Track market-moving stories before they get noisy

Posted by Defense World Staff on Aug 3rd, 2026

Amundi boosted its stake in Essex Property Trust, Inc. (NYSE:ESS – Free Report) by 38.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 238,761 shares of the real estate investment trust’s stock after purchasing an additional 66,517 shares during the quarter. Amundi owned about 0.37% of Essex Property Trust worth $57,780,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its stake in shares of Essex Property Trust by 31.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock valued at $64,000 after purchasing an additional 63 shares during the period. Royal Bank of Canada boosted its position in shares of Essex Property Trust by 6.3% during the first quarter. Royal Bank of Canada now owns 112,166 shares of the real estate investment trust’s stock worth $27,144,000 after buying an additional 6,605 shares during the period. Rush Island Management LP grew its holdings in shares of Essex Property Trust by 26.8% during the first quarter. Rush Island Management LP now owns 807,893 shares of the real estate investment trust’s stock worth $195,510,000 after buying an additional 170,682 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Essex Property Trust by 50.1% during the first quarter. Empowered Funds LLC now owns 2,095 shares of the real estate investment trust’s stock worth $507,000 after buying an additional 699 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in Essex Property Trust by 42.6% in the 1st quarter. Quantinno Capital Management LP now owns 381,042 shares of the real estate investment trust’s stock valued at $92,212,000 after buying an additional 113,861 shares during the last quarter. Institutional investors own 96.51% of the company’s stock.

Insider Transactions at Essex Property Trust In other Essex Property Trust news, Director Mary Kasaris sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total value of $167,670.00. Following the sale, the director owned 2,394 shares in the company, valued at $669,003.30. This represents a 20.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.47% of the stock is owned by corporate insiders.

Key Stories Impacting Essex Property Trust Here are the key news stories impacting Essex Property Trust this week:

Positive Sentiment: Essex raised the midpoint of its full-year 2026 core funds from operations (FFO) outlook by $0.20 and forecast third-quarter core FFO of $3.99. The higher outlook reflects resilient rental demand and better-than-expected property performance. Essex raises full-year core FFO midpoint Positive Sentiment: Second-quarter FFO exceeded analysts’ expectations as same-property net operating income and revenue increased. Northern California was the standout market, helping support the company’s raised 2026 view. ESS Q2 FFO beats estimates Positive Sentiment: Citizens JMP upgraded ESS from “market perform” to “outperform” and assigned a $330 price target, while RBC raised its target from $306 to $312 and maintained an “outperform” rating. The upgrades indicate improving analyst confidence after the earnings report. Essex upgraded at Citizens RBC raises Essex price target Neutral Sentiment: Management highlighted a regional divide: Northern California rent growth remains strong, but conditions are less uniform across Essex’s other markets. This creates some uncertainty around the pace and breadth of future growth. Essex Property Trust ups guidance amid regional divide Essex Property Trust Stock Up 0.2% Essex Property Trust stock opened at $284.68 on Monday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.60 and a quick ratio of 0.60. The company’s 50-day moving average is $286.95 and its 200-day moving average is $266.31. The firm has a market capitalization of $18.29 billion, a PE ratio of 44.27, a P/E/G ratio of 12.23 and a beta of 0.69. Essex Property Trust, Inc. has a fifty-two week low of $238.46 and a fifty-two week high of $303.35.

Essex Property Trust Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $2.59 per share. This represents a $10.36 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 30th. Essex Property Trust’s payout ratio is 161.12%.

Wall Street Analyst Weigh In Several equities research analysts have commented on ESS shares. UBS Group set a $290.00 target price on Essex Property Trust in a research note on Thursday, June 18th. Cantor Fitzgerald set a $330.00 price target on shares of Essex Property Trust in a research note on Friday. Jefferies Financial Group upgraded shares of Essex Property Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. Citizens Jmp raised shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $330.00 price objective on the stock in a research report on Friday. Finally, Weiss Ratings upgraded shares of Essex Property Trust from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $304.69.

Get Our Latest Stock Report on ESS

About Essex Property Trust (Free Report)

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.

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Second quarter 2026 RevPAR1 increased 3.4 percent worldwide, with 5.0 percent growth in the U.S. & Canada and a 0.5 percent decline in international markets Second quarter reported diluted EPS totaled $2.90 and Adjusted diluted EPS totaled $3.19 Second quarter reported net income totaled $766 million and Adjusted net income totaled $844 million Second quarter Adjusted EBITDA totaled $1,592 million The company added roughly 17,900 net rooms globally during the quarter and net rooms grew 4.5 percent from the end of the second quarter of 2025 At the end of the quarter, Marriott's worldwide development pipeline reached a new record and totaled nearly 4,200 properties and approximately 629,000 rooms, with 44 percent of pipeline rooms under construction including hotels that are pending conversion The company repurchased 3.0 million shares of common stock for $1.1 billion in the 2026 second quarter. Year-to-date through July 29, the company has returned approximately $2.6 billion to shareholders through dividends and share repurchases For a summary of second quarter 2026 highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2026/2026-q2-earnings-infographic.pdf.

, /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported second quarter 2026 results.

Anthony Capuano, President and Chief Executive Officer, said, "We delivered another quarter of excellent results, reflecting strong travel demand, the power of our brands, and sustained development momentum. Global RevPAR increased 3.4 percent in the second quarter, with continued ADR strength. In the U.S. & Canada, RevPAR rose 5 percent, driven by broad-based increases across chain scales and customer segments.

"International RevPAR declined 0.5 percent in the quarter, as headwinds from the conflict in the Middle East more than offset solid RevPAR growth across our other international regions. In EMEA, RevPAR declined over 5 percent, with an increase in Europe outweighed by a 43 percent decline in the Middle East. APEC RevPAR increased over 5 percent, supported by solid leisure demand and robust intra-regional travel, while Greater China RevPAR increased over 3 percent, driven by strong performance across our luxury portfolio and key markets like Hong Kong, Taiwan and Hainan. With the outperformance in the second quarter and strong broad-based demand generally expected to continue, we are raising our full year expectation to 3 to 3.5 percent global RevPAR growth.

"Development activity remained strong, with record global signings in the first six months of the year. Our industry-leading global pipeline grew to approximately 629,000 rooms at quarter-end, up nearly 7 percent from the year-ago quarter. Conversions remained an important driver of growth, representing over a third of signings and 40 percent of openings in the first half of the year.

"The Marriott Bonvoy loyalty program, which grew to more than 295 million members at quarter-end, continues to drive demand, deepen member engagement and create value across our global portfolio. We recently executed new long-term agreements for our co-branded credit card program in the U.S. with JPMorgan Chase and American Express. These agreements further strengthen Marriott Bonvoy and deliver incremental value to our hotel owners, our cardholders and loyalty program members, and our shareholders.

"With our global scale, powerful portfolio of brands, industry-leading Marriott Bonvoy loyalty program, and dedicated associates, we are well positioned to meet the evolving needs of travelers seeking exceptional stays and memorable experiences. Supported by our robust pipeline and disciplined execution, we remain confident in our ability to deliver sustainable, long-term growth."

Second Quarter 2026 Results
Franchise and base management fees totaled $1,366 million in the 2026 second quarter, a 14 percent increase compared to franchise and base management fees of $1,200 million in the year-ago quarter. The increase was primarily driven by higher co-branded credit card fees, rooms growth and higher RevPAR.

Incentive management fees totaled $212 million in the 2026 second quarter, compared to $200 million in the 2025 second quarter, driven by strong year-over-year growth in the U.S. & Canada, partially offset by declines in EMEA. Managed hotels in international markets contributed over half of the incentive fees earned in the quarter.

Owned, leased, and other revenue, net of owned, leased, and other expense2, totaled $49 million in the 2026 second quarter, compared to $78 million in the 2025 second quarter. The decline primarily reflected a $27 million property-related litigation accrual ($20 million after-tax impact and $0.08 per share after-tax) as well as lower termination fees.

Depreciation, amortization, and other expenses totaled $115 million in the 2026 second quarter, compared to $53 million in the year-ago quarter. The increase was driven by a $68 million impairment charge recorded in connection with our sale of a U.S. & Canada hotel, which is excluded from our Adjusted results.

General and administrative expenses2 for the 2026 second quarter totaled $220 million, compared to $210 million in the year-ago quarter, reflecting higher compensation costs, driven in part by timing.

Interest expense, net, totaled $201 million in the 2026 second quarter, compared to $191 million in the year-ago quarter. The increase was primarily due to higher interest expense associated with higher debt balances, partially offset by higher interest income.

In the 2026 second quarter, the provision for income taxes totaled $278 million, compared to $291 million in the 2025 second quarter.

Marriott's reported operating income totaled $1,229 million in the 2026 second quarter, compared to 2025 second quarter reported operating income of $1,236 million. Reported net income totaled $766 million in the 2026 second quarter, flat compared to 2025 second quarter reported net income of $763 million. Reported diluted earnings per share (EPS) totaled $2.90 in the quarter, compared to reported diluted EPS of $2.78 in the year-ago quarter.

Adjusted operating income in the 2026 second quarter totaled $1,329 million, compared to 2025 second quarter Adjusted operating income of $1,186 million. Second quarter 2026 Adjusted net income totaled $844 million, compared to 2025 second quarter Adjusted net income of $728 million. Adjusted diluted EPS in the 2026 second quarter totaled $3.19, compared to Adjusted diluted EPS of $2.65 in the year-ago quarter.

Second quarter 2026 Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, and certain impairment charges. See the press release schedules for the calculation of Adjusted results and the manner in which the Adjusted measures are determined in this press release.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,592 million in the 2026 second quarter, a 13 percent increase compared to second quarter 2025 Adjusted EBITDA of $1,415 million. See the press release schedules for the Adjusted EBITDA calculation.

Income Statement Reclassification
In the 2025 fourth quarter, to enhance understanding of the company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. The expenses that were reclassified from "General, administrative, and other" are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. Please refer to the Expense Captions - As Reclassified section in the press release schedules for information about the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025.

Selected Performance Information
The company added roughly 17,900 net rooms during the quarter, including approximately 11,000 net rooms in international markets. At the end of the quarter, Marriott's global system totaled over 10,000 properties, with nearly 1,814,000 rooms.

At the end of the quarter, the company's worldwide development pipeline totaled 4,186 properties with approximately 629,000 rooms, including 253 properties with over 34,000 rooms approved for development but not yet subject to signed contracts. The quarter-end pipeline included 1,757 properties with over 279,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the quarter-end pipeline were located in international markets.

In the 2026 second quarter, worldwide RevPAR increased 3.4 percent (a 3.9 percent increase using actual dollars) compared to the 2025 second quarter. RevPAR in the U.S. & Canada increased 5.0 percent (a 5.1 percent increase using actual dollars), and RevPAR in international markets declined 0.5 percent (a 1.0 percent increase using actual dollars) compared to the 2025 second quarter.

Balance Sheet & Common Stock
At the end of the quarter, Marriott's total debt was $16.9 billion and cash and equivalents totaled $0.5 billion, compared to $16.2 billion in debt and $0.4 billion of cash and equivalents at year-end 2025.

The company repurchased 3.0 million shares of common stock in the 2026 second quarter for $1.1 billion. Year-to-date through July 29, the company has repurchased 6.2 million shares for $2.2 billion.

Company Outlook
The company's updated outlook generally assumes the continuation of the current macroeconomic environment. The outlook includes the expected partial year incremental impact of the new terms of our recently executed agreements with JPMorgan Chase and American Express for our U.S. co-branded credit card program.

Third Quarter 2026

vs. Third Quarter 2025

Full Year 2026

vs. Full Year 2025

Worldwide RevPAR growth

3.5% to 4.0%

3.0% to 3.5%

Year-End 2026

vs. Year-End 2025

Net rooms growth

Low end of 4.5% to 5%

($ in millions, except EPS)

Third Quarter 2026

Full Year 2026

Gross fee revenues

$1,474 to $1,483

$6,025 to $6,055

Owned, leased, and other revenue, net of owned, leased, and other expense

$30 to $40

$175 to $185

General and administrative expenses

$220 to $210

$895 to $875

Adjusted EBITDA1,2

$1,439 to $1,468

$5,965 to $6,025

Adjusted EPS – diluted2,3

$2.74 to $2.82

$11.64 to $11.81

Adjusted effective tax rate2

Approx. 26.7%

26.0% to 26.5%

Investment spending4

$1,250 to $1,350

Capital return to shareholders5

Over $4,500

1See the press release schedules for the Adjusted EBITDA calculations.

2Adjusted EBITDA, Adjusted EPS – diluted, and Adjusted effective tax rate for third quarter and full year 2026 do not include cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Our outlook includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter. Our outlook excludes any other potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. In addition, our full year 2026 outlook excludes the 2026 first half adjustments related to the Sonder termination of $2 million, an adjustment to a gain on an asset disposition of $(8) million, and an impairment charge of $(68) million recorded in connection with our sale of a U.S. & Canada hotel.

3Assumes the level of capital return to shareholders noted above.

4Investment spending includes contract acquisition costs, capital and technology expenditures, renovations at owned and leased hotels, loan advances, and other investing activities (including our investment in Lefay, which occurred in the 2026 second quarter), but excluding any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant.

5Assumes the level of investment spending noted above and that no other asset sales, property acquisitions or brand acquisitions occur during the year.

Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Monday, August 3, 2026, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott's investor relations website at www.marriott.com/investor (click on "Events & Presentations" and click on the quarterly conference call link). A replay will be available at that same website until August 3, 2027.

The telephone dial-in number for the conference call is US Toll Free: 800-267-6316, or Global: +1 203-518-9783. The conference ID is MAR2Q26.

Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of August 3, 2026. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; shareholder returns; our growth prospects; our development pipeline; our Marriott Bonvoy loyalty program; property performance; our expectations about the current macroeconomic environment; our expectations about our co-branded credit card program; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.

ABOUT MARRIOTT INTERNATIONAL
Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of compelling brands across luxury, premium, select, midscale, extended stay, and all-inclusive, with over 10,000 properties in 148 countries and territories, as of June 30, 2026. Marriott franchises, operates, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.

Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only.

IRPR#1
Tables follow

__________________________________

1All occupancy, Average Daily Rate (ADR) and Revenue per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2026 and 2025 reflect properties that are comparable in both years.

2In the 2025 fourth quarter, to enhance understanding of the company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. Please see the Income Statement Reclassification section of this press release for additional information.

MARRIOTT INTERNATIONAL, INC.

PRESS RELEASE SCHEDULES

TABLE OF CONTENTS

QUARTER 2, 2026

Consolidated Statements of Income

A-2

Non-GAAP Financial Measures

A-4

Expense Captions - As Reclassified

A-5

Total Lodging Products by Ownership Type

A-6

Total Lodging Products by Tier

A-8

Key Lodging Statistics

A-10

Adjusted EBITDA

A-14

Adjusted EBITDA Forecast - Third Quarter 2026

A-15

Adjusted EBITDA Forecast - Full Year 2026

A-16

Explanation of Non-GAAP Financial and Performance Measures

A-17

MARRIOTT INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

SECOND QUARTER 2026 AND 2025

($ in millions except per share amounts, unaudited)

Percent

Three Months Ended

Three Months Ended

Better/(Worse)

June 30, 2026

June 30, 2025

2026 vs. 2025

REVENUES

Franchise fees1

$                    1,023

$                      860

19

Base management fees

343

340

1

Incentive management fees

212

200

6

Gross fee revenues

1,578

1,400

13

Contract investment amortization2

(31)

(29)

(7)

Net fee revenues

1,547

1,371

13

Owned, leased, and other revenue3

466

441

6

Cost reimbursement revenue4

5,058

4,932

3

7,071

6,744

5

OPERATING COSTS AND EXPENSES

Owned, leased, and other expense5*

417

363

(15)

Depreciation, amortization, and other6

115

53

(117)

General and administrative7*

220

210

(5)

Restructuring and merger-related (recoveries) charges, and other

(10)

8

225

Reimbursed expenses4

5,100

4,874

(5)

5,842

5,508

(6)

OPERATING INCOME

1,229

1,236

(1)

Gains and other income, net8

11

5

120

Interest expense

(221)

(203)

(9)

Interest income

20

12

67

Equity in earnings9

5

4

25

INCOME BEFORE INCOME TAXES

1,044

1,054

(1)

Provision for income taxes

(278)

(291)

4

NET INCOME

$                     766

$                     763

0

EARNINGS PER SHARE

Earnings per share - basic

$                     2.90

$                     2.78

4

Earnings per share - diluted

$                     2.90

$                     2.78

4

Basic shares (in millions)

263.9

274.2

Diluted shares (in millions)

264.5

274.7

* The 2025 second quarter reflects the reclassification of $35 million of other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased,
and other expense" caption of our Income Statements to conform to our current presentation.

1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit
card fees, residential branding fees, and other brand-related fees.

2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments.

3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.

4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate
for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the
 benefit of our hotel owners and certain other counterparties.

5 Owned, leased, and other expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses,
such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses,
and certain brand-related or property-related expenses), and costs associated with certain third-party agreements.

6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any
related impairments, accelerations, or write-offs.

7 General and administrative expenses include our corporate and business segments overhead costs and general expenses.

8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity
investments.

9 Equity in earnings includes our equity in earnings or losses of unconsolidated equity method investments.

MARRIOTT INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

SECOND QUARTER YEAR-TO-DATE 2026 AND 2025

($ in millions except per share amounts, unaudited)

Percent

Six Months Ended

Six Months Ended

Better/(Worse)

June 30, 2026

June 30, 2025

2026 vs. 2025

REVENUES

Franchise fees1

$                    1,895

$                    1,606

18

Base management fees

682

665

3

Incentive management fees

434

404

7

Gross fee revenues

3,011

2,675

13

Contract investment amortization2

(66)

(57)

(16)

Net fee revenues

2,945

2,618

12

Owned, leased, and other revenue3

878

802

9

Cost reimbursement revenue4

9,902

9,587

3

13,725

13,007

6

OPERATING COSTS AND EXPENSES

Owned, leased, and other expense5*

794

695

(14)

Depreciation, amortization, and other6

169

104

(63)

General and administrative7*

439

419

(5)

Restructuring and merger-related (recoveries) charges, and other

(6)

9

167

Reimbursed expenses4

10,036

9,596

(5)

11,432

10,823

(6)

OPERATING INCOME

2,293

2,184

5

Gains and other income, net8

14

3

367

Interest expense

(435)

(395)

(10)

Interest income

30

21

43

Equity in earnings9

—

5

(100)

INCOME BEFORE INCOME TAXES

1,902

1,818

5

Provision for income taxes

(488)

(390)

(25)

NET INCOME

$                   1,414

$                   1,428

(1)

EARNINGS PER SHARE

Earnings per share - basic

$                     5.34

$                     5.18

3

Earnings per share - diluted

$                     5.32

$                     5.17

3

Basic shares (in millions)

265.0

275.5

Diluted shares (in millions)

265.7

276.2

* The 2025 first half reflects the reclassification of $71 million of other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased,
and other expense" caption of our Income Statements to conform to our current presentation.

1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded
credit card fees, residential branding fees, and other brand-related fees.

2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments.

3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.

4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we
operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we
operate for the benefit of our hotel owners and certain other counterparties.

5 Owned, leased, and other expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses,
such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses,
and certain brand-related or property-related expenses), and costs associated with certain third-party agreements.

6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets,
and any related impairments, accelerations, or write-offs.

7 General and administrative expenses include our corporate and business segments overhead costs and general expenses.

8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity
investments.

9 Equity in earnings includes our equity in earnings or losses of unconsolidated equity method investments.

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

($ in millions except per share amounts)

The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share
to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin.

Three Months Ended

Six Months Ended

Percent

Percent

June 30,

June 30,

Better/

June 30,

June 30,

Better/

2026

2025

(Worse)

2026

2025

(Worse)

Total revenues, as reported

$      7,071

$      6,744

$    13,725

$    13,007

Less: Cost reimbursement revenue

(5,058)

(4,932)

(9,902)

(9,587)

Adjusted total revenues†

2,013

1,812

3,823

3,420

Operating income, as reported

1,229

1,236

2,293

2,184

Less: Cost reimbursement revenue

(5,058)

(4,932)

(9,902)

(9,587)

Add: Reimbursed expenses

5,100

4,874

10,036

9,596

Add (Less): Restructuring and merger-related (recoveries) charges, and other

(10)

8

(6)

9

Add: Asset impairment charge1

68

—

68

—

Less: Adjustments related to Sonder Termination2

—

—

(2)

—

Adjusted operating income†

1,329

1,186

12

2,487

2,202

13

Operating income margin

17 %

18 %

17 %

17 %

Adjusted operating income margin†

66 %

65 %

65 %

64 %

Net income, as reported

766

763

1,414

1,428

Less: Cost reimbursement revenue

(5,058)

(4,932)

(9,902)

(9,587)

Add: Reimbursed expenses

5,100

4,874

10,036

9,596

Add (Less): Restructuring and merger-related (recoveries) charges, and other

(10)

8

(6)

9

Add: Asset impairment charge1

68

—

68

—

Less: Adjustments related to Sonder Termination2

—

—

(2)

—

Add: Adjustment to gain on investee's asset disposition3

—

—

8

—

Income tax effect of above adjustments

(22)

18

(46)

1

Less: Income tax special items

—

(3)

—

(74)

Adjusted net income†

$       844

$       728

16

$     1,570

$     1,373

14

Diluted earnings per share, as reported

$       2.90

$       2.78

$       5.32

$       5.17

Adjusted diluted earnings per share†

$       3.19

$       2.65

20

$       5.91

$       4.97

19

† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information
about our reasons for providing these alternative financial measures and the limitations on their use.

1 Impairment related to our sale of a U.S. & Canada hotel reported in Depreciation, amortization, and other.

2 Adjustments related to the termination of our licensing agreement with Sonder Holdings Inc. (the "Sonder Termination") reported in Owned, leased, and other expense.

3 Adjustment to gain on investee's asset disposition reported in Equity in earnings.

MARRIOTT INTERNATIONAL, INC.

EXPENSE CAPTIONS - AS RECLASSIFIED

QUARTERLY AND FULL YEAR 2025

($ in millions)

In the 2025 fourth quarter, to enhance understanding of the company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported
under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. The expenses that were reclassified from
"General, administrative, and other" are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain
brand-related or property-related expenses, as well as costs associated with certain third-party agreements. The following table includes the affected expense captions, as reclassified,
for each quarter and the full fiscal year of 2025.

Fiscal Year 2025

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

Total

Owned, leased, and other revenue

$       361

$       441

$       420

$       457

$     1,679

Owned, leased, and other expense

332

363

350

416

1,461

Owned, leased, and other revenue, net of owned, leased, and other expense

$         29

$         78

$         70

$         41

$       218

General and administrative

$       209

$       210

$       210

$       241

$       870

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE

As of June 30, 2026

US & Canada

Total International1

Total Worldwide

Properties

Rooms

Properties

Rooms

Properties

Rooms

Franchised, Licensed, and Other

5,921

884,304

2,018

339,046

7,939

1,223,350

 Courtyard by Marriott

943

127,158

146

27,070

1,089

154,228

 Fairfield by Marriott

1,202

113,564

141

20,448

1,343

134,012

 Residence Inn by Marriott

839

100,238

43

5,289

882

105,527

 Marriott Hotels

240

76,464

87

24,026

327

100,490

 Autograph Collection

165

36,970

178

34,770

343

71,740

 SpringHill Suites by Marriott

577

67,779

—

—

577

67,779

 Sheraton

134

41,433

90

25,141

224

66,574

 TownePlace Suites by Marriott

590

59,212

—

—

590

59,212

 Four Points by Sheraton

147

21,020

173

31,015

320

52,035

 Westin

97

33,215

34

10,182

131

43,397

 AC Hotels by Marriott

139

23,059

109

16,055

248

39,114

 Tribute Portfolio

112

20,761

76

11,231

188

31,992

 Moxy Hotels

49

8,408

118

22,268

167

30,676

 Aloft by Marriott

167

23,905

33

6,357

200

30,262

 Renaissance Hotels

72

19,853

33

8,594

105

28,447

 MGM Collection with Marriott Bonvoy

12

26,210

—

—

12

26,210

 Delta Hotels by Marriott

70

15,864

43

8,123

113

23,987

 Timeshare*

73

18,949

22

3,963

95

22,912

 The Luxury Collection

17

8,245

68

14,458

85

22,703

 City Express by Marriott

28

2,460

155

18,335

183

20,795

 Design Hotels*

34

3,179

221

14,075

255

17,254

 Element by Marriott

105

14,066

7

1,043

112

15,109

 Le Méridien

23

5,123

31

8,636

54

13,759

 JW Marriott

14

6,797

16

4,279

30

11,076

 citizenM

17

4,604

19

3,938

36

8,542

 Four Points Flex by Sheraton

—

—

60

8,536

60

8,536

 Series by Marriott

5

550

53

3,932

58

4,482

 Protea Hotels by Marriott

—

—

38

3,371

38

3,371

 Marriott Executive Apartments

—

—

10

1,947

10

1,947

 Outdoor Collection by Marriott Bonvoy

34

1,771

—

—

34

1,771

 W Hotels

1

1,117

2

464

3

1,581

 StudioRes by Marriott

12

1,488

—

—

12

1,488

 Apartments by Marriott Bonvoy

2

413

4

302

6

715

 The Ritz-Carlton

1

429

2

262

3

691

 The Ritz-Carlton Yacht Collection*

—

—

3

603

3

603

 St. Regis

—

—

1

172

1

172

 Bvlgari

—

—

2

161

2

161

 Owned/Leased

13

4,466

37

8,867

50

13,333

 Sheraton

1

1,218

3

1,724

4

2,942

 Marriott Hotels

2

1,304

5

1,631

7

2,935

 Courtyard by Marriott

7

987

4

894

11

1,881

 W Hotels

2

765

2

665

4

1,430

 Protea Hotels by Marriott

—

—

5

912

5

912

 JW Marriott

—

—

2

696

2

696

 The Ritz-Carlton

—

—

2

548

2

548

 Renaissance Hotels

—

—

2

505

2

505

 The Luxury Collection

—

—

3

383

3

383

 Autograph Collection

—

—

5

360

5

360

 Residence Inn by Marriott

1

192

1

140

2

332

 Tribute Portfolio

—

—

2

249

2

249

 St. Regis

—

—

1

160

1

160

Managed

558

202,722

1,389

357,727

1,947

560,449

 Marriott Hotels

97

55,403

194

61,179

291

116,582

 Sheraton

23

18,928

178

57,080

201

76,008

 Courtyard by Marriott

134

21,936

137

29,941

271

51,877

 Westin

40

22,354

80

24,174

120

46,528

 JW Marriott

22

12,725

77

26,525

99

39,250

 The Ritz-Carlton

42

12,797

80

18,443

122

31,240

 Four Points by Sheraton

1

134

96

25,337

97

25,471

 Renaissance Hotels

20

8,657

53

16,533

73

25,190

 Le Méridien

—

—

70

18,646

70

18,646

 W Hotels

19

5,163

46

12,023

65

17,186

 St. Regis

13

2,564

53

11,503

66

14,067

 Gaylord Hotels

7

11,820

—

—

7

11,820

 Residence Inn by Marriott

63

10,604

9

1,102

72

11,706

 The Luxury Collection

6

2,316

42

8,335

48

10,651

 Aloft by Marriott

2

505

42

9,591

44

10,096

 Fairfield by Marriott

3

698

57

8,761

60

9,459

 Delta Hotels by Marriott

24

6,623

5

1,179

29

7,802

 Autograph Collection

12

3,418

19

3,379

31

6,797

 Marriott Executive Apartments

—

—

41

5,932

41

5,932

 AC Hotels by Marriott

8

1,512

18

3,328

26

4,840

 EDITION

5

1,379

18

3,389

23

4,768

 Element by Marriott

3

810

14

2,712

17

3,522

 Moxy Hotels

1

380

15

3,099

16

3,479

 Protea Hotels by Marriott

—

—

22

2,738

22

2,738

 Tribute Portfolio

—

—

13

1,595

13

1,595

 SpringHill Suites by Marriott

9

1,381

—

—

9

1,381

 Bvlgari

—

—

7

646

7

646

 TownePlace Suites by Marriott

4

615

—

—

4

615

 citizenM

—

—

2

477

2

477

 Apartments by Marriott Bonvoy

—

—

1

80

1

80

Residences

74

7,866

72

8,700

146

16,566

 The Ritz-Carlton Residences

46

5,150

23

1,928

69

7,078

 St. Regis Residences

11

1,279

14

1,916

25

3,195

 W Residences

8

795

8

768

16

1,563

 Marriott Residences

—

—

5

1,283

5

1,283

 JW Marriott Residences

1

91

4

1,055

5

1,146

 Westin Residences

3

266

3

413

6

679

 Bvlgari Residences

—

—

5

526

5

526

 Sheraton Residences

—

—

3

472

3

472

 The Luxury Collection Residences

1

91

2

85

3

176

 Tribute Portfolio Residences

—

—

1

137

1

137

 Renaissance Residences

1

112

—

—

1

112

 EDITION Residences

3

82

1

10

4

92

 Le Méridien Residences

—

—

1

62

1

62

 Autograph Collection Residences

—

—

2

45

2

45

Grand Total

6,566

1,099,358

3,516

714,340

10,082

1,813,698

1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.

* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are
captured within "Unallocated corporate and other."

Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under
such brand following the completion of planned renovations.

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS BY TIER

As of June 30, 2026

US & Canada

Total International1

Total Worldwide

Total Systemwide

Properties

Rooms

Properties

Rooms

Properties

Rooms

Luxury

212

61,785

484

110,003

696

171,788

 JW Marriott

36

19,522

95

31,500

131

51,022

 JW Marriott Residences

1

91

4

1,055

5

1,146

 The Luxury Collection

23

10,561

113

23,176

136

33,737

 The Luxury Collection Residences

1

91

2

85

3

176

 The Ritz-Carlton

43

13,226

84

19,253

127

32,479

 The Ritz-Carlton Residences

46

5,150

23

1,928

69

7,078

 The Ritz-Carlton Yacht Collection*

—

—

3

603

3

603

 W Hotels

22

7,045

50

13,152

72

20,197

 W Residences

8

795

8

768

16

1,563

 St. Regis

13

2,564

55

11,835

68

14,399

 St. Regis Residences

11

1,279

14

1,916

25

3,195

 EDITION

5

1,379

18

3,389

23

4,768

 EDITION Residences

3

82

1

10

4

92

 Bvlgari

—

—

9

807

9

807

 Bvlgari Residences

—

—

5

526

5

526

Premium

1,225

411,359

1,493

343,685

2,718

755,044

 Marriott Hotels

339

133,171

286

86,836

625

220,007

 Marriott Residences

—

—

5

1,283

5

1,283

 Sheraton

158

61,579

271

83,945

429

145,524

 Sheraton Residences

—

—

3

472

3

472

 Westin

137

55,569

114

34,356

251

89,925

 Westin Residences

3

266

3

413

6

679

 Autograph Collection

177

40,388

202

38,509

379

78,897

 Autograph Collection Residences

—

—

2

45

2

45

 Renaissance Hotels

92

28,510

88

25,632

180

54,142

 Renaissance Residences

1

112

—

—

1

112

 Tribute Portfolio

112

20,761

91

13,075

203

33,836

 Tribute Portfolio Residences

—

—

1

137

1

137

 Le Méridien

23

5,123

101

27,282

124

32,405

 Le Méridien Residences

—

—

1

62

1

62

 Delta Hotels by Marriott

94

22,487

48

9,302

142

31,789

 MGM Collection with Marriott Bonvoy

12

26,210

—

—

12

26,210

 Design Hotels*

34

3,179

221

14,075

255

17,254

 Gaylord Hotels

7

11,820

—

—

7

11,820

 Marriott Executive Apartments

—

—

51

7,879

51

7,879

 Outdoor Collection by Marriott Bonvoy **

34

1,771

—

—

34

1,771

 Apartments by Marriott Bonvoy

2

413

5

382

7

795

Select

5,011

602,767

1,249

225,886

6,260

828,653

 Courtyard by Marriott

1,084

150,081

287

57,905

1,371

207,986

 Fairfield by Marriott

1,205

114,262

198

29,209

1,403

143,471

 Residence Inn by Marriott

903

111,034

53

6,531

956

117,565

 Four Points by Sheraton

148

21,154

269

56,352

417

77,506

 SpringHill Suites by Marriott

586

69,160

—

—

586

69,160

 TownePlace Suites by Marriott

594

59,827

—

—

594

59,827

 AC Hotels by Marriott

147

24,571

127

19,383

274

43,954

 Aloft by Marriott

169

24,410

75

15,948

244

40,358

 Moxy Hotels

50

8,788

133

25,367

183

34,155

 Element by Marriott

108

14,876

21

3,755

129

18,631

 citizenM

17

4,604

21

4,415

38

9,019

 Protea Hotels by Marriott

—

—

65

7,021

65

7,021

Midscale

45

4,498

268

30,803

313

35,301

 City Express by Marriott

28

2,460

155

18,335

183

20,795

 Four Points Flex by Sheraton

—

—

60

8,536

60

8,536

 Series by Marriott **

5

550

53

3,932

58

4,482

 StudioRes by Marriott

12

1,488

—

—

12

1,488

 Timeshare*

73

18,949

22

3,963

95

22,912

Grand Total

6,566

1,099,358

3,516

714,340

10,082

1,813,698

1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.

* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are
captured within "Unallocated corporate and other."

 ** The Outdoor Collection by Marriott Bonvoy includes properties under both the Premium and Select quality tiers. Series by Marriott includes properties under both the Select
and Midscale quality tiers.

Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate
under such brand following the completion of planned renovations.

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $

Comparable Company-Operated US & Canada Properties

Three Months Ended June 30, 2026 and June 30, 2025

RevPAR

Occupancy

Average Daily Rate

Brand

2026

vs. 2025

2026

vs. 2025

2026

vs. 2025

JW Marriott

$   278.37

7.1 %

74.6 %

1.5 %

pts.

$   373.15

4.9 %

The Ritz-Carlton

$   418.33

9.8 %

69.6 %

1.4 %

pts.

$   601.00

7.5 %

W Hotels

$   295.67

8.9 %

71.7 %

-0.2 %

pts.

$   412.25

9.2 %

Composite US & Canada Luxury1

$   357.49

9.5 %

72.0 %

0.9 %

pts.

$   496.46

8.1 %

Marriott Hotels

$   200.38

5.9 %

74.0 %

0.8 %

pts.

$   270.77

4.7 %

Sheraton

$   186.20

5.3 %

72.2 %

1.0 %

pts.

$   258.04

3.9 %

Westin

$   215.44

4.2 %

73.8 %

-0.1 %

pts.

$   292.01

4.4 %

Composite US & Canada Premium2

$   198.56

5.8 %

73.5 %

0.6 %

pts.

$   270.14

5.0 %

US & Canada Full-Service3

$   232.94

7.0 %

73.2 %

0.6 %

pts.

$   318.31

6.1 %

Courtyard by Marriott

$   127.84

4.8 %

71.3 %

-0.1 %

pts.

$   179.30

5.0 %

Residence Inn by Marriott                       

$   167.76

4.7 %

79.7 %

0.0 %

pts.

$   210.42

4.6 %

Composite US & Canada Select4

$   146.22

5.1 %

74.7 %

0.0 %

pts.

$   195.84

5.1 %

US & Canada - All5

$   214.20

6.7 %

73.5 %

0.5 %

pts.

$   291.43

6.0 %

Comparable Systemwide US & Canada Properties

Three Months Ended June 30, 2026 and June 30, 2025

RevPAR

Occupancy

Average Daily Rate

Brand

2026

vs. 2025

2026

vs. 2025

2026

vs. 2025

JW Marriott

$   264.85

6.9 %

75.2 %

1.0 %

pts.

$   352.00

5.5 %

The Ritz-Carlton

$   418.33

9.9 %

70.3 %

1.5 %

pts.

$   595.47

7.5 %

W Hotels

$   295.67

8.9 %

71.7 %

-0.2 %

pts.

$   412.25

9.2 %

Composite US & Canada Luxury1

$   335.56

9.1 %

73.1 %

0.8 %

pts.

$   458.89

7.9 %

Marriott Hotels

$   164.72

4.7 %

72.2 %

0.1 %

pts.

$   228.28

4.5 %

Sheraton

$   152.12

4.5 %

72.2 %

0.3 %

pts.

$   210.82

4.1 %

Westin

$   185.44

3.6 %

73.6 %

-0.2 %

pts.

$   251.80

3.8 %

Composite US & Canada Premium2

$   168.22

5.0 %

72.3 %

0.2 %

pts.

$   232.71

4.7 %

US & Canada Full-Service3

$   186.44

5.8 %

72.4 %

0.3 %

pts.

$   257.60

5.4 %

Courtyard by Marriott

$   125.12

4.3 %

72.2 %

-0.1 %

pts.

$   173.30

4.4 %

Residence Inn by Marriott

$   145.22

4.6 %

80.1 %

0.6 %

pts.

$   181.32

3.9 %

Fairfield by Marriott

$   105.40

3.9 %

72.8 %

0.1 %

pts.

$   144.68

3.7 %

Composite US & Canada Select4

$   125.86

4.4 %

75.1 %

0.2 %

pts.

$   167.61

4.1 %

US & Canada - All5

$   150.10

5.0 %

74.0 %

0.2 %

pts.

$   202.82

4.7 %

1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION.

2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels.
Systemwide also includes Le Méridien and Tribute Portfolio.

3 Includes Composite US & Canada Luxury and Composite US & Canada Premium.

4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by
Marriott, Four Points by Sheraton, Aloft by Marriott, Element by Marriott, AC Hotels by Marriott, and Moxy Hotels.

5 Includes US & Canada Full-Service and Composite US & Canada Select.

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $

Comparable Company-Operated US & Canada Properties

Six Months Ended June 30, 2026 and June 30, 2025

RevPAR

Occupancy

Average Daily Rate

Brand

2026

vs. 2025

2026

vs. 2025

2026

vs. 2025

JW Marriott

$   283.69

5.9 %

74.2 %

1.0 %

pts.

$   382.29

4.5 %

The Ritz-Carlton

$   424.18

7.8 %

68.6 %

1.3 %

pts.

$   618.19

5.8 %

W Hotels

$   293.35

10.8 %

69.4 %

1.4 %

pts.

$   422.64

8.5 %

Composite US & Canada Luxury1

$   366.94

8.4 %

71.1 %

1.0 %

pts.

$   515.96

6.8 %

Marriott Hotels

$   189.62

5.1 %

70.8 %

0.5 %

pts.

$   267.86

4.3 %

Sheraton

$   174.71

3.2 %

69.2 %

0.5 %

pts.

$   252.55

2.4 %

Westin

$   196.61

4.4 %

70.6 %

0.5 %

pts.

$   278.41

3.6 %

Composite US & Canada Premium2

$   186.43

4.7 %

70.4 %

0.4 %

pts.

$   264.97

4.1 %

US & Canada Full-Service3

$   225.48

6.0 %

70.5 %

0.5 %

pts.

$   319.72

5.2 %

Courtyard by Marriott

$   118.26

3.6 %

67.1 %

-0.1 %

pts.

$   176.12

3.7 %

Residence Inn by Marriott                        

$   159.21

3.5 %

76.5 %

0.2 %

pts.

$   208.01

3.1 %

Composite US & Canada Select4

$   136.77

3.9 %

71.0 %

0.2 %

pts.

$   192.76

3.7 %

US & Canada - All5

$   206.31

5.7 %

70.6 %

0.5 %

pts.

$   292.16

5.0 %

Comparable Systemwide US & Canada Properties

Six Months Ended June 30, 2026 and June 30, 2025

RevPAR

Occupancy

Average Daily Rate

Brand

2026

vs. 2025

2026

vs. 2025

2026

vs. 2025

JW Marriott

$   267.89

5.7 %

74.2 %

0.7 %

pts.

$   360.80

4.7 %

The Ritz-Carlton

$   419.62

7.8 %

68.8 %

1.3 %

pts.

$   609.82

5.8 %

W Hotels

$   293.35

10.8 %

69.4 %

1.4 %

pts.

$   422.64

8.5 %

Composite US & Canada Luxury1

$   338.04

7.9 %

71.7 %

0.8 %

pts.

$   471.72

6.6 %

Marriott Hotels

$   153.89

4.4 %

68.6 %

0.4 %

pts.

$   224.25

3.8 %

Sheraton

$   138.80

3.7 %

68.2 %

0.6 %

pts.

$   203.42

2.8 %

Westin

$   174.33

3.3 %

70.6 %

0.0 %

pts.

$   247.08

3.3 %

Composite US & Canada Premium2

$   156.91

4.5 %

68.9 %

0.4 %

pts.

$   227.90

3.9 %

US & Canada Full-Service3

$   176.64

5.2 %

69.2 %

0.5 %

pts.

$   255.41

4.5 %

Courtyard by Marriott

$   113.68

4.0 %

67.9 %

0.2 %

pts.

$   167.52

3.7 %

Residence Inn by Marriott

$   133.75

3.7 %

76.4 %

0.7 %

pts.

$   175.06

2.8 %

Fairfield by Marriott

$     94.29

3.5 %

67.8 %

0.2 %

pts.

$   139.08

3.2 %

Composite US & Canada Select4

$   115.02

4.0 %

71.0 %

0.5 %

pts.

$   162.01

3.3 %

US & Canada - All5

$   139.67

4.6 %

70.3 %

0.5 %

pts.

$   198.79

3.9 %

1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION.

2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels.
Systemwide also includes Le Méridien and Tribute Portfolio.

3 Includes Composite US & Canada Luxury and Composite US & Canada Premium.

4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by
Marriott, Four Points by Sheraton, Aloft by Marriott, Element by Marriott, AC Hotels by Marriott, and Moxy Hotels.

5 Includes US & Canada Full-Service and Composite US & Canada Select.

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $

Comparable Company-Operated International Properties

Three Months Ended June 30, 2026 and June 30, 2025

RevPAR

Occupancy

Average Daily Rate

Region

2026

vs. 2025

2026

vs. 2025

2026

vs. 2025

Europe

$   285.72

5.1 %

76.6 %

0.2 %

pts.

$   373.06

4.8 %

Middle East & Africa

$     84.30

-35.1 %

49.5 %

-17.3 %

pts.

$   170.21

-12.4 %

Greater China

$     81.07

2.6 %

68.8 %

0.1 %

pts.

$   117.83

2.6 %

Asia Pacific excluding China

$   118.70

5.2 %

70.0 %

2.2 %

pts.

$   169.60

1.8 %

Caribbean & Latin America

$   193.39

0.9 %

63.7 %

0.4 %

pts.

$   303.69

0.2 %

International - All1

$   120.46

-2.9 %

66.4 %

-2.1 %

pts.

$   181.36

0.3 %

Worldwide2

$   158.08

2.1 %

69.3 %

-1.1 %

pts.

$   228.23

3.7 %

Comparable Systemwide International Properties

Three Months Ended June 30, 2026 and June 30, 2025

RevPAR

Occupancy

Average Daily Rate

Region

2026

vs. 2025

2026

vs. 2025

2026

vs. 2025

Europe

$   185.95

4.2 %

75.6 %

1.2 %

pts.

$   245.98

2.6 %

Middle East & Africa

$     80.48

-33.1 %

50.5 %

-15.8 %

pts.

$   159.44

-12.1 %

Greater China

$     72.95

3.2 %

67.3 %

0.7 %

pts.

$   108.44

2.1 %

Asia Pacific excluding China

$   119.46

5.3 %

70.4 %

2.3 %

pts.

$   169.76

1.8 %

Caribbean & Latin America

$   111.99

3.0 %

60.3 %

1.3 %

pts.

$   185.85

0.7 %

International - All1

$   116.76

-0.5 %

67.1 %

-0.7 %

pts.

$   174.10

0.6 %

Worldwide2

$   138.74

3.4 %

71.6 %

-0.1 %

pts.

$   193.66

3.5 %

1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.

2 Includes US & Canada - All and International - All.

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $

Comparable Company-Operated International Properties

Six Months Ended June 30, 2026 and June 30, 2025

RevPAR

Occupancy

Average Daily Rate

Region

2026

vs. 2025

2026

vs. 2025

2026

vs. 2025

Europe

$   231.59

6.0 %

68.9 %

-0.1 %

pts.

$   335.92

6.1 %

Middle East & Africa

$   111.59

-18.1 %

55.8 %

-11.9 %

pts.

$   199.84

-0.6 %

Greater China

$     80.62

4.4 %

67.1 %

0.6 %

pts.

$   120.10

3.4 %

Asia Pacific excluding China

$   127.45

6.4 %

70.7 %

2.4 %

pts.

$   180.21

2.9 %

Caribbean & Latin America

$   224.33

0.0 %

66.3 %

0.2 %

pts.

$   338.30

-0.2 %

International - All1

$   123.69

0.6 %

66.5 %

-1.0 %

pts.

$   186.11

2.2 %

Worldwide2

$   156.88

3.2 %

68.1 %

-0.4 %

pts.

$   230.27

3.9 %

Comparable Systemwide International Properties

Six Months Ended June 30, 2026 and June 30, 2025

RevPAR

Occupancy

Average Daily Rate

Region

2026

vs. 2025

2026

vs. 2025

2026

vs. 2025

Europe

$   152.76

5.2 %

68.5 %

1.4 %

pts.

$   223.15

3.1 %

Middle East & Africa

$   104.76

-16.9 %

56.0 %

-10.7 %

pts.

$   187.00

-1.0 %

Greater China

$     72.15

4.5 %

65.3 %

0.9 %

pts.

$   110.47

3.0 %

Asia Pacific excluding China

$   125.43

6.5 %

70.4 %

2.4 %

pts.

$   178.12

2.9 %

Caribbean & Latin America

$   125.50

2.4 %

61.6 %

1.4 %

pts.

$   203.79

0.2 %

International - All1

$   114.56

2.0 %

65.7 %

0.0 %

pts.

$   174.48

2.0 %

Worldwide2

$   131.14

3.8 %

68.7 %

0.3 %

pts.

$   190.89

3.3 %

1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.

2 Includes US & Canada - All and International - All.

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

($ in millions)

Fiscal Year 2026

First

Quarter

Second

Quarter

Total

Net income, as reported1

$     648

$     766

$   1,414

Cost reimbursement revenue

(4,844)

(5,058)

(9,902)

Reimbursed expenses

4,936

5,100

10,036

Interest expense

214

221

435

Interest expense from unconsolidated joint ventures

2

2

4

Provision for income taxes

210

278

488

Depreciation, amortization, and other1

54

115

169

Contract investment amortization

35

31

66

Depreciation and amortization classified in reimbursed expenses

73

76

149

Depreciation, amortization, and impairments from unconsolidated joint ventures

3

5

8

Stock-based compensation

57

66

123

Restructuring and merger-related charges (recoveries), and other

4

(10)

(6)

Adjustments related to Sonder Termination

(2)

—

(2)

Adjustment to gain on investee's asset disposition

8

—

8

Adjusted EBITDA†

$   1,398

$   1,592

$   2,990

Change from 2025 Adjusted EBITDA†

15 %

13 %

14 %

Fiscal Year 2025

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

Total

Net income, as reported

$      665

$      763

$      728

$      445

$    2,601

Cost reimbursement revenue

(4,655)

(4,932)

(4,760)

(4,857)

(19,204)

Reimbursed expenses

4,722

4,874

4,739

5,168

19,503

Interest expense

192

203

206

208

809

Interest expense from unconsolidated joint ventures

1

3

2

1

7

Provision for income taxes

99

291

266

137

793

Depreciation, amortization, and other

51

53

50

59

213

Contract investment amortization

28

29

29

49

135

Depreciation and amortization classified in reimbursed expenses

57

61

64

69

251

Depreciation, amortization, and impairments from unconsolidated joint ventures

4

4

4

6

18

Stock-based compensation

52

58

61

65

236

Restructuring and merger-related charges (recoveries), and other

1

8

(40)

29

(2)

Expenses related to Sonder Termination

—

—

—

23

23

Adjusted EBITDA†

$    1,217

$    1,415

$    1,349

$    1,402

$    5,383

† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press
release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.

1 Includes our 2026 second quarter impairment charge of $68 million related to our sale of a U.S. & Canada hotel.

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA FORECAST

THIRD QUARTER 2026

($ in millions)

Range

Estimated
Third Quarter 2026

Third Quarter 2025

Net income excluding certain items1

$      718

$      740

Interest expense

227

227

Interest expense from unconsolidated joint ventures

1

1

Provision for income taxes

262

269

Depreciation, amortization, and other

51

51

Contract investment amortization

35

35

Depreciation and amortization classified in reimbursed expenses

78

78

Depreciation, amortization, and impairments from unconsolidated joint ventures

5

5

Stock-based compensation

62

62

Adjusted EBITDA†

$    1,439

$    1,468

$                 1,349

Increase over 2025 Adjusted EBITDA†

7 %

9 %

† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press
release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.

1 Forecast excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other
expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant,
except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization
classified in reimbursed expenses" above. Forecast includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each
of which occurred in the 2026 second quarter. Forecast does not reflect any other potential asset sales or property or brand acquisitions that may
occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be
significant.

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA FORECAST

FULL YEAR 2026

($ in millions)

Range

Estimated
Full Year 2026

Full Year 2025

Net income excluding certain items1, 2

$    3,007

$    3,051

Interest expense

898

898

Interest expense from unconsolidated joint ventures

7

7

Provision for income taxes

1,057

1,073

Depreciation, amortization, and other2

275

275

Contract investment amortization

137

137

Depreciation and amortization classified in reimbursed expenses

307

307

Depreciation, amortization, and impairments from unconsolidated joint ventures

19

19

Stock-based compensation

252

252

Adjustments related to Sonder Termination

(2)

(2)

Adjustment to gain on investee's asset disposition

8

8

Adjusted EBITDA†

$    5,965

$    6,025

$                 5,383

Increase over 2025 Adjusted EBITDA†

11 %

12 %

† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press
release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.

1 Forecast excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other
expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant,
except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization
classified in reimbursed expenses" above. Forecast includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each
of which occurred in the 2026 second quarter. Forecast does not reflect any other potential asset sales or property or brand acquisitions that may
occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be
significant.

2 Includes our 2026 second quarter impairment charge of $68 million related to the sale of a U.S. & Canada hotel.

MARRIOTT INTERNATIONAL, INC.
EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES

In our press release and schedules, on the related conference call, and in the infographic made available in connection with our press release, we report certain financial measures that are not required by, or presented in accordance with, United States generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are labeled as "Adjusted" and/or identified with the symbol "†". We discuss the manner in which the non-GAAP measures reported in this press release, schedules, and infographic are determined and management's reasons for reporting these non-GAAP measures below, and the press release schedules reconcile each to the most directly comparable GAAP measures (with respect to the forward-looking non-GAAP measures, to the extent available without unreasonable efforts). Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, operating income, net income, earnings per share, or any other comparable operating measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others.

Adjusted Operating Income and Adjusted Operating Income Margin. Adjusted operating income excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses. When applicable, Adjusted operating income also excludes certain non-cash impairment charges as well as impairment charges and expenses/adjustments related to the Sonder Termination. Adjusted total revenues excludes cost reimbursement revenue as well as, when applicable, certain non-cash impairment charges and impairment charges related to the Sonder Termination. Adjusted operating income margin reflects Adjusted operating income divided by Adjusted total revenues. We believe that these are meaningful metrics because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below.

Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Adjusted Effective Tax Rate. Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate reflect our net income, diluted earnings per share, and effective tax rate, respectively, excluding the impact of cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, as well as, when applicable, certain non-cash impairment charges, gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold), and impairment charges and expenses/adjustments related to the Sonder Termination. Additionally, Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate exclude the income tax effect of the above items (calculated using an estimated tax rate applicable to each item) and income tax special items, which in 2025 primarily related to the release of tax reserves. We believe that these measures are meaningful indicators of our performance because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below.

Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA"). Adjusted EBITDA reflects net income excluding the impact of the following items: cost reimbursement revenue and reimbursed expenses, interest expense, depreciation and amortization (including non-cash impairment charges), provision for income taxes, restructuring and merger-related recoveries/charges, and other expenses, and stock-based compensation expense for all periods presented. When applicable, Adjusted EBITDA also excludes gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold). In addition, Adjusted EBITDA excludes impairment charges and expenses/adjustments related to the Sonder Termination.

In our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, Adjusted effective tax rate, and Adjusted EBITDA, we exclude restructuring and merger-related recoveries/charges as well as charges related to legal proceedings that are outside of the ordinary course of our business, both of which we record in the "Restructuring and merger-related (recoveries) charges, and other" caption of our Consolidated Statements of Income (our "Income Statements"). We also exclude 2025 fourth quarter impairment charges and expenses as well as subsequent adjustments related to the Sonder Termination, which we record in the "Contract investment amortization" and "Owned, leased, and other expense" captions of our Income Statements, as they are related to the cessation of operations of an entire brand, which is a nonrecurring event. In addition, we exclude non-cash impairment charges (if above a specified threshold) related to our franchise and management contracts (if the impairment is non-routine), leases, equity investments, and other capitalized assets, which we record in the "Contract investment amortization," "Depreciation, amortization, and other," and "Equity in (losses) earnings" captions of our Income Statements. These adjustments allow for period-over-period comparisons of our ongoing operations before the impact of these items. We exclude cost reimbursement revenue and reimbursed expenses, which relate to property-level and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties, and for which we receive reimbursement under our agreements with hotel owners and certain other counterparties with no added mark-up. We do not operate these property-level and centralized programs and services to generate a profit over the long term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners and certain other counterparties, we do not seek a mark-up. For property-level services, we recognize cost reimbursement revenue at the same time that we incur expenses, and property-level services have no net impact on our Income Statements in the reporting period. However, for centralized programs and services, we may be reimbursed before or after we incur expenses, causing timing differences between the costs we incur and the related reimbursement from hotel owners and certain other counterparties in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Because we do not retain any such profits or losses over time, we exclude the net impact when evaluating period-over-period changes in our operating results.

We believe that Adjusted EBITDA is a meaningful indicator of our operating performance because it permits period-over-period comparisons of our ongoing operations before these items. Our use of Adjusted EBITDA also facilitates comparison with results from other lodging companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels, and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income taxes can vary considerably among companies. Our Adjusted EBITDA also excludes depreciation and amortization expense, which we report under "Depreciation, amortization, and other" as well as depreciation and amortization classified in "Contract investment amortization," "Reimbursed expenses," and "Equity in earnings" of our Income Statements, because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. Depreciation and amortization classified in "Reimbursed expenses" reflects depreciation and amortization of Marriott-owned assets, for which we receive cash from hotel owners and certain other counterparties to reimburse the company for its investments made for the benefit of the system. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. We exclude stock-based compensation expense in all periods presented to address the considerable variability among companies in recording compensation expense because companies use stock-based payment awards differently, both in the type and quantity of awards granted.

RevPAR. In addition to the foregoing non-GAAP financial measures, we present Revenue per Available Room ("RevPAR") as a performance measure. We believe RevPAR, which we calculate by dividing property level room revenue by total rooms available for the period, is a meaningful indicator of our performance because it measures the period-over-period change in room revenues. RevPAR may not be comparable to similarly titled measures, such as revenues, and should not be viewed as necessarily correlating with our fee revenue. We also believe occupancy and average daily rate ("ADR"), which are components of calculating RevPAR, are meaningful indicators of our performance. Occupancy, which we calculate by dividing total rooms sold by total rooms available for the period, measures the utilization of a property's available capacity. ADR, which we calculate by dividing property level room revenue by total rooms sold, measures average room price and is useful in assessing pricing levels. Comparisons to prior periods are on a constant U.S. dollar basis, which we calculate by applying exchange rates for the current period to the prior comparable period. We believe constant dollar analysis provides valuable information regarding the performance of hotels in our system as it removes currency fluctuations from the presentation of such results.

We define our comparable properties as hotels in our system that were open and operating under one of our brands since the beginning of the last full calendar year (since January 1, 2025 for the current period) and have not, in either the current or previous year: (1) undergone significant room or public space renovations or expansions, (2) been converted between company-operated and franchised, or (3) sustained substantial property damage or business interruption. Our comparable properties also exclude MGM Collection with Marriott Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, residences, timeshare, and all-inclusive properties.

We use the term "hotel owners" throughout these schedules to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to franchise agreements, management agreements, license agreements, or similar arrangements, and we use the term "hotels in our system" to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms "hotel owners" and "hotels in our system" exclude Homes & Villas by Marriott BonvoySM (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®.

SOURCE Marriott International, Inc.

Multi-year framework agreements with the U.S. Department of War and Lockheed Martin deliver speed, scale and certainty for the United States and allies August 03, 2026 08:08 ET  | Source: Northrop Grumman Corporation

FALLS CHURCH, Va., Aug. 03, 2026 (GLOBE NEWSWIRE) -- Northrop Grumman (NYSE: NOC) has signed two multi-year framework agreements totaling over $3 billion to further power the Arsenal of Freedom. Working alongside the U.S. Department of War and Lockheed Martin, the company is increasing production and accelerating delivery of critical munitions technologies and reinforcing the nation’s integrated air and missile defense.

Accelerating PAC-3® MSE Solid Rocket Motor: Northrop Grumman will accelerate production of the Patriot Advanced Capability-3 Missile Segment Enhancement (PAC-3 MSE), to meet the increasing global demand. Under the $2 billion framework agreement, the company will supply essential components, including solid rocket motors and ignition safety devices, supporting the nation’s integrated air and missile defense.Quadrupling Terminal High Altitude Area Defense (THAAD) Component Production: The $1 billion framework agreement will enable Northrop Grumman to significantly increase monthly deliveries of THAAD components over seven years. Northrop Grumman is scaling design and production capabilities to deliver, in record time, new rocket motors that travel farther and faster. As a result of investments made since 2021, the company is doubling the capacity to deliver solid rocket motors at its Utah facilities, nearly tripling the capacity at the Allegany Ballistics Lab in West Virginia and increasing solid rocket motor capacity by 25% at its Elkton, Maryland facility. 

Expert: 

Ben Davies, corporate vice president Northrop Grumman: “Our long-term investments in breakthrough manufacturing technologies and resilient supply chains let us pivot from steady production to a production surge in record time. As one of America’s leading producers of solid rocket motors, we’re supporting the administration’s push to accelerate munitions output. It’s a mission-critical leap forward that ensures America’s defense edge stays sharper, faster, and farther ahead of global threats.”

Additional Context: 

Over the course of the seven-year framework agreement, Northrop Grumman will significantly increase PAC-3 MSE SRM production rates at the Allegany Ballistics Laboratory (ABL) facility in Rocket Center, West Virginia. Since 2021, the company has doubled its production capacity for tactical solid rocket motors at ABL and plans to triple production capabilities by 2027. This investment supports the U.S. Army’s growth in annual PAC-3 MSE missile production from roughly 600 units today to thousands in the near term for U.S. forces and allied partners. This exceptional production surge will provide speed, volume and precision required for integrated air and missile defense as global demand for the PAC-3 MSE system reaches unprecedented levels.

Since 2002, Northrop Grumman has supplied THAAD with critical expertise for interceptor shell cores, aft bulkheads and heat shield assemblies, leveraging proprietary bonding technology to survive the highest-temperature kinetic missions. The company’s San Diego plant has a 50-year legacy of high-volume, high-rate production of structural components across air, land and space domains.

Northrop Grumman’s propulsion systems and munitions components – ranging from fixed ammunition to warheads and fuzes – serve every branch of the U.S. military with ready-now scalability and consistent performance. Since 2019, Northrop Grumman has invested over $2 billion in munitions related technologies and facilities, including over $1 billion for solid rocket motor production. Northrop Grumman regularly invests in its Solid Motor Annual Rocket Technology Demonstrator program, which is an outcome-driven effort to insert industry-informed advancements into the company’s own solid rocket motor design, development production and testing. With more than 70 years of propulsion expertise and delivery of over 1.3 million solid rocket motors to date, Northrop Grumman remains a proven partner advancing national security through innovation and production excellence.

With nearly 100,000 employees and over 30 million square feet of manufacturing space – more than 500 football fields – we have the capacity, scale, and agility to drive innovation at unprecedented speeds. Our manufacturing approaches do more than just produce; they accelerate and enhance the entire process from design and development to production and testing. We’ve invested in U.S. infrastructure, R&D, our workforce, and our supply chain to deliver today and tomorrow’s national security needs.

Northrop Grumman is a leading global aerospace and defense technology company. Our pioneering solutions equip our customers with the capabilities they need to connect and protect the world, and push the boundaries of human exploration across the universe. Driven by a shared purpose to solve our customers’ toughest problems, our employees define possible every day.  

Contact: Northrop Grumman News Bureau
[email protected]

TNL Mediagene's Board of Directors has established a special committee of independent directors to evaluate, and make recommendations to the Board regarding, potential strategic transactions and alternatives available to the Company.

The special committee is composed solely of independent directors - Priscilla Han (Chair), Lauren Zalaznick, and Naoko Okumoto.

The special committee has retained Greenberg Traurig, LLP as its independent legal counsel and Imperial Capital, LLC as its independent financial advisor, each reporting solely to the special committee.

Tokyo, Japan--(Newsfile Corp. - August 3, 2026) - TNL Mediagene (NASDAQ: TNMG) (the "Company"), a technology and digital media company providing AI-driven advertising, marketing technology, content commerce and data analytics solutions, and operating multi-language digital media brands across Asia, today announced that its Board of Directors (the "Board") has established a special committee of independent directors (the "Special Committee") to lead the Company's evaluation of potential strategic transactions and alternatives.

The Special Committee is composed solely of independent directors and consists of Priscilla Han, who serves as Chair, Lauren Zalaznick, and Naoko Okumoto. The Special Committee has been authorized by the Board to review, evaluate and, as appropriate, negotiate and make recommendations to the Board with respect to potential strategic transactions and alternatives available to the Company, which may include, among others, a financing, recapitalization, merger, business combination, share issuance, disposition or other strategic transaction, as well as the alternative of continuing to pursue the Company's existing operations. The Special Committee's mandate is to act in the best interests of the Company and its shareholders as a whole.

To assist in its work, the Special Committee has retained Greenberg Traurig, LLP as its independent legal counsel and Imperial Capital, LLC as its independent financial advisor. Each advisor was selected and engaged by, and reports solely to, the Special Committee. Imperial Capital's mandate is to identify and evaluate transactions that would maximize value for the Company's shareholders.

While the Special Committee conducts its evaluation, the Company's management will remain focused on the effective operation of the Company's businesses. Management will support the Special Committee's process as and when requested by the Special Committee, subject to the Special Committee's conflicts protocol and the recusal of any interested member of management from matters in which he or she has an interest.

No definitive course of action has been determined with respect to any strategic transaction or alternative, and there can be no assurance that the Special Committee's evaluation will result in any transaction, or as to the terms, structure or timing of any transaction that may be pursued. The Board cautions the Company's shareholders and others considering trading in the Company's securities that no decision has been made with respect to any transaction. The Company does not intend to disclose or comment on developments regarding the Special Committee's evaluation unless and until it determines that further disclosure is appropriate or required.

About TNL Mediagene

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

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

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

https://www.tnlmediagene.com/

Cautionary Statement Regarding Forward-Looking Statements

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307650

Source: TNL Mediagene

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, /PRNewswire/ -- Southern Company (NYSE: SO) today announced offerings of $650 million in aggregate principal amount of its convertible senior notes due December 15, 2027 (the "2027 Convertible Notes") and $1.5 billion in aggregate principal amount of its convertible senior notes due September 15, 2029 (the "2029 Convertible Notes" and, together with the 2027 Convertible Notes, the "Convertible Notes") in private placements to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In addition, Southern Company expects to grant the initial purchasers of the Convertible Notes options to purchase, for settlement within a period of 13 days from, and including, the date the Convertible Notes are first issued, up to an additional $97.5 million in aggregate principal amount of the 2027 Convertible Notes and up to an additional $225 million in aggregate principal amount of the 2029 Convertible Notes.

Final terms of each series of Convertible Notes, including the initial conversion price, interest rate and certain other terms of the Convertible Notes, will be determined at the time of pricing. The Convertible Notes will be senior, unsecured obligations of Southern Company. Interest on the Convertible Notes will be paid semiannually. The Convertible Notes will mature on December 15, 2027 (in the case of the 2027 Convertible Notes) and September 15, 2029 (in the case of the 2029 Convertible Notes), unless earlier repurchased or converted in accordance with their terms.

Prior to September 15, 2027 (in the case of the 2027 Convertible Notes) or June 15, 2029 (in the case of the 2029 Convertible Notes), the Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods. From and after September 15, 2027 (in the case of the 2027 Convertible Notes) or June 15, 2029 (in the case of the 2029 Convertible Notes), the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the applicable series of the Convertible Notes. Upon conversion, Southern Company will pay cash up to the aggregate principal amount of the Convertible Notes of the applicable series to be converted and pay or deliver, as the case may be, cash, shares of Southern Company's common stock, or a combination of cash and shares of common stock, at Southern Company's election, in respect of the remainder, if any, of Southern Company's conversion obligation in excess of the aggregate principal amount of the Convertible Notes of the applicable series being converted.

Southern Company intends to use a portion of the net proceeds from these offerings to repurchase a portion of its Series 2024A 4.50% Convertible Senior Notes due June 15, 2027 (the "Series 2024A Convertible Notes") and its Series 2025A 3.25% Convertible Senior Notes due June 15, 2028 (together with the Series 2024A Convertible Notes, the "Existing Convertible Notes"), in each case through individually negotiated transactions with a limited number of holders thereof (each, a "note repurchase transaction"), effected through one of the initial purchasers of the Convertible Notes or its affiliate. Southern Company intends to use any remaining net proceeds to repay all or a portion of its outstanding short-term debt and for other general corporate purposes, which may include investment in its subsidiaries.

Contemporaneously with the pricing of the Convertible Notes, Southern Company expects to enter into one or more separate and privately negotiated transactions with a limited number of holders of the Existing Convertible Notes to use a portion of the proceeds of the offerings to repurchase a portion of the Existing Convertible Notes on terms to be negotiated with each such holder. The terms of each note repurchase transaction are anticipated to be individually negotiated with each such holder of the Existing Convertible Notes and will depend on several factors, including the market price of Southern Company's common stock and the trading price of the applicable Existing Convertible Notes at the time of each such note repurchase transaction. Southern Company may also repurchase outstanding Existing Convertible Notes following the completion of the offerings of the Convertible Notes. No assurance can be given as to how much, if any, of the Existing Convertible Notes will be repurchased or the terms on which they will be repurchased. 

Southern Company expects that holders of the Existing Convertible Notes that sell their Existing Convertible Notes to Southern Company in any note repurchase transaction may enter into or unwind various derivatives with respect to Southern Company's common stock and/or purchase or sell shares of Southern Company's common stock in the market to hedge their exposure in connection with these transactions. In particular, Southern Company expects that many holders of the Existing Convertible Notes employ a convertible arbitrage strategy with respect to the Existing Convertible Notes and have a short position with respect to Southern Company's common stock that they would close, through purchases of Southern Company's common stock and/or the entry into or unwind of economically equivalent derivatives transactions with respect to Southern Company's common stock, in connection with Southern Company's repurchase of their Existing Convertible Notes for cash. This activity could increase (or reduce the size of any decrease in) the market price of Southern Company's common stock or the Convertible Notes at that time and could result in higher effective conversion prices for the Convertible Notes.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The offer and sale of the Convertible Notes and the shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and the Convertible Notes and such shares of common stock may not be offered or sold without registration or an applicable exemption from registration requirements.

About Southern Company

Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy distribution company with national capabilities, a fiber optics network and telecommunications services.

Cautionary Notice Regarding Forward-Looking Statements

Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the planned offerings of the Convertible Notes, the expected use of proceeds from the offerings and the note repurchase transactions. Southern Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations and financial market conditions, and the results of financing efforts; access to capital markets and other financing sources; changes in Southern Company's credit ratings; and catastrophic events such as fires, including wildfires, land movement, earthquakes, explosions, floods, high winds, tornadoes, hurricanes and other storms, solar flares, droughts, future epidemic or pandemic health events, wars, political unrest or other similar occurrences. Southern Company expressly disclaims any obligation to update any forward‐looking information.

SOURCE Southern Company

The flight is the first time that the aircraft's pusher propulsion system is activated while in the air and it confirms the key features of Eve's eVTOL design.

, /PRNewswire/ -- Eve Air Mobility (NYSE: EVEX, EVEXW; B3: EVEB31), a leader in advanced air mobility, announced that its engineering prototype has completed its first partial transition flight, marking an important milestone in the development and testing of the company's electric vertical takeoff and landing (eVTOL) aircraft.

The flight involved the activation of the aircraft's rear pusher propeller and thus signified the start of the transition phase from vertical to wing-borne flight. During the test, the aircraft attained a stabilized speed of 27 knots and a maximum ground speed of 30 knots whilst the pusher was activated up to 1,200 RPM.

The flight took 3 minutes and 9 seconds, travelled approximately 0.84 nautical miles and attained a maximum height of 90 feet above ground level.

"This first partial transition flight is an important milestone in Eve's development journey," said Johann Bordais, chief executive officer of Eve Air Mobility. "Successfully activating the pusher propulsion system in flight validates a key aspect of our aircraft design and brings us one step closer to delivering safe, efficient and scalable air mobility solutions."

The transition phase is one of the most critical aspects of eVTOL flight, as it involves the aircraft moving from vertical lift to forward flight. The successful completion of this initial partial transition test further advances Eve's efforts to expand the aircraft's flight envelope and validate system performance.

"This flight successfully demonstrated pusher activation in flight and validated key performance targets at the start of the transition phase," said Marcelo Basile, head of engineering at Eve Air Mobility. "The data collected will support continued envelope expansion as we advance toward higher speeds and more complex transition flight testing."

Eve's flight test engineering team is continuing ongoing loads and structural analyses to support future envelope expansion. Following the aircraft's flight-testing program, the company plans to conduct datalink testing to validate radio link performance and support operations at speeds up to 50 knots.

Over the coming weeks, Eve expects to progressively expand the aircraft's airspeed envelope, including additional flights with pusher activation as part of the broader transition flight-test campaign.

About Eve Air Mobility

Eve Air Mobility is dedicated to accelerating the Urban Air Mobility (UAM) ecosystem. Benefitting from a start-up mindset, backed by Embraer's 56-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, comprehensive global services and support network and a unique air traffic management solution. Eve is listed on the New York Stock Exchange (EVEX; EVEXW) and the São Paulo Stock Exchange (EVEB31), where its shares of common stock, public warrants and Brazilian Depository Receipts are traded. For more information, please visit www.eveairmobility.com.

Images: Eve 100 Partial Transition Flight

Forward-Looking Statement Disclosure

Certain statements contained in this release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," "would," "continue," "seek," "target," "guidance," "outlook," "if current trends continue," "optimistic," "forecast" and other similar words or expressions. All statements, other than statements of historical facts, are forward-looking statements, including, but not limited to, statements about the company's plans, objectives, expectations, outlooks, projections, intentions, estimates, and other statements of future events or conditions, including with respect to all companies or entities named within. These forward-looking statements are based on the company's current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of the company's most recent Annual Report on Form 10-K, Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of the company's most recent Quarterly Report on Form 10-Q, and other risks and uncertainties listed from time to time in the company's other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements. other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

SOURCE Eve Air Mobility

SPOKANE, Wash., Aug. 03, 2026 (GLOBE NEWSWIRE) -- Avista Corp. (NYSE: AVA) today reported the following results for the second quarter of 2026 and the six months ended June 30, 2026 as compared to the respective periods in 2025 (dollars in millions, except per-share amounts):

  Second Quarter  Year-to-Date   2026  2025  2026  2025 Net income based on GAAP $35  $14  $127  $93 Earnings per diluted share based on GAAP $0.43  $0.17  $1.54  $1.15              Non-GAAP utility earnings1 $23  $24  $114  $105 Non-GAAP utility earnings per diluted share1 $0.29  $0.29  $1.38  $1.30                   Avista Corp. is confirming its 2026 non-GAAP utility earnings guidance2 with a range of $2.52 to $2.72 per diluted share.

CEO Perspective

“Strong execution of our operational priorities and disciplined cost management reinforce confidence in our outlook and long-term strategy. Results for the quarter also benefited from the recovery of non-utility investment losses recognized in 2025. By maintaining a balanced approach to investments in our system and affordability, we continue to position the company to deliver value for both our customers and shareholders,” said Heather Rosentrater, President and CEO of Avista.

Analysis of 2026 GAAP Earnings

Net income for the three and six months ended June 30, 2026 increased compared to the respective periods in 2025 primarily due to investment performance at our other businesses. We recognized net investment gains in 2026, compared to net investment losses in 2025. For the six months ended June 30, 2026, net income also increased as a result of the impacts of our general rate cases.

¹ See reconciliations to GAAP measures and further information in the "Non-GAAP Financial Measures" section within this press release.

² Avista Corp. is unable to provide GAAP earnings guidance or present a quantitative reconciliation of forward-looking non-GAAP utility earnings and utility growth guidance without unreasonable effort because certain reconciling items are not estimable. For instance, investment gains and losses, which have historically made up the majority of our non-regulated other business earnings and can be significant to our overall results, are difficult to predict due to various factors outside of management's control. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

Analysis of 2026 Non-GAAP Utility Earnings

The following table presents the changes in non-GAAP utility earnings and non-GAAP utility earnings per diluted share for the second quarter and year-to-date 2026, as compared to the same periods of 2025. It also outlines the various after-tax factors that contributed to these changes (dollars in millions, except per-share data):

  Second Quarter  Year-to-Date   Net
Income (a)  Earnings
per Share  Net
Income (a)  Earnings
per Share 2025 utility earnings $24  $0.29  $105  $1.30 Changes in net income and diluted earnings per share:            Avista Utilities            Electric revenues (b)  —   —   (13)  (0.16)Natural gas revenues (c)  —   0.01   (27)  (0.32)Electric resource costs (d)  2   0.02   13   0.16 Natural gas resource costs (e)  2   0.03   33   0.40 Other operating expenses (f)  (9)  (0.11)  (9)  (0.11)Depreciation and amortization (g)  3   0.04   6   0.08 Interest expense  (2)  (0.02)  (3)  (0.04)Other (h)  4   0.04   7   0.08 Income tax at effective rate (i)  (1)  —   1   0.02 Dilution on earnings n/a   (0.01) n/a   (0.04)Total Avista Utilities  (1)  0.00   8   0.07 AEL&P  —   —   1   0.01 2026 utility earnings $23  $0.29  $114  $1.38                   (a)    The tax impact of each line item was calculated using Avista Corp.'s federal statutory tax rate of 21 percent.
(b)    Electric revenues decreased year-to-date as a result of decreased wholesale revenues, the removal of revenues related to the recovery of Colstrip costs, and decreased industrial sales volumes associated with the departure of a large industrial customer. These decreases were partially offset by other effects of our general rate cases.
(c)    Natural gas revenues decreased year-to-date due to purchased gas adjustments (PGAs) and Climate Commitment Act (CCA) related revenues, with corresponding decreases to natural gas resource costs.
(d)    Electric resource costs decreased due to decreased fuel costs, consistent with lower thermal generation, as well as decreased expense recognized under the Energy Recovery Mechanism (ERM). For the second quarter, the ERM resulted in a $6 million pre-tax expense in 2026, compared to a $1 million pre-tax expense in 2025. The ERM resulted in a $7 million pre-tax expense for the first half of 2026, compared to a $9 million pre-tax expense in the same period in 2025.
(e)    Natural gas resource costs decreased due to decreased volumes purchased, decreased net deferrals and amortizations of previously deferred costs under our PGAs, as well as decreased costs associated with the CCA.
(f)    Other operating expenses increased primarily due to increased employee salaries and benefit costs, partially offset by a decrease from the removal of Colstrip related costs.
(g)    Depreciation and amortization decreased primarily due to our exit from Colstrip in 2026. This decrease was partially offset by increases from additions to plant.
(h)    Other increases to earnings include increased interest income compared to the prior year and decreased taxes other than income taxes.
(i)    Our effective tax rate in the first half of 2026 was 12% compared to 14% in the same period of 2025.

Analysis of Non-Regulated Other Business Income

Income at our non-regulated other businesses was $13 million in the first half of 2026, compared to losses of $12 million in the first half of 2025. The fluctuation in results is primarily related to net investment gains in the second quarter of 2026 from our equity method investments, compared to net investment losses in the second quarter of 2025.

In June 2026, an underlying investment held by one of the funds in which we are invested completed an initial public offering and is now publicly traded. We estimate our portion of the fair value increase associated with this underlying investment in the second quarter of 2026 to be $17 million, which we will recognize in the third quarter as we record our activity related to this fund on a quarter lag. While actual results for the fourth quarter will reflect the fair value on Sept. 30, we estimate a loss of $13 million based on the fair value of the underlying investment on July 31. We will recognize valuation changes for other investments held, as appropriate.

Liquidity and Capital Resources

Liquidity

As of June 30, 2026, we had $199 million of available liquidity under the Avista Corp. committed line of credit and $59 million of available liquidity under our letter of credit facility.

We expect to issue up to $90 million of common stock in 2026, including $58 million issued in the first half of 2026.

We also expect to issue $230 million of long-term debt during 2026 (including $160 million issued in the first half of 2026). Due to increased regulatory deferrals and delayed recovery, we are evaluating the need for up to $100 million of additional short-term liquidity by the end of the fourth quarter of 2026.

Capital Expenditures

In the first half of 2026, Avista Utilities' capital expenditures were $314 million.

For Avista Utilities, we expect base capital expenditures as follows through 2030 (dollars in millions):

  2026  2027  2028  2029  2030 Expected base annual capital expenditures $615  $635  $800  $680  $710                       These estimates include expenditures for the projects selected through our 2025 request for proposal. These estimates do not include incremental transmission projects, like regional grid expansion, or additional generation. Potential additional capital expenditures associated with integrating new large load customers, if any, are also excluded.

2026 Utility Earnings Guidance and Outlook

Avista Corp. is confirming its 2026 non-GAAP utility earnings guidance with a range of $2.52 to $2.72 per diluted share.

This non-GAAP utility earnings guidance is based on the following assumptions:

Normal weather for the remainder of the yearA negative impact from the ERM of ($0.10) cents per diluted share within the 90% customer, 10% company sharing bandAn effective tax rate of 12 percentCapital expenditures of $615 million for the year Over the long term, we expect non-GAAP utility earnings to grow 4 to 6 percent from the midpoint of our 2025 earnings guidance.

Our guidance does not include the effect of unusual or non-recurring items until the effects are probable. Various factors could cause actual results to differ materially from our expectations. Please refer to our 10-K for 2025, our 10-Q for the second quarter of 2026, and the cautionary statements below for a full discussion of these factors.

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, including utility earnings and utility earnings per diluted share. We present these non-GAAP measures in order to facilitate meaningful evaluation of our operating performance across periods, and we utilize these non-GAAP measures to assess current and forecast performance, as well as for communications with shareholders, analysts and investors. Non-GAAP measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.

Non-GAAP utility earnings and utility earnings per diluted share exclude non-regulated other business activity, primarily consisting of realized and unrealized investment gains and losses. The presentation of utility earnings is intended to enhance the understanding of the Company's utility-specific operating performance.

The following table reconciles GAAP net income to non-GAAP utility earnings, and GAAP earnings per diluted share to non-GAAP utility earnings per diluted share for the three and six months ended June 30 (dollars in millions, except per share amounts):

  Second Quarter  Year-to-Date   2026  2025  2026  2025 GAAP net income as reported $35  $14  $127  $93 Non-GAAP adjustments:            Non-regulated other business (income) loss  (12)  10   (13)  12 Non-GAAP utility earnings $23  $24  $114  $105              GAAP earnings per diluted share as reported $0.43  $0.17  $1.54  $1.15 Non-GAAP adjustments:            Non-regulated other business (income) loss per diluted share  (0.14)  0.12   (0.16)  0.15 Non-GAAP utility earnings per diluted share $0.29  $0.29  $1.38  $1.30                   NOTE: We will host a conference call with financial analysts and investors on Aug. 3, 2026 at 10:30 a.m. ET to discuss this news release. This call can be accessed on Avista’s website at investor.avistacorp.com. You must register for the call via the link at Avista’s website (investor.avistacorp.com) to access the call-in details for the webcast. A replay of the webcast will be available for one year on the Avista Corp. web site at investor.avistacorp.com.

Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to approximately 429,000 customers and natural gas to 386,000 customers. Our service territory covers 34,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.5 million. AERC is an Avista subsidiary that, through its subsidiary AEL&P, provides retail electric service to 18,000 customers in the city and borough of Juneau, Alaska. Our stock is traded under the ticker symbol “AVA”. For more information about Avista, please visit avistacorp.com.

Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.

This news release contains forward-looking statements, including statements regarding our current expectations for future financial performance and cash flows, capital expenditures, financing plans, our current plans or objectives for future operations and other factors, which may affect the company in the future. Such statements are subject to a variety of risks, uncertainties and other factors, most of which are beyond our control and many of which could have significant impact on our operations, results of operations, financial condition or cash flows and could cause actual results to differ materially from those anticipated in such statements.

The following are among the important factors that could cause actual results to differ materially from the forward-looking statements:

Utility Regulatory Risk

state and federal regulatory decisions or related judicial decisions that affect our ability to recover costs and earn a reasonable return, including, but not limited to, disallowance or delay in the recovery of capital investments, operating costs, commodity costs, the ordering of refunds to customers and discretion over allowed return on investment; the loss of regulatory accounting treatment, which could require the write-off of regulatory assets and the loss of regulatory deferral and recovery mechanisms;

Operational Risk

weather conditions, which affect both energy demand and electric generating capability, including the impact of precipitation and temperature on hydroelectric resources, the impact of wind patterns on wind-generated power, weather-sensitive customer demand, and similar impacts on supply and demand in the wholesale energy markets; wildfires ignited, or allegedly ignited, by our equipment or facilities could cause significant loss of life and property or result in liability for resulting fire suppression costs and/or damages, thereby causing serious operational, reputational and financial harm; severe weather or natural disasters, including, but not limited to, avalanches, wind storms, wildfires, earthquakes, floods, extreme temperature events, snow and ice storms that could disrupt energy generation, transmission and distribution, as well as the availability and costs of fuel, materials, equipment, supplies and support services; political unrest and/or conflicts between foreign nation-states, which could disrupt the global, national and local economy, result in increases in operating and capital costs, impact energy commodity prices or our ability to access energy resources, create disruption in supply chains, disrupt, weaken or create volatility in capital markets, and increase cyber and physical security risks. In addition, any of these factors could negatively impact our liquidity and limit our access to capital, among other implications; explosions, fires, accidents, mechanical breakdowns or other incidents that could impair assets and may disrupt operations of our generation facilities, transmission, and electric and natural gas distribution systems or other operations and may require us to purchase replacement power or incur costs to repair our facilities; interruptions in the delivery of natural gas by our suppliers, including physical problems with pipelines themselves, can disrupt our service of natural gas to our customers and/or impair our ability to operate gas-fired electric generating facilities; explosions, fires, accidents or other incidents arising from or allegedly arising from our operations that could cause injuries to the public or property damage; dam failure at a company-owned hydroelectric facility; blackouts or disruptions of interconnected transmission systems (the regional power grid); terrorist attacks, cyberattacks or other malicious acts that could disrupt or cause damage to our utility assets or to the national or regional economy in general, including effects of terrorism, cyberattacks, ransomware, or vandalism that damage or disrupt information technology systems; pandemics, which could disrupt our business, as well as the global, national and local economy, resulting in a decline in customer demand, deterioration in the creditworthiness of our customers, increases in operating and capital costs, workforce shortages, losses or disruptions in our workforce due to vaccine mandates, delays in capital projects, disruption in supply chains, and disruption, weakness and volatility in capital markets. In addition, any of these factors could negatively impact our liquidity and limit our access to capital, among other implications; work-force issues, including changes in collective bargaining unit agreements, strikes, work stoppages, the loss of key executives, availability of workers in a variety of skill areas, and our ability to recruit and retain employees; changes in the availability and price of purchased power, fuel and natural gas, as well as transmission capacity; increasing costs of insurance, more restrictive coverage terms and our ability to obtain insurance; delays or changes in construction costs, and/or our ability to obtain required permits and materials for present or prospective facilities; increasing health care costs and cost of health insurance provided to our employees and retirees; increasing operating costs, including effects of inflationary pressures; third party construction of buildings, billboard signs, towers or other structures within our rights of way, or placement of fuel containers within close proximity to our transformers or other equipment, including overbuilding atop natural gas distribution lines; the loss of key suppliers for materials or services or other disruptions to the supply chain; adverse impacts to our Alaska electric utility (AEL&P) that could result from an extended outage of its hydroelectric generating resources or their inability to deliver energy, due to their lack of interconnectivity to other electrical grids and the availability or cost of replacement power (diesel); changing river or reservoir regulation or operations at hydroelectric facilities not owned by us, which could impact our hydroelectric facilities downstream;

Climate Change Risk

increasing frequency and intensity of severe weather or natural disasters resulting from climate change that could disrupt energy generation, transmission and distribution, as well as the availability and costs of fuel, materials, equipment, supplies and support services; change in the use, availability or abundancy of water resources and/or rights needed for operation of our hydroelectric facilities, including impacts resulting from climate change; changes in the long-term climate and weather could materially affect, among other things, customer demand, the volume and timing of streamflows required for hydroelectric generation, costs of generation, transmission and distribution. Increased or new risks may arise from severe weather or natural disasters, including wildfires as well as their increased occurrence and intensity related to changes in climate;

Cybersecurity Risk

cyberattacks on the operating systems used in the operation of our electric generation, transmission and distribution facilities and our natural gas distribution facilities, and cyberattacks on such systems of other energy companies with which we are interconnected, which could damage or destroy facilities or systems or disrupt operations for extended periods of time and result in the incurrence of liabilities and costs; cyberattacks on the administrative systems used in the administration of our business, including customer billing and customer service, accounting, communications, compliance and other administrative functions, and cyberattacks on such systems of our vendors and other companies with which we do business, resulting in the disruption of business operations, the release of private information and the incurrence of liabilities and costs;

Technology Risk

changes in technologies, possibly making some of the current technology we utilize obsolete or introducing new cybersecurity risks and other new risks inherent in the use, by either us or our counterparties, of new technologies in the developmental stage including, without limitation, generative artificial intelligence; changes in the use, perception, or regulation of generative artificial intelligence technologies, which could limit our ability to utilize such technology, create risk of enhanced regulatory scrutiny, generate uncertainty around intellectual property ownership, licensing or use, or which could otherwise result in risk of damage to our business, reputation or financial results; changes in costs that impede our ability to implement new information technology systems or to operate and maintain current production technology; insufficient technology skills, which could lead to the inability to develop, modify or maintain our information systems;

Strategic Risk

growth or decline of our customer base due to new uses for our services or decline in existing services, including, but not limited to, the effect of the trend toward distributed generation at customer sites; the potential effects of negative publicity regarding our business practices, whether true or not, which could hurt our reputation and result in litigation or a decline in our common stock price; changes in our strategic business plans, which could be affected by any or all of the foregoing, including the entry into new businesses and/or the exit from existing businesses and the extent of our business development efforts where potential future business is uncertain; wholesale and retail competition including alternative energy sources, growth in customer-owned power resource technologies that displace utility-supplied energy or may be sold back to the utility, and alternative energy suppliers and delivery arrangements; non-regulated activities may increase earnings volatility and result in investment losses; the risk of municipalization or other forms of service territory reduction;

External Mandates Risk

changes in environmental laws, regulations, decisions and policies, including, but not limited to, regulatory responses to concerns regarding climate change, efforts to restore anadromous fish in areas currently blocked by dams, more stringent requirements related to air quality, water quality and waste management, present and potential environmental remediation costs and our compliance with these matters; the potential effects of initiatives, legislation or administrative rulemaking at the federal, state or local levels, including possible effects on our generating resources, prohibitions or restrictions on new or existing services, or restrictions on greenhouse gas emissions to mitigate concerns over climate changes, including future limitations on the usage and distribution of natural gas; restrictions or changes in government grant programs and/or availability of other public funding used for capital projects; political pressures or regulatory practices that could constrain or place additional cost burdens on our distribution systems through accelerated adoption of distributed generation or electric-powered transportation or on our energy supply sources, such as campaigns to halt fossil fuel-fired power generation and opposition to other thermal generation, wind turbines or hydroelectric facilities; failure to identify changes in legislation, taxation and regulatory issues that could be detrimental or beneficial to our overall business; policy and/or legislative changes in various regulated areas, including, but not limited to, environmental regulation, healthcare regulations and import/export regulations; increasing costs due to potential tariffs applied to energy commodities and/or equipment and materials;

Financial Risk

our ability to obtain financing through the issuance of debt and/or equity securities and access to our funds held with financial institutions, which could be affected by various factors including our credit ratings, interest rates, other capital market conditions and global economic conditions; changes in interest rates that affect borrowing costs, variable interest rate borrowing and the extent to which we recover interest costs through retail rates collected from customers; volatility in energy commodity markets that affects our ability to effectively hedge energy commodity risks, including cash flow impacts and requirements for collateral; volatility in the carbon emissions allowances market that could result in increased compliance costs; changes in actuarial assumptions, interest rates and the actual return on plan assets for our pension and other postretirement benefit plans, which could affect future funding obligations, pension and other postretirement benefit expense and the related liabilities; the outcome of legal proceedings and other contingencies; economic conditions in our service areas, including the economy's effects on customer demand for utility services; economic conditions nationally may affect the valuation of our unregulated portfolio companies; declining electricity demand related to customer energy efficiency, conservation measures and/or increased distributed generation and declining natural gas demand related to customer energy efficiency, conservation measures and/or increased electrification; industry and geographic concentrations which could increase our exposure to credit risks due to counterparties, suppliers and customers being similarly affected by changing conditions; deterioration in the creditworthiness of our customers; activist shareholders may result in additional costs and resources required in response to activist actions;

Energy Commodity Risk

volatility and illiquidity in wholesale energy markets, including exchanges, the availability of willing buyers and sellers, changes in wholesale energy prices that could affect operating income, cash requirements to purchase electricity and natural gas, value received for wholesale sales, collateral required of us by individual counterparties and/or exchanges in wholesale energy transactions and credit risk from such transactions, and the market value of derivative assets and liabilities; default or nonperformance on the part of parties from whom we purchase and/or sell capacity or energy; potential environmental regulations or lawsuits affecting our ability to utilize or resulting in the obsolescence of our power supply resources; explosions, fires, accidents, pipeline ruptures or other incidents that could limit energy supply to our facilities or our surrounding territory, which could result in a shortage of commodities in the market that could increase the cost of replacement commodities from other sources;

Compliance Risk

changes in laws, regulations, decisions and policies at the federal, state or local levels, which could impact both our electric and gas operations and costs of operations; the ability to comply with the terms of the licenses and permits for our hydroelectric or thermal generating facilities at cost-effective levels;

Resource Adequacy Risk

the ability to source and deliver adequate energy to meet customer demand in periods of high demand or unplanned events; and the potential effects of regional wholesale market strains, including during extreme weather events.

For a further discussion of these factors and other important factors, please refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. The forward-looking statements contained in this news release speak only as of the date hereof. We undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances that occur after the date on which such statement is made or to reflect the occurrence of unanticipated events. New risks, uncertainties and other factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on our business or the extent to which any such factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

To unsubscribe from Avista’s news release distribution, send reply message to [email protected].

Issued by: Avista Corporation

Contact:
Investors: Stacey Walters (509) 495-2046 [email protected]
Media: Lena Funston (509) 495-8090 [email protected]
Avista 24/7 Media Access (509) 495-4174

iMerit founder and CEO Radha Ramaswami Basu joins EXL executive committee August 03, 2026 08:03 ET  | Source: EXL

NEW YORK, Aug. 03, 2026 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, announced it has completed the acquisition of iMerit, a recognized leader in AI model training, evaluation and reinforcement learning. Together, EXL’s enterprise data and AI leadership and iMerit’s capabilities and foundation model relationships will help clients build AI systems that are trusted, accountable and built to perform in the enterprise.

The completion of the acquisition establishes an end-to-end AI platform for enterprises, uniting EXL’s deep data, context and AI expertise with iMerit's technology, expert-led solutions and generative AI experience helping them accelerate the transition from pilot to production-scale AI.

As part of the transaction, iMerit founder and CEO Radha Ramaswami Basu joins EXL as Executive Vice President, Head of iMerit, and becomes a member of the company’s executive committee.

“This acquisition is a transformational pivot for EXL, deepening our vertically specialized AI capabilities and expanding our reach into high-growth AI technology sectors,” said Rohit Kapoor, chairman and chief executive officer of EXL. “By combining iMerit’s capabilities with EXL’s domain expertise and AI platforms, we are well positioned to help clients build, fine-tune and operationalize AI that performs reliably in production. This is especially critical in regulated industries where domain knowledge, context and compliance are non-negotiable. I am delighted to welcome Radha to EXL's executive committee; her vision, leadership, and deep expertise at the intersection of human intelligence and AI will help shape the next chapter of EXL's growth and innovation.”

“The next generation of enterprise AI will be defined not by the models organizations choose, but by how effectively they can deploy them in real-world business environments,” said Basu. “What excites me most about joining EXL is the opportunity to combine iMerit’s pioneering work in AI data, evaluation and human intelligence with EXL’s extraordinary depth in data, AI and enterprise transformation. Together, we can help clients bridge the gap between innovation and execution, turning AI potential into measurable business results. I am energized by what lies ahead and honored to join EXL’s executive committee as we help clients unlock the full value in enterprise AI integration.”

With iMerit now part of EXL, the combination extends the data and AI-led strategy EXL has been executing on for several years.

About EXL

EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world's leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 68,000 employees spanning six continents. For more information, visit www.exlservice.com.

About iMerit

iMerit is a leader in AI fine tuning, evaluation, and reinforcement learning. iMerit helps frontier AI labs and enterprises build more accurate, reliable, and domain-aware models. iMerit delivers high-quality data across industries such as high-tech, autonomous mobility, healthcare AI, and robotics. Scholars, its global network of specialists, includes physicians, scientists, engineers, linguists, and other subject matter experts who power high-quality data creation, reasoning evaluation, model alignment, and human feedback workflows for next-generation AI systems. Its proprietary Ango Hub platform allows customers and experts to collaborate on complex multimodal data to generate highly curated and validated training artifacts for high-stakes models. Learn more at imerit.ai.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL's control. Forward-looking statements include information concerning EXL's possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL's actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL's filings with the Securities and Exchange Commission, including EXL's Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Contacts:
Investor Relations
Andrew Thut
Head of Investor Relations and Capital Markets
[email protected]

Media
Keith Little
Head of Public Relations
[email protected]

Posted by Defense World Staff on Aug 3rd, 2026

First National Bank of Mount Dora Trust Investment Services purchased a new stake in Boston Scientific Corporation (NYSE:BSX – Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 134,736 shares of the medical equipment provider’s stock, valued at approximately $8,455,000. Boston Scientific makes up approximately 1.8% of First National Bank of Mount Dora Trust Investment Services’ portfolio, making the stock its 21st largest holding.

Other hedge funds have also bought and sold shares of the company. FWL Investment Management LLC bought a new stake in Boston Scientific in the 2nd quarter valued at about $26,000. Swiss RE Ltd. bought a new position in shares of Boston Scientific during the fourth quarter worth approximately $26,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Boston Scientific in the fourth quarter valued at approximately $26,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Boston Scientific in the first quarter valued at approximately $28,000. Finally, Sfam LLC bought a new stake in shares of Boston Scientific in the fourth quarter valued at approximately $29,000. 89.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets A number of equities research analysts recently issued reports on BSX shares. Mizuho reduced their price target on Boston Scientific from $90.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Oppenheimer cut their target price on Boston Scientific from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Monday, July 27th. Evercore set a $65.00 price objective on shares of Boston Scientific in a research note on Monday, July 6th. The Goldman Sachs Group set a $71.00 price objective on shares of Boston Scientific in a research report on Thursday, May 28th. Finally, Canaccord Genuity Group reduced their target price on Boston Scientific from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday. Twenty-four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $71.62.

Get Our Latest Stock Report on BSX

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

Positive Sentiment: Boston Scientific reported second-quarter adjusted earnings of $0.86 per share and revenue of $5.44 billion, exceeding consensus estimates of $0.83 and $5.38 billion, respectively. Revenue increased 7.5% year over year, while management highlighted approximately 7% organic sales growth and a 15% increase in adjusted EPS. Boston Scientific Q2 earnings call highlights Positive Sentiment: Management’s multiyear restructuring plan is intended to improve efficiency and generate roughly $500 million in savings, supporting longer-term margins despite restructuring costs of up to $800 million. Reported workforce reductions are expected to affect operations in Ireland and Costa Rica. Boston Scientific restructuring cuts Positive Sentiment: Penumbra reported second-quarter revenue of $390.0 million, up 14.9% year over year, with thrombectomy revenue rising 12.5% and embolization and access revenue increasing 20.0%. The results provide supportive operating momentum for Boston Scientific’s pending acquisition of Penumbra, although PEN will not issue full-year guidance during the transaction. Penumbra second-quarter financial results Neutral Sentiment: Analyst sentiment remains broadly constructive but more cautious: UBS reaffirmed a Buy rating with a $74 target, while TD Cowen and Truist maintained Buy ratings despite lowering targets to $56 and $57. Argus reiterated a Hold rating, and BTIG reduced its expectations. Negative Sentiment: Boston Scientific lowered its full-year outlook because of headwinds affecting its electrophysiology and WATCHMAN portfolios. Analysts also cited a reset in expectations for these businesses, limiting the near-term upside from the earnings beat. Boston Scientific lowered full-year guidance Negative Sentiment: A recall involving the Rapid Refill Continuous Injection System adds a product and execution risk, while the restructuring will create near-term charges before expected savings are realized. Boston Scientific earnings, recall and restructuring Boston Scientific Stock Up 0.0% Shares of NYSE:BSX opened at $46.75 on Monday. The company has a fifty day moving average of $46.13 and a 200-day moving average of $62.02. The company has a market capitalization of $69.48 billion, a PE ratio of 18.93, a price-to-earnings-growth ratio of 1.02 and a beta of 0.56. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.22 and a current ratio of 1.90. Boston Scientific Corporation has a 52-week low of $42.20 and a 52-week high of $109.50.

Boston Scientific (NYSE:BSX – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.03. The company had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.38 billion. Boston Scientific had a return on equity of 19.36% and a net margin of 17.50%.Boston Scientific’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS. Boston Scientific has set its Q3 2026 guidance at 0.800-0.820 EPS and its FY 2026 guidance at 3.280-3.320 EPS. On average, equities analysts predict that Boston Scientific Corporation will post 3.3 EPS for the current fiscal year.

Boston Scientific declared that its board has initiated a stock buyback plan on Monday, May 18th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the medical equipment provider to reacquire up to 6.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Boston Scientific In other news, Director David C. Habiger purchased 2,250 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average cost of $55.92 per share, with a total value of $125,820.00. Following the completion of the purchase, the director owned 13,878 shares of the company’s stock, valued at $776,057.76. This trade represents a 19.35% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Edward J. Ludwig purchased 3,580 shares of Boston Scientific stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average price of $56.68 per share, for a total transaction of $202,914.40. Following the completion of the acquisition, the director owned 25,359 shares of the company’s stock, valued at approximately $1,437,348.12. The trade was a 16.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders bought 9,800 shares of company stock worth $554,012. 0.34% of the stock is currently owned by insiders.

Boston Scientific Profile (Free Report)

Boston Scientific Corporation (NYSE: BSX) is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific’s activities span product development, clinical research, regulatory affairs and commercial sales.

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SummaryExelon reported a solid Q2 2026, with a revenue beat, slight EPS miss, and guidance reaffirmed.EXC’s pure T&D model, 7.9% rate base growth, and stable regulatory environment underpin its quality profile.The data center pipeline was cut from 43GW to 36GW, raising caution amid AI-driven utility premium valuations.At 16x forward earnings and a 3.7% yield, EXC trades at fair value, justifying a Hold rating with balanced risk/reward. Wirestock/iStock Editorial via Getty Images

Investment Thesis Exelon (NASDAQ:EXC) just reported its second quarter for 2026, and my honest read is that this is a good company trading at a fair price. Adjusted operating earnings came in at $0.43 per

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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

$119.2 million in 2Q VYJUVEK global revenue and $965.9 million since launch

Multiple clinical data readouts in 2H 2026

On track for VYJUVEK launches in Spain and Italy later this year

Strong balance sheet, ending the quarter with $1.1 billion in cash and investments

PITTSBURGH, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Krystal Biotech, Inc. (the “Company” or “Krystal”) (NASDAQ: KRYS) today reported financial results for the second quarter ended June 30, 2026 and provided a business update.

“Our second quarter reflects the strength of the Krystal model: a global commercial product that continues to perform, a strong balance sheet, and a pipeline now moving toward multiple registrational readouts,” said Krish S. Krishnan, Chairman and Chief Executive Officer of Krystal Biotech. “VYJUVEK is not only changing the standard of care for DEB patients around the world, it is also giving us the ability to advance high-conviction rare disease programs across the eye, lung, and skin with focus and discipline. We believe the next 12 to 18 months have the potential to mark an important transition for Krystal from a commercial success story to a multi-product genetic medicines company.”

VYJUVEK® (beremagene geperpavec-svdt, or B-VEC) for the Treatment of Dystrophic Epidermolysis Bullosa (DEB)

The Company recorded $119.2 million in global VYJUVEK net product revenue for the second quarter of 2026, an increase of 24% compared to the prior year second quarter. Gross margin for the quarter was 95%.

VYJUVEK launch performance in the United States continues to reflect durable demand, broad reimbursement access, and increasing use of VYJUVEK as a lifelong wound management therapy. The Company has secured over 730 reimbursement approvals for VYJUVEK and, as of the end of 2Q 2026, had expanded the VYJUVEK prescriber base to include over 640 unique prescribers. The Company’s patient support initiatives are also experiencing strong engagement, helping DEB patients leverage the recent VYJUVEK label update and increased administration flexibility to better integrate treatment into ongoing wound care routines.

Internationally, VYJUVEK continues to gain momentum across the Company’s initial launch markets of Germany, France, and Japan, with growing physician engagement, patient starts, and prescription demand. The Company is also actively pursuing opportunities to further strengthen and expand the global reach of VYJUVEK:

The Company is advancing pricing and reimbursement discussions across Europe. Pricing discussions with German and French reimbursement authorities remain ongoing and are expected to continue until at least 2H 2026 in Germany and into 2027 in France. Pricing discussions in Italy and Spain are also progressing and the Company continues to expect commercial launches in both countries before year end.In May, VYJUVEK was approved by the United Kingdom (UK) Medicines and Healthcare products Regulatory Agency and, in June, VYJUVEK received the Prix Galien UK Award for Best Product for Orphan Disease, marking the third national Prix Galien recognition for VYJUVEK. Pricing discussions in the UK are now underway.The Company expects to file multiple additional marketing authorization applications for VYJUVEK in 2H 2026, including in Switzerland and Australia. Ophthalmology

KB803 for the treatment and prevention of corneal abrasions in DEB patients

The Company’s registrational, intra-patient, double-blind, de-centralized, placebo-controlled study (IOLITE) with crossover design evaluating KB803 for the treatment and prevention of corneal abrasions in DEB patients was fully enrolled in April and is on track for a top-line data readout in 4Q 2026. The primary efficacy endpoint of IOLITE is the change in the average number of days per month with corneal abrasion symptoms while receiving KB803 versus placebo. Details about the study can be found at www.clinicaltrials.gov under NCT identifier: NCT07016750.

KB801 for the treatment of neurotrophic keratitis (NK)

The Company continues to enroll in EMERALD-1, the Company’s registrational, 1:1 randomized, double-masked, multicenter, placebo-controlled study evaluating KB801 for the treatment of NK. The Company expects to complete enrollment of approximately 60 patients in EMERALD-1 before year end. The primary efficacy endpoint of EMERALD-1 is the proportion of patients with complete healing of the corneal epithelium at eight weeks. Details about the study can be found at www.clinicaltrials.gov under NCT identifier: NCT06999733.

Respiratory

KB407 for the treatment of cystic fibrosis (CF)

Enrollment and dosing is ongoing in the Company’s open label, single-arm study to evaluate the safety of repeat dose KB407 for 24 weeks in patients with CF who are ineligible for, do not tolerate, or do not benefit from modulator therapy. The Company expects to complete enrollment of approximately five patients and report interim study results before year end. Details of the study can be found at www.clinicaltrials.gov under NCT identifier: NCT05504837. Earlier this year, the Company announced the successful delivery and expression of wild-type CFTR protein in the lungs of patients with CF treated with KB407.

The Company continues to work closely with the United States Food and Drug Administration (FDA), the Cystic Fibrosis Foundation (CFF), and the CF Therapeutics Development Network Coordinating Center at Seattle Children’s Research Institute (TDNCC) on an innovative registrational study design and statistical analysis plan that explores using prospectively collected natural history data from the CFF and TDNCC to supplement placebo control data for evaluation of KB407 treatment effect. The Company will share the design and associated statistical analysis of the registrational study following alignment with the FDA, which is expected in 4Q 2026, and is on track to initiate the registrational study in 2027.

KB408 for the treatment of alpha-1 antitrypsin deficiency (AATD) lung disease

The Company continues to enroll in repeat dose Cohort 2B of SERPENTINE-1, the Company’s open label dose escalation study evaluating KB408 in adult patients with AATD with a Pi*ZZ or a Pi*ZNull genotype. Cohort 2B is designed to evaluate the safety and tolerability of repeat KB408 dosing at the same dose level that was previously shown to safely deliver SERPINA1 to the lungs of AATD patients after a single dose. Details of the study can be found at www.clinicaltrials.gov under NCT identifier: NCT06049082. The Company expects to report interim study results in 2027.

Pipeline expansion

In May, the Company presented preclinical data at the American Society of Gene & Cell Therapy 2026 Annual Meeting on early-stage respiratory genetic medicine candidates for the treatment of primary ciliary dyskinesia.

Dermatology

KB111 for the treatment of Hailey-Hailey disease (HHD)

The Company has started enrolling and dosing patients in HALITE-1, its open label, single-arm study to evaluate the safety of KB111, administered once weekly for 12 weeks, in patients with HHD. The Company expects to enroll approximately seven patients and report interim study results before year end. Details of the study can be found at www.clinicaltrials.gov under NCT identifier: NCT07717346.

The Company has also completed development of its HHD-specific severity scale for the clinical evaluation of KB111 and validation is currently underway. The Company expects to meet with the FDA following the completion of HALITE-1 to discuss study results, the scale, and study designs to enable a registrational study start in 2027.

Oncology

Inhaled KB707 for the treatment of non-small cell lung cancer (NSCLC)

At the American Society for Clinical Oncology 2026 Annual Meeting in May, the Company presented interim clinical results from the KYANITE-1 Phase 1/2 dose expansion cohort evaluating the safety and efficacy of inhaled KB707 plus pembrolizumab in patients with advanced NSCLC. The combination regimen was well tolerated and effective in this late-line setting, achieving an objective response rate (ORR) of 31% and a disease control rate of 75%. Responses were also durable with median duration of response and progression free survival not reached as of data cut-off. These results build on previously disclosed ORR of 36% in late-line, advanced NSCLC patients treated with inhaled KB707 as monotherapy.

The Company expects to complete enrollment in the final dose expansion cohort of KYANITE-1, evaluating inhaled KB707 in combination with chemotherapy in patients with advanced NSCLC, later this year. The Company plans to report updated interim clinical results from KYANITE-1 and potential registrational study plans in 1H 2027. Details of the KYANITE-1 study can be found at www.clinicaltrials.gov under NCT identifier: NCT06228326.

Intratumoral KB707 for the treatment of Gorlin syndrome

After detecting promising early efficacy signals among basal cell carcinoma (BCC) patients treated with the lowest dose of intratumoral KB707 in the dose escalation phase of the Company’s OPAL-1 Phase 1/2 study, the Company expanded the scope of the study to evaluate the safety and efficacy of this dose in patients with Gorlin syndrome. Gorlin syndrome is a rare genetic disease characterized by a greatly increased risk of developing BCC. Patients with Gorlin syndrome can develop BCCs as early as infancy and may have hundreds of BCCs over their lifetimes requiring frequent and potentially disfiguring surgical procedures. Prevalence data for Gorlin syndrome is limited but available data suggest the number of patients with Gorlin syndrome in the United States could exceed 10,000. The Company has now enrolled three patients with Gorlin syndrome in OPAL-1 and expects to provide an interim clinical update on these patients as well as outline potential development plans for intratumoral KB707 for the treatment of Gorlin syndrome later this year. Details of the OPAL-1 study can be found at www.clinicaltrials.gov under NCT identifier: NCT05970497.

Aesthetics

KB304 for the treatment of wrinkles of the décolleté

Jeune Aesthetics, Inc., a wholly owned subsidiary of the Company, expects to initiate a Phase 2 study of its lead program KB304 in 2027.

Financial Results for the Quarter Ended June 30, 2026:

Cash, cash equivalents and investments totaled $1.1 billion as of June 30, 2026Product revenue, net totaled $119.2 million and $96.0 million for the three months ended June 30, 2026 and June 30, 2025, respectively.Cost of goods sold totaled $6.4 million and $7.2 million for the three months ended June 30, 2026 and June 30, 2025, respectively.Research and development expenses for the three months ended June 30, 2026 were $14.5 million, inclusive of $2.5 million of stock-based compensation, compared to $14.4 million, inclusive of stock-based compensation of $2.6 million, for the three months ended June 30, 2025.Selling, general, and administrative expenses for the three months ended June 30, 2026 were $39.9 million, inclusive of stock-based compensation of $11.7 million, compared to $35.1 million, inclusive of stock-based compensation of $11.5 million, for the three months ended June 30, 2025.Net income for the three months ended June 30, 2026 was $54.8 million, or $1.85 per common share (basic) and $1.79 per common share (diluted). Net income for the three months ended June 30, 2025 was $38.3 million, or $1.33 per common share (basic) and $1.29 per common share (diluted).For additional information on the Company’s financial results for the three months ended June 30, 2026, please refer to the Form 10-Q filed with the SEC.
Financial Results for the Six Months Ended June 30, 2026:

Product revenue, net totaled $235.6 million and $184.2 million for the six months ended June 30, 2026 and June 30, 2025, respectively.Cost of goods sold totaled $12.8 million and $12.2 million for the six months ended June 30, 2026 and June 30, 2025, respectively.Research and development expenses for the six months ended June 30, 2026 were $29.8 million, inclusive of $4.6 million of stock-based compensation, compared to $28.7 million, inclusive of stock-based compensation of $5.1 million, for the six months ended June 30, 2025.Selling, general, and administrative expenses for the six months ended June 30, 2026 were $80.9 million, inclusive of stock-based compensation of $23.1 million, compared to $67.7 million, inclusive of stock-based compensation of $22.5 million, for the six months ended June 30, 2025.Net income for the six months ended June 30, 2026 was $110.7 million, or $3.76 per common share (basic) and $3.62 per common share (diluted). Net income for the six months ended June 30, 2025 was $74.1 million, or $2.57 per common share (basic) and $2.48 per common share (diluted).For additional information on the Company’s financial results for the six months ended June 30, 2026, please refer to the Form 10-Q filed with the SEC. Financial Guidance

($ in millions) FY 2026 GuidanceNon-GAAP Research and Development (“R&D”) and Selling, General and Administrative (“SG&A”) expense(1) $175.0 - $195.0 (1) Refer to Non-GAAP Financial Measures section below for additional information. Non-GAAP combined R&D and SG&A expense guidance does not include stock-based compensation as we are currently unable to confidently estimate Full Year 2026 stock-based compensation expense. As such, we have not provided a reconciliation from forecasted non-GAAP to forecasted GAAP combined R&D and SG&A Expense in the above. This could materially affect the calculation of forward-looking GAAP combined R&D and SG&A Expense as it is inherently uncertain.

Conference Call

The Company will host a conference call and webcast on August 3, 2026, at 8:30 am ET.

Investors and the general public can access the live webcast at:
https://www.webcaster5.com/Webcast/Page/3018/54300.

For those unable to listen to the live conference call, a replay will be available for 30 days on the Investors section of the Company’s website at www.krystalbio.com.

About VYJUVEK

VYJUVEK is a non-invasive, topical, redosable genetic medicine designed to deliver two copies of the COL7A1 gene when applied directly to DEB wounds. VYJUVEK was designed to treat DEB at the molecular level by providing the patient’s skin cells the template to make normal COL7 protein, thereby addressing the fundamental disease-causing mechanism. VYJUVEK is approved in the United States, Europe, and Japan.

U.S. INDICATION

VYJUVEK is a herpes-simplex virus type 1 (HSV-1) vector-based gene therapy indicated for the treatment of wounds in adult and pediatric patients with dystrophic epidermolysis bullosa with mutation(s) in the collagen type VII alpha 1 chain (COL7A1) gene.

IMPORTANT SAFETY INFORMATION

Adverse Reactions

The most common adverse drug reactions (incidence >5%) were itching, chills, redness, rash, cough, and runny nose. These are not all the possible side effects with VYJUVEK. Call your healthcare provider for medical advice about side effects.

To report SUSPECTED ADVERSE REACTIONS, contact Krystal Biotech, Inc. at 1-844-557-9782 or FDA at 1-800-FDA-1088 or http://www.fda.gov/medwatch.

Contraindications

None.

Warnings and Precautions

VYJUVEK gel may be applied by a healthcare provider, a caregiver, or the patient.

After treatment, patients and caregivers should be careful not to touch treated wounds and dressings until the next dressing change.

Wash hands and wear protective gloves when changing wound dressings. Disinfect bandages from the first dressing change with a virucidal agent, and dispose of the disinfected bandages in a separate sealed plastic bag in household waste. Dispose of the subsequent used dressings in a sealed plastic bag in household waste.

Patients should avoid touching or scratching wound sites or wound dressings.

In the event of an accidental exposure flush with clean water for at least 15 minutes.

For more information, see full U.S. Prescribing Information.

About Krystal Biotech, Inc.
Krystal Biotech, Inc. (NASDAQ: KRYS) is a fully integrated, commercial-stage, global biotechnology company focused on the discovery, development and commercialization of genetic medicines to treat diseases with high unmet medical needs. VYJUVEK®, the Company’s first commercial product, is the first-ever redosable gene therapy and the first genetic medicine approved in the United States, Europe, and Japan for the treatment of dystrophic epidermolysis bullosa. The Company is rapidly advancing a robust preclinical and clinical pipeline of investigational genetic medicines. Krystal Biotech is headquartered in Pittsburgh, Pennsylvania. Visit www.krystalbio.com to learn more or follow us on LinkedIn and X.

About Jeune Aesthetics, Inc.

Jeune Aesthetics, Inc., a wholly-owned subsidiary of Krystal Biotech, Inc., is a biotechnology company leveraging a clinically validated gene delivery platform to develop products to fundamentally address – and reverse – the biology of aging and/or damaged skin. For more information, please visit http://www.jeuneinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including statements regarding: the Company’s belief that the next 12 to 18 months could mark an important transition to a multi-product genetic medicines company; the commercial launch and expansion of VYJUVEK in Europe and additional markets (including the timing of pricing and reimbursement discussions in Germany and France, anticipated commercial launches in Italy and Spain, and the timing of marketing authorization filings in other jurisdictions); the Company’s development plans for its product candidates; the timing of enrollment, data readouts, and regulatory interactions with respect to the Company’s clinical trials of its product candidates (including registrational study plans for KB407, KB111, and inhaled KB707 and plans for an interim clinical update on the Company’s clinical study evaluating intratumoral KB707 in patients with Gorlin syndrome); and other statements about expectations, plans, and prospects. These statements are often identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “likely,” “will,” “would,” “could,” “should,” “continue,” and similar expressions.; Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties associated with regulatory review of clinical trials and applications for marketing approvals; the availability, pricing, and commercial potential of VYJUVEK and the Company’s product candidates; and other important factors set forth under the caption “Risk Factors” in the Company’s annual and quarterly reports on file with the U.S. Securities and Exchange Commission. The forward-looking statements represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change, and although the Company may elect to update these statements, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

This press release includes forward-looking combined R&D and SG&A expense guidance that is not required by, or presented in accordance with, U.S. GAAP and should not be considered as an alternative to R&D and SG&A expense or any other performance measure derived in accordance with GAAP. The Company defines non-GAAP combined R&D and SG&A expense as GAAP combined R&D and SG&A expense excluding stock-based compensation. The Company cautions investors that amounts presented in accordance with its definition of non-GAAP combined R&D and SG&A expense may not be comparable to similar measures disclosed by competitors because not all companies calculate this non-GAAP financial measure in the same manner. The Company presents this non-GAAP financial measure because it considers this measure to be an important supplemental measure and believes it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the Company’s industry. Management believes that investors’ understanding of the Company’s performance is enhanced by including this forward-looking non-GAAP financial measure as a reasonable basis for comparing the Company’s ongoing results of operations. Management uses this non-GAAP financial measure for planning purposes, including the preparation of the Company’s internal annual operating budget and financial projections; to evaluate the performance and effectiveness of the Company’s operational strategies; and to evaluate the Company’s capacity to expand its business. This non-GAAP financial measure has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for R&D and SG&A expense or other financial statement data presented in accordance with GAAP in the Company’s consolidated financial statements. The Company has not provided a quantitative reconciliation of forecasted non-GAAP combined R&D and SG&A expense to forecasted GAAP combined R&D and SG&A expense because the Company is unable, without making unreasonable efforts, to calculate the reconciling item, stock-based compensation expenses, with confidence. This item, which could materially affect the computation of forward-looking GAAP combined R&D and SG&A expense, is inherently uncertain and depends on various factors, some of which are outside of the Company’s control.

CONTACT

Condensed Consolidated Balance Sheet Data:

  June 30,
2026 December 31,
2025(in thousands) (unaudited)  Balance sheet data:    Cash and cash equivalents $427,740 $496,304Short-term investments  417,891  331,487Long-term investments  257,291  128,066Total assets  1,500,648  1,333,794Total liabilities  141,522  114,234Total stockholders’ equity $1,359,126 $1,219,560        Condensed Consolidated Statements of Operations:

  Three Months Ended June 30,     2026   2025  Change(in thousands, except per share data) (unaudited)  Revenue      Product revenue, net $119,222  $96,042  $23,180 Operating Expenses      Cost of goods sold  6,437   7,165   (728)Research and development  14,518   14,410   108 Selling, general, and administrative  39,850   35,068   4,782 Total operating expenses  60,805   56,643   4,162 Income from operations  58,417   39,399   19,018 Other income      Interest and other income, net  7,662   7,376   286 Income before income taxes  66,079   46,775   19,304 Income tax expense  (11,311)  (8,442)  (2,869)Net income $54,768  $38,333  $16,435        Net income per common share:      Basic $1.85  $1.33   Diluted $1.79  $1.29          Weighted-average common shares outstanding:      Basic  29,529   28,910   Diluted  30,657   29,749             Six Months Ended June 30,     2026   2025  Change(in thousands, except per share data) (unaudited)  Revenue      Product revenue, net $235,579  $184,225  $51,354 Operating Expenses      Cost of goods sold  12,760   12,193   567 Research and development  29,849   28,666   1,183 Selling, general, and administrative  80,863   67,714   13,149 Total operating expenses  123,472   108,573   14,899 Income from operations  112,107   75,652   36,455 Other income      Interest and other income, net  15,414   14,720   694 Income before income taxes  127,521   90,372   37,149 Income tax expense  (16,821)  (16,305)  (516)Net income $110,700  $74,067  $36,633        Net income per common share:      Basic $3.76  $2.57   Diluted $3.62  $2.48          Weighted-average common shares outstanding:      Basic  29,409   28,863   Diluted  30,584   29,819   

Acquisition strengthens $365B credit platform, bringing together Oaktree’s cycle-tested expertise with Brookfield’s scale and reach August 03, 2026 06:45 ET  | Source: Brookfield Asset Management Ltd; Brookfield Corporation

NEW YORK, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Brookfield today announced that it has completed its acquisition of Oaktree, one of the world’s premier credit managers. The transaction marks the next step in a partnership that began in 2019 and fully brings together the Oaktree and Brookfield platforms. With the addition of Oaktree, Brookfield’s global credit platform offers a broad range of solutions across opportunistic credit, real asset credit, asset-backed finance and corporate performing credit to institutions, financial advisors and individuals.

Connor Teskey, CEO of Brookfield Asset Management, said, “Brookfield has been a leading alternative asset investor for decades and over the past 20 years has built a credit business to complement its global real asset platforms. Adding the Oaktree franchise has further strengthened our ability to invest across market cycles and opportunity sets, enhanced by Oaktree’s track record and underwriting capabilities. We look forward to building on their strong track record and deep expertise as we continue to grow our credit business globally.”

Bob O’Leary and Armen Panossian, Co-CEOs of Brookfield’s Credit Group, said, “Brookfield and Oaktree’s partnership over the past seven years has been built on a shared commitment to disciplined investing and a long-term perspective. This next step allows us to build on that foundation and continue delivering strong outcomes for our clients.”

Howard Marks will be Co-Chair of Oaktree, in addition to his role as a Director of Brookfield Corporation, and Chair of Brookfield’s Investment Solutions Group. Bruce Karsh will also be Co-Chair of Oaktree in addition to being Oaktree’s Chief Investment Officer and portfolio manager for Oaktree’s Global Opportunities and Global Credit strategies.

With the acquisition of Oaktree, the U.S. becomes Brookfield Asset Management’s largest market. It is now home to over 60% of Brookfield Asset Management's employee base and the source of nearly half of its revenue. It further deepens Brookfield’s long-standing presence in the country and reinforces its commitment to investing in the U.S. economy. At the same time, Oaktree's global investment platform and presence in 18 countries broadens the reach of Brookfield's credit business, strengthening its ability to serve clients and deploy capital worldwide.

About Brookfield

Brookfield is a leading global investment firm with more than $1 trillion in assets under management. The firm owns and operates high-quality businesses and real assets that provide essential services and form the backbone of the global economy. Brookfield invests on behalf of institutions and individuals around the world across infrastructure, energy, private equity, real estate, and credit. With more than a century of operating experience and a global presence in over 30 countries, Brookfield deploys long-term capital to generate sustainable value for its clients and shareholders. Brookfield Corporation (NYSE: BN, TSX: BN) and Brookfield Asset Management (NYSE: BAM, TSX: BAM) are publicly traded in New York and Toronto.

For more information, please visit our website at www.brookfield.com.

Notice to Readers

This news release contains “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect our current views with respect to, among other things, our operations and financial performance (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the expected impact of the completed acquisition.

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Apple’s next iPhone could become more expensive, but the company’s new leasing programme may help customers absorb the increase and protect demand.

Morgan Stanley analyst Erik Woodring estimates that iPhone 18 models could cost as much as $200 more as rising memory and storage expenses squeeze hardware margins.

Apple has not confirmed any increase. Yet Apple Upgrade, its US leasing programme operated through Klarna, lets customers spread the cost across 12 or 24 months instead of paying upfront.

For Apple stock NASDAQ:AAPL, the question is whether leasing can make a costlier iPhone affordable enough to preserve upgrades, lift selling prices and protect margins.

AI data centres are consuming more memory and storage, tightening supplies for consumer-electronics manufacturers.

Apple has already raised prices on some Macs and iPads, shifting Wall Street’s debate towards how much iPhone prices might rise rather than whether an increase is coming.

Woodring believes Apple can pass a share of those costs to customers.

Morgan Stanley expects price increases to add about 1% to fiscal 2027 earnings, assuming unit demand remains resilient. The bank maintained an Overweight rating and a $360 price target.

A $100 or $200 increase could lift Apple’s average selling price and offset component inflation without requiring rapid shipment growth.

Premium buyers are important. Customers choosing Pro models are less sensitive to price changes, giving Apple more room to raise prices where margins are strongest.

A richer mix could support earnings even if demand for cheaper models softens.

Apple Upgrade allows eligible US customers to lease iPhones through Klarna for 12 or 24 months, with payments starting at $17.99 a month.

Customers can return the device, start a new lease or make a final payment to keep it.

The programme does not reduce the iPhone’s price, but changes how customers experience it.

Bank of America analyst Wamsi Mohan described Apple Upgrade as “directionally positive”, according to Business Insider.

He highlighted lower affordability barriers, faster replacement cycles, stronger direct engagement and the opportunity to capture value from returned devices. Bank of America retained a Buy rating and a $380 price objective.

That mechanism could become useful if Apple raises prices. A $200 increase appears significant on a retail label, but less severe when divided across monthly payments.

Returned devices could provide refurbished inventory and create more opportunities to sell AppleCare, accessories and services.

Apple’s pricing power is strong, but not unlimited.

KeyBanc downgraded Apple to Underweight with a $250 target after spending data pointed to weaker hardware demand and slowing upgrades.

The firm warned that higher prices and reduced carrier subsidies could make fiscal 2027 growth harder to achieve.

Leasing also has disadvantages. Customers do not automatically own the device, AppleCare is not included in the lowest advertised payment, and damage or early-termination charges can raise the cost.

Consumers who upgrade repeatedly may remain in permanent monthly payments without retaining a phone to resell.

Supply remains another risk. Even if customers accept higher prices, shortages of advanced chips and memory could prevent Apple from shipping enough devices to capture the full benefit.

Advanced Micro Devices (AMD -1.90%) reports its second-quarter results on Tuesday, Aug. 4, after the market closes, with an earnings call to follow at 5 p.m. ET. The chipmaker confirmed the date in a press release on its investor relations site in early July.

The stock heads into the report at about $476, where it closed Friday, roughly 19% below its 52-week high of $584.73. At that price, the company carries a market capitalization of about $776 billion, and shares trade at about 162 times earnings and about 54 times forward earnings estimates.

A valuation like that isn't a bet on the company as it exists today. It's a bet on how fast one segment's revenue keeps growing: data center. I'll say up front that I like the business here more than I like the price.

Image source: Getty Images.

What data center did last quarter AMD's first quarter, reported in early May, showed why investors have been willing to pay up. Total revenue rose 38% year over year to $10.3 billion. Data center segment revenue grew 57% to $5.8 billion, driven by demand for the company's EPYC server processors and its Instinct line of artificial intelligence (AI) accelerators. For the second consecutive quarter, the segment delivered more than half of the company's total revenue.

"We delivered an outstanding first quarter, driven by accelerating demand for AI infrastructure, with Data Center now the primary driver of our revenue and earnings growth," CEO Lisa Su said in the company's first-quarter earnings release.

The rest of the business helped, too. Client and gaming segment revenue rose 23% year over year to $3.6 billion, with the client business (chips for laptops and desktops) up 26% to $2.9 billion on demand for Ryzen processors. Even the gaming business, long the sleepy corner of the company, grew 11% to $720 million.

And the growth reached the bottom line. Non-GAAP (adjusted) earnings per share rose 43% year over year to $1.37, compounding faster than revenue itself. Adjusted gross margin came in at 55%.

The bar Tuesday has to clear Management's own guidance frames what Tuesday needs to deliver. AMD guided for second-quarter revenue of about $11.2 billion, plus or minus $300 million, implying roughly 46% year-over-year growth -- an acceleration from the first quarter's 38%. It also guided for adjusted gross margin of about 56%, a point above the first quarter's level.

Put another way, the company itself set the bar at faster growth, again. And since data center is now more than half of revenue and growing far faster than the rest, the segment's number on Tuesday is effectively the whole test. So, can the 57% data center growth rate hold, or even climb, as the year goes on?

To justify a price near 54 times forward earnings estimates, AMD's profits would need to keep compounding at a rapid pace for years, not quarters. That is possible. And AMD's own guidance suggests its momentum carried through the second quarter.

But the bar is high, I think, in a way the price-to-earnings ratio makes obvious. At 162 times the earnings the chipmaker has already produced, years of that improvement are effectively priced in.

Today's Change

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-1.90

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-9.24

Current Price

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476.15

But if data center growth merely decelerates (not declines, just slows), a stock at this multiple can fall hard. The price leaves little room for an ordinary quarter.

The third-quarter guide may matter just as much as the quarter itself. A company that told investors to expect 46% growth needs its next forecast to hold the pace, and any step-down in the implied growth rate could weigh on the stock more than the reported numbers do.

To be fair, AMD has cleared every bar set for it lately. Revenue growth has stepped up from 38% toward a guided 46%, margins are widening, and earnings are compounding faster than sales.

Ultimately, though, I'm not buying the stock ahead of the report. The business is performing wonderfully, but at 54 times forward estimates, that performance is the starting assumption rather than the upside. If Tuesday's report shows data center accelerating again and the third-quarter guide holds the pace, I'd revisit my thinking, even at a higher price. I'll wait for the numbers first.