Track market-moving stories before they get noisy

In the latest trading session, StoneCo Ltd. (STNE - Free Report) closed at $11.26, marking a +1.21% move from the previous day. This move outpaced the S&P 500's daily gain of 0.89%. Elsewhere, the Dow gained 0.74%, while the tech-heavy Nasdaq added 1.29%.

The company's shares have seen an increase of 3.54% over the last month, surpassing the Computer and Technology sector's loss of 6.6% and the S&P 500's loss of 0.63%.

The investment community will be paying close attention to the earnings performance of StoneCo Ltd. in its upcoming release. The company is slated to reveal its earnings on August 13, 2026. In that report, analysts expect StoneCo Ltd. to post earnings of $0.46 per share. This would mark year-over-year growth of 17.95%. Simultaneously, our latest consensus estimate expects the revenue to be $731.18 million, showing a 8.8% escalation compared to the year-ago quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.27 per share and a revenue of $2.91 billion, signifying shifts of +40.12% and +10.25%, respectively, from the last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for StoneCo Ltd. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.73% decrease. StoneCo Ltd. currently has a Zacks Rank of #4 (Sell).

Looking at its valuation, StoneCo Ltd. is holding a Forward P/E ratio of 4.9. This expresses a discount compared to the average Forward P/E of 19.97 of its industry.

We can additionally observe that STNE currently boasts a PEG ratio of 0.33. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Internet - Software industry held an average PEG ratio of 1.1.

The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 85, putting it in the top 35% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

PDD Holdings Inc. Sponsored ADR (PDD - Free Report) closed the most recent trading day at $84.83, moving -1.42% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 0.89% for the day. Meanwhile, the Dow gained 0.74%, and the Nasdaq, a tech-heavy index, added 1.29%.

Prior to today's trading, shares of the company had gained 10.16% outpaced the Retail-Wholesale sector's gain of 1.33% and the S&P 500's loss of 0.63%.

The upcoming earnings release of PDD Holdings Inc. Sponsored ADR will be of great interest to investors. The company is predicted to post an EPS of $2.85, indicating a 7.47% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $17.13 billion, up 18.04% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $10.37 per share and revenue of $70.74 billion, which would represent changes of +0.1% and +16.67%, respectively, from the prior year.

Any recent changes to analyst estimates for PDD Holdings Inc. Sponsored ADR should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. PDD Holdings Inc. Sponsored ADR is holding a Zacks Rank of #3 (Hold) right now.

Valuation is also important, so investors should note that PDD Holdings Inc. Sponsored ADR has a Forward P/E ratio of 8.3 right now. This indicates a discount in contrast to its industry's Forward P/E of 17.17.

Meanwhile, PDD's PEG ratio is currently 0.66. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. Internet - Commerce stocks are, on average, holding a PEG ratio of 1.13 based on yesterday's closing prices.

The Internet - Commerce industry is part of the Retail-Wholesale sector. Currently, this industry holds a Zacks Industry Rank of 166, positioning it in the bottom 33% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow PDD in the coming trading sessions, be sure to utilize Zacks.com.

Autodesk (ADSK - Free Report) closed at $211.15 in the latest trading session, marking a -3.05% move from the prior day. This change lagged the S&P 500's daily gain of 0.89%. On the other hand, the Dow registered a gain of 0.74%, and the technology-centric Nasdaq increased by 1.29%.

The design software company's shares have seen an increase of 16.02% over the last month, surpassing the Computer and Technology sector's loss of 6.6% and the S&P 500's loss of 0.63%.

The upcoming earnings release of Autodesk will be of great interest to investors. The company's earnings per share (EPS) are projected to be $3.12, reflecting a 19.08% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $2.01 billion, up 13.96% from the prior-year quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $12.58 per share and a revenue of $8.19 billion, representing changes of +20.61% and +13.65%, respectively, from the prior year.

Any recent changes to analyst estimates for Autodesk should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. 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. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.01% higher. Autodesk is currently a Zacks Rank #3 (Hold).

From a valuation perspective, Autodesk is currently exchanging hands at a Forward P/E ratio of 17.32. This represents a discount compared to its industry average Forward P/E of 19.97.

Meanwhile, ADSK's PEG ratio is currently 1.03. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Internet - Software was holding an average PEG ratio of 1.1 at yesterday's closing price.

The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 85, placing it within the top 35% of over 250 industries.

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

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Frederick G. Thiel, the chief executive officer of MARA Holdings, Inc. (MARA +4.97%), reported a sale of 27,505 shares of common stock on July 17, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$300,000Shares sold27,505Post-transaction shares (directly held)4,471,403Post-transaction value$47.8 millionTransaction value based on SEC Form 4 weighted average sale price ($10.90); post-transaction value based on July 17, 2026 market close ($10.69).

Key questionsWhat was the structural context of this transaction?
The sale was executed under a Rule 10b5-1 trading plan established on May 28, 2025, a mechanism that allows corporate insiders to schedule trades in advance to mitigate potential concerns regarding non-public information.How does this impact the CEO's total equity position?
Frederick G. Thiel continues to hold a substantial direct interest in the company, with the current disposition reducing his direct holdings by less than 1% to a total of 4,471,403 shares.What is the current valuation of the remaining holdings?
Using the July 17, 2026, market close price of $10.69, the executive's remaining direct equity position is valued at $47.8 million.What is the recent performance of the equity?
Shares of the digital asset technology company have experienced a one-year decline of about 35%.Company OverviewMetricValueShare Price (as of market close 2026-07-17)$12.25Market Capitalization$4.7 billionRevenue (TTM)$867.8 millionNet Income (TTM)-$2.0 billionCompany SnapshotMARA Holdings operates as a digital asset technology company focused on Bitcoin mining, generating revenue through the ownership and operation of Bitcoin mining facilities and data centers, the sale of proprietary software and technology to third parties within the Bitcoin ecosystem, and the provision of advisory and consulting services to support Bitcoin mining ventures across domestic and international jurisdictions.The company's business model centers on leveraging proprietary mining infrastructure and technology to extract Bitcoin while optimizing operational efficiency through renewable energy generation and resource management.MARA's primary customers include institutional and retail investors seeking Bitcoin exposure, third-party Bitcoin mining operators requiring technology solutions and consulting services, and enterprises evaluating Bitcoin mining ventures in various jurisdictions.MARA Holdings, Inc. operates as a significant participant in the digital asset and cryptocurrency mining sector. The company maintains a focused strategy on Bitcoin ecosystem development, combining mining operations with technology licensing and advisory services to capture value across multiple segments of the Bitcoin infrastructure market. Despite current net losses, MARA's diversified revenue streams and proprietary technology position it as a vertically integrated player in the evolving digital asset infrastructure landscape.

What this transaction means for investorsThe plan governing this sale dates to May 2025, roughly fourteen months before it executed, with MARA trading at slightly higher levels then, at around $14 to $16, effectively meaning shares haven’t delivered consistent gains since. With this sale, he collected about $300,000 while holding onto 4,471,403 shares worth $47.8 million, so less than 1% of his position moved. That’s a scale that says he remains tied to the outcome far more than any single sale suggests.

That outcome now hinges on Bitcoin's price more than mining itself. First-quarter revenue fell 18% to $174.6 million as the cryptocurrency’s average price dropped, and the company posted a $1.26 billion net loss. CFO Salman Khan attributed roughly $1 billion of it to "the unrealized mark-to-market fair value adjustment for digital assets." MARA also sold about $1.5 billion of Bitcoin during the quarter, using proceeds to retire roughly $1 billion in convertible notes, a sharp break from its old refusal to sell. That’s what long-term investors should be mindful of. MARA's reported results can swing on Bitcoin's quarterly price move, which makes the shares effectively a bet on the asset rather than on the mining business underneath.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Anyone keeping tabs on orbital-launch service provider Rocket Lab (RKLB +5.31%) knows it's working on a company-changing solution. That's its so-called Neutron rocket, capable of lifting up to 28,000 pounds of payload. That's a huge leap from its similarly reusable Electron rocket, with a maximum payload of 660 pounds. This medium-lift portion of the space-launch business that Space Exploration Technologies can also serve is the biggest.

Still, Rocket Lab can't afford any further delays in the development of Neutron, which has already suffered too many. Here's why.

Image source: Getty Images.

Rocket Lab's customers are waiting Introduced in early 2021, the rocket's early delays weren't particularly surprising or unusual. February's decision to postpone the first flight planned for that month to late 2026 was as alarming as it was surprising. By that time, Rocket Lab had already made agreements with the U.S. Air Force, NASA, and one unnamed satellite operator, each of which was likely counting on regular flights being possible by now. Although these contracts allow for contingencies like developmental delays, the deals aren't necessarily inescapable either.

And that matters.

See, alternatives (in addition to SpaceX) are materializing. In cooperation with defense contractor Northrop Grumman, for instance, a company called Firefly Aerospace is working on a medium-lift launch vehicle of its own -- the Eclipse -- that could start flying as soon as next year. Relativity Space's reusable, 3D-printed "Terran" medium-to-heavy lift rocket could see its first launch soon, too. Stoke Space, Isar Aerospace, Galactic Energy, Space Pioneer, and Blue Origin are just some of the other names specifically looking to serve the medium-lift space-launch market with rockets that could be flying within the next couple of years, if not sooner.

With the arguable exception of Blue Origin, none of these companies is as proven as Rocket Lab, thanks to its smaller Electron rocket, which, at over 91 flights, has successfully deployed more than 260 satellites. Not all of Rocket Lab's confirmed Neutron customers are necessarily in a hurry either; they'll likely hold off until the vehicle is reliably ready.

Others may not be in a position to wait, though, if another option materializes before the end of this year or in the first half of next year, if Rocket Lab runs into another delay (which is certainly conceivable).

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Perhaps the bigger risk to Rocket Lab shareholders, however, is the medium-lift business it may never win in the future because would-be customers have already had acceptable experiences with other launch-service providers.

In other words, this sliver of the orbital launch business just turned into a horse race, and Rocket Lab seems to have about as much to lose as it does to win.

The clock is ticking on Rocket Lab The company also has something of a not-so-secret weapon. That's its capabilities beyond mere launch. Rocket Lab can also help its customers build the very satellites they need the company to put into orbit. This integrated, one-stop-shop offering certainly makes otherwise complicated things simpler for its users.

That alone may not be enough, though. Rocket Lab's long-term future largely depends on at least a few successful launches of Neutron by this time next year.

The PDT Rule Is On Its Way Out: 5 Stocks That Stand to Benefit the MostInteractive Brokers Group NASDAQ: IBKR reported another record-setting quarter in the second quarter of 2026, with executives citing stronger trading activity, account growth, higher client balances and continued product expansion across global markets.

Nancy Stuebe, Director of Investor Relations at Interactive Brokers, said the company set records in commissions, net interest income and total net revenue, as well as total accounts, account additions, client equity and total client daily average revenue trades, or DARTs. She said the company’s pre-tax profit margin was 77%, marking the seventh consecutive quarter above 70%.

Get IBKR alerts:

MarketBeat Week in Review – 03/16 - 03/20Stuebe said the S&P 500 rose nearly 15% during the quarter, supported by strong technology earnings, while semiconductor names became a notable driver of client trading activity on the platform. “Our clients tend to embrace volatility and changing market dynamics as they provide opportunities in the market,” she said.

Revenue, Margins and Balance Sheet Paul Brody, Chief Financial Officer of Interactive Brokers, said the company produced record net revenues and pre-tax income in the quarter. Commissions rose 30% from the prior-year quarter to a new record, supported by higher trading volumes across stocks, options and futures.

Can Interactive Brokers Repeat Another Big Year?Net interest income increased 23% year over year to more than $1 billion, driven primarily by higher balances. Brody said margin borrowing increased as investors took on more risk, while the company’s segregated cash portfolio grew with new account additions. Those gains were partially offset by higher interest paid on customer cash balances.

Other fees and services totaled $87 million, up 40%, which Brody attributed mainly to strong options volumes and higher risk exposure fees. Excluding certain non-core items, other income was $66 million for the quarter.

Expenses also rose. Execution, clearing and distribution costs were $142 million, up 22% from the year-ago quarter. Brody said the increase was primarily due to the reinitiation of SEC regulatory fees, which totaled $34 million in the quarter. He said those fees are largely passed through and increase both commission revenue and execution costs, leaving profits unaffected.

Compensation and benefits expense was $182 million, equal to 10% of adjusted net revenues, down from 11% a year earlier. General and administrative expenses were $68 million, with expanded advertising contributing to the increase. Interactive Brokers had 3,265 employees as of June 30.

Total assets rose 36% year over year to $247 billion, driven by higher margin lending and segregated cash and securities balances. Brody said the company continues to have no long-term debt. Firm equity increased 20% to $22.3 billion.

Client Growth and Trading Activity Interactive Brokers reported client equity of $930 billion, up 40% year over year. Client uninvested cash balances rose 27% to a record $182 billion, while new accounts grew 34%. Stuebe said strong interest continues from both institutional and individual investors globally in opening and funding accounts.

Brody said total customer DARTs were 4.8 million trades per day, up 36% from the prior year. Options contract volumes rose 17%, futures contract volumes increased 2% and stock share volumes were up 14%.

Brody said the average U.S. Fed funds rate was down 70 basis points from a year earlier, but margin loan interest rose 39% and segregated cash interest increased 7%, supported by balance growth. He estimated that a 25-basis-point increase in the Fed funds rate would raise annual net interest income by $81 million, while a 25-basis-point reduction would lower it by the same amount. For non-U.S. benchmark rates, a 25-basis-point move would affect annual net interest income by about $38 million.

Product Expansion Includes Korea, Crypto and AI Stuebe said Interactive Brokers became the first e-broker to offer trading in Korea, providing access to the Korea Exchange and Nextrade, Korea’s 12-hour and overnight alternative trading system. She said Korean memory chip companies were highly sought after by clients.

In Europe, the company directly offered the SpaceX IPO to eligible U.K. and European retail clients, according to Stuebe. It also began offering cryptocurrencies throughout Europe, after previously offering crypto in the U.K. since 2024.

The company also released IBKR Connector in partnership with Anthropic, OpenAI and xAI. Stuebe said the integration allows clients to connect AI chatbots directly to their Interactive Brokers accounts to analyze portfolios, research opportunities and prepare orders for stocks, options and futures. She said the company is also expanding internal AI use in client service, compliance, surveillance and account onboarding.

In the question-and-answer portion of the call, Milan Galik, President and CEO of Interactive Brokers, said clients can use AI chatbots to access account data and prepare trading instructions, but those instructions currently require client approval before becoming executable orders. Galik said the company expects to offer fully autonomous agentic trading in the future, but only with guardrails and some form of client testing.

Prediction Markets, Introducing Brokers and Global Trends Interactive Brokers also launched IBKR Prediction Markets, a platform for trading event contracts across ForecastEx, CME and Kalshi. Stuebe said orders are routed to the venue offering the best net price, with a focus on economic, political and climate contracts. Galik said the company is not offering sports or entertainment contracts and is focused on events that may affect client portfolios.

Asked about ForecastEx, Thomas Peterffy, Founder and Chairman of Interactive Brokers, said the company will continue to focus on weather-related contracts and is adding potential hurricane landfall contracts, which he said could relate to insurance risk.

Stuebe said the introducing broker pipeline remains strong. Galik said the company had a double-digit number of integrations go live for the fourth or fifth consecutive quarter and has more integrations in progress than in the previous quarter. He said recent prospects include firms looking to expand into listed stocks, brokers seeking broader asset-class or regional coverage, and financial institutions moving to Interactive Brokers to reduce costs or access its product offering.

Asked about account growth by region, Galik said the company is “growing everywhere globally” across regions and account types. He said the launch of Korean trading was well timed and generated strong activity from the start.

Capital, Marketing and Risk In response to a question from Goldman Sachs analyst James Yaro, Galik said Interactive Brokers had about $10.3 billion in excess capital after buffers, up approximately $1.1 billion from the prior quarter. He said the company continues to review potential acquisitions, but “nothing so far stood out as worthy” of pursuing.

Peterffy said increased marketing spending has produced a corresponding increase in results, but not a higher yield than before. He declined to promise a sustained account growth rate, noting that the company has previously exceeded 30% growth after earlier expectations centered on 20%.

Asked about rapid growth in margin balances, Peterffy said Interactive Brokers continuously monitors client margin risk and is comfortable with current levels.

Galik also addressed Chinese regulatory actions affecting Tiger Brokers and Futu. He said Interactive Brokers has long complied with mainland Chinese regulations, does not advertise in mainland China and requires accounts to demonstrate residence outside mainland China. Following regulatory actions involving Tiger and Futu, he said Interactive Brokers saw an uptick in broker transfers and assets moving from those platforms.

On cryptocurrency perpetual futures, Galik said roughly one-third of Interactive Brokers’ crypto trading is now coming from those products, which allow clients to short cryptocurrencies and trade with leverage. He said the company will provide access to additional perpetual products where it sees meaningful volume and public interest.

About Interactive Brokers Group (NASDAQ:IBKR)Interactive Brokers Group, Inc NASDAQ: IBKR is a global electronic brokerage holding company that provides trading, clearing and custody services to retail traders, institutional investors, proprietary trading groups and financial advisors. The firm offers direct access to a wide range of asset classes, including equities, options, futures, foreign exchange, bonds and exchange-traded funds across many international markets. Interactive Brokers emphasizes electronic order execution, automated trading and low transaction costs as core differentiators for its clients.

Its product suite centers on advanced trading platforms and infrastructure.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Interactive Brokers Group Right Now?Before you consider Interactive Brokers Group, you'll want to hear this.

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Super Micro Computer (SMCI) logo is seen in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

July 21 (Reuters) - Super Micro Computer (SMCI.O), opens new tab said on Tuesday it had secured ​more than $60 billion in new orders in ‌the fourth quarter, and now expects gross margin to exceed its previous forecast, sending its shares surging 17.5% in extended ​trading.

Artificial-intelligence infrastructure firms have seen demand accelerate ​as tech companies and cloud providers ramp up ⁠investments in data centers to support large language ​models and other AI applications.

Learn about the latest breakthroughs in AI and tech with the Reuters Artificial Intelligencer newsletter. Sign up here.

The AI server maker expects ​gross margins in the range of 15% to 17% for the quarter ended June 30, well above its earlier forecast of ​8.2% to 8.4%, "primarily due to a favorable customer ​and product mix."

Super Micro's backlog grew to "record levels" at the ‌end ⁠of fiscal year 2026, it said in a preliminarily statement of results.

It expects quarterly revenue near the low end of its $11 billion to $12.5 billion forecast range. ​Analysts expect revenue ​of $11.67 billion, ⁠according to data complied by LSEG.

The company is set to post quarterly results ​on August 11.

Super Micro had said in ​June ⁠it would raise $7 billion through a series of equity and equity-linked financing transactions and use the proceeds to fulfill ⁠orders ​worth about $39 billion for its ​advanced AI servers from more than 20 customers.

Reporting by Juby Babu in ​Mexico City; Editing by Shailesh Kuber and Shilpi Majumdar

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

Webster Financial (WBS - Free Report) came out with quarterly earnings of $1.6 per share, missing the Zacks Consensus Estimate of $1.61 per share. This compares to earnings of $1.52 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -0.62%. A quarter ago, it was expected that this holding company for Webster Bank would post earnings of $1.53 per share when it actually produced earnings of $1.57, delivering a surprise of +2.61%.

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

Webster Financial, which belongs to the Zacks Banks - Northeast industry, posted revenues of $739.99 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.25%. This compares to year-ago revenues of $715.84 million. The company has topped consensus revenue estimates two times over the last four quarters.

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

Webster Financial shares have added about 19.7% since the beginning of the year versus the S&P 500's gain of 8.7%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for Webster Financial was favorable. 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 #2 (Buy) for the stock. So, the shares are expected to outperform 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 $1.69 on $766.56 million in revenues for the coming quarter and $6.57 on $3.03 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, Banks - Northeast is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Northeast Community Bancorp (NECB - Free Report) , is yet to report results for the quarter ended June 2026.

This bank holding company is expected to post quarterly earnings of $0.77 per share in its upcoming report, which represents a year-over-year change of -6.1%. The consensus EPS estimate for the quarter has been revised 2.4% lower over the last 30 days to the current level.

Northeast Community Bancorp's revenues are expected to be $25.76 million, down 0.7% from the year-ago quarter.

1 in the industry in year-to-date on-time performance

Expanded international service to include transatlantic flights from Seattle to Rome, London, Reykjavík

Achieved single passenger service system for Alaska and Hawaiian and recognized employees with 75k Atmos Points for major integration milestone

Q3 RASM expected to have double digit growth year-over-year

, /PRNewswire/ -- Alaska Air Group (NYSE: ALK) today reported financial results for the second quarter ending June 30, 2026.

"Our second quarter results were defined by a fuel spike outside our control - but underneath it, this company is executing better than ever," said CEO Ben Minicucci. "We led the industry in on-time performance for the first half of the year, completed the last major technical milestone of our Hawaiian integration, launched service to Europe, and returned to profitability in June. Absent the fuel headwind, we would have delivered a solidly profitable quarter. I have never been more confident in our people, our plan, and the long-term earnings power of Alaska Air Group."

Quarter in Review:

Air Group reported second quarter Generally Accepted Accounting Principles (GAAP) pretax margin of (5.3)% and GAAP net loss of $76 million, or $0.68 per share. Air Group's second quarter adjusted pretax margin was (4.3)% and adjusted net loss was $102 million, or $0.92 per share.

Q2 2026 Results

Prior Expectation

Actual Results

Capacity (ASMs) % change versus 2025

Up ~1%

Up 1.0%

RASM % change versus 2025

Up high single digits

Up 8.6%

CASMex % change versus 2025

Up high single digits

Up 6.5%

Economic fuel cost per gallon

$4.50

$4.43

Adjusted loss per share

~($1.00)

($0.92)

Second quarter total revenue grew 10% year-over-year to $4.1 billion on capacity growth of 1%, with unit revenue up 8.6%. Yields strengthened through the quarter, with June producing double digit unit revenue growth and double digit pretax profit margins.  

Our revenue performance was impacted by historic rainstorms in Hawai'i in March which had a meaningful impact on April spring break travel and reduced system unit revenue by approximately 3 points in the quarter, modestly above the 2 points originally expected. Outside of Hawai'i, demand remained resilient across the network and our diversified revenue streams continue to outpace system growth: premium revenue increased 15%, cargo revenue increased 21%, and managed corporate revenue accelerated 30% year-over-year respectively. Loyalty performance was also robust, with loyalty cash remuneration up 19%.

Non-fuel unit costs increased 6.5% year-over-year on 1% capacity growth, better than prior guidance. The year-over-year increase reflects 2.5 points of transitory factors, including a one-time employee recognition award tied to achieving a single passenger service system, a year-over-year headwind from prior-year aircraft sale gains, and crew training costs for our international widebody ramp. Outside of these transitory items, core cost management was strong, gaining momentum moving into the second half of the year.  

Second quarter economic fuel cost was $4.43 per gallon, an increase of 85% year-over-year, resulting in $600 million of incremental fuel cost for the period. In response to the elevated and unpredictable fuel price environment, we proactively raised $1 billion in financing during the quarter, deliberately bolstering liquidity to the top end of our target range of 15% to 25% of trailing-12-month revenue. As the fuel environment stabilizes and our earnings profile improves, we expect to put excess liquidity towards paying down debt and bring liquidity back to the midpoint of our target range.

Third Quarter Forecast Information:

With a strong demand backdrop and an improving unit cost trajectory, we expect a widening spread between unit revenue and unit costs in Q3. Coupled with continued execution on our strategic initiatives, we expect a meaningful inflection in financial performance beginning in Q3.

Third quarter capacity is expected to be up approximately 2% to 3% year-over-year, with nearly all growth coming from long-haul international flying out of Seattle, while capacity within North America will be essentially flat year-over-year.

Unit revenue is expected to improve sequentially from the second to third quarter to low double-digit growth year-over-year, supported by strong yields and demand. While Hawai'i remains a 2-3 point unit revenue headwind in the third quarter, loads are recovering and new bookings are coming in at system level yields, showing demand returning to historical levels in September.

Third quarter non-fuel unit costs are expected to increase in the low to mid single digits year-over-year, a meaningful step-down from the first half of the year, as transitory cost items are behind us and productivity improvements compound. While fuel prices remain volatile, economic fuel cost is expected to come down from second quarter levels as refining margins have recently moderated. Our guidance assumes a fuel price of $3.75 per gallon in the third quarter, reflecting July fuel costs of $3.60 per gallon, and average spot prices of $3.85 for August and September.   

Q3 2026 Expectation

Capacity (ASMs) % change versus 2025

Up 2% to 3%

RASM % change versus 2025

Up low double digits

CASMex % change versus 2025

Up low to mid single digits

Economic fuel cost per gallon

$3.75

Adjusted earnings (loss) per share(a)

$0.00 to $1.00

(a) Q3 earnings per share guidance assumes non-operating expense of approximately $60 million, a tax rate of approximately 35%, and shares outstanding of approximately 113.5 million.

Operational Updates:

Led the industry in year-to-date on-time performance. Transitioned to a single passenger service system (PSS), marking a key integration milestone that consolidates reservation and customer service platforms across Alaska and Hawaiian, and delivers a more streamlined guest experience. Launched new transatlantic service from Seattle with flights to Rome, London, and Reykjavik, further expanding our international network and reinforcing our position as the fourth-largest global airline in the U.S. Took delivery of six 737-8 aircraft, two E175 aircraft, and added one E175 under CPA with SkyWest. Announced agreement to add four 737-800 freighter aircraft to Alaska's cargo fleet, effectively doubling the cargo fleet's capacity. The aircraft are expected to enter service in the first half of 2027. Completed the 737 cabin retrofits, adding expanded first and premium class seating and refreshed cabin interiors. Announced expansions in our domestic route network, including the addition of new routes from Santa Rosa, the return of service between Seattle and Long Beach, new service from Honolulu to Burbank, Spokane, and Boise, and increased service between Honolulu and Las Vegas. Commercial Updates:

Hawaiian Airlines joined the oneworld alliance, connecting Hawai'i to over 900 global destinations across more than 170 territories. Opened the newest Alaska Lounge at Portland International Airport, which is twice the size of the previous Portland lounge and underscores our continued investment in premium travel. Announced plans for a new world-class Alaska Lounge in Seattle. The new lounge is set to open in 2027 and will span across two floors, featuring showers, premium bars, à la carte dining, and chef-curated seasonal menus. Liquidity Updates:

Generated $606 million of operating cash flow during the first six months of 2026. Held $3.8 billion in available liquidity, including unrestricted cash, marketable securities, and undrawn credit facilities. Total liquidity includes $1 billion in financing completed in the second quarter, comprising $500 million of 6.5% senior unsecured notes and $500 million in term loans secured by assets associated with the Atmos™ Rewards program. Had approximately $20 billion of unencumbered assets at June 30, 2026, including 131 aircraft and the unencumbered portion of our loyalty program assets. Other Highlights:

Elected Shane Tackett as President and Chief Financial Officer of Alaska Airlines. Appointed Mike Sievert, Vice Chairman and former CEO of T-Mobile, to Air Group's board of directors. Celebrated our employees' efforts in achieving a single PSS and dedication throughout the Alaska-Hawaiian integration by awarding 75,000 Atmos Rewards points to all Alaska, Hawaiian, and Horizon employees. Opened new premium check-in experience in Seattle for business class Suites guests and Atmos Titanium members. CEO Ben Minicucci named Executive of the Year - North America at FlightGlobal's 2026 Airline Strategy Awards. Hawaiian Airlines named "Most Comfortable Airline" on WalletHub's 2026 Best Airlines list.   Alaska Airlines and Hawaiian Airlines were recognized with APEX Best Awards for Best Cabin Service and Best Wi‑Fi, respectively. Alaska Airlines recognized by the Port of Seattle's Sustainable Century Awards for Environmental Performance and Innovation and Greatest Use of Ground Power and Pre‑Conditioned Air Systems. A conference call regarding the second quarter results will be streamed online at 11:30 a.m. EDT/ 8:30 a.m. PDT on July 22, 2026. It can be accessed at www.alaskaair.com/investors. For those unable to listen to the live broadcast, a replay will be available after the conclusion of the call.

References in this update to "Air Group," "Company," "we," "us," and "our" refer to Alaska Air Group, Inc. and its subsidiaries, unless otherwise specified.

This news release may contain forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by our forward-looking statements, assumptions or beliefs. For a discussion of risks and uncertainties that may cause our forward-looking statements to differ materially, see Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Some of these risks include competition, labor costs, relations and availability, general economic conditions, increases in operating costs including fuel, uncertainties regarding the ability to successfully integrate operations following the acquisition of Hawaiian Holdings, Inc. and the ability to realize anticipated cost savings, synergies, or growth from the acquisition, inability to meet cost reduction and other strategic goals, seasonal fluctuations in demand and financial results, supply chain risks, events that negatively impact aviation safety and security, cybersecurity risks, and changes in laws and regulations that impact our business. All of the forward-looking statements are qualified in their entirety by reference to the risk factors discussed in our most recent Form 10-K and in our subsequent SEC filings. We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward-looking statements. We expressly disclaim any obligation to publicly update or revise any forward-looking statements made today to conform them to actual results. Over time, our actual results, performance or achievements may differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, assumptions or beliefs and such differences might be significant and materially adverse.

Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia, the Pacific and Europe. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska and Hawaiian are members of the oneworld alliance. With oneworld and our additional global partners, guests can earn and redeem points for travel to over 1,000 worldwide destinations with Atmos Rewards. Learn more about what's happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as "ALK."

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Alaska Air Group, Inc.

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except per share amounts)

2026

2025

Change

2026

2025

Change

Operating Revenue

Passenger revenue

$    3,644

$     3,355

9 %

$    6,564

$     6,163

7 %

Loyalty program other revenue

258

210

23 %

485

417

16 %

Cargo and other revenue

163

139

17 %

316

261

21 %

Total Operating Revenue

4,065

3,704

10 %

7,365

6,841

8 %

Operating Expenses

Wages and benefits

1,239

1,165

6 %

2,481

2,292

8 %

Variable incentive pay

65

61

7 %

95

123

(23) %

Aircraft fuel

1,305

700

86 %

2,101

1,381

52 %

Aircraft maintenance

256

240

7 %

472

460

3 %

Aircraft rent

64

64

— %

125

126

(1) %

Landing fees and other rentals

305

278

10 %

596

520

15 %

Contracted services

158

146

8 %

309

291

6 %

Selling expenses

115

105

10 %

214

205

4 %

Depreciation and amortization

207

199

4 %

411

393

5 %

Food and beverage service

107

97

10 %

202

182

11 %

Third-party regional carrier expense

68

69

(1) %

124

133

(7) %

Other

302

247

22 %

605

508

19 %

Special items - operating

42

56

(25) %

77

147

(48) %

Total Operating Expenses

4,233

3,427

24 %

7,812

6,761

16 %

Operating Income (Loss)

(168)

277

(161) %

(447)

80

NM

Non-operating Income (Expense)

Interest income

21

22

(5) %

40

48

(17) %

Interest expense

(86)

(66)

30 %

(162)

(132)

23 %

Interest capitalized

13

9

44 %

23

21

10 %

Other - net

6

(4)

NM

15

(12)

NM

Total Non-operating Expense

(46)

(39)

18 %

(84)

(75)

12 %

Income (Loss) Before Income Tax

(214)

238

(531)

5

Income tax expense (benefit)

(138)

66

(262)

(1)

Net Income (Loss)

$       (76)

$       172

$     (269)

$          6

Basic Earnings (Loss) Per Share

$     (0.68)

$      1.45

$     (2.39)

$      0.05

Diluted Earnings (Loss) Per Share

$     (0.68)

$      1.42

$     (2.39)

$      0.05

Weighted Average Shares Outstanding used for computation:

Basic

111.127

118.847

112.702

120.979

Diluted

111.127

120.930

112.702

123.183

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

Alaska Air Group, Inc.

(in millions, except share amounts)

June 30,
2026

December 31,
2025

ASSETS

Cash and cash equivalents

$     1,064

$       627

Restricted cash

33

28

Marketable securities

1,598

1,496

Receivables - net

681

565

Inventories and supplies - net

253

203

Prepaid expenses

261

278

Other current assets

46

69

Total Current Assets

3,936

3,266

Property and equipment - net of accumulated depreciation and amortization of $5,205 and $4,945

12,009

11,857

Operating lease assets

1,345

1,268

Goodwill

2,723

2,723

Intangible assets - net of accumulated amortization of $102 and $74

787

815

Other noncurrent assets

446

432

Total Noncurrent Assets

17,310

17,095

Total Assets

$    21,246

$    20,361

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable

$       403

$       324

Accrued wages, vacation and payroll taxes

727

881

Air traffic liability

2,398

1,689

Other accrued liabilities

1,217

1,055

Deferred revenue

1,778

1,722

Current portion of long-term debt and finance leases

452

721

Current portion of operating lease liabilities

217

197

Total Current Liabilities

7,192

6,589

Long-term debt and finance leases, net of current portion

5,783

4,834

Operating lease liabilities, net of current portion

1,164

1,141

Deferred income taxes

739

1,004

Deferred revenue

1,752

1,711

Obligation for pension and post-retirement medical benefits

349

369

Other liabilities

597

595

Total Noncurrent Liabilities

10,384

9,654

Shareholders' Equity

Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding

—

—

Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2026 - 147,087,872 shares; 2025 - 145,115,659 shares, Outstanding: 2026 - 111,566,970 shares; 2025 - 115,530,889 shares

1

1

Capital in excess of par value

1,034

961

Treasury stock (common), at cost: 2026 - 35,520,902 shares; 2025 - 29,584,770 shares

(1,951)

(1,701)

Accumulated other comprehensive loss

(175)

(173)

Retained earnings

4,761

5,030

Total Shareholders' Equity

3,670

4,118

Total Liabilities and Shareholders' Equity

$    21,246

$    20,361

SUMMARY CASH FLOW (unaudited)

Alaska Air Group, Inc.

(in millions)

Six Months Ended
June 30, 2026

Three Months Ended
March 31, 2026(a)

Three Months Ended
June 30, 2026(b)

Cash Flows from Operating Activities:

Net Loss

$               (269)

$               (193)

$                (76)

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

453

229

224

Changes in working capital

422

385

37

Net cash provided by operating activities

606

421

185

Cash Flows from Investing Activities:

Property and equipment additions

(523)

(338)

(185)

Other investing activities

(112)

169

(281)

Net cash used in investing activities

(635)

(169)

(466)

Cash Flows from Financing Activities:

472

(428)

900

Net increase (decrease) in cash and cash equivalents

443

(176)

619

Cash, cash equivalents, and restricted cash at beginning of period

684

684

508

Cash, cash equivalents, and restricted cash at end of the period

$              1,127

$                508

$              1,127

Reconciliation of cash, cash equivalents, and restricted cash:

Cash and cash equivalents

$              1,064

$                451

Restricted cash

33

27

Restricted cash included in Other noncurrent assets

30

30

Total cash, cash equivalents, and restricted cash at end of the period

$              1,127

$                508

(a) As reported in Form 10-Q for the first quarter of 2026.

(b) Cash flows for the three months ended June 30, 2026 can be calculated by subtracting cash flows from the three months ended March 31, 2026 from the six months ended June 30, 2026.

OPERATING STATISTICS (unaudited)

A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the table below.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

Change

2026

2025

Change

Consolidated Operating Statistics:(a)

Revenue passengers (000)

15,056

15,234

(1.2) %

28,388

28,393

— %

RPMs (000,000) "traffic"

20,011

20,179

(0.8) %

37,311

37,436

(0.3) %

ASMs (000,000) "capacity"

24,306

24,058

1.0 %

45,876

45,277

1.3 %

Load factor

82.3 %

83.9 %

(1.6) pts

81.3 %

82.7 %

(1.4) pts

Yield

18.21¢

16.62¢

9.6 %

17.59¢

16.46¢

6.9 %

PRASM

14.99¢

13.94¢

7.5 %

14.31¢

13.61¢

5.1 %

RASM

16.72¢

15.39¢

8.6 %

16.06¢

15.11¢

6.3 %

CASMex(b)

11.40¢

10.70¢

6.5 %

11.85¢

11.14¢

6.4 %

Fuel cost per gallon(c)

$4.43

$2.39

85.4 %

$3.74

$2.49

50.2 %

Fuel gallons (000,000)(c)

295

293

0.7 %

562

556

1.1 %

ASMs per gallon

82.4

82.0

0.5 %

81.6

81.5

0.1 %

Departures (000)

139.0

139.6

(0.4) %

264.5

263.5

0.4 %

Average full-time equivalent employees (FTEs)

31,726

31,299

1.4 %

31,596

30,536

3.5 %

Operating fleet(d)

422

409

13 a/c

422

409

13 a/c

(a) 

Except for FTEs, data includes activity under a capacity purchase agreement with a third-party regional carrier.

(b) 

See a reconciliation of this non-GAAP measure and Note A for a discussion of the importance of this measure to investors in the accompanying pages.

(c) 

Excludes operations under the Air Transportation Services Agreement (ATSA) with Amazon.

(d) 

Includes owned and leased aircraft as well as aircraft operated under a capacity purchase agreement with a third-party regional carrier.

GAAP TO NON-GAAP RECONCILIATIONS (unaudited)
Alaska Air Group, Inc.

We are providing reconciliations of reported non-GAAP financial measures to their most directly comparable financial measures reported on a GAAP basis. Amounts in the tables below are rounded to the nearest million. As a result, a manual recalculation of certain figures using these rounded amounts may not agree directly to the amounts presented. These reconciliations include adjustments intended to improve comparability and provide a clearer view of the Company's core operating performance.

Losses (gains) on foreign debt and other primarily reflect unrealized and realized gains or losses resulting from changes in foreign currency exchange rates on certain debt. In 2025, these expenses also included mark-to-market fuel hedge adjustments.

Special items - operating primarily relate to costs associated with the integration of Hawaiian Airlines, including employee-related costs, technology costs, and other merger-related expenses. In 2025, these expenses also included costs related to changes in Alaska flight attendants' sick leave benefits pursuant to a collective bargaining agreement ratified in the first quarter of 2025.

Pretax Income (Loss), Net Income (Loss), and Earnings (Loss) per Share, adjusted

Three Months Ended June 30,

2026

2025

(in millions, except per share amounts)

Loss
Before
Income
Tax

Income
Tax

Net
Loss

Per
Share

Income 
Before
Income
Tax

Income
Tax

Net
Income

Per
Share

GAAP

$         (214)

$  (138)

$    (76)

$  (0.68)

$ 238

$     66

$    172

$   1.42

Adjusted for:

Losses (gains) on foreign debt and other

(4)

1

Special items - operating

42

56

Total adjustments

$   38

$     64

$    (26)

$  (0.24)

$   57

$     14

$     43

$   0.36

Adjusted

$         (176)

$    (74)

$  (102)

$  (0.92)

$ 295

$     80

$    215

$   1.78

GAAP pretax margin

(5.3) %

6.4 %

Adjusted pretax margin

(4.3) %

8.0 %

Six Months Ended June 30,

2026

2025

(in millions, except per share amounts)

Loss
Before
Income
Tax

Income
Tax

Net
Loss

Per
Share

Income
Before
Income
Tax

Income
Tax

Net
Income

Per
Share

GAAP

$         (531)

$  (262)

$  (269)

$  (2.39)

$    5

$     (1)

$      6

$   0.05

Adjusted for:

Losses (gains) on foreign debt and other

(7)

3

Special items - operating

77

147

Total adjustments

$   70

$     95

$    (25)

$  (0.22)

$ 150

$     36

$    114

$   0.92

Adjusted

$         (461)

$  (167)

$  (294)

$  (2.61)

$ 155

$     35

$    120

$   0.97

GAAP pretax margin

(7.2) %

0.1 %

Adjusted pretax margin

(6.3) %

2.3 %

CASMex Reconciliation

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except unit metrics)

2026

2025

2026

2025

Total operating expenses

$        4,233

$        3,427

$        7,812

$        6,761

Less the following components:

Aircraft fuel

1,305

700

2,101

1,381

Freighter costs

52

48

104

89

Performance-based pay

64

49

92

101

Special items - operating

42

56

77

147

Adjusted operating expenses

$        2,770

$        2,574

$        5,438

$        5,043

ASMs

24,306

24,058

45,876

45,277

CASMex

          11.40¢

          10.70¢

          11.85¢

          11.14¢

Adjusted Capital Expenditures Reconciliation

Six Months Ended June 30,

(in millions)

2026

2025

Aircraft, aircraft purchase deposits, and other flight equipment

$            415

$            613

Other property and equipment

108

128

Capital expenditures

523

741

Adjusted for:

Property and equipment acquired through the issuance of debt

48

69

Proceeds from sales of aircraft and other equipment

(7)

(62)

Adjusted capital expenditures

$            564

$            748

Debt-to-capitalization, including leases

(in millions)

June 30, 2026

December 31, 2025

Long-term debt and finance leases, net of current portion

$                 5,783

$                 4,834

Operating lease liabilities, net of current portion

1,164

1,141

Adjusted debt, net of current portion

6,947

5,975

Shareholders' equity

3,670

4,118

Total Invested Capital

$               10,617

$                10,093

Debt-to-capitalization ratio, including leases

65 %

59 %

Adjusted net debt to earnings before interest, taxes, depreciation, amortization, fixed portion of operating lease expense, and special items

(in millions)

June 30, 2026

December 31, 2025

Long-term debt and finance leases

$                    6,235

$                    5,555

Operating lease liabilities

1,381

1,338

Adjusted debt

7,616

6,893

Less: Total unrestricted cash and marketable securities

2,662

2,123

Adjusted net debt

$                    4,954

$                    4,770

(in millions)

Twelve Months Ended
June 30, 2026

Twelve Months Ended
December 31, 2025

Operating Income (Loss)(a)

$                     (224)

$                      303

Adjusted for:

Special items - operating

180

250

Gains on foreign debt and other

(13)

(3)

Depreciation and amortization

813

795

Fixed portion of operating lease expense

279

279

EBITDAR

$                    1,035

$                    1,624

Adjusted net debt to EBITDAR

4.8x

2.9x

(a) 

Operating income (loss) can be reconciled using the trailing twelve month operating income as filed quarterly with the SEC.

Note A: Pursuant to Regulation G, we provide reconciliations of reported non-GAAP financial measures to the most directly comparable GAAP financial measures. We believe these non-GAAP measures provide meaningful supplemental information to investors for the following reasons:

Pretax income (loss), net income (loss), and earnings (loss) per share are presented on an adjusted basis. Adjustments are made for special charges that are unusual or nonrecurring in nature, as well as for gains and losses on foreign debt, as these adjustments enhance comparability of our core operations to prior periods and to the rest of the airline industry. CASMex is a key measure used by management and the Air Group Board of Directors to evaluate cost performance. It is also commonly used by industry analysts to compare airlines. Because U.S. carriers are generally similarly affected by changes in jet fuel prices over the long run, aircraft fuel costs are excluded to focus on more controllable, company-specific cost drivers. Costs related to freighter aircraft operations, including those incurred under the ATSA with Amazon, are excluded to enhance comparability with carriers that do not operate freighter aircraft. Performance‑Based Pay (PBP) expense is excluded as it is dependent on the Company's achievement of annually established financial and operational goals. Certain special charges are excluded as they are unusual or nonrecurring in nature. Adjusted capital expenditures includes certain amounts that are not classified as investing cash outflows within our consolidated statements of cash flows, but are viewed by management and other stakeholders as significant long-term investments in the business. Management believes these adjustments provide a more complete view of capital expenditures during the year. Liquidity and leverage measures, including debt-to-capitalization and adjusted net debt to EBITDAR, are presented to provide insight into the Company's financial position and flexibility. In 2026, we made adjustments to the calculation of these metrics to enhance comparability with our peers. The debt-to-capitalization ratio now excludes the current portion of operating and finance lease liabilities, with prior periods recast for consistency. Additionally, EBITDAR was adjusted to reflect the fixed portion of operating leases rather than total aircraft rent to better reflect performance, with prior periods recast accordingly. GLOSSARY OF TERMS

Adjusted debt - long-term debt, plus operating and finance lease liabilities

Adjusted net debt - long-term debt, plus operating and finance lease liabilities, less unrestricted cash and marketable securities

Adjusted net debt to EBITDAR - represents adjusted net debt divided by EBITDAR (trailing twelve months earnings before interest, taxes, depreciation, amortization, fixed portion of operating leases, and special items)

ASMs - available seat miles, or "capacity"; represents total seats available across the fleet multiplied by the number of miles flown

CASMex - operating costs excluding fuel, freighter costs, Performance-Based Pay (PBP), and special items per ASM, or "unit cost"

Debt-to-capitalization ratio - represents adjusted debt, net of current portion, divided by total equity plus adjusted debt, net of current portion

Diluted Earnings per Share - represents earnings per share (EPS) using fully diluted shares outstanding

Diluted Shares - represents the total number of shares that would be outstanding if all possible sources of conversion, such as stock options, were exercised

Freighter Costs - operating expenses directly attributable to the operation of B737 freighter aircraft and A330-300 freighter aircraft exclusively performing cargo missions

Load Factor - RPMs as a percentage of ASMs; represents the number of available seats that were filled with revenue passengers

PRASM - passenger revenue per ASM, or "passenger unit revenue"

RASM - operating revenue per ASMs, or "unit revenue"; operating revenue includes all passenger revenue, freight & mail, loyalty program revenue, and other ancillary revenue; represents the average total revenue for flying one seat one mile

RPMs - revenue passenger miles, or "traffic"; represents the number of seats that were filled with revenue passengers; one passenger traveling one mile is one RPM

Yield - passenger revenue per RPM; represents the average passenger revenue for flying one passenger one mile

SOURCE Alaska Air Group

Second quarter revenue of $1,105 million decreased 4% sequentially  Second quarter operating income of $107 million decreased 13% sequentiallySecond quarter net income of $39 million decreased 64% sequentially; net income margin of 3.5%Second quarter adjusted EBITDA* of $223 million, decreased 4% sequentially; adjusted EBITDA margin* of 20.2% decreased 4 basis points sequentiallySecond quarter cash provided by operating activities of $175 million and adjusted free cash flow* of $139 millionShareholder return of $36 million for the quarter, which included dividend payments of $20 million and share repurchases of $16 millionAnnounced the acquisition of NCS Multistage (NASDAQ: NCSM) in a stock-and-cash transaction, expanding Weatherford’s well completions portfolioIntroduced an updated plan to redomesticate from Ireland to Delaware, reflecting continued confidence in the initiative’s long-term value creation potentialAwarded several Managed Pressure Drilling (“MPD”) contracts from Noble Corporation, Constellation Oil Services and Ventura Offshore Holding Ltd. *Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

HOUSTON, July 21, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the second quarter of 2026.

Revenues for the second quarter of 2026 were $1,105 million, a decrease of 4% sequentially and a decrease of 8% year-over-year. Operating income in the second quarter of 2026 was $107 million, a decrease of 13% sequentially and a decrease of 55% year-over-year. Net income in the second quarter of 2026 was $39 million, with a 3.5% margin, a decrease of 64%, or 585 basis points, sequentially, and a decrease of 71%, or 777 basis points, year-over-year. Adjusted EBITDA* was $223 million, with a 20.2% margin*, a decrease of 4% or 4 basis points, sequentially, and a decrease of 12% or 92 basis points, year-over-year. Basic income per share in the second quarter of 2026 was $0.55, a decrease of 63% sequentially and a decrease of 70% year-over-year. Diluted income per share in the second quarter of 2026 was $0.55, a decrease of 63% sequentially and a decrease of 70% year-over-year.

Second quarter 2026 cash flows provided by operating activities were $175 million, an increase of 29% sequentially and an increase of 37% year-over-year. Adjusted free cash flow* was $139 million, an increase of 64% sequentially and an increase of 76% year-over-year. Capital expenditures were $42 million in the second quarter of 2026, a decrease of 22% sequentially and a decrease of 22% year-over-year.

Girish Saligram, President and Chief Executive Officer, commented, “Despite the significant disruption in the Middle East due to the Iran conflict, our second-quarter results, especially adjusted free cash flow, were strong, demonstrating the reliability and resilience of our operating paradigm. I am proud of the One Weatherford team for coming together to deliver once again.

While the Middle East situation remains volatile and creates activity headwinds in the short term, our longer-term thesis remains intact. A return to the pre-conflict operating levels is expected to be gradual, contingent on continued regional stability, and requires an absence of further geopolitical escalation. Our second half 2026 outlook is appropriately adjusted to reflect these dynamics and while our total year outlook has slightly reduced, the second half represents a significant ramp up in margin contribution versus the first half.

We remain focused on the factors within our control, driving long-term shareholder value through disciplined execution, portfolio strengthening, and structural simplification. The adjusted free cash flow performance and improved outlook on conversion is a consequence of this focus. The acquisition of NCS Multistage strengthens our completions portfolio, expands our technology offering, and gives us at least $15 million of cost synergies upon closing and integration. In parallel, our updated proposal to redomesticate to Delaware reinforces our commitment and our shareholders’ confidence in the multi-faceted benefits of this initiative. When completed, we expect the redomestication and related corporate restructuring to generate $20 to $30 million of annual cash savings, further enhancing our cash flow profile.”

*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

Operational & Commercial Highlights

Noble Corporation awarded Weatherford multiple MPD contracts and a global aftermarket agreement in Nigeria.Constellation Oil Services awarded Weatherford two contracts to provide offshore well intervention operations and MPD in deepwater Brazil.Ventura Offshore Holding Ltd. awarded Weatherford a complete MPD solution contract for the SSV Victoria offshore drilling rig in Brazil.Valaris awarded Weatherford a two-year contract to provide MPD equipment and services in offshore Brazil.Esso Exploration & Production Nigeria Ltd., an ExxonMobil affiliate, awarded Weatherford a deepwater integrated completions contract including integrated upper and lower completions solutions for deepwater wells in offshore Nigeria.Petroleum Development Oman awarded Weatherford a three-year contract to provide Integrated Drilling Services covering 247 wells in the Marmul field, supporting both production and injection operations, following the successful completion of the 837-well contract awarded in 2022.Chevron awarded Weatherford a five-year framework contract, which establishes the basis for Weatherford to provide Tubular Running Services (“TRS”), casing accessories, remote controlled top drive cement head, Fishing/Milling & Whipstocks services for Chevron’s Gorgon Stage 3 multi-well deepwater development project in Australia.Oil & Gas Development Company Limited awarded Weatherford a three-year contract to provide Wireline services in Pakistan.PTTEP Thailand awarded Weatherford a 22-month contract to supply downhole deployment valves and services for Sinphuhorm oil and gas field.
Kuwait Oil Company awarded two five-year contracts for the supply of Annular Casing Packer for Triassic-Paleozoic High-Pressure High-Temperature Wells and the supply of Electronic Submersible Pumps feed-through packers for multiple wells.Shell awarded Weatherford the non-welded mandrel scope for its offshore Gulf of America operations. Technology Highlights

Drilling & Evaluation (“DRE”) In Saudi Arabia, Weatherford completed the first qualification deployment of ArrayPro™ with Aramco, validating a fully integrated production logging solution for horizontal wells. The ruggedized system delivered high quality real time data and reliable performance in demanding environments, supporting improved reservoir insight and production optimization.In France, Weatherford supported Lithium de France’s geothermal and lithium exploration at Schwabwiller in Alsace using a PressurePro™ MPD Lite configuration with a Rotating Control Device and choke. The system maintained near balanced conditions and effectively managed influx behavior, enabling safe operations within a narrow operating window. This approach improved drilling efficiency and enabled the well to reach target depth, reinforcing Weatherford’s differentiated capability in European geothermal and lithium developments. Well Construction and Completions (“WCC”) In Denmark, Weatherford delivered its first MARS™ operation in Europe within a geothermal application for Innargi A/S. Selected over conventional logging for its multipoint array sensing capability, the system provided clear visualization across injection zones. Over a five-day campaign, it delivered detailed real-time insights into reservoir behavior, enabling the identification of previously undetected anomalies and supporting improved reservoir understanding.In the United Arab Emirates (“UAE”), Weatherford was recognized as “Best Liner Hanger Supplier and Services Provider” by a National Oil Company, reflecting strong execution and partnership performance. The Liner Hanger Systems team completed over 100 liner deployments across more than 22,000 operational hours in the previous year, demonstrating consistent delivery that reduces operational variability and supports efficient well construction and schedule reliability. Production and Intervention (“PRI”) In the UAE, Weatherford introduced the Rotaflex™ 1160 long stroke pumping unit, delivered as a fully integrated solution to address highly challenging unconventional reservoirs. Designed for rigless operations, the system is engineered to maximize recovery and accelerate payback. By optimizing performance across the full production system, it enhances reliability, reduces operational complexity, and supports lower power consumption and emissions.In the Permian Basin, Weatherford deployed its Hi-VOL™ hydraulic jet pump technology for key operators, replacing Electric Submersible Pump systems that had experienced premature failures in corrosive environments. This solution improves reliability, reduces intervention frequency and workover costs, and sustains production rates. Following the initial deployments at the end of 2025, the program expanded to 15 active units by the second quarter of 2026 with strong performance standards. Shareholder Return

During the second quarter of 2026, Weatherford paid dividends of $20 million and repurchased shares for $16 million, resulting in a total shareholder return of $36 million. In the first half of the year, Weatherford paid dividends of $40 million and repurchased shares for approximately $26 million, resulting in a total shareholder return of $66 million.

On July 16, 2026, our Board declared a cash dividend of $0.275 per share of the Company’s ordinary shares. The dividend is payable on September 3, 2026, to shareholders of record as of August 6, 2026.

Other Events

The previous proposal to redomesticate to Texas received support in excess of 60% of votes cast at the Company’s June 2026 shareholder meetings, but did not receive the requisite 75% support needed to pass. Consequently, the Company introduced an updated plan to redomesticate to Delaware. This revised proposal reinforces Weatherford’s conviction in the value creation potential through simplified corporate structure, effective execution of merger and acquisition transactions, improved financial market access, and increased shareholder value. Subject to approval in 2026, the redomestication and related corporate restructuring is expected to generate annual cash savings of approximately $20 to $30 million beginning in 2027.

Results by Reportable Segment

Drilling and Evaluation (“DRE”)

  Three Months Ended Variance($ in Millions) Jun 30,
2026 Mar 31,
2026 Jun 30,
2025 Seq. YoYRevenue $291  $321  $335  (9)% (13)%Segment Adjusted EBITDA $58  $72  $69  (19)% (16)%Segment Adj EBITDA Margin  19.9%  22.4%  20.6% (250)bps (67)bps Second quarter 2026 DRE revenue of $291 million decreased by $30 million, or 9% sequentially, primarily from lower MPD and Wireline activity in the Middle East on account of the heightened geopolitical tensions and lower Wireline activity in North America, partly offset by higher MPD activity in Europe/Sub-Sahara Africa/Russia. Year-over-year DRE revenue decreased by $44 million, or 13%, primarily from lower Wireline and Drilling-related Services activity, partly offset by higher MPD activity in Europe/Sub-Sahara Africa/Russia.

Second quarter 2026 DRE segment adjusted EBITDA of $58 million decreased by $14 million, or 19% sequentially, primarily from lower MPD and Wireline activity in the Middle East on account of the heightened geopolitical tensions and lower Wireline activity in North America, partly offset by higher MPD activity and strong fall through in Europe/Sub-Sahara Africa/Russia. Year-over-year DRE segment adjusted EBITDA decreased by $11 million, or 16%, primarily from lower Wireline and Drilling-related Services activity, partly offset by higher MPD activity and fall through in Europe/Sub-Sahara Africa/Russia.

Well Construction and Completions (“WCC”)

  Three Months Ended Variance($ in Millions) Jun 30,
2026 Mar 31,
2026 Jun 30,
2025 Seq. YoYRevenue $433  $443  $456  (2)% (5)%Segment Adjusted EBITDA $107  $110  $118  (3)% (9)%Segment Adj EBITDA Margin  24.7%  24.8%  25.9% (12)bps (117)bps Second quarter 2026 WCC revenue of $433 million decreased by $10 million, or 2% sequentially, primarily from lower Liner Hanger and Completions activity in the Middle East/North Africa/Asia, partly offset by higher Cementation Products activity in Middle East/North Africa/Asia and higher Completions activity in Europe/Sub-Sahara Africa/Russia. Year-over-year, WCC revenues decreased by $23 million, or 5%, primarily from lower activity in Middle East/North Africa/Asia, partly offset by higher Completions activity in Latin America.

Second quarter 2026 WCC segment adjusted EBITDA of $107 million decreased by $3 million, or 3% sequentially, primarily from lower Liner Hanger and Completions activity in the Middle East/North Africa/Asia and lower fall through in Latin America, partly offset by higher Cementation Products activity in Middle East/North Africa/Asia and higher Completions activity in Europe/Sub-Sahara Africa/Russia. Year-over-year WCC segment adjusted EBITDA decreased by $11 million, or 9% primarily from lower activity in Middle East/North Africa/Asia, partly offset by higher Cementation Products fall through in the region.

Production and Intervention (“PRI”)

  Three Months Ended Variance($ in Millions) Jun 30,
2026 Mar 31,
2026 Jun 30,
2025 Seq. YoYRevenue $316  $296  $327  7% (3)%Segment Adjusted EBITDA $70  $54  $63  30% 11%Segment Adj EBITDA Margin  22.2%  18.2%  19.3% 391bps 289bps Second quarter 2026 PRI revenue of $316 million increased by $20 million, or 7% sequentially, primarily from higher international Pressure Pumping activity and higher Artificial Lift activity in North America, partly offset by lower Artificial Lift activity in Latin America and Europe/Sub-Sahara Africa/Russia. Year-over-year PRI revenue decreased by $11 million, or 3%, primarily from lower Artificial Lift activity in North America and Latin America, partly offset by higher Pressure Pumping activity.

Second quarter 2026 PRI segment adjusted EBITDA of $70 million increased by $16 million, or 30%, sequentially, primarily from higher international Pressure Pumping activity and fall through, partly offset by lower Artificial Lift activity in Latin America and Europe/Sub-Sahara Africa/Russia. Year-over-year PRI segment adjusted EBITDA increased by $7 million, or 11% primarily from higher Intervention Services & Drilling Tools fall through in North America and Europe/Sub-Sahara Africa/Russia, partly offset by lower Subsea Intervention activity and fall through in Latin America.

Revenue by Geography 

  Three Months Ended Variance($ in Millions) Jun 30,
2026 Mar 31,
2026 Jun 30,
2025 Seq. YoYNorth America $205 $220 $241 (7)% (15)%           International $900 $932 $963 (3)% (7)%Latin America  197  223  195 (12)% 1%Middle East/North Africa/Asia  446  476  524 (6)% (15)%Europe/Sub-Sahara Africa/Russia  257  233  244 10% 5%Total Revenue $1,105 $1,152 $1,204 (4)% (8)% North America

Second quarter 2026 North America revenue of $205 million decreased by $15 million, or 7%, sequentially, primarily from lower Wireline and Completions activity in Canada, partly offset by higher Artificial Lift activity in U.S. land. Year-over-year, North America revenue decreased by $36 million, or 15%, primarily from lower Artificial Lift and Cementation Products activity, partly offset by higher Completions activity in U.S. offshore.

International

Second quarter 2026 international revenue of $900 million decreased by $32 million, or 3% sequentially and decreased by $63 million, or 7% year-over-year.

Second quarter 2026 Latin America revenue of $197 million decreased by $26 million, or 12% sequentially, primarily from lower Drilling-related Services and Integrated Services & Projects activity in Mexico, partly offset by higher Completions activity in the country. Year-over-year, Latin America revenue increased by $2 million, or 1%, primarily from higher Completions activity in the Caribbean and higher MPD in Mexico, partly offset by lower Drilling-related Services activity in Argentina and Mexico.

Second quarter 2026 Middle East/North Africa/Asia revenue of $446 million decreased by $30 million, or 6% sequentially, primarily from lower activity on account of heightened geopolitical tensions partly offset by higher Cementation Products activity in Saudi Arabia. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $78 million, or 15%, primarily from lower activity on account of heightened geopolitical tensions partly offset by higher Drilling Services in Kuwait.

Second quarter 2026 Europe/Sub-Sahara Africa/Russia revenue of $257 million increased by $24 million or 10% sequentially, primarily from higher Pressure Pumping, Completions and MPD activity, partly offset by lower Drilling Services activity in Europe. Year-over-year, Europe/Sub-Sahara Africa/Russia revenue increased by $13 million or 5%, primarily from higher Pressure Pumping and MPD activity, partly offset by lower Drilling Services activity in Europe.

About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.

Conference Call Details

Weatherford will host a conference call on Wednesday, July 22, 2026, to discuss the Company’s results for the second quarter ended June 30, 2026. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

A telephonic replay of the conference call will be available until August 5, 2026, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 855-669-9658 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 2958915. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
[email protected] 

For Media:

Kelley Hughes
Senior Director, Communications, Marketing & Sustainability
[email protected] 

Forward-Looking Statements

This news release contains projections and forward-looking statements concerning, among other things, the Company’s adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, public health issues such as pandemics, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from the Russia Ukraine conflict, conflicts in the Middle East (including the Iran conflict) or instability in Latin America, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts and our incorporation of artificial intelligence tools, increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies, our ability to timely collect from customers; our ability to manage our workforce and systems, including the impact of our enterprise resource planning system implementation and business enhancements; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; the realization of additional cost savings and operational efficiencies, including as a result of our proposed Redomestication from Ireland to Delaware; our ability to receive, in a timely manner and on satisfactory terms, required shareholder and court approval, and to satisfy the other conditions to the proposed Redomestication within the expected timeframe or at all; our ability to realize the expected benefits from the proposed Redomestication; the occurrence of difficulties in connection with the Redomestication, including any costs related thereto; the risk that the proposed Redomestication disrupts current plans and operations; any changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by the tax authorities in Ireland, the United States and other jurisdictions following the proposed Redomestication; the future financial performance of Weatherford following the Redomestication; the risk that the proposed acquisition of NCS Multistage is not consummated as expected, in a timely manner or at all; and our ability to achieve the anticipated benefits of the proposed acquisition within the expected time period or at all.

These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

Additional Information and Where to Find It
In connection with the proposed Redomestication, Weatherford filed a definitive proxy statement with the SEC on July 13, 2026. Weatherford may also file other relevant documents with the SEC regarding the proposed Redomestication. The definitive proxy statement will be mailed to shareholders of Weatherford. This communication is not a substitute for any proxy statement or any other document that may be filed with the SEC or sent to Weatherford’s shareholders in connection with the proposed Redomestication.

INVESTORS AND SECURITY HOLDERS OF Weatherford ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT Weatherford AND THE PROPOSED REDOMESTICATION AND RELATED MATTERS.

Investors and security holders are able to obtain free copies of the definitive proxy statement and other documents containing important information about Weatherford and the proposed Redomestication through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Weatherford are available free of charge on Weatherford’s website at www.weatherford.com.

Participants in the Solicitation
Weatherford and its directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies from Weatherford’s shareholders in connection with the proposed Redomestication. Information about the directors and executive officers of Weatherford and their ownership of Weatherford’s securities is set forth in the definitive proxy statement relating to the proposed Redomestication https://www.sec.gov/Archives/edgar/data/1603923/000119312526302022/d136463ddef14a.htm, which was filed with the SEC on July 13, 2026, including under the section “Share Ownership”. Additional information regarding Weatherford’s directors and executive officers is also included in Weatherford’s 2026 Proxy Statement, which was filed with the SEC on April 21, 2026. You may obtain free copies of these documents using the sources indicated above.

Weatherford International plcSelected Statements of Operations (Unaudited)             Three Months Ended Six Months Ended($ in Millions, Except Per Share Amounts) June 30,
2026 March 31,
2026 June 30,
2025 June 30,
2026 June 30,
2025Revenues:          DRE Revenues $291  $321  $335  $612  $685 WCC Revenues  433   443   456   876   897 PRI Revenues  316   296   327   612   661 All Other  65   92   86   157   154 Total Revenues  1,105   1,152   1,204   2,257   2,397            Operating Income:          DRE Segment Adjusted EBITDA[1] $58  $72  $69  $130  $143 WCC Segment Adjusted EBITDA[1]  107   110   118   217   246 PRI Segment Adjusted EBITDA[1]  70   54   63   124   125 All Other[2]  6   13   19   19   23 Corporate[2]  (18)  (16)  (15)  (34)  (30)Depreciation and Amortization  (71)  (70)  (64)  (141)  (126)Share-based Compensation  (11)  (12)  (9)  (23)  (16)Gain on Sale of Business  —   —   70   —   70 Restructuring Charges  (9)  (13)  (11)  (22)  (40)Other Charges, Net  (25)  (15)  (3)  (40)  (16)Operating Income  107   123   237   230   379            Other Expense:          Interest Expense, Net of Interest Income of $11, $10, $14, $21, and $25  (16)  (17)  (21)  (33)  (47)Other Expense, Net  (16)  (1)  (25)  (17)  (45)Income Before Income Taxes  75   105   191   180   287 Income Tax (Provision) Benefit  (33)  4   (46)  (29)  (56)Net Income  42   109   145   151   231 Net Income Attributable to Noncontrolling Interests  3   1   9   4   19 Net Income Attributable to Weatherford $39  $108  $136  $147  $212            Basic Income Per Share $0.55  $1.50  $1.87  $2.05  $2.91 Basic Weighted Average Shares Outstanding  71.9   71.9   72.2   71.9   72.7            Diluted Income Per Share $0.55  $1.49  $1.87  $2.04  $2.90 Diluted Weighted Average Shares Outstanding  72.2   72.2   72.4   72.2   72.9                      [1] Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.[2] All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting. Weatherford International plcSelected Balance Sheet Data (Unaudited)    ($ in Millions)June 30, 2026 December 31, 2025Assets:   Cash and Cash Equivalents$1,100 $987Restricted Cash 37  55Accounts Receivable, Net 1,104  1,234Inventories, Net 811  836Property, Plant and Equipment, Net 1,131  1,124Intangibles, Net 265  285    Liabilities:   Accounts Payable 625  650Accrued Salaries and Benefits 241  285Current Portion of Long-term Debt 30  30Long-term Debt 1,450  1,455    Shareholders’ Equity:   Total Shareholders’ Equity 1,789  1,696 Weatherford International plcSelected Cash Flows Information (Unaudited)             Three Months Ended Six Months Ended($ in Millions) June 30,
2026 March 31,
2026 June 30,
2025 June 30,
2026 June 30,
2025Cash Flows From Operating Activities:          Net Income $42  $109  $145  $151  $231 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:          Depreciation and Amortization  71   70   64   141   126 Foreign Exchange Losses (Gain)  10   (4)  17   6   30 Gain on Disposition of Assets  (7)  (6)  (3)  (13)  (4)Gain on Sale of Business  —   —   (70)  —   (70)Deferred Income Tax Provision (Benefit)  —   9   (5)  9   2 Share-Based Compensation  11   12   9   23   16 Changes in Accounts Receivable, Inventory, Accounts Payable, Accrued Salaries and Benefits and Income Taxes Payable  64   (26)  (33)  38   (47)Other Changes, Net  (16)  (28)  4   (44)  (14)Net Cash Provided By Operating Activities  175   136   128   311   270            Cash Flows From Investing Activities:          Capital Expenditures for Property, Plant and Equipment  (42)  (54)  (54)  (96)  (131)Proceeds from Disposition of Assets  6   3   5   9   6 Proceeds from Sale of Businesses  —   —   97   —   97 Purchases of Blue Chip Swap Securities  (11)  (3)  (83)  (14)  (83)Proceeds from Sales of Blue Chip Swap Securities  11   3   82   14   82 Other Investing Activities  (6)  (17)  (4)  (23)  (7)Net Cash Provided by (Used In) Investing Activities  (42)  (68)  43   (110)  (36)           Cash Flows From Financing Activities:          Repayments of Long-term Debt  (9)  (8)  (34)  (17)  (73)Distributions to Noncontrolling Interests  (5)  —   (8)  (5)  (8)Tax Remittance on Equity Awards  (1)  (17)  —   (18)  (20)Share Repurchases  (16)  (10)  (34)  (26)  (87)Dividends Paid  (20)  (20)  (18)  (40)  (36)Other Financing Activities  2   (1)  (3)  1   (6)Net Cash Used In Financing Activities $(49) $(56) $(97) $(105) $(230) Weatherford International plcNon-GAAP Financial Measures Defined (Unaudited) We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA* - Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.

Adjusted EBITDA margin* - Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.

Adjusted Free Cash Flow* - Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.

Net Debt* - Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.​

Net Leverage* - Net Leverage* is a non-GAAP measure which is calculated by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

*Non-GAAP - as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled

Weatherford International plcGAAP to Non-GAAP Financial Measures Reconciled (Unaudited)              Three Months Ended Six Months Ended($ in Millions, Except Margin in Percentages) June 30,
2026 March 31,
2026 June 30,
2025 June 30,
2026 June 30,
2025Revenues $1,105  $1,152  $1,204  $2,257  $2,397 Net Income Attributable to Weatherford $39  $108  $136  $147  $212 Net Income Margin  3.5%  9.4%  11.3%  6.5%  8.8%Adjusted EBITDA* $223  $233  $254  $456  $507 Adjusted EBITDA Margin*  20.2%  20.2%  21.1%  20.2%  21.2%           Net Income Attributable to Weatherford $39  $108  $136  $147  $212 Net Income Attributable to Noncontrolling Interests  3   1   9   4   19 Income Tax Provision (Benefit)  33   (4)  46   29   56 Interest Expense, Net of Interest Income of $11, $10, $14, $21, and $25  16   17   21   33   47 Other Expense, Net  16   1   25   17   45 Operating Income  107   123   237   230   379 Depreciation and Amortization  71   70   64   141   126 Other Charges Credits, Net[1]  25   15   3   40   16 Gain on Sale of Business  —   —   (70)  —   (70)Restructuring Charges  9   13   11   22   40 Share-Based Compensation  11   12   9   23   16 Adjusted EBITDA* $223  $233  $254  $456  $507            Net Cash Provided By Operating Activities $175  $136  $128  $311  $270 Capital Expenditures for Property, Plant and Equipment  (42)  (54)  (54)  (96)  (131)Proceeds from Disposition of Assets  6   3   5   9   6 Adjusted Free Cash Flow* $139  $85  $79  $224  $145                      [1]Other Charges, Net in the three and six months ended June 30, 2026 primarily includes redomestication and mergers and acquisitions. Other Charges, Net in the three and six months ended June 30, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico and other miscellaneous charges and credits.  *Non-GAAP - as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

Weatherford International plcGAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)            ($ in Millions) June 30, 2026 March 31, 2026 June 30, 2025 Current Portion of Long-term Debt $30 $31 $26 Long-term Debt  1,450  1,453  1,565 Total Debt $1,480 $1,484 $1,591         Cash and Cash Equivalents $1,100 $1,012 $943 Restricted Cash  37  38  60 Total Cash $1,137 $1,050 $1,003         Components of Net Debt       Current Portion of Long-term Debt $30 $31 $26 Long-term Debt  1,450  1,453  1,565 Less: Cash and Cash Equivalents  1,100  1,012  943 Less: Restricted Cash  37  38  60 Net Debt* $343 $434 $588         Net Income for trailing 12 months $366 $463 $481 Adjusted EBITDA* for trailing 12 months $1,016 $1,047 $1,188         Net Leverage* (Net Debt*/Adjusted EBITDA*)  0.34x 0.41x 0.49x *Non-GAAP - as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

Twilio Inc (NYSE:TWLO) is expected to deliver second quarter results that exceed expectations on revenue and operating income, with investors likely to focus on whether the communications software company's gross profit growth can remain in the mid-teens during the second half of the year, according to Jefferies analysts.

Ahead of Twilio's August 6 earnings release, Jefferies wrote that it expects the company to post revenue and operating income above expectations, although it does not anticipate the same degree of outperformance as in the first quarter.

The firm added that while business fundamentals remain strong, the stock's premium valuation and heavy investor positioning could limit upside unless Twilio significantly raises its outlook.

Jefferies forecasts second-quarter revenue of $1.427 billion, up 16% year over year and broadly in line with consensus expectations and the company's guidance range of $1.42 billion to $1.43 billion.

The firm expects gross profit of $684 million, implying a gross margin of 47.9%, compared with consensus expectations of $690 million and a 48.3% margin. It projects operating income of $255 million, or a 17.9% operating margin, and earnings per share of $1.30, versus Wall Street expectations of $258 million in operating income and EPS of $1.33.

Jefferies expects gross profit dollar growth of 9.7% year over year, a moderation from the 16% growth reported in the first quarter as comparisons become more challenging.

Jefferies noted that investors will be looking for evidence that the broad-based momentum seen in the first quarter can continue, after growth was supported by stronger customer expansion, increased cross-selling and wider adoption of multiple products.

Key areas of focus include whether messaging growth remains resilient, whether voice growth accelerates alongside rising adoption of voice AI, continued strength in self-service and independent software vendor channels, and higher-margin software offerings such as Verify and branded messaging.

The firm also expects investors to assess whether Twilio's platform strategy, go-to-market improvements and AI-related product investments continue translating into sustainable growth beyond a single quarter.

Jefferies believes investors will also be watching for another increase to full-year guidance after the company raised its revenue outlook following first-quarter results. While the firm sees consensus forecasts as reasonable, it noted that many investors appear to be expecting organic revenue growth in the mid-to-high teens.

For the third quarter, Jefferies forecasts revenue of $1.459 billion, gross profit of $704 million, operating income of $266 million and earnings per share of $1.35.

Although Jefferies expects the company's fundamentals to continue improving, it noted that Twilio's strong share price performance this year has raised expectations, potentially making it harder for future earnings reports to drive further gains.

Shares of Twilio were down more than 4% on Tuesday at $196.

One of the healthier real estate investment trusts (REITs) on the stock market Tuesday was Sabra Health Care REIT (SBRA +10.20%). Investors pushed the company's shares up by more than 10% that trading session, on several positive news items.

Rebalancing The source of that investor optimism was an operational and financial update Sabra issued in the morning.

Image source: Getty Images.

The company said it has entered into letters of intent to retenant the 26 properties leased to senior living and post-acute care specialist Avamere. Sabra added that when these changes occur, the total rent for the portfolio should be $53 million annually, nearly 30% higher than the $41 million the REIT previously collected.

The moves are expected to finalize in the second half of this year.

The company also said that it has arranged a deal to retire a $300 million mortgage loan it provided to Recovery Centers of America (RCA). Under its terms, RCA will pay $200 million entirely in cash. Although this represents a significant discount, Sabra is using the proceeds wisely -- they are to be utilized to reduce the balance on the REIT's revolving line of credit.

Today's Change

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22.04

Good news about guidance The best news in all of this is that the changes led Sabra to raise its guidance for the entirety of 2026. The company now expects headline net income of $0.37 to $0.39 per share, and normalized, adjusted funds from operations (AFFO; a critical profitability metric for REITs) of $1.59 to $1.61 per share.

While the net income forecast is notably lower than the preceding guidance of $0.60 to $0.64 per share, it reflects one-time costs Sabra will incur in its actions. On the other hand, the normalized AFFO estimate is higher than the previous $1.55 to $1.59.

It seems to me that Sabra is clearing the decks for future growth and tidying its balance sheet. That in itself is good news, so I'd be bullish on the stock too.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

3 Overlooked Dividend Stocks for Choppy Markets in 2026Hancock Whitney NASDAQ: HWC reported what executives described as another strong quarter of profitability, efficiency and shareholder returns in the second quarter of 2026, while also pointing to stronger balance sheet growth and continued improvement in credit trends.

President and CEO John Hairston said earnings per share improved 13% from the same period a year earlier, while pre-provision net revenue rose 6%. He also highlighted 5% loan growth, 2% total deposit growth and a sixth consecutive quarter of improvement in commercial criticized loans.

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Analysts Remain Bullish On These 3 Regional Banks“The second quarter of 2026 was another strong quarter of profitability, efficiency, and return of capital to shareholders,” Hairston said. He added that the company was “pleased to add solid balance sheet growth on both sides of the ledger to an already excellent quarter.”

Profitability Remains Strong as Net Interest Income Rises CFO Mike Achary said net income for the quarter was $127 million, or $1.55 per share, compared with adjusted net income of $125 million, or $1.52 per share, in the first quarter. Pre-provision net revenue increased 3% from the prior quarter to $178 million, which Achary said represented a 1.99% return on average assets.

Net interest income increased 3% from the prior quarter. Hancock Whitney’s net interest margin rose one basis point to 3.56%, as the yield on earning assets increased two basis points and the cost of funds increased one basis point. Achary said the bond portfolio yield rose 12 basis points to 3.35%, reflecting the full-quarter impact of a restructuring transaction completed in the first quarter and reinvestment of principal cash flows.

Loan yields declined two basis points, which Achary attributed mainly to a 12-basis-point quarter-over-quarter drop in new loan rates, partially offset by a $374 million increase in average loans. Deposit costs fell four basis points to 1.43%, mostly because of lower rates on maturing certificates of deposit.

Achary said Hancock Whitney expects deposit costs to increase in the second half of the year, as the benefit from repricing maturing CDs “will largely come to an end.” He said net interest income should continue to grow, though possibly at a slower pace than in the second quarter, and that the margin is expected to be flat to slightly higher.

Loan and Deposit Growth Accelerate On a linked-quarter annualized basis, Hairston said loans grew 10% and deposits grew 8%. Loan production was strong and line utilization improved, with growth across every business line except mortgage. The company reiterated its full-year loan growth guidance of mid-single digits.

Chief Operating Officer Shane Loper said Hancock Whitney produced $1.5 billion in loans during the quarter, up from $1.2 billion in the first quarter. Loan growth totaled $588 million, with strength across business banking, commercial, middle market, consumer and commercial real estate.

Loper said clients generally remain stable and somewhat optimistic, but cautious. He also said the loan market remains competitive, particularly because “there’s a lot of credit supply for a limited demand.”

Deposit growth was driven by a $786 million increase in interest-bearing money market accounts, partially offset by a slight decline in CD balances from maturities. Hancock Whitney raised its full-year deposit guidance from low single-digit growth to mid-single-digit growth.

Achary said the bank’s goal is to fund loan growth with deposit growth, and he described the deposit pricing environment as competitive but rational in the company’s markets. During the quarter, Hancock Whitney expanded certain promotional deposit offerings, including an 11-month CD at 3.85% in Louisiana, Mississippi and Alabama after previously offering it in Florida and Texas. The company also offered money market promotions at 3.75% for some existing customers and 4% for new customers.

Fee Income, Expenses and Hiring Fee income increased $2.3 million, or 2%, adjusted for the net loss on the bond portfolio restructuring in the prior quarter. Achary said the increase was driven by higher activity in investment and annuity income, insurance and trust, partly offset by lower syndication fees and Small Business Investment Company income, which he said can be unpredictable from quarter to quarter.

Hairston pointed to wealth management as a notable contributor, citing execution across the broker-dealer and trust platforms, as well as some benefit from the Sabal transaction completed last year. He also said card and merchant services continued to perform well, while secondary mortgage was in line with expectations.

Expenses rose 2% from the prior quarter, primarily because of annual merit increases and the impact of new hires during the first half of 2026. Hairston said Hancock Whitney added 15 net new bankers in the second quarter, bringing the year-to-date total to 42 against its annual goal of 50.

Loper said new bankers accounted for 26% of the quarter’s growth and that the company remains confident in reaching its hiring target. Achary noted that the company increased its operating expense guidance excluding One Florida Bank, partly reflecting the possibility of adding more employees.

Asset Quality Continues to Improve Hancock Whitney reported continued improvement in criticized commercial loans, which declined $30 million to $492 million. Nonaccrual loans increased $1 million to $114 million. Net charge-offs were 16 basis points, down from 19 basis points in the prior quarter.

Achary said loan loss reserves stood at 1.42% of loans. The company continues to expect net charge-offs to average loans to come in between 15 and 25 basis points for full-year 2026.

In response to an analyst question about changes in CECL assumptions, Achary said the company saw Moody’s baseline scenario become more conservative. He said Hancock Whitney shifted its weighting from 40/60 to 50/50 between the baseline and slow-growth scenarios.

One Florida Deal and Capital Plans Hairston said Hancock Whitney received regulatory and shareholder approval in July for the One Florida Bank transaction and expects the deal to close on August 1. He said the company updated its guidance to show the fiscal 2026 outlook both excluding and including One Florida.

Including One Florida, Achary said Hancock Whitney expects loans and deposits to be up low double digits, net interest income to rise 8% to 9%, fee income to increase 6% to 7%, operating expenses to rise 7.5% to 8.5%, and pre-provision net revenue to grow 7% to 8%. Those expectations do not include meaningful revenue synergies, such as expanding wealth products and services to One Florida clients. Cost savings are expected to be fully realized by the start of 2027.

Hairston said the immediate focus after closing will be welcoming One Florida clients and employees and completing integration, which he expects in mid- to late fourth quarter. He said the company may provide more detail in 2027 on growth expectations in Orlando and other Florida markets.

On capital deployment, Hairston said Hancock Whitney’s priorities remain supporting balance sheet growth, dividends and completing the current 5% share repurchase authorization by year-end. Achary said the company had about 2 million shares remaining under the authorization and intends to exhaust it over the second half of 2026, likely on a roughly pro rata basis between the third and fourth quarters.

Achary said the company is comfortable with tangible common equity around 9% and common equity Tier 1 capital around 12%. He said future repurchase plans for 2027 will be discussed when the company gets there.

About Hancock Whitney (NASDAQ:HWC)Hancock Whitney Corporation NASDAQ: HWC is a regional financial services company headquartered in Gulfport, Mississippi. The firm was established in April 2019 through the merger of Hancock Holding Company and Whitney Holding Corporation, each of which traced its roots to the late 19th century. This combination created one of the largest bank holding companies in the Gulf South region, with a network of branches serving both urban and rural communities.

The company's core business activities include commercial banking, retail banking and wealth management services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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This news release constitutes a “designated news release” for the purposes of the prospectus supplement dated January 12, 2026 to the short form base shelf prospectus of Brookfield Renewable Corporation and Brookfield Renewable Partners L.P.

BROOKFIELD, News, July 21, 2026 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN) (“BEP”) and Brookfield Renewable Corporation (NYSE: BEPC; TSX: BEPC) (“BEPC”, and together with BEP, “Brookfield Renewable”) today announced that it has approved plans to simplify its corporate structure (the “Simplification”) by converting BEP and BEPC into one publicly traded corporation, Brookfield Renewable Partners Inc. (“BEP Inc.”).  

“We are pleased to take this important step in the evolution of Brookfield Renewable,” said Connor Teskey, Chief Executive Officer of Brookfield Renewable. “By simplifying our corporate structure, we expect to enhance the accessibility of our securities to a broader range of investors, support increased index demand and provide a traditional corporate ownership structure. We believe this transaction will strengthen our position over the long term and create lasting value for our investors.”

Benefits of a Simplified Structure

Brookfield Renewable expects the Simplification to be tax-deferred for Canadian and U.S. investors and completed without any meaningful cost to the business, while providing securityholders with the following benefits, among others:

Improved consolidated trading liquidity through a single listed security;Increased demand from current indices and potential additional index inclusion;Stronger alignment with long-term capital allocation trends toward indexable and ETF-eligible corporate securities;Simplified investor analysis, screening, and benchmarking through a single listed reporting entity;Broader access to a larger pool of investors who prefer corporate structures;Enhanced governance framework and voting rights for public securityholders; andFor BEP unitholders, elimination of onerous partnership tax reporting forms and preferential dividend tax rates for many Canadian and U.S. taxable investors. Corporate Simplification Details

Under the terms of the Simplification, upon receipt of approval from BEP unitholders, all outstanding limited partnership units of BEP, other than preferred units, will, together with certain related exchangeable securities, be exchanged on a one-for-one basis for newly issued shares of BEP Inc.

BEPC shareholders will separately be asked to approve the Simplification, pursuant to which their class A exchangeable subordinate voting shares in BEPC (the “BEPC exchangeable shares”) will be exchanged for new shares of BEP Inc. on a one-for-one basis. If BEPC shareholders vote in favor of the Simplification, the exchange can also be completed on a tax-deferred basis. If BEPC shareholders do not approve the Simplification, the BEPC exchangeable shares will remain outstanding and become exchangeable, on a one-for-one basis, for newly issued shares of BEP Inc., rather than being exchangeable for units of BEP as they are today.

Completion of the exchange of BEP limited partnership units for shares of BEP Inc. is not conditional on BEPC shareholder approval.

Special meetings of BEP unitholders and BEPC shareholders will be held on October 14, 2026, and securityholders of record as of the close of business on August 21, 2026 will be entitled to vote at the applicable meeting. The Simplification will be implemented by way of a court-approved plan of arrangement and will be subject to customary regulatory approvals for a transaction of this nature, including approval for the listing of BEP Inc.’s shares on the New York Stock Exchange and Toronto Stock Exchange. Following securityholder approval, Brookfield Renewable expects to complete the Simplification in the fourth quarter of 2026.

There will be no change to Brookfield’s ownership of Brookfield Renewable as a result of the Simplification. BEP’s preferred units and public debt will remain outstanding and unaffected by the Simplification.

Brookfield Asset Management’s management fee and incentive distribution arrangements will continue in a manner consistent with Brookfield Renewable’s existing arrangements.

The Board of Directors of each of BEP and BEPC, based in part on the unanimous recommendations of their respective nominating and governance committees (consisting entirely of independent directors) and the fairness opinions received from Scotiabank, unanimously determined that the Simplification is in the best interests of BEP and BEPC, respectively, and have unanimously resolved to approve the Simplification and recommend that BEP unitholders and BEPC shareholders vote in favor of the Simplification.

Torys LLP is acting as legal advisor to Brookfield Renewable for the Simplification.

Scotiabank is acting as independent financial advisor and Goodmans LLP is acting as independent legal counsel to the nominating and governance committees of each of BEP and BEPC in connection with the Simplification.

Further information regarding the Simplification, including details on the votes that will be required and the other conditions for closing, will be contained in a joint management information circular of BEP and BEPC.

Copies of the joint management information circular, the arrangement agreement, the plan of arrangement and certain related documents will be filed with the applicable Canadian securities regulators and with the United States Securities and Exchange Commission and will be available on SEDAR+ at https://sedarplus.ca and on EDGAR at https://sec.gov.

About Brookfield Renewable

Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed solar and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.

Investors can access the portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Further information is available at https://bep.brookfield.com.

Brookfield Renewable is the flagship listed energy company of Brookfield Asset Management, a leading global alternative asset manager headquartered in New York, with over $1 trillion of assets under management. For more information, go to https://brookfield.com.

Contact Information

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Any securities to be issued in the transaction will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and any securities issued in connection with the transaction are anticipated to be issued in reliance upon the exemption from the registration requirements of the U.S. Securities Act provided for by Section 3(a)(10) thereof and in accordance with applicable state securities laws.

Cautionary Statement Regarding Forward-looking Statements

This news release may contain “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws. The words “will”, “target”, “future”, “growth”, “expect”, “believe”, “may”, derivatives thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify the above mentioned and other forward-looking statements. Forward-looking statements or information in this news release include statements with respect to the Simplification and the special meetings of the unitholders of BEP and the shareholders of BEPC.

Although Brookfield Renewable believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of Brookfield Renewable, and the completion of the Simplification, are subject to a number of known and unknown risks and uncertainties, which could cause actual results to differ materially from those contemplated or implied by the forward-looking statements or information in this news release. Such risks and factors are described in the documents filed by Brookfield Renewable with the securities regulators in Canada and the United States including under “Risk Factors” in the most recent Annual Report on Form 20-F of BEP and in the most recent Annual Report on Form 20-F of BEPC, and other risks and factors that are described therein. Certain risks and uncertainties specific to the proposed Simplification will be further described in the joint management information circular of BEP and BEPC to be delivered to security holders in advance of the special meetings. Except as required by law, Brookfield Renewable undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

Any statements contained herein with respect to tax consequences are of a general nature only and are not intended to be, nor should they be construed to be, legal or tax advice to any person, and no representation with respect to tax consequences is made. Unitholders and shareholders are urged to consult their tax advisors with respect to their particular circumstances.

Oklo stock is charging ahead with explosive momentum. What’s driving OKLO stock higher? Oklo, X-Energy To Join Power Plant ProgramOklo and X-Energy will join Microsoft and Nvidia in a Trump administration-led effort to accelerate the construction of new power plants for AI data centers, according to a Bloomberg report citing a document reviewed by Bloomberg News.

The $200 million program reportedly aims to address mounting concern that the data center buildout fueling the AI boom has pushed up electricity prices across the country.

The report indicates that an official announcement could come as soon as Wednesday.

Nuclear power has emerged as one of the more compelling answers to AI’s soaring electricity demand, largely because it provides large amounts of around-the-clock baseload power without producing direct carbon emissions. That combination has driven a wave of activity, from tech companies signing long-term deals to restart or contract existing plants to growing investment in small modular reactors.

OKLO, XE Shares Rise After the BellAt the time of publication, Oklo shares were up 6.31% at $46.50 in after-hours, and X-Energy shares were up 7.22% at $16.79, according to Benzinga Pro.

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21 July 2026 | 20:11 Robinhood Chain has become one of the fastest-growing networks in crypto, and Arbitrum is positioned to be a direct beneficiary.

Key Takeaways Robinhood Chain reached roughly 10 million daily transactions within three weeks of its July 1 mainnet launch. The chain routes 10% of protocol net revenue to the Arbitrum ecosystem: 8% to the DAO treasury, 2% to the Developer Guild. A 90-day gas subsidy is driving activity, keeping current fee revenue minimal until it expires in late September. Early volume is dominated by memecoins and DeFi rather than the tokenized stocks the chain was built for. The Layer 2, built on Arbitrum’s technology stack, reached roughly 10 million daily transactions less than three weeks after its public mainnet opened, and it contributes a share of its revenue back to the Arbitrum ecosystem.

The mechanism is real. The current dollar amounts are not yet meaningful. Understanding both is what separates this story from the version circulating on social media.

A 10 Million-Transaction Chain, With an Asterisk The clearest picture comes from Token Terminal, which wrote on X that “daily transactions on Robinhood Chain reach ~10m, while average block times fall to ~100ms,” calling the result a consumer-grade user experience onchain. The firm’s chart shows the ramp was not a single spike: daily counts climbed through early July and have held between roughly 7 million and 11 million since July 8, with several sessions above 10 million, while average block times collapsed from about 3 seconds at launch to a flat line near 100 milliseconds. Counting methods vary by tracker but every source points the same direction, and Token Terminal’s earlier comparison, cited by CoinDesk, showed the chain overtaking Coinbase’s Base in daily transactions within two weeks of launch.

Robinhood Chain daily transactions and block times. Two caveats keep that figure honest. First, Robinhood is covering all user gas fees for the chain’s first 90 days, which brings the cost of transacting to near zero and inflates activity that might not persist once users pay their own way from late September. Second, the composition is not what the chain was built for: DefiLlama data as of mid July shows memecoins and stablecoins dominating a network holding only about $12.8 million in tokenized real-world assets, against total value locked in the hundreds of millions. The pattern echoes Base’s 2023 launch, where speculation arrived first and durable applications later.

Ten million transactions is also not ten million users. Automated contract interactions, swaps and application-generated activity can all produce multiple transactions per participant. The milestone is evidence of technical capacity, not equivalent adoption. For how tokenized stocks and funds actually work as products, see our guide to RWA tokenization platforms.

How Robinhood Activity Becomes Arbitrum Revenue The economic relationship needs a clarification that most coverage skips. Robinhood Chain does not transfer 10% of every transaction’s value to Arbitrum. Under the Arbitrum Expansion Program, it contributes 10% of the protocol net revenue generated by the chain: 8% to the ArbitrumDAO treasury and 2% to the Arbitrum Developer Guild, routed through the program’s fee infrastructure and incorporated into the DAO’s financial reporting, according to the official ArbitrumDAO factsheet.

The connection to ARB is indirect but real. ARB holders vote on how the DAO treasury is used, including ecosystem funding and treasury allocation. The arrangement includes no automatic ARB buyback and no direct distribution to token holders; it adds revenue to a treasury governed through ARB-based voting.

Why the Numbers Are Still Small Here is where the thesis meets the ledger. During the subsidy period, the chain’s daily protocol fees have run at approximately $4,000, and FalconX estimated in April that Robinhood Chain could generate about $1.1 million in fees over six months. Ten percent of net revenue on figures that size is not a treasury-moving number for a DAO of Arbitrum’s scale.

The revenue thesis is therefore a forward-looking one. It depends on activity surviving beyond the subsidy, on fee-paying usage replacing subsidized speculation, and on tokenized securities and payments growing into the volumes that speculative trading currently occupies. If those conditions hold, the recurring flow to Arbitrum grows with them. If activity collapses in October, the 10% share applies to very little.

The Real Boost: A Blueprint for More Chains The larger value to Arbitrum may not be this chain’s fees at all, but what its launch demonstrates. Robinhood opened the mainnet on July 1, 2026 after a February public testnet that, according to the Arbitrum Foundation, processed more than 200 million transactions before production. The company first launched its Stock Tokens on Arbitrum One in 2025, validated the product on shared infrastructure, then migrated to a dedicated chain, the “launch-and-migrate” model described in Arbitrum’s announcement.

Technically, the chain runs first-come, first-served sequencing with roughly 100-millisecond preconfirmations, settles to Ethereum using blob data availability per the official documentation, and is fully EVM-compatible: it uses ETH for gas, supports standard Ethereum wallets, and assets move in over standard infrastructure of the kind covered in our guide to the Arbitrum Bridge and its alternatives. It is also permissionless, meaning external developers deploy without Robinhood’s approval, per Robinhood’s support documentation. The 100-millisecond figure describes ordering and preconfirmation speed, not final Ethereum settlement.

For Arbitrum, a household-name brokerage proving that model at this scale is a sales document for every other institution weighing its own chain. Each additional Expansion Program chain adds another revenue stream to the same treasury. That compounding pipeline, more than this quarter’s fees, is the realistic version of the “Robinhood boosts Arbitrum” story.

The competitive stakes are visible elsewhere: as our analysis of Solana’s second quarter showed, roughly 97% of tokenized-equity trading currently runs through Solana. Robinhood Chain is the most credible attempt yet to pull that market onto Ethereum-aligned rails.

Confirming the Thesis Transaction counts and active addresses in October, after the subsidy expires; sustained seven-figure daily activity on paid fees would convert the launch spike into a business. The share of activity coming from tokenized securities, visible in the chain’s TVL composition. The actual revenue contributions appearing in ArbitrumDAO’s financial reporting, which will put a public dollar figure on what the 10% share is worth. Until then, Robinhood Chain has proven the technology scales and the revenue pipe exists. Whether meaningful money flows through it is a question the coming months will answer.

Source: Based on Robinhood and Arbitrum official documentation and announcements, the ArbitrumDAO factsheet, and network data from Token Terminal and DefiLlama, checked July 21, 2026.

This article is provided for informational purposes only and does not constitute financial or investment advice.

Author

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

Coca-Cola Diet Coke cans on display for sale inside a shop in New Delhi, India, April 22, 2026. REUTERS/Bhawika Chhabra/File Photo Purchase Licensing Rights, opens new tab

CompaniesWASHINGTON, July 21 (Reuters) - Hacking gang Anubis claimed credit on Tuesday for an attack ​on Coca-Cola-owned (KO.N), opens new tab dairy company fairlife, threatening ‌to publish stolen data unless it received an unspecified ransom.

The group made the claim on its ​dark web site, saying it had stolen ​1 terabyte of data from fairlife.

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Coca-Cola ⁠did not immediately respond to a request ​for comment, and the hackers did not immediately ​return a message.

Chicago-based fairlife makes dairy products including protein shakes and filtered milk drinks. Coca-Cola said last week ​that production at fairlife's U.S. facilities ​was temporarily suspended after a hack.

Anubis is one of ‌many ⁠cybercriminal gangs that paralyze their victims' networks until a ransom is paid, a practice that can occasionally have dramatic knock-on effects if ​critical networks ​are hit. ⁠Hackers typically threaten to publish stolen data in a bid to ​pressure their victims.

Anubis' operations have a ​particularly ⁠disruptive edge to them, according to an analysis published last year, opens new tab by cybersecurity firm Trend ⁠Micro, ​which cited the group's use ​of file wiping software.

Reporting by Raphael Satter; Additional reporting ​by Koyena Das in Bengaluru; Editing by Cynthia Osterman

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

Reporter covering cybersecurity, surveillance, and disinformation for Reuters. Work has included investigations into state-sponsored espionage, deepfake-driven propaganda, and mercenary hacking.

Netflix gave streaming investors a jolt last week. The industry leader reported second-quarter results that were fine on their own, but its forecast called for revenue growth to slow again in the third quarter, and the stock, already deep in a yearlong slide, fell further on Friday.

Walt Disney (DIS 0.31%) shareholders know the feeling. Shares of the entertainment giant have fallen about 15% in 2026, to roughly $96 as of this writing, and they trade about 22% off their 52-week high.

But there's an irony in the timing. While the market frets over the streaming leader's slowing growth, Disney's own streaming business has been moving the other direction -- toward faster growth and higher profits.

So, with the leader stumbling, is the House of Mouse the contrarian buy in streaming?

Image source: Walt Disney.

Behind the decline Disney's sell-off this year wasn't baseless. In the company's fiscal first quarter of 2026 (the period ended Dec. 27, 2025), total segment operating income fell 9% year over year. The biggest problem was the entertainment segment, where operating income dropped 35% to $1.1 billion as programming, production, and marketing costs grew faster than revenue. The sports segment's operating income fell 23%, too, dinged by about $110 million from YouTube TV temporarily dropping Disney's networks in a carriage dispute.

Layer on the long-running decline of linear television and management's own caution about consumers (Disney says it is "mindful of the macroeconomic uncertainty consumers are facing today"), and investors had reasons to sour on the stock.

Streaming profits are finally showing up But the fiscal second quarter (ended March 28, 2026) showed a company in better shape than the stock price suggests. Revenue increased 7% year over year to $25.2 billion, and total segment operating income grew 4%. Non-GAAP (adjusted) earnings per share rose 8% to $1.57.

Streaming was the standout. Disney's subscription streaming revenue grew 13% year over year, accelerating from 11% growth in fiscal Q1, with subscription fees up 16%. And the streaming business's operating income nearly doubled year over year, climbing from $310 million to $582 million. That works out to a streaming operating margin of about 11%, up from about 6% a year earlier.

The trend within the year matters as much as the comparison. Streaming operating income went from $450 million in the fiscal first quarter to $582 million in the second, and the margin stepped up alongside it.

And Disney's content engine is helping. Zootopia 2 generated $1.9 billion at the global box office, and the franchise has since surpassed 1 billion hours streamed on Disney+. Hits like that can feed the company's parks and merchandise businesses for years to come.

The parks themselves are holding up as well. Experiences revenue rose 7% in the fiscal second quarter, and the segment's operating income grew 5%. Management called current demand at its domestic parks healthy, and it expects attendance to improve in fiscal Q3 after a 1% dip in the March quarter tied partly to soft international visitation.

Put it together, and management expects fiscal 2026 adjusted earnings per share to grow about 12%, excluding the benefit of an extra week in the fiscal year. The company is also targeting at least $8 billion in share repurchases in fiscal 2026.

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Yet the stock trades at about 13 times forward earnings. That's about two-thirds of what investors are paying for Netflix's forward earnings -- for the streaming business that's accelerating, not the one that's slowing down.

Of course, Disney's cheaper multiple partly reflects its baggage. The decline of linear TV remains a headwind, and those networks still generate profits that streaming must replace. A weakening consumer could hit the parks, which remain Disney's biggest source of operating income. And film slates are hit-driven, so the box office may disappoint in any given quarter.

With that said, the market seems to be pricing Disney as if its streaming turnaround isn't happening, even as the numbers show that turnaround gaining speed. To me, that makes Disney the more interesting streaming stock today -- a profitable, diversified entertainment company at 13 times forward earnings, backed by guided double-digit earnings growth and a large buyback program.

In short, I think the pessimism has overshot, and Disney looks like a contrarian buy here. Though I'd start with a modest position. With all of this said, we'll find out more soon; Disney's fiscal third-quarter report is due in early August.

After a sharp pullback over the last several trading sessions, semiconductor stocks are staging an impressive rebound on Tuesday as investors return to AI-related names ahead of a busy week of earnings.

The Philadelphia Semiconductor Index (SOX) is surging nearly 5%, with broad-based gains across Intel (INTC - Free Report) ), Micron (MU - Free Report) ), Marvell (MRVL - Free Report) ), AMD (AMD - Free Report) ), Nvidia (NVDA - Free Report) ), and other chipmakers helping to lift the broader Nasdaq.

The rally appears to reflect renewed optimism following last week's sector-wide correction, improving sentiment surrounding AI infrastructure spending, and investors positioning ahead of several closely watched technology earnings reports.

For Intel, the improving backdrop comes at an important time. To that point, the chipmaker has enjoyed a remarkable turnaround this year but has also experienced heightened volatility as investors evaluate whether its foundry ambitions, AI initiatives, and manufacturing roadmap can support a sustained recovery.

With Intel set to report Q2 earnings after market hours on Thursday, July 23, investors may be wondering if now is an opportune time to buy INTC, which has soared more than 350% over the last year to outperform all of its aforementioned chip peers outside of Micron.

Image Source: Zacks Investment Research

Intel’s Optimistic Q2 ExpectationsWall Street is expecting another meaningful step forward in Intel’s turnaround.

The Zacks Consensus Estimate calls for Q2 revenue of approximately $14.4 billion, representing 12% year-over-year growth.

On the bottom line, Intel's Q2 adjusted earnings are projected to come in at $0.21 per share, a dramatic improvement from a loss of -$0.10 a share in the year-ago period.

Investors will likely focus on several key themes during the earnings call:

Progress of Intel's 18A manufacturing processGrowth within the Data Center & AI businessUpdates on Intel Foundry customer winsOutlook for the second half of 2026Management's commentary regarding enterprise AI demand and capital spendingPerhaps most importantly, investors will want reassurance that Intel's turnaround remains on schedule and that its manufacturing investments are beginning to translate into sustainable financial improvements.

The Zacks ESPOptimistically, the Zacks ESP (Expected Surprise Prediction) indicates Intel could once again surpass earnings expectations, with the Most Accurate and recent estimate among Wall Street analysts having Q2 EPS slated at $0.22 and slightly above the underlying Zacks Consensus of $0.21 (Current Qtr below).

Image Source: Zacks Investment Research

This comes as Intel has impressively exceeded earnings expectations in three of its last four quarterly reports with an average EPS surprise of 996.88%. Intel most recently reported Q1 adjusted net income of $1.5 billion or $0.29 per share, which crushed EPS expectations of $0.01.

Image Source: Zacks Investment Research

AI and Foundry Progress Remain the Biggest CatalystsWhile Intel continues to face intense competition from AMD and Taiwan Semiconductor (TSM - Free Report) ), the company's long-term investment thesis has become increasingly centered around two opportunities: expanding its AI portfolio and rebuilding its semiconductor manufacturing leadership.

Recent announcements surrounding Intel's expanding AI ecosystem and growing enterprise partnerships, including with Nvidia, have reinforced confidence that management is making tangible progress.

Meanwhile, continued improvements in manufacturing yields and increased production on Intel's next-generation process technologies could eventually position the company as a more competitive foundry alternative for third-party chip designers.

If management delivers encouraging commentary regarding foundry customer demand and AI-related revenue opportunities, earnings estimate revisions could continue trending higher following the report.

Summary & Conclusion Although Intel still has work to do before fully re-establishing itself as a semiconductor leader, the company's turnaround appears to be gaining momentum.

Improving profitability, rising earnings estimates, AI-related growth opportunities, and continued progress within its foundry business all suggest Intel is moving in the right direction and starting to grow back into its valuation after a sharp rebound.

Naturally, Thursday's earnings report could introduce additional volatility, especially with options markets pricing in a sizable post-earnings move. However, if management delivers another solid quarter and reinforces confidence in its long-term roadmap, INTC could have further room to run.

For now, Intel stock currently sports a Zacks Rank #1 (Strong Buy), indicating favorable earnings estimate revisions and suggesting INTC may warrant consideration ahead of Q2 results.

Shares of software giant Salesforce (CRM 1.97%) were falling on Tuesday, down as much as 3.9% in early trading, before recovering slightly to a 2.7% decline as of 1:30 p.m. EDT.

The move was somewhat notable, given that the broader Nasdaq Composite was up by about 1.4% at the same time.

Salesforce was on the receiving end of a Wall Street analyst's downgrade today, along with a big price target cut. That led to a sell-off; however, given the stock's bargain-basement valuation, is the analyst's negativity already baked into the share price?

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Morgan Stanley sours on Salesforce's AI transition Salesforce is facing the same headwinds and uncertainties that all software stocks have experienced since the emergence of powerful AI coding agents from Anthropic and other AI labs at the beginning of this year.

Salesforce, of course, isn't standing still. The company has developed its own agentic AI features and capabilities, which it calls Agentforce. In June, Salesforce made a very interesting acquisition with an eye toward the agentic future: customer service agent software company Fin. Fin has already transformed its business model in the manner Salesforce needs to, including an outcome-based pricing model on its fully autonomous customer service agent, run on a custom AI model independent of the major AI labs.

Still, Adam Wood of Morgan Stanley doesn't think it's enough. The analyst lowered his rating on the shares from "Overweight" to "Equal Weight" and his price target from $287 to $185 today.

Wood is actually bullish on the leading indicators for Agentforce and Salesforce's new agentic AI offerings; however, Wood also acknowledges that this is coming at the expense of some of Salesforce's larger, legacy software subscription services. Moreover, Agentforce's revenue is still small, coming in at just a $3.4 billion annualized run rate last quarter; meanwhile, Salesforce projects about $46 billion in revenue this fiscal year. So Agentforce still accounts for only about 7% of revenue; even if that keeps growing fast, a drag on the larger non-agentic business could cap overall growth.

While he believes Salesforce is making the right moves and could emerge as an AI winner, Wood now thinks the inflection to overall company-level organic growth may take longer than expected. Given the uncertainty, he is bringing down the stock price to reflect a compressed valuation multiple that the market now attributes to much of the software sector.

Image source: Getty Images.

Long-term opportunity in the software sector? It should be noted that Salesforce currently trades at roughly $168 per share, which is still below Wood's new price target and represents a valuation of just 12 times this year's earnings estimates.

That valuation implies little to no growth going forward, which may be warranted given the uncertainties around agentic AI. However, Salesforce is returning lots of cash to shareholders through a large share repurchase program. If the company successfully navigates the agentic AI transition and eventually returns to growth, today's valuation could be a bargain. Still, investors should be prepared to wait a while to find out.

, /PRNewswire/ -- The Board of Directors of Albemarle Corporation (NYSE: ALB) today announced that it declared a quarterly common stock dividend of $0.41 per share. The dividend, which has an annualized rate of $1.64, is payable Oct. 1, 2026, to shareholders of record at the close of business as of Sept. 11, 2026.

About Albemarle
Albemarle Corporation (NYSE: ALB) is a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at Albemarle.com.

Albemarle regularly posts information to Albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, U.S. Securities and Exchange Commission filings and other information regarding the company, its businesses and the markets it serves.

Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, including, without limitation, statements related to future dividends and results, which may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that could cause actual results to differ materially from the statements expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; potential expected market pricing of bromine, lithium and spodumene and other underlying assumptions and our 2026 outlook considerations; adverse changes in liquidity or financial or operating performance; changes in the demand for our products or the end-user markets in which our products are sold and the other factors detailed from time to time in the reports we file with the U.S. Securities and Exchange Commission, including those described under "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Investor Relations Contact: +1 (980) 308-6194, [email protected]
Media Contact: Courtney St. Onge, +1 (980) 308-6310, [email protected] 

SOURCE Albemarle Corporation

Palo Alto Networks Inc. PANW is emerging as one of Wall Street's preferred cybersecurity plays as concerns over increasingly powerful artificial intelligence models drive demand for security products and services.

The view follows comments from International Business Machines (IBM), which said last week that enterprise customers are placing greater emphasis on cybersecurity as more advanced AI models enter the market.

In a research note published Monday, William Blair named Palo Alto Networks its top pick in the cybersecurity sector, arguing that AI is creating more demand for cybersecurity solutions rather than reducing it.

Palo Alto shares fell about 3% to $338.19 on Tuesday after declining 2.8% in the previous session.

Despite the recent pullback, the stock has gained 83% this year and has posted gains in each of the past four months.

William Blair said discussions with private companies, resellers, industry participants and thought leaders pointed to strong cybersecurity spending during the second quarter.

The firm attributed the trend to increasing concerns surrounding Anthropic's Mythos AI model, demand for firewalls ahead of expected price increases and broader worries about AI-driven cyber threats.

Analyst Jonathan Ho wrote, "We are seeing a dramatic shift in prioritization as customers rush to purchase firewalls ahead of expected price increases and as supply chain challenges loom in the background."

The firm also said cybersecurity has become a higher priority following the release of Anthropic's Mythos model and Nvidia's next-generation Blackwell AI architecture.

According to William Blair, spending has been particularly strong for companies offering firewall products and vulnerability management services.

"We believe the strong near-term performance in security stocks following last quarter’s declines suggests that cybersecurity is now perceived as a beneficiary of AI," Ho wrote.

The report noted that vulnerability management has become a leading concern for customers, while spending on AI security and zero-trust projects has temporarily taken a back seat as organizations focus on addressing immediate risks associated with new AI models.

Palo Alto remains William Blair's top cybersecurity pickWilliam Blair maintained an Outperform rating on Palo Alto Networks, citing its competitive position and favorable demand trends.

"We believe Palo Alto continues to take share in the market and benefits from customers deciding to pull the trigger early as the perception is that price increases are coming and backlog/lead times are building," Ho wrote.

The firm said stronger firewall demand should support growth in both annual recurring revenue and product revenue, although rising hardware firewall component costs could weigh on margins.

William Blair also believes AI presents a long-term growth opportunity for established cybersecurity companies.

"AI offers a significant opportunity longer term, as platform vendors appear best positioned from a trust perspective to bring security for AI to customers," Ho wrote.

He added that it was "unlikely" that frontier AI model developers would replace traditional cybersecurity providers.

Palo Alto has also received a series of higher price targets from other Wall Street firms in recent weeks.

Tigress Financial Partners raised its target price to $430, citing the strength of the company's AI-driven platform following its third-quarter results.

Evercore ISI increased its target to $415 after positive channel checks and expectations for future free cash flow generation.

Needham also lifted its price target to $425, pointing to optimism surrounding the company's fiscal 2027 growth outlook following discussions with management.

The Trade Desk (Trade Desk Inc (NASDAQ:TTD))'s upcoming print does not look compelling in either direction, according to analysts at Jefferies, who warned that structural challenges are likely to persist regardless of the outcome of the company's dispute with Publicis.

The brokerage said it is modeling second-quarter revenue growth of 8% year-over-year, in line with Street estimates, though it would not rule out a typical beat of around 2%.

Jefferies noted the second-quarter guide likely already reflects a full quarter of impact from the Publicis dispute, which began in mid-March, and that 8% year-over-year growth implies just 9% quarter-over-quarter growth, well below the 13%, 19% and 21% quarter-over-quarter growth Trade Desk posted in the second quarters of 2025, 2024 and 2023, respectively.

For the third quarter, Jefferies is modeling 9% year-over-year growth, also in line with the Street, and called the guide a possible swing factor given the Publicis resolution and new go-to-market leadership. The firm said Street estimates for the third quarter imply 7% quarter-over-quarter growth, consistent with typical seasonality, and that the Publicis resolution along with modest political ad spend could drive upside.

At the same time, Jefferies said it has limited visibility into the concessions made to secure the Publicis resolution and is watching whether recent leadership hires, including a new chief business development officer, chief commercial officer and vice president of client strategy, create near-term disruption to the go-to-market organization.

Looking further out, Jefferies said Street estimates for 2027 revenue growth of 9.4%, roughly stable versus 9.8% in 2026, look aggressive given ongoing structural headwinds, including potential take-rate pressure, risk of incremental share loss and a tougher comparison against this year's political spending tailwind. The firm said stable growth is harder to sustain on a larger revenue base, with two-year growth trends yet to find a floor.

Jefferies pointed to competitive pressure from Amazon as a continuing risk, citing potential take-rate compression and share loss at a time when overall brand budget growth is slowing and spending continues to shift toward performance channels.

The firm also cited reports of declining open web publisher traffic as a potential structural headwind to Trade Desk's non-CTV business, and said it views competitive and operational pressures as stickier than management's more cyclical characterization.

Jefferies lowered its 2027 revenue estimate by 2% and its 2027 EBITDA estimate by 3% to approximately $1.4 billion, in line with the Street.

ToplineNorthrop Grumman CEO Kathy Warden on Tuesday appeared to avoid a question about whether the defense contractor’s robotic spacecraft—scheduled for an evening launch by SpaceX—could be weaponized, suggesting she would “leave it up to the U.S. government.”

“I will leave it up to the U.S. government,” CEO Kathy Warden said during an earnings call.

Copyright 2026 The Associated Press. All rights reserved.

Key FactsNorthrop Grumman’s Mission Robotic Vehicle (MRV) is scheduled to launch on Tuesday barring a weather delay, Warden said during the firm’s earnings call, with a roughly four-hour launch window opening at 5:15 p.m. EDT.

Northrop Grumman has pitched its MRV as the first robotic spacecraft capable of repairing, relocating and upgrading satellites in orbit, and Warden indicated the MRV will become operational in 2027 after orbital positioning and testing.

When asked by Melius Research analyst Scott Mikus whether there was a market for an “offensive version” of the MRV that could disable other satellites, Warden replied: “I will leave it up to the U.S. government to decide how that capability might fulfill mission objectives.”

big number$105 billion. That’s the size of Northrop Grumman’s backlog, a record, the company reported Tuesday. The defense contractor raised its sales outlook for the year to up to $44.25 billion, above consensus Wall Street estimates of just below $44 billion, according to FactSet. Earnings through Northrop Grumman’s latest quarter came at $4.86 per share and revenue hit $44.8 billion, well above projections of $2.96 per share and $35.7 billion, respectively.

tangentTesla CEO Elon Musk said in April the automaker’s humanoid robot Optimus “will not just be Tesla’s biggest product ever, but probably the biggest product ever.” Tesla unveiled its robotics project in 2021, as Musk said the company’s goal is to “make a useful humanoid robot as quickly as possible.”

key backgroundNorthrop Grumman has positioned space as one of its major strategic business targets in recent years, landing a series of contracts with the U.S. military. The defense contractor has also expanded into servicing satellites through its SpaceLogistics subsidiary, which developed the MRV. Northrop Grumman’s space segment accounted for 15% of all of its revenue through the latest quarter in addition to a backlog exceeding $16 billion.

further readingForbesTesla Beats First-Quarter Expectations Amid Pivot To Robotics, AIBy Alicia Park

, /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the second quarter of 2026.

Second Quarter 2026 Results:

Production: Sales volume of 634 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and lower-than-expected price related curtailments Capital Expenditures: $666 million, 9% below the low-end of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spending Realized Pricing: Differential of $(0.67), favorable to guidance despite widening basis during the quarter due to benefits from marketing optimization and curtailment strategy Operating Costs: Total per unit operating costs of $1.03 per Mcfe, at the low end of guidance driven by lower-than-expected SG&A, transmission and LOE expenses Cash Flow: Net cash provided by operating activities of $1,048 million; generated free cash flow attributable to EQT(1) of $330 million Balance Sheet: Exited the quarter with $5.7 billion total debt and $5.5 billion net debt,(1) inclusive of $101 million of working capital usage(2) during the quarter; subsequent to the quarter end, repaid $115 million of 2026 debentures Second Quarter 2026 and Recent Highlights:

Record-Setting Operations: Drilled the longest lateral in the history of shale development at more than 29,000' while staying 100% in zone; set new basin-wide 24-hour drilling record and new EQT 48-hour drilling record in the process Raising Production Guidance: Raising 2026 production guidance by ~90 Bcfe due to better-than-expected benefits from compression investments improving both existing and new wells and shallowing decline rates; full-year capital spending guidance reduced by $25 million Premium Power Supply Deal: Signed 10-year definitive agreement with Competitive Power Ventures (CPV) to supply 325,000 Dth/d of natural gas to the CPV Shay Energy Center in Doddridge County, WV; pricing linked to PJM power prices, providing a substantial uplift relative to in-basin pricing Accelerating MVP Southgate: Secured all key regulatory approvals; electing to accelerate $85 million of capital contributions to de-risk and complete construction by year-end 2026 LNG Offtake SPA: Signed 5-year offtake agreement with a large Asian integrated energy company for 0.5 million tonnes per annum of LNG sourced from various Gulf Coast LNG facilities beginning in 2028; deal is expected to increase 2028 free cash flow(1) by ~$45 million at recent strip pricing Blackline Midstream Acquisition: Closed on the $77 million acquisition of Blackline Midstream, consisting of two propane storage and distribution terminals in New England; advances vertical integration strategy at an attractive valuation with significant synergy potential and minimal capital requirements President and CEO Toby Z. Rice stated, "EQT delivered outstanding operational and financial performance in the second quarter, driven by record-setting execution and strong well productivity that resulted in production well above the high end of guidance. Due to the sustained production outperformance resulting from our compression investments, we are raising 2026 production guidance by 90 Bcfe, while lowering our full-year CapEx guidance by $25 million. These results further demonstrate the strength of our low-cost operating model and our ability to consistently create value for shareholders."

Rice continued, "We also announced another long-term gas supply agreement supporting a new 2-gigawatt power generation facility in the heart of West Virginia, further validating our view that the next wave of natural gas demand growth is emerging in our backyard. This agreement provides EQT a substantial premium over in-basin pricing and is another example of how EQT is converting growing regional demand into durable shareholder value. As power generators and data center developers increasingly look to secure reliable, long-term energy supply, EQT has become the partner of choice in Appalachia, leveraging our scale, infrastructure footprint and commercial capabilities to capture an outsized share of this demand growth."

(1)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

(2)

Represents the decrease in changes in other assets and liabilities as derived from the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Second Quarter 2026 Financial and Operational Performance

Three Months Ended

June 30,

2026

2025

Change

(Millions, unless otherwise noted)

Total sales volume (Bcfe)

634

568

66

Average realized price ($/Mcfe)

$             2.65

$             2.81

$            (0.16)

Net income attributable to EQT

$              211

$              784

$            (573)

Adjusted net income attributable to EQT (a)

$              244

$              273

$              (29)

Diluted income per share (EPS)

$             0.34

$             1.30

$            (0.96)

Adjusted EPS (a)

$             0.39

$             0.45

$            (0.06)

Net income

$              281

$              857

$            (576)

Adjusted EBITDA (a)

$            1,203

$            1,158

$                45

Adjusted EBITDA attributable to EQT (a)

$            1,067

$            1,033

$                34

Net cash provided by operating activities

$            1,048

$            1,242

$            (194)

Adjusted operating cash flow (a)

$            1,149

$              918

$              231

Adjusted operating cash flow attributable to EQT (a)

$            1,014

$              794

$              220

Capital expenditures

$              666

$              554

$              112

Capital contributions to equity method investments

$                29

$                24

$                 5

Free cash flow (a)

$              454

$              340

$              114

Free cash flow attributable to EQT (a)

$              330

$              240

$                90

(a)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Per Unit Operating Costs
The following table presents certain of the Company's consolidated operating costs on a per unit basis.(a)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

($/Mcfe)

Gathering

$          0.09

$          0.08

$          0.09

$          0.08

Transmission

0.40

0.45

0.41

0.45

Processing

0.12

0.15

0.12

0.15

Lease operating expense (LOE)

0.10

0.09

0.09

0.08

Production taxes

0.06

0.07

0.08

0.08

Operating and maintenance (O&M)

0.09

0.10

0.09

0.09

Selling, general and administrative (SG&A)

0.17

0.14

0.16

0.15

Operating costs

$          1.03

$          1.08

$          1.04

$          1.08

Production depletion

$          0.95

$          0.95

$          0.93

$          0.95

(a)

References in this release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. As used throughout this release, per unit operating costs reflect, for each period presented, the consolidated amount of such operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume (Mcfe).

Gathering expense per Mcfe increased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line in the first quarter of 2026.

Transmission expense per Mcfe decreased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher sales volume.

Processing expense per Mcfe decreased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to decreased production of gas that requires processing and higher sales volume.

Selling, general and administrative expense increased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher long-term incentive compensation costs and higher professional service costs.

Liquidity
As of June 30, 2026, the Company had $52 million of borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka) revolving credit facility, as of June 30, 2026 was approximately $3.6 billion.

As of June 30, 2026, total debt and net debt(1) were $5.7 billion and $5.5 billion, respectively, compared to $7.8 billion and $7.7 billion, respectively, as of December 31, 2025.

(1)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Blackline Midstream Acquisition
On July 21, 2026, the Company completed its acquisition of all of the operating subsidiaries of Blackline Midstream, LLC (Blackline). Blackline owns and operates two strategically located propane storage and distribution terminals in New England, representing the largest propane facilities in the region with rail, waterborne and retail access. Collectively, the assets provide 46 million gallons of storage capacity, with the Company currently supplying ~60% of Blackline's propane volumes. The assets provide optionality for EQT's propane production, improve flow assurance, enhance the Company's ability to optimize pricing and create additional commercial opportunity through domestic and international supply channels. The $77 million purchase price equates to a ~20% free cash flow yield.(1)

(1)

EQT expects the Blackline assets to generate average annual free cash flow over the next five years of approximately $15 million. The free cash flow yield referred to in this news release is derived by dividing the Blackline assets' projected 2027 – 2031 average annual free cash flow by the purchase price (assuming no adjustments thereto). Free cash flow and free cash flow yield are non-GAAP financial measures. See the Non-GAAP Disclosures section of this news release for important information regarding these non-GAAP financial measures.

Third Quarter 2026 Outlook
The Company is raising its full-year 2026 total sales volume guidance to 2,375 – 2,450 Bcfe, reflecting strong performance to date. The Company expects total sales volume of 570 – 620 Bcfe in the third quarter of 2026. The Company now expects its full-year 2026 maintenance capital expenditures to total $2,040 – $2,190 million, inclusive of $510 – $580 million in the third quarter of 2026. The Company expects growth capital expenditures of $200 – $240 million in the third quarter of 2026. The Company plans to turn-in-line (TIL) 34 – 50 net wells in the third quarter of 2026.

2026 Guidance

Production

Q3 2026

Full Year 2026

Total sales volume (Bcfe)

570 – 620

2,375 – 2,450

Liquids sales volume, excluding ethane (Mbbl)

3,400 – 3,700

14,200 – 15,000

Ethane sales volume (Mbbl)

1,750 – 1,900

7,700 – 8,100

Total liquids sales volume (Mbbl)

5,150 – 5,600

21,900 – 23,100

Btu uplift (MMBtu/Mcf)

1.050 – 1.060

1.050 – 1.060

Average Differential ($/Mcf, including basis hedges)

($0.75) – ($0.65)

($0.55) – ($0.35)

Resource Counts

Top-hole rigs

2 – 3

2 – 3

Horizontal rigs

2 – 3

2 – 3

Frac crews

2 – 3

2 – 3

Third-party Midstream Revenue ($ Millions)

$130 – $155

$600 – $700

Per Unit Operating Costs ($/Mcfe)

Gathering

$0.09 – $0.11

$0.09 – $0.11

Transmission

$0.42 – $0.44

$0.41 – $0.44

Processing

$0.11 – $0.13

$0.11 – $0.13

LOE

$0.11 – $0.13

$0.10 – $0.12

Production taxes

$0.06 – $0.08

$0.07 – $0.09

O&M

$0.10 – $0.12

$0.09 – $0.11

SG&A

$0.20 – $0.22

$0.18 – $0.20

Operating costs

$1.09 – $1.23

$1.05 – $1.20

Equity Method Investments and Midstream JV Noncontrolling Interest ($ Millions)

Distributions from equity method investments (a)

$60 – $70

$220 – $250

Distributions to PipeBox LLC (the Midstream JV) noncontrolling interest (b)

$110 – $125

$430 – $470

Capital Expenditures and Capital Contributions ($ Millions)

Upstream maintenance

$385 – $435

$1,600 – $1,700

Midstream maintenance

$70 – $80

$220 – $250

Corporate and capitalized costs

$55 – $65

$220 – $240

Total maintenance capital expenditures

$510 – $580

$2,040 – $2,190

Growth capital expenditures

$200 – $240

$580 – $640

Capital contributions to equity method investments (c)

$60 – $70

$150 – $170

(a)

Includes distributions from Series A of Mountain Valley Pipeline, LLC for MVP Mainline and Laurel Mountain Midstream, LLC (LMM).

(b)

Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest.

(c)

Includes capital contributions to Mountain Valley Pipeline, LLC (the MVP Joint Venture), including to Series A of Mountain Valley Pipeline, LLC for MVP Mainline, Series B of Mountain Valley Pipeline, LLC for MVP Southgate and Series C of Mountain Valley Pipeline, LLC for MVP Boost, and LMM.

Second Quarter 2026 Earnings Webcast Information
The Company's conference call with securities analysts begins at 10:00 a.m. ET on Wednesday July 22, 2026 and will be broadcast live via webcast. An accompanying presentation is available on the Company's investor relations website, www.ir.eqt.com, under "Events & Presentations." To access the live audio webcast, visit the Company's investor relations website. A replay will be archived and available for one year in the same location after the conclusion of the live event.

Hedging (as of July 14, 2026)
The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.

Q3 2026 (a)

Q4 2026

Q1 2027

Q2 2027

Q3 2027

Q4 2027

Hedged Volume (MMDth)

125

108

62

138

140

47

Hedged Volume (MMDth/d)

1.4

1.2

0.7

1.5

1.5

0.5

Swaps – Short

Volume (MMDth)

—

—

—

65

66

22

Avg. Price ($/Dth)

$           —

$           —

$           —

$       3.16

$       3.16

$       3.16

Calls – Short

Volume (MMDth)

125

108

62

73

74

25

Avg. Strike ($/Dth)

$       4.94

$       5.13

$       5.77

$       4.51

$       4.51

$       4.51

Puts – Long

Volume (MMDth)

125

108

62

73

74

25

Avg. Strike ($/Dth)

$       3.50

$       3.72

$       3.65

$       3.00

$       3.00

$       3.00

Puts – Short

Volume (MMDth)

—

—

25

73

74

25

Avg. Strike ($/Dth)

$           —

$           —

$       2.50

$       2.50

$       2.50

$       2.50

(a)

July 1 through September 30.

The Company also entered into derivative instruments to hedge basis. The Company may use other contractual agreements to implement its commodity hedging strategy from time to time.

Non-GAAP Disclosures
This news release includes the non-GAAP financial measures described below. These non-GAAP measures are defined and reconciled to the most directly comparable GAAP measure. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Upstream operating revenues, total debt, or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital, tax structure, and historic costs of depreciable assets.

Adjusted Net Income Attributable to EQT and Adjusted EPS
Adjusted net income attributable to EQT is defined as net income attributable to EQT Corporation, excluding loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding.

The Company's management believes that adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted net income attributable to EQT and adjusted EPS reflect only the impact of settled derivative contracts; thus, the measures exclude the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement.

The table below reconciles adjusted net income attributable to EQT and adjusted EPS with net income attributable to EQT Corporation and diluted EPS, respectively, the most comparable financial measures calculated in accordance with GAAP, each as derived from the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, except per share amounts)

Net income attributable to EQT Corporation

$     211,425

$     784,147

$   1,698,654

$   1,026,286

Add (deduct):

Loss on sale/exchange of long-lived assets

3,577

2,990

3,552

3,221

Impairment and expiration of leases

6,232

3,254

10,055

5,915

(Gain) loss on derivatives

(44,640)

(719,964)

193,629

(41,045)

Net cash settlements received (paid) on derivatives

72,614

(101,364)

(231,048)

(193,350)

Other expenses (a)

3,884

147,105

6,620

153,731

Loss on debt extinguishment

341

5,889

29,869

17,569

Tax impact of non-GAAP items (b)

(9,903)

151,016

(2,987)

13,956

Adjusted net income attributable to EQT

$     243,530

$     273,073

$   1,708,344

$     986,283

Diluted weighted average common shares outstanding

629,049

602,924

629,070

602,896

Diluted EPS

$          0.34

$          1.30

$          2.70

$          1.70

Adjusted EPS

$          0.39

$          0.45

$          2.72

$          1.64

(a)

Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities. In addition, other expenses for both the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

(b)

The tax impact of non-GAAP items represents the incremental tax expense/benefit that would have been incurred by the Company had these items been excluded from net income attributable to EQT Corporation. This approach resulted in a blended tax rate of 23.6% and 22.8% for the three months ended June 30, 2026 and 2025, respectively, and 23.6% and 25.9% for the six months ended June 30, 2026 and 2025, respectively. The blended tax rates differ from the Company's statutory tax rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits.

Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and Adjusted EBITDA Attributable to EQT
Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense, depreciation, depletion and amortization, loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EBITDA attributable to EQT is defined as adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries (defined below).

The Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations because they help facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted EBITDA reflects only the impact of settled derivative instruments and excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. In addition, adjusted EBITDA includes the impact of distributions received from equity method investments, which excludes the impact of depreciation included within equity earnings from equity method investments and helps facilitate comparisons of the core operating performance of the Company's equity method investments.

The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to EQT with net income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Net income

$     281,448

$     856,656

$   1,835,378

$   1,172,074

Add (deduct):

Interest expense, net

75,452

105,668

172,229

223,237

Income tax expense

84,933

235,615

518,285

314,283

Depreciation, depletion and amortization

689,592

623,471

1,344,384

1,244,246

Loss on sale/exchange of long-lived assets

3,577

2,990

3,552

3,221

Impairment and expiration of leases

6,232

3,254

10,055

5,915

(Gain) loss on derivatives

(44,640)

(719,964)

193,629

(41,045)

Net cash settlements received (paid) on derivatives

72,614

(101,364)

(231,048)

(193,350)

Other expenses (a)

3,884

147,105

6,620

153,731

Income from investments

(44,732)

(67,174)

(122,241)

(93,636)

Distributions from equity method investments

74,289

66,319

121,323

132,881

Loss on debt extinguishment

341

5,889

29,869

17,569

Adjusted EBITDA

1,202,990

1,158,465

3,882,035

2,939,126

Deduct: Adjusted EBITDA attributable to noncontrolling interests (b)

(135,958)

(125,164)

(268,041)

(261,964)

Adjusted EBITDA attributable to EQT

$   1,067,032

$   1,033,301

$   3,613,994

$   2,677,162

(a)

Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities. In addition, other expenses for both the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

(b)

A non-GAAP financial measure. See below for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.

The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Holdings and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table below reconciles adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries and adjusted EBITDA attributable to noncontrolling interests with net income of the Non-Wholly Owned Consolidated Subsidiaries, the most comparable financial measure as calculated in accordance with GAAP. The Company's management believes that adjusted EBITDA attributable to noncontrolling interests provides useful information to investors regarding the impact of the third-party ownership interest in the Non-Wholly Owned Consolidated Subsidiaries on the Company's financial condition and results of operations.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Non-Wholly Owned Consolidated Subsidiaries:

Net income

$     168,558

$     164,435

$     369,790

$     342,878

Add (deduct):

Interest expense, net

3,434

3,381

6,781

7,272

Depreciation and amortization

31,944

30,842

65,075

61,844

Loss on sale/exchange of long-lived assets

724

302

724

349

Income from investments

(42,954)

(40,711)

(97,986)

(83,574)

Distributions from equity method investments

70,921

58,724

114,187

124,511

Adjusted EBITDA

232,627

216,973

458,571

453,280

Deduct: Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT (a)

(96,669)

(91,809)

(190,530)

(191,316)

Adjusted EBITDA attributable to noncontrolling interests

$     135,958

$     125,164

$     268,041

$     261,964

(a)

Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT is calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT best reflects the economic impact of the Company's investment in the Midstream JV on adjusted EBITDA and earnings trends.

Adjusted Operating Cash Flow, Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow, Free Cash Flow Attributable to EQT and Free Cash Flow Yield
Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Adjusted operating cash flow attributable to EQT is defined as adjusted operating cash flow less adjusted EBITDA attributable to noncontrolling interests excluding net interest expense attributable to noncontrolling interests. Free cash flow is defined as adjusted operating cash flow less accrual-based capital expenditures and capital contributions to equity method investments. Free cash flow attributable to EQT is defined as adjusted operating cash flow attributable to EQT less accrual-based capital expenditures and capital contributions to equity method investments excluding the proportionate share of accrual-based capital expenditures and capital contributions to equity method investments attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries. Free cash flow yield is defined as free cash flow divided by market capitalization.

The Company's management believes that these measures provide useful information to investors regarding the Company's liquidity, including the Company's ability to generate cash flow in excess of its capital requirements and return cash to shareholders.

The tables below reconcile adjusted operating cash flow, adjusted operating cash flow attributable to EQT, free cash flow and free cash flow attributable to EQT with net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Net cash provided by operating activities

$   1,048,012

$   1,241,699

$   4,103,059

$   2,982,866

Decrease (increase) in changes in other assets and liabilities

100,617

(323,821)

(373,651)

(398,220)

Adjusted operating cash flow (a)

1,148,629

917,878

3,729,408

2,584,646

Deduct:

Capital expenditures

(666,258)

(553,559)

(1,274,094)

(1,051,003)

Capital contributions to equity method investments

(28,637)

(24,101)

(56,520)

(42,047)

Free cash flow (a)

$      453,734

$      340,218

$   2,398,794

$   1,491,596

(a)

Adjusted operating cash flow and free cash flow for the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Net cash provided by operating activities

$   1,048,012

$   1,241,699

$   4,103,059

$   2,982,866

Decrease (increase) in changes in other assets and liabilities

100,617

(323,821)

(373,651)

(398,220)

Adjusted operating cash flow (a)

1,148,629

917,878

3,729,408

2,584,646

(Deduct) add:

Adjusted EBITDA attributable to noncontrolling interests (b)

(135,958)

(125,164)

(268,041)

(261,964)

Net interest expense and other attributable to noncontrolling interests

1,268

1,028

2,205

2,280

Adjusted operating cash flow attributable to EQT (a) (c)

1,013,939

793,742

3,463,572

2,324,962

(Deduct) add:

Capital expenditures

(666,258)

(553,559)

(1,274,094)

(1,051,003)

Capital contributions to equity method investments

(28,637)

(24,101)

(56,520)

(42,047)

Capital expenditures attributable to noncontrolling interests

9,410

9,907

23,937

20,089

Capital contributions to equity method investments attributable to noncontrolling interests

1,212

13,587

4,272

23,123

Free cash flow attributable to EQT (a) (c)

$      329,666

$      239,576

$   2,161,167

$   1,275,124

(a)

Adjusted operating cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

(b)

A non-GAAP financial measure. See above for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.

(c)

Adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT are calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of these measures best reflect the economic impact of the Company's investment in the Midstream JV on adjusted operating cash flow, free cash flow and earnings trends.

In this news release, the Company has disclosed certain projections of free cash flow, including the average annual free cash flow expected to be generated by the Blackline assets during 2027 – 2031. The Company has not provided projected net cash provided by operating activities or reconciliations of projected free cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its payments and its customers' payments, with accuracy to a specific day, months in advance. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items, that impact reconciling items between net cash provided by operating activities and free cash flow. Natural gas prices are volatile and out of the Company's control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, the Company is unable to provide projected net cash provided by operating activities, or the related reconciliations of projected free cash flow to projected net cash provided by operating activities, without unreasonable effort.

Upstream Adjusted Operating Revenues
Upstream adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives and previously referred to as Production adjusted operating revenues) is defined as total Upstream operating revenues, less the revenue impact of changes in the fair value of derivative instruments prior to settlement and Upstream other revenues. The Company's management believes that this measure provides useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods. Upstream adjusted operating revenues reflects only the impact of settled derivative contracts; thus, the measure excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. The measure also excludes Upstream other revenues because it is unrelated to the revenue from the Company's natural gas and liquids production.

The table below reconciles Upstream adjusted operating revenues with total Upstream operating revenues, the most comparable financial measure calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, unless otherwise noted)

Total Upstream operating revenues

$   1,663,633

$   2,420,542

$   4,870,072

$   3,989,825

(Deduct) add:

Upstream (gain) loss on derivatives

(44,640)

(719,964)

193,629

(41,045)

Net cash settlements received (paid) on derivatives

72,614

(101,364)

(231,048)

(193,350)

Upstream other revenues

(8,979)

(79)

(13,752)

(3,554)

Upstream adjusted operating revenues

$   1,682,628

$   1,599,135

$   4,818,901

$   3,751,876

Total sales volume (MMcfe)

634,474

568,227

1,252,173

1,138,978

Average sales price ($/Mcfe)

$          2.54

$          2.99

$          4.03

$          3.46

Average realized price ($/Mcfe)

$          2.65

$          2.81

$          3.85

$          3.29

Net Debt
Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, revolving credit facility borrowings and senior notes. The Company's management believes that net debt provides useful information to investors regarding the Company's financial condition and assists them in evaluating the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt.

The table below reconciles net debt with total debt, the most comparable financial measure calculated in accordance with GAAP, as derived from the Condensed Consolidated Balance Sheets to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

June 30, 2026

December 31, 2025

(Thousands)

Current portion of debt (a)

$           114,959

$           507,119

Revolving credit facility borrowings (b)

324,000

360,000

Senior notes

5,216,755

6,933,209

Total debt

5,655,714

7,800,328

Deduct: Cash and cash equivalents

(112,863)

(110,795)

Net debt

$         5,542,851

$         7,689,533

(a)

As of June 30, 2026, the current portion of debt included EQT Corporation's 7.75% debentures. As of December 31, 2025, the current portion of debt included EQT Corporation's 3.125% senior notes and 7.75% debentures.

(b)

As of June 30, 2026 and December 31, 2025, revolving credit facility borrowings included $272 million and $285 million, respectively, of borrowings outstanding under Eureka's revolving credit facility.

Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
[email protected]

About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.

EQT management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via EQT's investor relations website at https://ir.eqt.com.

Cautionary Statements Regarding Forward-Looking Statements
This news release contains, and certain statements made during the above referenced conference call will be, forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release or made during the above referenced conference call specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation (EQT) and its consolidated subsidiaries (collectively, the Company), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs (including the number and type of drilling rigs and the number of frac crews to be utilized by the Company, the projected amount of wells to be turned-in-line and the timing thereof); projected natural gas prices, basis and average differential; the impact of commodity prices on the Company's business; total resource potential; projected production and sales volumes, including projected strategic curtailments and the timing, duration and volume thereof; projected capital expenditures and per unit operating costs; the amount and timing of distributions to and from the Company's joint venture arrangements; the projected timing of development of MVP Southgate; the Company's ability to successfully implement and execute its operational and organizational initiatives, the timing thereof and the Company's ability to achieve the anticipated results of such initiatives; the Company's plans, objectives, expectations, goals and projections relating to the Company's LNG offtake and tolling agreements and growth projects, including statements relating to the anticipated in-service dates, volume, duration, cost, anticipated impacts to free cash flow and investment returns thereof; the Company's ability to achieve the intended operational, financial and strategic benefits from any proposed and recently completed strategic transactions, and the timing thereof, including the Company's acquisition of all of the operating subsidiaries of Blackline Midstream, LLC and related financial projections associated with such acquisition; the amount and timing of any redemptions, repayments or repurchases of EQT's common stock, the Company's outstanding debt securities or other debt instruments; the Company's ability to reduce its debt and the timing of such reductions, if any; projected free cash flow; liquidity and financing requirements, including funding sources and availability; the Company's hedging strategy and projected margin posting obligations; the Company's tax position and projected effective tax rate; and the expected impact of changes in laws.

The forward-looking statements included in this news release or made during the above referenced conference call involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company's control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 and other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, except per share amounts)

Operating revenues:

Sales of natural gas, natural gas liquids and oil

$   1,610,014

$   1,700,499

$   5,049,949

$   3,945,226

Gain (loss) on derivatives

44,640

719,964

(193,629)

41,045

Pipeline and other

155,286

137,256

332,356

311,298

Total operating revenues

1,809,940

2,557,719

5,188,676

4,297,569

Operating expenses:

Transportation and processing

385,017

389,116

785,356

767,325

Production

100,316

91,518

215,494

179,956

Operating and maintenance

60,220

53,983

115,088

101,280

Selling, general and administrative

106,438

81,586

202,189

173,050

Depreciation, depletion and amortization

689,592

623,471

1,344,384

1,244,246

Loss on sale/exchange of long-lived assets

3,577

2,990

3,552

3,221

Impairment and expiration of leases

6,232

3,254

10,055

5,915

Other operating expenses

64,510

177,763

82,560

192,288

Total operating expenses

1,415,902

1,423,681

2,758,678

2,667,281

Operating income

394,038

1,134,038

2,429,998

1,630,288

Income from investments

(44,732)

(67,174)

(122,241)

(93,636)

Other income

(3,404)

(2,616)

(3,522)

(3,239)

Loss on debt extinguishment

341

5,889

29,869

17,569

Interest expense, net

75,452

105,668

172,229

223,237

Income before income taxes

366,381

1,092,271

2,353,663

1,486,357

Income tax expense

84,933

235,615

518,285

314,283

Net income

281,448

856,656

1,835,378

1,172,074

Less: Net income attributable to noncontrolling interests

70,023

72,509

136,724

145,788

Net income attributable to EQT Corporation

$      211,425

$      784,147

$   1,698,654

$   1,026,286

Income per share of common stock attributable to EQT Corporation:

Basic:

Weighted average common stock outstanding

625,962

599,221

625,549

598,574

Net income attributable to EQT Corporation

$          0.34

$           1.31

$          2.72

$          1.71

Diluted:

Weighted average common stock outstanding

629,049

602,924

629,070

602,896

Net income attributable to EQT Corporation

$          0.34

$           1.30

$          2.70

$          1.70

EQT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2026

December 31, 2025

(Thousands)

ASSETS

Current assets:

Cash and cash equivalents

$           112,863

$           110,795

Accounts receivable (less allowance for credit losses: $3,844 and $3,088)

835,140

1,457,959

Derivative instruments, at fair value

138,943

202,390

Prepaid expenses and other

90,881

124,007

Total current assets

1,177,827

1,895,151

Property, plant and equipment

49,741,567

48,472,497

Less: Accumulated depreciation and depletion

16,188,972

14,914,689

Net property, plant and equipment

33,552,595

33,557,808

Investments in unconsolidated entities

3,946,497

3,630,577

Net intangible assets

193,100

200,486

Goodwill

2,062,462

2,062,462

Other assets

388,359

446,390

Total assets

$       41,320,840

$       41,792,874

LIABILITIES AND EQUITY

Current liabilities:

Current portion of debt

$           114,959

$           507,119

Accounts payable

1,166,963

1,367,431

Derivative instruments, at fair value

50,106

137,299

Accrued interest

103,785

137,505

Other current liabilities

314,466

335,487

Total current liabilities

1,750,279

2,484,841

Revolving credit facility borrowings

324,000

360,000

Senior notes

5,216,755

6,933,209

Deferred income taxes

3,963,965

3,472,010

Asset retirement obligations and other liabilities

1,202,444

1,182,666

Total liabilities

12,457,443

14,432,726

Equity:

Common stock, no par value,

shares authorized: 1,280,000, shares issued: 625,513 and 624,076

19,529,362

19,517,761

Retained earnings

5,731,287

4,237,089

Accumulated other comprehensive loss

(1,773)

(2,173)

Total common shareholders' equity

25,258,876

23,752,677

Noncontrolling interests in consolidated subsidiaries

3,604,521

3,607,471

Total equity

28,863,397

27,360,148

Total liabilities and equity

$       41,320,840

$       41,792,874

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)

Six Months Ended

June 30,

2026

2025

(Thousands)

Cash flows from operating activities:

Net income

$   1,835,378

$   1,172,074

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

Deferred income tax expense

491,617

304,878

Depreciation, depletion and amortization

1,344,384

1,244,246

Loss on sale/exchange of long-lived assets

3,552

3,221

Impairment and expiration of leases

10,055

5,915

Income from investments

(122,241)

(93,636)

Loss on debt extinguishment

29,869

17,569

Share-based compensation expense

42,381

28,535

Distributions from equity method investments

121,323

132,881

Other

10,509

3,358

Loss (gain) on derivatives

193,629

(41,045)

Net cash settlements paid on derivatives

(231,048)

(193,350)

Changes in other assets and liabilities:

Accounts receivable

629,685

295,699

Accounts payable

(209,653)

10,253

Income tax receivable and payable

25,320

97,378

Other current assets

8,611

(1,459)

Other items, net

(80,312)

(3,651)

Net cash provided by operating activities

4,103,059

2,982,866

Cash flows from investing activities:

Capital expenditures

(1,248,676)

(1,049,289)

Cash paid for acquisitions

—

(100,167)

Net cash received (paid) for sale/exchange of assets

91

(6,284)

Cash paid for acquisitions of additional interests in equity method investments

(216,209)

—

Capital contributions to equity method investments

(56,520)

(42,047)

Other investing activities

(2,221)

(245)

Net cash used in investing activities

(1,523,535)

(1,198,032)

Cash flows from financing activities:

Proceeds from revolving credit facility borrowings

2,461,000

2,234,000

Repayment of revolving credit facility borrowings

(2,497,000)

(2,422,800)

Debt issuance costs

—

(7,238)

Repayment and retirement of debt

(2,122,944)

(813,017)

Net premiums paid on debt extinguishment

(22,631)

(24,802)

Dividends paid

(206,278)

(188,372)

Contribution from noncontrolling interests

98,357

—

Distributions to noncontrolling interests

(238,031)

(151,954)

Cash paid for taxes to net settle share-based incentive awards

(46,135)

(53,253)

Other financing activities

(3,794)

(3,999)

Net cash used in financing activities

(2,577,456)

(1,431,435)

Net change in cash and cash equivalents

2,068

353,399

Cash and cash equivalents at beginning of period

110,795

202,093

Cash and cash equivalents at end of period

$      112,863

$      555,492

EQT CORPORATION AND SUBSIDIARIES

PRICE RECONCILIATION

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, unless otherwise noted)

NATURAL GAS

Sales volume (MMcf)

596,984

534,441

1,178,311

1,070,779

NYMEX price ($/MMBtu)

$       2.89

$       3.43

$       3.91

$       3.54

Btu uplift

0.16

0.20

0.21

0.19

Natural gas price ($/Mcf)

$       3.05

$       3.63

$       4.12

$       3.73

Basis ($/Mcf) (a)

$      (0.67)

$      (0.75)

$      (0.15)

$      (0.38)

Cash settled basis swaps ($/Mcf)

—

—

(0.16)

(0.04)

Average differential, including cash settled basis swaps ($/Mcf)

(0.67)

(0.75)

(0.31)

(0.42)

Average adjusted price ($/Mcf)

2.38

2.88

3.81

3.31

Cash settled derivatives ($/Mcf)

0.13

(0.19)

(0.03)

(0.13)

Average natural gas price, including cash settled derivatives ($/Mcf)

$       2.51

$       2.69

$       3.78

$       3.18

Natural gas sales, including cash settled derivatives

$ 1,499,693

$ 1,438,682

$ 4,448,390

$ 3,400,873

LIQUIDS

NGLs, excluding ethane:

Sales volume (MMcfe) (b)

20,751

22,475

41,309

43,347

Sales volume (Mbbl)

3,459

3,745

6,885

7,224

NGLs price ($/Bbl)

$      39.29

$      35.86

$      38.77

$      40.02

Cash settled derivatives ($/Bbl)

(0.80)

(0.22)

(0.11)

(0.70)

Average NGLs price, including cash settled derivatives ($/Bbl)

$      38.49

$      35.64

$      38.66

$      39.32

NGLs sales, including cash settled derivatives

$   133,121

$   133,488

$   266,153

$   284,023

Ethane:

Sales volume (MMcfe) (b)

13,934

9,432

26,638

20,602

Sales volume (Mbbl)

2,322

1,573

4,439

3,434

Ethane price ($/Bbl)

$       7.33

$       6.85

$       9.71

$       8.69

Ethane sales

$    17,021

$    10,775

$    43,089

$    29,829

Oil:

Sales volume (MMcfe) (b)

2,805

1,879

5,915

4,250

Sales volume (Mbbl)

468

313

986

708

Oil price ($/Bbl)

$      70.14

$      51.70

$      62.15

$      52.45

Oil sales

$    32,793

$    16,190

$    61,269

$    37,151

Total liquids sales volume (MMcfe) (b)

37,490

33,786

73,862

68,199

Total liquids sales volume (Mbbl)

6,249

5,631

12,310

11,366

Total liquids sales

$   182,935

$   160,453

$   370,511

$   351,003

TOTAL

Total natural gas and liquids sales, including cash settled derivatives (c)

$ 1,682,628

$ 1,599,135

$ 4,818,901

$ 3,751,876

Total sales volume (MMcfe)

634,474

568,227

1,252,173

1,138,978

Average realized price ($/Mcfe)

$       2.65

$       2.81

$       3.85

$       3.29

(a)

Basis represents the difference between the ultimate sales price for natural gas, including the effects of delivered price benefit or deficit associated with the Company's firm transportation agreements, and the NYMEX natural gas price.

(b)

NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel.

(c)

Also referred to herein as Upstream adjusted operating revenues, a non-GAAP supplemental financial measure.

SOURCE EQT Corporation (EQT-IR)