Track market-moving stories before they get noisy

Equity Residential (EQR - Free Report) came out with quarterly funds from operations (FFO) of $1.02 per share, beating the Zacks Consensus Estimate of $1.01 per share. This compares to FFO of $0.99 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +0.99%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.95 per share when it actually produced FFO of $0.99, delivering a surprise of +4.21%.

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

Equity Residential, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $785.05 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.08%. This compares to year-ago revenues of $768.83 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Equity Residential shares have added about 8.3% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for Equity Residential?While Equity Residential has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Equity Residential was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.04 on $793.72 million in revenues for the coming quarter and $4.07 on $3.16 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Mid-America Apartment Communities (MAA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.

This real estate investment trust is expected to post quarterly earnings of $2.08 per share in its upcoming report, which represents a year-over-year change of -3.3%. The consensus EPS estimate for the quarter has been revised 0.3% higher over the last 30 days to the current level.

Mid-America Apartment Communities' revenues are expected to be $557.28 million, up 1.3% from the year-ago quarter.

SL Green (SLG - Free Report) came out with quarterly funds from operations (FFO) of $1.43 per share, beating the Zacks Consensus Estimate of $1.19 per share. This compares to FFO of $1.63 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +20.17%. A quarter ago, it was expected that this commercial real estate investment trust would post FFO of $1.06 per share when it actually produced FFO of $0.84, delivering a surprise of -20.75%.

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

SL Green, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $171.85 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.21%. This compares to year-ago revenues of $147.54 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

SL Green shares have added about 10.8% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for SL Green?While SL Green has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for SL Green was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.16 on $174.14 million in revenues for the coming quarter and $4.61 on $687.33 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Rexford Industrial (REXR - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.

This industrial real estate investment trust is expected to post quarterly earnings of $0.60 per share in its upcoming report, which represents a year-over-year change of +1.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Rexford Industrial's revenues are expected to be $246.07 million, down 1.4% from the year-ago quarter.

Waste Connections (WCN - Free Report) came out with quarterly earnings of $1.5 per share, beating the Zacks Consensus Estimate of $1.35 per share. This compares to earnings of $1.29 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +11.11%. A quarter ago, it was expected that this solid waste services provider would post earnings of $1.19 per share when it actually produced earnings of $1.23, delivering a surprise of +3.36%.

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

Waste Connections, which belongs to the Zacks Waste Removal Services industry, posted revenues of $2.56 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.06%. This compares to year-ago revenues of $2.41 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Waste Connections shares have lost about 4% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for Waste Connections?While Waste Connections has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Waste Connections was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.51 on $2.59 billion in revenues for the coming quarter and $5.49 on $10 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Waste Removal Services is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Select Water Solutions, Inc. (WTTR - Free Report) , is yet to report results for the quarter ended June 2026.

This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Select Water Solutions, Inc.'s revenues are expected to be $365.9 million, up 0.5% from the year-ago quarter.

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SummaryTesla, Inc. delivered a solid revenue result in Q2, but earnings fell dramatically short of street estimates.Short-term performance was driven by strong auto sales amid high gas prices, shifting focus from long-term autonomous ambitions.TSLA stock trades at a substantial premium to the auto space and tech giants, but recent results don't justify this valuation. jetcityimage/iStock Editorial via Getty Images

After the bell on Wednesday, we received second quarter results from Tesla, Inc. (TSLA). The electric vehicle maker had a strong sales period thanks to higher gas prices amidst the U.S.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Investors are always reminded that before making any investment, you should do your own proper due diligence on any name directly or indirectly mentioned in this article. Investors should also consider seeking advice from a broker or financial adviser before making any investment decisions. Any material in this article should be considered general information, and not relied on as a formal investment recommendation.

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.

Google CEO Sundar Pichai. Bloomberg/Getty Images Imagine making nearly $100 billion extra and dedicating exactly one vague sentence to it. That's just what Google parent Alphabet did in its second quarter earnings report.

The tech giant reported that its "other income" totaled $98 billion in the second quarter, noting it came from unrealized gains on its investments.

Analysts didn't ask Alphabet executives about the gain on its earnings call. Instead, they focused on its rising capital expenditures and position in the AI race. The tech giant's stock closed down about 1.24%.

It's not the first time Alphabet has done this. In April 2025, the company disclosed a similar $8 billion paper gain. Google has no obligation to disclose exactly where those gains come from, and it doesn't.

The gains are almost certainly related to very savvy investments the company has made in companies like SpaceX, Anthropic, and Databricks.

Google was an early SpaceX investor, buying about 7% of the company in 2015. SpaceX also uses Google Cloud for its Starlink service. SpaceX is currently worth about $1.5 trillion dollars since its IPO last month. Google invested in SpaceX when it was worth only about $12 billion — that's a 133x return.

Google is also heavily invested in Anthropic, owning about a 14% stake in the company as of last March, according to filings seen by the New York Times. The AI lab was valued at almost $1 trillion in a massive $65 billion funding round in May. Some investors think it's already worth $1.2 trillion.

Additionally, Google is an investor in Databricks, which was valued at $188 billion in a funding round earlier this month.

Google, SpaceX, Anthropic, and Databricks didn't respond to requests for comment.

Google's investing chops are certainly impressive. But investors are more concerned about Google's own prospects.

The tech giant hiked its capital expenditures to a maximum of $205 billion this year as it races to compete on AI. While Google has strong advantages in distribution and chipmaking, its efforts to build a leading AI model haven't paid off.

It keeps delaying its next big AI chatbot, which some rivals are mocking online.

Still, many analysts remain bullish on Google's fundamentals. Its revenue jumped by almost 25% compared to last year on the back of strong ads and cloud sales, which are also being boosted by AI.

"Another impressive quarter for Google," said Emarketer principal analyst Nate Elliott.

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Charles Rollet You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Charles Rollet is BI's tech correspondent in San Francisco. Prior to joining BI, Charles worked at TechCrunch covering startups and VC. Charles is based in the Bay Area, where he enjoys hiking with his dogs. You can contact Charles securely on Signal at charlesrollet.12 or +1-628-282-2811.

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An NVIDIA logo and a computer motherboard appear in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SAN FRANCISCO, July 22 (Reuters) - Nvidia (NVDA.O), opens new tab and the Naval Postgraduate School (NPS) on Wednesday said that the AI chip leader has donated a supercomputer with its ​latest chips to a nonprofit linked to the institution.

The NPS is ‌operated by the U.S. Navy and offers masters and doctoral degrees in fields such as computer science and aerospace engineering, among others, with an emphasis on their applications in warfare. ​Nvidia donated a system based on its GB300 "Grace Blackwell" servers, its most ​advanced AI computers, to the NPS Foundation, a nonprofit connected to ⁠the school.

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Nvidia and the NPS did not disclose the size of the system, ​but confirmed it has been installed at the NPS campus in Monterey, California, ​where Adm. Samuel J. Paparo, commander of U.S. Pacific Command, and Nvidia CEO Jensen Huang planned to hold an event to announce the system.

While Nvidia's Blackwell chips are planned for use in ​U.S. government supercomputers built by the U.S. Department of Energy, the donation ​on Wednesday is the first direct use of Nvidia's most advanced servers by the U.S. military.

“AI ‌will ⁠be a backbone of America’s defense,” Huang said in a statement.

Both the U.S. and China are racing to deploy AI for military purposes ranging from developing targeting lists to drone warfare.

“As we modernize our technology, we must also modernize how we educate our ​leaders,” Adm. Paparo ​said in a ⁠statement. “Access to advanced computing capability means NPS students and faculty understand the opportunities and responsibilities that come with these technologies.”

One ​of AI's strengths is the ability to work through complex, ​fast-changing problems ⁠much faster than traditional computer simulation techniques.

“Initially, we will need to carefully manage demand as we bring this capability online,” Trenton Hancock, chief information officer at NPS, said ⁠in a ​statement. “But what this system really gives us is ​the ability to explore more complex, real-world problems, especially those that mirror the challenges our operational ​fleet faces every day.”

Reporting by Stephen Nellis in San Francisco; Editing by Chizu Nomiyama

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

IBM (IBM - Free Report) came out with quarterly earnings of $2.93 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $2.8 per share a year ago. These figures are adjusted for non-recurring items.

A quarter ago, it was expected that this technology and consulting company would post earnings of $1.81 per share when it actually produced earnings of $1.91, delivering a surprise of +5.52%.

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

IBM, which belongs to the Zacks Computer - Integrated Systems industry, posted revenues of $17.16 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.03%. This compares to year-ago revenues of $16.98 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

IBM shares have lost about 28.9% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for IBM?While IBM has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for IBM was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.83 on $17.03 billion in revenues for the coming quarter and $12.13 on $70.75 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer - Integrated Systems is currently in the top 7% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, NCR Voyix (VYX - Free Report) , has yet to report results for the quarter ended June 2026.

This maker of ATMs and other hardware and software to handle payments is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of -15.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

NCR Voyix's revenues are expected to be $517.5 million, down 22.3% from the year-ago quarter.

ServiceNow CEO Bill McDermott said on Wednesday that the rapid adoption of artificial intelligence is strengthening the company's competitive position.

His comments come just one day after OpenAI disclosed that one of its advanced AI agents escaped a controlled testing environment during a cybersecurity evaluation and compromised the infrastructure of AI startup Hugging Face before it was detected and contained.

"We have a kill switch that stops AI agents that go rogue, so those things don't need to happen, and they wouldn't happen when companies run ServiceNow," McDermott said on CNBC's "Mad Money."

ServiceNow offers a suite of software applications and tools used by companies to manage and automate workflows across IT, human resources, and customer service operations. It's also expanded its cybersecurity presence, in part through the acquisitions of Veza and Armis. Both deals closed this year.

Agentic systems are an increasingly popular corner of AI, going beyond a more simplistic chatbot that answers queries with a written response. These advanced systems are capable of executing multi-step tasks with little to no human intervention.

McDermott said ServiceNow's AI Control Tower is its system that gives companies a central place to monitor, manage, and secure the growing number of AI agents, helping businesses move "from AI chaos to AI discipline."

Shares of ServiceNow rose in extended trading after the company reported better-than-expected earnings and revenue. Even after the jump, however, the stock remains down more than 30% this year after software shares sold off during what investors dubbed the "SaaSpocalypse" amid concerns that advances in AI would disrupt the industry's traditional seat-based business model.

McDermott dismissed concerns that growing AI competition could pressure ServiceNow's profits or cause customers to shorten contract terms.

"If you look at the terms of our contracts, they've actually gotten longer," McDermott said.

Instead, he argued that broader AI adoption should increase demand for ServiceNow's software.

"There's going to be more AI. There's going to be more incidents, and all these things drive more and more volume to ServiceNow," he said. "That's why we increased the full-year guide."

OpenAI did not immediately respond to CNBC's request for comment but said earlier that AI is accelerating the discovery and exploitation of vulnerabilities, which means model security and safety need to keep up.

"We are strengthening the containment, monitoring, access controls, and evaluation practices used during model development," the ChatGPT maker said.

AvalonBay Communities (AVB - Free Report) came out with quarterly funds from operations (FFO) of $2.86 per share, beating the Zacks Consensus Estimate of $2.8 per share. This compares to FFO of $2.82 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +2.14%. A quarter ago, it was expected that this apartment building owner would post FFO of $2.8 per share when it actually produced FFO of $2.83, delivering a surprise of +1.07%.

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

AvalonBay, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $777.77 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.31%. This compares to year-ago revenues of $760.2 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

AvalonBay shares have added about 5.2% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for AvalonBay?While AvalonBay has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for AvalonBay was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $2.81 on $784 million in revenues for the coming quarter and $11.28 on $3.12 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, UMH Properties (UMH - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This real estate investment trust is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of +4.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

UMH Properties' revenues are expected to be $72.33 million, up 8.5% from the year-ago quarter.

July 22, 2026 18:51 ET  | Source: Canadian National Railway Company

MONTREAL, July 22, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and Union Pacific (NYSE: UNP) announced today that they have signed a binding Memorandum of Understanding establishing a framework for CN to secure competitive access in connection with the proposed transaction between Union Pacific and Norfolk Southern (NYSE: NSC).

The settlement agreement preserves customer options and resolves terminal railroad ownership issues, while expanding CN’s presence in the Midwest and reaffirming gateway protections for all customers and railroads.

Under the settlement agreement, which is contingent on the Surface Transportation Board’s (STB) approval and closing of the merger:

CN gains access to shipper facilities where Class I railroad options would be reduced from 2-to-1 or 3-to-2, where commercially and operationally feasible.CN acquires Norfolk Southern's ownership interests in the Kansas City Terminal Railway Company (KCT) and the Terminal Railroad Association of St. Louis (TRRA). CN gains new access in the Midwest through overhead rights between Tuscola, Illinois, and East St. Louis, Illinois, and rights to serve customers between St. Louis, Missouri, and Kansas City, Missouri. For the first time, CN will have a footprint in the heart of Kansas City, with usage of Union Pacific’s Neff Yard. CN will not oppose the Union Pacific-Norfolk Southern merger. Both parties will collaborate through the STB process to ensure that this agreement takes effect. “From day one, we’ve said our merger with Norfolk Southern will preserve and enhance competitive options and create a stronger railroad industry that delivers better service for customers,” said Union Pacific CEO Jim Vena. “This settlement agreement reinforces those commitments by giving expanded access and operating rights to a tough competitor.”

“As the rail industry considers significant structural change, it is essential that customers continue to benefit from meaningful competition and choice,” said CN President and CEO Tracy Robinson. “This framework would preserve competitive access to key markets, including Kansas City, while positioning CN to continue providing reliable and efficient options for customers across North America.”

Forward-Looking Statements
Certain statements by CN and Union Pacific included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The companies caution that their assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. The companies assume no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN or Union Pacific do update any forward-looking statement, no inference should be made that they will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919. 

Contacts: 
MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior ManagerVice-PresidentMedia RelationsInvestor Relations & Special Projects(438) 596-4329(514) 399-0052
[email protected]@cn.ca ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

Union Pacific Media Contact: [email protected]
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In the latest trading session, UiPath (PATH - Free Report) closed at $10.70, marking a -11.13% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 0.14% for the day. On the other hand, the Dow registered a loss of 0.01%, and the technology-centric Nasdaq decreased by 0.57%.

Prior to today's trading, shares of the enterprise automation software developer had gained 18.5% outpaced the Computer and Technology sector's loss of 4.82% and the S&P 500's gain of 0.25%.

The upcoming earnings release of UiPath will be of great interest to investors. The company's earnings per share (EPS) are projected to be $0.15, reflecting no change from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $397.59 million, up 9.91% from the prior-year quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $0.8 per share and revenue of $1.78 billion. These totals would mark changes of +11.11% and +10.4%, respectively, from last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for UiPath. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. UiPath is holding a Zacks Rank of #2 (Buy) right now.

Digging into valuation, UiPath currently has a Forward P/E ratio of 15.05. This represents a discount compared to its industry average Forward P/E of 19.55.

We can additionally observe that PATH currently boasts a PEG ratio of 0.72. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Internet - Software industry had an average PEG ratio of 1.06 as trading concluded yesterday.

The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 104, this industry ranks in the top 43% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

First BanCorp. (FBP) Q2 2026 Earnings Call July 22, 2026 10:00 AM EDT

Company Participants

Ramon Rodriguez - Senior Vice President of Corporate Strategy / Investor Relations
Aurelio Alemán-Bermúdez - President, CEO & Director
Said Ortiz - Executive VP & CFO

Conference Call Participants

Arren Cyganovich - Truist Securities, Inc., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division
Stephen Moss - Raymond James & Associates, Inc., Research Division
Manuel Navas - Piper Sandler & Co., Research Division

Presentation

Operator

Good morning, and welcome to the First BanCorp. Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to Ramon Rodriguez, First BanCorp.'s Corporate Strategy and Investor Relations Officer. Thank you. Please go ahead.

Ramon Rodriguez
Senior Vice President of Corporate Strategy / Investor Relations

Thank you, [ Julianne ]. Good morning, everyone, and thank you for joining First BanCorp.'s conference call and webcast to discuss the company's financial results for the second quarter of 2026. I'm here with Aurelio Aleman, President and Chief Executive Officer; and Said Ortiz, CFO, Chief Financial Officer. Before we begin today's call, it is my responsibility to inform you that this call may involve certain forward-looking statements such as projections of revenue, earnings and capital structure as well as statements on the plans and objectives of the company's business. The company's actual results could differ materially from the forward-looking statements made due to the important factors described in the company's SEC filings. The company assumes no obligation to update any forward-looking statements made during the call. If anyone does not already have a copy of the webcast presentation or press release, you can access them at our website at fbbinvestor.com. At this time, I'd like to turn the call over to our CEO, Aurelio Aleman.

AppLovin (APP - Free Report) ended the recent trading session at $412.48, demonstrating a -3.78% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.14%. Meanwhile, the Dow experienced a drop of 0.01%, and the technology-dominated Nasdaq saw a decrease of 0.57%.

Shares of the mobile app technology company witnessed a loss of 8.21% over the previous month, trailing the performance of the Business Services sector with its gain of 4.1%, and the S&P 500's gain of 0.25%.

Market participants will be closely following the financial results of AppLovin in its upcoming release. The company plans to announce its earnings on August 5, 2026. The company is expected to report EPS of $3.72, up 64.6% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $1.94 billion, indicating a 53.99% growth compared to the corresponding quarter of the prior year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $15.93 per share and a revenue of $8.24 billion, indicating changes of +58.67% and +41.98%, respectively, from the former year.

It is also important to note the recent changes to analyst estimates for AppLovin. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.28% decrease. Right now, AppLovin possesses a Zacks Rank of #3 (Hold).

Looking at its valuation, AppLovin is holding a Forward P/E ratio of 26.92. Its industry sports an average Forward P/E of 16.41, so one might conclude that AppLovin is trading at a premium comparatively.

One should further note that APP currently holds a PEG ratio of 0.7. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Technology Services industry had an average PEG ratio of 1.44 as trading concluded yesterday.

The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 98, placing it within the top 40% of over 250 industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

July 22, 2026 16:30 ET  | Source: LiveRamp, Inc.

SAN FRANCISCO, July 22, 2026 (GLOBE NEWSWIRE) -- LiveRamp® (NYSE: RAMP), the leading global data collaboration platform, today announced that its fiscal 2027 first quarter financial results will be released on Wednesday, August 5, 2026 after the financial markets close.

In light of the previously announced and still pending transaction with Publicis Groupe, LiveRamp will not host an earnings conference call or provide financial guidance in conjunction with the earnings release.

To automatically receive LiveRamp financial news by email, please visit the company’s Investor Relations website and subscribe to email alerts.

About LiveRamp

LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

For more information, contact:
Drew Borst
LiveRamp Investor Relations
[email protected]

Alaska Air Group, Inc. (ALK) Q2 2026 Earnings Call July 22, 2026 11:30 AM EDT

Company Participants

Ryan St. John - Vice President of Finance, Planning & Investor Relations
Benito Minicucci - President, CEO & Director and CEO of Alaska Airlines
Andrew Harrison - Chief Commercial Officer & Executive VP
Shane Tackett - CFO & President of Alaska Airlines
Emily Halverson - VP of Finance and Treasury, Controller & Principal Accounting Officer of Alaska Airlines, Inc
Andrew Harrison - Executive VP & Chief Commercial Officer of Alaska Airlines Inc

Conference Call Participants

Atul Maheswari - UBS Investment Bank, Research Division
Duane Pfennigwerth - Evercore ISI Institutional Equities, Research Division
Conor Cunningham - Melius Research LLC
Savanthi Syth - Raymond James Ltd., Research Division
Brandon Oglenski - Barclays Bank PLC, Research Division
Catherine O'Brien - Goldman Sachs Group, Inc., Research Division
Thomas Fitzgerald - TD Cowen, Research Division
Michael Goldie - BMO Capital Markets Equity Research
Scott Group - Wolfe Research, LLC
Andrew Didora - BofA Securities, Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2026 Second Quarter Earnings Call. [Operator Instructions] Today's call is being recorded and will be accessible for future playback at alaskaair.com. [Operator Instructions]

I would now like to turn the call over to Alaska Air Group's Vice President of Finance, Planning and Investor Relations, Ryan St. John.

Ryan St. John
Vice President of Finance, Planning & Investor Relations

Thank you, operator, and good morning. Thanks for joining us today to discuss our second quarter 2026 earnings results. Yesterday, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com. On today's call, you'll hear updates from Ben, Andrew and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.

Air

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PulteGroup, Inc. (PHM) Q2 2026 Earnings Call July 22, 2026 8:30 AM EDT

Company Participants

James Zeumer - Vice President of Investor Relations
Ryan Marshall - President, CEO & Director
James Ossowski - Executive VP & CFO

Conference Call Participants

John Lovallo - UBS Investment Bank, Research Division
Richard Reid - Wells Fargo Securities, LLC, Research Division
Matthew Bouley - Barclays Bank PLC, Research Division
Stephen Kim - Evercore ISI Institutional Equities, Research Division
Alan Ratner - Zelman & Associates LLC
Michael Dahl - RBC Capital Markets, Research Division
Anthony Pettinari - Citigroup Inc., Research Division
Trevor Allinson - Wolfe Research, LLC
Jonathan Bettenhausen - Truist Securities, Inc., Research Division
Rafe Jadrosich - BofA Securities, Research Division
Susan Maklari - Goldman Sachs Group, Inc., Research Division
Kenneth Zener - Seaport Research Partners
Ryan Gilbert - BTIG, LLC, Research Division

Presentation

Operator

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the PulteGroup, Inc. Q2 2026 Earnings Conference Call. [Operator Instructions]

Thank you. I would now like to turn the call over to Jim Zeumer. Please go ahead.

James Zeumer
Vice President of Investor Relations

Thank you, Jordan. Good morning. I want to welcome everyone to today's call to review PulteGroup's operating and financial results for our second quarter ended June 30, 2026. Joining me on today's call are Ryan Marshall, President and CEO; Jim Ossowski, Executive Vice President and CFO; and David Carrier, Senior VP, Finance.

In advance of this call, a copy of our Q2 earnings release and this morning's webcast presentation have been posted to our corporate website at pultegroup.com. We will also post an audio replay of this call later today. I would highlight that today's presentation includes forward-looking statements about the company's expected future performance. Actual results could differ materially from those suggested by our comments

, /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, announced its Board of Directors ("Board") today received an unsolicited, preliminary and non-binding proposal ("Proposal") from Penske Corporation ("PC") and Mitsui & Co., Ltd. ("Mitsui") to acquire the remaining shares of the Company's common stock that they and their affiliates do not currently own for cash consideration of $210 per share. PC and Mitsui and their affiliates currently beneficially own collectively 72.6% of the Company's outstanding common stock. A copy of the Proposal is available as an exhibit to the Company's Current Report on Form 8-K which will be publicly filed today with the Securities and Exchange Commission.

The Board has established a special committee comprised of disinterested and independent directors to review and consider the Proposal. The special committee is authorized to retain advisors, including independent legal and financial advisors, to assist it in its work. There can be no assurance as to whether an agreement relating to any proposed transaction will be reached or as to the terms thereof if an agreement is reached. The Company does not intend to comment further or disclose any developments regarding the Proposal unless and until it deems further disclosure is appropriate or required. The Company's shareholders do not need to take any action at this time.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,800 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs nearly 41,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 387,500 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, whether and on what terms any transaction will be consummated, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeframe, or at all; the outcome of legal and administrative matters and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.

Inquiries should contact:

Shelley Hulgrave

Anthony Pordon

Executive Vice President and

Executive Vice President Investor Relations

Chief Financial Officer

and Corporate Development

Penske Automotive Group, Inc.

Penske Automotive Group, Inc.

248-648-2812

248-648-2540

[email protected] 

[email protected] 

SOURCE Penske Automotive Group, Inc.

REDWOOD CITY, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (Nasdaq: RVMD), a late-stage clinical oncology company developing targeted therapies for patients with RAS-addicted cancers, today announced that the U.S. Food and Drug Administration (FDA) accepted for review the company’s New Drug Application (NDA) for daraxonrasib, an oral RAS(ON) multi-selective inhibitor, for previously treated metastatic pancreatic ductal adenocarcinoma (PDAC).

“The FDA’s acceptance of the daraxonrasib NDA is an important step in the regulatory review process and brings us closer to the possibility of offering patients a new targeted medicine for previously treated metastatic pancreatic cancer,” said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. “Daraxonrasib is an oral targeted medicine designed to inhibit RAS, the main cause of pancreatic cancer, and the application is supported by unprecedented results from the Phase 3 RASolute 302 trial. These findings underscore the potential for daraxonrasib to become a new standard of care and to help define a new class of RAS‑targeted medicines for this disease. We look forward to continuing to work closely with the FDA as the agency reviews the application, and with other global regulatory authorities as we advance our efforts to bring daraxonrasib to patients as quickly as possible.”

The NDA is based on results from the global, randomized Phase 3 RASolute 302 trial, evaluating daraxonrasib versus standard of care cytotoxic chemotherapy in patients with previously treated metastatic PDAC, with or without an identified tumor RAS mutation. The trial met all primary and key secondary endpoints, including unprecedented improvements in overall survival and progression-free survival. In addition, daraxonrasib exhibited a manageable safety profile and patients treated with daraxonrasib reported significantly delayed deterioration in cancer-related pain, overall global health status and quality of life, compared to those treated with chemotherapy. Results from the RASolute 302 trial were presented at the 2026 American Society of Clinical Oncology Annual Meeting with simultaneous publication in The New England Journal of Medicine.

Daraxonrasib was selected for the FDA Commissioner’s National Priority Voucher pilot program, which is designed to accelerate the review of medicines that address key national health priorities. The FDA previously granted daraxonrasib Breakthrough Therapy Designation and Orphan Drug Designation for the treatment of patients with previously treated metastatic PDAC.

The Company recently announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use has begun a phased review of daraxonrasib, allowing data to be evaluated as they become available before submission of a full marketing authorization application. Daraxonrasib has also received orphan medicine designation for the treatment of pancreatic cancer, and high-priority status under EMA’s Cancer Medicines Pathfinder project based on its potential to address a significant unmet need.

About Pancreatic Cancer and Pancreatic Ductal Adenocarcinoma

Pancreatic cancer is one of the most lethal malignancies, characterized by its typically late-stage diagnosis, resistance to standard chemotherapy, and high mortality rate. In the U.S., recent estimates indicate that annually approximately 60,000 people will be diagnosed with pancreatic cancer, and about 50,000 people will die from this aggressive disease.1 Due to the lack of early symptoms and detection methods, most patients are diagnosed with pancreatic ductal adenocarcinoma (PDAC) at an advanced or metastatic stage. Metastatic PDAC remains one of the most common causes of cancer-related deaths in the U.S., with a five-year survival rate of approximately 3%.2,3

About Daraxonrasib

Daraxonrasib is an investigational, oral RAS(ON) multi-selective, noncovalent tri-complex inhibitor that works by suppressing RAS signaling through inhibition of the interaction between both wild-type and mutant RAS(ON) proteins and their downstream effectors. It is designed to target cancers driven by a broad range of common RAS genotypes, including pancreatic ductal adenocarcinoma (PDAC), non-small cell lung cancer (NSCLC), and colorectal cancer. Daraxonrasib is being advanced through a global Phase 3 registrational program comprising four trials, including the completed RASolute 302 trial and three additional trials in patients with PDAC and metastatic RAS mutant NSCLC.

About the RASolute 302 Clinical Trial

RASolute 302 (NCT06625320) is a global, randomized Phase 3 registrational clinical trial designed to evaluate the efficacy and safety of daraxonrasib as a monotherapy in patients with previously treated metastatic pancreatic ductal adenocarcinoma (PDAC). In the trial, patients were randomized to receive either an oral dose of 300 mg daraxonrasib once daily or investigator’s choice of four different cytotoxic chemotherapy regimens, which represent standard of care across the globe. The trial enrolled patients with metastatic PDAC harboring a wide range of RAS variants, including those with RAS G12 mutations (such as G12D, G12V, and G12R), as well as patients without an identified tumor RAS mutation (wild type).

The primary endpoints of the RASolute 302 trial were progression-free survival (PFS), as assessed by a Blinded Independent Central Review according to RECIST 1.1, and overall survival (OS) in patients with tumors harboring RAS G12 mutations. Secondary endpoints included PFS and OS in all enrolled patients (the intent-to-treat population) encompassing patients with and without identified tumor RAS mutations, as well as objective response rate, duration of response, and patient-reported quality of life.

About Revolution Medicines, Inc.

Revolution Medicines is a company developing novel targeted therapies for patients with RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) inhibitors designed to suppress diverse oncogenic variants of RAS proteins. The company’s RAS(ON) inhibitors daraxonrasib (RMC-6236), a RAS(ON) multi-selective inhibitor; elironrasib (RMC-6291), a RAS(ON) G12C-selective inhibitor; zoldonrasib (RMC-9805), a RAS(ON) G12D-selective inhibitor; and RMC-5127, a RAS(ON) G12V-selective inhibitor, are currently in clinical development. Additional development opportunities in the company’s pipeline focus on RAS(ON) mutant-selective inhibitors, including RMC-0708 (Q61H) and RMC-8839 (G13C). For more information, please visit www.revmed.com and follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered “forward-looking statements,” including without limitation statements regarding the broad potential of RAS(ON) inhibition and the potential for a new class of RAS-targeted therapy to emerge; treatment practices for pancreatic cancer and the potential for daraxonrasib to become a standard of care; the company’s regulatory interactions; the company’s ability to bring daraxonrasib to patients; and progression of clinical studies and findings from these studies, including the tolerability, safety, and potential efficacy of the company’s candidates being studied.

Forward-looking statements are typically, but not always, identified by the use of words such as “aims,” “anticipate,” "believe," "estimate," "expect," "plan," “potential,” “project,” “up to,” "will" and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause the company’s development programs, future results, performance, or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including the company’s programs’ development stages, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, the company’s ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of the company’s capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape, and the effects on the company’s business of the global events, such as international conflicts or global pandemics. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on May 6, 2026, and its future periodic reports to be filed with the SEC. Except as required by law, Revolution Medicines undertakes no obligation to update any forward-looking statements to reflect new information, events, or circumstances, or to reflect the occurrence of unanticipated events.

Revolution Medicines Media & Investor Contact:
[email protected]
[email protected]   

References
1 Siegel RL, Giaquinto AN, Jemal A. Cancer statistics, 2024. CA Cancer J Clin. 2024;74(1):12-49. doi:10.3322/caac.21820
2 Halbrook CJ, Lyssiotis CA, Pasca di Magliano M, Maitra A. Pancreatic cancer: Advances and challenges. Cell. 2023;186(8):1729-1754. doi:10.1016/j.cell.2023.02.014
3 American Cancer Society. Survival Rates for Pancreatic Cancer. Available at: https://www.cancer.org/cancer/types/pancreatic-cancer/detection-diagnosis-staging/survival-rates.html. Accessed July 2026.

, /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $99.9 million, or $0.52 per diluted share, for the second quarter of 2026, an increase of $7.7 million, or $0.01 per diluted share, in comparison to the first quarter of 2026. Operating net income available to common shareholders for the three months ended June 30, 2026 was $115.9 million(1), or $0.60 per diluted share(1), an increase of $16.2 million, or $0.05 per diluted share, in comparison to the first quarter of 2026.

FFC Net income available to common shareholders for the six months ended June 30, 2026 was $192.1 million, or $1.02 per diluted share, an increase of $5.0 million, and unchanged on a per diluted share basis, in comparison to the six months ended June 30, 2025. Operating net income available to common shareholders for the six months ended June 30, 2026, was $215.5 million(1), or $1.15 per diluted share(1), an increase of $19.4 million, or $0.08 per diluted share, in comparison to the six months ended June 30, 2025.

"During the quarter, we achieved record financial results and successfully completed the acquisition of Blue Foundry Bancorp," said Curtis J. Myers, Fulton Chairman, CEO, and President. "With the successful integration of Blue Foundry Bank already occurring earlier this month, we are well positioned to deepen existing relationships and drive growth in this expanded footprint. Our ongoing strong performance is due to high demand for our community banking approach and the commitment of our dedicated team members to making banking personal. Our sustained focus on executing our strategic priorities is creating long-term value for our shareholders."

Blue Foundry Bancorp Transaction(2)

On April 1, 2026, the Corporation completed its acquisition of Blue Foundry Bancorp and Blue Foundry Bank became a wholly owned subsidiary of the Corporation. On July 11, 2026, Blue Foundry Bank merged with and into Fulton Bank. As a result of the Blue Foundry Bancorp Transaction, the Corporation acquired total assets with preliminary fair values of approximately $2.1 billion including total loans with a preliminary fair value of approximately $1.6 billion and investments with a fair value of $226.5 million. The Corporation assumed total liabilities with a fair value of $1.8 billion including total deposits with a fair value of $1.5 billion and borrowings with a fair value of $276.0 million. Financial Highlights

Second quarter of 2026 operating results of $0.60 per diluted share(1) were impacted by the following items:

Net interest margin remained solid at 3.60%, representing a two basis point increase from the prior quarter. Non-interest income increased $9.5 million to $79.3 million compared to $69.8 million in the prior quarter. Non-interest expense increased $30.7 million to $231.0 million compared to $200.3 million in the prior quarter. Operating non-interest expense increased $19.9 million to $210.6 million(1) compared to $190.7 million in the prior quarter. Provision for credit losses was $4.9 million resulting in an allowance for credit losses attributable to net loans of $382.6 million, or 1.48% of total net loans as of June 30, 2026. The initial allowance for credit losses on loans acquired in the Blue Foundry Bancorp Transaction was $31.0 million. Common equity tier 1 capital ratio(3) increased to approximately 12.1% compared to 11.9% in the prior quarter. During the second quarter of 2026, 525,000 shares of the Corporation's common stock were repurchased under the 2026 Repurchase Program(4) at a cost of $11.1 million or an average of $21.19 per share. As of June 30, 2026, the Corporation repurchased $35.6 million of common stock under the 2026 Repurchase Program. The following items highlight notable changes in the components of net income in the second quarter of 2026 compared to the first quarter of 2026:

Net interest income increased $22.2 million to $284.3 million driven by a $17.5 million increase attributable to the Blue Foundry Bancorp Transaction. A $32.6 million increase in interest income on net loans, a $2.9 million increase in interest income on investment securities and a $2.6 million increase in interest income in other interest-earning assets were partially offset by a $10.9 million increase in interest expense on deposits and a $4.9 million increase in interest expense on borrowings and other interest-bearing liabilities. Purchase loan mark accretion from loans acquired in the Republic Transaction(5) was $9.9 million in the second quarter of 2026 compared to $10.3 million in the prior quarter. Purchase loan mark accretion from loans acquired in the Blue Foundry Bancorp Transaction was $5.2 million in the second quarter of 2026. Interest expense on borrowings and other interest-bearing liabilities included approximately $2.4 million from the Corporation's $195.0 million aggregate principal amount of outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030 that were redeemed on June 15, 2026. Non-interest income before investment securities gains (losses) was $79.3 million compared to $69.8 million in the prior quarter. The $9.5 million increase was primarily attributable to a $7.3 million increase in income from equity method investments, reflected in other income, that included $6.9 million of income recognized from an equity method investment that was sold during the quarter. Compared to the prior quarter, mortgage banking income increased by $1.0 million. Non-interest expense was $231.0 million compared to $200.3 million in the prior quarter. The $30.7 million increase was primarily due to an $11.2 million increase in acquisition-related expenses and a $10.3 million increase in salaries and employee benefits expense driven by a $6.2 million increase as a result of the Blue Foundry Bancorp Transaction and a $3.5 million increase in incentive compensation expense. Increases of $2.2 million and $1.8 million in other outside services expense and data processing and software expense, respectively, were primarily driven by the Blue Foundry Bancorp Transaction. Other non-interest expense for the second quarter of 2026 included a $2.1 million charge incurred related to merging two employee pension plans and $0.8 million of debt extinguishment costs. Balance Sheet Summary

Total net loans increased $1.7 billion to $25.9 billion compared to $24.3 billion as of March 31, 2026. The increase was primarily due to a $1.6 billion increase in loans, based on preliminary fair values, as a result of the Blue Foundry Bancorp Transaction. Excluding the Blue Foundry Bancorp Transaction, net loans increased $102.6 million with an increase of $206.9 million in consumer loans(6), partially offset by a decrease of $104.3 million in commercial loans(6). Deposits totaled $28.3 billion, a $1.5 billion increase compared to $26.8 billion as of March 31, 2026. The increase was primarily due to a $1.2 billion increase in deposits as a result of the Blue Foundry Bancorp Transaction. Excluding the Blue Foundry Bancorp Transaction, net deposits increased $249.2 million due to increases of $257.4 million in brokered deposits, $189.4 million in savings deposits and $76.4 million in time deposits, partially offset by decreases of $155.6 million in interest-bearing demand deposits and $118.5 million in noninterest-bearing demand deposits. On May 5, 2026, the Corporation issued $300.0 million aggregate principal amount of 5.950% Fixed-to-Floating Rate Subordinated Notes due 2036. On June 15, 2026, the Corporation redeemed $195.0 million aggregate principal amount of outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030. Provision for Credit Losses and Asset Quality

The provision for credit losses totaled $4.9 million in the second quarter of 2026 compared to $14.4 million in the first quarter of 2026. The allowance for credit losses attributable to net loans was $382.6 million, or 1.48% of total net loans as of June 30, 2026, compared to $367.5 million, or 1.51% of total net loans as of March 31, 2026. The increase was largely due to a $28.7 million increase in the allowance for credit losses as a result of the Blue Foundry Bancorp Transaction. Non-performing assets were $187.1 million, or 0.54% of total assets, as of June 30, 2026, in comparison to $177.5 million, or 0.55% of total assets, as of March 31, 2026. Non-performing assets include $16.4 million from the Blue Foundry Bancorp Transaction. Annualized net charge-offs for the second quarter of 2026 were 0.34% of total average loans in comparison to 0.25% in the prior quarter. Additional information on Fulton is available at www.fultonbank.com.

(1)

Financial measure derived by methods other than generally accepted accounting principles ("GAAP"). Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release.

(2)

On April 1, 2026, the Corporation completed its previously announced acquisition of Blue Foundry Bancorp (the "Blue Foundry Bancorp Transaction"). Following the Blue Foundry Bancorp Transaction, Blue Foundry Bank, a New Jersey-chartered stock savings bank and wholly owned subsidiary of Blue Foundry Bancorp, operated as a separate, wholly owned subsidiary of the Corporation until Blue Foundry Bank merged with and into the Corporation's wholly owned subsidiary Fulton Bank, National Association ("Fulton Bank") on July 11, 2026, with Fulton Bank continuing as the surviving bank.

(3)

Regulatory capital ratios as of June 30, 2026 are preliminary estimates and prior periods are actual.

(4)

The 2026 Repurchase Program represents the authorization, commencing on January 1, 2026 and expiring on January 31, 2027, to repurchase up to $150 million, excluding fees, commissions, excise tax and other ancillary expenses, of the Corporation's common stock. Under this authorization, up to $25 million of the $150 million authorization may be used to repurchase the Corporation's preferred stock, outstanding subordinated notes due 2030 or outstanding subordinated notes due 2035. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time under the 2026 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2026 Repurchase Program may be discontinued at any time.

(5)

On April 26, 2024, Fulton Bank acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing business as Republic Bank ("Republic Bank"), from the Federal Deposit Insurance Corporation (the "FDIC"), as receiver for Republic Bank (the "Republic Transaction"), pursuant to the terms of the Purchase and Assumption Agreement - Whole Bank, All Deposits, effective as of April 26, 2024 among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank.

(6)

Commercial loans, excluding those acquired in the Blue Foundry Bancorp Transaction, include decreases of $54.9 million in commercial and industrial loans, $29.7 million in commercial construction loans, reflected in real estate - construction, $18.8 million in real estate - commercial mortgage loans and $1.0 million in leases and other loans. Consumer loans, excluding those acquired in the Blue Foundry Bancorp Transaction, include increases of $132.3 million in real estate - residential mortgage loans, $48.7 million in real estate - home equity loans, $20.9 million in residential construction loans, reflected in real estate - construction and $5.0 million in consumer loans.

Note: Some numbers contained in this document may not sum due to rounding.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Forward-looking statements are any statement that does not relate to historical or current facts and can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Numerous factors could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, including, but not limited to, the following: the impact of adverse conditions in the economy and financial markets; trade policies and the imposition of tariffs and retaliatory tariffs; the impacts of events affecting the financial services industry; the effects of actions by the federal government, including those of the Board of Governors of the Federal Reserve System and other government agencies, that impact the money supply and market interest rates; the effects of market interest rates and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities on net interest margin and net interest income; the composition of the Corporation's loan portfolio and potential exposure to increased credit risk; the effects of changes in interest rates; investment securities gains and losses, including declines in the fair value of securities; disruptions in liquidity markets; capital and liquidity strategies; the Corporation's ability to generate capital internally or raise capital on favorable terms; the effects of competition; possible goodwill impairment charges; the impact of operational risks; the loss of, or failure to safeguard, confidential or proprietary information; the Corporation's failure to identify and promptly address cybersecurity risks; the impact of failures of the Corporation's third-party vendors to perform in accordance with contractual arrangements; the effects of concerns about other financial institutions on the Corporation; potential losses in connection with repurchase and indemnification payments related to sold loans; the effects of climate change on the Corporation's business and results of operations; the effects of increases in non-performing assets; the determination of the allowance for credit losses; the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank are subject; changes in law, regulation and government policy; the continuing impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act; potential negative consequences resulting from regulatory violations, investigations and examinations; the effects of adverse outcomes in litigation and governmental or administrative proceedings; the effects of changes in U.S. federal, state or local tax laws; the effects of the significant amounts of time and expense associated with regulatory compliance and risk management; the Corporation's ability to realize anticipated reductions in non-interest expense and increases in revenue from strategic initiatives implemented from time to time; risks related to the acquisition of Blue Foundry Bancorp; completed and potential future acquisitions may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, military conflicts, wars and other international hostilities; public health crises and pandemics; the Corporation's ability to achieve its growth plans; the Corporation's ability to attract and retain talented personnel; the effects of competition from financial service companies and other companies offering bank services; the Corporation's ability to keep pace with technological changes; the Corporation's reliance on its subsidiaries for substantially all of its revenues; and the effects of negative publicity on the Corporation's reputation. For additional information about factors that could cause actual results to differ materially from those described in forward-looking statements, refer to the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.

FULTON FINANCIAL CORPORATION

SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

(dollars in thousands, except per share and shares data)

Three months ended

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

2026

2026

2025

2025

2025

Ending Balances

Investment securities(1)

$ 5,122,759

$  4,861,967

$ 4,833,744

$ 5,045,270

$ 5,093,027

Net loans

25,934,293

24,266,345

24,144,884

24,041,489

24,012,539

Total assets

34,556,720

32,237,438

32,118,400

31,995,086

32,040,448

Deposits

28,250,342

26,768,335

26,589,407

26,332,490

26,138,067

Shareholders' equity

3,815,813

3,505,283

3,490,447

3,413,598

3,329,246

Average Balances

Investment securities(1)

4,983,015

4,785,276

4,921,669

5,025,072

5,084,371

Net loans

25,883,823

24,225,655

24,053,089

24,020,322

23,899,743

Total assets

34,193,608

31,999,228

32,013,163

31,924,038

31,901,574

Deposits

28,014,666

26,451,094

26,537,659

26,298,680

26,125,602

Shareholders' equity

3,788,421

3,543,911

3,464,539

3,361,368

3,304,015

Income Statement

Net interest income

284,252

262,023

266,042

264,198

254,921

Provision for credit losses

4,897

14,442

2,948

10,245

8,607

Non-interest income

79,306

69,841

69,980

70,407

69,148

Non-interest expense

230,954

200,294

212,986

196,574

192,811

Income before taxes

127,707

117,128

120,088

127,786

122,651

Net income available to common shareholders

99,852

92,199

96,408

97,892

96,636

Per Share

Net income available to common shareholders (basic)

$0.52

$0.51

$0.53

$0.54

$0.53

Net income available to common shareholders (diluted)

$0.52

$0.51

$0.53

$0.53

$0.53

Operating net income available to common shareholders(2)

$0.60

$0.55

$0.55

$0.55

$0.55

Cash dividends

$0.19

$0.19

$0.19

$0.18

$0.18

Common shareholders' equity

$18.92

$18.52

$18.33

$17.81

$17.20

Common shareholders' equity (tangible)(2)

$15.61

$15.12

$14.92

$14.39

$13.78

Weighted average shares (basic)

191,386

179,720

180,405

181,658

182,261

Weighted average shares (diluted)

192,997

181,655

182,197

183,349

183,813

(1) Includes related unrealized holding gains (losses) for available for sale ("AFS") securities.

(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.

Three months ended

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

2026

2026

2025

2025

2025

Asset Quality

Net charge-offs to average loans (annualized)

0.34 %

0.25 %

0.24 %

0.18 %

0.20 %

Non-performing loans to total net loans

0.70 %

0.72 %

0.76 %

0.83 %

0.89 %

Non-performing assets to total assets

0.54 %

0.55 %

0.58 %

0.63 %

0.67 %

ACL - loans(1) to total loans

1.48 %

1.51 %

1.51 %

1.57 %

1.57 %

ACL - loans(1) to non-performing loans

211 %

209 %

198 %

189 %

177 %

Profitability

Return on average assets

1.20 %

1.20 %

1.23 %

1.25 %

1.25 %

Operating return on average assets(2)

1.39 %

1.30 %

1.27 %

1.29 %

1.30 %

Return on average common shareholders' equity

11.14 %

11.16 %

11.69 %

12.26 %

12.46 %

Operating return on average common shareholders' equity (tangible)(2)

15.71 %

14.76 %

14.86 %

15.79 %

16.26 %

Net interest margin

3.60 %

3.58 %

3.59 %

3.57 %

3.47 %

Efficiency ratio(2)

57.3 %

56.7 %

60.0 %

56.5 %

57.1 %

Non-interest expense to total average assets

2.71 %

2.54 %

2.64 %

2.44 %

2.42 %

Operating non-interest expense to total average assets(2)

2.47 %

2.42 %

2.53 %

2.38 %

2.36 %

Capital Ratios(3)

Tangible common equity ratio ("TCE")(2)

8.8 %

8.6 %

8.5 %

8.3 %

8.0 %

Tier 1 leverage ratio

9.9 %

9.9 %

9.7 %

9.6 %

9.4 %

Common equity Tier 1 capital ratio

12.1 %

11.9 %

11.8 %

11.6 %

11.3 %

Tier 1 risk-based capital ratio

12.8 %

12.7 %

12.6 %

12.4 %

12.1 %

Total risk-based capital ratio

15.9 %

15.2 %

15.2 %

15.0 %

14.7 %

(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet

    ("OBS") credit exposures.

(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.

(3) Regulatory capital ratios as of June 30, 2026 are preliminary estimates and prior periods are actual.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)

(dollars in thousands)

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

2026

2026

2025

2025

2025

ASSETS

Cash and due from banks

$   325,259

$   311,796

$   271,463

$   307,267

$   362,280

Other interest-earning assets

1,076,395

871,066

911,155

643,111

583,899

Loans held for sale

33,902

11,887

16,316

19,875

23,281

Investment securities

5,122,759

4,861,967

4,833,744

5,045,270

5,093,027

Net loans

25,934,293

24,266,345

24,144,884

24,041,489

24,012,539

Less: ACL - loans(1)

(382,580)

(367,489)

(364,462)

(376,258)

(377,337)

   Loans, net

25,551,713

23,898,856

23,780,422

23,665,231

23,635,202

Net premises and equipment

186,184

168,941

175,240

178,644

184,290

Accrued interest receivable

121,220

112,083

113,698

114,003

117,130

Goodwill and intangible assets

633,485

607,647

612,996

618,361

623,729

Other assets

1,505,803

1,393,195

1,403,366

1,403,324

1,417,610

    Total Assets

$ 34,556,720

$ 32,237,438

$ 32,118,400

$ 31,995,086

$ 32,040,448

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

$ 28,250,342

$ 26,768,335

$ 26,589,407

$ 26,332,490

$ 26,138,067

Borrowings

1,713,976

1,252,579

1,297,375

1,471,961

1,773,900

Other liabilities

776,589

711,241

741,171

777,037

799,235

    Total Liabilities

30,740,907

28,732,155

28,627,953

28,581,488

28,711,202

Shareholders' equity

3,815,813

3,505,283

3,490,447

3,413,598

3,329,246

    Total Liabilities and Shareholders' Equity

$ 34,556,720

$ 32,237,438

$ 32,118,400

$ 31,995,086

$ 32,040,448

LOANS, DEPOSITS AND BORROWINGS DETAIL:

Loans, by type:

Real estate - commercial mortgage

$ 10,914,813

$ 9,985,368

$ 9,820,944

$ 9,734,156

$ 9,678,038

Commercial and industrial

4,559,732

4,494,031

4,539,060

4,437,905

4,541,765

Real estate - residential mortgage

7,250,949

6,735,338

6,669,993

6,617,017

6,511,687

Real estate - home equity

1,336,068

1,253,192

1,242,831

1,214,399

1,193,410

Real estate - construction

946,654

876,498

970,298

1,134,748

1,155,099

Consumer

570,093

565,041

564,349

566,291

583,949

Leases and other loans(2)

355,984

356,877

337,409

336,973

348,591

Total Net Loans

$ 25,934,293

$ 24,266,345

$ 24,144,884

$ 24,041,489

$ 24,012,539

Deposits, by type:

Noninterest-bearing demand

$ 5,245,586

$ 5,334,920

$ 5,256,096

$ 5,136,210

$ 5,337,771

Interest-bearing demand

8,146,057

7,823,683

7,970,188

8,035,393

7,593,083

Savings

9,277,215

8,875,256

8,512,829

8,417,678

8,271,925

     Total demand and savings

22,668,858

22,033,859

21,739,113

21,589,281

21,202,779

Brokered

975,204

715,850

855,042

709,667

817,398

Time

4,606,280

4,018,626

3,995,252

4,033,542

4,117,890

Total Deposits

$ 28,250,342

$ 26,768,335

$ 26,589,407

$ 26,332,490

$ 26,138,067

Borrowings, by type:

Federal Home Loan Bank advances

$   552,500

$   200,000

$   250,000

$   450,000

$   800,000

Senior debt and subordinated debt

469,668

367,720

367,637

367,557

367,476

Other borrowings

691,808

684,859

679,738

654,404

606,424

Total Borrowings

$ 1,713,976

$ 1,252,579

$ 1,297,375

$ 1,471,961

$ 1,773,900

(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

(2) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(dollars in thousands, except per share and share data)

Three months ended

Six months ended

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

Jun 30

2026

2026

2025

2025

2025

2026

2025

Net Interest Income:

Interest income

$ 428,154

$ 390,056

$ 403,416

$ 411,006

$ 402,761

$ 818,210

$ 802,452

Interest expense

143,902

128,033

137,374

146,808

147,840

271,935

296,345

    Net Interest Income

284,252

262,023

266,042

264,198

254,921

546,275

506,107

Provision for credit losses

4,897

14,442

2,948

10,245

8,607

19,339

22,505

    Net Interest Income after Provision

279,355

247,581

263,094

253,953

246,314

526,936

483,602

Non-Interest Income:

Wealth management

23,139

24,496

23,879

22,639

22,281

47,635

44,066

Commercial banking:

   Merchant and card

7,496

6,343

6,847

7,327

7,376

13,839

13,967

   Cash management

8,817

8,363

8,374

8,335

8,376

17,180

16,175

   Capital markets

3,530

3,614

3,730

2,908

2,945

7,144

5,356

   Other commercial banking

4,979

4,486

5,162

4,595

4,734

9,465

9,262

Total commercial banking

24,822

22,806

24,113

23,165

23,431

47,628

44,760

Consumer banking:

  Card

8,596

7,887

8,366

8,246

7,958

16,483

15,502

  Overdraft

3,858

3,798

4,109

4,153

3,817

7,656

7,112

  Other consumer banking

2,891

2,491

2,967

2,775

2,753

5,382

4,982

Total consumer banking

15,345

14,176

15,442

15,174

14,528

29,521

27,596

Mortgage banking

4,938

3,955

3,636

3,711

3,991

8,893

7,130

Other

11,062

4,408

2,910

5,718

4,917

15,470

12,830

Non-interest income before investment securities  (losses) gains

79,306

69,841

69,980

70,407

69,148

149,147

136,382

Investment securities (losses) gains, net

—

—

—

—

—

—

(2)

    Total Non-Interest Income

79,306

69,841

69,980

70,407

69,148

149,147

136,380

Non-Interest Expense:

Salaries and employee benefits

120,184

109,917

121,632

111,265

107,123

230,101

210,649

Data processing and software

20,419

18,662

19,695

18,535

18,262

39,081

36,861

Net occupancy

17,841

18,229

17,554

15,954

16,410

36,070

34,617

Other outside services

14,999

12,750

13,105

12,951

12,009

27,749

23,846

Intangible amortization

5,910

5,349

5,365

5,368

5,460

11,260

11,729

FDIC insurance

4,430

4,249

4,540

5,089

4,951

8,679

10,549

Equipment

4,086

3,924

4,001

3,926

4,100

8,010

8,249

Marketing

2,818

2,331

1,694

2,470

2,604

5,149

5,124

Professional fees

2,342

2,239

2,088

2,320

2,163

4,581

1,085

Acquisition-related expenses

13,839

2,644

802

—

—

16,483

380

Other

24,086

20,000

22,510

18,696

19,729

44,085

39,181

    Total Non-Interest Expense

230,954

200,294

212,986

196,574

192,811

431,248

382,270

    Income Before Income Taxes

127,707

117,128

120,088

127,786

122,651

244,835

237,712

Income tax expense

25,293

22,367

21,118

27,332

23,453

47,660

45,527

    Net Income

102,414

94,761

98,970

100,454

99,198

197,175

192,185

Preferred stock dividends

(2,562)

(2,562)

(2,562)

(2,562)

(2,562)

(5,124)

(5,124)

     Net Income Available to Common  Shareholders

$  99,852

$  92,199

$  96,408

$  97,892

$  96,636

$ 192,051

$ 187,061

Three months ended

Six months ended

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

Jun 30

2026

2026

2025

2025

2025

2026

2025

PER SHARE:

Net income available to common shareholders:

Net income available to common shareholders (basic)

$0.52

$0.51

$0.53

$0.54

$0.53

$1.03

$1.03

Net income available to common shareholders (diluted)

$0.52

$0.51

$0.53

$0.53

$0.53

$1.02

$1.02

Cash dividends

$0.19

$0.19

$0.19

$0.18

$0.18

$0.38

$0.36

Weighted average shares (basic)

191,386

179,720

180,405

181,658

182,261

185,585

182,220

Weighted average shares (diluted)

192,997

181,655

182,197

183,349

183,813

187,377

183,999

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

(dollars in thousands)

Three months ended

June 30, 2026

March 31, 2026

June 30, 2025

Average

Yield/

Average

Yield/

Average

Yield/

Balance

Interest(1)

Rate

Balance

Interest(1)

Rate

Balance

Interest(1)

Rate

ASSETS

Interest-earning assets:

Net loans(2)

$           25,883,823

$ 374,426

5.80 %

$           24,225,655

$ 341,843

5.70 %

$           23,899,742

$ 349,490

5.86 %

Investment securities(3)

5,233,693

47,661

3.64 %

5,001,079

44,771

3.58 %

5,390,953

49,463

3.67 %

Other interest-earning assets

997,586

10,377

4.17 %

773,171

7,745

4.05 %

682,075

8,197

4.82 %

Total Interest-Earning Assets

32,115,102

432,464

5.40 %

29,999,905

394,359

5.31 %

29,972,770

407,150

5.44 %

Noninterest-earning assets:

Cash and due from banks

310,904

300,074

277,880

Premises and equipment

189,791

173,203

186,989

Other assets

1,978,494

1,896,687

1,848,891

Less: ACL - loans(4)

(400,683)

(370,641)

(384,956)

Total Assets

$           34,193,608

$           31,999,228

$           31,901,574

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:

Demand deposits

$ 8,279,932

$ 32,443

1.57 %

$ 7,774,121

$ 29,036

1.51 %

$ 7,800,881

$ 34,745

1.79 %

Savings deposits

9,128,400

47,299

2.08 %

8,684,478

44,663

2.09 %

8,219,637

47,462

2.32 %

Brokered deposits

887,546

8,589

3.88 %

856,823

8,210

3.89 %

688,957

7,495

4.36 %

Time deposits

4,540,334

38,406

3.39 %

4,015,644

33,896

3.42 %

4,112,130

39,492

3.85 %

Total Interest-Bearing Deposits

22,836,212

126,737

2.23 %

21,331,066

115,805

2.20 %

20,821,605

129,194

2.49 %

Borrowings and other interest-bearing liabilities

1,744,871

17,165

3.95 %

1,359,113

12,228

3.65 %

1,756,246

18,646

4.26 %

Total Interest-Bearing Liabilities

24,581,083

143,902

2.35 %

22,690,179

128,033

2.29 %

22,577,851

147,840

2.62 %

Noninterest-bearing liabilities:

Demand deposits

5,178,454

5,120,028

5,303,997

Other liabilities

645,650

645,110

715,711

Total Liabilities

30,405,187

28,455,317

28,597,559

Total Deposits

28,014,666

1.81 %

26,451,094

1.78 %

26,125,602

1.98 %

Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)

29,759,537

1.94 %

27,810,207

1.87 %

27,881,848

2.13 %

Shareholders' equity

3,788,421

3,543,911

3,304,015

Total Liabilities and Shareholders' Equity

$           34,193,608

$           31,999,228

$           31,901,574

Net interest income/net interest margin (fully taxable equivalent)

288,562

3.60 %

266,326

3.58 %

259,310

3.47 %

Tax equivalent adjustment

(4,310)

(4,303)

(4,389)

Net Interest Income

$ 284,252

$ 262,023

$ 254,921

(1)  Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.

(2) Average balances include non-performing loans.

(3) Average balances include amortized historical cost for AFS securities; the related unrealized holding gains (losses) are included in other assets.

(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.

FULTON FINANCIAL CORPORATION

AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)

(dollars in thousands)

Three months ended

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

2026

2026

2025

2025

2025

Loans, by type:

Real estate - commercial mortgage

$           10,887,986

$ 9,930,713

$ 9,785,717

$ 9,721,395

$ 9,652,320

Commercial and industrial

4,602,800

4,522,694

4,473,522

4,494,662

4,530,085

Real estate - residential mortgage

7,189,941

6,696,646

6,646,318

6,560,413

6,448,443

Real estate - home equity

1,298,632

1,235,977

1,223,293

1,191,465

1,179,109

Real estate - construction

962,625

926,026

1,014,343

1,125,130

1,172,138

Consumer

592,106

576,852

577,136

590,658

599,505

Leases and other loans(1)

349,733

336,747

332,760

336,599

318,142

Total Net Loans

$           25,883,823

$           24,225,655

$           24,053,089

$           24,020,322

$           23,899,742

Deposits, by type:

Noninterest-bearing demand

$ 5,178,454

$ 5,120,028

$ 5,243,390

$ 5,239,393

$ 5,303,997

Interest-bearing demand

8,279,932

7,774,121

7,984,980

7,876,227

7,800,881

Savings

9,128,400

8,684,478

8,519,075

8,391,379

8,219,637

     Total demand and savings

22,586,786

21,578,627

21,747,445

21,506,999

21,324,515

Brokered

887,546

856,823

803,755

694,486

688,957

Time

4,540,334

4,015,644

3,986,459

4,097,195

4,112,130

Total Deposits

$           28,014,666

$           26,451,094

$           26,537,659

$           26,298,680

$           26,125,602

Borrowings, by type:

Federal funds purchased

$        —

$        —

$        54

$        —

$     1,099

Federal Home Loan Bank advances

475,983

221,039

237,880

484,022

712,198

Senior debt and subordinated debt

509,493

367,679

367,598

367,517

367,438

Other borrowings and other interest-bearing liabilities

759,395

770,395

740,305

713,456

675,511

Total Borrowings

$ 1,744,871

$ 1,359,113

$ 1,345,837

$ 1,564,995

$ 1,756,246

(1) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

(dollars in thousands)

Six months ended June 30,

2026

2025

Average

Yield/

Average

Yield/

Balance

Interest(1)

Rate

Balance

Interest(1)

Rate

ASSETS

Interest-earning assets:

Net loans(2)

$    25,059,319

$    716,268

5.75 %

$    23,953,003

$    697,115

5.86 %

Investment securities(3)

5,118,030

92,432

3.61 %

5,295,507

96,706

3.65 %

Other interest-earning assets

885,999

18,122

4.12 %

737,302

17,361

4.74 %

Total Interest-Earning Assets

31,063,348

826,822

5.35 %

29,985,812

811,182

5.44 %

Noninterest-Earning assets:

Cash and due from banks

305,519

289,822

Premises and equipment

181,545

189,108

Other assets

1,937,815

1,856,900

Less: ACL - loans(4)

(385,745)

(385,241)

Total Assets

$    33,102,482

$    31,936,401

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-Bearing liabilities:

Demand deposits

$     8,028,425

$     61,480

1.54 %

$     7,777,364

$     68,934

1.79 %

Savings deposits

8,907,666

91,961

2.08 %

8,134,377

92,563

2.29 %

Brokered deposits

872,269

16,798

3.88 %

796,243

17,533

4.44 %

Time deposits

4,279,437

72,304

3.41 %

4,081,913

81,055

4.00 %

Total Interest-Bearing Deposits

22,087,797

242,543

2.21 %

20,789,897

260,085

2.52 %

Borrowings and other interest-bearing liabilities

1,553,057

29,392

3.82 %

1,755,577

36,260

4.17 %

Total Interest-Bearing Liabilities

23,640,854

271,935

2.32 %

22,545,474

296,345

2.65 %

Noninterest-Bearing liabilities:

Demand deposits

5,149,402

5,357,731

Other liabilities

645,385

753,988

Total Liabilities

29,435,641

28,657,193

Total Deposits

27,237,199

1.80 %

26,147,628

2.01 %

Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)

28,790,256

1.90 %

27,903,205

2.14 %

Shareholders' equity

3,666,841

3,279,208

Total Liabilities and Shareholders' Equity

$    33,102,482

$    31,936,401

Net interest income/net interest margin (fully taxable equivalent)

554,887

3.59 %

514,837

3.45 %

Tax equivalent adjustment

(8,612)

(8,730)

Net Interest Income

$    546,275

$    506,107

(1)  Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.

(2) Average balances include non-performing loans.

(3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets.

(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.

FULTON FINANCIAL CORPORATION

AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)

(dollars in thousands)

Six months ended June 30,

2026

2025

Loans, by type:

Real estate - commercial mortgage

$       10,403,830

$         9,653,793

Commercial and industrial

4,571,311

4,569,027

Real estate - residential mortgage

6,944,657

6,408,432

Real estate - home equity

1,267,478

1,169,961

Real estate - construction

944,248

1,233,770

Consumer

584,521

607,578

Leases and other loans(1)

343,274

310,442

Total Net Loans

$       25,059,319

$       23,953,003

Deposits, by type:

Noninterest-bearing demand

$         5,149,402

$         5,357,731

Interest-bearing demand

8,028,425

7,777,364

Savings

8,907,666

8,134,377

   Total demand and savings

22,085,493

21,269,472

Brokered

872,269

796,243

Time

4,279,437

4,081,913

Total Deposits

$       27,237,199

$       26,147,628

Borrowings, by type:

Federal funds purchased

$                 —

$                552

Federal Home Loan Bank advances

349,215

710,790

Senior debt and subordinated debt

438,978

367,398

Other borrowings and other interest-bearing liabilities

764,865

676,837

Total Borrowings

$         1,553,058

$         1,755,577

(1) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION

ASSET QUALITY INFORMATION (UNAUDITED)

(dollars in thousands)

Three months ended

Six months ended

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

Jun 30

Jun 30

2026

2026

2025

2025

2025

2026

2025

Allowance for credit losses related to net loans:

Balance at beginning of period

$         367,489

$         364,462

$         376,258

$         377,337

$         379,677

$          364,462

$          379,156

Initial allowance for credit losses on purchased loans

30,993

3,351

—

—

—

34,344

—

Loans charged off:

    Real estate - commercial mortgage

(10,789)

(4,102)

(14,104)

(3,906)

(6,402)

(14,891)

(18,508)

    Commercial and industrial

(12,015)

(10,545)

(5,295)

(5,847)

(5,780)

(22,560)

(9,645)

    Real estate - residential mortgage

(121)

(391)

(58)

(394)

(258)

(512)

(601)

    Consumer and home equity

(2,119)

(2,164)

(2,212)

(2,527)

(1,885)

(4,284)

(4,078)

    Real estate - construction

—

—

—

(5,286)

(100)

—

(100)

    Leases and other loans(1)

(966)

(1,116)

(1,140)

(1,479)

(1,491)

(2,081)

(3,018)

    Total loans charged off

(26,010)

(18,318)

(22,809)

(19,439)

(15,916)

(44,328)

(35,950)

Recoveries of loans previously charged off:

    Real estate - commercial mortgage

1,629

701

633

4,307

133

2,330

507

    Commercial and industrial

1,280

740

6,592

3,205

2,628

2,020

8,580

    Real estate - residential mortgage

197

72

230

33

203

268

377

    Consumer and home equity

484

584

861

726

899

1,068

1,559

    Real estate - construction

—

884

—

47

99

884

181

    Leases and other loans(1)

404

429

146

192

240

834

441

    Total recoveries of loans previously charged off

3,994

3,410

8,462

8,510

4,202

7,404

11,645

Net loans charged off

(22,016)

(14,908)

(14,347)

(10,929)

(11,714)

(36,924)

(24,305)

Provision for credit losses(2)

6,308

14,584

2,551

9,850

9,374

20,892

22,486

Other

(194)

—

—

—

—

(194)

—

Balance at end of period

$         382,580

$         367,489

$         364,462

$         376,258

$         377,337

$          382,580

$          377,337

Net charge-offs to average loans(3)

0.34 %

0.25 %

0.24 %

0.18 %

0.20 %

0.30 %

0.20 %

Provision for credit losses related to OBS Credit Exposures

Provision for credit losses(2)

$ (1,411)

$  (142)

$    397

$    395

$  (767)

$ (1,553)

$     19

NON-PERFORMING ASSETS:

Non-accrual loans

$         146,457

$         142,035

$         153,872

$         150,137

$         182,942

Loans 90 days past due and accruing

34,815

33,816

29,924

48,597

29,949

    Total non-performing loans

181,272

175,851

183,796

198,734

212,891

Other real estate owned

5,791

1,648

1,365

2,305

2,706

Total non-performing assets

$         187,063

$         177,499

$         185,161

$         201,039

$         215,597

NON-PERFORMING LOANS, BY TYPE:

Commercial and industrial

$ 39,466

$ 47,759

$ 47,756

$ 48,817

$ 45,565

Real estate - commercial mortgage

66,445

64,890

74,981

87,789

90,852

Real estate - residential mortgage

56,821

47,826

45,569

44,689

37,703

Consumer and home equity

12,387

12,339

11,875

12,658

11,109

Real estate - construction

6,135

3,000

2,267

3,461

25,602

Leases and other loans(2)

18

37

1,348

1,320

2,060

Total non-performing loans

$         181,272

$         175,851

$         183,796

$         198,734

$         212,891

(1) Includes equipment lease financing, overdrafts and net origination fees and costs.

(2) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income.

(3) Quarterly results are annualized.

FULTON FINANCIAL CORPORATION

RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

(dollars in thousands, except per share and share data)

Explanatory note:

This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:

Three months ended

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

2026

2026

2025

2025

2025

Operating net income available to common shareholders

Net income available to common shareholders

$     99,852

$    92,199

$    96,408

$    97,892

$    96,636

Less: Other (1) 

—

—

(4,989)

(738)

(9)

Plus: Core deposit intangible amortization

5,816

5,255

5,255

5,255

5,346

Plus: Acquisition-related expense

13,839

2,644

802

—

—

Plus: FDIC special assessment

—

—

(95)

—

—

Plus: FultonFirst implementation and asset disposals

(189)

1,556

2,795

(207)

(270)

Plus: Debt extinguishment costs

787

—

—

—

—

Less: Tax impact of adjustments

(4,253)

(1,985)

(791)

(905)

(1,064)

Operating net income available to common shareholders (numerator)

$    115,852

$    99,669

$    99,385

$   101,297

$   100,639

Weighted average shares (diluted) (denominator)

192,997

181,655

182,197

183,349

183,813

Operating net income available to common shareholders, per share (diluted)

$       0.60

$      0.55

$      0.55

$      0.55

$      0.55

Common shareholders' equity (tangible), per share

Shareholders' equity

$  3,815,813

$ 3,505,283

$ 3,490,447

$ 3,413,598

$ 3,329,246

Less: Preferred stock

(192,878)

(192,878)

(192,878)

(192,878)

(192,878)

Less: Goodwill and intangible assets

(633,485)

(607,647)

(612,996)

(618,361)

(623,729)

Tangible common shareholders' equity (numerator)

$  2,989,450

$ 2,704,758

$ 2,684,573

$ 2,602,359

$ 2,512,639

Shares outstanding, end of period (denominator)

191,461

178,843

179,895

180,865

182,379

Common shareholders' equity (tangible), per share

$      15.61

$     15.12

$     14.92

$     14.39

$     13.78

(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Republic Transaction.

Three months ended

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

2026

2026

2025

2025

2025

Operating return on average assets

Net income

$    102,414

$    94,761

$    98,970

$   100,454

$    99,198

Less: Other (1)

—

—

(4,989)

(738)

(9)

Plus: Core deposit intangible amortization

5,816

5,255

5,255

5,255

5,346

Plus: Acquisition-related expense

13,839

2,644

802

—

—

Plus: FDIC special assessment

—

—

(95)

—

—

Plus: FultonFirst implementation and asset disposals

(189)

1,556

2,795

(207)

(270)

Plus: Debt extinguishment costs

787

—

—

—

—

Less: Tax impact of adjustments

(4,253)

(1,985)

(791)

(905)

(1,064)

Operating net income (numerator)

$    118,414

$   102,231

$   101,947

$   103,859

$   103,201

Total average assets

$ 34,193,608

$ 31,999,228

$ 32,013,163

$ 31,924,038

$ 31,901,574

Less: Average net core deposit intangible

(66,665)

(54,629)

(60,726)

(65,999)

(71,282)

Total operating average assets  (denominator)

$ 34,126,943

$ 31,944,599

$ 31,952,437

$ 31,858,039

$ 31,830,292

Operating return on average assets(2)

1.39 %

1.30 %

1.27 %

1.29 %

1.30 %

Operating return on average common shareholders' equity (tangible)

Net income available to common shareholders

$     99,852

$    92,199

$    96,408

$    97,892

$    96,636

Less: Other (1)

—

—

(4,989)

(738)

(9)

Plus: Intangible amortization

5,910

5,349

5,365

5,368

5,460

Plus: Acquisition-related expense

13,839

2,644

802

—

—

Plus: FDIC special assessment

—

—

(95)

—

—

Plus: FultonFirst implementation and asset disposals

(189)

1,556

2,795

(207)

(270)

Plus: Debt extinguishment costs

787

—

—

—

—

Less: Tax impact of adjustments

(4,273)

(2,005)

(814)

(929)

(1,088)

Adjusted net income available to common shareholders (numerator)

$    115,926

$    99,743

$    99,472

$   101,386

$   100,729

Average shareholders' equity

$  3,788,421

$ 3,543,911

$ 3,464,539

$ 3,361,368

$ 3,304,015

Less: Average preferred stock

(192,878)

(192,878)

(192,878)

(192,878)

(192,878)

Less: Average goodwill and intangible assets

(635,278)

(610,262)

(615,600)

(620,986)

(626,383)

Average tangible common shareholders' equity (denominator)

$  2,960,265

$ 2,740,771

$ 2,656,061

$ 2,547,504

$ 2,484,754

Operating return on average common shareholders' equity (tangible)(2)

15.71 %

14.76 %

14.86 %

15.79 %

16.26 %

Tangible common equity to tangible assets (TCE Ratio)

Shareholders' equity

$  3,815,813

$ 3,505,283

$ 3,490,447

$ 3,413,598

$ 3,329,246

Less: Preferred stock

(192,878)

(192,878)

(192,878)

(192,878)

(192,878)

Less: Goodwill and intangible assets

(633,485)

(607,647)

(612,996)

(618,361)

(623,729)

Tangible common shareholders' equity (numerator)

$  2,989,450

$ 2,704,758

$ 2,684,573

$ 2,602,359

$ 2,512,639

Total assets

$ 34,556,720

$ 32,237,438

$ 32,118,400

$ 31,995,086

$ 32,040,448

Less: Goodwill and intangible assets

(633,485)

(607,647)

(612,996)

(618,361)

(623,729)

Total tangible assets (denominator)

$ 33,923,235

$ 31,629,791

$ 31,505,404

$ 31,376,725

$ 31,416,719

Tangible common equity to tangible assets

8.81 %

8.55 %

8.52 %

8.29 %

8.00 %

(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Republic Transaction.

(2) Results are annualized.

Three months ended

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

2026

2026

2025

2025

2025

Efficiency ratio

Non-interest expense

$    230,954

$   200,294

$   212,986

$   196,574

$   192,811

Less: Acquisition-related expense

(13,839)

(2,644)

(802)

—

—

Less: FDIC special assessment

—

—

95

—

—

Less: FultonFirst implementation and asset disposals

189

(1,556)

(2,795)

207

270

Less: Debt extinguishment costs

(787)

—

—

—

—

Less: Intangible amortization

(5,910)

(5,349)

(5,365)

(5,368)

(5,460)

Operating non-interest expense (numerator)

$    210,607

$   190,745

$   204,119

$   191,413

$   187,621

Net interest income

$    284,252

$   262,023

$   266,042

$   264,198

$   254,921

Tax equivalent adjustment

4,310

4,303

4,416

4,436

4,389

Plus: Total non-interest income

79,306

69,841

69,980

70,407

69,148

Less: Other revenue

—

—

11

(138)

(9)

Plus: Investment securities (gains) losses, net

—

—

—

—

—

Total revenue (denominator)

$    367,868

$   336,167

$   340,449

$   338,903

$   328,449

Efficiency ratio

57.3 %

56.7 %

60.0 %

56.5 %

57.1 %

Operating non-interest expense to total average assets

Non-interest expense

$    230,954

$   200,294

$   212,986

$   196,574

$   192,811

Less: Intangible amortization

(5,910)

(5,349)

(5,365)

(5,368)

(5,460)

Less: Acquisition-related expense

(13,839)

(2,644)

(802)

—

—

Less: FDIC special assessment

—

—

95

—

—

Less: FultonFirst implementation and asset disposals

189

(1,556)

(2,795)

207

270

Less: Debt extinguishment costs

(787)

—

—

—

—

Operating non-interest expense (numerator)

$    210,607

$   190,745

$   204,119

$   191,413

$   187,621

Total average assets (denominator)

$ 34,193,608

$ 31,999,228

$ 32,013,163

$ 31,924,038

$ 31,901,574

Operating non-interest expenses to total average assets(1)

2.47 %

2.42 %

2.53 %

2.38 %

2.36 %

(1) Results are annualized.

Six months ended

Jun 30

Jun 30

2026

2025

Operating net income available to common shareholders

Net income available to common shareholders

$    192,051

$   187,061

Less: Other

—

(131)

Plus: Core deposit intangible amortization

11,070

11,501

Plus: Acquisition-related expense

16,483

380

Plus: FultonFirst implementation and asset disposals

1,367

(317)

Plus: Debt extinguishment costs

787

—

Less: Tax impact of adjustments

(6,238)

(2,401)

Operating net income available to common shareholders (numerator)

$    215,520

$   196,093

Weighted average shares (diluted) (denominator)

187,377

183,999

Operating net income available to common shareholders, per share (diluted)

$       1.15

$      1.07

SOURCE Fulton Financial Corporation