a company is efficiently managing its short-term obligations, it may also suggest underutilization of resources. In some cases, companies with excess liquidity may not be deploying their assets effectively, which could limit growth potential.
Hence, one may consider a company’s efficiency level in addition to its liquidity while identifying prospective winners. A balanced assessment of both liquidity and efficiency can help identify truly promising investment opportunities.
Measures to Identify Liquid StocksCurrent Ratio: It measures current assets relative to current liabilities. The ratio gauges a company’s potential to meet short and long-term debt obligations. A current ratio — the working capital ratio — below 1 indicates that the company has more liabilities than assets. A high current ratio does not always suggest that the company is in good financial shape. It may also indicate that the firm failed to utilize its assets significantly. Hence, a range of 1-3 is considered ideal.
Quick Ratio: Unlike the current ratio, the quick ratio — the “acid-test ratio” or “quick assets ratio” — indicates a company’s ability to pay short-term obligations. It considers inventory, excluding current assets, relative to current liabilities. A quick ratio of more than 1 is desirable, like the current ratio.
Cash Ratio: This is the most conservative ratio among the three, considering cash, cash equivalents and invested funds relative to current liabilities. It measures a company’s ability to meet existing debt obligations using the most liquid assets. Though a cash ratio of more than 1 may suggest sound financials, a higher number may indicate inefficiency in cash utilization.
A ratio greater than 1 is always desirable, but it may not always represent a company’s financial condition.
Screening ParametersTo pick the best of the lot, we have added asset utilization — a widely used measure of a company’s efficiency — as one of the screening criteria. Asset utilization is the ratio of total sales in the past 12 months to the last four-quarter average of total assets. Though this ratio varies across industries, companies with a ratio higher than that of their industry can be considered efficient.
We added our proprietary Growth Score to the screen to ensure these liquid and efficient stocks have solid growth potential.
Current Ratio, Quick Ratio, and Cash Ratio between 1 and 3: While liquidity ratios greater than 1 are desirable, significantly high ratios may indicate inefficiency.
Asset utilization is more significant than the industry average: A higher asset utilization than the industry average indicates a company’s efficiency.
Zacks Rank equal to #1 (Strong Buy): Only Strong Buy-rated stocks can get through. You can see the complete list of today’s Zacks #1 Rank stocks here.
Growth Score less than or equal to B: Back-tested results show that stocks with a Growth Score of A or B handily beat other stocks when combined with a Zacks Rank #1 or 2 (Buy).
These criteria have narrowed the universe of more than 7,700 stocks to only 11.
Here are four of the 11 stocks that qualified the screen:
Alignment Healthcare is a clinically focused platform designed to improve the healthcare experience for seniors registered under Medicare. Through its various Medicare Advantage plans, it caters to the various requirements and preferences of seniors.
The company recently reported first-quarter 2026 results, wherein revenues came in at $1.24 billion, up 33.3% year over year. Performance was driven by strength and execution across sales, clinical operations and member retention. At quarter-end, health plan membership was 284,800, up 30.9% from the prior year quarter.
Profitability numbers were also impressive, with adjusted EBITDA up 87.6% year over year to $37.9 million. Revenues for 2026 are now expected to be between $5.16 billion and $5.21 billion.
The Zacks Consensus Estimate for ALHC’s 2026 earnings stands at 20 cents per share, unchanged in the past 30 days. The company has a Growth Score of A and a trailing four-quarter earnings surprise of 198.81%, on average.
Toast is one of the leading providers of software-as-a-service (SaaS) and hardware solutions focused on the restaurant market.
For the first quarter of 2026, TOST reported annual recurring revenues of $2.2 billion, up 26% year over year, while Gross Payment Volume was up 22% year over year to $51.3 billion.
While continuing to gain share in its core restaurant segment, the company is scaling into enterprise, international, and retail verticals. Toast is prioritizing AI-led productivity and efficiency gains. The company is using AI to improve customer support, where around 40% of interactions are now handled by AI.
For the full year, Toast raised its guidance, projecting 21%-23% growth in recurring gross profit. Adjusted EBITDA in the range of $790–$810 million.
The Zacks Consensus Estimate for TOST’s 2026 earnings is pegged at $1.34 per share, unchanged in the past 30 days. The company has a Growth Score of A and a trailing four-quarter earnings surprise of 0.9%, on average.
TTM Technologies manufactures tech products, including radio frequency (“RF”) components, mission systems, RF microwave/microelectronic assemblies, and next-generation interconnect products, including substrates and PCBs.
TTM delivered a strong first quarter, with revenues reaching $846 million, representing 30% year-over-year growth. Adjusted EBITDA margin expanded to 15.7%. Non-GAAP gross margin of 22.3% expanded 150 basis points year over year.
Segment-wise, data center and networking stood out with 61% growth, reflecting strong AI-driven demand. Aerospace and defense grew 11% and represented 40% of the total revenue contribution. For the second quarter, TTMI expects revenues in the range of $930 million to $970 million.
The Zacks Consensus Estimate for TTMI’s 2026 earnings is pegged at $4.13 per share, up 18 cents in the past 30 days. The company has a Growth Score of B and a trailing four-quarter earnings surprise of 9.49%, on average.
Workiva offers an AI-driven platform for accounting, finance, sustainability, risk, and audit teams. The company recently reported first-quarter 2026 results, wherein revenues jumped 20% to $247 million. The performance was driven by subscription revenue growth and disciplined execution. Subscription & support revenues increased 21% year over year to $225 million.
Customers numbered 6,665 as of March 31, 2026, up 280 customers from the prior year period. Gross retention rate was 97%, while the net retention rate was 112%. Currently, 75% of subscription revenues come from multi-solution customers, up from 69% a year ago.
Workiva expects second-quarter revenues to be in the range of $250 million to $252 million, with operating margins between 14.5% and 15%.
The Zacks Consensus Estimate for 2026 earnings is pegged at $2.90 per share, unchanged over the past seven days. The company has a Growth Score of A and a trailing four-quarter earnings surprise of 89.03%, on average.
BOSTON--(BUSINESS WIRE)--Toast (NYSE: TOST) released its latest Restaurant Trends Report, providing insight into the state of the U.S. restaurant industry through an analysis of aggregated data from selected cohorts1 of restaurants on the Toast platform, which serves approximately 171,000 locations as of March 31, 2026. Read the full Restaurant Trends Report on Data by Toast.
There’s been a recent sea change in how much of the public interacts with AI technology, thanks to the rapid rise of large language models (LLMs) and other AI technologies. Mundane tasks like summarizing and analyzing sales reports, which may have taken hours before, can often be completed in seconds with a simple prompt.
Toast launched Toast IQ, its AI assistant for restaurants and food-and-beverage retailers, in October 2025 to help operators run their businesses faster and smarter. Because Toast IQ is connected to Toast’s restaurant platform, operators can ask questions and receive insights grounded in their own sales, labor, menu, guest, and operational data — not generic AI outputs. Today, Toast IQ can also take immediate action from users, from 86ing menu items to adjusting stock and editing auto clockouts.
In just 90 days, operators used Toast IQ to ask questions about their sales, labor, menus, guests, and growth opportunities. The signal suggests that restaurant AI is moving beyond experimentation and into everyday operations — helping operators understand what changed, what matters, and what to do next.
To understand how customers are engaging with Toast IQ on a daily basis, Toast analyzed anonymized and aggregated inputs in Toast IQ from over 125,000 restaurant locations on the Toast platform in the U.S. that used Toast IQ Assistant between Jan. 1, 2026, and March 31, 2026.1
Let’s dive in.
Key Takeaways from Q1 2026:
Fine dining is all in on AI: Fine dining locations used Toast IQ 29% more than fast-casual restaurants. Top categories: Operators most frequently initiated conversations about sales and revenue (47% of restaurants using the product), menu and inventory (34%), and guest and marketing (32%). Opportunities: 26% of restaurants initiated conversations about menu optimization. Pain points: 13% of restaurants initiated conversations about labor costs and efficiencies. Top prompt: “Create a short, easy-to-read daily briefing for my restaurant.” Restaurants are moving from AI curiosity to AI-powered operations with millions of threads from Toast IQ in Q1 2026. And hospitality pros were remarkably polite with their AI assistant. We saw 33,000 instances of “please” and “thank you” and just 196 F-bombs.
Restaurants are using AI to manage core business decisions
Sales and revenue, menu and inventory, and guest marketing were among the most common conversation areas.
Toast IQ integrates with each restaurant's operations, serving as a right hand for operators. There’s a personalized “For you” feed that offers timely recommendations, but we also wanted to know what topics operators were inputting on their own in Q1 2026. Here’s what we saw:
47% of restaurants asked about sales and revenue 34% of restaurants asked about menu and inventory 32% of restaurants asked about guests and marketing 29% of restaurants asked about operations and reporting Restaurant operators have a lot on their plates, in every sense. It’s clear operators are asking Toast IQ — an AI assistant that’s built into your business — to help manage and take action on manual processes like sales and inventory data. But not far behind are tasks like getting guests in the door through marketing and ensuring they have the right staff to make the experience the best it can be.
Operator prompts:
Orders and Payments: “Tips today.” Sales and revenue: “Break down today’s gross sales by payment type and call out which methods drove the most revenue.” Menu and inventory: “Refresh my menu items.” “I want to mark multiple items in or out of stock.” Forecasting and planning: “When precipitation is forecasted in the next hour, let me know and tell me anything important I need to know about it.” Stay tuned on Data by Toast for more insights into Toast’s AI assistant, Toast IQ, and how operators are utilizing the technology to run their businesses better. For more insights into AI and Toast IQ, read the full Restaurant Trends Report on Data by Toast.
1Methodology: The selected cohorts in this report are based on an anonymous aggregated view of 125,000 U.S.-based restaurant locations that adopted the use of Toast IQ between Jan 1, 2026, and March 31, 2026. Some functions and features in Toast IQ may not have been available during the entire time period or to all customers.
About the Restaurant Trends Report:
The Restaurant Trends Report, powered by Toast, uncovers key trends across the restaurant industry through aggregated sales data from a selection of cohorts of restaurants on the Toast platform, which has approximately 171,000 locations as of March 31, 2026. This information is provided for general informational purposes only, and publication does not constitute an endorsement. Toast does not warrant the accuracy or completeness of any information, text, graphics, links, or other items contained within this content. Individual results may vary. Toast does not guarantee you will achieve any specific results if you follow any advice herein. It may be advisable for you to consult with a professional such as a lawyer, accountant, or business advisor for advice specific to your situation. The Restaurant Trends Report is not indicative of the operational performance of Toast or its reported financial metrics.
About Toast
Toast [NYSE: TOST] is a global technology platform built for restaurant and retail businesses. From the busiest local restaurants and shops to large hospitality brands, Toast helps owners and operators manage their businesses more efficiently, drive guest demand, and build lasting success.
Toast integrates software, agentic AI, payments, financial technology solutions, and hardware with a broad partner ecosystem. Powering billions of purchases throughout local commerce, Toast delivers the precision and innovation required for modern restaurant and retail environments. For more information, visit www.toasttab.com.
Toast (TOST - Free Report) closed the most recent trading day at $24.30, moving -2.8% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 1.62%. Elsewhere, the Dow saw a downswing of 1.87%, while the tech-heavy Nasdaq depreciated by 1.98%.
The restaurant software provider's shares have seen an increase of 7.48% over the last month, surpassing the Computer and Technology sector's loss of 0.74% and the S&P 500's loss of 0.03%.
Analysts and investors alike will be keeping a close eye on the performance of Toast in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.32, marking a 33.33% rise compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.87 billion, indicating a 20.78% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.34 per share and revenue of $7.38 billion, which would represent changes of +50.56% and +19.87%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Toast. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Right now, Toast possesses a Zacks Rank of #1 (Strong Buy).
With respect to valuation, Toast is currently being traded at a Forward P/E ratio of 18.66. This indicates a premium in contrast to its industry's Forward P/E of 18.47.
The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 84, this industry ranks in the top 35% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Shares of Blue Owl Capital have plunged amid private-credit fears. (Michael Nagle/Bloomberg)
It seems every day there’s another headline about a meltdown in private credit. Much of the conversation has centered on non-traded business development companies—and while the implications for listed BDCs are less clear, these investment funds appear to be under similar stress.
I spotlight 35 low-priced Dividend Power 'dogs' with robust yields and reasonable valuations, emphasizing six 'safer' picks where free cash flow covers dividends. Analyst forecasts project 41.67% to 96.55% net gains for the top ten Dividend Power stocks by April 2027, with an average estimated return of 59.49%. All 35 Dividend Power stocks show annual dividends from $1,000 invested exceeding their single share prices, underscoring attractive yield-to-price dynamics.
Sixth Street Specialty Lending is upgraded from Hold to Buy, driven by robust dividend coverage and a justifiable 8.4% premium to NAV. TSLX's fundamentals remain solid with a 10% yield, 113% dividend coverage, and strong liquidity, despite recent declines in net investment income and NAV. Portfolio risk remains contained with non-accruals under 1% and a declining leverage ratio, but economic uncertainty and war-related risks warrant caution.
In the article I analyze insider buying activity and acquisition trends across multiple BDCs. The overarching conclusion provides yet another supportive element to my structural BDC bull case. Apart from the macro-level view, I share two key (more nuanced) takeaways which have crystallized from the insider transaction activity of these 20 BDCs.
BDCs have become my area of expertise. While my BDC investment journey has so far been successful, there have been several painful mistakes in the process. In this article, I share my 3 biggest mistakes that have clearly improved my overall BDC investment game.
Tariff volatility, persistent inflation, and layoff waves across tech and financial sectors remind investors that earned income is fragile. A paycheck stops when employment does. Dividend income keeps flowing whether markets are calm or chaotic. Build a portfolio of high-yield securities that generates cash every quarter, and you create a financial cushion independent of your career.
High-yield dividend stocks offer something real estate cannot: instant liquidity. You can exit a position in seconds, redeploy capital across sectors, and still collect income while you decide what to do next. That combination of yield and flexibility is why income investors gravitate toward master limited partnerships, mortgage REITs, and business development companies, each engineered to pass income through to shareholders at scale.
We screened our 24/7 Wall St. dividend equity research database for stocks that pay massive dividends. Combined, these three stocks can generate over $7,902 a year in passive annual income if you invest $29,333 in each at the time of this writing.
Energy Transfer Stock #3: Energy Transfer (NYSE:ET | ET Price Prediction) Yield: ~7% Shares for $29,333: ~2,444 Annual Passive Income: ~$2,035.31 Energy Transfer owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 140,000 miles of pipeline spanning 44 states across all major U.S. production basins. The partnership’s fee-based model insulates the bulk of its cash flow from commodity price swings. No single business segment contributes more than one-third of consolidated Adjusted EBITDA, spreading risk across natural gas transport, NGL fractionation, crude oil logistics, and its Sunoco LP and USA Compression subsidiaries.
The elevated yield reflects Energy Transfer’s MLP structure, which passes the majority of distributable cash flow directly to unitholders. The most recent quarterly distribution was 33.5 cents per unit, annualizing to $1.34, and the partnership has delivered consistent quarterly increases since 2023. management raised 2026 Adjusted EBITDA guidance to $17.45 to $17.85 billion, driven in part by new Oracle data center agreements to supply approximately 900 MMcf/d and the Desert Southwest Expansion project upsized to 2.3 Bcf/d capacity at up to $5.6 billion.
Sixth Street Specialty Lending Stock #2: Sixth Street Specialty Lending (NYSE:TSLX) Yield: ~9% Shares for $29,333: ~1,222 Annual Passive Income: ~$2,639.97 Sixth Street Specialty Lending focuses on lending to U.S.-domiciled middle-market companies, with a portfolio of 143 companies at an aggregate fair value of approximately $3.35 billion. As a BDC, it must distribute at least 90% of taxable income to shareholders, structurally supporting a high and recurring dividend. First-lien debt represents 89.2% of the portfolio at fair value, and 96.3% of debt investments carry floating rates, providing income resilience in elevated rate environments.
The base quarterly dividend has held at 46 cents per share consistently since Q1 2023, with supplemental payments layered on top. The trailing 12-month dividend totals $2.05 per share. The weighted average yield on debt securities stands at 11.1%, and the non-accrual rate remains low at 0.6% of portfolio at fair value. 54.8% of shares are held by institutions, reflecting broad professional confidence in the income stream.
Starwood Property Trust Stock #1: Starwood Property Trust (NYSE:STWD) Yield: ~11% Shares for $29,333: ~1,467 Annual Passive Income: ~$3,226.63 Starwood Property Trust is a diversified real estate finance company that has deployed over $115 billion since inception, managing a portfolio of over $30 billion across debt and equity investments. It operates across four segments: commercial and residential lending, infrastructure lending, property, and investing and servicing. As a mortgage REIT, it must distribute at least 90% of taxable income, explaining the elevated yield. The $0.48 quarterly dividend has been maintained without interruption for over a decade, one of the strongest consistency records in the REIT space.
The company completed the acquisition of the Fundamental net lease business, a $2.2 billion portfolio with 17+ years of weighted average lease duration and 2.3% annual contractual rent increases. CEO Barry Sternlicht called the acquisition an “earnings generator with reliable cash flows” built for long-term accretion. A $400 million share repurchase program signals management’s confidence in current valuation, and 52.9% institutional ownership underscores broad professional conviction in the income thesis.
Combined, these three positions generate $8,214 in annual passive income on an $88,000 investment, a blended yield of approximately 9%. Starwood Property Trust contributes $2,035.31, Sixth Street Specialty Lending adds $2,639.97 and Energy Transfer rounds out the portfolio with $3,226.63.
Ticker Annual Income Share of Total STWD $2,035.31 Largest contributor TSLX $2,639.97 Middle contributor ET $3,226.63 Base contributor What makes this portfolio compelling is the structural diversity: a midstream MLP with fee-based cash flows, a first-lien focused BDC with floating-rate exposure and a decade-tested mortgage REIT with contractual rent escalators. Reinvesting even a portion of that $7,902 annually compounds the income base over time without adding new capital. That self-reinforcing quality separates high-yield dividend investing from passive income strategies requiring constant attention and redeployment.
Cwm LLC cut its position in shares of Sixth Street Specialty Lending, Inc. (NYSE:TSLX – Free Report) by 31.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 92,325 shares of the financial services provider’s stock after selling 43,177 shares during the quarter. Cwm LLC owned 0.10% of Sixth Street Specialty Lending worth $2,005,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in TSLX. Harbor Investment Advisory LLC raised its stake in Sixth Street Specialty Lending by 673.2% during the fourth quarter. Harbor Investment Advisory LLC now owns 1,732 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 1,508 shares during the period. Advisory Services Network LLC acquired a new position in Sixth Street Specialty Lending in the third quarter valued at approximately $75,000. Redmont Wealth Advisors LLC bought a new position in shares of Sixth Street Specialty Lending during the third quarter valued at approximately $79,000. State of Alaska Department of Revenue bought a new position in shares of Sixth Street Specialty Lending during the third quarter valued at approximately $98,000. Finally, Farther Finance Advisors LLC raised its position in shares of Sixth Street Specialty Lending by 604.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,700 shares of the financial services provider’s stock worth $107,000 after purchasing an additional 4,033 shares during the period. Institutional investors and hedge funds own 70.25% of the company’s stock.
Analysts Set New Price Targets Several analysts recently issued reports on the company. Citizens Jmp cut their price target on Sixth Street Specialty Lending from $25.00 to $24.00 and set a “market outperform” rating on the stock in a report on Wednesday. Weiss Ratings lowered Sixth Street Specialty Lending from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 20th. Truist Financial cut their target price on Sixth Street Specialty Lending from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Wall Street Zen raised shares of Sixth Street Specialty Lending from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Sixth Street Specialty Lending from $21.00 to $18.50 and set a “neutral” rating for the company in a research report on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Sixth Street Specialty Lending currently has an average rating of “Moderate Buy” and an average price target of $21.81.
View Our Latest Stock Analysis on TSLX
Sixth Street Specialty Lending Stock Performance TSLX opened at $18.67 on Friday. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 1.08. The business’s 50 day moving average is $18.31 and its 200-day moving average is $20.51. The stock has a market cap of $1.77 billion, a PE ratio of 10.32 and a beta of 0.66. Sixth Street Specialty Lending, Inc. has a twelve month low of $16.99 and a twelve month high of $25.17.
Sixth Street Specialty Lending (NYSE:TSLX – Get Free Report) last issued its quarterly earnings data on Thursday, February 12th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.20). Sixth Street Specialty Lending had a return on equity of 12.71% and a net margin of 37.99%.The business had revenue of $108.25 million during the quarter, compared to the consensus estimate of $107.11 million. During the same period last year, the company earned $0.61 earnings per share. On average, analysts predict that Sixth Street Specialty Lending, Inc. will post 1.97 earnings per share for the current year.
Sixth Street Specialty Lending Cuts Dividend The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were paid a $0.01 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. Sixth Street Specialty Lending’s dividend payout ratio is presently 101.66%.
Insider Activity at Sixth Street Specialty Lending In other Sixth Street Specialty Lending news, VP Alan Waxman purchased 200,000 shares of the stock in a transaction dated Monday, March 9th. The shares were bought at an average cost of $18.18 per share, with a total value of $3,636,000.00. Following the completion of the acquisition, the vice president owned 500,000 shares of the company’s stock, valued at approximately $9,090,000. This trade represents a 66.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 545,000 shares of company stock worth $9,997,150 over the last quarter. 3.22% of the stock is currently owned by company insiders.
About Sixth Street Specialty Lending (Free Report)
Sixth Street Specialty Lending Inc (NYSE: TSLX) is a closed-end, externally managed business development company that provides flexible debt financing solutions to middle-market companies. The fund primarily targets senior secured loans, unitranche facilities, mezzanine debt, second-lien financings and equity co-investment opportunities. By structuring tailored capital solutions, Sixth Street Specialty Lending seeks to support growth initiatives, recapitalizations and refinancings across a diverse set of industries, including technology, healthcare and business services.
As an affiliate of Sixth Street Partners, a global alternative investment firm, the company leverages the broader platform’s credit research, operational expertise and industry relationships.
Further Reading Five stocks we like better than Sixth Street Specialty Lending Want to see what other hedge funds are holding TSLX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sixth Street Specialty Lending, Inc. (NYSE:TSLX – Free Report).
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Beacon Financial (BBT - Free Report) came out with quarterly earnings of $0.7 per share, missing the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $0.6 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -15.87%. A quarter ago, it was expected that this bank holding company would post earnings of $0.79 per share when it actually produced earnings of $0.79, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Beacon, which belongs to the Zacks Banks - Northeast industry, posted revenues of $214.72 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 6.2%. This compares to year-ago revenues of $110.44 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Beacon shares have added about 20.7% since the beginning of the year versus the S&P 500's gain of 4.3%.
What's Next for Beacon?While Beacon 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 Beacon 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 $0.90 on $235.37 million in revenues for the coming quarter and $3.65 on $946.76 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, Banks - Northeast is currently in the top 35% 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.
Sixth Street (TSLX - Free Report) , another stock in the broader Zacks Finance sector, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 5.
This business development company is expected to post quarterly earnings of $0.49 per share in its upcoming report, which represents a year-over-year change of -15.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Sixth Street's revenues are expected to be $104.57 million, down 10.1% from the year-ago quarter.
SaaS-related fears have driven significant discounts in BDCs, especially those with higher SaaS exposure. Market concerns center on AI disruption, weak SaaS recovery rates, and skepticism around leveraged SaaS LBOs. I believe SaaS default fears are overblown; established SaaS firms with strong moats and cash flow are more resilient.
NEW YORK--(BUSINESS WIRE)--Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today reported financial results for the first quarter ended March 31, 2026. Please view a printable version of the 2026 First Quarter Results. Conference Call Information: A conference call to discuss the Company's financial results will be held at 8:30 a.m. Eastern Time on May 6, 2026. The conference call will be broadcast live in listen-only mode on the Investor Resources section of TSLX's website.
Sixth Street (TSLX - Free Report) came out with quarterly earnings of $0.42 per share, missing the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.58 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -13.85%. A quarter ago, it was expected that this business development company would post earnings of $0.5 per share when it actually produced earnings of $0.52, delivering a surprise of +4%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Sixth St, which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $93.4 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 10.68%. This compares to year-ago revenues of $116.35 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Sixth St shares have lost about 9% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Sixth St?While Sixth St 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 Sixth St 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 $0.48 on $104.14 million in revenues for the coming quarter and $1.97 on $420.4 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 - SBIC & Commercial Industry is currently in the bottom 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Carlyle Secured Lending, Inc. (CGBD - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 10.
This company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of -14.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Carlyle Secured Lending, Inc.'s revenues are expected to be $43.07 million, up 18.8% from the year-ago quarter.
Sixth Street Specialty Lending, Inc. has just crashed after a very concerning earnings release. TSLX's total interest revenue fell over 19% year-over-year, driving a dividend cut to $0.42 per share and raising concerns about future coverage. Portfolio credit quality deteriorated, with a doubling of worst-performing assets and a threefold increase in 3-rated investments since year-end.
NEW YORK--(BUSINESS WIRE)--Sixth Street Specialty Lending, Inc. (NYSE:TSLX) (“TSLX” or the “Company”) announced today that it has priced an underwritten public offering of $300.0 million in aggregate principal amount of 5.650% notes due 2031. The notes will mature on August 15, 2031 and may be redeemed in whole or in part at TSLX's option at any time at par plus a “make-whole” premium, if applicable. TSLX expects to use the net proceeds of the offering to pay down outstanding debt under its rev.
Sixth Street Specialty Lending remains a hold due to declining earnings, a downward-trending NAV, and limited growth catalysts despite a recent dividend reduction. TSLX's premium to NAV has widened to 10.47% but remains below its five-year average, offering relative valuation appeal if BDC market conditions improve. Q1 2026 net investment income fell to $0.42 per share, with interest income and NAV both declining, while non-accruals rose to 1.4% of portfolio value.
Sixth Street Specialty Lending (TSLX) remains a HOLD as Q1-26 results revealed negative clarity: NII missed, dividend was cut, and NAV fell sharply. TSLX's valuation is split—P/NII is historically expensive while P/NAV is historically cheap—reflecting market belief in both income and book value recovery. Portfolio quality concerns persist as Grade 2 watch-list loans rose to 9.4%, but non-accruals improved and leverage remains within target range.
Higher interest rates are generally favorable for BDCs. However, some BDCs can suffer from higher rates that could potentially result in painful dividend cuts. In this article, I explain how we as BDC investors could digest the current rate regime and its implications on dividends.
If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Federated Hermes (FHI - Free Report) . This company, which is in the Zacks Financial - Investment Management industry, shows potential for another earnings beat.
This one of the nation's largest managers of money market funds has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 18.28%.
For the last reported quarter, Federated Hermes came out with earnings of $1.39 per share versus the Zacks Consensus Estimate of $1.2 per share, representing a surprise of 15.83%. For the previous quarter, the company was expected to post earnings of $1.11 per share and it actually produced earnings of $1.34 per share, delivering a surprise of 20.72%.
Price and EPS Surprise
For Federated Hermes, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Federated Hermes currently has an Earnings ESP of +0.35%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on April 30, 2026.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Total assets under management reach a record $907.1 billion Money market assets reach a record $684.7 billion Equity assets reach a record $100.8 billion Q1 2026 earnings per diluted share of $1.27 Quarterly dividend increased by 11.8% from previous quarter to $0.38 per share , /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) of $1.27 for Q1 2026, compared to $1.25 for the same quarter last year, on net income of $96.4 million for Q1 2026, compared to $101.1 million for Q1 2025. Federated Hermes' Q1 2025 results included a $12.9 million decrease in other operating expense, or $0.15 per diluted share, resulting from a value-added tax (VAT) refund received as part of amended VAT filings in the U.K.
Federated Hermes' total managed assets were a record $907.1 billion at March 31, 2026, up $67.3 billion or 8% from $839.8 billion at March 31, 2025 and up $4.5 billion from $902.6 billion at Dec. 31, 2025. Total average managed assets for Q1 2026 were $915.6 billion, up $72.4 billion or 9% from $843.2 billion for Q1 2025 and up $41.9 billion or 5% from $873.7 billion for Q4 2025.
"In the first quarter, we saw record gross sales and positive net flows in our equity offerings as we continued momentum from the previous year, with investor interest in a range of our offering types," said J. Christopher Donahue, president and chief executive officer. "Separate accounts reached new record assets on overall demand for our MDT suite of quantitative investment solutions, led by our MDT All Cap Core and MDT Mid Cap Growth offerings. Investors with interest in capital preservation and liquidity continued to rely on our money market offerings and—for those interested in moving further out the yield curve in the pursuit of higher yields than money market products—our ultrashort funds."
Federated Hermes' board of directors declared a dividend of $0.38 per share, which was an increase of $0.04 or 11.8% from the previous quarter. The dividend is payable on May 15, 2026 to shareholders of record as of May 8, 2026. During Q1 2026, Federated Hermes purchased 1,191,300 shares of Federated Hermes class B common stock for $66.0 million.
Equity assets were a record $100.8 billion at March 31, 2026, up $19.9 billion or 25% from $80.9 billion at March 31, 2025 and up $2.9 billion or 3% from $97.9 billion at Dec. 31, 2025. Top-selling equity funds during Q1 2026 on a net basis were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes MDT All Cap Core Fund, Federated Hermes MDT US Equity Fund and Federated Hermes MDT Small Cap Core Fund.
Fixed-income assets were $99.8 billion at March 31, 2026, up $0.3 billion from $99.5 billion at March 31, 2025 and down $0.3 billion from $100.1 billion at Dec. 31, 2025. Top-selling fixed-income funds during Q1 2026 on a net basis were Federated Hermes Ultrashort Bond Fund, Federated Hermes Total Return Bond ETF, Federated Hermes Municipal Ultrashort Fund, Federated Hermes Government Ultrashort Fund and Federated Hermes Short-Term Income Fund.
Alternative/private markets assets were $19.0 billion at March 31, 2026, down $0.4 billion or 2% from $19.4 billion at March 31, 2025 and down $0.1 billion or 1% from $19.1 billion at Dec. 31, 2025.
Money market assets were a record $684.7 billion at March 31, 2026, up $47.6 billion or 7% from $637.1 billion at March 31, 2025 and up $2.1 billion from $682.6 billion at Dec. 31, 2025. Money market fund assets were $502.8 billion at March 31, 2026, up $37.9 billion or 8% from $464.9 billion at March 31, 2025 and down $5.6 billion or 1% from $508.4 billion at Dec. 31, 2025.
Financial Summary
Q1 2026 vs. Q1 2025
Revenue increased $55.4 million or 13% primarily due to an increase in revenue due to higher average money market and equity assets. This increase was partially offset by a decrease in performance fees and carried interest of $5.6 million, which includes a decrease of $1.0 million in carried interest from consolidated carried interest vehicles, which is largely offset in compensation expense.
During Q1 2026, Federated Hermes derived 54% of its revenue from money market assets, 45% from long-term assets (30% from equity, 10% from fixed-income, and 5% from alternative/private markets and multi-asset) and 1% from sources other than managed assets.
Operating expenses increased $60.9 million or 21% primarily due to a $26.7 million increase in distribution expenses resulting primarily from higher average money market fund assets, an $18.2 million increase in other expense primarily due to a value added tax (VAT) refund received in Q1 2025 related to amended VAT filings in the U.K. and fluctuations in foreign currency exchange rates, and a $10.8 million increase in compensation and related expense primarily due to higher incentive compensation.
Nonoperating income (expenses), net for Q1 2026 decreased $0.8 million due primarily to lower net gains on securities.
Q1 2026 vs. Q4 2025
Revenue decreased $3.9 million or 1% primarily due to a $10.5 million decrease in revenue resulting from two fewer days in Q1 2026 and a decrease in development fees of $8.6 million. These decreases were partially offset by an increase in revenue due to higher average money market and equity assets.
Operating expenses increased $5.4 million or 2% primarily due to a $9.1 million increase in compensation and related expense primarily from higher stock-based compensation expense, partially offset by a $3.4 million decrease in Other expense primarily due to lower charitable contributions.
Nonoperating income (expenses), net decreased $1.3 million due primarily to lower net gains on securities .
Earnings call information
Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Friday, May 1, 2026. Investors are invited to listen to the earnings teleconference by calling 888-506-0062 (domestic) or 973-528-0011 (international) prior to the 9 a.m. start time. To listen online, go to the About section of FederatedHermes.com/us to register and join the call. A replay will be available at approximately 12:30 p.m. Eastern on May 1, 2026. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 53870. The online replay will be available via FederatedHermes.com/us for one year.
About Federated Hermes
Federated Hermes, Inc. is a global leader in active investment management, with $907.1 billion in assets under management1. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 11,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide.
Federated Hermes ranks in the top 5% of equity fund managers, the top 8% of money market fund managers and the top 11% of fixed-income fund managers2 in the industry. Federated Hermes also ranks as the 10th-largest manager of model-delivered separately managed accounts3. For more information, including an analyst presentation, which is updated periodically, visit FederatedHermes.com/us.
###
1) As of March 31, 2026.
2) Morningstar, March 31, 2026. Based on U.S. fund flows rankings.
3) Money Management Institute/Cerulli,Q4 2025.
Federated Securities Corp. is distributor of the Federated Hermes funds.
Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling, Federated MDTA LLC, Hermes Fund Managers Ireland Limited, Hermes Investment Management Limited, and Hermes GPE LLP, each a registered investment advisor in one or more of the U.S., U.K. or Ireland.
Cautionary statements
Certain statements in this press release, such as those related to performance, investment strategies, opportunities to meet client needs, investor preferences and demand, asset flows and asset mix constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements can include statements that do not relate strictly to historical or current facts and are typically identified by words or phrases such as "trend," "forecast," "project," "predict," "potential," "approximate," "opportunity," "believe," "expect," "anticipate," "current," "intention," "estimate," "position," "projection," "plan," "assume," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "can," "may," and similar expressions. Any forward-looking statement, and Federated Hermes' level of business activity and financial results, are inherently subject to significant business, market, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond Federated Hermes' control. Other risks and uncertainties include the ability of the company to predict the level of fee waivers and expenses in future quarters, predict whether performance fees or carried interest will be earned and retained, the ability of the company to sustain product demand, the timing and level of product sales and redemptions, market appreciation or depreciation, revenues, and asset levels, flows and mix, which could vary significantly depending on various factors, such as market conditions, investment performance and investor behavior. Other risks and uncertainties include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness, or updating, of such statements in the future.
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended
%
Change
Q1 2025
to Q1
2026
Quarter Ended
%
Change
Q4 2025
to Q1
2026
March 31, 2026
March 31, 2025
Dec. 31, 2025
Revenue
Investment advisory fees, net
$ 319,408
$ 287,460
11 %
$ 313,975
2 %
Administrative service fees, net—affiliates
110,285
101,109
9
109,759
0
Other service fees, net
49,264
34,971
41
59,099
(17)
Total Revenue
478,957
423,540
13
482,833
(1)
Operating Expenses
Compensation and related
154,119
143,270
8
144,981
6
Distribution
125,745
99,085
27
122,339
3
Systems and communications
26,463
24,226
9
24,719
7
Professional service fees
21,336
18,548
15
23,399
(9)
Office and occupancy
10,062
9,952
1
9,704
4
Advertising and promotional
4,098
4,576
(10)
7,001
(41)
Travel and related
3,850
3,553
8
4,677
(18)
Intangible asset related
3,422
3,196
7
3,475
(2)
Other
3,531
(14,638)
(124)
6,964
(49)
Total Operating Expenses
352,626
291,768
21
347,259
2
Operating Income
126,331
131,772
(4)
135,574
(7)
Nonoperating Income (Expenses)
Investment income (loss), net
6,653
7,475
(11)
7,886
(16)
Debt expense
(3,185)
(3,179)
0
(3,201)
0
Other, net
(30)
(27)
(11)
73
(141)
Total Nonoperating Income (Expenses), net
3,438
4,269
(19)
4,758
(28)
Income before income taxes
129,769
136,041
(5)
140,332
(8)
Income tax provision
33,823
32,165
5
32,899
3
Net income including the noncontrolling interests in subsidiaries
95,946
103,876
(8)
107,433
(11)
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries
(432)
2,742
(116)
394
(210)
Net Income
$ 96,378
$ 101,134
(5) %
$ 107,039
(10) %
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted
$ 1.27
$ 1.25
2 %
$ 1.39
(9) %
Weighted-Average Shares Outstanding
Basic
72,648
77,541
73,795
Diluted
72,650
77,542
73,795
Dividends Declared Per Share
$ 0.34
$ 0.31
$ 0.34
1)
Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method." As such, total net income of $4.4 million, $4.5 million and $4.8 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended March 31, 2026, March 31, 2025 and Dec. 31, 2025, respectively, was excluded from the computation of earnings per share.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
March 31, 2026
Dec. 31, 2025
Assets
Cash and other investments
$ 645,417
$ 724,297
Other current assets
143,153
139,495
Intangible assets, net, including goodwill
1,173,986
1,183,612
Other long-term assets
181,251
181,933
Total Assets
$ 2,143,807
$ 2,229,337
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities
$ 240,680
$ 314,141
Long-term debt
348,434
348,369
Other long-term liabilities
291,853
303,350
Redeemable noncontrolling interests
58,520
66,529
Equity excluding treasury stock
2,133,825
2,070,162
Treasury stock
(929,505)
(873,214)
Total Liabilities, Redeemable Noncontrolling Interests and Equity
$ 2,143,807
$ 2,229,337
Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)
Quarter Ended
March 31, 2026
Dec. 31, 2025
March 31, 2025
Equity
Beginning assets
$ 97,898
$ 94,656
$ 79,423
Sales1
9,091
8,949
7,412
Redemptions1
(6,878)
(7,431)
(5,993)
Net sales (redemptions)1
2,213
1,518
1,419
Net exchanges
(139)
139
(114)
Impact of foreign exchange2
(287)
107
754
Market gains and (losses)3
1,147
1,478
(569)
Ending assets
$ 100,832
$ 97,898
$ 80,913
Fixed Income
Beginning assets
$ 100,127
$ 101,813
$ 98,059
Sales1
5,927
5,891
5,944
Redemptions1
(6,349)
(8,687)
(6,288)
Net sales (redemptions)1
(422)
(2,796)
(344)
Net exchanges
148
15
101
Impact of foreign exchange2
(40)
6
85
Market gains and (losses)3
(15)
1,089
1,585
Ending assets
$ 99,798
$ 100,127
$ 99,486
Alternative/Private Markets
Beginning assets
$ 19,101
$ 19,024
$ 18,864
Sales1
629
724
1,085
Redemptions1
(547)
(592)
(1,024)
Net sales (redemptions)1
82
132
61
Net exchanges
0
0
1
Impact of foreign exchange2
(275)
35
532
Market gains and (losses)3
83
(90)
(32)
Ending assets
$ 18,991
$ 19,101
$ 19,426
Multi-asset
Beginning assets
$ 2,854
$ 2,940
$ 2,883
Sales1
58
59
63
Redemptions1
(94)
(92)
(105)
Net sales (redemptions)1
(36)
(33)
(42)
Net exchanges
1
(121)
2
Market gains and (losses)3
(41)
68
(17)
Ending assets
$ 2,778
$ 2,854
$ 2,826
Total Long-term Assets
Beginning assets
$ 219,980
$ 218,433
$ 199,229
Sales1
15,705
15,623
14,504
Redemptions1
(13,868)
(16,802)
(13,410)
Net sales (redemptions)1
1,837
(1,179)
1,094
Net exchanges
10
33
(10)
Impact of foreign exchange2
(602)
148
1,371
Market gains and (losses)3
1,174
2,545
967
Ending assets
$ 222,399
$ 219,980
$ 202,651
1)
For certain accounts, including separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.
2)
Reflects the impact of translating non-U.S. dollar denominated assets under management (AUM) into U.S. dollars for reporting purposes.
3)
Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.
Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type
(in millions)
Quarter Ended
March 31, 2026
Equity
Fixed Income
Alternative / Private
Markets
Multi-asset
Total
Funds
Separate
Accounts1
Funds
Separate
Accounts1
Funds
Separate
Accounts1
Funds
Separate
Accounts1
Funds.
Separate
Accounts1
Beginning assets
$ 54,988
$ 42,910
$ 45,973
$ 54,154
$ 12,085
$ 7,016
$ 2,850
$ 4
$ 115,896
$ 104,084
Sales
5,855
3,236
3,985
1,942
609
20
58
0
10,507
5,198
Redemptions
(4,561)
(2,317)
(3,993)
(2,356)
(318)
(229)
(94)
0
(8,966)
(4,902)
Net sales (redemptions)
1,294
919
(8)
(414)
291
(209)
(36)
0
1,541
296
Net exchanges
(169)
30
148
0
0
0
1
0
(20)
30
Impact of foreign exchange2
(158)
(129)
(26)
(14)
(159)
(116)
0
0
(343)
(259)
Market gains and (losses)3
(767)
1,914
(166)
151
122
(39)
(41)
0
(852)
2,026
Ending assets
$ 55,188
$ 45,644
$ 45,921
$ 53,877
$ 12,339
$ 6,652
$ 2,774
$ 4
$ 116,222
$ 106,177
1)
Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings. For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.
2)
Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.
3)
Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.
Unaudited Changes in Long-Term Assets - By Offering Type
(in millions)
Quarter Ended
March 31, 2026
Dec. 31, 2025
March 31, 2025
Total Fund Assets
Beginning assets
$ 115,896
$ 115,215
$ 103,567
Sales
10,507
10,419
9,279
Redemptions
(8,966)
(10,835)
(8,763)
Net sales (redemptions)
1,541
(416)
516
Net exchanges
(20)
33
0
Impact of foreign exchange1
(343)
34
685
Market gains and (losses)2
(852)
1,030
(479)
Ending assets
$ 116,222
$ 115,896
$ 104,289
Total Separate Account Assets3
Beginning assets
$ 104,084
$ 103,218
$ 95,662
Sales4
5,198
5,204
5,225
Redemptions4
(4,902)
(5,967)
(4,647)
Net sales (redemptions)4
296
(763)
578
Net exchanges
30
0
(10)
Impact of foreign exchange1
(259)
114
686
Market gains and (losses)2
2,026
1,515
1,446
Ending assets
$ 106,177
$ 104,084
$ 98,362
Total Long-term Assets3
Beginning assets
$ 219,980
$ 218,433
$ 199,229
Sales4
15,705
15,623
14,504
Redemptions4
(13,868)
(16,802)
(13,410)
Net sales (redemptions)4
1,837
(1,179)
1,094
Net exchanges
10
33
(10)
Impact of foreign exchange1
(602)
148
1,371
Market gains and (losses)2
1,174
2,545
967
Ending assets
$ 222,399
$ 219,980
$ 202,651
1)
Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.
2)
Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.
3)
Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings.
4)
For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.
Unaudited Managed Assets
(in millions)
March 31, 2026
Dec. 31, 2025
Sept. 30, 2025
June 30, 2025
March 31, 2025
By Asset Class
Equity
$ 100,832
$ 97,898
$ 94,656
$ 88,994
$ 80,913
Fixed-Income
99,798
100,127
101,813
98,687
99,486
Alternative / Private Markets
18,991
19,101
19,024
20,738
19,426
Multi-Asset
2,778
2,854
2,940
2,856
2,826
Total Long-Term Assets
222,399
219,980
218,433
211,275
202,651
Money Market
684,748
682,604
652,767
634,400
637,122
Total Managed Assets
$ 907,147
$ 902,584
$ 871,200
$ 845,675
$ 839,773
By Offering Type
Funds:
Equity
$ 55,188
$ 54,988
$ 54,110
$ 49,359
$ 43,910
Fixed-Income
45,921
45,973
46,478
45,415
45,800
Alternative / Private Markets
12,339
12,085
11,814
12,905
11,879
Multi-Asset
2,774
2,850
2,813
2,730
2,700
Total Long-Term Assets
116,222
115,896
115,215
110,409
104,289
Money Market
502,775
508,403
492,701
468,044
464,912
Total Fund Assets
$ 618,997
$ 624,299
$ 607,916
$ 578,453
$ 569,201
Separate Accounts:
Equity
$ 45,644
$ 42,910
$ 40,546
$ 39,635
$ 37,003
Fixed-Income
53,877
54,154
55,335
53,272
53,686
Alternative / Private Markets
6,652
7,016
7,210
7,833
7,547
Multi-Asset
4
4
127
126
126
Total Long-Term Assets
106,177
104,084
103,218
100,866
98,362
Money Market
181,973
174,201
160,066
166,356
172,210
Total Separate Account Assets
$ 288,150
$ 278,285
$ 263,284
$ 267,222
$ 270,572
Total Managed Assets
$ 907,147
$ 902,584
$ 871,200
$ 845,675
$ 839,773
Unaudited Average Managed Assets
Quarter Ended
(in millions)
March 31, 2026
Dec. 31, 2025
Sept. 30, 2025
June 30, 2025
March 31, 2025
By Asset Class
Equity
$ 102,037
$ 96,404
$ 92,436
$ 83,564
$ 82,105
Fixed-Income
100,996
100,855
99,206
98,365
99,360
Alternative / Private Markets
19,232
18,971
19,862
20,053
19,012
Multi-Asset
2,859
2,836
2,895
2,779
2,900
Total Long-Term Assets
225,124
219,066
214,399
204,761
203,377
Money Market
690,450
654,635
645,092
632,543
639,827
Total Avg. Managed Assets
$ 915,574
$ 873,701
$ 859,491
$ 837,304
$ 843,204
By Offering Type
Funds:
Equity
$ 56,987
$ 55,101
$ 51,828
$ 45,965
$ 45,260
Fixed-Income
46,096
46,116
45,743
44,972
45,715
Alternative / Private Markets
12,254
11,871
12,347
12,370
11,610
Multi-Asset
2,855
2,833
2,770
2,654
2,774
Total Long-Term Assets
118,192
115,921
112,688
105,961
105,359
Money Market
507,752
493,355
482,237
462,683
463,727
Total Avg. Fund Assets
$ 625,944
$ 609,276
$ 594,925
$ 568,644
$ 569,086
Separate Accounts:
Equity1
$ 45,050
$ 41,303
$ 40,608
$ 37,599
$ 36,845
Fixed-Income
54,900
54,739
53,463
53,393
53,645
Alternative / Private Markets
6,978
7,100
7,515
7,683
7,402
Multi-Asset1
4
3
125
125
126
Total Long-Term Assets
106,932
103,145
101,711
98,800
98,018
Money Market
182,698
161,280
162,855
169,860
176,100
Total Avg. Separate Account Assets
$ 289,630
$ 264,425
$ 264,566
$ 268,660
$ 274,118
Total Avg. Managed Assets
$ 915,574
$ 873,701
$ 859,491
$ 837,304
$ 843,204
1) A Separate Account was reclassified from Multi-Asset to Equity effective October 1, 2025.
