Alexandria Real Estate Equities a FNIH dokončily návrh iniciativy MAP-D pro přesnou medicínu u deprese. Projekt směřuje k více než 70 milionům USD, včetně tříletého pilotu za 22 milionů USD.
, /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), the first, longest-tenured and pioneering owner, operator and developer of collaborative Megacampus™ ecosystems in AAA life science and advanced technology innovation clusters, today announced with the Foundation for the National Institutes of Health (FNIH) that the Multi-Modal Assessment and Phenotyping in Depression (MAP-D) initiative has successfully completed its critical design phase, marking a foundational milestone toward a first-of-its-kind clinical study designed to redefine how major depressive disorder is diagnosed and treated through precision medicine. Launched with Alexandria's vision and first funding, and founded on its strategic partnership with the FNIH, MAP-D seeks to identify and validate biological signatures of depression that can enable more personalized treatment approaches, accelerate the development of more effective therapies and ultimately improve outcomes for millions of patients.
"Major depressive disorder affects more than 21 million adults in the United States each year, nearly one-third of whom suffer from treatment-resistant depression," said Lynne Zydowsky, PhD, chief of science at Alexandria Real Estate Equities, Inc./Alexandria Venture Investments. "For too long, depression has been diagnosed primarily through symptoms and treated as a single disease, despite the biological differences that exist from one patient to another and the frequent overlap with related conditions such as PTSD. We are proud to partner with the FNIH to advance a transformative precision medicine framework that has the potential to fundamentally improve how depression is understood, diagnosed and treated."
Alexandria is the FNIH's founding strategic partner, providing the initial catalytic funding and securing the strategic cross-sector support required to establish the public-private partnership and launch the MAP-D initiative. In 2025, the FNIH honored Alexandria with the prestigious Charles A. Sanders, MD, Partnership Award in recognition of the company's extraordinary contributions to accelerating biomedical innovation, exemplified by Alexandria's leadership in advancing this highly consequential initiative.
Completion of the MAP-D design phase establishes the scientific framework for a long-term clinical study that aims to generate one of the most comprehensive depression research datasets ever assembled. As announced today by the FNIH, the initiative is advancing toward a research effort expected to exceed $70 million, beginning with a $22 million, three-year pilot phase. The study will leverage advanced artificial intelligence models to identify relationships between biological markers and patient outcomes. Ultimately, MAP-D seeks to establish biologically informed subtypes of depression, enable more precise treatment selection and accelerate the development of new therapies. Among its critical objectives, the public-private partnership will strive to make its data broadly accessible to qualified researchers, foster transparency, accelerate scientific discovery and extend the benefits of its precision medicine framework to other serious mental illnesses. To learn more about the MAP-D initiative and its partners, please visit fnih.org/our-programs/multi-modal-assessment-phenotyping-depression.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator and developer of collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City. For more information, please visit www.are.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding the anticipated funding, timing, launch, scope, duration, enrollment, expansion and conduct of the MAP-D initiative and its pilot phase; the use of artificial intelligence and other data-analysis methods in the initiative; the initiative's ability to identify and validate biological signatures of depression, inform more personalized treatment approaches, accelerate the development of more effective therapies and improve patient outcomes; and Alexandria's role in and support of the initiative, its collaboration with the FNIH and the anticipated impact and benefits of such support and collaboration. These forward-looking statements are based on Alexandria's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by Alexandria's forward-looking statements as a result of a variety of factors, including, without limitation, the availability and timing of funding; the receipt of required approvals; participant recruitment and retention; the performance of collaborators; scientific, technical and operational challenges; and changes in the initiative's design, scope, timing or cost, as well as the risks and uncertainties detailed in its filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release, and Alexandria assumes no obligation to update or revise any forward-looking statement, except as required by law. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in Alexandria's forward-looking statements, and risks and uncertainties to Alexandria's business in general, please refer to Alexandria's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.
CONTACT: Sara Cohen, Assistant Vice President – Capital Markets & Corporate Operations, (646) 799-2617, [email protected]
V.F. (VFC - Free Report) came out with a quarterly loss of $0.27 per share versus the Zacks Consensus Estimate of a loss of $0.22. This compares to a loss of $0.24 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -22.73%. A quarter ago, it was expected that this maker of brands such as Vans, North Face and Timberland would post a loss of $0.02 per share when it actually produced break-even earnings, delivering a surprise of +100%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
V.F., which belongs to the Zacks Textile - Apparel industry, posted revenues of $1.67 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.29%. This compares to year-ago revenues of $1.76 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
V.F. shares have added about 0.9% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for V.F.?While V.F. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for V.F. was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.55 on $2.74 billion in revenues for the coming quarter and $1.09 on $9.52 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, Textile - Apparel is currently in the bottom 27% 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, Ralph Lauren (RL - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This upscale clothing company is expected to post quarterly earnings of $4.26 per share in its upcoming report, which represents a year-over-year change of +13%. The consensus EPS estimate for the quarter has been revised 0.1% lower over the last 30 days to the current level.
Ralph Lauren's revenues are expected to be $1.86 billion, up 8.4% from the year-ago quarter.
Corning po sérii zakázek od Apple, Meta, Nvidia a Amazon cílí na roční výnosy 40 miliard USD do konce roku 2030. Firma říká, že by to znamenalo zhruba zdvojnásobení současné výrobní kapacity.
The stock has already reflected some of that optimism. Shares have surged more than 103% over the past year and are up nearly 39% year to date, as investors increasingly view the company as a beneficiary of the AI buildout extending beyond semiconductors.
Four Tech Giants, One Growth StoryChairman and CEO Wendell Weeks recapped a series of partnerships announced over the past several months that span consumer electronics and AI infrastructure.
He said Apple expanded its long-standing relationship with Corning by committing to produce 100% of iPhone and Apple Watch cover glass at the company’s Kentucky facility.
In the first quarter, Corning and Meta announced a multi-year agreement worth up to $6 billion to support Meta’s AI ambitions using Corning’s latest optical fiber cable and connectivity technologies.
Weeks added that Nvidia subsequently announced a multi-year commercial and technology partnership with Corning to expand U.S.-based manufacturing of advanced optical connectivity solutions needed for next-generation AI infrastructure.
The momentum continued in June, when Amazon unveiled a multi-billion-dollar agreement under which Corning will supply optical fiber cable and connectivity products for the company’s expanding U.S. data center footprint.
While each announcement attracted attention on its own, Corning used its earnings call to present them as parts of a much larger strategy.
The Roadmap To $40 BillionFollowing the customer update, Weeks pointed investors to the company’s newly unveiled “Springboard 203040” plan.
The internal growth roadmap targets an annualized sales run rate of $20 billion by the end of 2026, $30 billion by the end of 2028 and $40 billion by the end of 2030—roughly doubling the company’s current revenue base over the next several years.
“We’re thinking of this as our Springboard 203040 plan,” Weeks said, adding that these are not aspirational concepts but the company’s actual operating plans developed across its business units.
AI Infrastructure Is Becoming Bigger Than ChipsThe customer list also highlights a broader shift in how investors think about AI beneficiaries.
Much of Wall Street’s attention has centered on GPU makers such as Nvidia or hyperscalers investing hundreds of billions of dollars into AI. Corning’s latest partnerships suggest another layer of the supply chain is also seeing significant demand.
As AI data centers scale, they require not only more computing power but also the optical fiber and connectivity systems that move enormous amounts of data between servers and networking equipment.
With Apple relying on Corning for device glass and Meta, Nvidia, and Amazon increasingly turning to the company for optical connectivity, Corning is positioning itself as a supplier to both the consumer hardware ecosystem and the infrastructure that powers artificial intelligence.
For investors, the message from management was straightforward: the recent wave of marquee customer wins is more than a collection of headline announcements—it is the foundation of a long-term growth plan that aims to transform Corning into a $40 billion annual sales company by the end of the decade.
Photo: T. Schneider / Shutterstock
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Qualys spustila TotalAI, který firmám pomáhá odhalit shadow AI, sledovat chování modelů a prokazovat, že jejich AI governance funguje. Produkt je nyní obecně dostupný.
New capabilities in TotalAI enable CISOs to reduce shadow AI, flag abnormal model behavior, and prove controls are working across development and runtime
, /PRNewswire/ -- Qualys, Inc. (NASDAQ: QLYS), a leading provider of cloud-based IT, security and compliance solutions, today announced new capabilities in TotalAI, built on the Qualys Enterprise TruRisk Platform, to empower organizations to discover, test, monitor, and govern enterprise AI risk from design to production. TotalAI provides enterprise CISOs with robust AI governance and risk management capabilities that satisfy new policy requirements around safe AI use in the U.S. and EU.
Qualys TotalAI: AI Governance Dashboard Enterprise AI adoption has outrun the controls built to govern it. Organizations are layering models, AI agents, and Model Context Protocol (MCP) servers onto security programs never designed for them, while attackers weaponize the same AI tools to move faster than defenders can track. Moreover, no other single point tool answers the questions security leaders face daily: Where is AI running? Which models can leak data or be manipulated? What are AI agents connected to? And can we prove our controls are working? TotalAI answers all four — with the same TruRisk score security teams already use for vulnerabilities, cloud, and containers.
"AI is outrunning the controls built to govern it, and security teams can no longer treat that risk as a separate list to be scanned and closed," said Grace Trinidad, Research Director at IDC. "The industry is moving beyond simply counting vulnerabilities toward continuously minimizing the exploitable surface, what is actually reachable and can be made to do harm, and AI is turning that shift from good practice to a requirement. Organizations that fold AI risk into continuous exposure management, spanning discovery, assessment, runtime visibility, and governance, will be the organizations positioned to adopt AI securely and at scale."
Qualys TotalAI provides enterprises with end-to-end AI security:
Gain total visibility into AI use — Discover shadow AI, cloud AI services, AI agents, models, MCP servers, AI containers, and browser-based AI, so teams know where AI runs across the enterprise and who owns the risk. Govern agentic AI, models and integrations end to end — See and control the tool calls AI agents make over MCP, so an agent's reach can be contained if needed. Kernel-level (eBPF) instrumentation reveals what AI workloads execute on servers, delivering visibility that scanners and logs can't provide. Prove governance is working — Give security, engineering, and governance, risk, and compliance (GRC) teams audit-ready evidence of what AI exists, the severity and impact of any issues, and a TruRisk-based prioritization plan of what to fix first. Shift AI security left — Find AI vulnerabilities, misconfigurations, and exposed secrets earlier, in code and pipelines. Test models for prompt injection, jailbreaks, and unsafe output before they reach production. Go beyond posture to adversarial testing — TotalAI red-teams both LLMs (prompt injection, jailbreaks) and MCP servers (tool poisoning, SSRF, rug-pull), mapped to the OWASP LLM & MCP Top 10 and the EU AI Act. While most tools govern MCP access, TotalAI scans the MCP server itself. "With every modern enterprise leveraging AI, the question is changing from 'Is my AI secure?' to 'Can I prove it to my board and regulators?'" said Sumedh Thakar, president and CEO of Qualys. "TotalAI gives enterprises a single, unified way to assess, govern, and secure AI risk continuously — not through periodic snapshots, but with the real-time clarity and discipline Qualys is known for."
Availability
TotalAI is generally available. To learn more, visit qualys.com/free-trial-new/totalai or visit our booth #2333 at Black Hat USA 2026.
Additional Resources
Read our blog post, "Operationalize AI Governance Across Shadow GenAI, MCP, and Agentic Workloads with Qualys TotalAI" Book a meeting with us at Black Hat USA 2026 Request a demo at qualys.com/free-trial-new/totalai Register for the webinar, "You Are Securing AI. Can You Prove Your AI Is Secure?" Follow Qualys on LinkedIn, Instagram and X About Qualys
Qualys, Inc. (NASDAQ: QLYS) is a leading provider of cloud-based security, compliance and IT solutions with more than 10,000 subscription customers worldwide, including a majority of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and automate their security and compliance solutions onto a single platform for greater agility, better business outcomes, and substantial cost savings.
The Qualys Enterprise TruRisk Platform leverages a single agent to continuously deliver critical security intelligence while enabling enterprises to automate the full spectrum of vulnerability detection, compliance, and protection for IT systems, workloads and web applications across on premises, endpoints, servers, public and private clouds, containers, and mobile devices. Founded in 1999 as one of the first SaaS security companies, Qualys has strategic partnerships and seamlessly integrates its vulnerability management capabilities into security offerings from cloud service providers, including Oracle Cloud Infrastructure, Amazon Web Services, the Google Cloud Platform and Microsoft Azure, along with a number of leading managed service providers and global consulting organizations. For more information, please visit http://www.qualys.com
.Qualys, Qualys VMDR®, Qualys TruRisk and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.
Media Contact:
Rachel Yap Winship
Qualys
[email protected]
Patrick Hansen z Circle uvedl, že MiCA má zásadní mezery a EU potřebuje mechanismus uznávání zahraničních stablecoinů. Z top 50 stablecoinů splňují MiCA jen tři — USDC, USDG a EURC.
Circle’s Senior Director of EU Strategy and Policy Patrick Hansen (@paddi_hansen) published an article noting that since the EU’s Markets in Crypto-Assets (MiCA) regulation took effect, roughly 35 electronic money tokens (EMTs) from 21 institutions have secured compliance certifications. Banks and e-money institutions are entering the space, with strong local issuance momentum. However, among the world’s top 50 stablecoins, only three—USDC, USDG, and EURC—currently meet MiCA requirements, while the rest operate outside the regulatory framework, leaving EU users facing a dual dilemma: either insufficient protection or forced access restrictions. Hansen argues that for MiCA to truly serve as a global regulatory benchmark, two goals must be achieved in parallel: first, drive local EMTs to go global via a competitive regulatory regime; second, establish a recognition mechanism for overseas compliant stablecoins to attract global issuers to join the MiCA framework, rather than making local issuance the sole entry path.
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ARRAY Technologies představila Atlas™, novou sadu řešení foundation-to-tracker určenou výhradně pro trackery ARRAY a základy APA. Firma uvádí lepší flexibilitu instalace, odolnost dodavatelského řetězce a nižší počet komponent.
ALBUQUERQUE, N.M., July 29, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a New Mexico-based leading global provider of tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced an expansion of its product portfolio with launch of ARRAY Atlas™, a new suite of foundation-to-tracker solutions designed exclusively for ARRAY trackers and APA foundations to enhance their technical interoperability.
Across standard and challenging sites alike, the interface between foundation and tracker has historically been fragmented, hardware-heavy, and never engineered as an integrated part of the tracker system. This includes traditional steel W-beams, the current standard for most utility-scale solar piles and foundation-to-tracker interfaces, which can create unnecessary cost and execution challenges through volatile commodity pricing, limited sourcing flexibility, and installation complexity.
Designed from the ground up, the Atlas suite reimagines the connection between APA foundation and ARRAY tracker, giving customers greater installation flexibility, procurement resilience, wire management readiness, and project certainty across virtually any soil condition.
As an engineered alternative to existing foundation approaches, Atlas provides a cost competitive and optimized solution to service the tracker foundation market, which exceeds $1B annually1.
"For decades, developers have relied on commodity steel piles that were never engineered as part of the tracker system," said Josh Von Deylen, Chief Executive Officer of APA Solar, an ARRAY company. "Atlas changes that by bringing the foundation and tracker interface together in a purpose-built solution that helps customers install faster, source more efficiently, and execute projects with greater confidence."
ARRAY Atlas I (left) and Atlas II (right), a new suite of foundation-to-tracker solutions designed exclusively for ARRAY trackers and APA foundations
Atlas is available in two configurations built around a common engineered bearing housing platform to enable customers to pair the right foundation solution for their site while maintaining a consistent tracker interface above grade:
Atlas I is designed for standard soil conditions, connecting driven foundations (a shortened W-beam or sigma pile) to the tracker through an adjustable rolled steel C-channel and bearing interface, which offers customers:
Greater design and field flexibility to correct minor driving variation in height through vertical C-channel adjustmentImproved procurement resiliency by reducing or eliminating steel beam in favor of roll-formed steel componentsReduced deformation risk by shortening the driven foundation and separating it from the tracker interface Atlas II is designed for challenging soil conditions, connecting engineered foundations (helical piles or ground screws) with a dual-leg interface and bearing interface, which offers customers:
Better installation efficiency through an integrated design with fewer connection points and a 70% reduction in component count compared to APA A-Frame®Enhanced adaptability for design and on-site conditions, including improved vertical and East/West adjustability, supporting sites with varied topography As utility-scale solar projects continue to scale in size while labor availability, procurement complexity, and schedule pressures increase, developers are looking for integrated solutions that simplify construction and reduce execution risk.
The launch of Atlas represents another milestone following ARRAY's acquisition of APA Solar, a premier solar racking and foundations solutions provider, in 2025. By combining ARRAY's leadership in solar tracking with APA's expertise in foundation engineering, the companies are accelerating the development of integrated solutions that simplify project execution from the ground up.
For more information or to discuss project inquiries, please contact the APA sales team at [email protected] or 419-267-5280.
For more information on ARRAY Atlas, visit https://arraytechinc.com/products/atlas
(1) Based on Wood Mackenzie Global Solar Tracker Landscape H1 2026 Report and company estimates
About ARRAY Technologies
ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic sites. With solutions engineered to withstand harsh weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit www.arraytechinc.com.
Forward Looking Statement
This press release contains forward-looking statements. These statements are not historical facts but rather are based on the Company's current expectations and projections regarding its business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. Forward-looking statements include, without limitation, statements regarding the expected performance, availability, pricing, and market adoption of ARRAY Atlas™ and the Company's other recently launched products; the anticipated benefits of the Atlas suite to customers, including installation speed and efficiency, procurement resilience and sourcing flexibility, design and field adjustability, reduced component counts, and reduced execution risk; the Company's estimates regarding the size of its total addressable market and the anticipated expansion of that market through foundation-to-tracker solutions; the anticipated benefits of the Company's acquisition of APA Solar, including the integration of ARRAY's tracking technology with APA Solar's foundation engineering capabilities and the development of additional integrated solutions; the Company's ability to continue to grow its global installed base and expand into new markets; the Company's expectations regarding continued demand for solar energy and utility-scale solar deployment, including trends in project scale, labor availability, procurement complexity, and construction schedules; and the Company's business strategy and growth prospects. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These risks, uncertainties, and assumptions include, without limitation, changes in demand for utility-scale solar projects domestically and internationally; customer acceptance and rate of adoption of new products, including Atlas; delays in product availability or shipment; actual field, installation, and cost performance of the Company's products that may differ from modeled or anticipated results, including in varied soil and site conditions; the Company's ability to realize the anticipated benefits of the APA Solar acquisition on the expected timeline or at all; the accuracy of the Company's estimates regarding its total addressable market; volatility in steel and other commodity prices and the availability of components and raw materials; macroeconomic conditions, trade policy changes, or supply chain disruptions affecting operations; changes in government policy or incentives supporting solar energy deployment; and reliance on third-party partners to perform their respective roles on schedule and to specification. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. Forward-looking statements should be evaluated together with the risks and uncertainties that affect our business and operations, particularly those described in more detail in the Company's most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website www.arraytechinc.com. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future
Watsco ve 2. čtvrtletí zvýšila tržby o 2 % na 2,105 miliardy USD, ale zisk na akcii klesl o 12 % na 4,00 USD. Firma zároveň dokončila akvizici Jackson Supply.
Jackson Supply Acquisition Adds Density to Key Sunbelt Markets;
Entrepreneurial Culture and Debt-Free Balance Sheet Positions Company for Growth
MIAMI, July 29, 2026 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) today announced its operating results for the quarter and six months ended June 30, 2026.
Watsco is the largest distributor in the highly fragmented North American HVAC market. Since entering distribution in 1989, Watsco has achieved an 18% compounded annual total shareholder return through a combination of organic growth and the acquisition of more than 70 market-leading businesses.
During the second quarter, Watsco closed on the acquisition of Jackson Supply Company, a market-leading HVAC distributor with annualized sales of approximately $230 million across 25 Sunbelt locations. Jackson Supply offers a balanced product offering of HVAC equipment, parts and supplies. Just as importantly, Jackson Supply adds to Watsco’s community of leaders.
Watsco maintains a solid balance sheet with $464 million in cash and cash investments and no debt, enabling sustained investments in growth, including the Company’s industry-leading technologies. Today, more than 70,000 contractors and technicians engage digitally, empowering them to adopt and integrate Watsco’s tools into their daily operations. The Company is also introducing AI-driven initiatives to leverage Watsco’s extensive data assets and enrich the customer experience. The Company believes its technology ecosystem represents a durable and widening competitive advantage in the highly fragmented HVAC industry.
Second Quarter Operating Performance
Revenues increased 2% to $2.1 billion (1% on a same-store basis)Gross profit decreased 4% to $579 million (gross profit margin of 27.5% versus 29.3% last year)SG&A increased 3% to $349 million (16.6% as a percentage of sales versus 16.4% last year)Operating income decreased 12% to $238 million (operating margin of 11.3% versus 13.2% last year)Earnings per share decreased 12% to $4.00 Second Quarter Sales Trends (excluding acquisitions)
3% increase in HVAC equipment sales (68% of sales)1% decrease in sales of other HVAC products (28% of sales)19% increase in commercial refrigeration products (4% of sales) Second quarter sales reflect stabilizing end-market demand following last year’s transition to next generation HVAC systems containing A2L refrigerants, which affected virtually all domestic HVAC equipment products sold across 650 domestic locations and impacted our customers’ business as well. Domestic residential HVAC equipment sales increased 5% during the quarter, including 2% growth in unit volume and a 2% increase in average selling prices. With the A2L transition largely complete, the Company is focused on growth with existing customers, acquisition of new customers, improved operating efficiencies and optimizing inventory given a simpler operating environment.
Second quarter gross margin was impacted by the timing and magnitude of pricing actions implemented by our primary OEMs in 2025 versus 2026. Pricing actions in 2025 captured substantial inflation and tariffs, resulting in outsized benefits to last year’s gross margin. In contrast, pricing actions for 2026 have normalized, returning to levels more in line with historical trends. The comparative benefit to 2025’s gross margin, along with other A2L transition-related impacts, was approximately 130 basis-points. The Company believes that gross margin thus far in 2026, which were largely consistent with gross margin achieved for the last 12 months ended June 30, 2026, are more representative of underlying market conditions.
Albert H. Nahmad, Chairman and CEO said: “Our performance during the second quarter is indicative of improving end-market stability after a busy period of regulatory transitions. We are now operating in a more conventional environment in which Watsco’s scale, OEM relationships, and technology investments can add even more value.”
Mr. Nahmad added: “We are excited that Jackson Supply is now officially a member of the Watsco family. It is a legendary company that diversifies and expands our presence in key Sunbelt markets. We look forward to supporting their growth. I am also excited about the recent launch of SupplySync, which we introduced at our investor day last year, and continued progress on the other initiatives that are now active. We believe that Watsco is uniquely positioned for continued growth and success in our industry.”
Year to Date Operating Performance
Revenues increased 1% to $3.6 billionGross profit decreased 3% to $1 billion (gross profit margin of 27.7% versus 28.7% last year)SG&A increased 2% to $672 million (18.5% as a percentage of sales versus 18.4% last year)Operating income decreased 9% to $349 million (operating margin of 9.6% versus 10.7 % last year)Earnings per share decreased 9% to $5.92Cash used in operations of $21 million versus $185 million last year, a $164 million improvement Year to Date Sales Trends (excluding acquisitions)
1% increase in HVAC equipment sales (67% of sales)1% increase in sales of other HVAC products (29% of sales)16% increase in commercial refrigeration products (4% of sales) Innovation and Strategic Technology Initiatives
The Company’s continued investment in technology reflects a long-term strategic commitment to building capabilities that strengthen customer relationships, improve operating efficiency and support sustainable growth. Watsco has invested more than $250 million in its digital platforms over the last five years, at a current annual run rate of approximately $68 million, and the breadth of that investment spans across the customer-engagement, internal platforms to increase the speed and efficiency of our locations and emerging AI capabilities that help customers grow and deliver technical know-how quicker.
Watsco’s HVAC Pro+ Mobile Apps and E-Commerce platform have transformed the customer-experience by providing contractors with a seamless digital experience, including sourcing products, accessing technical help, real-time inventory, pricing, product information and more. These tools empower 24/7 self-service that benefit from advanced analytics, AI, technical knowledge and product recommendations. The result is a frictionless buying journey, increased convenience and higher customer satisfaction, which drives greater loyalty and repeat business with lower costs to serve.Thus far in 2026:
E-commerce sales grew 13% during the first six months of 2026, far outpacing overall revenue growth, and reached $2.7 billion for the 12 months ended June 30, 2026 (37% of sales), with outperforming regions exceeding 70% in e-commerce sales.The addition of more than 10,000 new SKUs related to the A2L product launch, including all relevant data concerning features, dimensions, capacities, consumer literature and technical information such as bills of material, warranty information, regulatory match ups and more. OnCallAir® is Watsco’s digital sales platform enabling contractors to engage, present and quote solutions to homeowners. The gross merchandise value (GMV) of products sold through OnCallAir® reached $1 billion for the first six months of 2026, a 14% increase over the same period last year. For the twelve months ended June 30, 2026, contractors presented quotes to approximately 342,000 households and generated $1.9 billion GMV, a 15% increase versus the prior comparable twelve-month period.
A.J. Nahmad, Watsco’s President, added: “Our technology platforms have continued to scale and deepen their impact for our customers. We believe that the growth in e-commerce, OnCallAir® and overall digital engagement across our network reflects the value these tools deliver to our customers every day. We have also progressed nicely with the various initiatives introduced at our investor day, including the formal launch of SupplySync and the scaling of the other initiatives announced. Our focus remains advancing these unique capabilities – with AI enabling better and faster speed to market – in ways that help our customers grow.”
Buy & Build Acquisition Strategy
The Company acquired Jackson Supply in June 2026. Jackson Supply is among largest Sunbelt HVAC distributors, serving approximately 5,000 customers from 25 locations in several high-growth Sunbelt markets.
The Company continues to actively seek new businesses that will join the Watsco family. Watsco has acquired 13 companies in recent years that today represent approximately $1.8 billion in annualized sales and 145 locations. Our “buy and build” strategy builds upon their long-standing legacies through investment in new locations, new products and by leveraging Watsco’s technology platforms. The North American distribution market remains highly fragmented with more than 2,100 HVAC distributors.
Cash Flow, Dividends, Financial Strength and Liquidity
Operating cash flow was a cash-use of $21 million for the six-month period ended June 30, 2026, reflecting the customary seasonal buildup of working capital, compared to a cash-use of $185 million for the same period in 2025, a $164 million improvement. The Company expects more conventional supply-chain trends for the remainder of 2026, providing the opportunity for better inventory turns and enhanced returns on invested capital.
In April 2026, the Company increased its annual cash dividend by 10% to $13.20 per share. Watsco has paid dividends to shareholders for 52 consecutive years. The Company’s philosophy is to share cash flow through dividends while maintaining a conservative balance sheet with continued capacity to build its distribution network. Future changes in dividends are considered in light of investment opportunities, cash flow, general economic conditions and Watsco’s overall financial condition.
The Company’s objective is to maintain a healthy balance sheet that provides low-cost capital to fund strategic growth investments. This strong financial position has been key to our ability to deliver sustained long-term returns, enabling investments regardless of macroeconomic or industry conditions. The Company’s stated goal is to generate annual operating cash flow in excess of net income.
Use of Non-GAAP Financial Information
In this release, the Company discloses non-GAAP measures on a “same-store basis”, which exclude the effects of locations closed, acquired, or locations opened, in each case during the immediately preceding 12 months, unless such locations are within close geographical proximity to existing locations. The Company believes that this information provides greater comparability regarding its ongoing operating performance. These measures should not be considered an alternative to measurements presented in accordance with U.S. GAAP.
Second Quarter Earnings Conference Call Information
Date and time: July 29, 2026 at 10:00 a.m. (EDT)
Webcast: http://investors.watsco.com (a replay will be available on the Company’s website)
Dial-in number: United States (844) 883-3908 / International (412) 317-9254
About Watsco
Watsco is the largest distributor in the highly fragmented North American HVAC/R market. Watsco’s solid financial position and culture of innovation has enabled investments in long-term growth, including the Company’s industry-leading technology platforms. Today, more than 70,000 contractors, installers and technicians engage digitally with the Company, resulting in improved growth and lower attrition. The Company is now advancing AI-driven initiatives to leverage its extensive data assets to enhance the customer experience and improve efficiencies. These investments position Watsco to capture market share as contractors increasingly adopt digital tools and incorporate data-driven solutions in their businesses.
This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco’s industry, the seasonal nature of sales of Watsco’s products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.
WATSCO, INC.
Condensed Consolidated Results of Operations
(In thousands, except share and per share data)
(Unaudited) Quarters Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues $2,104,859 $2,062,442 $3,637,869 $3,593,528 Cost of sales 1,525,930 1,458,954 2,631,385 2,560,417 Gross profit 578,929 603,488 1,006,484 1,033,111 Gross profit margin 27.5% 29.3% 27.7% 28.7%Selling, general and administrative expenses 348,986 339,001 671,837 661,582 Other income 8,429 7,382 13,909 12,528 Operating income 238,372 271,869 348,556 384,057 Operating margin 11.3% 13.2% 9.6% 10.7%Interest income, net 3,497 2,329 9,956 7,746 Income before income taxes 241,869 274,198 358,512 391,803 Income taxes 50,567 57,430 74,269 80,495 Net income 191,302 216,768 284,243 311,308 Less: net income attributable to non-controlling interest 27,966 33,155 41,833 47,634 Net income attributable to Watsco, Inc. $163,336 $183,613 $242,410 $263,674 Diluted earnings per share: Net income attributable to Watsco, Inc. shareholders $163,336 $183,613 $242,410 $263,674 Less: distributed and undistributed earnings allocated to restricted common stock 10,733 12,159 16,855 17,409 Earnings allocated to Watsco, Inc. shareholders $152,603 $171,454 $225,555 $246,265 Weighted-average Common and Class B common shares and equivalent shares used to calculate diluted earnings per share 38,192,692 37,899,430 38,079,266 37,876,470 Diluted earnings per share for Common and Class B common stock $4.00 $4.52 $5.92 $6.50 WATSCO, INC.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
June 30,
2026
December 31,
2025
Cash and cash equivalents $364,189 $433,283 Short-term cash investments 100,000 300,000 Accounts receivable, net 1,060,767 796,181 Inventories, net 1,890,473 1,386,317 Other current assets 38,668 38,725 Total current assets 3,454,097 2,954,506 Property and equipment, net 146,892 136,012 Operating lease right-of-use assets 509,300 452,547 Goodwill, intangibles, net and other 974,428 871,740 Total assets $5,084,717 $4,414,805 Accounts payable and accrued expenses $960,051 $600,589 Current portion of lease liabilities 119,723 117,153 Total current liabilities 1,079,774 717,742 Operating lease liabilities, net of current portion 406,478 350,616 Deferred income taxes and other liabilities 125,255 124,386 Total liabilities 1,611,507 1,192,744 Watsco, Inc. shareholders' equity 2,994,413 2,781,376 Non-controlling interest 478,797 440,685 Total shareholders' equity 3,473,210 3,222,061 Total liabilities and shareholders' equity $5,084,717 $4,414,805 WATSCO, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net income $284,243 $311,308 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 21,943 21,687 Non-cash contribution to 401(k) plan 9,267 8,743 Share-based compensation 16,711 17,612 Provision for doubtful accounts 2,442 704 Other income from investment in unconsolidated entity (13,909) (12,528)Other, net 2,861 3,297 Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable, net (244,560) (131,119)Inventories, net (443,966) (552,956)Accounts payable and other liabilities 339,169 149,774 Other, net 4,359 (1,612)Net cash used in operating activities (21,440) (185,090)Cash flows from investing activities: Net proceeds from short-term investments 200,000 255,669 Business acquisitions, net of cash acquired 7,663 (19,383)Capital expenditures, net (15,898) (14,034)Net cash provided by investing activities 191,765 222,252 Cash flows from financing activities: Dividends on common stock (255,920) (230,497)Distributions to non-controlling interest - (69,829)Proceeds from dividend reinvestment plan 8,107 14,111 Other, net 10,453 11,982 Net cash used in financing activities (237,360) (274,233)Effect of foreign exchange rate changes on cash and cash equivalents (2,059) 3,778 Net decrease in cash and cash equivalents (69,094) (233,293)Cash and cash equivalents at beginning of period 433,283 526,271 Cash and cash equivalents at end of period $364,189 $292,978 Barry S. Logan
Executive Vice President
(305) 714-4102
e-mail: [email protected]
Generac Holdings (GNRC - Free Report) came out with quarterly earnings of $2.91 per share, beating the Zacks Consensus Estimate of $1.95 per share. This compares to earnings of $1.65 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +49.23%. A quarter ago, it was expected that this generator maker would post earnings of $1.33 per share when it actually produced earnings of $1.8, delivering a surprise of +35.34%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Generac Holdings, which belongs to the Zacks Manufacturing - General Industrial industry, posted revenues of $1.17 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.37%. This compares to year-ago revenues of $1.06 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Generac Holdings shares have added about 43.4% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for Generac Holdings?While Generac Holdings 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 Generac Holdings 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 $2.52 on $1.32 billion in revenues for the coming quarter and $8.91 on $4.92 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, Manufacturing - General Industrial is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Nordson (NDSN - Free Report) , has yet to report results for the quarter ended July 2026.
This maker of adhesives and industrial coatings is expected to post quarterly earnings of $3.09 per share in its upcoming report, which represents a year-over-year change of +13.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Nordson's revenues are expected to be $779 million, up 5.1% from the year-ago quarter.
Idex (IEX - Free Report) came out with quarterly earnings of $2.32 per share, beating the Zacks Consensus Estimate of $2.1 per share. This compares to earnings of $2.07 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +10.48%. A quarter ago, it was expected that this maker of the Jaws of Life device and other engineered products would post earnings of $1.78 per share when it actually produced earnings of $2, delivering a surprise of +12.36%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Idex, which belongs to the Zacks Manufacturing - General Industrial industry, posted revenues of $920.6 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.01%. This compares to year-ago revenues of $865.4 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Idex shares have added about 26.3% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for Idex?While Idex 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 Idex was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.19 on $904.08 million in revenues for the coming quarter and $8.49 on $3.62 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, Manufacturing - General Industrial is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Helios Technologies (HLIO - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10.
This maker of screw-in hydraulic cartridge valves and manifolds is expected to post quarterly earnings of $0.80 per share in its upcoming report, which represents a year-over-year change of +35.6%. The consensus EPS estimate for the quarter has been revised 4.1% higher over the last 30 days to the current level.
Helios Technologies' revenues are expected to be $230.36 million, up 8.4% from the year-ago quarter.
Entergy (ETR - Free Report) came out with quarterly earnings of $1.03 per share, beating the Zacks Consensus Estimate of $0.94 per share. This compares to earnings of $1.05 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +9.57%. A quarter ago, it was expected that this power company would post earnings of $0.89 per share when it actually produced earnings of $0.86, delivering a surprise of -3.37%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Entergy, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $3.52 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.08%. This compares to year-ago revenues of $3.33 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Entergy shares have added about 21.5% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for Entergy?While Entergy 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 Entergy was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.75 on $4.13 billion in revenues for the coming quarter and $4.40 on $14.27 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, Utility - Electric Power is currently in the bottom 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Dominion Energy (D - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 31.
This energy company is expected to post quarterly earnings of $0.73 per share in its upcoming report, which represents a year-over-year change of -2.7%. The consensus EPS estimate for the quarter has been revised 3.8% higher over the last 30 days to the current level.
Dominion Energy's revenues are expected to be $4.06 billion, up 6.6% from the year-ago quarter.
Cash dividend payable in the third quarter of 2026
, /PRNewswire/ -- American Water Works Company, Inc. (NYSE: AWK) announced that its board of directors today declared a quarterly cash dividend payment of $0.8950 per share of common stock, payable on September 1, 2026, to all shareholders of record as of August 11, 2026.
This quarterly dividend is a continuation of the increase in the annualized dividend approved by the Board and announced on April 29, 2026.
The company expects to continue its annual dividend growth within a 7 to 9 percent range over the long term, and maintaining a target dividend payout ratio of between 55 and 60 percent of earnings.
American Water offers a dividend reinvestment and direct stock purchase plan called American Water Stock Direct (the "Plan"), which enables shareholders to reinvest cash dividends and purchase additional shares of American Water common stock without any brokerage commissions or service charges. Shareholders and other persons may obtain a copy of the Plan prospectus and an enrollment form by contacting Equiniti Trust Company, LLC at 888-556-0423, visiting Equiniti's website at equiniti.com/us, contacting American Water's Investor Relations department at 856-566-4005 or by visiting the Investor Relations webpage located at ir.amwater.com/resources.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The offer is being made solely through the Plan prospectus.
About American Water
American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886 and celebrating 140 years in 2026, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to approximately 14 million people with regulated operations in 14 states and on 19 military installations. American Water's approximately 7,000 talented professionals leverage their significant expertise and the company's national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.
For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X and Instagram.
OGE Energy ve 2. čtvrtletí zvýšila zisk na akcii na 0,56 USD z 0,53 USD před rokem. Celoroční výhled na zisk na akcii ve výši 2,43 USD ponechala beze změny.
, /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), today reported earnings of $0.56 per diluted share during the three months that ended June 30, 2026, compared to $0.53 per diluted share in the second quarter 2025.
OG&E, a regulated electric company, contributed earnings of $0.58 per diluted share in the second quarter, compared to earnings of $0.53 per diluted share in the second quarter 2025. Other operations, which includes the holding company, contributed a loss of $0.02 per diluted share compared to breakeven results in the second quarter of 2025. "Our second-quarter results reflect the strength of our business and the disciplined execution of our team as we advance investments that support reliable, affordable service for customers," said Sean Trauschke, Chairman, President, and CEO of OGE Energy Corp. "We are making significant progress on initiatives that position OG&E for incremental growth while maintaining a strong focus on protecting existing customers as we prepare to serve new large-load opportunities and support economic development."
Second Quarter 2026 results
OG&E contributed net income of $120.1 million, or $0.58 per diluted share, in the second quarter compared to $107.7 million, or $0.53 per diluted share, in the same period 2025. The increase in net income was primarily due to increased recovery of capital investments and lower interest expense, partially offset by increased operation and maintenance expenses.
Other Operations resulted in a loss of $3.8 million, or $0.02 per diluted share, in the second quarter compared to a loss of $0.2 million, in the same period 2025. The increased loss was primarily due to higher interest expense and a one-time benefit related to legacy midstream operations recognized in 2025, which was partially offset by increased other income.
OGE Energy's net income was $116.3 million or $0.56 per diluted share in the second quarter, compared to earnings of $107.5 million, or $0.53 per diluted share, in the same period 2025.
2026 Outlook
OGE Energy's 2026 consolidated earnings guidance remains unchanged and is projected to be $2.43 per average diluted share, within a range of $2.38 to $2.48 per average diluted share. The guidance assumes, among other things, normal weather for the remainder of the year. OG&E has significant seasonality in its earnings due to weather on a year-over-year basis.
See OGE Energy's 2025 Form 10-K for other key factors and assumptions underlying its 2026 guidance.
Conference Call Webcast
OGE Energy Corp. will host an earnings and business update conference call on Wednesday, July 29, 2026, at 8 a.m. CDT. The conference will be available through the Investor Center at www.oge.com.
Some of the matters discussed in this news release may contain forward looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "objective," "plan," "possible," "potential," "project," "target" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and inflation rates, and their impact on capital expenditures; the ability of the Company to access the capital markets and obtain financing on favorable terms, as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel and purchased power costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal and natural gas; competitive factors, including the extent and timing of the entry of additional competition in the markets served by the Company, potentially through deregulation; the impact on demand for the Company's services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages; unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials and equipment for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets, adjustments in market pricing mechanisms by the SPP, or allocation of transmission upgrade costs; federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws, safety laws or other regulations that may impact the cost of operations, restrict or change the way the Company's facilities are operated or result in stranded assets; the ability of the Company to meet future capacity requirements mandated by the SPP, which could be impacted by future load growth, environmental regulations, and the availability of resources; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks, including the Company losing control of its assets and potential ransoms, and other catastrophic events; the availability, cost, coverage and terms of insurance; changes in the use, perception or regulation of generative artificial intelligence technologies, which could limit the Company's ability to utilize such technology, create risk of enhanced regulatory scrutiny, generate uncertainty around intellectual property ownership, licensing or use, or which could otherwise result in risk of damage to the Company's business, reputation or financial results; creditworthiness of suppliers, customers and other contractual parties, including large, new customers from industries such as cryptocurrency and data centers; social attitudes regarding the electric utility and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; national and global events that could adversely affect and/or exacerbate macroeconomic conditions, including inflationary pressures, interest rate fluctuations, supply chain disruptions, economic recessions, pandemic health events, tariffs and uncertainty surrounding continued hostilities or sustained military campaigns, and their collateral consequences; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters, including, but not limited to, those described in the Company's Form 10-Q for the quarter ended June 30, 2026; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission, including those listed within the Company's most recent Form 10-K for the year ended December 31, 2025.
Note: Condensed Consolidated Statements of Income for OGE Energy Corp., Condensed Statements of Income and Comprehensive Income for Oklahoma Gas & Electric Company, and Financial and Statistical Data for Oklahoma Gas & Electric Company attached.
OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In millions, except per share data)
2026
2025
2026
2025
OPERATING REVENUES
Revenues from contracts with customers
$
688.0
$
719.7
$
1,424.7
$
1,460.8
Other revenues
23.9
21.9
39.8
28.5
Operating revenues
711.9
741.6
1,464.5
1,489.3
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE
217.7
261.1
554.4
585.1
OPERATING EXPENSES
Other operation and maintenance
138.7
127.1
275.2
248.9
Depreciation and amortization
138.1
140.6
274.5
278.0
Taxes other than income
25.8
26.2
55.7
57.4
Operating expenses
302.6
293.9
605.4
584.3
OPERATING INCOME
191.6
186.6
304.7
319.9
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction
7.3
6.0
14.8
13.0
Other net periodic benefit expense
(2.6)
(2.9)
(5.2)
(5.5)
Other income
15.3
17.2
28.9
24.2
Other expense
(7.1)
(5.2)
(19.4)
(9.7)
Net other income
12.9
15.1
19.1
22.0
INTEREST EXPENSE
Interest on long-term debt
71.6
66.6
137.9
128.0
Allowance for borrowed funds used during construction
(3.4)
(3.7)
(7.0)
(8.2)
Interest on short-term debt and other interest charges
(1.5)
9.3
(4.3)
19.7
Interest expense
66.7
72.2
126.6
139.5
INCOME BEFORE TAXES
137.8
129.5
197.2
202.4
INCOME TAX EXPENSE
21.5
22.0
30.7
32.2
NET INCOME
$
116.3
$
107.5
$
166.5
$
170.2
BASIC AVERAGE COMMON SHARES OUTSTANDING
206.5
201.3
206.4
201.3
DILUTED AVERAGE COMMON SHARES OUTSTANDING
207.8
202.1
207.5
202.0
BASIC EARNINGS PER AVERAGE COMMON SHARE
$
0.56
$
0.53
$
0.81
$
0.85
DILUTED EARNINGS PER AVERAGE COMMON SHARE
$
0.56
$
0.53
$
0.80
$
0.84
OKLAHOMA GAS AND ELECTRIC COMPANY
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In millions)
2026
2025
2026
2025
OPERATING REVENUES
Revenues from contracts with customers
$
688.0
$
719.7
$
1,424.7
$
1,460.8
Other revenues
23.9
21.9
39.8
28.5
Operating revenues
711.9
741.6
1,464.5
1,489.3
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE
217.7
261.1
554.4
585.1
OPERATING EXPENSES
Other operation and maintenance
138.6
126.3
275.4
248.1
Depreciation and amortization
138.1
140.6
274.5
278.0
Taxes other than income
25.8
26.2
55.7
57.4
Operating expenses
302.5
293.1
605.6
583.5
OPERATING INCOME
191.7
187.4
304.5
320.7
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction
7.3
6.0
14.8
13.0
Other net periodic benefit expense
(2.5)
(2.6)
(5.0)
(5.1)
Other income
6.4
4.1
9.1
9.4
Other expense
(0.6)
(0.5)
(1.4)
(1.4)
Net other income
10.6
7.0
17.5
15.9
INTEREST EXPENSE
Interest on long-term debt
65.9
60.8
126.5
116.4
Allowance for borrowed funds used during construction
(3.4)
(3.7)
(7.0)
(8.2)
Interest on short-term debt and other interest charges
(4.1)
6.3
(11.1)
12.0
Interest expense
58.4
63.4
108.4
120.2
INCOME BEFORE TAXES
143.9
131.0
213.6
216.4
INCOME TAX EXPENSE
23.8
23.3
35.6
37.7
NET INCOME
$
120.1
$
107.7
$
178.0
$
178.7
Other comprehensive income, net of tax
—
—
—
—
COMPREHENSIVE INCOME
$
120.1
$
107.7
$
178.0
$
178.7
OKLAHOMA GAS AND ELECTRIC COMPANY
FINANCIAL AND STATISTICAL DATA
Three Months Ended
Six Months Ended
June 30,
June 30,
(Dollars in millions)
2026
2025
2026
2025
Operating revenues by classification:
Residential
$
261.1
$
261.0
$
521.5
$
548.3
Commercial
215.6
225.9
427.6
434.7
Industrial
56.5
60.2
117.2
122.4
Oilfield
49.3
53.2
107.7
112.4
Public authorities and street light
62.3
64.5
124.2
125.3
System sales revenues
644.8
664.8
1,298.2
1,343.1
Provision for rate refund
—
—
—
3.0
Integrated market
27.4
26.3
74.7
47.6
Transmission
30.5
42.1
71.2
81.9
Other
9.2
8.4
20.4
13.7
Total operating revenues
$
711.9
$
741.6
$
1,464.5
$
1,489.3
MWh sales by classification (In millions)
Residential
2.3
2.1
4.4
4.6
Commercial
3.3
3.1
6.1
5.8
Industrial
1.0
1.0
2.0
2.0
Oilfield
1.1
1.0
2.2
2.1
Public authorities and street light
0.7
0.7
1.4
1.4
System sales
8.4
7.9
16.1
15.9
Integrated market
0.4
0.2
0.7
0.4
Total sales
8.8
8.1
16.8
16.3
Number of customers
917,157
909,131
917,157
909,131
Weighted-average cost of energy per kilowatt-hour (In cents)
Natural gas
3.438
3.498
5.173
4.265
Coal
2.662
2.761
2.620
2.751
Total fuel
3.086
3.120
4.208
3.508
Total fuel and purchased power
2.406
3.076
3.179
3.437
Degree days (A)
Heating - Actual
127
156
1,510
2,056
Heating - Normal
250
250
2,139
2,139
Cooling - Actual
772
579
864
598
Cooling - Normal
553
553
563
563
(A) Degree days are calculated as follows: The high and low degrees of a particular day are added together and then averaged. If the calculated average is above 65 degrees, then the difference between the calculated average and 65 is expressed as cooling degree days, with each degree of difference equaling one cooling degree day. If the calculated average is below 65 degrees, then the difference between the calculated average and 65 is expressed as heating degree days, with each degree of difference equaling one heating degree day. The daily calculations are then totaled for the particular reporting period. The calculation of heating and cooling degree normal days is based on a 30-year average and weighted on a jurisdictional split.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Tronox Holdings plc (NYSE:TROX), the world's leading integrated manufacturer of titanium dioxide pigment, announced today that its Board of Directors declared a quarterly dividend of $0.05 per share. The dividend is payable on October 9, 2026 to shareholders of record at the close of business on August 10, 2026.
About Tronox
Tronox Holdings plc is one of the world's leading producers of high-quality titanium products, including titanium dioxide pigment, specialty-grade titanium dioxide products and high-purity titanium chemicals, and zircon. We mine titanium-bearing mineral sands and operate upgrading facilities that produce high-grade titanium feedstock materials, pig iron and other minerals, including the rare earth-bearing mineral, monazite. With approximately 5,700 employees across six continents, our rich diversity, unmatched vertical integration model, and unparalleled operational and technical expertise across the value chain, position Tronox as the preeminent titanium dioxide producer in the world. For more information about how our products add brightness and durability to paints, plastics, paper and other everyday products, visit tronox.com.
Investor Relations and Media Contact: Jennifer Guenther
+1.646.960.6598 (Investor Relations)
+1.203.705.3701 extension: 103701 (Media)
M/I Homes ve 2. čtvrtletí zvýšila nové kontrakty o 15 % na rekordních 2 387, ale výnosy klesly o 9 % na 1,1 miliardy USD a čistý zisk klesl na 79 milionů USD.
, /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced results for the three and six months ended June 30, 2026.
2026 Second Quarter Results:
New contracts increased 15% to 2,387, a second quarter record Homes delivered decreased 6% to 2,206 Revenue declined 9% to $1.1 billion Gross margin of 22% Pre-tax income of $105 million, including inventory charges of $4 million, 10% of revenue, down 35% Net income of $79 million ($3.02 per diluted share) versus $121 million ($4.42 per diluted share) Shareholders' equity reached a record $3.2 billion, with book value per share increasing to a record $128 Repurchased $50 million of common stock Return on equity of 10% Homebuilding debt to capital ratio of 18% The Company reported pre-tax income of $104.6 million and net income of $79.1 million ($3.02 per diluted share). These results include pre-tax inventory charges of $4.2 million ($0.12 per diluted share). This compares to pre-tax income of $160.1 million and net income of $121.2 million, or $4.42 per diluted share, for the second quarter of 2025. For the six months ended June 30, 2026, pre-tax income was $193.7 million and net income was $146.9 million, or $5.57 per diluted share. This compared to pre-tax income of $306.2 million and net income of $232.5 million, or $8.40 per diluted share, for the same period of 2025.
Homes delivered in 2026's second quarter decreased 6% to 2,206 homes. This compares to 2,348 homes delivered in 2025's second quarter. Homes delivered for the six months ended June 30, 2026 were 4,120 compared to 2025's deliveries of 4,324 for the six months ended June 30, 2025, a decrease of 5%. New contracts increased 15% to a record 2,387 for the second quarter of 2026 compared to 2,078 in last year's second quarter. For the first half of 2026, new contracts were 4,737 compared to 4,370 in 2025, an increase of 8%. Homes in backlog at June 30, 2026 had a total sales value of $1.31 billion, an 8% decrease from a year ago. Backlog units at June 30, 2026 decreased 6% to 2,426 homes, with an average sales price of $538,000. At June 30, 2025, backlog sales value was $1.43 billion, with backlog units of 2,577 and an average sales price of $553,000. M/I Homes had 234 communities at both June 30, 2026 and 2025. The Company's cancellation rate was 8% in the second quarter of 2026 compared to 13% in the second quarter of 2025.
Robert H. Schottenstein, Chief Executive Officer and President, commented, "We delivered solid second quarter results despite continued challenging market conditions. Highlights included a second quarter record of 2,387 new contracts, gross margins of 22%, a pre-tax margin of 10% and a return on equity of 10%."
Mr. Schottenstein added, "Notwithstanding current market conditions, we are confident in the long-term fundamentals of the housing industry and in our ability to navigate this uncertain environment. Our financial condition is excellent, highlighted by S&P's recent upgrade of our credit rating to BB+. We have a very strong balance sheet with record shareholders' equity of $3.2 billion, no borrowings under our $900 million unsecured credit facility, cash of $736 million, a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of negative 1%. Given the quality of our geographic footprint, the diversity of our product offering and continued focus on well-located communities, we are well positioned to have a solid 2026."
The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will continue to be available on our website through July 2027.
M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
New contracts
2,387
2,078
4,737
4,370
Average community count
232
230
232
227
Cancellation rate
8 %
13 %
8 %
11 %
Backlog units
2,426
2,577
2,426
2,577
Backlog sales value
$ 1,305,248
$ 1,425,138
$ 1,305,248
$ 1,425,138
Homes delivered
2,206
2,348
4,120
4,324
Average home closing price
$ 459
$ 479
$ 459
$ 477
Homebuilding revenue:
Housing revenue
$ 1,011,974
$ 1,124,475
$ 1,890,584
$ 2,064,506
Land revenue
18,948
6,667
29,814
11,209
Total homebuilding revenue
$ 1,030,922
$ 1,131,142
$ 1,920,398
$ 2,075,715
Financial services revenue
32,336
31,450
63,567
62,970
Total revenue
$ 1,063,258
$ 1,162,592
$ 1,983,965
$ 2,138,685
Cost of sales - operations
823,559
875,973
1,541,675
1,599,283
Cost of sales - inventory charges
4,200
—
4,200
—
Gross margin
$ 235,499
$ 286,619
$ 438,090
$ 539,402
General and administrative expense
70,198
67,247
131,384
126,320
Selling expense
64,023
63,655
119,363
116,441
Operating income
$ 101,278
$ 155,717
$ 187,343
$ 296,641
Interest income, net of interest expense
(3,286)
(4,377)
(6,391)
(9,574)
Income before income taxes
$ 104,564
$ 160,094
$ 193,734
$ 306,215
Provision for income taxes
25,496
38,851
46,834
73,735
Net income
$ 79,068
$ 121,243
$ 146,900
$ 232,480
Earnings per share:
Basic
$ 3.08
$ 4.52
$ 5.69
$ 8.59
Diluted
$ 3.02
$ 4.42
$ 5.57
$ 8.40
Weighted average shares outstanding:
Basic
25,667
26,836
25,836
27,074
Diluted
26,193
27,406
26,376
27,673
M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)
As of
June 30,
2026
2025
Assets:
Total cash, cash equivalents and restricted cash
$ 735,941
$ 800,398
Mortgage loans held for sale
258,965
280,867
Inventory:
Lots, land and land development
1,850,007
1,683,930
Land held for sale
40,887
5,005
Homes under construction
1,387,441
1,403,582
Other inventory
226,963
194,089
Total Inventory
$ 3,505,298
$ 3,286,606
Property and equipment - net
34,446
33,749
Investments in joint venture arrangements
62,018
67,466
Operating lease right-of-use assets
51,929
56,403
Goodwill
16,400
16,400
Deferred income tax asset
4,508
13,451
Other assets
186,538
184,699
Total Assets
$ 4,856,043
$ 4,740,039
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net
$ 398,814
$ 398,040
Senior notes due 2030 - net
298,125
297,621
Total Debt - Homebuilding Operations
$ 696,939
$ 695,661
Notes payable bank - financial services operations
252,366
275,926
Total Debt
$ 949,305
$ 971,587
Accounts payable
244,494
252,476
Operating lease liabilities
53,732
57,997
Other liabilities
381,092
375,843
Total Liabilities
$ 1,628,623
$ 1,657,903
Shareholders' Equity
3,227,420
3,082,136
Total Liabilities and Shareholders' Equity
$ 4,856,043
$ 4,740,039
Book value per common share
$ 127.88
$ 117.01
Homebuilding debt to capital ratio (1)
18 %
18 %
(1)
The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders' equity.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data (unaudited)
(Dollars in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Cash provided by operating activities
$ 36,806
$ 37,755
$ 172,537
$ 102,642
Cash used in investing activities
$ (11,873)
$ (12,318)
$ (6,755)
$ (15,246)
Cash used in financing activities
$ (56,408)
$ (1,417)
$ (119,030)
$ (108,568)
Land/lot purchases
$ 131,056
$ 101,751
$ 210,296
$ 247,734
Land development spending
$ 154,742
$ 139,008
$ 259,105
$ 240,607
Land sale revenue
$ 18,948
$ 6,667
$ 29,814
$ 11,209
Land sale gross profit
$ 5,491
$ 3,202
$ 7,690
$ 3,988
Financial services pre-tax income
$ 14,423
$ 14,476
$ 28,520
$ 30,582
M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income
$ 79,068
$ 121,243
$ 146,900
$ 232,480
Add:
Provision for income taxes
25,496
38,851
46,834
73,735
Interest income - net
(6,156)
(7,726)
(11,996)
(15,767)
Interest amortized to cost of sales
7,952
8,227
14,646
15,128
Depreciation and amortization
5,333
4,904
10,587
9,681
Non-cash charges
8,761
3,916
12,946
8,116
Adjusted EBITDA
$ 120,454
$ 169,415
$ 219,917
$ 323,373
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
NEW CONTRACTS
Three Months Ended
Six Months Ended
June 30,
June 30,
%
%
Region
2026
2025
Change
2026
2025
Change
Northern
1,016
873
16 %
2,042
1,938
5 %
Southern
1,371
1,205
14 %
2,695
2,432
11 %
Total
2,387
2,078
15 %
4,737
4,370
8 %
HOMES DELIVERED
Three Months Ended
Six Months Ended
June 30,
June 30,
%
%
Region
2026
2025
Change
2026
2025
Change
Northern
892
967
(8) %
1,644
1,793
(8) %
Southern
1,314
1,381
(5) %
2,476
2,531
(2) %
Total
2,206
2,348
(6) %
4,120
4,324
(5) %
BACKLOG
June 30, 2026
June 30, 2025
Dollars
Average
Dollars
Average
Region
Units
(millions)
Sales Price
Units
(millions)
Sales Price
Northern
1,234
$ 699
$ 567,000
1,281
$ 721
$ 563,000
Southern
1,192
$ 606
$ 508,000
1,296
$ 704
$ 543,000
Total
2,426
$ 1,305
$ 538,000
2,577
$ 1,425
$ 553,000
LAND POSITION SUMMARY
June 30, 2026
June 30, 2025
Lots
Lots Under
Lots
Lots Under
Region
Owned
Contract
Total
Owned
Contract
Total
Northern
7,138
12,519
19,657
7,104
8,710
15,814
Southern
16,244
13,149
29,393
17,403
17,247
34,650
Total
23,382
25,668
49,050
24,507
25,957
50,464
M/I Homes, Inc. and Subsidiaries
Non-GAAP Reconciliation (1)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Income before income taxes
$ 104,564
$ 160,094
$ 193,734
$ 306,215
Add: Inventory charges (2)
4,200
—
4,200
—
Adjusted income before income taxes
$ 108,764
$ 160,094
$ 197,934
$ 306,215
Net income
$ 79,068
$ 121,243
$ 146,900
$ 232,480
Add: Inventory charges - net of tax (2)
3,176
—
3,185
—
Adjusted net income
$ 82,244
$ 121,243
$ 150,085
$ 232,480
Inventory charges - net of tax (2)
$ 3,176
$ —
$ 3,185
$ —
Divided by: Diluted weighted average shares outstanding
26,193
27,406
26,376
27,673
Diluted earnings per share related to inventory charges (2)
$ 0.12
$ —
$ 0.12
$ —
Add: Diluted earnings per share
3.02
4.42
5.57
8.40
Adjusted diluted earnings per share
$ 3.14
$ 4.42
$ 5.69
$ 8.40
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
(2)
Represents the related charges divided by diluted weighted average shares outstanding during the respective period as presented in the Summary Statement of Income.
July 29 (Reuters) - Fortive (FTV.N), opens new tab raised its 2026 adjusted profit forecast on Wednesday, helped by resilient demand for its industrial automation unit.
A growing number of businesses investing heavily into optimizing their industrial operations has fueled demand for building technology, benefiting companies such as Fortive.
Learn about the latest breakthroughs in AI and tech with the Reuters Artificial Intelligencer newsletter. Sign up here.
Fortive makes industrial measurement equipment and software-enabled automation used in various industries.
Here are some more details:
The Everett, Washington-based company expects annual adjusted earnings in the range of $2.95 to $3.05 per share, compared with its prior forecast of $2.90 to $3.00 per share.
Analysts on an average expected $3 per share, according to data compiled by LSEG.
It reported adjusted profit of 74 cents per share for the quarter ended July 3, beating analysts' estimate of 71 cents apiece.
Revenue for the second quarter rose about 8% to $1.1 billion from a year earlier, compared with Wall Street estimates of $1.07 billion.
Reporting by Anshuman Tripathy in Bengaluru; Editing by Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Energy Transfer (ET +1.46%) has become a very reliable income investment over the past few years. The master limited partnership (MLP), which sends a Schedule K-1 Federal tax form each year, just notched its 19th consecutive quarterly dividend increase. That pay bump pushes its current yield up to 6.8%.
Here's a look at whether now's the time to buy the high-yielding MLP for income.
Image source: The Motley Fool.
Built back better Energy Transfer recently declared its latest cash distribution. The MLP is raising its quarterly payment to $0.34 per unit ($1.36 annualized), a more than 3% increase compared to the year-ago period. It will pay this distribution on Aug. 19 to unitholders of record as of the close of business on Aug. 7.
That's the 19th quarterly increase in a row. The pipeline company began raising its distribution in late 2021, following a 50% cut in early 2020 to retain additional cash and strengthen its financial position. That strategy has worked to perfection as Energy Transfer is now in the best financial shape in its history. That has allowed it to steadily rebuild its distribution, which is now well above the prior peak of $1.22 per unit.
Today's Change
(
1.46
%) $
0.29
Current Price
$
20.20
Plenty of fuel to continue growing Energy Transfer currently plans to grow its distribution by 3% to 5% per year. That's a very achievable level for the MLP. It currently generates significant excess free cash after paying distributions ($2.7 billion in distributable cash flow in the first quarter, compared to less than $1.2 billion in total distributions paid). That's enabling it to retain substantial excess free cash flow to fund its growth capital program.
The MLP currently expects to invest between $5.5 billion and $5.9 billion into growth capital projects this year. That's part of a multi-year, multi-billion-dollar expansion backlog, with projects expected to enter commercial service through 2030, including $9.5 billion of major gas pipeline projects. It also has many smaller-scale gas pipeline projects underway, as well as crude oil and natural gas liquids (NGL) projects. Meanwhile, it has several additional projects under development to support growing gas power demand, NGL exports, and U.S. oil production. These projects should drive meaningful earnings and cash flow growth as they enter commercial service. The MLP currently expects to grow its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 15% at the midpoint of its guidance range this year. This growth should support its distribution growth plan.
Time to buy the high-yielding MLP? Energy Transfer's strong growth has fueled a more than 20% increase in its unit price this year. Despite that, it trades at the lowest valuation among its MLP peers at 8.5 times forward earnings (compared to the 9.5x-11.5x range). Given its strong growth prospects and financial profile, Energy Transfer looks like a great buy right now. It should continue delivering a growing income stream along with solid price appreciation as its earnings grow, which should fuel high-octane total returns in the coming years.
, /PRNewswire/ -- Peabody (NYSE: BTU) announced today that its Board of Directors has declared a quarterly dividend on its common stock of $0.075 per share, payable on September 3, 2026 to stockholders of record on August 12, 2026.
Peabody is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.
Contact:
Kala Finklang
[email protected]
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results. All statements that address operating performance, events, or developments that Peabody expects will occur in the future are forward-looking statements. They may include estimates of sales and other operating performance targets, cost savings, capital expenditures, dividends, share repurchases, other expense items, actions relating to strategic initiatives, demand for the company's products, liquidity, capital structure, market share, industry volume, other financial items, descriptions of management's plans or objectives for future operations and descriptions of assumptions underlying any of the above. The declaration and payment of future quarterly dividends remains at the discretion of the Board of Directors and will depend on the Company's financial results, cash flow and cash requirements, future prospects, and other factors deemed relevant by the Board. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond Peabody's control, that are described in Peabody's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025, and other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody's website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
Peabody ve 2. čtvrtletí vykázala čistou ztrátu 90,6 mil. USD a upravené EBITDA 24,0 mil. USD. Firma zároveň uvedla, že Centurion směřuje k cílovým výrobním úrovním.
Centurion Mine Advancing Toward Targeted Production Rates
Seaborne Thermal Results Benefit from Higher Pricing
Multiple Strategic Financial Actions Further Strengthen Capital Structure
, /PRNewswire/ -- Peabody (NYSE: BTU) today reported net income attributable to common stockholders of $(90.6) million, or $(0.74) per diluted share, for the second quarter of 2026, compared to $(27.6) million, or $(0.23) per diluted share, in the prior-year quarter. Peabody reported Adjusted EBITDA1 of $24.0 million in the second quarter of 2026 compared to $93.3 million in the prior-year quarter.
"While second quarter results reflected temporarily lower volumes and higher costs, we are already seeing those impacts mitigate across our operations. We expect improved results in the second half of the year as performance at our flagship Centurion Mine achieves targeted production rates," said Peabody President and Chief Executive Officer Jim Grech. "We're targeting strong cash generation for the second half of 2026, fueled by our seaborne metallurgical and thermal segments."
Highlights
Completed significant longwall commissioning activities at Centurion and are targeting 1.5 to 2.0 million tons of sales in the second half of 2026, while costs and margins progress toward targeted run-rate levels. Issued $250 million of 0.5% 2031 convertible notes, purchased a capped call with a cap price of $50.61 per share and repurchased $241.2 million of 3.25% 2028 convertible notes (with a conversion price of $18.99 per share) for cash consideration of $386.8 million, effectively repurchasing 5.0 million shares. Revised U.S. and Australia surety arrangements reducing reclamation cash collateral requirements by approximately $350 million. Increased revolving credit facility capacity to $400 million. Awarded a grant from the U.S. Department of Energy to advance rare earth elements (REE) and critical minerals (CM) development opportunities in the Powder River Basin. Coupled with the Wyoming Energy Authority grant awarded earlier this year, the company continued to progress promising REE/CM opportunities. Declared a quarterly dividend of $0.075 per share on July 29, 2026, payable on Sept. 3, 2026, to stockholders of record on Aug. 12, 2026. Second Quarter Segment Performance
Seaborne Thermal
Quarter Ended
Six Months Ended
Jun.
Mar.
Jun.
Jun.
Jun.
2026
2026
2025
2026
2025
Tons sold (in millions)
3.0
3.0
3.6
6.0
8.0
Export
1.9
1.9
2.1
3.8
5.0
Domestic
1.1
1.1
1.5
2.2
3.0
Revenue per Ton
$ 74.85
$ 66.61
$ 53.22
$ 70.81
$ 57.25
Export - Avg. Realized Price per Ton
95.87
86.25
72.86
91.20
76.56
Domestic - Avg. Realized Price per Ton
36.69
32.62
24.19
34.66
24.57
Costs per Ton
57.93
50.26
44.10
54.17
42.61
Adjusted EBITDA Margin per Ton
$ 16.92
$ 16.35
$ 9.12
$ 16.64
$ 14.64
Adjusted EBITDA (in millions)
$ 52.1
$ 48.5
$ 33.5
$ 100.6
$ 117.7
Seaborne Thermal delivered Adjusted EBITDA of $52.1 million in the second quarter, realizing average prices 12.4 percent higher than the first quarter amid strong coal-fueled generation across multiple Asian countries. Costs per ton of $57.93 came in at the low end of guidance, reflecting strong production volumes at Wilpinjong.
Seaborne Metallurgical
Quarter Ended
Six Months Ended
Jun.
Mar.
Jun.
Jun.
Jun.
2026
2026
2025
2026
2025
Tons sold (in millions)
2.5
2.0
2.2
4.5
4.0
Revenue per Ton
$ 148.04
$ 138.28
$ 114.79
$ 143.57
$ 119.40
Costs per Ton
155.08
141.72
118.97
148.96
118.39
Adjusted EBITDA Margin per Ton
$ (7.04)
$ (3.44)
$ (4.18)
$ (5.39)
$ 1.01
Adjusted EBITDA (in millions)
$ (17.0)
$ (7.0)
$ (9.2)
$ (24.0)
$ 4.0
Seaborne Metallurgical delivered Adjusted EBITDA of $(17.0) million in the quarter, as the continued commissioning of Centurion contributed to higher-than-expected costs. Sales volumes exceeded expectations by 0.2 million tons due to higher volumes at Metropolitan and the CMJV. Realized pricing increased 7.1 percent quarter over quarter to $148.04 per ton, supported by growing supply constraints in China.
Powder River Basin
Quarter Ended
Six Months Ended
Jun.
Mar.
Jun.
Jun.
Jun.
2026
2026
2025
2026
2025
Tons sold (in millions)
16.4
21.2
20.0
37.6
39.6
Revenue per Ton
$ 13.63
$ 13.65
$ 13.82
$ 13.64
$ 13.92
Costs per Ton
14.06
12.53
11.66
13.20
11.92
Adjusted EBITDA Margin per Ton
$ (0.43)
$ 1.12
$ 2.16
$ 0.44
$ 2.00
Adjusted EBITDA (in millions)
$ (7.1)
$ 23.7
$ 43.0
$ 16.6
$ 79.3
Powder River Basin delivered Adjusted EBITDA of $(7.1) million in the second quarter. Sales volumes fell below targeted levels due to milder weather extending the spring shoulder season and longer coal generation plant maintenance downtimes ahead of summer. Costs totaled $14.06 per ton, reflecting lower volumes while maintaining full utilization of the equipment fleet to uncover more coal in advance of higher expected volumes in the second half of the year.
Other U.S. Thermal
Quarter Ended
Six Months Ended
Jun.
Mar.
Jun.
Jun.
Jun.
2026
2026
2025
2026
2025
Tons sold (in millions)
3.0
3.3
2.9
6.3
6.0
Revenue per Ton
$ 55.26
$ 55.79
$ 54.08
$ 55.54
$ 54.20
Costs per Ton
46.13
44.37
49.39
45.20
46.43
Adjusted EBITDA Margin per Ton
$ 9.13
$ 11.42
$ 4.69
$ 10.34
$ 7.77
Adjusted EBITDA (in millions)
$ 26.9
$ 37.8
$ 13.5
$ 64.7
$ 46.4
Other U.S. Thermal delivered Adjusted EBITDA of $26.9 million in the quarter. Sales volumes of 3.0 million tons came in 0.4 million tons below expectations, reflecting the impact of mild weather and heavy rainfall at the end of the quarter resulting in rail outages. Despite these challenges, costs of $46.13 per ton were in line with guidance, reflecting disciplined cost management.
Centurion Update
Centurion made meaningful commissioning progress during the quarter. The operating team has implemented effective processes to address face conditions while maintaining production momentum and is working through remaining roof control issues, which are due to a limited rock fault zone. With operational constraints significantly reduced, Peabody's focus is on achieving targeted production rates.
The company is now targeting annual Centurion sales of 2.0 to 2.5 million tons, including 0.5 to 0.7 million tons in the third quarter. Costs are expected to trend more in line with expectations as production volumes increase.
Financial Update
At June 30, 2026, the company had $526.3 million cash and total liquidity of $959.1 million.
"Peabody enhanced its capital structure through a series of strategic financial transactions, including an opportunistic refinancing of convertible notes, revised surety arrangements that reduced restricted cash and collateral by approximately $350 million and increased our revolving credit facility to $400 million," said Executive Vice President and Chief Financial Officer Mark Spurbeck. "Together, these actions unlock shareholder value, jump start shareholder returns, lower borrowing costs and increase financial flexibility."
During the quarter, the company issued $250 million of 2031 convertible notes at a conversion price of $38.32 per share, which was effectively increased to $50.61 per share with a related capped call transaction. The company also repurchased $241.2 million of 2028 convertible notes for cash consideration of $386.8 million, effectively repurchasing 5.0 million shares. New surety arrangements resulted in a reduction to Restricted Cash and Collateral of approximately $350 million (43 percent). The company intends to evaluate additional 2028 convertible note repurchases and share repurchases in accordance with its shareholder return policy and financial strategy to increase free cash flow per share and maintain financial resiliency.
Third Quarter 2026 Outlook
Seaborne Thermal
Volume is expected to be 3.0 million tons, including 1.9 million export tons. 1.1 million tons of Newcastle product and 0.8 million tons of high ash product are unpriced. Costs are anticipated to be $52—$57 per ton. Seaborne Metallurgical
Seaborne met volume is expected to be 1.9—2.1 million tons, a decrease from second quarter due to a longwall move at Metropolitan and an expected lock outage impacting sales at Shoal Creek. Sales are anticipated to achieve approximately 70-75 percent of the premium hard coking coal price index. Costs are anticipated to be $130—$140 per ton. U.S. Thermal
PRB volume is expected to be 22 million tons at an average price of $13.60 per ton and costs of approximately $11.75—$12.25 per ton. Other U.S. Thermal volume is expected to be 3.7 million tons at an average price of $58.20 per ton and costs of approximately $45—$49 per ton. 2026 Guidance Targets
For the full year outlook, the company is updating guidance. Seaborne thermal expects a volume increase of 200 thousand tons to 12.7 million tons. Seaborne met costs are expected to increase by approximately $10 per ton, primarily due to lower volumes and elevated contract labor, materials and supply costs at Centurion. The company also is increasing Powder River Basin costs by $0.25 per ton, reflecting lower first-half shipments.
Today's earnings call is scheduled for 10 a.m. CT and can be accessed via the company's website at PeabodyEnergy.com.
Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.
Contact:
Kala Finklang
Email: [email protected]
1 Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA margin is equal to segment Adjusted EBITDA divided by segment revenue. Revenue per Ton and Adjusted EBITDA Margin per Ton are equal to revenue by segment and Adjusted EBITDA by segment, respectively, divided by segment tons sold. Costs per Ton is equal to Revenue per Ton less Adjusted EBITDA Margin per Ton. Management believes Costs per Ton and Adjusted EBITDA Margin per Ton best reflect controllable costs and operating results at the reportable segment level. We consider all measures reported on a per ton basis, as well as Adjusted EBITDA margin, to be operating/statistical measures. Please refer to the tables and related notes herein for a reconciliation and definition of non-GAAP financial measures.
Guidance Targets
Segment Performance
2026 Full Year
Total Volume
(millions of
short tons)
Priced Volume
(millions of short
tons)
Priced Volume
Pricing per
Short Ton
Average Cost per
Short Ton
Seaborne Thermal
12.4 - 13.0
8.3
$60.19
$49.50 - $54.50
Seaborne Thermal (Export)
7.9 - 8.5
3.8
$91.20
N/A
Seaborne Thermal (Domestic)
4.5
4.5
$34.00
N/A
Seaborne Metallurgical
8.8 - 10.3
4.5
$143.57
$130.00 - $145.00
PRB U.S. Thermal
82.0 - 88.0
80.8
$13.65
$12.00 - $12.50
Other U.S. Thermal
13.2 - 14.2
13.6
$56.70
$45.00 - $49.00
Other Annual Financial Metrics ($ in millions)
2026 Full Year
SG&A
$115
Total Capital Expenditures
$340
ARO Cash Spend
$65
Supplemental Information
Seaborne Thermal
~50% of unpriced export volumes are expected to price on average at
Globalcoal "NEWC" levels and ~50% are expected to have a higher ash
content and price at 85-95% of API 5 price levels.
Seaborne Metallurgical
On average, Peabody's metallurgical sales are anticipated to price at 70-80%
of the premium hard-coking coal index price (FOB Australia).
PRB and Other U.S. Thermal
PRB and Other U.S. Thermal volumes reflect volumes priced at June 30, 2026.
Weighted average quality for the PRB segment 2026 volume is approximately
8,730 BTU.
Certain forward-looking measures and metrics presented are non-GAAP financial and operating/statistical measures. Due to the volatility and variability of certain items needed to reconcile these measures to their nearest GAAP measure, no reconciliation can be provided without unreasonable cost or effort.
Condensed Consolidated Statements of Operations (Unaudited)
For the Quarters Ended Jun. 30, 2026, Mar. 31, 2026 and Jun. 30, 2025 and the Six
Months Ended Jun. 30, 2026 and 2025
(In Millions, Except Per Share Data)
Quarter Ended
Six Months Ended
Jun.
Mar.
Jun.
Jun.
Jun.
2026
2026
2025
2026
2025
Revenue
$ 1,003.2
$ 973.3
$ 890.1
$ 1,976.5
$ 1,827.1
Operating Costs and Expenses (1)
953.9
864.7
789.4
1,818.6
1,559.6
Depreciation, Depletion and Amortization
107.5
109.5
93.4
217.0
185.5
Asset Retirement Obligation Expenses
13.8
13.6
13.8
27.4
27.4
Selling and Administrative Expenses
23.3
31.6
23.5
54.9
47.1
Restructuring Charges
2.3
1.1
3.5
3.4
5.2
Costs Related to Terminated Acquisition
2.3
3.0
18.8
5.3
21.2
Net Gain on Disposals
(4.4)
(11.7)
(14.8)
(16.1)
(20.0)
Loss from Equity Affiliates
9.9
5.7
0.9
15.6
7.6
Operating Loss
(105.4)
(44.2)
(38.4)
(149.6)
(6.5)
Interest Expense, Net of Capitalized Interest
12.7
10.7
11.1
23.4
22.6
Induced Conversion Expense
17.2
—
—
17.2
—
Interest Income
(12.1)
(13.1)
(13.8)
(25.2)
(29.2)
Net Periodic Benefit Credit, Excluding Service Cost
(0.3)
(0.4)
(7.4)
(0.7)
(14.8)
(Loss) Income from Continuing Operations Before Income Taxes
(122.9)
(41.4)
(28.3)
(164.3)
14.9
Income Tax (Benefit) Provision
(37.0)
(16.0)
(2.7)
(53.0)
2.2
(Loss) Income from Continuing Operations, Net of Income Taxes
(85.9)
(25.4)
(25.6)
(111.3)
12.7
Loss from Discontinued Operations, Net of Income Taxes
(0.3)
(0.2)
(0.4)
(0.5)
(0.7)
Net (Loss) Income
(86.2)
(25.6)
(26.0)
(111.8)
12.0
Less: Net Income Attributable to Noncontrolling Interests
4.4
6.8
1.6
11.2
5.2
Net (Loss) Income Attributable to Common Stockholders
$ (90.6)
$ (32.4)
$ (27.6)
$ (123.0)
$ 6.8
Adjusted EBITDA (2)
$ 24.0
$ 82.5
$ 93.3
$ 106.5
$ 237.3
Diluted EPS - (Loss) Income from Continuing Operations (3)(4)
$ (0.74)
$ (0.26)
$ (0.22)
$ (1.00)
$ 0.06
Diluted EPS - Net (Loss) Income Attributable to Common
Stockholders (3)
$ (0.74)
$ (0.27)
$ (0.23)
$ (1.01)
$ 0.06
(1)
Excludes items shown separately.
(2)
Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Reconciliation of Non-GAAP Financial Measures" section in this document for definitions and reconciliations to the most comparable measures under U.S. GAAP.
(3)
Weighted average diluted shares outstanding were 122.0 million, 122.0 million and 121.7 million during the quarters ended June 30, 2026, March 31, 2026 and June 30, 2025, respectively. Weighted average diluted shares outstanding were 122.0 million and 122.3 million during the six months ended June 30, 2026 and 2025, respectively.
(4)
Reflects (loss) income from continuing operations, net of income taxes less net income attributable to noncontrolling interests.
This information is intended to be reviewed in conjunction with the company's filings with the SEC.
Condensed Consolidated Balance Sheets
As of Jun. 30, 2026 and Dec. 31, 2025
(Dollars In Millions)
(Unaudited)
Jun. 30, 2026
Dec. 31, 2025
Cash and Cash Equivalents
$ 526.3
$ 575.3
Accounts Receivable, Net
328.8
314.9
Inventories, Net
440.3
383.2
Other Current Assets
324.2
285.4
Total Current Assets
1,619.6
1,558.8
Property, Plant, Equipment and Mine Development, Net
3,081.9
3,153.3
Operating Lease Right-of-Use Assets
119.5
121.2
Restricted Cash and Collateral
459.8
844.1
Investments and Other Assets
124.9
127.6
Deferred Income Taxes
43.4
2.2
Total Assets
$ 5,449.1
$ 5,807.2
Current Portion of Long-Term Debt
$ 13.5
$ 15.2
Accounts Payable and Accrued Expenses
792.7
827.0
Total Current Liabilities
806.2
842.2
Long-Term Debt, Less Current Portion
325.5
321.2
Deferred Income Taxes
—
26.3
Asset Retirement Obligations, Less Current Portion
692.4
692.8
Accrued Postretirement Benefit Costs
108.0
109.2
Operating Lease Liabilities, Less Current Portion
85.9
87.5
Other Noncurrent Liabilities
133.2
145.8
Total Liabilities
2,151.2
2,225.0
Common Stock
1.9
1.9
Additional Paid-in Capital
3,865.8
4,004.8
Treasury Stock
(1,930.6)
(1,927.3)
Retained Earnings
1,214.4
1,355.9
Accumulated Other Comprehensive Income
97.1
101.1
Peabody Energy Corporation Stockholders' Equity
3,248.6
3,536.4
Noncontrolling Interests
49.3
45.8
Total Stockholders' Equity
3,297.9
3,582.2
Total Liabilities and Stockholders' Equity
$ 5,449.1
$ 5,807.2
This information is intended to be reviewed in conjunction with the company's filings with the SEC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the Quarters Ended Jun. 30, 2026, Mar. 31, 2026 and Jun. 30, 2025 and the Six
Months Ended Jun. 30, 2026 and 2025
(Dollars In Millions)
Quarter Ended
Six Months Ended
Jun.
Mar.
Jun.
Jun.
Jun.
2026
2026
2025
2026
2025
Cash Flows From Operating Activities
Net Cash (Used In) Provided By Continuing Operations
$ (0.7)
$ 30.6
$ 23.8
$ 29.9
$ 144.3
Net Cash Used in Discontinued Operations
(0.7)
(0.6)
(0.6)
(1.3)
(1.2)
Net Cash (Used In) Provided By Operating Activities
(1.4)
30.0
23.2
28.6
143.1
Cash Flows From Investing Activities
Additions to Property, Plant, Equipment and Mine Development
(58.4)
(85.4)
(94.2)
(143.8)
(164.6)
Changes in Accrued Expenses Related to Capital Expenditures
(1.5)
(37.1)
(3.4)
(38.6)
(42.0)
Proceeds from Disposal of Assets, Net of Receivables
—
5.4
5.3
5.4
12.5
Contributions to Joint Ventures
(172.1)
(165.6)
(153.0)
(337.7)
(291.3)
Distributions from Joint Ventures
173.5
160.2
155.9
333.7
306.7
Other, Net
(2.1)
(1.0)
(1.7)
(3.1)
(2.0)
Net Cash Used In Investing Activities
(60.6)
(123.5)
(91.1)
(184.1)
(180.7)
Cash Flows From Financing Activities
Proceeds from Long-Term Debt
360.0
—
—
360.0
—
Repayments of Long-Term Debt
(499.3)
(2.4)
(4.8)
(501.7)
(7.6)
Payment of Debt Issuance and Other Deferred Financing Costs
(14.3)
—
(0.1)
(14.3)
(1.8)
Purchase of Capped Calls
(16.7)
—
—
(16.7)
—
Excise Taxes Paid Related to Common Stock Repurchases
—
—
(1.7)
—
(1.7)
Repurchase of Employee Common Stock Relinquished for Tax
Withholding
—
(3.3)
—
(3.3)
(0.8)
Dividends Paid
(9.1)
(9.2)
(9.2)
(18.3)
(18.3)
Distributions to Noncontrolling Interests
—
(7.7)
—
(7.7)
(14.7)
Net Cash Used In Financing Activities
(179.4)
(22.6)
(15.8)
(202.0)
(44.9)
Net Change in Cash, Cash Equivalents and Restricted Cash
(241.4)
(116.1)
(83.7)
(357.5)
(82.5)
Cash, Cash Equivalents and Restricted Cash at Beginning of
Period
1,168.4
1,284.5
1,383.8
1,284.5
1,382.6
Cash, Cash Equivalents and Restricted Cash at End of
Period
$ 927.0
$ 1,168.4
$ 1,300.1
$ 927.0
$ 1,300.1
This information is intended to be reviewed in conjunction with the company's filings with the SEC.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
For the Quarters Ended Jun. 30, 2026, Mar. 31, 2026 and Jun. 30, 2025 and the Six
Months Ended Jun. 30, 2026 and 2025
(Dollars In Millions)
Note: Management believes that non-GAAP financial measures are used by investors to measure our operating performance. These measures
are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures
presented by other companies.
Quarter Ended
Six Months Ended
Jun.
Mar.
Jun.
Jun.
Jun.
2026
2026
2025
2026
2025
(Loss) Income from Continuing Operations, Net of Income Taxes
$ (85.9)
$ (25.4)
$ (25.6)
$ (111.3)
$ 12.7
Depreciation, Depletion and Amortization
107.5
109.5
93.4
217.0
185.5
Asset Retirement Obligation Expenses
13.8
13.6
13.8
27.4
27.4
Restructuring Charges
2.3
1.1
3.5
3.4
5.2
Costs Related to Terminated Acquisition
2.3
3.0
18.8
5.3
21.2
Changes in Amortization of Basis Difference Related to Equity
Affiliates
(0.7)
(0.6)
(0.8)
(1.3)
(1.4)
Interest Expense, Net of Capitalized Interest
12.7
10.7
11.1
23.4
22.6
Induced Conversion Expense
17.2
—
—
17.2
—
Interest Income
(12.1)
(13.1)
(13.8)
(25.2)
(29.2)
Unrealized Losses (Gains) on Foreign Currency Option
Contracts
3.9
(0.3)
(4.1)
3.6
(8.4)
Take-or-Pay Contract-Based Intangible Recognition
—
—
(0.3)
—
(0.5)
Income Tax (Benefit) Provision
(37.0)
(16.0)
(2.7)
(53.0)
2.2
Adjusted EBITDA (1)
$ 24.0
$ 82.5
$ 93.3
$ 106.5
$ 237.3
Operating Costs and Expenses
$ 953.9
$ 864.7
$ 789.4
$ 1,818.6
$ 1,559.6
Unrealized (Losses) Gains on Foreign Currency Option
Contracts
(3.9)
0.3
4.1
(3.6)
8.4
Take-or-Pay Contract-Based Intangible Recognition
—
—
0.3
—
0.5
Net Periodic Benefit Credit, Excluding Service Cost
(0.3)
(0.4)
(7.4)
(0.7)
(14.8)
Total Segment Costs (2)
$ 949.7
$ 864.6
$ 786.4
$ 1,814.3
$ 1,553.7
(1)
Adjusted EBITDA is defined as (loss) income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the reportable segments' operating performance, as displayed in the reconciliation above. Adjusted EBITDA is used by the chief operating decision maker as the primary financial metric to measure each segment's operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions.
(2)
Total Segment Costs is defined as operating costs and expenses adjusted for the discrete items that management excluded in analyzing each reportable segment's operating performance, as displayed in the reconciliation above. Total Segment Costs is used by management as a component of a metric to measure each segment's operating performance.
This information is intended to be reviewed in conjunction with the company's filings with the SEC.
Supplemental Financial Data (Unaudited)
For the Quarters Ended Jun. 30, 2026, Mar. 31, 2026 and Jun. 30, 2025 and the Six
Months Ended Jun. 30, 2026 and 2025
Quarter Ended
Six Months Ended
Jun.
Mar.
Jun.
Jun.
Jun.
2026
2026
2025
2026
2025
Tons Sold (In Millions)
24.9
29.6
28.7
54.5
57.6
Revenue Summary (In Millions)
Seaborne Thermal
$ 230.6
$ 197.5
$ 195.1
$ 428.1
$ 460.2
Seaborne Metallurgical
358.3
283.0
252.2
641.3
472.3
Powder River Basin
223.8
289.5
275.7
513.3
551.3
Other U.S. Thermal
163.2
184.5
155.1
347.7
323.8
Total U.S. Thermal
387.0
474.0
430.8
861.0
875.1
Corporate and Other
27.3
18.8
12.0
46.1
19.5
Total
$ 1,003.2
$ 973.3
$ 890.1
$ 1,976.5
$ 1,827.1
Total Segment Costs Summary (In Millions) (1)
Seaborne Thermal
$ 178.5
$ 149.0
$ 161.6
$ 327.5
$ 342.5
Seaborne Metallurgical
375.3
290.0
261.4
665.3
468.3
Powder River Basin
230.9
265.8
232.7
496.7
472.0
Other U.S. Thermal
136.3
146.7
141.6
283.0
277.4
Total U.S. Thermal
367.2
412.5
374.3
779.7
749.4
Corporate and Other
28.7
13.1
(10.9)
41.8
(6.5)
Total
$ 949.7
$ 864.6
$ 786.4
$ 1,814.3
$ 1,553.7
Other Supplemental Financial Data (In Millions)
Adjusted EBITDA - Seaborne Thermal
$ 52.1
$ 48.5
$ 33.5
$ 100.6
$ 117.7
Adjusted EBITDA - Seaborne Metallurgical
(17.0)
(7.0)
(9.2)
(24.0)
4.0
Adjusted EBITDA - Powder River Basin
(7.1)
23.7
43.0
16.6
79.3
Adjusted EBITDA - Other U.S. Thermal
26.9
37.8
13.5
64.7
46.4
Adjusted EBITDA - Total U.S. Thermal
19.8
61.5
56.5
81.3
125.7
Middlemount
(10.1)
(5.0)
(1.3)
(15.1)
(8.2)
Resource Management Results (2)
8.3
14.0
17.3
22.3
22.8
Selling and Administrative Expenses
(23.3)
(31.6)
(23.5)
(54.9)
(47.1)
Other Operating Costs, Net (3)
(5.8)
2.1
20.0
(3.7)
22.4
Adjusted EBITDA (1)
$ 24.0
$ 82.5
$ 93.3
$ 106.5
$ 237.3
(1)
Total Segment Costs and Adjusted EBITDA are non-GAAP financial measures. Refer to the "Reconciliation of Non-GAAP Financial Measures" section in this document for definitions and reconciliations to the most comparable measures under U.S. GAAP.
(2)
Includes gains (losses) on certain surplus coal reserve, coal resource and surface land sales and property management costs and revenue.
(3)
Includes trading and brokerage activities, costs associated with post-mining activities, gains (losses) on certain asset disposals, minimum charges on certain transportation-related contracts, results from the Company's other equity method investments, costs associated with suspended operations, holding costs associated with the Centurion Mine, the impact of foreign currency remeasurement and expenses related to the Company's other commercial activities.
This information is intended to be reviewed in conjunction with the company's filings with the SEC.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's or the Board's current expectations or predictions of future conditions, events, or results. All statements that address operating performance, events, or developments that may occur in the future are forward-looking statements, including statements regarding the shareholder return framework, execution of the Company's operating plans, market conditions for the Company's products, reclamation obligations, financial outlook, potential acquisitions and strategic investments, and liquidity requirements. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions, and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond Peabody's control, that are described in Peabody's periodic reports filed with the SEC including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025, and other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody's website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
Leidos představil Parcata, vlastní AI platformu pro autonomní hledání a opravu softwarových zranitelností. Nástroj má v reálném čase opravovat i zero-day zranitelnosti.
, /PRNewswire/ -- Government and commercial organizations could soon thwart potential cybersecurity threats by deploying Parcata™, a proprietary platform Leidos (NYSE: LDOS) has developed to autonomously find and fix software vulnerabilities.
This next-generation, model-agnostic tool harnesses a diverse set of large language models to accelerate vulnerability detection in first and third-party software and can patch zero-day vulnerabilities in real time.
"The use of AI by cyber adversaries has changed the game. We must detect and remediate before a breach," said Jason O'Connor, president of Leidos Intelligence. "Developed by our Kudu Dynamics team, with technology validated through DARPA's AI Cyber Challenge, Parcata will help organizations stay ahead of evolving threats. This tool will make sense out of the chaos and ensure the mission isn't dependent on any single frontier model."
The platform has demonstrated its capabilities through recent internal technical exercises and is being executed against Leidos code before it is deployed to mission environments.
This work aligns with Leidos' NorthStar 2030 strategy and its focus on AI-enabled capabilities and effects at operational scale across dynamic warfighting environments.
For more information or to request a demo, visit leidos.com/parcata.
About Leidos
Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with more than 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.Leidos.com.
Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
Stepan ve 2. čtvrtletí zvýšil čistý zisk na 22,9 mil. USD a upravený čistý zisk na 27,1 mil. USD. Firma zároveň oznámila plán snížit globální počet zaměstnanců s pevnou mzdou asi o 100.
, /PRNewswire/ -- Stepan Company (NYSE: SCL) today reported:
Second Quarter 2026 Highlights
Reported net income was $22.9 million, up 102% versus the prior year. Adjusted net income(1) was $27.1 million, up 126% versus the prior year. EBITDA(2) was $69.1 million and Adjusted EBITDA(2) was $74.4 million, up 37% and 45% respectively, year-over-year. Global sales volume was up 3% year-over-year. Organic sales volume was up 6% year-over-year. Cash from Operations was $8.4 million during the quarter. Free cash flow(3) for the quarter was a negative $15.0 million, driven by higher working capital requirements. Excluding the impact of higher working capital, free cash flow was $32.7 million, up 69% versus the prior year. Pre-tax earnings include a $5.1 million restructuring charge largely related to the previously announced closure of the Company's Fieldsboro, NJ site and decommissioning of select assets at its Elwood (Millsdale), IL and Stalybridge, UK facilities. The Company announced today a plan to reduce its global salaried workforce by approximately 100 positions. This action is part of the previously announced Project Catalyst efficiency initiative. The majority of this restructuring expense is expected to be recognized during the second half of 2026. The Company anticipates full year restructuring charges in the range of $75.0 to $80.0 million, which is in line with prior communications, with a projected cash impact between $14.0 and $18.0 million. First Half 2026 Highlights
Reported net income was a $18.5 million loss versus $31.1 million of income in the prior year. The current year loss is entirely due to a $70.5 million pre-tax restructuring charge. The cash impact associated with this restructuring charge was approximately $7.0 million year-to-date. Adjusted net income(1) was $37.4 million, up 20% versus the prior year. EBITDA(2) was $52.7 million and Adjusted EBITDA(2) was $124.1 million. Adjusted EBITDA was up 14% year-over-year. Organic sales volume was up 3% year-over-year. "Quarterly earnings were up significantly driven by improved Surfactant and Polymer results. Second quarter adjusted EBITDA of $74.4 million was up 45% year-over-year due to global volume growth, margin recovery and Project Catalyst savings. We believe the quarter also benefited from customer pre-buys as a result of the global geopolitical situation. Surfactant and Polymer adjusted EBITDA were up 59% and 22%, respectively," said Luis E. Rojo, President and Chief Executive Officer. "Surfactant organic sales volume was up 7% and Polymer sales volume was up 5% in the quarter. The Surfactant volume growth was broad-based and across all end markets and all regions. Within Polymers, the North American Rigid and Phthalic Anhydride businesses delivered double digit volume growth. We are pleased with the growth we achieved in several of our key strategic end markets despite ongoing global economic uncertainties and supply chain disruptions. We continue to execute Project Catalyst safely and in line with expectations. As part of the organizational-effectiveness component of Project Catalyst, today we announced a plan to reduce the Company's global salaried workforce by around 100 roles before the end of the year. During the past few quarters, we took a disciplined and deliberate approach to minimize the impact of these actions through normal attrition, pausing external hiring and emphasizing internal talent. We are committed to supporting our affected colleagues through this transition in line with our People First culture."
Financial Summary
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in thousands, except per share data)
2026
2025
%
Change
2026
2025
%
Change
Net Sales
$
684,109
$
594,689
15
%
$
1,288,618
$
1,187,944
8
%
Operating Income (Loss)
$
37,210
$
17,965
107
%
$
(12,412)
$
46,253
NM
Net Income (Loss)
$
22,911
$
11,341
102
%
$
(18,495)
$
31,052
NM
Earnings per Diluted Share
$
1.00
$
0.50
100
%
$
(0.81)
$
1.36
NM
Adjusted Net Income *
$
27,052
$
11,952
126
%
$
37,365
$
31,262
20
%
Adjusted Earnings per
Diluted Share *
$
1.18
$
0.52
127
%
$
1.63
$
1.37
19
%
* See Table II for reconciliations of non-GAAP adjusted net income and adjusted earnings per diluted share.
Percentage Change in Net Sales
Net sales in the second quarter of 2026 increased 15% year-over-year. This increase reflects higher selling prices, mainly attributable to the pass-through of higher raw material costs and more favorable product mix, a 3% increase in sales volume and the favorable impact of foreign currency translation. Organic sales volume was up 6% year-over-year.
Three Months Ended
June 30, 2026
Six Months Ended
June 30, 2026
Volume
3
%
(—)
%
Selling Price & Mix
9
%
5
%
Foreign Translation
3
%
3
%
Total
15
%
8
%
Segment Results
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in thousands)
2026
2025
%
Change
2026
2025
%
Change
Net Sales
Surfactants
$
483,902
$
411,456
18
%
$
937,589
$
841,793
11
%
Polymers
$
178,007
$
162,751
9
%
$
308,036
$
308,867
(0)
%
Specialty Products
$
22,200
$
20,482
8
%
$
42,993
$
37,284
15
%
Total Net Sales
$
684,109
$
594,689
15
%
$
1,288,618
$
1,187,944
8
%
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in thousands, all amounts pre-tax)
2026
2025
%
Change
2026
2025
%
Change
Operating Income (Loss)
Surfactants
$
34,362
$
13,367
157
%
$
52,910
$
42,297
25
%
Polymers
$
22,469
$
17,159
31
%
$
31,291
$
25,177
24
%
Specialty Products
$
5,007
$
5,258
(5)
%
$
9,722
$
10,766
(10)
%
Total Segment
Operating Income
$
61,838
$
35,784
73
%
$
93,923
$
78,240
20
%
Corporate Expenses
$
(24,628)
$
(17,819)
38
%
$
(106,335)
$
(31,987)
232
%
Consolidated
Operating Income
(Loss)
$
37,210
$
17,965
107
%
$
(12,412)
$
46,253
NM
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in millions)
2026
2025
%
Change
2026
2025
%
Change
EBITDA
$
69.1
$
50.6
37
%
$
52.7
$
108.6
(51)
%
Adjusted EBITDA
Surfactants
$
54.9
$
34.5
59
%
$
96.0
$
82.9
16
%
Polymers
$
31.2
$
25.6
22
%
$
48.6
$
41.6
17
%
Specialty Products
$
6.5
$
6.7
(3)
%
$
12.6
$
13.7
(8)
%
Unallocated Corporate
$
(18.1)
$
(15.4)
18
%
$
(33.1)
$
(29.3)
13
%
Consolidated Adjusted EBITDA
$
74.4
$
51.4
45
%
$
124.1
$
108.9
14
%
Consolidated adjusted EBITDA(2) increased $23.0 million, or 45%, in the quarter. This increase was primarily due to higher Surfactant and Polymer earnings driven by sales volume growth and margin recovery.
Surfactant net sales were $483.9 million for the quarter, up 18% versus the prior year. Selling prices were up 12% primarily due to pass through of higher raw material costs, improved product and customer mix, along with pricing actions. Global Sales volume was up 2% and organic sales volume increased 7%. All global regions recognized organic volume growth and our strategic end markets combined grew high single digits. Foreign currency translation positively impacted net sales by 4%. Surfactant adjusted EBITDA(2) for the quarter increased $20.4 million, or 59%, versus the prior year. This increase was primarily due to sales volume growth and margin recovery. Polymer net sales were $178.0 million for the quarter, a 9% increase versus the prior year. Selling prices were up 3%, primarily due to the pass-through of higher raw material costs and margin recovery. Sales volume increased 5% in the quarter. North American sales volume was up double digits, inclusive of significant growth in Spray Foam, partially offset by lower volumes in Europe and Asia. Foreign currency translation positively impacted net sales by 1% during the quarter. Polymer adjusted EBITDA(2) increased $5.6 million, or 22%, versus the prior year primarily due to sales volume growth and global margin improvement. Specialty Products net sales were $22.2 million for the quarter, an 8% increase versus the prior year. Specialty Products volume increased 4% while adjusted EBITDA(2) decreased $0.2 million, or 3%. The slight decrease in adjusted EBITDA(2) was primarily due to less favorable product mix within the medium chain triglycerides product line that was mostly offset by higher earnings in the food and flavor business. Outlook
"We believe we are positioned to continue delivering growth in all our key strategic businesses such as Crop Productivity, Oilfield, Tier 2/3 Surfactants and North American Polymers. We continue to execute on Project Catalyst, which is our comprehensive plan designed to further optimize our asset base and create a more productive and agile organization to enable balanced growth," said Luis E. Rojo, President and Chief Executive Officer. "Despite the ongoing and significant market uncertainties and challenges, the organization is focused on executing our growth opportunities, productivity plans and cash interventions. With these actions and the strong first half results, we believe we will deliver full year Adjusted EBITDA growth, positive free cash flow and continue to de-leverage the balance sheet in 2026."
Notes
(1) Adjusted net income and adjusted earnings per share are non-GAAP measures which exclude deferred compensation income/expense, certain environmental remediation-related costs as well as other significant and infrequent/non-recurring items. See Table II for reconciliations of non-GAAP adjusted net income and adjusted earnings per diluted share.
(2) EBITDA and adjusted EBITDA are non-GAAP measures. See Table VI for calculations and GAAP reconciliations of EBITDA and adjusted EBITDA.
(3) Free cash flow is a non-GAAP measure and reflects cash generated from operations minus capital expenditures. Cash generated from operations was $8.4 million during the second quarter of 2026 and capital expenditures were $23.4 million.
Conference Call
Stepan Company will host a conference call to discuss its second quarter results at 9:00 a.m. ET (8:00 a.m. CT) on July 29, 2026. The call can be accessed by phone and webcast. To access the call by phone, please click on this Registration Link, complete the form and you will be provided with dial in details and a PIN. To avoid delays, we encourage participants to dial into the conference call ten minutes ahead of the scheduled start time. The webcast can be accessed through the Investors/Conference Calls page at www.stepan.com. A webcast replay of the conference call will be available at the same location shortly after the call.
Supporting Slides
Slides supporting this press release will be made available at www.stepan.com through the Investors/Presentations page at approximately the same time as this press release is issued.
Corporate Profile
Stepan Company is a major manufacturer of specialty and intermediate chemicals used in a broad range of industries. Stepan is a leading merchant producer of surfactants, which are the key ingredients in consumer and industrial cleaning and disinfection compounds and in agricultural and oilfield solutions. The Company is also a leading supplier of polyurethane polyols used in the expanding thermal insulation market, and CASE (Coatings, Adhesives, Sealants, and Elastomers) industries.
Headquartered in Northbrook, Illinois, Stepan utilizes a network of modern production facilities located in North and South America, Europe and Asia.
The Company's common stock is traded on the New York Stock Exchange (NYSE) under the symbol SCL. For more information about Stepan Company please visit the Company online at www.stepan.com
More information about Stepan's sustainability program can be found on the Sustainability page at www.stepan.com
Certain information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements about Stepan Company's plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, Stepan Company's actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "should," "illustrative" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by Stepan Company and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements.
There are a number of risks, uncertainties and other important factors, many of which are beyond Stepan Company's control, that could cause actual results to differ materially from the forward-looking statements contained in this news release. Such risks, uncertainties and other important factors include, among other factors, the risks, uncertainties and factors described in Stepan Company's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports, and include (but are not limited to) risks and uncertainties related to our ability to realize cost savings or operating efficiencies associated with strategic initiatives, including Project Catalyst; accidents, unplanned production shutdowns or disruptions in manufacturing facilities; reduced demand due to customer product reformulations or new technologies; our inability to successfully develop or introduce new products; compliance with laws and other legal restrictions, including those relating to the international scope of our business; domestic and global competition; volatility of raw material and energy costs and supply; disruptions in transportation or significant changes in transportation costs; downturns in certain industries and general economic downturns; international business risks, including changes in global trade policies, tariffs and retaliatory measures and countermeasures; currency exchange rate fluctuations; changes in tax policy and potential adverse tax consequences due to the international scope of our business; downgrades in our credit ratings or our ability to access the credit or capital markets if and when necessary; global political, military, security or other instability and increased security regulations; costs, delays and miscalculations in capacity needs related to expansion or other capital projects; interruption or breaches of information technology systems; unfavorable resolution of litigation against us; maintaining and protecting intellectual property rights; our ability to identify suitable acquisition candidates and successfully complete and integrate acquisitions; our ability to retain executive management and key personnel; and issues relating to compliance with our debt covenants. In addition to the risks described in the Company's periodic reports, the restructuring actions described herein may involve risks related to the execution of facility closures and asset decommissioning, potential operational disruptions, impacts on employees and local communities, environmental compliance, and the realization of anticipated cost savings and efficiencies.
These forward-looking statements are made only as of the date hereof, and Stepan Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
* * * * *
Tables follow
Table I
STEPAN COMPANY
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited – in 000's, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net Sales
$
684,109
$
594,689
$
1,288,618
$
1,187,944
Cost of Sales
584,127
522,804
1,123,785
1,040,596
Gross Profit
99,982
71,885
164,833
147,348
Operating Expenses:
Selling
14,866
14,657
27,032
26,765
Administrative
24,203
22,801
45,516
44,215
Research, Development and Technical Services
17,195
14,701
32,188
29,350
Deferred Compensation
1,402
1,761
1,964
765
57,666
53,920
106,700
101,095
Business Restructuring
5,106
-
70,545
-
Operating Income (Loss)
37,210
17,965
(12,412)
46,253
Other Income (Expense):
Interest, Net
(5,682)
(5,485)
(10,693)
(9,611)
Other, Net
1,021
1,306
1,165
1,808
(4,661)
(4,179)
(9,528)
(7,803)
Income (Loss) Before Provision for Income
Taxes
32,549
13,786
(21,940)
38,450
Provision for Income Taxes
9,638
2,445
(3,445)
7,398
Net Income (Loss)
22,911
11,341
(18,495)
31,052
Net Income (Loss) Per Common Share
Basic
$
1.00
$
0.50
$
(0.81)
$
1.36
Diluted
$
1.00
$
0.50
$
(0.81)
$
1.36
Shares Used to Compute Net Income Per
Common Share
Basic
22,897
22,865
22,893
22,866
Diluted
22,924
22,879
22,893
22,885
Table II
Reconciliation of Non-GAAP Net Income (Loss) and Earnings per Diluted Share*
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in thousands, except per share amounts)
2026
EPS
2025
EPS
2026
EPS
2025
EPS
Net Income (Loss) Reported
$
22,911
$
1.00
$
11,341
$
0.50
$
(18,495)
$
(0.81)
$
31,052
$
1.36
Deferred Compensation (Income)
Expense
$
52
$
-
$
69
$
-
$
529
$
0.02
$
(401)
$
(0.02)
Environmental Remediation
Expense
$
92
$
-
$
542
$
0.02
$
170
$
0.01
$
611
$
0.03
Business Restructuring
$
3,997
$
0.18
$
-
$
-
$
55,161
$
2.41
$
-
$
-
Adjusted Net Income
$
27,052
$
1.18
$
11,952
$
0.52
$
37,365
$
1.63
$
31,262
$
1.37
* All amounts in this table are presented after-tax
The Company believes that certain non-GAAP measures, in conjunction with comparable GAAP measures, are useful for evaluating the Company's operating performance and financial condition. The Company uses this non-GAAP information as an indicator of business performance and evaluates management's effectiveness with specific reference to these indicators. Management believes that these non-GAAP financial measures provide useful supplemental information because they exclude non-operational items that affect comparability between years. These measures should be considered in addition to, not as substitutes for or superior to, measures of financial performance prepared in accordance with GAAP and may differ from similarly titled measures presented by other companies. The Company's Annual Report on Form 10-K for the year ended December 31, 2025 contains additional information regarding the use of non-GAAP financial measures.
Summary of Second Quarter 2026 Adjusted Net Income Items
Adjusted net income excludes non-operational deferred compensation income/expense, certain environmental remediation costs and other significant and infrequent or non-recurring items.
Deferred Compensation: The second quarter of 2026 reported net income includes $0.1 million of after-tax expense versus $0.1 million of after-tax expense in the prior year. Environmental Remediation: The second quarter of 2026 reported net income includes $0.1 million of after-tax expense versus $0.5 million of after-tax expense in the prior year. Business Restructuring: The second quarter of 2026 reported net income includes $4.0 million of after-tax expense related to restructuring charges. There were no restructuring charges recognized in the prior year quarter. Table III
Reconciliation of Pre-Tax to After-Tax Adjustments
Management uses the non-GAAP adjusted net income metric to evaluate the Company's operating performance. Management excludes the items listed in the table below because they are non-operational items. The cumulative tax effect is typically calculated using the statutory tax rates for the jurisdictions in which the transactions occurred.
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in thousands, except per share amounts)
2026
EPS
2025
EPS
2026
EPS
2025
EPS
Pre-Tax Adjustments
Deferred Compensation (Income)
Expense
$
68
$
92
$
696
$
(534)
Environmental Remediation
Expense
$
121
$
722
$
223
$
814
Business Restructuring
$
5,106
$
-
$
70,545
$
-
Total Pre-Tax Adjustments
$
5,295
$
814
$
71,464
$
280
Cumulative Tax Effect on
Adjustments
$
(1,154)
$
(203)
$
(15,604)
$
(70)
After-Tax Adjustments
$
4,141
$
0.18
$
611
$
0.02
$
55,860
$
2.44
$
210
$
0.01
Table IV
Deferred Compensation Plans
The full effect of the deferred compensation plans on quarterly pre-tax income was $0.1 million of expense versus $0.1 million of expense in the prior year. The quarter-end market prices of Company stock and the impact of deferred compensation on specific income statement line items is summarized below:
2026
2025
6/30
3/31
12/31
9/30
6/30
3/31
Stepan Company
$
55.72
$
49.98
$
47.36
$
47.70
$
54.58
$
55.04
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in thousands)
2026
2025
2026
2025
Deferred Compensation
Operating Income (Expense)
$
(1,402)
$
(1,761)
$
(1,964)
$
(765)
Other, net – Mutual Fund Gain
1,334
1,669
1,268
1,299
Total Pre-Tax
$
(68)
$
(92)
$
(696)
$
534
Total After-Tax
$
(52)
$
(69)
$
(529)
$
401
Effects of Foreign Currency Translation
The Company's foreign subsidiaries transact business and report financial results in their respective local currencies. These results are translated into U.S. dollars at average foreign exchange rates appropriate for the reporting period. The table below presents the impact that foreign currency translation had on select income statement line items.
($ in millions)
Three Months
Ended
June 30,
Change
Change
Due to
Foreign
Currency
Translation
Six Months Ended
June 30,
Change
Change
Due to
Foreign
Currency
Translation
2026
2025
2026
2025
Net Sales
$
684.1
$
594.7
$
89.4
$
17.1
$
1,288.6
$
1,187.9
$
100.7
$
42.4
Gross Profit
100.0
71.9
$
28.1
2.9
164.8
147.3
$
17.5
5.4
Operating Income
(Loss)
37.2
18.0
$
19.2
2.1
(12.4)
46.3
$
(58.7)
3.4
Pretax Income
(Loss)
32.5
13.8
$
18.7
2.1
(21.9)
38.5
$
(60.4)
3.5
Corporate Expenses
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in thousands)
2026
2025
%
Change
2026
2025
%
Change
Total Corporate Expenses
$
24,628
$
17,819
38
%
$
106,335
$
31,987
232
%
Less:
Deferred Compensation Expense
$
1,402
$
1,761
(20)
%
$
1,964
$
765
157
%
Environmental Remediation
Expense
$
121
$
722
(83)
%
$
223
$
814
(73)
%
Business Restructuring
$
5,106
$
-
NM
$
70,545
$
-
NM
Adjusted Corporate Expenses
$
17,999
$
15,336
17
%
$
33,603
$
30,408
11
%
Adjusted Corporate expenses increased $2.7 million, or 17% for the quarter. This increase was primarily due to higher incentive-based compensation expenses.
Table V
Stepan Company
Consolidated Balance Sheets
June 30, 2026 and December 31, 2025
June 30, 2026
December 31,
2025
ASSETS
Current Assets
$
974,764
$
858,959
Property, Plant & Equipment, Net
1,142,612
1,219,627
Other Assets
275,290
279,116
Total Assets
$
2,392,666
$
2,357,702
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
$
846,998
$
666,494
Deferred Income Taxes
10,998
11,450
Long-term Debt
244,069
340,975
Other Non-current Liabilities
78,555
94,773
Total Stepan Company Stockholders' Equity
1,212,046
1,244,010
Total Liabilities and Stockholders' Equity
$
2,392,666
$
2,357,702
Selected Balance Sheet Information
The Company's total debt decreased by $4.3 million and cash decreased by $27.1 million versus March 31, 2026. The Company's net debt level increased $22.8 million versus March 31, 2026 and its net debt ratio was 31% versus 30% in the prior quarter (Net Debt and Net Debt Ratio are non-GAAP measures, reconciliations of which are shown in the table below). Management uses the non-GAAP net debt metric to show a more complete picture of the Company's overall liquidity, financial flexibility and leverage level.
($ in millions)
June 30,
2026
March 31,
2026
December 31,
2025
Net Debt
Total Debt
$
647.4
$
651.7
$
626.7
Cash
113.7
140.8
132.7
Net Debt
$
533.7
$
510.9
$
494.0
Equity
1,212.0
1,193.0
1,244.0
Net Debt + Equity
$
1,745.7
$
1,703.9
$
1,738.0
Net Debt / (Net Debt + Equity)
31
%
30
%
28
%
The major working capital components were:
($ in millions)
June 30,
2026
March 31,
2026
December 31,
2025
Net Receivables
$
492.3
$
433.7
$
388.0
Inventories
324.5
289.0
298.8
Accounts Payable
(321.7)
(285.7)
(261.7)
$
495.1
$
437.0
$
425.1
Table VI
Reconciliations of Non-GAAP EBITDA and Adjusted EBITDA
Management uses the non-GAAP EBITDA and adjusted EBITDA metrics to evaluate the Company's operating performance. Management excludes the items listed in the table below because they are non-operational items. Refer to the Income Statement on Table I for a bridge between Operating Income and Net Income.
, /PRNewswire/ -- Stepan Company (NYSE: SCL) today reported:
The Board of Directors of Stepan Company has declared a quarterly cash dividend on the Company's common stock of $0.395 per share. The dividend is payable on September 15, 2026, to common stockholders of record on September 1, 2026. The Company increased its quarterly cash dividend in the fourth quarter of 2025 by $0.010 per share, marking the 58th consecutive year that the Company has increased its cash dividend to stockholders.
Corporate Profile
Stepan Company is a major manufacturer of specialty and intermediate chemicals used in a broad range of industries. Stepan is a leading merchant producer of surfactants, which are the key ingredients in consumer and industrial cleaning and disinfection products and in agricultural and oilfield solutions. The Company is also a leading supplier of polyurethane polyols used in the expanding thermal insulation market, and CASE (Coatings, Adhesives, Sealants, and Elastomers) industries.
Headquartered in Northbrook, Illinois, Stepan utilizes a network of modern production facilities located in North and South America, Europe and Asia.
The Company's common stock is traded on the New York Stock Exchange (NYSE) under the symbol SCL. For more information about Stepan Company please visit the Company online at www.stepan.com.
More information about Stepan's sustainability program can be found on the Sustainability page at www.stepan.com.
Certain information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements about Stepan Company's plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, Stepan Company's actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "should," "illustrative" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by Stepan Company and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements.
There are a number of risks, uncertainties and other important factors, many of which are beyond Stepan Company's control, that could cause actual results to differ materially from the forward-looking statements contained in this news release. Such risks, uncertainties and other important factors include, among other factors, the risks, uncertainties and factors described in Stepan Company's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports, and include (but are not limited to) risks and uncertainties related to: our ability to realize cost savings or operating efficiencies associated with strategic initiatives, including Project Catalyst; risks related to restructuring activities, including the execution of facility closures and asset, decommissioning, potential operational disruptions, impacts on employees and local, communities, and environmental compliance; accidents, unplanned production shutdowns, interruptions or disruptions in manufacturing facilities; reduced demand due to customer product reformulations or new technologies; our inability to successfully develop or introduce new products; compliance with laws and other legal restrictions, including those relating to the international scope of our business; domestic and global competition; volatility of raw material and energy costs and supply; disruptions in transportation or significant changes in transportation costs; downturns in certain industries and general economic downturns; international business risks, including changes in global trade policies, tariffs, and retaliatory measures and countermeasures; currency exchange rate fluctuations; changes in tax policy and potential adverse tax consequences due to the international scope of our business; downgrades in our credit ratings or our ability to access the credit or capital markets if and when necessary; global political, military, security or other instability and increased security regulations; costs, delays and miscalculations in capacity needs related to expansion or other capital projects; interruption or breaches of information technology systems; unfavorable resolution of litigation against us; maintaining and protecting intellectual property rights; our ability to identify suitable acquisition candidates and successfully complete and integrate acquisitions; our ability to retain executive management and key personnel; and issues relating to compliance with our debt covenants.
These forward-looking statements are made only as of the date hereof, and Stepan Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Energean, Carlyle, Dragon Oil a Artemis Energy mají tento týden podat nabídky na aktiva BP v plynovém projektu West Nile Delta v Egyptě. BP se snaží zjednodušit portfolio a snížit dluh i náklady.
The BP logo is seen on gasoline pumps at a BP gas station in Manhattan, New York City, U.S., November 24, 2021. REUTERS/Andrew Kelly/File Photo Purchase Licensing Rights, opens new tab
CompaniesLONDON, July 29 (Reuters) - Dragon Oil, Carlyle Group (CG.O), opens new tab, Energean (ENOG.L), opens new tab and Artemis Energy are among the groups expected to bid this week for assets in BP's (BP.L), opens new tab West Nile Delta natural gas development off Egypt, three sources familiar with the sale process said.
British oil major BP, which produces about 60% of Egypt's natural gas through joint ventures in the East Nile Delta and fields it operates in the West Nile Delta, is attempting to simplify its portfolio and cut debt and costs.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Details on the bids, which the sources said are due to be submitted by the end of the week, were not immediately clear.
BP and Carlyle declined to comment. Energean, Artemis and Dubai-based Dragon Oil did not immediately respond to requests for comment.
Reuters reported in May that BP was considering selling some of its gas assets in Egypt, citing sources.
Egypt's domestic energy production has struggled to keep pace with rising demand and as global gas markets have remained tight during the Iran war.
BP, which has invested more than $35 billion in Egypt over six decades, produced 518 million cubic feet per day of natural gas in the country last year, down about 40% from 2024 and nearly 60% from 2023.
In April, BP announced a gas and condensate discovery off Egypt's coast and earlier in 2026 was awarded the North-East El Alamein and West El Hammad offshore exploration concessions.
Reporting by Stephanie Kelly; Editing by Alexander Smith
Our Standards: The Thomson Reuters Trust Principles., opens new tab
A London-based senior correspondent covering UK-listed energy companies including BP and Shell and energy developments in Europe, the Middle East and Africa.
WEC Energy Group ve 2. čtvrtletí zvýšila čistý zisk na 299,2 mil. USD, tedy 0,91 USD na akcii, z 245,4 mil. USD loni. Zároveň potvrdila celoroční výhled zisku 5,51 až 5,61 USD na akcii.
, /PRNewswire/ -- WEC Energy Group (NYSE: WEC) today reported net income of $299.2 million, or 91 cents per share, for the second quarter of 2026 — up from $245.4 million, or 76 cents per share, for last year's second quarter.
For the first six months of 2026, the company recorded net income of $1.1 billion, or $3.36 per share — up from $969.6 million, or $3.02 per share, in the corresponding period a year ago.
Consolidated revenues totaled $5.5 billion, up $337.3 million from the first half of 2025.
"Our focus on customer service, financial discipline and operating efficiency — while continuing to execute on our capital plan — helped deliver a strong quarter," said Scott Lauber, chairman, president and CEO.
Retail deliveries of electricity — excluding the iron ore mine in Michigan's Upper Peninsula and Very Large Customers (VLCs) in Wisconsin — were essentially flat in the second quarter of 2026, compared to the second quarter last year.
Electricity consumption by small commercial and industrial customers was 0.2 percent lower. Electricity use by large commercial and industrial customers — excluding the iron ore mine and VLCs — increased by 0.9 percent.
Residential electricity use decreased by 1.1 percent.
On a weather-normal basis, retail deliveries of electricity during the second quarter of this year — excluding the iron ore mine and VLCs — increased by 1.2 percent.
The company is reaffirming its 2026 earnings guidance of $5.51 to $5.61 per share. This assumes normal weather for the remainder of the year.
Earnings per share listed in this news release are on a fully diluted basis.
Conference call
A conference call is scheduled for 1 p.m. Central time, Wednesday, July 29. The call will review 2026 second-quarter earnings and the company's outlook for the future.
All interested parties, including stockholders, news media and the general public, are invited to listen. Access the call at 888-330-2443 up to 15 minutes before it begins. The number for international callers is 240-789-2728. The conference ID is 3088105.
Conference call access also is available at wecenergygroup.com. Under 'Webcasts,' select 'Q2 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its second-quarter performance. The materials will be available at 6:30 a.m. Central time, Wednesday, July 29.
Replay
A replay will be available on the website and by phone. Access to the webcast replay will be available on the website about two hours after the call. Access to a phone replay also will be available approximately two hours after the call and remain accessible through Aug. 12, 2026. Domestic callers should dial 800-770-2030. International callers should dial 647-362-9199. The replay conference ID is 3088105.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.8 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a fleet of renewable generation facilities in states ranging from South Dakota to Texas.
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 31,000 stockholders of record, 7,000 employees and more than $52 billion of assets.
Forward-looking statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, earnings growth rates, dividend payments and future results. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as "anticipates," "believes," "estimates," "expects," "forecasts," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "should," "targets," "will" or similar terms or variations of these terms.
Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company's service territories; timing, resolution and impact of rate cases and other regulatory decisions, including rider reconciliations; the company's ability to continue to successfully integrate the operations of its subsidiaries; availability of the company's generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company's ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan, including projects related to serving data centers and other large-scale customers; terrorist, physical or cyber-security threats or attacks and data security breaches; construction risks; labor disruptions; equity and bond market fluctuations; changes in the company's and its subsidiaries' ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; changes in and uncertainty around federal, state, and local legislation and regulation, including changes in rate-setting policies or procedures and environmental standards, in the enforcement of these laws and regulations and in the interpretation of regulations or permit conditions by regulatory agencies; supply chain disruptions; inflation; political or geopolitical developments impacting the global economy, supply chain and fuel prices generally, including as a result of changes to government trade policies, geopolitical tensions between the U.S. and other countries, such as the war with Iran, or other new, protracted or escalating regional or international conflicts; the impact from any health crises, including epidemics and pandemics; current and future litigation and regulatory investigations, proceedings or inquiries; the ability of the Company to successfully and/or timely adopt new technologies, including artificial intelligence; changes in accounting standards; the financial performance of the American Transmission Company as well as projects in which the company's energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment; and other factors described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in the company's Form 10-K for the year ended Dec. 31, 2025, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.
Tables follow
WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited)
Three Months Ended
Six Months Ended
June 30
June 30
(in millions, except per share amounts)
2026
2025
2026
2025
Operating revenues
$ 2,062.1
$ 2,009.5
$ 5,496.3
$ 5,159.0
Operating expenses
Cost of sales
555.6
570.5
1,946.6
1,736.2
Other operation and maintenance
617.1
596.2
1,225.8
1,204.2
Depreciation and amortization
384.9
368.9
764.7
728.8
Property and revenue taxes
71.7
69.0
146.4
147.4
Total operating expenses
1,629.3
1,604.6
4,083.5
3,816.6
Operating income
432.8
404.9
1,412.8
1,342.4
Equity in earnings of transmission affiliates
62.6
51.9
122.1
105.5
Other income, net
61.5
26.5
109.7
44.6
Interest expense
228.9
220.8
457.4
443.8
Other expense
(104.8)
(142.4)
(225.6)
(293.7)
Income before income taxes
328.0
262.5
1,187.2
1,048.7
Income tax expense
27.0
19.5
80.1
80.2
Net income
301.0
243.0
1,107.1
968.5
Preferred stock dividends of subsidiary
0.3
0.3
0.6
0.6
Net (income) loss attributed to noncontrolling interests
(1.5)
2.7
(2.9)
1.7
Net income attributed to common shareholders
$ 299.2
$ 245.4
$ 1,103.6
$ 969.6
Earnings per share
Basic
$ 0.92
$ 0.77
$ 3.39
$ 3.04
Diluted
$ 0.91
$ 0.76
$ 3.36
$ 3.02
Weighted average common shares outstanding
Basic
325.8
320.3
325.7
319.3
Diluted
328.9
322.2
328.6
320.7
Dividends per share of common stock
$ 0.9525
$ 0.8925
$ 1.9050
$ 1.7850
WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions, except share and per share amounts)
June 30, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$ 50.0
$ 27.6
Accounts receivable and unbilled revenues, net of reserves of $148.9 and $148.7, respectively
1,529.2
2,062.7
Materials, supplies, and inventories
744.6
803.4
Prepaid taxes
203.2
178.8
Other prepayments
57.8
92.4
Other
197.0
119.8
Current assets
2,781.8
3,284.7
Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $12,783.3 and
$12,411.5, respectively
39,827.6
38,278.1
Regulatory assets (June 30, 2026 and December 31, 2025 include $63.6 and $67.5, respectively,
related to WEPCo Environmental Trust Finance I, LLC)
3,130.4
3,156.3
Equity investment in transmission affiliates
2,420.7
2,280.4
Goodwill
3,052.8
3,052.8
Pension and OPEB assets
1,115.6
1,082.4
Other
421.5
383.6
Long-term assets
49,968.6
48,233.6
Total assets
$ 52,750.4
$ 51,518.3
Liabilities and Equity
Current liabilities
Short-term debt
$ 1,934.1
$ 1,924.7
Current portion of long-term debt (June 30, 2026 and December 31, 2025 include $9.4 and $9.3,
respectively, related to WEPCo Environmental Trust Finance I, LLC)
1,413.5
1,519.4
Accounts payable
1,018.6
1,140.1
Other
842.2
1,009.2
Current liabilities
5,208.4
5,593.4
Long-term liabilities
Long-term debt (June 30, 2026 and December 31, 2025 include $62.8 and $67.4, respectively,
related to WEPCo Environmental Trust Finance I, LLC)
19,216.3
18,498.1
Finance lease obligations
415.8
372.0
Deferred income taxes
6,165.3
5,891.7
Deferred revenue, net
305.0
314.2
Regulatory liabilities
4,229.6
4,121.3
Intangible liabilities
550.3
580.3
Environmental remediation liabilities
466.2
484.1
Asset retirement obligations
668.6
647.0
Other
951.9
963.4
Long-term liabilities
32,969.0
31,872.1
Commitments and contingencies
Common shareholders' equity
Common stock – $0.01 par value; 650,000,000 shares authorized; 325,849,383 and 325,461,519
shares outstanding, respectively
3.3
3.3
Additional paid in capital
5,162.3
5,124.4
Retained earnings
8,976.8
8,493.5
Accumulated other comprehensive loss
(7.5)
(7.6)
Common shareholders' equity
14,134.9
13,613.6
Preferred stock of subsidiary
30.4
30.4
Noncontrolling interests
407.7
408.8
Total liabilities and equity
$ 52,750.4
$ 51,518.3
WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended
June 30
(in millions)
2026
2025
Operating activities
Net income
$ 1,107.1
$ 968.5
Reconciliation to cash provided by operating activities
Depreciation and amortization
764.7
728.8
Deferred income taxes and ITCs, net
189.9
220.0
AFUDC-Equity
(94.8)
(38.6)
Contributions and payments related to pension and OPEB plans
(7.2)
(7.1)
Equity income in transmission affiliates, net of distributions
(27.8)
(3.4)
Change in –
Accounts receivable and unbilled revenues, net
479.5
136.4
Materials, supplies, and inventories
58.8
110.2
Other current assets
(39.5)
65.4
Accounts payable
(102.1)
(172.1)
Other current liabilities
(104.2)
(44.8)
Other, net
(13.7)
52.6
Net cash provided by operating activities
2,210.7
2,015.9
Investing activities
Capital expenditures
(2,079.9)
(1,530.5)
Acquisition of Hardin Solar Energy III Center, net of cash acquired of $ – and $0.2, respectively
(3.0)
(406.1)
Capital contributions to transmission affiliates
(112.4)
(87.8)
Proceeds from the sale of assets
21.7
0.7
Reimbursement for American Transmission Company LLC's transmission infrastructure upgrades
10.4
39.7
Other, net
(37.3)
11.2
Net cash used in investing activities
(2,200.5)
(1,972.8)
Financing activities
Exercise of stock options
9.1
24.7
Issuance of common stock, net
23.8
398.8
Dividends paid on common stock
(620.3)
(568.7)
Issuance of long-term debt
1,804.2
1,025.0
Retirement of long-term debt
(1,189.1)
(567.6)
Change in commercial paper
8.0
(308.0)
Other, net
(20.9)
(20.3)
Net cash provided by (used in) financing activities
14.8
(16.1)
Net change in cash, cash equivalents, and restricted cash
25.0
27.0
Cash, cash equivalents, and restricted cash at beginning of period
70.9
42.2
Cash, cash equivalents, and restricted cash at end of period
Cognizant Technology čeká ve 3. čtvrtletí výnosy 5,60–5,68 miliardy USD, pod odhadem Wall Street na 5,70 miliardy USD, kvůli opatrným zákazníkům v oblasti IT výdajů. Akcie v premarketu klesly o 3 %.
Figurines with computers and smartphones are seen in front of Cognizant logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
July 29 (Reuters) - Cognizant Technology (CTSH.O), opens new tab forecast quarterly revenue below Wall Street estimates on Wednesday, as clients remained cautious on discretionary IT spending.
Shares of the company were down 3% in premarket trading.
The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.
Cognizant expects third-quarter revenue between $5.60 billion and $5.68 billion, below analysts' average estimate of $5.70 billion, according to data compiled by LSEG.
The company is navigating a complex macro environment, with clients cautious on large investments and continued softness in smaller discretionary projects.
Enterprises are also prioritizing investment in data center infrastructure over software as AI adoption accelerates.
Cognizant now expects annual revenue between $22.04 billion and $22.35 billion, compared with its prior expectations of $22.11 billion to $22.64 billion.
For the second quarter, the company reported revenue of $5.48 billion, in line with estimates and up 4.5% from a year earlier.
Cognizant has been expanding capabilities to help clients modernize legacy platforms and deploy GenAI at scale.
Reporting by Harshita Mary Varghese in Bengaluru; Editing by Jonathan Ananda
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Blackbaud ve 2. čtvrtletí zvýšil výnosy o 3 % na 290,6 milionu USD a upravený zisk na akcii na 1,33 USD. Zároveň potvrdil celoroční výhled a čeká zakončení roku v horní polovině rozpětí.
Company Expects to Finish Fiscal Year 2026 in the Upper Half of Financial Guidance Ranges
, /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the world's leading provider of AI-powered solutions for social impact, today announced financial results for its second quarter ended June 30, 2026.
"Our second quarter and first-half results came in as expected, and combined with our confidence in the second half, position us to finish in the upper half of our FY26 guidance ranges for revenue, adjusted EBITDA, non-GAAP EPS, and free cash flow, with EPS and free cash flow at the high end," said Mike Gianoni, president, CEO and vice chairman of the board of directors, Blackbaud. "We continue to invest aggressively in AI, reflected in the accelerating pace of innovation across our Agents for Good™ solutions, which help customers advance their missions and operate more efficiently while also strengthening our own productivity and profitability."
Second Quarter 2026 Results Compared to Second Quarter 2025 Results:
GAAP total revenue was $290.6 million, up 3.0% and non-GAAP organic revenue increased 3.0%. GAAP recurring revenue was $285.3 million, up 3.3% and represented 98.2% of total revenue. Non-GAAP organic recurring revenue increased 3.3%. GAAP income from operations was $62.0 million, with GAAP operating margin of 21.3%, an increase of 100 basis points. Non-GAAP income from operations was $94.6 million, with non-GAAP operating margin of 32.6%, a decrease of 110 basis points. GAAP net income was $35.4 million, with GAAP diluted earnings per share of $0.79, up $0.24 per share. Non-GAAP net income was $59.7 million, with non-GAAP diluted earnings per share of $1.33, up $0.11 per share. Non-GAAP adjusted EBITDA was $110.3 million, up $1.2 million, with non-GAAP adjusted EBITDA margin of 38.0%, a decrease of 70 basis points. Rule of 40 score was 41.0%. GAAP net cash provided by operating activities was $91.1 million, an increase of $24.1 million, with GAAP operating cash flow margin of 31.3%, an increase of 760 basis points. Non-GAAP free cash flow was $75.3 million, an increase of $23.8 million, with non-GAAP free cash flow margin of 25.9%, an increase of 760 basis points. "We again executed well against our operating plan while investing in innovation and efficiency across the business," said Chad Anderson, executive vice president and CFO, Blackbaud. "We're building the foundation for substantial shareholder value, supported by an attractive financial model and steady momentum toward our long-term goals. We also remain aggressive in repurchasing our shares having already repurchased just over 6% this year, reducing our total shares outstanding by approximately 15% since the fourth quarter of 2023."
An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, is included below under the heading "Non-GAAP Financial Measures." A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Recent Company Highlights
Blackbaud announced multiple new Agents for Good™ and AI-powered product enhancements planned as part of a reimagined cloud-native, AI-first connected platform, underscoring the company's continued innovation momentum and differentiated position as the trusted AI engine for social impact. The Blackbaud Institute published research that shows that while AI adoption is accelerating across the social impact sector, the organizations seeing transformational results have higher levels of AI maturity, moving beyond fragmented experimentation to systemic, governed AI use. To support the long-term health of the sector, Blackbaud has convened the AI Coalition for Social Impact, which has launched a free certification program to equip professionals to adopt AI responsibly, confidently and effectively. At its bi-annual Product Update Briefings and annual bbdevdays Developers Conference, Blackbaud showcased continued product and platform innovation highlighting new AI-powered capabilities, expanded connected workflows, and developer tools that reinforce the company's trusted AI engine strategy and help customers build, extend, and scale purpose-built solutions for social impact. Blackbaud strengthened its leadership in education, launching an Innovation Partnership and strategic investment in Student First to help higher education institutions build a more connected campus operating model, and unveiling new AI innovation for K–12 independent schools, including an Admissions Agent in development to help schools deliver more personalized, efficient admissions experiences. The company earned recognition from the American Business Awards for AI innovation and leadership, was named to Newsweek's World's Greenest Companies list for the second consecutive year, and was honored on the TIME America's Best Companies 2026 list, underscoring continued momentum in responsible innovation, sustainability and workplace excellence. Blackbaud released its 2025 Impact Report, highlighting progress across responsible AI, sustainability and global social impact, reinforcing the company's commitment to using purpose-built technology and responsible business practices to help customers and communities drive measurable outcomes. Visit www.blackbaud.com/newsroom for more information about Blackbaud's recent highlights.
Financial Outlook
Blackbaud today reaffirmed its 2026 full year financial guidance and expects to finish in the upper half of the range across all four key metrics:
GAAP revenue of $1.173 billion to $1.179 billion Non-GAAP adjusted EBITDA of $430 million to $438 million Non-GAAP diluted earnings per share of $5.15 to $5.25 Non-GAAP free cash flow of $280 million to $290 million Included in its 2026 full year financial guidance are the following updated assumptions:
Non-GAAP annualized effective tax rate is expected to be approximately 24.5% Interest expense for the year is expected to be approximately $62 million to $66 million Diluted weighted average shares outstanding for the year are expected to be approximately 45.0 million to 46.0 million Capital expenditures for the year are expected to be approximately $60 million to $70 million, including approximately $52 million to $62 million of capitalized software development costs Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.
Stock Repurchase Program
As of June 30, 2026, Blackbaud had approximately $850 million remaining under its common stock repurchase program that was expanded, replenished and reauthorized in December 2025. Based on our current plans, and stock repurchases to date, we expect total repurchases during 2026 to represent between 6% and 10.0% of our outstanding common stock as of December 31, 2025.
Conference Call Details
What:
Blackbaud's 2026 Second Quarter Conference Call
When:
July 29, 2026
Time:
8:00 a.m. (Eastern Time)
Live Call:
1-877-407-3088 (US/Canada)
Webcast:
Blackbaud's Investor Relations Webpage
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the world's leading provider of AI-powered solutions for social impact. Serving nonprofits, educational institutions, companies committed to corporate social responsibility and individual change makers, Blackbaud propels impact at scale with the sector's most intelligent solutions for fundraising and engagement, education solutions, financial management and CSR and grantmaking. With the deepest expertise powered by the world's largest philanthropic data set, the most connected workflows, and the most powerful impact network, Blackbaud's solutions are building a future where resources are unleashed at the speed of need. Blackbaud has been recognized by Fast Company, Newsweek, Quartz, Forbes and more for AI innovation, responsible leadership and workplace excellence. Blackbaud has operations in the United States, Australia, Canada, Costa Rica, India and the United Kingdom, supporting users in 100+ countries. Learn more at www.blackbaud.com, or follow us on X/Twitter, LinkedIn, Instagram, and Facebook.
Investor Contact
[email protected]
Media Contact
[email protected]
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the predictability of our financial condition and results of operations. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; risks related to the development, deployment, regulation, security, market adoption and perception of artificial intelligence technologies; cybersecurity and data protection risks and related liabilities; potential litigation involving us; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from Blackbaud's investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Trademarks
All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.
Non-GAAP Financial Measures
Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. Blackbaud uses non-GAAP financial measures internally in analyzing its operational performance. Accordingly, Blackbaud believes these non-GAAP measures are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance and trends and in comparing its financial results from period-to-period with other companies in Blackbaud's industry, many of which present similar non-GAAP financial measures to investors. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies.
The non-GAAP financial measures discussed above exclude the impact of certain transactions that Blackbaud believes are not directly related to its operating performance in any particular period, but are for its long-term benefit over multiple periods. Blackbaud believes these non-GAAP financial measures reflect its ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
While Blackbaud believes these non-GAAP measures provide useful supplemental information, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.
Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. Blackbaud believes non-GAAP free cash flow provides a useful measure of the company's operating performance. Non-GAAP free cash flow is not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.
In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis, non-GAAP organic recurring revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies, if any, acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period. In addition, each of these measures excludes prior period revenue associated with divested businesses, if any. The exclusion of the prior period revenue is to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of its current business' organic revenue growth and revenue run-rate.
Rule of 40 is defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision (benefit); depreciation; amortization of intangible assets from business combinations; amortization of software development costs; stock-based compensation expense; Global Capabilities Center ("GCC") workforce transition costs; acquisition and disposition-related costs; and Security Incident-related costs.
Blackbaud, Inc.
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except per share amounts)
June 30,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 34,388
$ 38,914
Restricted cash
846,620
720,061
Accounts receivable, net of allowance of $6,672 and $5,876 at June 30, 2026 and
December 31, 2025, respectively
Common stock, $0.001 par value; 180,000,000 shares authorized, 74,035,437 and
72,312,354 shares issued at June 30, 2026 and December 31, 2025, respectively;
45,513,708 and 46,705,325 shares outstanding at June 30, 2026 and December 31, 2025, respectively
74
72
Additional paid-in capital
1,438,227
1,391,641
Treasury stock, at cost; 28,521,729 and 25,607,029 shares at June 30, 2026 and December 31, 2025, respectively
(1,452,356)
(1,316,224)
Accumulated other comprehensive loss
(925)
(5,948)
Retained earnings
82,010
15,513
Total stockholders' equity
67,030
85,054
Total liabilities and stockholders' equity
$ 2,594,496
$ 2,390,682
Blackbaud, Inc.
Consolidated Statements of Comprehensive Income (Unaudited)
(dollars in thousands, except per share amounts)
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Revenue
$ 290,597
$ 282,030
$ 571,737
$ 551,966
Cost of revenue
112,434
113,633
227,015
228,448
Gross profit
178,163
168,397
344,722
323,518
Operating expenses
Sales, marketing and customer success
46,256
44,046
93,605
88,690
Research and development
34,856
33,595
71,772
67,154
General and administrative
34,449
32,856
64,710
89,535
Amortization of intangible assets
586
566
1,174
1,100
Total operating expenses
116,147
111,063
231,261
246,479
Income from operations
62,016
57,334
113,461
77,039
Interest expense
(17,579)
(18,411)
(33,615)
(35,356)
Other income, net
1,984
1,118
4,380
3,223
Income before provision for income taxes
46,421
40,041
84,226
44,906
Income tax provision
11,063
13,575
17,729
14,117
Net income
$ 35,358
$ 26,466
$ 66,497
$ 30,789
Earnings per share
Basic
$ 0.79
$ 0.55
$ 1.47
$ 0.64
Diluted
$ 0.79
$ 0.55
$ 1.46
$ 0.63
Common shares and equivalents outstanding
Basic weighted average shares
44,759,580
47,784,062
45,158,724
48,104,780
Diluted weighted average shares
44,884,337
48,248,057
45,605,260
48,786,793
Other comprehensive income (loss)
Foreign currency translation adjustment
$ (117)
$ 7,324
$ (1,597)
$ 10,583
Unrealized gain (loss) on derivative instruments, net of tax
3,042
(5,314)
6,620
(12,006)
Total other comprehensive income (loss)
2,925
2,010
5,023
(1,423)
Comprehensive income
$ 38,283
$ 28,476
$ 71,520
$ 29,366
Blackbaud, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Six months ended
June 30,
(dollars in thousands)
2026
2025
Cash flows from operating activities
Net income
$ 66,497
$ 30,789
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
41,293
43,346
Net provision for credit losses and sales returns
3,020
2,973
Stock-based compensation expense
46,586
49,422
Deferred taxes
9,380
(653)
Amortization of deferred financing costs and discount
1,269
1,346
Other non-cash adjustments
1,313
(5,407)
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
Accounts receivable
(57,465)
(64,984)
Prepaid expenses and other assets
(11,416)
(8,955)
Trade accounts payable
6,818
(8,408)
Accrued expenses and other liabilities
530
(9,910)
Deferred revenue
34,688
38,770
Net cash provided by operating activities
142,513
68,329
Cash flows from investing activities
Purchase of property and equipment
(4,117)
(1,311)
Capitalized software development costs
(26,127)
(27,787)
Cash used in disposition of business
—
(12,235)
Other investing activities
(8,675)
—
Net cash used in investing activities
(38,919)
(41,333)
Cash flows from financing activities
Proceeds from issuance of debt
209,500
272,300
Payments on debt
(180,857)
(187,666)
Employee taxes paid for withheld shares upon equity award settlement
(25,319)
(38,655)
Change in due to customers
132,582
128,582
Change in customer funds receivable
(5,175)
(3,262)
Purchase of treasury stock, including excise tax payments
(111,637)
(103,205)
Net cash provided by financing activities
19,094
68,094
Effect of exchange rate on cash, cash equivalents and restricted cash
(655)
7,212
Net increase in cash, cash equivalents and restricted cash
122,033
102,302
Cash, cash equivalents and restricted cash, beginning of period
758,975
809,512
Cash, cash equivalents and restricted cash, end of period
$ 881,008
$ 911,814
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown above in the consolidated statements of cash flows:
(dollars in thousands)
June 30,
2026
December 31,
2025
Cash and cash equivalents
$ 34,388
$ 38,914
Restricted cash
846,620
720,061
Total cash, cash equivalents and restricted cash in the statement of cash flows
$ 881,008
$ 758,975
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(dollars in thousands, except per share amounts)
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
GAAP Revenue
$ 290,597
$ 282,030
$ 571,737
$ 551,966
GAAP gross profit
$ 178,163
$ 168,397
$ 344,722
$ 323,518
GAAP gross margin
61.3 %
59.7 %
60.3 %
58.6 %
Non-GAAP adjustments:
Add: Stock-based compensation expense
2,714
3,250
5,801
5,948
Add: Amortization of intangibles from business combinations
5,404
7,020
11,671
14,072
Add: Employee severance
—
302
—
302
Add: GCC workforce transition costs(1)
267
—
542
—
Subtotal
8,385
10,572
18,014
20,322
Non-GAAP gross profit
$ 186,548
$ 178,969
$ 362,736
$ 343,840
Non-GAAP gross margin
64.2 %
63.5 %
63.4 %
62.3 %
GAAP income from operations
$ 62,016
$ 57,334
$ 113,461
$ 77,039
GAAP operating margin
21.3 %
20.3 %
19.8 %
14.0 %
Non-GAAP adjustments:
Add: Stock-based compensation expense
22,706
27,252
46,586
49,422
Add: Amortization of intangibles from business combinations
5,990
7,586
12,845
15,172
Add: Employee severance
—
2,147
—
2,147
Add: GCC workforce transition costs(1)
1,974
—
3,000
—
Add: Acquisition and disposition-related costs(2)
866
264
1,013
25,396
Add: Security Incident-related costs
—
395
—
2,575
Add: Impairment of capitalized software development costs
1,056
—
1,056
—
Subtotal
32,592
37,644
64,500
94,712
Non-GAAP income from operations
$ 94,608
$ 94,978
$ 177,961
$ 171,751
Non-GAAP operating margin
32.6 %
33.7 %
31.1 %
31.1 %
GAAP income before provision for income taxes
$ 46,421
$ 40,041
$ 84,226
$ 44,906
GAAP net income
$ 35,358
$ 26,466
$ 66,497
$ 30,789
Shares used in computing GAAP diluted earnings per share
44,884,337
48,248,057
45,605,260
48,786,793
GAAP diluted earnings per share
$ 0.79
$ 0.55
$ 1.46
$ 0.63
Non-GAAP adjustments:
Add: GAAP income tax provision
11,063
13,575
17,729
14,117
Add: Total non-GAAP adjustments affecting income from operations
32,592
37,644
64,500
94,712
Non-GAAP income before provision for income taxes
79,013
77,685
148,726
139,618
Assumed non-GAAP income tax provision(3)
19,358
19,033
36,438
34,207
Non-GAAP net income
$ 59,655
$ 58,652
$ 112,288
$ 105,411
Shares used in computing non-GAAP diluted earnings per share
44,884,337
48,248,057
45,605,260
48,786,793
Non-GAAP diluted earnings per share
$ 1.33
$ 1.22
$ 2.46
$ 2.16
(1) GCC workforce transition costs represent severance and other costs incurred in connection with the transition of certain roles to our Global Capability Center in Hyderabad, India.
(2) Includes charges of $24.3 million incurred during the six months ended June 30, 2025 related to the release from our lease for office space in Washington, DC.
(3) We use a non-GAAP effective tax rate of 24.5% when calculating non-GAAP net income and non-GAAP diluted earnings per share. We base this rate on our estimated annual GAAP income tax rate, adjusted for items excluded from GAAP income when calculating non-GAAP income and for significant nonrecurring tax adjustments. We review this non-GAAP tax rate annually to determine whether it remains appropriate for evaluating our financial performance. In conducting this review, we consider our GAAP annual effective tax rate, changes in tax legislation, non-GAAP adjustments, and shifts in the geographic mix of revenues and expenses. We also evaluate other factors that we deem significant. Because the tax treatment of non-GAAP adjustments differs from GAAP and because of our methodology for estimating the annual tax rate, the non-GAAP tax rate may differ from the GAAP tax rate and from our actual tax liabilities.
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(dollars in thousands)
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
GAAP revenue
$ 290,597
$ 282,030
$ 571,737
$ 551,966
GAAP revenue growth
3.0 %
3.6 %
Less: Non-GAAP revenue from divested businesses(1)
—
—
—
—
Non-GAAP organic revenue(2)
$ 290,597
$ 282,030
$ 571,737
$ 551,966
Non-GAAP organic revenue growth
3.0 %
3.6 %
Non-GAAP organic revenue(2)
$ 290,597
$ 282,030
$ 571,737
$ 551,966
Foreign currency impact on non-GAAP organic revenue(3)
(690)
—
(2,930)
—
Non-GAAP organic revenue on constant currency basis(3)
$ 289,907
$ 282,030
$ 568,807
$ 551,966
Non-GAAP organic revenue growth on constant currency basis
2.8 %
3.1 %
GAAP recurring revenue
$ 285,291
$ 276,279
$ 561,776
$ 539,604
GAAP recurring revenue growth
3.3 %
4.1 %
Less: Non-GAAP recurring revenue from divested businesses(1)
—
—
—
—
Non-GAAP organic recurring revenue(2)
$ 285,291
$ 276,279
$ 561,776
$ 539,604
Non-GAAP organic recurring revenue growth
3.3 %
4.1 %
Non-GAAP organic recurring revenue(2)
$ 285,291
$ 276,279
$ 561,776
$ 539,604
Foreign currency impact on non-GAAP organic recurring revenue(3)
(670)
—
(2,868)
—
Non-GAAP organic recurring revenue on constant currency basis(3)
$ 284,621
$ 276,279
$ 558,908
$ 539,604
Non-GAAP organic recurring revenue growth on constant currency basis
3.0 %
3.6 %
(1) Non-GAAP revenue from divested businesses excludes revenue associated with divested businesses in the prior period. The exclusion of the prior period revenue is to present the results of the divested business with the results of the combined company for the same period of time in both the prior and current periods.
(2) Non-GAAP organic revenue and non-GAAP organic recurring revenue for the prior year periods presented herein may not agree to non-GAAP organic revenue and non-GAAP organic recurring revenue presented in the respective prior period quarterly financial information solely due to the manner in which non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth are calculated.
(3) To determine non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, revenues from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable prior period's quarterly weighted average foreign currency exchange rates. The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian Dollar and Euro.
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(dollars in thousands)
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
GAAP net income
$ 35,358
$ 26,466
$ 66,497
$ 30,789
Non-GAAP adjustments:
Add: Interest, net
15,652
16,443
30,009
31,733
Add: GAAP income tax provision
11,063
13,575
17,729
14,117
Add: Depreciation
2,845
2,667
5,051
5,642
Add: Amortization of intangibles from business combinations
5,990
7,586
12,845
15,172
Add: Amortization of software development costs(1)
12,804
12,304
25,225
24,176
Subtotal
48,354
52,575
90,859
90,840
Non-GAAP EBITDA
$ 83,712
$ 79,041
$ 157,356
$ 121,629
Non-GAAP EBITDA margin(2)
28.8 %
27.5 %
Non-GAAP adjustments:
Add: Stock-based compensation expense
$ 22,706
$ 27,252
$ 46,586
$ 49,422
Add: Employee severance
—
2,147
—
2,147
Add: GCC workforce transition costs(3)
1,974
—
3,000
—
Add: Acquisition and disposition-related costs(3)
866
264
1,013
25,396
Add: Security Incident-related costs
—
395
—
2,575
Add: Impairment of capitalized software development costs
1,056
—
1,056
—
Subtotal
26,602
30,058
51,655
79,540
Non-GAAP adjusted EBITDA
$ 110,314
$ 109,099
$ 209,011
$ 201,169
Non-GAAP adjusted EBITDA margin(4)
38.0 %
36.6 %
Rule of 40(5)
41.0 %
40.2 %
Non-GAAP adjusted EBITDA
$ 110,314
$ 109,099
$ 209,011
$ 201,169
Foreign currency impact on Non-GAAP adjusted EBITDA(6)
(162)
(1,096)
(1,191)
(891)
Non-GAAP adjusted EBITDA on constant currency basis(6)
$ 110,152
$ 108,003
$ 207,820
$ 200,278
Non-GAAP adjusted EBITDA margin on constant currency basis
38.0 %
36.5 %
Rule of 40 on constant currency basis(7)
40.8 %
39.6 %
(1) Includes amortization expense related to software development costs, and amortization expense from capitalized cloud computing implementation costs.
(2) Measured by GAAP revenue divided by non-GAAP EBITDA.
(3) See additional details in the reconciliation of GAAP to Non-GAAP operating income above.
(4) Measured by non-GAAP organic revenue divided by non-GAAP adjusted EBITDA.
(5) Measured by non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. See Non-GAAP organic revenue growth table above.
(6) To determine non-GAAP adjusted EBITDA on a constant currency basis, non-GAAP adjusted EBITDA from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable prior period's quarterly weighted average foreign currency exchange rates. The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian Dollar and Euro.
(7) Measured by non-GAAP organic revenue growth on constant currency basis plus non-GAAP adjusted EBITDA margin on constant currency basis.
Blackbaud ve 2. čtvrtletí splnila odhady a nyní očekává, že celý rok skončí v horní polovině výhledu pro tržby, upravenou EBITDA, EPS i volný cash flow. Organické tržby meziročně vzrostly o 3 % na 291 milionů USD.
Blackbaud NASDAQ: BLKB reported second-quarter 2026 results that met its operating plan, with management pointing investors toward the upper end of its full-year financial guidance ranges as the company expands its artificial intelligence product portfolio and continues share repurchases.
Chief Executive Officer, President and Vice Chairman Mike Gianoni said the company delivered planned revenue and financial targets during the quarter while maintaining a focus on efficiency and product innovation. He said the updated outlook does not assume a meaningful revenue contribution this year from the company’s five newly launched or announced AI products.
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“AI enablement remains central to our success,” Gianoni said, citing both customer-facing capabilities and internal operational uses. He said Blackbaud is investing in cybersecurity and AI governance as customers seek protections for their data and responsible frameworks for AI use.
Second-Quarter Results and Outlook Chief Financial Officer Chad Anderson said second-quarter organic revenue rose 3% year over year to $291 million. Non-GAAP adjusted EBITDA was $110 million, producing an adjusted EBITDA margin of about 38%. Non-GAAP earnings per share increased 9% to $1.33, while free cash flow rose 46% year over year, or about $24 million, to $75 million.
Anderson said the company expected some moderation in organic revenue growth during 2026 because of the size and timing of certain renewal cohorts. The second-quarter performance was in line with those expectations, he said.
Blackbaud reaffirmed its full-year guidance ranges and now expects to finish in the upper half of its outlook for revenue, adjusted EBITDA, earnings per share and free cash flow. For EPS and free cash flow, Anderson said the company expects results to be at or above the high end of its ranges. Management expects results to be weighted toward the second half of the year, particularly the fourth quarter.
The company said its newly introduced platform fee on certain online giving form transactions is expected to contribute to the second-half weighting, with the largest benefit anticipated in the fourth quarter. Customers can use an existing donor-cover option under which donors pay transaction-related fees, according to Anderson.
Management also reiterated that Blackbaud’s 2026 contractual recurring renewal cohort is approximately 40% larger than the prior-year cohort. The company expects a near-term decline in reported gross dollar retention as more recurring revenue comes up for renewal, before retention returns to a more recent range of 91% to 92% by the end of 2027.
AI Products and Customer Adoption Gianoni highlighted the company’s Development Agent, a fundraising-focused agentic AI product that became generally available ahead of schedule earlier in 2026. The product identifies prospective and dormant donors outside major gift officers’ portfolios and conducts personalized, multi-touch engagement sequences under human supervision.
According to Gianoni, early production results showed reply rates and message-open metrics above industry benchmarks, along with average attributable gift sizes above industry norms. He said customers are using the product to engage a broader donor base without adding headcount.
Blackbaud has also announced four additional “Agents for Good” offerings that are planned for the coming months:
Data Health Agent, designed to identify duplicate records, confirm contact information and address constituent life changes within fundraising solutions. Admissions Agent, intended to support personalized admissions experiences for independent K-12 schools. Digital Marketing Agent, designed to help customers select audiences, generate tailored content and optimize outreach across channels. Accounts Payable Agent, which Blackbaud said will automate invoice intake and optimize payments within Financial Edge NXT. Gianoni said the company plans to unveil further details about a cloud-native, AI-first connected platform at its bbcon 2026 event in Columbus, Ohio, at the end of September. He described the planned platform as a connected system designed to link products, learn from interactions and retain human control over AI-driven actions.
More than half of Raiser's Edge NXT customers use machine-learning-enabled donor prospecting, Gianoni said. Those capabilities generate tens of billions of predictions annually within Blackbaud’s systems, he added.
Sales, Renewals and Contract Terms Management cited a mix of new customer wins, cross-sales and competitive displacements during the quarter. New customers included Nelson University, which selected Raiser's Edge NXT and analytics capabilities, and the East Hampton Historical Society, which selected Raiser's Edge NXT for fundraising modernization.
Blackbaud also cited returning customers that replaced competing providers. Jacksonville Zoo adopted Raiser's Edge NXT and Prospect Insights after using an incumbent point solution, while Centre for Autism Services Alberta selected Financial Edge NXT after using a horizontal accounting provider.
During the question-and-answer session, Gianoni said customer win-backs were being supported by innovation in Blackbaud’s core products and embedded AI capabilities. He also said the company is exceeding its internal sales-bookings plans and seeing favorable win rates across several areas, including K-12, nonprofit, higher education and its YourCause business.
Blackbaud said approximately 90% of contractual recurring revenue is now on contracts of three years or longer, while 25% is on contracts of at least four years. Gianoni noted that only a few years ago, more than half of renewal volume came from one-year customer contracts.
Margins and Capital Allocation The company reiterated long-term targets for 2026 through 2030 that include 4% to 6% annual organic total revenue growth, 6% to 8% annual adjusted EBITDA growth and adjusted EBITDA margins above 40%. Gianoni said potential revenue upside could come from viral giving events and new product launches, including the company’s AI agent offerings.
Anderson said Blackbaud continues to pursue margin expansion through workforce strategy initiatives, technology modernization and other operational measures. He added that the company has not incorporated meaningful AI-driven efficiency gains into its guidance, although management is applying AI across engineering, sales, marketing, customer support and back-office functions.
During the first half of 2026, including the net share settlement of employee stock compensation, Blackbaud repurchased just over 6% of its shares outstanding as of Dec. 31, 2025, Anderson said. Since the fourth quarter of 2023, the company has offset all dilution from stock-based compensation and reduced shares outstanding by about 15%.
Blackbaud expects to allocate at least 50% of cumulative free cash flow generated from 2026 through 2030 to share repurchases, while retaining flexibility for additional repurchases, debt reduction and strategic tuck-in acquisitions.
About Blackbaud (NASDAQ:BLKB)Blackbaud, Inc is a leading provider of cloud software, services and data intelligence solutions designed specifically for the social good community. The company's main offerings include fundraising and relationship management platforms, financial management systems, grant and award management tools, and advanced analytics. Its flagship products—such as Raiser's Edge NXT, Blackbaud Financial Edge NXT and Blackbaud NetCommunity—help nonprofit organizations, educational institutions, healthcare providers and foundations streamline donor engagement, optimize financial operations and measure program impact.
Founded in 1981 and headquartered in Charleston, South Carolina, Blackbaud has grown from a small technology startup into a global specialist in nonprofit software.
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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NEWPORT NEWS, Va., July 29, 2026 (GLOBE NEWSWIRE) -- HII (NYSE: HII) announced today that its Board of Directors has declared a quarterly cash dividend of $1.38 per share, payable on Sept. 11, 2026, to shareholders of record as of the close of business on Aug. 28, 2026.
About HII
HII is America’s largest shipbuilder, delivering the world’s most powerful ships and all-domain mission technologies, including unmanned systems, to U.S. and allied defense customers. HII is the largest producer of unmanned underwater vehicles for the U.S. Navy and the world.
With a more than 140-year history of advancing U.S. national security, HII builds and integrates defense capabilities extending from the core fleet to C6ISR, AI/ML, EW and synthetic training. Headquartered in Virginia, HII’s workforce is 45,000 strong. For more information, visit:
HII on the web: https://www.HII.com/HII on Facebook: https://www.facebook.com/TeamHIIHII on X: https://www.twitter.com/WeAreHIIHII on Instagram: https://www.instagram.com/WeAreHIIHII on LinkedIn: https://www.linkedin.com/company/wearehii
Contact:
Brooke Hart (Media) [email protected]
202-264-7108
Penske Automotive Group ve 2. čtvrtletí zvýšila tržby o 6 % na 8,5 miliardy USD a dodávky nových vozů a ojetých vozů vzrostly o 5 % na více než 125 000. Čistý zisk činil 260,4 milionu USD, EPS 3,96 USD.
New and Used Automotive Units Delivered Increase 5% to Over 125,000
Quarterly Revenue Increases 6% to $8.5 Billion
Income Before Taxes of $354 Million; Net Income of $260 Million; Earnings Per Share of $3.96
Adjusted Income Before Taxes of $323 Million; Adjusted Net Income of $238 Million; Adjusted Earnings Per Share of $3.62
, /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced financial results for the second quarter of 2026. For the quarter, revenue increased 6% to $8.5 billion when compared to $8.0 billion for the same period in 2025. Net income attributable to common stockholders was $260.4 million compared to $266.6 million for the same period in 2025, and related earnings per share was $3.96 compared to $4.03 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, as well as the full quarterly results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships, as reconciled in the attached schedules, adjusted income before taxes was $323.3 million, adjusted net income was $237.7 million, and adjusted earnings per share was $3.62. Foreign currency exchange positively impacted revenue by $47.2 million, net income attributable to common stockholders by $1.7 million, and earnings per share by $0.02.
Commenting on the Company's results, Chair Roger Penske said, "In the second quarter of 2026, our diversified business delivered over 125,000 retail automotive units and more than 5,400 commercial truck units. Retail automotive same-store revenue increased 6%. Retail automotive new and used vehicle gross profit per unit remained strong and consistent when compared to the first quarter of 2026, and service and parts gross margin increased by 80 basis points. Additionally, I am encouraged with the trends we are experiencing across the commercial truck market from an improved freight environment, driving strong orders of Class 8 trucks."
For the six months ended June 30, 2026, revenue was $16.4 billion compared to $16.0 billion for the same period in 2025. Net income attributable to common stockholders was $494.9 million compared to $524.3 million for the same period in 2025, and related earnings per share was $7.52 compared to $7.89 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, certain disposals and other charges, as well as the full results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships and certain disposals and other charges, as reconciled in the attached schedules, adjusted income before taxes was $599.6 million, adjusted net income was $438.3 million, and adjusted earnings per share was $6.66. Foreign currency exchange positively impacted revenue by $274.8 million, net income attributable to common stockholders by $5.1 million, and earnings per share by $0.07.
Retail Automotive Dealerships
For the three months ended June 30, 2026, total new units delivered increased 5% and used units delivered increased 4%. The increase in new units is attributed to resilient consumer demand, coupled with improved new vehicle availability from certain manufacturers. Total retail automotive revenue increased 6% to $7.3 billion and increased 6% on a same-store basis. On a sequential basis when compared to the first quarter of 2026, new vehicle gross profit per unit decreased $1 and used vehicle gross profit per unit increased $19. When compared to the prior year period, same-store retail automotive service and parts revenue increased 2%, gross profit increased 3%, and gross margin improved 80 basis points to 59.5%.
For the six months ended June 30, 2026, total new units delivered remained flat and used units delivered increased 2%. Total retail automotive revenue increased 3% to $14.3 billion and increased 3% on a same-store basis. When compared to the prior year period, same-store retail automotive service and parts revenue increased 3%, gross profit increased 5%, and gross margin improved 60 basis points to 59.2%.
Retail Commercial Truck Dealerships
For the three months ended June 30, 2026, the Company's retail commercial truck dealerships retailed 5,431 new and used units and generated $927.8 million in revenue and $47.2 million in income before taxes. This compares to 5,339 new and used units, $943.6 million of revenue, and $54.2 million in income before taxes during the same period in the prior year as lower order intake related to the weak freight environment in the third and fourth quarters of 2025 impacted truck deliveries during the second quarter of 2026. The Class 8 market order activity began to increase in late 2025 as the freight recession started to show signs of improvement. For the six months ended June 30, 2026, North American Class 8 commercial truck orders increased 118% when compared to the same period in the prior year according to industry sources. In addition, our retail commercial truck dealership operations experienced a 5% increase in service and parts revenue during the quarter. For the six months ended June 30, 2026, the Company's retail commercial truck dealerships retailed 9,014 new and used units and generated $1.6 billion in revenue and $83.5 million in income before taxes. This compares to 10,053 new and used units, $1.8 billion in revenue, and $99.3 million in income before taxes during the same period in the prior year.
Penske Transportation Solutions Investment
Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 379,200 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and six months ended June 30, 2026, PTS' results reflect the improved freight environment, and the Company recorded a 7% increase in earnings to $57.4 million and a 14% increase in earnings to $98.5 million, respectively, driven by growth in full-service leasing, improved fleet utilization, lower operating expenses, and lower interest costs, partially offset by continued challenges in the rental market and by a lower gain on the sale of used trucks.
Corporate Development, Capital Allocation, Liquidity, and Leverage
The Company's strong balance sheet, cash flow generation, and best-in-class leverage continue to support our flexible capital allocation approach. In February 2026, the Company announced that it completed the acquisition of Lexus of Orlando and Lexus of Winter Park, both located in the Orlando metropolitan area of Central Florida. The acquisition is expected to add $450 million in estimated annualized revenue. Coupled with the acquisitions in November 2025, the Company has acquired two Toyota and four Lexus dealerships in the last nine months, which are expected to generate approximately $2 billion in estimated annualized revenue.
During the six months ended June 30, 2026, the Company repurchased 265,104 shares of common stock for approximately $42.5 million. As of June 30, 2026, $221.2 million remained outstanding and available for repurchases under our securities repurchase program. As of June 30, 2026, the Company had approximately $1.4 billion in liquidity, including $70 million in cash and $1.3 billion of availability under its U.S. and international credit agreements and revolving mortgage facilities. The Company's leverage ratio at June 30, 2026 was 1.7x. During July 2026, the Board of Directors approved an increase in the quarterly dividend of 1.4%, or $0.02 per share, to $1.44 per share, representing a forward dividend yield of 2.7%. The increase represents the Company's 23rd consecutive quarterly increase. On a trailing twelve month basis, the dividend payout ratio is 41%. The dividend is payable September 1, 2026, to shareholders of record as of August 14, 2026.
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2026 on Wednesday, July 29, 2026, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (833) 461-5787 [International, please dial (585) 542-9983] using access code 895612473. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2026 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc. (NYSE: PAG), headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,600 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 40,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 379,200 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted revenue, adjusted gross profit, adjusted net income, adjusted earnings per share, adjusted income before taxes, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, adjusted selling, general, and administrative expenses, and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted financial measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, acquisition activity, future plans, and future revenues. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political, and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third-party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in the values of used trucks, which affect PTS' profitability on truck sales, and regulatory risks and related compliance costs; our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeline, or at all; the outcome of legal and administrative matters and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
Inquiries should contact:
Shelley Hulgrave
Anthony Pordon
Executive Vice President and
Executive Vice President Investor Relations
Chief Financial Officer
and Corporate Development
Penske Automotive Group, Inc.
Penske Automotive Group, Inc.
248-648-2812
248-648-2540
[email protected]
[email protected]
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Millions, Except Per Share Data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Revenue
$ 8,512.7
$ 8,032.5
6.0 %
$ 16,376.3
$ 15,986.3
2.4 %
Cost of Sales
7,155.7
6,680.3
7.1 %
13,719.9
13,312.7
3.1 %
Gross Profit
$ 1,357.0
$ 1,352.2
0.4 %
$ 2,656.4
$ 2,673.6
(0.6) %
SG&A Expenses
974.0
943.8
3.2 %
1,939.6
1,895.2
2.3 %
Depreciation
45.4
43.1
5.3 %
90.2
83.7
7.8 %
Operating Income
$ 337.6
$ 365.3
(7.6) %
$ 626.6
$ 694.7
(9.8) %
Floor Plan Interest Expense
(38.5)
(43.8)
(12.1) %
(76.6)
(85.8)
(10.7) %
Other Interest Expense
(33.1)
(21.6)
53.2 %
(61.5)
(44.1)
39.5 %
Gain on Sale of Dealerships
30.5
—
nm
90.9
52.3
73.8 %
Equity in Earnings of Affiliates
57.3
53.6
6.9 %
98.1
86.9
12.9 %
Income Before Income Taxes
$ 353.8
$ 353.5
0.1 %
$ 677.5
$ 704.0
(3.8) %
Income Taxes
(92.6)
(86.0)
7.7 %
(181.4)
(178.1)
1.9 %
Net Income
$ 261.2
$ 267.5
(2.4) %
$ 496.1
$ 525.9
(5.7) %
Less: Income Attributable to Non-Controlling Interests
0.8
0.9
(11.1) %
1.2
1.6
(25.0) %
Net Income Attributable to Common Stockholders
$ 260.4
$ 266.6
(2.3) %
$ 494.9
$ 524.3
(5.6) %
Amounts Attributable to Common Stockholders:
Net Income
$ 261.2
$ 267.5
(2.4) %
$ 496.1
$ 525.9
(5.7) %
Less: Income Attributable to Non-Controlling Interests
0.8
0.9
(11.1) %
1.2
1.6
(25.0) %
Net Income Attributable to Common Stockholders
$ 260.4
$ 266.6
(2.3) %
$ 494.9
$ 524.3
(5.6) %
Earnings Per Share
$ 3.96
$ 4.03
(1.7) %
$ 7.52
$ 7.89
(4.7) %
Weighted Average Shares Outstanding
65.7
66.2
(0.8) %
65.8
66.5
(1.1) %
nm – not meaningful
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Millions)
(Unaudited)
June 30,
December 31,
2026
2025
Assets:
Cash and Cash Equivalents
$ 69.5
$ 64.7
Accounts Receivable, Net
1,061.9
1,070.3
Inventories
5,109.7
4,814.7
Other Current Assets
269.9
242.9
Total Current Assets
6,511.0
6,192.6
Property and Equipment, Net
3,289.8
3,224.6
Operating Lease Right-of-Use Assets
2,493.2
2,543.8
Intangibles
4,107.9
3,599.9
Other Long-Term Assets
2,083.4
2,036.8
Total Assets
$ 18,485.3
$ 17,597.7
Liabilities and Equity:
Floor Plan Notes Payable
$ 2,700.7
$ 2,532.8
Floor Plan Notes Payable – Non-Trade
1,664.4
1,561.5
Accounts Payable
915.2
899.8
Accrued Expenses and Other Current Liabilities
1,017.3
930.0
Current Portion Long-Term Debt
377.3
355.0
Total Current Liabilities
6,674.9
6,279.1
Long-Term Debt
2,118.7
1,810.5
Long-Term Operating Lease Liabilities
2,389.8
2,461.5
Other Long-Term Liabilities
1,468.5
1,465.7
Total Liabilities
12,651.9
12,016.8
Equity
5,833.4
5,580.9
Total Liabilities and Equity
$ 18,485.3
$ 17,597.7
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Geographic Revenue Mix:
North America
62.2 %
63.6 %
60.3 %
62.4 %
U.K.
26.1 %
26.0 %
27.9 %
27.6 %
Other International
11.7 %
10.4 %
11.8 %
10.0 %
Total
100.0 %
100.0 %
100.0 %
100.0 %
Revenue: (Amounts in Millions)
Retail Automotive
$ 7,301.0
$ 6,887.7
$ 14,268.1
$ 13,806.3
Retail Commercial Truck
927.8
943.6
1,622.4
1,767.3
Commercial Vehicle Distribution and Other
283.9
201.2
485.8
412.7
Total
$ 8,512.7
$ 8,032.5
$ 16,376.3
$ 15,986.3
Gross Profit: (Amounts in Millions)
Retail Automotive
$ 1,156.5
$ 1,164.4
$ 2,281.5
$ 2,300.6
Retail Commercial Truck
142.8
143.6
271.0
284.6
Commercial Vehicle Distribution and Other
57.7
44.2
103.9
88.4
Total
$ 1,357.0
$ 1,352.2
$ 2,656.4
$ 2,673.6
Gross Margin:
Retail Automotive
15.8 %
16.9 %
16.0 %
16.7 %
Retail Commercial Truck
15.4 %
15.2 %
16.7 %
16.1 %
Commercial Vehicle Distribution and Other
20.3 %
22.0 %
21.4 %
21.4 %
Total
15.9 %
16.8 %
16.2 %
16.7 %
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Operating Items as a Percentage of Revenue:
Gross Profit
15.9 %
16.8 %
16.2 %
16.7 %
Selling, General, and Administrative Expenses
11.4 %
11.7 %
11.8 %
11.9 %
Operating Income
4.0 %
4.5 %
3.8 %
4.3 %
Income Before Income Taxes
4.2 %
4.4 %
4.1 %
4.4 %
Operating Items as a Percentage of Total Gross Profit:
Selling, General, and Administrative Expenses
71.8 %
69.8 %
73.0 %
70.9 %
Adjusted Selling, General, and Administrative Expenses(1)
71.8 %
69.9 %
72.5 %
70.0 %
Operating Income
24.9 %
27.0 %
23.6 %
26.0 %
Three Months Ended
Six Months Ended
June 30,
June 30,
(Amounts in Millions)
2026
2025
2026
2025
EBITDA(1)
$ 432.3
$ 418.2
$ 829.2
$ 831.8
Adjusted EBITDA(1)
$ 401.8
$ 400.6
$ 751.3
$ 773.0
Floor Plan Credits
$ 17.7
$ 16.3
$ 32.8
$ 32.1
Property Rent Expense
$ 71.1
$ 70.3
$ 144.0
$ 139.9
(1)
See the following Non-GAAP reconciliation table.
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Retail Automotive Units:
New Retail
55,136
52,985
4.1 %
105,172
108,509
(3.1) %
New Agency
11,195
10,079
11.1 %
24,206
20,765
16.6 %
Total New Delivered
66,331
63,064
5.2 %
129,378
129,274
0.1 %
Used Retail
59,070
56,802
4.0 %
119,196
117,289
1.6 %
Total New and Used Delivered
125,401
119,866
4.6 %
248,574
246,563
0.8 %
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles
$
3,375.4
$
3,188.1
5.9 %
$
6,456.1
$
6,436.1
0.3 %
Used Vehicles
2,471.9
2,259.4
9.4 %
4,901.3
4,523.5
8.4 %
Finance and Insurance, Net
211.0
208.2
1.3 %
413.3
413.6
(0.1) %
Service and Parts
867.1
853.4
1.6 %
1,731.0
1,679.0
3.1 %
Fleet and Wholesale
375.6
378.6
(0.8) %
766.4
754.1
1.6 %
Total Revenue
$
7,301.0
$
6,887.7
6.0 %
$
14,268.1
$
13,806.3
3.3 %
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles
$
290.1
$
306.4
(5.3) %
$
560.4
$
608.9
(8.0) %
Used Vehicles
123.8
130.6
(5.2) %
248.6
258.7
(3.9) %
Finance and Insurance, Net
211.0
208.2
1.3 %
413.3
413.6
(0.1) %
Service and Parts
517.0
501.4
3.1 %
1,026.7
983.8
4.4 %
Fleet and Wholesale
14.6
17.8
(18.0) %
32.5
35.6
(8.7) %
Total Gross Profit
$
1,156.5
$
1,164.4
(0.7) %
$
2,281.5
$
2,300.6
(0.8) %
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)
$
60,701
$
59,691
1.7 %
$
60,798
$
58,836
3.3 %
Used Vehicles
41,847
39,776
5.2 %
41,120
38,567
6.6 %
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)
$
4,782
$
5,337
(10.4) %
$
4,782
$
5,172
(7.5) %
New Agency
2,772
2,701
2.6 %
2,790
2,659
4.9 %
Used Vehicles
2,095
2,298
(8.8) %
2,085
2,206
(5.5) %
Finance and Insurance (excluding agency)
1,807
1,863
(3.0) %
1,797
1,798
(0.1) %
Retail Automotive Gross Margin:
New Vehicles
8.6 %
9.6 %
(100)bps
8.7 %
9.5 %
(80)bps
Used Vehicles
5.0 %
5.8 %
(80)bps
5.1 %
5.7 %
(60)bps
Service and Parts
59.6 %
58.8 %
+80bps
59.3 %
58.6 %
+70bps
Fleet and Wholesale
3.9 %
4.7 %
(80)bps
4.2 %
4.7 %
(50)bps
Total Gross Margin
15.8 %
16.9 %
(110)bps
16.0 %
16.7 %
(70)bps
Retail Automotive Revenue Mix Percentages:
New Vehicles
46.2 %
46.3 %
(10)bps
45.2 %
46.6 %
(140)bps
Used Vehicles
33.9 %
32.8 %
+110bps
34.4 %
32.8 %
+160bps
Finance and Insurance, Net
2.9 %
3.0 %
(10)bps
2.9 %
3.0 %
(10)bps
Service and Parts
11.9 %
12.4 %
(50)bps
12.1 %
12.2 %
(10)bps
Fleet and Wholesale
5.1 %
5.5 %
(40)bps
5.4 %
5.4 %
—bps
Total
100.0 %
100.0 %
100.0 %
100.0 %
Retail Automotive Gross Profit Mix Percentages:
New Vehicles
25.1 %
26.3 %
(120)bps
24.6 %
26.5 %
(190)bps
Used Vehicles
10.7 %
11.2 %
(50)bps
10.9 %
11.2 %
(30)bps
Finance and Insurance, Net
18.2 %
17.9 %
+30bps
18.1 %
18.0 %
+10bps
Service and Parts
44.7 %
43.1 %
+160bps
45.0 %
42.8 %
+220bps
Fleet and Wholesale
1.3 %
1.5 %
(20)bps
1.4 %
1.5 %
(10)bps
Total
100.0 %
100.0 %
100.0 %
100.0 %
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations Same-Store
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Retail Automotive Same-Store Units:
New Retail
53,774
51,847
3.7 %
102,305
105,889
(3.4) %
New Agency
11,195
10,079
11.1 %
24,206
20,765
16.6 %
Total New Delivered
64,969
61,926
4.9 %
126,511
126,654
(0.1) %
Used Retail
57,802
55,034
5.0 %
116,007
112,858
2.8 %
Total New and Used Delivered
122,771
116,960
5.0 %
242,518
239,512
1.3 %
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles
$
3,281.9
$
3,126.4
5.0 %
$
6,269.3
$
6,299.4
(0.5) %
Used Vehicles
2,422.6
2,204.3
9.9 %
4,792.5
4,392.7
9.1 %
Finance and Insurance, Net
207.1
203.9
1.6 %
404.7
403.4
0.3 %
Service and Parts
852.1
835.7
2.0 %
1,693.4
1,639.7
3.3 %
Fleet and Wholesale
356.2
367.0
(2.9) %
730.0
728.9
0.2 %
Total Revenue
$
7,119.9
$
6,737.3
5.7 %
$
13,889.9
$
13,464.1
3.2 %
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles
$
280.6
$
301.4
(6.9) %
$
542.1
$
598.2
(9.4) %
Used Vehicles
120.7
127.5
(5.3) %
242.4
252.3
(3.9) %
Finance and Insurance, Net
207.1
203.9
1.6 %
404.7
403.4
0.3 %
Service and Parts
507.3
490.8
3.4 %
1,003.3
960.4
4.5 %
Fleet and Wholesale
14.6
17.8
(18.0) %
32.5
35.7
(9.0) %
Total Gross Profit
$
1,130.3
$
1,141.4
(1.0) %
$
2,225.0
$
2,250.0
(1.1) %
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)
$
60,500
$
59,810
1.2 %
$
60,676
$
59,001
2.8 %
Used Vehicles
41,912
40,054
4.6 %
41,312
38,922
6.1 %
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
PENSKE AUTOMOTIVE GROUP, INC.
Supplemental Data
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Retail Automotive Revenue Mix:
Premium:
BMW / MINI
24 %
25 %
24 %
26 %
Porsche
10 %
10 %
10 %
9 %
Audi
8 %
9 %
9 %
9 %
Mercedes-Benz
8 %
8 %
8 %
8 %
Land Rover / Jaguar
7 %
7 %
7 %
7 %
Lexus
6 %
5 %
6 %
5 %
Ferrari / Maserati
4 %
3 %
3 %
3 %
Acura
1 %
1 %
1 %
1 %
Bentley
1 %
1 %
1 %
1 %
Others
1 %
2 %
2 %
2 %
Total Premium
70 %
71 %
71 %
71 %
Volume Non-U.S.:
Toyota
13 %
13 %
13 %
13 %
Honda
5 %
5 %
5 %
5 %
Volkswagen
2 %
2 %
2 %
2 %
Hyundai
1 %
2 %
1 %
2 %
Others
3 %
1 %
2 %
1 %
Total Volume Non-U.S.
24 %
23 %
23 %
23 %
U.S.:
General Motors / Stellantis / Ford
2 %
3 %
2 %
2 %
Used Vehicle Dealerships
4 %
3 %
4 %
4 %
Total
100 %
100 %
100 %
100 %
Three Months Ended
Six Months Ended
June 30,
June 30,
Cash Flow and Other Highlights:
2026
2025
2026
2025
($ Amounts in Millions)
Capital expenditures
$
72.3
$
72.9
$
134.9
$
157.6
Cash paid for acquisitions, including $115 million for property and floor plan
$
—
$
—
$
669.7
$
—
Proceeds from sale of dealerships
$
73.7
$
1.4
$
150.7
$
79.2
Dividends
$
93.6
$
83.6
$
186.2
$
165.4
Stock repurchases:
Aggregate purchase price
$
16.1
$
93.3
$
42.5
$
133.3
Shares repurchased
94,711
630,044
265,104
885,272
Balance Sheet and Other Highlights:
June 30, 2026
December 31, 2025
(Amounts in Millions)
Cash and Cash Equivalents
$
69.5
$
64.7
Inventories
$
5,109.7
$
4,814.7
Total Floor Plan Notes Payable
$
4,365.1
$
4,094.3
Total Long-Term Debt
$
2,496.0
$
2,165.5
Equity
$
5,833.4
$
5,580.9
Debt to Total Capitalization Ratio
30.0 %
28.0 %
Leverage Ratio (1)
1.7 x
1.5 x
New vehicle days' supply
51 days
49 days
Used vehicle days' supply
44 days
49 days
(1)
See the following Non-GAAP reconciliation table
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Non-GAAP Reconciliations
(Unaudited)
The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization
("EBITDA") and adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30,
2026 vs. 2025
(Amounts in Millions)
2026
2025
Change
% Change
Net Income
$
261.2
$
267.5
$
(6.3)
(2.4) %
Add: Depreciation
45.4
43.1
2.3
5.3 %
Other Interest Expense
33.1
21.6
11.5
53.2 %
Income Taxes
92.6
86.0
6.6
7.7 %
EBITDA
$
432.3
$
418.2
$
14.1
3.4 %
Less: Gain on Sale of Dealerships
(30.5)
—
(30.5)
nm
Add: Disposals and Other Charges
—
—
—
nm
Less: Common Control
—
(17.6)
17.6
nm
Adjusted EBITDA
$
401.8
$
400.6
$
1.2
0.3 %
Six Months Ended
June 30,
2026 vs. 2025
(Amounts in Millions)
2026
2025
Change
% Change
Net Income
$
496.1
$
525.9
$
(29.8)
(5.7) %
Add: Depreciation
90.2
83.7
6.5
7.8 %
Other Interest Expense
61.5
44.1
17.4
39.5 %
Income Taxes
181.4
178.1
3.3
1.9 %
EBITDA
$
829.2
$
831.8
$
(2.6)
(0.3) %
Less: Gain on Sale of Dealerships
(90.9)
(52.3)
(38.6)
73.8 %
Add: Disposals and Other Charges
13.0
25.2
(12.2)
nm
Less: Common Control
—
(31.7)
31.7
nm
Adjusted EBITDA
$
751.3
$
773.0
$
(21.7)
(2.8) %
nm – not meaningful
The following table reconciles the leverage ratio as of June 30, 2026, and December 31, 2025:
Six
Six
Trailing Twelve
Twelve
Months Ended
Months Ended
Months Ended
Months Ended
(Amounts in Millions)
December 31, 2025
June 30, 2026
June 30, 2026
December 31, 2025
Net Income
$ 412.0
$ 496.1
$ 908.1
$ 937.9
Add: Depreciation
88.6
90.2
178.8
172.3
Other Interest Expense
47.5
61.5
109.0
91.6
Income Taxes
147.7
181.4
329.1
325.8
EBITDA
$ 695.8
$ 829.2
$ 1,525.0
$ 1,527.6
Less: Gain on Sale of Dealerships
—
(90.9)
(90.9)
(52.3)
Add: Disposals and Other Charges
7.3
13.0
20.3
32.5
Less: Common Control
(16.9)
—
(16.9)
(48.6)
Adjusted EBITDA
$ 686.2
$ 751.3
$ 1,437.5
$ 1,459.2
Total Non-Vehicle Long-Term Debt
$ 2,496.0
$ 2,165.5
Leverage Ratio
1.7 x
1.5 x
The following tables present key adjusted financial line items excluding the gain on the sale of dealerships and certain disposals and other charges. Management believes this presentation is useful to investors in evaluating the Company's operating performance and comparability across periods.
Three Months Ended June 30, 2026
($ Amounts in millions, except per share data)
As Reported
Gain on Sale
of Dealerships
Disposals and
Other
Charges
Adjusted
Revenue
$
8,512.7
$
—
$
—
$
8,512.7
Gross Profit
$
1,357.0
$
—
$
—
$
1,357.0
Selling, General, & Administrative Expenses
$
974.0
$
—
$
—
$
974.0
EBITDA
$
432.3
$
(30.5)
$
—
$
401.8
Income Before Taxes
$
353.8
$
(30.5)
$
—
$
323.3
Net Income Attributable to Common Stockholders
$
260.4
$
(22.7)
$
—
$
237.7
Earnings Per Share
$
3.96
$
(0.34)
$
—
$
3.62
SG&A to Gross Profit
71.8 %
71.8 %
Six Months Ended June 30, 2026
($ Amounts in millions, except per share data)
As Reported
Gain on Sale
of Dealerships
Disposals and
Other
Charges
Adjusted
Revenue
$
16,376.3
$
—
$
—
$
16,376.3
Gross Profit
$
2,656.4
$
—
$
—
$
2,656.4
Selling, General, & Administrative Expenses
$
1,939.6
$
—
$
(13.0)
$
1,926.6
EBITDA
$
829.2
$
(90.9)
$
13.0
$
751.3
Income Before Taxes
$
677.5
$
(90.9)
$
13.0
$
599.6
Net Income Attributable to Common Stockholders
$
494.9
$
(67.5)
$
10.9
$
438.3
Earnings Per Share
$
7.52
$
(1.03)
$
0.17
$
6.66
SG&A to Gross Profit
73.0 %
72.5 %
Our results include the impact of the gain on the sale of a dealership and certain disposals and other charges, as well as the full quarterly and year-to-date results of Penske Motor Group in all periods, which are required by GAAP for common control transactions. The following tables present key adjusted financial line items excluding these items and present the acquisition of Penske Motor Group as if we acquired it on November 1, 2025, without common control accounting. Management believes this presentation is useful to investors in evaluating the Company's operating performance and comparability across periods.
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Over the last four quarters, the company has surpassed consensus EPS estimates three times.
ArcBest, which belongs to the Zacks Transportation - Truck industry, posted revenues of $1.18 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.79%. This compares to year-ago revenues of $1.02 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
ArcBest shares have added about 101.5% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for ArcBest?While ArcBest 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 ArcBest 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 #1 (Strong 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 $2.34 on $1.2 billion in revenues for the coming quarter and $6.62 on $4.51 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, Transportation - Truck is currently in the top 3% 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, Heartland Express (HTLD - Free Report) , is yet to report results for the quarter ended June 2026.
This trucking and logistics company is expected to post break-even quarterly earnings per share in its upcoming report, which represents a year-over-year change of +100%. The consensus EPS estimate for the quarter has been revised 137.5% higher over the last 30 days to the current level.
Heartland Express' revenues are expected to be $189.59 million, down 9.9% from the year-ago quarter.
DoorDash spouští DoorDash Air a po certifikaci FAA může v USA legálně provozovat komerční doručování pomocí dronů. Zatím ale neoznámil časový plán nasazení.
DoorDash is building a drone delivery business, including its own aircraft, as part of an effort developed by its robotics and autonomy team, which will eventually operate within the company’s delivery app.
The company unveiled the new business, called DoorDash Air, after receiving a Part 135 air carrier certification from the U.S. Federal Aviation Administration. The certification allows the company to legally operate a commercial drone delivery service in the United States.
This does not mean DoorDash’s custom-built drones will be delivering burritos tomorrow, or even next month. The company didn’t provide a detailed timeline for when its aircraft would be used in operations. But before they do, it will likely begin with limited pilot programs in which the unmanned aircraft will travel short distances while remaining within the line of sight of the operator.
If DoorDash wants its drones to fly autonomously over longer distances, it will need the FAA to approve its Beyond Visual Line of Sight technology, a certification that companies like Amazon, Wing and Zipline have received in recent years.
Despite the new program, the food and grocery delivery company is maintaining its existing partnerships with Wing and Flytrex. DoorDash partnered with Alphabet’s Wing in 2022 for a drone delivery program in Australia, later expanded the partnership to a couple of U.S. cities, including Dallas-Fort Worth, in 2024.
DoorDash Air was developed within DoorDash Labs, the R&D team behind Dot, the autonomous sidewalk delivery bot the company introduced in September 2025. The delivery bot is now operating in Phoenix suburbs of Tempe, Mesa, Gilbert, and Chandler as well as in Fremont, California.
The company’s foray into sidewalk bots and drones may seem well outside its core business model — an app that connects restaurants and customers with contractors who pick up food and deliver it to people’s doors. But DoorDash’s co-founder and chief product officer Stanley Tang said there is a common thread.
“We didn’t start with the question, “What’s the coolest autonomous tech we could make?” We started from first principles: What’s the actual customer problem that needs to be solved?” Tang wrote in a blog post on Wednesday announcing DoorDash Air.
In the company’s view, drones and sidewalk bots are part of the broader delivery network it is building.
The physical hardware — for instance, a 350-pound sidewalk bot or a drone — is important to this expanded view. But Tang argues that the operating system, particularly the software that can correctly determine what mode is used to deliver that burrito, sushi or pad thai, is just as critical.
DoorDash Labs has already developed software, called the Autonomous Delivery Platform, to handle the coordination challenge, according to Tang, and this operating system works with Dot, human delivery drivers and soon, the drone.
He noted that the company is tackling the full stack of challenges, from hardware and embedded systems to routing algorithms, and deciding in real-time whether human drivers, drones, or a sidewalk bot is the best option to dispatch a delivery.
This complexity was part of Tang’s recruitment pitch to engineering hires in the blog post.
“Most autonomy companies work on one layer. At DoorDash, you’re working on all of them simultaneously; nobody else is running all these systems on one network,” he wrote. “DoorDash is where the most interesting problems in autonomy are being solved today.”
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.
Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast. She is also co-founder and co-host of the podcast, “The Autonocast.” She previously wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.
You can contact or verify outreach from Kirsten by emailing [email protected] or via encrypted message at kkorosec.07 on Signal.
Conference Call to Discuss Results Scheduled for 10:00 a.m. ET Today
, /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, today, reported its financial results for the three and six months ended June 30, 2026, and declared its quarterly dividend.
A complete and full-text financial results press release, including information about today's financial results conference call and Newmark's dividend declaration, is accessible at either of the following web pages:
https://ir.nmrk.com/ (PDF version of the full press release, PDF of a quarterly results investor presentation, and supplemental Excel financial tables)
https://nmrk.com/media (PDF version of the full release only)
Note: If clicking on the above links does not open a new web page, you may need to cut and paste the above URLs into your browser's address bar.
Today's conference call is expected to contain forward-looking statements with respect to the Company's financial outlook and targets.
ABOUT NEWMARK
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from approximately 200 offices with more than 10,000 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.
DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q, or Form 8-K.
Vulcan Materials ve 2. čtvrtletí zvýšila tržby na 2,156 miliardy USD a upravený zisk před úroky, daněmi a odpisy (EBITDA) na 654 milionů USD. Firma zároveň potvrdila celoroční výhled upraveného EBITDA v rozmezí 2,4 až 2,6 miliardy USD.
Commercial Discipline and Cost Control Drive Continued Expansion in Aggregates Unit Profitability
Execution in Aggregates Underpins Reaffirmed Full Year Earnings Outlook
, /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced results for the quarter ended June 30, 2026.
Ronnie Pruitt, Vulcan Materials' Chief Executive Officer, said, "Commercial and operational execution drove solid results in the second quarter. Our industry-leading aggregates cash gross profit per ton grew to over $12 per ton, despite significant energy inflation and disruptive weather. These results demonstrate the resiliency of our uniquely advantaged pure-play aggregates business.
"Consistent with our aggregates growth strategy, during the second quarter we completed several portfolio enhancing actions. The pipeline for strategic acquisitions remains active, and we have the financial strength and flexibility to capitalize on the most value-accretive opportunities."
Financial Highlights Include:
Second Quarter
Year-to-Date
Trailing-Twelve Months
Amounts in millions, except per unit data
2026
2025
2026
2025
2026
2025
Total revenues
$ 2,156
$ 2,102
$ 3,912
$ 3,737
$ 8,116
$ 7,595
Gross profit
$ 626
$ 625
$ 1,048
$ 991
$ 2,232
$ 2,093
Selling, Administrative and General (SAG)
$ 141
$ 144
$ 277
$ 283
$ 558
$ 550
As % of Total revenues
6.6 %
6.9 %
7.1 %
7.6 %
6.9 %
7.2 %
Net earnings attributable to Vulcan
$ 323
$ 321
$ 489
$ 450
$ 1,116
$ 951
Adjusted EBITDA
$ 654
$ 660
$ 1,101
$ 1,070
$ 2,354
$ 2,201
Adjusted EBITDA Margin
30.3 %
31.4 %
28.1 %
28.6 %
29.0 %
29.0 %
Earnings attributable to Vulcan from
continuing operations per diluted share
$ 2.47
$ 2.43
$ 3.74
$ 3.41
$ 8.49
$ 7.21
Adjusted earnings attributable to Vulcan from
continuing operations per diluted share
$ 2.59
$ 2.45
$ 3.93
$ 3.45
$ 8.49
$ 7.84
Aggregates segment
Shipments (tons)
59.9
59.3
109.9
107.0
229.6
218.7
Freight-adjusted sales price per ton
$ 22.97
$ 22.11
$ 22.89
$ 22.07
$ 22.38
$ 21.70
Gross profit per ton
$ 9.47
$ 9.44
$ 8.81
$ 8.57
$ 8.78
$ 8.70
Cash gross profit per ton
$ 12.02
$ 11.88
$ 11.53
$ 11.32
$ 11.42
$ 11.25
Segment Results
Aggregates
Continued pricing discipline and operational execution drove gross profit growth despite energy headwinds and challenging weather-related operating conditions throughout the quarter. Segment gross profit increased to $567 million ($9.47 per ton), and cash gross profit improved to $720 million ($12.02 per ton).
As compared to the prior year, second quarter aggregates shipments increased 1 percent and continued to benefit from healthy public construction activity and large projects. Shipments in Texas and certain Southeastern markets were impacted by significant rainfall, particularly in May and June.
The pricing environment remains positive with widespread growth across the Company's footprint. Freight-adjusted selling prices increased 5 percent on a mix-adjusted basis (4 percent, or $0.86 per ton, on a reported basis) as compared to the prior year's second quarter. Freight-adjusted unit cash cost of sales increased 7 percent, or $0.72 per ton, over the prior year. Excluding the impact of higher diesel fuel costs, cash cost of sales increased 3 percent, reflecting a continued focus on cost management and operating efficiencies.
Asphalt and Concrete
Non-aggregates segment gross profit in the second quarter was $58 million, and cash gross profit was $73 million. Asphalt gross profit margin remained strong at 15 percent, despite lower shipments due to weather and higher liquid asphalt costs. The prior year results included the Company's Houston asphalt and construction business that was divested in the fourth quarter of 2025. Second quarter concrete results included two months of the Company's California ready-mixed concrete business. The divestiture of these operations was completed in early June of 2026.
Selling, Administrative and General (SAG)
SAG expense in the quarter was $141 million, 2 percent lower than the prior year and 30 basis points lower as a percentage of revenue. On a trailing-twelve months basis, SAG expense as a percent of total revenues was 6.9 percent and 30 basis points lower than the prior year.
Financial Position, Liquidity and Capital Allocation
Capital expenditures for maintenance and growth projects were $176 million in the second quarter, and the Company returned $318 million to shareholders through $250 million of common stock repurchases and $68 million of dividends.
In early June, the Company completed the previously announced divestiture of its ready-mixed concrete operations in California. Additionally, the Company acquired a quarry in southern Colorado and a rail yard in Dallas-Fort Worth from Brannan Sand & Gravel. These portfolio actions align with our aggregates-led growth strategy by expanding our reach into southern Colorado and strengthening our distribution network in Dallas-Fort Worth.
On a trailing-twelve months basis, return on average invested capital improved 20 basis points over the prior year to 16.1 percent. As of June 30, 2026, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 1.9 times and below the Company's target range of 2.0 to 2.5 times. The Company remains well positioned for continued growth with a strong liquidity position and balance sheet profile.
Outlook
Regarding the Company's outlook, Mr. Pruitt said, "Our aggregates business is executing well, and we reiterate our full-year outlook to deliver between $2.4 and $2.6 billion of Adjusted EBITDA. The construction environment remains supportive of continued aggregates price growth, and large projects and public construction activity continue to support our expectation for volume growth in 2026. As always, our focus remains on compounding aggregates unit profitability to drive earnings growth and strong cash generation for our shareholders."
Conference Call
Vulcan will host a conference call at 9:00 a.m. CT on July 29, 2026. A webcast will be available via the Company's website at www.vulcanmaterials.com. Investors and other interested parties may access the teleconference live by calling 800-420-1459, or 203-518-9861 if outside the U.S. The conference ID is 5427524. The conference call will be recorded and available for replay at the Company's website approximately two hours after the call.
About Vulcan Materials Company
Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the nation's largest supplier of construction aggregates – primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete. For additional information about Vulcan, go to www.vulcanmaterials.com.
Non-GAAP Financial Measures
Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as included in Appendix 2 hereto. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
FORWARD-LOOKING STATEMENT DISCLAIMER
This document contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document. These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.
Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: general economic and business conditions; domestic and global political, economic or diplomatic developments, including the military conflict in the Middle East involving the United States, Israel and Iran; a pandemic, epidemic or other public health emergency; Vulcan's dependence on the construction industry, which is subject to economic cycles; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in Vulcan's effective tax rate; the increasing reliance on information technology infrastructure, including the risks that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; the impact of the state of the global economy on Vulcan's businesses and financial condition and access to capital markets; international business operations and relationships, including actions taken by the Mexican government with respect to Vulcan's property and operations in that country; the highly competitive nature of the construction industry; the impact of future regulatory or legislative actions, including those relating to climate change, biodiversity, land use, wetlands, greenhouse gas emissions, the definition of minerals, tax policy and domestic and international trade; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena, including the impact of climate change and availability of water; availability and cost of trucks, railcars, barges and ships as well as their licensed operators for transport of Vulcan's materials; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; labor relations, shortages and constraints; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to identify, close and successfully integrate acquisitions; the effect of changes in tax laws, guidance and interpretations; significant downturn in the construction industry may result in the impairment of goodwill or long-lived assets; changes in technologies, which could disrupt the way Vulcan does business and how Vulcan's products are distributed; the risks of open pit and underground mining; expectations relating to sustainability considerations; claims that our products do not meet regulatory requirements or contractual specifications; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.
Table A
Vulcan Materials Company
and Subsidiary Companies
(in millions, except per share data)
Three Months Ended
Six Months Ended
Consolidated Statements of Earnings
June 30
June 30
(Condensed and unaudited)
2026
2025
2026
2025
Total revenues
$2,155.8
$2,102.4
$3,911.7
$3,737.0
Cost of revenues
(1,530.3)
(1,477.2)
(2,863.5)
(2,746.5)
Gross profit
625.5
625.2
1,048.2
990.5
Selling, administrative and general expenses
(141.3)
(144.5)
(277.1)
(282.7)
Gain (loss) on sale of property, plant & equipment
and businesses
(11.3)
1.2
(11.6)
8.6
Other operating expense, net
(17.4)
(10.9)
(38.6)
(19.0)
Operating earnings
455.5
471.0
720.9
697.4
Other nonoperating income (expense), net
3.7
2.4
5.1
(0.2)
Interest expense, net
(54.7)
(59.2)
(108.6)
(118.9)
Earnings from continuing operations
before income taxes
404.5
414.2
617.4
578.3
Income tax expense
(81.4)
(91.3)
(127.2)
(125.0)
Earnings from continuing operations
323.1
322.9
490.2
453.3
Gain (loss) on discontinued operations, net of tax
1.2
(2.1)
0.1
(3.1)
Net earnings
324.3
320.8
490.3
450.2
(Earnings) loss attributable to noncontrolling interest
(0.9)
0.1
(1.4)
(0.4)
Net earnings attributable to Vulcan
$323.4
$320.9
$488.9
$449.8
Basic earnings (loss) per share attributable to Vulcan
Continuing operations
$2.48
$2.44
$3.75
$3.42
Discontinued operations
$0.01
($0.01)
$0.00
($0.02)
Net earnings
$2.49
$2.43
$3.75
$3.40
Diluted earnings (loss) per share attributable to Vulcan
Continuing operations
$2.47
$2.43
$3.74
$3.41
Discontinued operations
$0.01
($0.01)
$0.00
($0.03)
Net earnings
$2.48
$2.42
$3.74
$3.38
Weighted-average common shares outstanding
Basic
129.8
132.2
130.2
132.3
Assuming dilution
130.3
132.9
130.8
132.9
Effective tax rate from continuing operations
20.1 %
22.0 %
20.6 %
21.6 %
Table B
Vulcan Materials Company
and Subsidiary Companies
(in millions)
Consolidated Balance Sheets
June 30
December 31
June 30
(Condensed and unaudited)
2026
2025
2025
Assets
Cash and cash equivalents
$194.2
$183.3
$347.4
Restricted cash
94.5
6.1
3.6
Accounts and notes receivable
Accounts and notes receivable, gross
1,111.0
898.2
1,092.2
Allowance for credit losses
(10.7)
(10.5)
(13.3)
Accounts and notes receivable, net
1,100.3
887.7
1,078.9
Inventories
Finished products
557.1
557.7
574.4
Raw materials
41.0
36.7
57.8
Products in process
7.0
5.4
10.9
Operating supplies and other
83.6
80.7
82.4
Inventories
688.7
680.5
725.5
Other current assets
86.3
101.8
88.1
Assets held for sale
0.0
708.5
0.0
Total current assets
2,164.0
2,567.9
2,243.5
Investments and long-term receivables
174.0
33.7
32.9
Property, plant & equipment
Property, plant & equipment, cost
14,671.9
14,504.7
14,558.8
Allowances for depreciation, depletion & amortization
(6,500.1)
(6,356.1)
(6,222.0)
Property, plant & equipment, net
8,171.8
8,148.6
8,336.8
Operating lease right-of-use assets, net
523.4
521.5
546.1
Goodwill
3,780.9
3,780.9
3,831.8
Other intangible assets, net
1,438.5
1,489.0
1,831.6
Other noncurrent assets
189.4
158.8
152.0
Total assets
$16,442.0
$16,700.4
$16,974.7
Liabilities
Current maturities of long-term debt
400.0
0.4
0.5
Short-term debt
0.0
0.0
550.0
Trade payables and accruals
382.3
438.5
383.5
Other current liabilities
449.0
487.9
407.9
Liabilities held for sale
0.0
29.3
0.0
Total current liabilities
1,231.3
956.1
1,341.9
Long-term debt
3,964.3
4,361.7
4,359.2
Deferred income taxes, net
1,290.5
1,358.3
1,323.6
Deferred revenue
127.0
130.6
134.3
Noncurrent operating lease liabilities
521.2
522.6
536.1
Other noncurrent liabilities
819.1
822.2
849.9
Total liabilities
$7,953.4
$8,151.5
$8,545.0
Equity
Common stock, $1 par value
129.4
130.6
132.0
Capital in excess of par value
2,916.1
2,930.0
2,904.5
Retained earnings
5,541.9
5,590.1
5,494.9
Accumulated other comprehensive loss
(122.7)
(125.6)
(124.5)
Total shareholder's equity
8,464.7
8,525.1
8,406.9
Noncontrolling interest
23.9
23.8
22.8
Total equity
$8,488.6
$8,548.9
$8,429.7
Total liabilities and equity
$16,442.0
$16,700.4
$16,974.7
Table C
Vulcan Materials Company
and Subsidiary Companies
(in millions)
Six Months Ended
Consolidated Statements of Cash Flows
June 30
(Condensed and unaudited)
2026
2025
Operating Activities
Net earnings
$490.3
$450.2
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation, depletion, accretion and amortization
347.8
371.8
Noncash operating lease expense
26.9
26.7
Net (gain) loss on sale of property, plant & equipment and businesses
11.6
(8.6)
Contributions to pension plans
(4.2)
(3.4)
Share-based compensation expense
24.7
33.0
Deferred income taxes, net
(68.2)
(11.3)
Changes in assets and liabilities before initial
effects of business acquisitions and dispositions
(254.1)
(273.0)
Other, net
9.8
7.8
Net cash provided by operating activities
$584.6
$593.2
Investing Activities
Purchases of property, plant & equipment
(370.4)
(270.9)
Proceeds from sale of property, plant & equipment
18.1
19.2
Proceeds from sale of businesses
572.1
19.0
Payment for businesses acquired, net of acquired cash and adjustments
(75.0)
(5.2)
Other, net
0.0
1.0
Net cash provided by (used for) investing activities
$144.8
($236.9)
Financing Activities
Payment of short-term debt and other financing obligations
(50.0)
0.0
Payment of current maturities and long-term debt
(0.3)
(400.4)
Payment of finance leases
(4.9)
(5.8)
Purchases of common stock
(399.8)
(38.1)
Dividends paid
(135.4)
(130.7)
Share-based compensation, shares withheld for taxes
(38.3)
(29.3)
Distribution to noncontrolling interest
(1.4)
(1.5)
Other, net
0.0
(0.3)
Net cash used for financing activities
($630.1)
($606.1)
Net increase (decrease) in cash and cash equivalents and restricted cash
99.3
(249.8)
Cash and cash equivalents and restricted cash at beginning of year
189.4
600.8
Cash and cash equivalents and restricted cash at end of period
$288.7
$351.0
Table D
Segment Financial Data and Unit Shipments
(in millions, except per unit data)
Three Months Ended
Six Months Ended
June 30
June 30
2026
2025
2026
2025
Total Revenues
Aggregates 1
$1,763.0
$1,649.6
$3,213.5
$2,985.4
Asphalt 2
330.0
368.9
545.8
577.6
Concrete
186.8
220.6
374.3
397.7
Segment sales
$2,279.8
$2,239.1
$4,133.6
$3,960.7
Aggregates intersegment sales
(124.0)
(136.7)
(221.9)
(223.7)
Total
$2,155.8
$2,102.4
$3,911.7
$3,737.0
Gross Profit
Aggregates
$567.3
$559.5
$967.7
$916.9
Asphalt
49.8
57.2
62.0
62.0
Concrete
8.4
8.5
18.5
11.6
Total
$625.5
$625.2
$1,048.2
$990.5
Depreciation, Depletion, Accretion and Amortization
Aggregates
$152.8
$144.3
$298.6
$294.7
Asphalt
11.2
14.0
22.4
26.0
Concrete
3.9
19.0
8.0
34.5
Other
9.6
8.2
18.8
16.6
Total
$177.5
$185.5
$347.8
$371.8
Average Unit Sales Price and Unit Shipments
Aggregates
Freight-adjusted revenues 3
$1,376.4
$1,310.1
$2,515.4
$2,362.1
Aggregates - tons
59.9
59.3
109.9
107.0
Freight-adjusted sales price 4
$22.97
$22.11
$22.89
$22.07
Other Products
Asphalt Mix - tons
3.4
3.9
5.7
6.1
Asphalt Mix - sales price 5
$85.74
$81.29
$84.92
$81.30
Ready-mixed concrete - cubic yards
1.0
1.2
2.0
2.1
Ready-mixed concrete - sales price 5
$189.94
$186.60
$190.20
$187.83
1 Includes product sales (crushed stone, sand and gravel, sand, and other aggregates), as well as freight & delivery
costs that we pass along to our customers, and service revenues related to aggregates.
2 Includes product sales, as well as service revenues from our asphalt construction paving business.
3 Freight-adjusted revenues are Aggregates segment sales excluding freight & delivery revenues and
other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business.
4 Freight-adjusted sales price is calculated as freight-adjusted revenues divided by aggregates unit shipments.
5 Sales price is calculated by dividing revenues generated from the shipment of product (excluding service revenues
generated by the segments) by total units of the product shipped.
Appendix 1
Reconciliation of Non-GAAP Measures
Aggregates segment freight-adjusted revenues is not a Generally Accepted Accounting Principle (GAAP) measure and should not be considered as an alternative to metrics defined by GAAP. We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues associated with freight & delivery, which are pass-through activities. It also excludes other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business. Additionally, we use this metric as the basis for calculating the average sales price of our aggregates products. Reconciliation of this metric to its nearest GAAP measure is presented below:
Aggregates Segment Freight-Adjusted Revenues
(in millions, except per unit data)
Three Months Ended
Six Months Ended
Trailing-Twelve Months Ended
June 30
June 30
June 30
2026
2025
2026
2025
2026
2025
Aggregates segment
Segment sales
$1,763.0
$1,649.6
$3,213.5
$2,985.4
$6,525.2
$6,030.1
Freight & delivery revenues 1
(360.4)
(310.9)
(648.6)
(575.2)
(1,288.6)
(1,193.3)
Other revenues
(26.2)
(28.6)
(49.5)
(48.1)
(97.9)
(92.6)
Freight-adjusted revenues
$1,376.4
$1,310.1
$2,515.4
$2,362.1
$5,138.7
$4,744.3
Unit shipments - tons
59.9
59.3
109.9
107.0
229.6
218.7
Freight-adjusted sales price
$22.97
$22.11
$22.89
$22.07
$22.38
$21.70
1 At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated
level) and freight to remote distribution sites.
GAAP does not define "cash gross profit," and it should not be considered as an alternative to earnings measures defined by GAAP. We and the investment community use this metric to assess the operating performance of our business. Additionally, we present this metric as we believe that it closely correlates to long-term shareholder value. Cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization to gross profit. Segment cash gross profit per unit is computed by dividing segment cash gross profit by units shipped. Segment cash cost of sales per unit is computed by subtracting segment cash gross profit per unit from segment freight-adjusted sales price. Reconciliation of these metrics to their nearest GAAP measures are presented below:
Cash Gross Profit
(in millions, except per unit data)
Three Months Ended
Six Months Ended
Trailing-Twelve Months Ended
June 30
June 30
June 30
2026
2025
2026
2025
2026
2025
Aggregates segment
Gross profit
$567.3
$559.5
$967.7
$916.9
$2,015.5
$1,901.8
Depreciation, depletion, accretion and amortization
152.8
144.3
298.6
294.7
607.5
558.9
Cash gross profit
$720.1
$703.8
$1,266.3
$1,211.6
$2,623.1
$2,460.7
Unit shipments - tons
59.9
59.3
109.9
107.0
229.6
218.7
Gross profit per ton
$9.47
$9.44
$8.81
$8.57
$8.78
$8.70
Freight-adjusted sales price
$22.97
$22.11
$22.89
$22.07
$22.38
$21.70
Cash gross profit per ton
12.02
11.88
11.53
11.32
11.42
11.25
Freight-adjusted cash cost of sales per ton
$10.95
$10.23
$11.36
$10.75
$10.96
$10.45
Asphalt segment
Gross profit
$49.8
$57.2
$62.0
$62.0
$174.0
$168.3
Depreciation, depletion, accretion and amortization
11.2
14.0
22.4
26.0
46.1
50.4
Cash gross profit
$61.0
$71.2
$84.4
$88.0
$220.1
$218.7
Concrete segment
Gross profit
$8.4
$8.5
$18.5
$11.6
$42.8
$22.9
Depreciation, depletion, accretion and amortization
3.9
19.0
8.0
34.5
35.5
55.7
Cash gross profit
$12.3
$27.5
$26.5
$46.1
$78.3
$78.6
Appendix 2
Reconciliation of Non-GAAP Measures (Continued)
GAAP does not define "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA), and it should not be considered as an alternative to earnings measures defined by GAAP. We use this metric to assess the operating performance of our business and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. We adjust EBITDA for certain items to provide a more consistent comparison of earnings performance from period to period. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding):
EBITDA and Adjusted EBITDA
(in millions)
Three Months Ended
Six Months Ended
Trailing-Twelve Months Ended
June 30
June 30
June 30
2026
2025
2026
2025
2026
2025
Net earnings attributable to Vulcan
$323.4
$320.9
$488.9
$449.8
$1,115.7
$951.2
Income tax expense, including discontinued operations
81.8
90.6
127.3
124.0
309.2
250.7
Interest expense, net
54.7
59.2
108.6
118.9
216.1
209.9
Depreciation, depletion, accretion and amortization
177.5
185.5
347.8
371.8
724.4
696.3
EBITDA
$637.5
$656.1
$1,072.6
$1,064.5
$2,365.4
$2,108.0
(Gain) loss on discontinued operations
($1.7)
$2.8
($0.3)
$4.1
$1.7
$9.3
(Gain) loss on sale of real estate and businesses, net
13.2
0.0
13.2
0.0
(29.2)
(36.7)
Loss on impairments
0.0
0.0
0.0
0.0
0.0
86.6
Charges associated with divested operations
4.5
0.0
6.5
0.0
7.1
16.7
Acquisition related charges 1
0.5
0.6
0.5
1.8
0.7
17.1
CEO transition and reorganization charges2
0.0
0.0
8.6
0.0
8.6
0.0
Adjusted EBITDA
$654.0
$659.5
$1,101.1
$1,070.4
$2,354.3
$2,201.1
Total revenues
$2,155.8
$2,102.4
$3,911.7
$3,737.0
$8,115.7
$7,594.6
Adjusted EBITDA margin
30.3 %
31.4 %
28.1 %
28.6 %
29.0 %
29.0 %
1 Represents charges associated with acquisitions requiring clearance under federal antitrust laws.
2 Represents employee termination and other discrete charges directly related to organizational changes resulting from
the appointment of Ronnie Pruitt as CEO, effective January 1, 2026.
Similar to our presentation of Adjusted EBITDA, we present Adjusted Diluted Earnings Per Share (EPS) attributable to Vulcan from continuing operations to provide a more consistent comparison of earnings performance from period to period. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:
Adjusted Diluted EPS Attributable to Vulcan from Continuing Operations (Adjusted Diluted EPS)
Three Months Ended
Six Months Ended
Trailing-Twelve Months Ended
June 30
June 30
June 30
2026
2025
2026
2025
2026
2025
Net earnings attributable to Vulcan
$2.48
$2.42
$3.74
$3.38
$8.48
$7.15
Items included in Adjusted EBITDA above, net of tax
0.10
0.02
0.16
0.04
(0.06)
0.67
NOL carryforward valuation allowance
0.01
0.01
0.03
0.03
0.07
0.02
Adjusted diluted EPS attributable to Vulcan from
continuing operations
$2.59
$2.45
$3.93
$3.45
$8.49
$7.84
Projected Adjusted EBITDA is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:
2026 Projected Adjusted EBITDA
(in millions)
Mid-point
Net earnings attributable to Vulcan
$1,215
Income tax expense, including discontinued operations
340
Interest expense, net
215
Depreciation, depletion, accretion and amortization
700
Projected EBITDA
$2,470
Items included in Adjusted EBITDA
$30
Projected Adjusted EBITDA
$2,500
Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as noted above. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
Appendix 3
Reconciliation of Non-GAAP Measures (Continued)
Net debt to Adjusted EBITDA is not a GAAP measure and should not be considered as an alternative to metrics defined by GAAP. We, the investment community and credit rating agencies use this metric to assess our leverage. Net debt subtracts cash and cash equivalents and restricted cash from total debt. Reconciliation of this metric to its nearest GAAP measure is presented below:
Net Debt to Adjusted EBITDA
(in millions)
June 30
2026
2025
Debt
Current maturities of long-term debt
$400.0
$0.5
Short-term debt
0.0
550.0
Long-term debt
3,964.3
4,359.2
Total debt
$4,364.3
$4,909.7
Cash and cash equivalents and restricted cash
(288.7)
(351.0)
Net debt
$4,075.6
$4,558.7
Trailing-Twelve Months (TTM) Adjusted EBITDA
$2,354.3
$2,201.1
Total debt to TTM Adjusted EBITDA
1.9x
2.2x
Net debt to TTM Adjusted EBITDA
1.7x
2.1x
We define "Return on Invested Capital" (ROIC) as Adjusted EBITDA for the trailing-twelve months divided by average invested capital (as illustrated below) during the trailing 5-quarters. Our calculation of ROIC is considered a non-GAAP financial measure because we calculate ROIC using the non-GAAP metric EBITDA. We believe that our ROIC metric is meaningful because it helps investors assess how effectively we are deploying our assets. Although ROIC is a standard financial metric, numerous methods exist for calculating a company's ROIC. As a result, the method we use to calculate our ROIC may differ from the methods used by other companies. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding):
Wingstop ve 2. čtvrtletí zvýšil tržby na 185,6 mil. USD a čistý zisk na 31,3 mil. USD. Síť přidala 102 nových poboček, ale tržby ve stejných prodejnách v USA klesly o 7,5 %.
102 Net New Openings in Second Quarter, 16% Unit Growth
, /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal second quarter ended June 27, 2026.
"During the second quarter, we continued making meaningful progress against the strategic priorities that we believe will drive the next phase of growth for Wingstop," said Michael Skipworth, President and Chief Executive Officer. "The national launch of Club Wingstop marked an important milestone in building deeper relationships with our guests, while our continued investments in value, flavor innovation and Smart Kitchen are strengthening the business in ways that position us to win more occasions. Combined with one of the strongest development pipelines in the industry, these investments reinforce our confidence in the long-term opportunity to become a Top 10 Global Restaurant Brand."
Q2 2026 Highlights
System-wide sales of $1.4 billion increased 5.3% vs. Q2 2025 102 net new openings Domestic restaurant AUV of $1.9 million Domestic same store sales decreased 7.5% vs. Q2 2025 Digital sales represented 71.6% of system-wide sales Total revenue of $185.6 million, an increase of 6.4%, vs. Q2 2025 Net income, increased 16.9% to $31.3 million, or $1.15 per diluted share Adjusted net income1 and adjusted earnings per diluted share1, both non-GAAP measures, increased 14.9% to $32.1 million, or $1.18 per diluted share; and Adjusted EBITDA1, increased 12.5% vs. Q2 2025 to $66.6 million 1
See "Non-GAAP Financial Measures" and the reconciliation tables accompanying this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release.
Key Operating Metrics
Thirteen Weeks Ended
June 27, 2026
June 28, 2025
Number of system-wide restaurants open at end of period
3,255
2,818
Number of domestic franchise restaurants open at end of period
2,671
2,357
Number of international franchise restaurants open at end of period (1)
527
407
System-wide sales (in millions)
$ 1,411
$ 1,340
Domestic AUV (in thousands)
$ 1,893
$ 2,112
Domestic same store sales growth
(7.5) %
(1.9) %
Company-owned domestic same store sales growth
(2.5) %
3.6 %
Net income (in thousands)
$ 31,288
$ 26,763
Adjusted net income (in thousands)
$ 32,092
$ 27,929
Adjusted EBITDA (in thousands)
$ 66,627
$ 59,205
(1)
Including U.S. territories.
Q2 2026 Financial Results
Total revenue for the second quarter 2026 increased to $185.6 million from $174.3 million in the prior second quarter. Royalty revenue, franchise fees and other increased $7.0 million, of which $11.2 million was due to net new franchise development and $0.8 million related to an increase in vendor rebates, partially offset by a decrease of $5.0 million due to a 7.5% decline in domestic same store sales contributed by lower transaction volumes, reflecting continued pressure on consumer spending. Advertising fees increased $2.6 million due to a 5.3% increase in system-wide sales in the second quarter 2026. Company-owned restaurant sales increased $1.7 million due to the three additional corporate stores opened or acquired since the prior year period.
Cost of sales was $25.1 million compared to $24.4 million in the prior second quarter. As a percentage of company-owned restaurant sales, cost of sales decreased to 73.3% from 75.2% in the prior second quarter. The decrease as a percentage of company-owned restaurant sales was primarily driven by a decline in food, beverage and packaging costs, reflecting a decrease in the cost of bone-in chicken wings as compared to the prior second quarter.
Selling, general & administrative ("SG&A") expense decreased $2.7 million to $30.2 million from $32.9 million in the prior second quarter. The decrease in SG&A expense was primarily driven by $2.3 million in reduced stock compensation expense due to forfeitures recognized in the current period. Also contributing to the decrease was a $1.6 million reduction in payroll costs which was partially offset by a $1.5 million increase in professional fees.
Income tax expense was $13.4 million, yielding an effective tax rate of 29.9%, comparable to 27.2% in the prior-year period. The increase in total tax expense is primarily due an increase in state income taxes and other non-deductible items.
Financial Outlook
The Company's outlook is dependent on the macro-environment which is inherently difficult to predict given current high levels of uncertainty. The Company is providing updated guidance for 2026:
A decline of 4% to 6% in domestic same store sales growth; SG&A of between $140 - $143 million, which includes $3 million of restructuring charges related to corporate realignment; Stock-based compensation expense of approximately $24 million; and Depreciation and amortization of approximately $33 million. Additionally, the Company reiterates guidance for 2026:
Global unit growth rate of 15% to 16%; and Interest expense, net of approximately $43 million. Restaurant Development
As of June 27, 2026, there were 3,255 Wingstop restaurants system-wide. This included 2,728 restaurants in the United States, of which 2,671 were franchised restaurants and 57 were company-owned, and 527 franchised restaurants were in international markets, including U.S. territories. During the second quarter 2026, there were 102 net system-wide Wingstop restaurant openings.
Quarterly Dividend
In recognition of our strong cash flow generation and our commitment to returning value to stockholders, on July 28, 2026, our board of directors authorized and declared a quarterly dividend of $0.33 per share of common stock, resulting in a total dividend of approximately $9.0 million. This dividend will be paid on September 5, 2026 to stockholders of record as of August 15, 2026.
The following definitions apply to these terms as used in this release:
Domestic average unit volume ("AUV") consists of the average annual sales of all restaurants that have been open for a trailing 52-week period or longer. This measure is calculated by dividing sales during the applicable period for all restaurants being measured by the number of restaurants being measured. Domestic AUV includes revenue from both company-owned and franchised restaurants. Domestic AUV allows management to assess our domestic company-owned and franchised restaurant economics. Changes in domestic AUV are primarily driven by increases in same store sales and are also influenced by opening new restaurants.
Domestic same store sales reflects the change in year-over-year sales for the same store restaurant base. We define the same store restaurant base to include those restaurants open for at least 52 full weeks. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and permanent closures. We review same store sales for domestic company-owned restaurants as well as system-wide domestic restaurants. Domestic same store sales growth is driven by increases in transactions and average transaction size. Transaction size increases are driven by price increases or favorable mix shift from either an increase in items purchased or shifts into higher priced items.
System-wide sales represents net sales for all of our company-owned and franchised restaurants, as reported by franchisees. This measure allows management to better assess changes in our royalty revenue, our overall store performance, the health of our brand and the strength of our market position relative to competitors. Our system-wide sales growth is driven by new restaurant openings as well as increases in same store sales.
EBITDA and Adjusted EBITDA is defined as net income before interest expense, net, income tax expense (benefit), and depreciation and amortization (EBITDA), further adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, certain restructuring charges, and stock-based compensation expense.
Adjusted net income is defined as net income adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, gains and losses on non-recurring transactions, certain system implementation costs, certain restructuring charges, and related tax adjustments.
Adjusted earnings per diluted share is defined as adjusted net income divided by weighted average diluted share count.
We caution investors that amounts presented in accordance with our definitions above may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate certain key operating metrics or non-GAAP measurements in the same manner.
Conference Call and Webcast
We will host a conference call today to discuss the second fiscal quarter 2026 financial results at 10:00 AM Eastern Time. The conference call can be joined telephonically by dialing 1-877-259-5243 or 1-412-317-5176 (international) and asking for the Wingstop conference call. A replay will be available two hours after the call and can be accessed by dialing 1-855-669-9658 or 1-412-317-0088 (international), then entering the replay code 4572027. The replay will be available through Wednesday, August 5, 2026.
The conference call will also be webcast live and later archived on the investor relations section of Wingstop's corporate website at ir.wingstop.com under the 'News & Events' section.
About Wingstop
Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises more than 3,000 restaurants worldwide, with approximately 98% of the total restaurant count owned by brand partners. Generating over $5 billion in system-wide sales in fiscal 2025, Wingstop offers made-to-order, always fresh classic and boneless wings, tenders, and chicken sandwiches in 12 bold, distinctive flavors, alongside signature sides and iconic housemade ranch and bleu cheese dips.
Dedicated to Serving the World Flavor, Wingstop is the Official Chicken Partner of the NBA with a vision to become a Top 10 Global Restaurant Brand.
Learn more at wingstop.com or follow @Wingstop on X, Instagram, Facebook and TikTok.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP financial measures, including those indicated above. By providing non-GAAP financial measures, together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. These measures are not intended to be considered in isolation or as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-GAAP measures used in this press release may be different from the measures used by other companies. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release. In addition, the Current Report on Form 8-K furnished to the Securities and Exchange Commission (the "SEC") concurrent with the issuance of this press release includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.
Forward-looking Statements
This news release includes statements of our expectations, intentions, plans and beliefs that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of our business strategies and our expectations concerning future operations, margins, profitability, trends, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "may," "will," "should," "expect," "intend," "plan," "outlook," "guidance," "anticipate," "believe," "think," "estimate," "seek," "predict," "can," "could," "project," "potential" or, in each case, their negative or other variations or comparable terminology, although not all forward-looking statements are accompanied by such terms. Examples of forward-looking statements in this news release include, but are not limited to, our 2026 fiscal year outlook for domestic same store sales growth, global unit growth, SG&A expense, stock-based compensation expense, interest expense, net and depreciation and amortization. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks, and factors relating to our operations and business environments, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. Please refer to the risk factors discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which can be found at the SEC's website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this news release.
When considering forward-looking statements in this news release or that we make in other reports or statements, you should keep in mind the cautionary statements in this news release and future reports we file with the SEC. New risks and uncertainties arise from time to time, and we cannot predict when they may arise or how they may affect us. Any forward-looking statement in this news release speaks only as of the date on which it was made. Except as required by law, we assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
Media Contact
Brett LeVecchio
[email protected]
Investor Contact
Sarah Niehaus
[email protected]
WINGSTOP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
June 27,
2026
December 27,
2025
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$ 127,455
$ 196,572
Restricted cash
25,994
25,994
Accounts receivable, net
25,108
20,823
Prepaid expenses and other current assets
10,130
7,956
Advertising fund assets, restricted
19,630
16,143
Total current assets
208,317
267,488
Property and equipment, net
153,075
130,581
Operating lease assets
49,380
48,637
Goodwill
83,875
83,875
Trademarks
32,700
32,700
Investments
90,693
87,164
Other non-current assets, net
39,951
42,964
Total assets
$ 657,991
$ 693,409
Liabilities and stockholders' deficit
Current liabilities
Accounts payable
$ 10,267
$ 12,846
Current portion of operating lease liabilities
3,713
3,232
Other current liabilities
36,596
49,744
Advertising fund liabilities
19,630
16,143
Total current liabilities
70,206
81,965
Long-term debt, net
1,210,589
1,209,094
Operating lease liabilities
58,173
58,080
Deferred revenues, net of current
51,471
47,721
Deferred income tax liabilities, net
40,345
33,142
Other non-current liabilities
194
169
Total liabilities
1,430,978
1,430,171
Commitments and contingencies
Stockholders' deficit
Common stock, $0.01 par value; 100,000,000 shares authorized;
27,240,351 and 27,540,619 shares issued and outstanding as of June 27,
2026 and December 27, 2025, respectively
272
275
Additional paid-in-capital
2,409
1,529
Retained deficit
(779,246)
(744,915)
Accumulated other comprehensive income (loss)
3,578
6,349
Total stockholders' deficit
(772,987)
(736,762)
Total liabilities and stockholders' deficit
$ 657,991
$ 693,409
WINGSTOP INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(amounts in thousands, except per share data)
Thirteen Weeks Ended
June 27,
2026
June 28,
2025
(Unaudited)
(Unaudited)
Revenue:
Royalty revenue, franchise fees and other
$ 86,844
$ 79,889
Advertising fees
64,536
61,962
Company-owned restaurant sales
34,184
32,478
Total revenue
185,564
174,329
Costs and expenses:
Cost of sales (1)
25,068
24,405
Advertising expenses
68,417
65,533
Selling, general and administrative
30,236
32,937
Depreciation and amortization
7,212
6,220
Total costs and expenses
130,933
129,095
Operating income
54,631
45,234
Interest expense, net
9,813
8,469
Investment (income) expense
167
—
Income before income tax expense
44,651
36,765
Income tax expense
13,363
10,002
Net income
$ 31,288
$ 26,763
Earnings per share
Basic
$ 1.15
$ 0.96
Diluted
$ 1.15
$ 0.96
Weighted average shares outstanding
Basic
27,235
27,912
Diluted
27,252
27,997
Dividends per share
$ 0.30
$ 0.27
(1)
Cost of sales includes all operating expenses of company-owned restaurants, including advertising expenses, but excludes
depreciation and amortization, which are presented separately.
WINGSTOP INC. AND SUBSIDIARIES
Unaudited Supplemental Information
Cost of Sales Margin Analysis
(amounts in thousands)
Thirteen Weeks Ended
June 27, 2026
June 28, 2025
In dollars
As a % of
company-owned
restaurant sales
In dollars
As a % of
company-owned
restaurant sales
Cost of sales:
Food, beverage and packaging costs
$ 12,040
35.2 %
$ 11,937
36.8 %
Labor costs
7,763
22.7 %
7,441
22.9 %
Other restaurant operating expenses
6,180
18.1 %
5,821
17.9 %
Vendor rebates
(915)
(2.7) %
(794)
(2.4) %
Total cost of sales
$ 25,068
73.3 %
$ 24,405
75.2 %
WINGSTOP INC. AND SUBSIDIARIES
Unaudited Supplemental Information
Restaurant Count
Thirteen Weeks Ended
June 27,
2026
June 28,
2025
Domestic Franchised Activity
Beginning of period
2,596
2,250
Openings
76
110
Closures
(1)
—
Acquired by Company
—
(3)
Restaurants end of period
2,671
2,357
Domestic Company-Owned Activity
Beginning of period
57
51
Openings
—
1
Closures
—
(1)
Acquired by Company
—
3
Restaurants end of period
57
54
Total Domestic Restaurants
2,728
2,411
International Franchised Activity(1)
Beginning of period
500
388
Openings
30
21
Closures
(3)
(2)
Restaurants end of period
527
407
Total System-wide Restaurants
3,255
2,818
(1)
Includes U.S. territories.
WINGSTOP INC. AND SUBSIDIARIES
Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA
(Unaudited)
(amounts in thousands)
Thirteen Weeks Ended
June 27,
2026
June 28,
2025
Net income
$ 31,288
$ 26,763
Interest expense, net
9,813
8,469
Income tax expense
13,363
10,002
Depreciation and amortization
7,212
6,220
EBITDA
$ 61,676
$ 51,454
Additional adjustments:
System implementation costs (a)
514
1,534
Amortization of capitalized system implementation costs (b)
467
—
Restructuring charges (c)
77
—
Stock-based compensation expense (d)
3,893
6,217
Adjusted EBITDA
$ 66,627
$ 59,205
(a)
System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning, human capital management, and global development technology, which are included in Selling, general and administrative on the Consolidated Statements of Operations. Costs related to these initiatives are not expected to recur beyond the current period.
(b)
Represents amortization associated with capitalized cloud computing costs related to our system implementation, which are included in Selling, general and administrative on the Consolidated Statements of Operations.
(c)
Represents certain restructuring charges related to corporate realignment announced on January 13, 2026.
(d)
Includes non-cash, stock-based compensation, net of forfeitures.
WINGSTOP INC. AND SUBSIDIARIES
Non-GAAP Financial Measures - Adjusted Net Income and Adjusted EPS
(Unaudited)
(amounts in thousands, except per share data)
Thirteen Weeks Ended
June 27,
2026
June 28,
2025
Numerator:
Net income
$ 31,288
$ 26,763
Adjustments:
System implementation costs (a)
514
1,534
Amortization of capitalized system implementation costs (b)
467
—
Restructuring charges (c)
77
—
Tax effect of adjustments (d)
(254)
(368)
Adjusted net income
$ 32,092
$ 27,929
Denominator:
Weighted-average shares outstanding - diluted
27,252
27,997
Adjusted earnings per diluted share
$ 1.18
$ 1.00
(a)
System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning, human capital management, and global development technology, which are included in Selling, general and administrative on the Consolidated Statements of Operations. Costs related to these initiatives are not expected to recur beyond the current period.
(b)
Represents amortization associated with capitalized cloud computing costs related to our system implementation, which are included in Selling, general and administrative on the Consolidated Statements of Operations.
(c)
Represents certain restructuring charges related to corporate realignment announced on January 13, 2026.
(d)
Represents the tax effect of the aforementioned adjustments to reflect corporate income taxes at an assumed effective tax rate of 24% for the thirteen weeks ended June 27, 2026, which includes provisions for U.S. federal income taxes, and assumes the respective statutory rates for applicable state and local jurisdictions.
Lithia Motors (LAD - Free Report) came out with quarterly earnings of $10.03 per share, beating the Zacks Consensus Estimate of $8.67 per share. This compares to earnings of $10.24 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +15.69%. A quarter ago, it was expected that this auto dealership chain would post earnings of $7.06 per share when it actually produced earnings of $7.34, delivering a surprise of +3.97%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Lithia Motors, which belongs to the Zacks Automotive - Retail and Whole Sales industry, posted revenues of $9.79 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.55%. This compares to year-ago revenues of $9.58 billion. 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.
Lithia Motors shares have added about 7.8% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for Lithia Motors?While Lithia Motors has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Lithia Motors was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $9.07 on $9.82 billion in revenues for the coming quarter and $34.19 on $38.38 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, Automotive - Retail and Whole Sales is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, AutoNation (AN - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 31.
This auto retailer is expected to post quarterly earnings of $5.43 per share in its upcoming report, which represents a year-over-year change of -0.6%. The consensus EPS estimate for the quarter has been revised 1.1% higher over the last 30 days to the current level.
AutoNation's revenues are expected to be $6.97 billion, down 0.1% from the year-ago quarter.
SoFi zvýšila výhled tržeb na rok 2026 nad odhady Wall Street po rekordním růstu počtu členů a nových úvěrů. Ve 2. čtvrtletí vzrostly poskytnuté úvěry na rekordních 14,8 miliardy USD a počet členů o 35 % na 15,8 milionu.
SoFi logo in this illustration taken November 27, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
CompaniesJuly 29 (Reuters) - Fintech SoFi raised its 2026 revenue growth forecast above Wall Street expectations on Wednesday after posting a market-beating second quarter, driven by record member growth and loan originations.
Despite an uncertain macroeconomic environment, elevated interest rates and high costs of living, credit quality has been stable thanks to resilient borrowers, allowing consumer lenders to continue growing their loan books and interest income.
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Fintech firms such as SoFi have emerged as credible challengers to traditional banking heavyweights. A wider range of product offerings and the use of digital-first platforms have helped fintechs attract and retain customers.
SoFi said second-quarter total loan originations hit a record $14.8 billion and member growth surged 35% to a record 15.8 million.
It now expects full-year revenue in the range of $4.75 billion to $4.85 billion, above analysts' expectations of $4.7 billion, according to estimates compiled by LSEG.
"We're seeing our members remain resilient in the current climate. Spending remains strong, demand remains strong, and credit performance continues to meet or exceed our expectations," CEO Anthony Noto told Reuters.
He added that SoFi's primary focus remains organic growth, but the company will continue to evaluate acquisitions and act when the opportunity "clearly makes sense."
SoFi's adjusted revenue surged 40% to a record $1.2 billion in the quarter ended June 30, beating estimates of $1.12 billion.
The company, which evolved from a student loan refinancing startup into a broad financial services platform, said its net interest income grew 52% year-over-year to $788.2 million.
"We can generate durable net interest income by holding loans on our balance sheet, and we can also grow capital-light, fee-based businesses. Both are working, and that diversification gives me a lot of confidence," Noto said.
On a per-share basis, adjusted quarterly profit came in at 12 cents, up 50% from a year earlier, and beat expectations of 11 cents.
Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Manya covers the most influential U.S. financial institutions, from Wall Street’s largest banks and card networks to leading asset managers and fintech companies. She also reports on late-stage venture capital fundraises, initial public offerings on U.S. exchanges and regulatory developments shaping the cryptocurrency industry. Her work appears across the finance, markets, business and future of money sections of the Reuters website. She holds a bachelor’s degree in political science from the University of Delhi and a master’s in journalism from the Symbiosis Institute of Media and Communication.
Johnson Controls ve 3. čtvrtletí zvýšil tržby o 9 % na 6,6 mld. USD a upravený EPS na 1,42 USD. Zároveň zvedl celoroční výhled upraveného EPS na zhruba 5,05 USD.
Q3 sales increased 9% and organic sales increased 10%* Q3 GAAP EPS of $1.23; Q3 Adjusted EPS* of $1.42 Q3 orders +27% organically year-over-year Backlog of $21.0 billion increased 32% organically year-over-year * This earnings release contains non-GAAP financial measures. Definitions and reconciliations of the non-GAAP financial measures can be found in the attached footnotes. Non-GAAP measures should be considered in addition to, and not as replacements for, the most comparable GAAP measures.
, /PRNewswire/ -- Johnson Controls International plc (NYSE: JCI), a global leader in thermal management, mission-critical building systems, energy efficiency, and decarbonization, is proud to announce fiscal third quarter 2026 GAAP earnings per share ("EPS") of $1.23. Adjusted EPS was $1.42.
Q3 sales increased 9% to $6.6 billion and organic sales increased 10%.
For the quarter, GAAP net income from continuing operations attributable to JCI was $749 million and adjusted net income from continuing operations was $868 million.
"We delivered another strong quarter, highlighted by 10% organic revenue growth, sustained order momentum, and continued margin expansion," said Joakim Weidemanis, Chief Executive Officer of Johnson Controls. "While we remain early in our journey deploying our proprietary business system, the progress we are seeing demonstrates the potential to further improve execution, productivity and customer outcomes. Our third-quarter performance and continued momentum give us confidence in our raised full-year outlook."
FISCAL Q3 SEGMENT RESULTS
The financial highlights presented in the tables below exclude discontinued operations and are in accordance with GAAP, unless otherwise indicated. All comparisons are to the third quarter of fiscal 2025. Orders and backlog metrics included in the release relate to the Company's Solutions and Services businesses. Orders prior to Q1 2026 exclude certain equipment-only sales for longer cycle projects. Backlog has been restated to include this new category.
A slide presentation to accompany the results can be found in the Investor Relations section of Johnson Controls' website at http://investors.johnsoncontrols.com.
Americas
Fiscal Q3
(in millions)
2026
2025
Change
Sales
$4,504
$4,042
11 %
Segment EBIT
847
654
30 %
Segment EBIT Margin %
18.8 %
16.2 %
260 bp
Segment EBITA (non-GAAP)
926
742
25 %
Adjusted Segment EBITA (non-GAAP)
951
746
27 %
Adjusted Segment EBITA Margin % (non-GAAP)
21.1 %
18.5 %
260 bp
Sales in the quarter of $4.5 billion increased 11% over the prior year. Organic sales also increased 11% led by continued strength across Applied HVAC. Products and Systems sales increased 12% and Services increased 10%.
Excluding acquisitions and divestitures and adjusted for foreign currency, orders increased 37% year-over-year and backlog of $15.9 billion increased 40% year-over-year. The increase in orders and backlog was supported by sustained demand from data centers and other mission-critical environments.
Segment EBIT margin and adjusted Segment EBITA margin increased 260 bp compared to the prior year. The increases were primarily driven by strong operating leverage on higher revenue. Adjusted Segment EBITA in both Q3 2026 and Q3 2025 excludes transformation costs.
EMEA (Europe, Middle East, Africa)
Fiscal Q3
(in millions)
2026
2025
Change
Sales
$1,264
$1,273
(1 %)
Segment EBIT
172
159
8 %
Segment EBIT Margin %
13.6 %
12.5 %
110 bp
Segment EBITA (non-GAAP)
179
177
1 %
Adjusted Segment EBITA (non-GAAP)
181
179
1 %
Adjusted Segment EBITA Margin % (non-GAAP)
14.3 %
14.1 %
20 bp
Sales in the quarter of approximately $1.3 billion decreased 1% over the prior year. Organic sales increased 1% versus the prior year quarter; constrained by continued pressure in the region due to the conflicts in the Middle East. Both Products and Systems and Services grew 1% organically.
Excluding acquisitions and divestitures and adjusted for foreign currency, orders increased 6% year-over-year and backlog of $3.1 billion increased 14% year-over-year.
Segment EBIT margin increased 110 bp and adjusted Segment EBITA margin increased 20 bp compared to the prior year. The increases were primarily driven by favorable pricing and productivity improvements, partially offset by the impact of business divestitures. Adjusted Segment EBITA in Q3 2026 and Q3 2025 excludes transformation costs.
APAC (Asia Pacific)
Fiscal Q3
(in millions)
2026
2025
Change
Sales
$846
$737
15 %
Segment EBIT
171
139
23 %
Segment EBIT Margin %
20.2 %
18.9 %
130 bp
Segment EBITA (non-GAAP)
175
143
22 %
Adjusted Segment EBITA (non-GAAP)
179
143
25 %
Adjusted Segment EBITA Margin % (non-GAAP)
21.2 %
19.4 %
180 bp
Sales in the quarter of $846 million increased 15% versus the prior year. Organic sales increased 15% versus the prior year quarter, led by 20% growth in Product and Systems and continued strength in Applied HVAC.
Excluding acquisitions and divestitures and adjusted for foreign currency, orders increased 12% and backlog of $2.0 billion increased 12% year-over-year.
Segment EBIT margin increased 130 bp and adjusted Segment EBITA margin increased 180 bp compared to the prior year, primarily driven by productivity improvements, favorable business mix and higher revenues. Adjusted Segment EBITA in Q3 2026 excludes transformation costs.
Corporate
Fiscal Q3
(in millions)
2026
2025
Change
Corporate Expense
GAAP
$167
$141
18 %
Adjusted (non-GAAP)
100
93
8 %
Adjusted Corporate expense in both Q3 2026 and Q3 2025 excludes certain transaction/separation costs and transformation costs. The increase year-over-year is primarily due to increased corporate accruals related to incentive compensation and the timing of certain corporate expenses.
OTHER Q3 ITEMS
Cash provided by operating activities was $1,289 million. Free cash flow was $1,194 million and adjusted free cash flow was $1,179 million. The Company paid dividends of $245 million. GUIDANCE
The following forward-looking statements are non-GAAP financial measures. These non-GAAP financial measures are derived by excluding certain amounts from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts excluded is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period and the high variability of certain amounts, such as mark-to-market adjustments. Organic revenue growth excludes the effect of acquisitions, divestitures and foreign currency. The Company is unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to its most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. The unavailable information could have a significant impact on the Company's fiscal 2026 fourth quarter and full year GAAP financial results.
The Company initiated fiscal 2026 fourth quarter continuing operations guidance:
Organic sales growth of 9% to 10% Operating leverage of 45% to 50% Adjusted EPS of ~$1.55 The Company's fiscal 2026 full year continuing operations guidance is as follows:
Organic sales growth of ~8% (previously up ~6%) Operating leverage of 45% to 50% (previously ~50%) Adjusted EPS of ~$5.05 (previously ~$4.85) Adjusted free cash flow conversion of ~100% (unchanged) CONFERENCE CALL & WEBCAST INFO
Johnson Controls will host a conference call to discuss this quarter's results at 8:30 a.m. ET today, which can be accessed via webcast at https://johnson-controls-q3-2026-earnings.open-exchange.net. A slide presentation will accompany the prepared remarks and has been posted on the investor relations section of the Johnson Controls website at https://investors.johnsoncontrols.com/news-and-events/events-and-presentations. A replay will be made available approximately two hours following the conclusion of the conference call.
ABOUT JOHNSON CONTROLS
Johnson Controls, a global leader in thermal management, mission-critical building systems, energy efficiency, and decarbonization, helps customers use energy more productively, reduce carbon emissions, and operate with the precision and resilience required in rapidly expanding industries such as data centers, healthcare, pharmaceuticals, advanced manufacturing, and higher education.
For more than 140 years, Johnson Controls has delivered performance where it really matters. Backed by advanced technology, lifecycle services and an industry-leading field organization, we elevate customer performance, turn goals into real-world results and help move society forward.
Visit johnsoncontrols.com for more information and follow @Johnsoncontrols on social platforms.
JOHNSON CONTROLS CONTACTS:
INVESTOR CONTACT:
MEDIA CONTACT:
Michael Gates
Danielle Canzanella
Direct: +1 414.524.5785
Direct: +1 203.499.8297
Email: [email protected]
Email: [email protected]
###
JOHNSON CONTROLS INTERNATIONAL PLC CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Johnson Controls International plc (the "Company") has made statements in this document that are forward-looking and therefore are subject to risks and uncertainties. All statements in this document other than statements of historical fact are, or could be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In this document, statements regarding the Company's future financial position, sales, costs, earnings, cash flows, other measures of results of operations, synergies and integration opportunities, capital expenditures, debt levels and market outlook are forward-looking statements. Words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "forecast," "project" or "plan" and terms of similar meaning are also generally intended to identify forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. The Company cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control, that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others, risks related to: the ability to develop or acquire new products and technologies that achieve market acceptance and meet applicable quality and regulatory requirements; the ability to manage general economic, business and capital market conditions, including the impacts of trade restrictions, recessions, economic downturns and global price inflation; the ability to manage macroeconomic and geopolitical volatility, including changes to laws or policies governing foreign trade, including tariffs, economic sanctions, foreign exchange and capital controls, import/export controls or other trade restrictions as well as any associated supply chain disruptions; the ability to execute on the Company's operating model and drive organizational improvement; the ability to innovate and adapt to emerging technologies, ideas and trends in the marketplace, including the incorporation of technologies such as artificial intelligence; fluctuations in the cost and availability of public and private financing for customers; the ability to manage disruptions caused by international conflicts, including Russia and Ukraine and the ongoing conflicts in the Middle East; the ability to successfully execute and complete portfolio simplification actions, as well as the possibility that the expected benefits of such actions will not be realized or will not be realized within the expected time frame; managing the risks and impacts of potential and actual security breaches, cyberattacks, privacy breaches or data breaches, maintaining and improving the capacity, reliability and security of the Company's enterprise information technology infrastructure; the ability to manage the lifecycle cybersecurity risk in the development, deployment and operation of the Company's digital platforms and services; fluctuations in currency exchange rates; the ability to hire and retain senior management and other key personnel; changes or uncertainty in laws, regulations, rates, policies, or interpretations that impact business operations or tax status; the ability to adapt to global climate change, climate change regulation and successfully meet the Company's public sustainability commitments; the outcome of litigation and governmental proceedings; the risk of infringement or expiration of intellectual property rights; the ability to manage disruptions caused by catastrophic or geopolitical events, such as natural disasters, armed conflict, political change, climate change, pandemics and outbreaks of contagious diseases and other adverse public health developments; any delay or inability of the Company to realize the expected benefits and synergies of recent portfolio transactions; the tax treatment of recent portfolio transactions; significant transaction costs and/or unknown liabilities associated with such transactions; labor shortages, work stoppages, union negotiations, labor disputes and other matters associated with the labor force; and the cancellation of or changes to commercial arrangements. A detailed discussion of risks related to Johnson Controls' business is included in the section entitled "Risk Factors" in Johnson Controls' Annual Report on Form 10-K for the year ended September 30, 2025 filed with the United States Securities and Exchange Commission ("SEC") on November 14, 2025, which is available at www.sec.gov and www.johnsoncontrols.com under the "Investors" tab. The description of certain of these risks is supplemented in Item 1A of Part II of Johnson Controls subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements included in this document are made only as of the date of this document, unless otherwise specified, and, except as required by law, Johnson Controls assumes no obligation, and disclaims any obligation, to update such statements to reflect events or circumstances occurring after the date of this document.
FINANCIAL STATEMENTS
Johnson Controls International plc
Consolidated Statements of Income
(in millions, except per share data; unaudited)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2026
2025
2026
2025
Net sales
Products and systems
$ 4,596
$ 4,122
$ 12,687
$ 11,672
Services
2,018
1,930
5,866
5,482
6,614
6,052
18,553
17,154
Cost of sales
Products and systems
3,012
2,656
8,448
7,635
Services
1,128
1,150
3,295
3,278
4,140
3,806
11,743
10,913
Gross profit
2,474
2,246
6,810
6,241
Selling, general and administrative expenses
1,407
1,417
4,029
4,243
Restructuring and impairment costs
80
51
224
146
Net financing charges
71
77
197
243
Equity income
1
4
3
5
Income from continuing operations before income taxes
917
705
2,363
1,614
Income tax provision
165
87
443
160
Income from continuing operations
752
618
1,920
1,454
Income (loss) from discontinued operations, net of tax
—
160
(27)
301
Net income
752
778
1,893
1,755
Income attributable to noncontrolling interests
Continuing operations
3
—
7
—
Discontinued operations
—
77
—
157
Net income attributable to Johnson Controls
$ 749
$ 701
$ 1,886
$ 1,598
Income (loss) attributable to Johnson Controls
Continuing operations
$ 749
$ 618
$ 1,913
$ 1,454
Discontinued operations
—
83
(27)
144
Total
$ 749
$ 701
$ 1,886
$ 1,598
Basic earnings (loss) per share attributable to Johnson
Controls
Continuing operations
$ 1.23
$ 0.94
$ 3.13
$ 2.21
Discontinued operations
—
0.13
(0.04)
0.22
Total
$ 1.23
$ 1.07
$ 3.09
$ 2.43
Diluted earnings (loss) per share attributable to
Johnson Controls
Continuing operations
$ 1.23
$ 0.94
$ 3.12
$ 2.20
Discontinued operations
—
0.13
(0.04)
0.22
Total
$ 1.23
$ 1.07
$ 3.08
$ 2.42
Johnson Controls International plc
Condensed Consolidated Statements of Financial Position
(in millions; unaudited)
June 30, 2026
September 30, 2025
Assets
Cash and cash equivalents
$ 641
$ 379
Accounts receivable - net
6,970
6,269
Inventories
1,955
1,820
Current assets held for sale
4
14
Other current assets
1,711
1,680
Current assets
11,281
10,162
Property, plant and equipment - net
1,977
2,193
Goodwill
16,612
16,633
Other intangible assets - net
3,550
3,613
Noncurrent assets held for sale
225
140
Other noncurrent assets
5,114
5,198
Total assets
$ 38,759
$ 37,939
Liabilities and Equity
Short-term debt
$ 865
$ 723
Current portion of long-term debt
311
566
Accounts payable
3,917
3,614
Accrued compensation and benefits
1,098
1,268
Deferred revenue
2,943
2,470
Current liabilities held for sale
5
12
Other current liabilities
2,144
2,288
Current liabilities
11,283
10,941
Long-term debt
8,299
8,591
Pension and postretirement benefit obligations
177
211
Noncurrent liabilities held for sale
34
9
Other noncurrent liabilities
5,451
5,233
Noncurrent liabilities
13,961
14,044
Shareholders' equity attributable to Johnson Controls
13,482
12,927
Noncontrolling interests
33
27
Total equity
13,515
12,954
Total liabilities and equity
$ 38,759
$ 37,939
Consolidated Statements of Cash Flows
(in millions; unaudited)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2026
2025
2026
2025
Operating Activities of Continuing Operations
Income from continuing operations:
Attributable to Johnson Controls
$ 749
$ 618
$ 1,913
$ 1,454
Attributable to noncontrolling interests
3
—
7
—
Total
752
618
1,920
1,454
Adjustments to reconcile net income to cash provided by operating activities of
continuing operations:
Depreciation and amortization
162
190
495
585
Pension and postretirement benefits
(11)
(15)
(39)
(52)
Deferred income taxes
(61)
(39)
(58)
(146)
Noncash restructuring and impairment charges
56
23
160
56
Equity-based compensation
29
48
95
107
(Gain) loss on business divestiture
(13)
—
(86)
6
Other - net
(23)
(24)
2
2
Changes in assets and liabilities:
Accounts receivable
(368)
(172)
(757)
(79)
Inventories
(26)
(52)
(166)
(79)
Other assets
(35)
(76)
62
(289)
Restructuring reserves
1
5
(25)
2
Accounts payable and accrued liabilities
701
258
764
31
Accrued income taxes
125
23
205
(12)
Cash provided by operating activities from continuing operations
1,289
787
2,572
1,586
Investing Activities of Continuing Operations
Capital expenditures
(95)
(94)
(243)
(304)
Acquisitions of businesses, net of cash acquired
(291)
(1)
(291)
(9)
Divestitures of businesses, net of cash divested
122
1
331
2
Other - net
(12)
9
(32)
9
Cash used by investing activities from continuing operations
(276)
(85)
(235)
(302)
Financing Activities of Continuing Operations
Net proceeds (payments) from borrowings with maturities less than three months
Cash used by financing activities from continuing operations
(916)
(637)
(1,946)
(1,111)
Discontinued Operations
Cash (used) provided by operating activities
—
208
(98)
255
Cash used by investing activities
(155)
(25)
(155)
(52)
Cash used by financing activities
—
(109)
—
(174)
Cash (used) provided by discontinued operations
(155)
74
(253)
29
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1)
(201)
122
(216)
Change in cash, cash equivalents and restricted cash held for sale
4
—
—
3
Increase (decrease) in cash, cash equivalents and restricted cash
(55)
(62)
260
(11)
Cash, cash equivalents and restricted cash at beginning of period
713
818
398
767
Cash, cash equivalents and restricted cash at end of period
658
756
658
756
Less: Restricted cash
17
25
17
25
Cash and cash equivalents at end of period
$ 641
$ 731
$ 641
$ 731
FOOTNOTES
1. Sale of Residential and Light Commercial HVAC Business
In July 2025, the Company sold its Residential and Light Commercial ("R&LC") HVAC business, including the North America Ducted business and the global Residential joint venture with Hitachi Global Life Solutions, Inc. ("Hitachi"), of which Johnson Controls owned 60% and Hitachi owned 40%. The R&LC HVAC business met the criteria to be classified as a discontinued operation and, as a result, its historical financial results are reflected in the consolidated financial statements as a discontinued operation.
2. Non-GAAP Measures
The Company reports various non-GAAP measures in this earnings release and the related earnings presentation. Non-GAAP measures should be considered in addition to, and not as replacements for, the most comparable GAAP measures. Refer to the following footnotes for further information on the calculations of the non-GAAP measures and reconciliations of the non-GAAP measures to the most comparable GAAP measures.
Organic sales
Organic sales growth excludes the impact of acquisitions, divestitures and foreign currency. Management believes organic sales growth is useful to investors in understanding period-over-period sales results and trends.
Cash flow
Management believes free cash flow and adjusted free cash flow measures are useful to investors in understanding the strength of the Company and its ability to generate cash. These non-GAAP measures can also be used to evaluate the Company's ability to generate cash flow from operations and the impact that this cash flow has on its liquidity. Management also believes adjusted free cash flows are useful to investors in understanding period-over-period cash flows, cash trends and ongoing cash flows of the Company.
Adjusted free cash flow and adjusted free cash flow conversion are non-GAAP measures which exclude the impacts of the following:
JC Capital cash flows primarily include activity associated with finance/notes receivables and inventory and/or capital expenditures related to lease arrangements. JC Capital net income is primarily related to interest income on the finance/notes receivable and profit recognized on arrangements with sales-type lease components. The impact of the accounts receivables factoring program which was discontinued in March 2024. Cash payments related to the water systems AFFF settlement and cash receipts for AFFF-related insurance recoveries. Prepayment of royalty fees associated with certain IP licensed to divested businesses. Discrete tax payments are non-recurring tax settlements for certain non-US jurisdictions. Adjusted financial measures
Adjusted financial measures are non-GAAP measures that are derived by excluding certain amounts from the corresponding financial measures determined in accordance with GAAP. The determination of the excluded amounts is a matter of management judgment and depends upon the nature and variability of the underlying expense or income amounts and other factors.
As detailed in the tables included in footnotes four through seven, the following items were excluded from certain financial measures:
Net mark-to-market adjustments are the result of adjusting restricted asbestos investments and pension and postretirement plan assets to their current market value. These adjustments may have a favorable or unfavorable impact on results. Restructuring and impairment costs represents restructuring costs attributable to Johnson Controls including costs associated with exit plans or other restructuring plans that will have a more significant impact on the underlying cost structure of the organization. Impairment costs primarily relate to write-downs of goodwill, intangible assets and assets held for sale to their fair value. Water systems AFFF settlement and insurance recoveries include amounts related to a settlement with a nationwide class of public water systems concerning the use of AFFF manufactured and sold by a subsidiary of the Company, and AFFF-related insurance recoveries. Transaction/separation costs include costs associated with significant mergers and acquisitions. Transformation costs represent incremental expenses incurred in association with strategic growth initiatives and cost saving opportunities in order to realize the benefits of portfolio simplification and the Company's lifecycle solutions strategy. ERP asset - accelerated depreciation represents a change in ERP strategy within the EMEA segment, which led to certain assets being abandoned and the useful lives reduced. Loss (gain) on divestiture relates to the sale of the ADT Mexico Security and ADTi businesses. EMEA joint venture loss relates to certain non-recurring losses associated with the equity method accounting of a joint venture company. Discrete tax items, net includes the net impact of discrete tax items within the period, including the following types of items: changes in estimates associated with valuation allowances, changes in estimates associated with reserves for uncertain tax positions, withholding taxes recorded upon changes in indefinite re-investment assertions for businesses to be disposed of and impacts from statutory rate changes. Related tax impact includes the tax impact of the various excluded items. Management believes the exclusion of these items is useful to investors due to the unusual nature and/or magnitude of the amounts. When considered together with unadjusted amounts, adjusted financial measures are useful to investors in understanding period-over-period operating results, business trends and ongoing operations of the Company. Management may also use these metrics as guides in forecasting, budgeting and long-term planning processes and for compensation purposes.
Operating leverage
Operating leverage is defined as the ratio of the change in adjusted EBIT for the period, divided by the corresponding change in net revenues. Management believes operating leverage is a useful metric to reflect enterprise value creation, capturing the impact of scale and cost discipline across the organization.
Debt ratios
Management believes that net debt to adjusted EBITDA, a non-GAAP measure, is useful to understanding the Company's financial condition as the ratio provides an overview of the extent to which the Company relies on external debt financing for its funding and also is a measure of risk to its shareholders.
3. Sales
The following tables detail the changes in sales from continuing operations attributable to organic growth, foreign currency, acquisitions, divestitures and other (unaudited):
The following table includes operating cash flow conversion, free cash flow and free cash flow conversion (unaudited):
Three Months Ended
June 30,
Nine Months Ended
June 30,
(in millions)
2026
2025
2026
2025
Cash provided by operating activities from continuing
operations
$ 1,289
$ 787
$ 2,572
$ 1,586
Income from continuing operations attributable to
Johnson Controls
749
618
1,913
1,454
Operating cash flow conversion
172 %
127 %
134 %
109 %
Cash provided by operating activities from continuing
operations
$ 1,289
$ 787
$ 2,572
$ 1,586
Capital expenditures
(95)
(94)
(243)
(304)
Free cash flow (non-GAAP)
$ 1,194
$ 693
$ 2,329
$ 1,282
Income from continuing operations attributable to
Johnson Controls
$ 749
$ 618
$ 1,913
$ 1,454
Free cash flow conversion from net income (non-
GAAP)
159 %
112 %
122 %
88 %
The following table includes adjusted free cash flow and adjusted free cash flow conversion (unaudited):
Three Months Ended
June 30,
Nine Months Ended
June 30,
(in millions)
2026
2025
2026
2025
Free cash flow (non-GAAP)
$ 1,194
$ 693
$ 2,329
$ 1,282
Adjustments:
JC Capital cash provided (used) by operating
activities
(8)
34
(33)
111
Water systems AFFF settlement cash payments
and insurance recoveries
(7)
(3)
(165)
383
Prepaid IP royalties for divested businesses
—
—
(29)
—
Impact from discontinued factoring program
—
1
—
15
Discrete tax payments
—
—
31
—
Adjusted free cash flow (non-GAAP)
$ 1,179
$ 725
$ 2,133
$ 1,791
Adjusted net income attributable to JCI (non-GAAP)
$ 868
$ 693
$ 2,145
$ 1,664
JC Capital net (income) loss
26
(8)
22
(4)
Adjusted net income attributable to JCI, excluding JC
Capital (non-GAAP)
$ 894
$ 685
$ 2,167
$ 1,660
Adjusted free cash flow conversion (non-GAAP)
132 %
106 %
98 %
108 %
5. EBIT, Segment Profitability and Corporate Expense
The following table reconciles income from continuing operations before income taxes to EBIT and adjusted EBIT.
Three Months Ended June 30,
Nine Months Ended June 30,
(in millions; unaudited)
2026
2025
2026
2025
Income from continuing operations:
Attributable to Johnson Controls
$ 749
$ 618
$ 1,913
$ 1,454
Attributable to noncontrolling interests
3
—
7
—
Income from continuing operations
752
618
1,920
1,454
Less: Income tax provision (1)
165
87
443
160
Income before income taxes
917
705
2,363
1,614
Net financing charges
71
77
197
243
EBIT
$ 988
$ 782
$ 2,560
$ 1,857
EBIT margin
14.9 %
12.9 %
13.8 %
10.8 %
Adjusting items:
Net mark-to-market adjustments
28
21
16
7
Restructuring and impairment costs
(80)
(51)
(224)
(146)
Water systems AFFF insurance recoveries
17
1
148
13
Transaction/separation costs
(18)
(9)
(43)
(27)
Transformation costs
(80)
(45)
(197)
(124)
Gain on divestiture
—
—
70
—
Adjusted EBIT (non-GAAP)
$ 1,121
$ 865
$ 2,790
$ 2,134
Adjusted EBIT margin (non-GAAP)
16.9 %
14.3 %
15.0 %
12.4 %
(1) Adjusted income tax provision excludes the related tax impacts of pre-tax adjusting items.
The following tables reconcile Segment EBIT to Segment EBITA (non-GAAP) as reported and reconcile Segment EBIT and Segment EBITA (non-GAAP) as reported to adjusted Segment EBIT and Segment EBITA (non-GAAP) and adjusted Segment EBIT and Segment EBITA (non-GAAP) margin (unaudited):
Three Months Ended June 30,
(in millions)
Americas
EMEA
APAC
2026
2025
2026
2025
2026
2025
Sales
$ 4,504
$ 4,042
$ 1,264
$ 1,273
$ 846
$ 737
Segment EBIT
847
654
172
159
171
139
Amortization
79
88
7
18
4
4
Segment EBITA (non-GAAP)
926
742
179
177
175
143
Adjusting items:
Transformation costs
25
4
2
2
4
—
Adjusted Segment EBIT (non-GAAP)
872
658
174
161
175
139
Adjusted Segment EBITA (non-GAAP)
951
746
181
179
179
143
Segment EBIT margin %
18.8 %
16.2 %
13.6 %
12.5 %
20.2 %
18.9 %
Adjusted Segment EBIT margin % (non-GAAP)
19.4 %
16.3 %
13.8 %
12.6 %
20.7 %
18.9 %
Segment EBITA margin % (non-GAAP)
20.6 %
18.4 %
14.2 %
13.9 %
20.7 %
19.4 %
Adjusted Segment EBITA margin % (non-GAAP)
21.1 %
18.5 %
14.3 %
14.1 %
21.2 %
19.4 %
Nine Months Ended June 30,
(in millions)
Americas
EMEA
APAC
2026
2025
2026
2025
2026
2025
Sales
$ 12,468
$ 11,506
$ 3,807
$ 3,631
$ 2,278
$ 2,017
Segment EBIT
2,096
1,764
502
392
427
325
Amortization
232
274
21
56
11
12
Segment EBITA (non-GAAP)
2,328
2,038
523
448
438
337
Adjusting items:
Transformation costs
57
6
13
2
4
—
Adjusted Segment EBIT (non-GAAP)
2,153
1,770
515
394
431
325
Adjusted Segment EBITA (non-GAAP)
2,385
2,044
536
450
442
337
Segment EBIT margin %
16.8 %
15.3 %
13.2 %
10.8 %
18.7 %
16.1 %
Adjusted Segment EBIT margin % (non-GAAP)
17.3 %
15.4 %
13.5 %
10.9 %
18.9 %
16.1 %
Segment EBITA margin % (non-GAAP)
18.7 %
17.7 %
13.7 %
12.3 %
19.2 %
16.7 %
Adjusted Segment EBITA margin % (non-GAAP)
19.1 %
17.8 %
14.1 %
12.4 %
19.4 %
16.7 %
The following table reconciles adjusted Segment EBITA (non-GAAP) to adjusted Segment EBITA margin (non-GAAP) (unaudited):
Three Months Ended
June 30,
Nine Months Ended
June 30,
(in millions)
2026
2025
2026
2025
Adjusted Segment EBITA (non-GAAP)
Americas
$ 951
$ 746
$ 2,385
$ 2,044
EMEA
181
179
536
450
APAC
179
143
442
337
Sales
6,614
6,052
18,553
17,154
Adjusted Segment EBITA margin (non-GAAP)
19.8 %
17.6 %
18.1 %
16.5 %
The following table reconciles Corporate expense from continuing operations as reported to the comparable adjusted amounts (unaudited):
Three Months Ended
June 30,
Nine Months Ended
June 30,
(in millions)
2026
2025
2026
2025
Corporate expense (GAAP)
$ 167
$ 141
$ 475
$ 498
Adjusting items:
Transaction/separation costs
(18)
(9)
(43)
(27)
Transformation costs
(49)
(39)
(123)
(116)
Adjusted Corporate expense (non-GAAP)
$ 100
$ 93
$ 309
$ 355
6. Net Income and Diluted Earnings Per Share
The following tables reconcile net income from continuing operations attributable to JCI and diluted earnings per share from continuing operations as reported to the comparable adjusted amounts (unaudited):
Three Months Ended June 30,
Income from continuing
operations attributable to JCI
Diluted earnings
per share
(in millions, except per share)
2026
2025
2026
2025
As reported (GAAP)
$ 749
$ 618
$ 1.23
$ 0.94
Adjusting items:
Net mark-to-market adjustments
(28)
(21)
(0.05)
(0.03)
Restructuring and impairment costs
80
51
0.13
0.08
Water systems AFFF insurance recoveries
(17)
(1)
(0.03)
—
Transaction/separation costs
18
9
0.03
0.01
Transformation costs
80
45
0.13
0.07
Related tax impact
(14)
(8)
(0.02)
(0.01)
Adjusted (non-GAAP)*
$ 868
$ 693
$ 1.42
$ 1.05
* May not sum due to rounding
Nine Months Ended June 30,
Income from continuing
operations attributable to JCI
Diluted earnings
per share
(in millions, except per share)
2026
2025
2026
2025
As reported (GAAP)
$ 1,913
$ 1,454
$ 3.12
$ 2.20
Adjusting items:
Net mark-to-market adjustments
(16)
(7)
(0.03)
(0.01)
Restructuring and impairment costs
224
146
0.37
0.22
Water systems AFFF insurance recoveries
(148)
(13)
(0.24)
(0.02)
Transaction/separation costs
43
27
0.07
0.04
Transformation costs
197
124
0.32
0.19
Gain on divestiture
(70)
—
(0.11)
—
Discrete tax items
11
(36)
0.02
(0.05)
Related tax impact
(9)
(31)
(0.01)
(0.05)
Adjusted (non-GAAP)*
$ 2,145
$ 1,664
$ 3.50
$ 2.52
* May not sum due to rounding
The following table reconciles the denominators used to calculate basic and diluted earnings per share (in millions; unaudited):
Three Months Ended
June 30,
Nine Months Ended
June 30,
2026
2025
2026
2025
Weighted average shares outstanding
Basic weighted average shares outstanding
608
655
610
659
Effect of dilutive securities:
Stock options, unvested restricted stock and
unvested performance share awards
2
2
2
2
Diluted weighted average shares outstanding
610
657
612
661
7. Debt Ratios
The following table includes continuing operations and details net debt to income before income taxes and net debt to adjusted EBITDA (unaudited):
(in millions)
June 30, 2026
March 31, 2026
June 30, 2025
Short-term debt
$ 865
$ 882
$ 1,277
Current portion of long-term debt
311
28
570
Long-term debt
8,299
8,613
8,446
Total debt
9,475
9,523
10,293
Less: cash and cash equivalents
641
698
731
Net debt
$ 8,834
$ 8,825
$ 9,562
Last twelve months income before income
taxes
$ 2,718
$ 2,506
$ 2,262
Net debt to income before income taxes
3.3x
3.5x
4.2x
Last twelve months adjusted EBITDA (non-
GAAP)
$ 4,553
$ 4,325
$ 3,843
Net debt to adjusted EBITDA (non-GAAP)
1.9x
2.0x
2.5x
The following table reconciles income from continuing operations to adjusted EBIT and adjusted EBITDA (unaudited):
Twelve Months Ended
(in millions)
June 30, 2026
March 31, 2026
June 30, 2025
Income from continuing operations
$ 2,190
$ 2,056
$ 1,992
Income tax provision
528
450
270
Income before income taxes
2,718
2,506
2,262
Net financing charges
273
279
339
EBIT
2,991
2,785
2,601
Adjusting items:
Net mark-to-market adjustments
(3)
4
(12)
Restructuring and impairment costs
624
595
279
Water systems AFFF insurance recoveries
(174)
(158)
(29)
Transaction/separation costs
55
46
44
Transformation costs
253
218
124
ERP asset - accelerated depreciation
102
102
—
Loss (gain) on divestiture
(70)
(70)
42
EMEA joint venture loss
—
—
17
Adjusted EBIT (non-GAAP)
3,778
3,522
3,066
Depreciation and amortization
775
803
777
Adjusted EBITDA (non-GAAP)
$ 4,553
$ 4,325
$ 3,843
8. Income Taxes
After adjusting for certain non-recurring items, the Company's effective tax rate for continuing operations was approximately 17% for the three and nine months ending June 30, 2026 and approximately 12% for the three and nine months ending June 30, 2025.
Grant Thornton Advisors koupí CBIZ za 5 miliard USD v hotovosti; akcionáři CBIZ dostanou 55 USD za akcii. Po uzavření vznikne pátý největší poskytovatel profesionálních, daňových a poradenských služeb v USA.
Largest transaction of its kind in more than 25 years; creates the fifth largest professional services, tax and advisory provider in the U.S.
New Mountain Capital makes new equity investment to enable the transaction
Enhances AI-enabled capabilities, multinational reach, industry specialization and service breadth — while creating strong cultural and strategic fit with a shared commitment to quality and client experience
CBIZ Benefits and Insurance Services segment to be set up for growth as independent company backed by New Mountain Capital
CBIZ shareholders to receive $55.00 per share in cash
CHICAGO and CLEVELAND and NEW YORK, July 29, 2026 (GLOBE NEWSWIRE) -- Grant Thornton Advisors LLC (together with its affiliates, “Grant Thornton Advisors”), New Mountain Capital and CBIZ, Inc. (NYSE: CBZ) (“CBIZ”) today announced that Grant Thornton Advisors has entered into a definitive agreement pursuant to which it will acquire CBIZ in an all-cash transaction with an enterprise value of $5 billion.
Under the terms of the agreement, CBIZ shareholders will receive $55.00 in cash per share. This represents a premium of approximately 54% to CBIZ’s 30-day volume-weighted average share price.
New Mountain Capital — which led a May 2024 investment in Grant Thornton Advisors and fueled the firm’s growth strategy — will be investing incremental equity to support the transaction.
Creating the fifth largest U.S. provider
Upon closing, Grant Thornton in the U.S. is expected to become the fifth-largest provider of professional services, tax and advisory services, with more than $5 billion in annual domestic revenue. The transaction represents the largest of its kind in more than 25 years.
With the combination, the multinational platform will have a footprint that spans more than 20 countries and territories, generates nearly $7.5 billion in revenue and employs more than 34,500 professionals across the Americas, Europe, the Middle East and the Asia-Pacific region.
The transaction will bring together Grant Thornton Advisors’ multinational platform capabilities and CBIZ’s deep relationships across the U.S., offering clients the benefits of cross-border scale, broad multidisciplinary capabilities and AI-enabled leading-edge technology solutions, while maintaining a focused commitment to high-quality service and differentiated client experiences.
The transaction will also build on Grant Thornton Advisors’ recently announced $1 billion investment in AI and advanced technologies, expanding the firm’s ability to bring AI-enabled solutions and capabilities to serve more clients and industries at an even greater scale.
According to Jim Peko, chief executive officer of Grant Thornton Advisors LLC and leader of the Grant Thornton Advisors multinational platform: “By combining our multinational platform with CBIZ's strong market presence, we're broadening our ability to support businesses through every stage of growth — from early development to global scale. Together, we'll bring the quality, scope and capabilities clients need to navigate an increasingly complex and rapidly evolving business environment.”
Jerry Grisko, president and chief executive officer of CBIZ, said: “This is a historic combination with a complementary cultural and strategic fit. CBIZ has grown rapidly over many years to become a leading professional services provider. Joining Grant Thornton Advisors accelerates the realization of that vision, creating a stronger firm with new and exciting opportunities for our team members and enhanced service offerings for clients, while delivering significant value to CBIZ shareholders.”
Andre Moura, managing director of New Mountain Capital, said: “We’re pleased to continue to support Grant Thornton Advisors’ strategic growth plan, a journey we have been on together since May 2024. Following the acquisition of CBIZ, Grant Thornton in the U.S. will be the fifth largest professional services, tax and advisory provider in the nation and one of the most forward-thinking firms in the world regarding AI. That scale and forward momentum will put the combined firm in a stronger position than ever to serve its clients and create meaningful opportunities for its partners and staff.”
Nikhil Devulapalli, managing director at New Mountain Capital, added: “The acquisition of CBIZ allows Grant Thornton Advisors to rapidly bring its market-leading AI and technology platform deeper into the market and continue its mission to lead on quality and breadth of service provided to a broad spectrum of clients of all sizes.”
Following the closing, Grant Thornton Advisors plans to separate CBIZ’s Benefits and Insurance Services segment into a new stand-alone entity backed by New Mountain Capital.
Bob Mulcare and Sean Donovan, managing directors at New Mountain Capital, said: “We look forward to building on the strong foundations within the Benefits and Insurance Services segment to create a new leading firm dedicated to insurance, retirement and payroll services — providing new opportunities to the clients and team members in that segment.”
Strategic rationale
The combination is expected to:
Build a differentiated professional services, tax and advisory provider. Following the acquisition of CBIZ, Grant Thornton Advisors will be better positioned to serve clients at all stages of growth with enhanced service offerings, multinational reach and premier technological resources across professional services, tax and advisory services.Accelerate technology and AI-enabled service delivery. The newly formed firm will support more clients with sophisticated AI-enabled service delivery, focused on using AI to transform client service, empower people and unlock new opportunities for growth.Enable greater depth of specialized industry expertise with expanded capabilities. The addition of CBIZ provides Grant Thornton Advisors with greater ability to deliver more tailored insights and solutions for clients, driven by a deep understanding of, and experience in, their specific industry.Strengthen client experience and service quality. Upon combination with CBIZ, Grant Thornton Advisors will maintain a strong focus on quality, applicable independence requirements, trust and client service — reflecting an ongoing commitment to its clients and purpose-built operating model.Increase the ability to invest in innovation, talent and technology. The combined firm will be the employer of choice for top talent in the industry, positioning the organization for long-term success in a fast-moving marketplace and creating even more opportunities for employees to grow, build rewarding careers and do their best work. Transaction details
Under the terms of the definitive merger agreement, CBIZ shareholders will receive $55.00 in cash for each share of CBIZ common stock they own. Upon completion of the transaction, CBIZ will become wholly-owned by Grant Thornton Advisors, and CBIZ common stock will cease to trade and no longer be listed on the New York Stock Exchange.
The CBIZ Board of Directors has unanimously approved the transaction and recommends that CBIZ shareholders vote in favor of the transaction. The transaction is expected to close in the fourth quarter of 2026, subject to approval by CBIZ shareholders, receipt of required regulatory approvals and satisfaction of other customary closing conditions.
Go-shop provision and superior proposals
Under the terms of the definitive merger agreement, CBIZ, along with its financial and legal advisors, will be permitted to actively solicit, consider and negotiate alternative acquisition proposals from third parties during a “go-shop” period ending at 11:59 p.m. Eastern Time on August 27, 2026. Prior to the CBIZ shareholder vote and subject to the terms and conditions of the definitive merger agreement, including notice and negotiation rights in favor of Grant Thornton Advisors, the CBIZ Board of Directors will have the right to terminate the merger agreement to enter into an alternative transaction that constitutes a superior proposal, subject to the terms and conditions of the merger agreement, including payment of a termination fee.
There can be no assurance that the go-shop process will result in a superior proposal. CBIZ does not intend to disclose developments with respect to the go-shop process unless and until it determines such disclosure is appropriate or required by law.
CBIZ second quarter 2026 earnings results
As a result of this announcement, in connection with its second quarter 2026 earnings release scheduled for July 29, 2026, CBIZ will release financial and operational results through a press release only and will no longer hold a conference call or webcast.
Advisors for the transaction
Goldman Sachs & Co. LLC is serving as financial advisor to CBIZ. Weil, Gotshal & Manges LLP is serving as legal advisor to CBIZ, and Teneo is serving as strategic communications advisor to CBIZ.
Deutsche Bank is acting as Lead Financial Advisor for Grant Thornton Advisors. Other Financial Advisors include J.P. Morgan, BMO Capital Markets, BofA Securities, RBC Capital Markets and UBS Investment Bank. Evercore is acting as Financial Advisor to New Mountain Capital and Grant Thornton on the CBIZ Benefits & Insurance segment. Simpson Thacher & Bartlett LLP, Mayer Brown LLP and Hunton Andrews Kurth LLP are serving as legal advisors to Grant Thornton Advisors, and Goldin Solutions is serving as strategic communications advisor.
About Grant Thornton in the U.S.
Grant Thornton delivers professional services in the U.S. through two specialized entities and their affiliates: Grant Thornton LLP, a licensed, certified public accounting (CPA) firm that provides audit and assurance services — and Grant Thornton Advisors LLC (not a licensed CPA firm), which exclusively provides non-attest offerings, including tax and advisory services.
Grant Thornton LLP, Grant Thornton Advisors LLC and their respective subsidiaries operate as an alternative practice structure (APS). The APS conforms with applicable laws, regulations and professional standards, including those from the American Institute of Certified Public Accountants.
“Grant Thornton” refers to the brand under which the member firms in the Grant Thornton International Ltd (GTIL) network provide services to their clients and/or refers to one or more member firms. Grant Thornton LLP and Grant Thornton Advisors LLC serve as the U.S. member firms of the GTIL network. GTIL and its member firms are not a worldwide partnership and all member firms are separate legal entities. Member firms deliver all services; GTIL does not provide services to clients.
About Grant Thornton Advisors multinational platform
The Grant Thornton Advisors multinational platform is a group of firms within the Grant Thornton International Limited network* that connects priority markets and operates with aligned standards, technology and delivery expectations.
The platform is currently home to almost 20 aligned firms stretching from the Americas across Europe and the Middle East to the Asia-Pacific region. These firms bring together more than 25,000 professionals to deliver cross-border solutions powered by advanced technologies, a shared commitment to quality and a growing reputation as the industry’s employer-of-choice. The platform firms operate as separate legal entities.
*The Grant Thornton International Limited network provides access to its member firms in more than 150 global markets.
About CBIZ
CBIZ, Inc. (NYSE: CBZ) is a leading professional services advisor to businesses nationwide. With industry knowledge and expertise in accounting, tax, advisory, benefits, insurance and technology, CBIZ delivers actionable insights to help clients anticipate what is next and discover new ways to accelerate growth. CBIZ has more than 9,500 team members across 23 major markets coast to coast. For more information, visit www.cbiz.com.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with approximately $60 billion in assets under management. New Mountain Capital seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit https://www.newmountaincapital.com/.
This communication includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between CBIZ and Grant Thornton Advisors (any such transaction, the “proposed transaction”). In this context, forward-looking statements generally are identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “predicts,” “potential,” “expects,” “may,” “could,” “might,” “likely,” “will,” “should” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements, other than historical facts, including, but not limited to, statements regarding the expected timing and structure of the proposed transaction, the ability of the parties to complete the proposed transaction pursuant to the terms of the Agreement and Plan of Merger, dated as of July 28, 2026 (the “Merger Agreement”), if at all, the expected benefits of the proposed transaction, including future financial and operating results and strategic benefits, and the combined company’s plans, objectives, expectations and intentions, legal, economic and regulatory conditions, and any assumptions underlying any of the foregoing, are forward-looking statements.
These forward-looking statements are based on CBIZ’s and Grant Thornton Advisors’ current expectations with respect to the transactions contemplated by the Merger Agreement and are subject to risks and uncertainties, which may cause actual results to differ materially from CBIZ’s and Grant Thornton Advisors’ current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) that one or more closing conditions to the proposed transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, or that the required approval by the shareholders of CBIZ may not be obtained; (2) the risk that the proposed transaction may not be completed on the terms or in the time frame expected by CBIZ and Grant Thornton Advisors, or at all; (3) unexpected costs, charges or expenses resulting from the proposed transaction; (4) uncertainty of the expected financial performance and results of operations of the combined company following completion of the proposed transaction; (5) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of CBIZ and Grant Thornton Advisors, on the expected timeframe or at all; (6) the ability of the combined company to implement its business strategy; (7) difficulties and delays in the combined company achieving revenue and cost synergies; (8) inability of the combined company to retain and hire key personnel; (9) the occurrence of any event that could give rise to termination of the proposed transaction; (10) the risk that shareholder litigation in connection with the proposed transaction or other litigation, settlements or investigations may affect the timing or completion of the proposed transaction or result in significant costs of defense, indemnification and liability; (11) evolving legal, regulatory and tax regimes; (12) changes in general economic, competitive, technological and/or industry-specific conditions affecting the businesses and industries in which CBIZ and Grant Thornton Advisors operate; (13) actions by third parties, including government agencies and rating agencies; (14) risks that any debt financing anticipated in connection with the proposed transaction is not obtained or that such financing cannot be obtained on the anticipated timing or terms or unexpected costs or expenses in connection therewith; (15) risks related to the disruption of management time from ongoing business operations due to the pendency of the proposed transaction, or other effects of the pendency of the proposed transaction on the relationship of any of the parties to the transaction with their employees, customers, partners, or other counterparties; (16) risks that any announcements relating to the proposed transaction could have adverse effects on the market price of CBIZ’s common stock, credit ratings, or operating results, and may have an adverse effect on the ability of CBIZ to retain and hire key personnel, retain customers, and maintain relationships with business partners, suppliers and customers; (17) the risk that the market price of CBIZ’s common stock may decline if the proposed transaction is not completed, and (18) the other risk factors described under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and other sections of CBIZ’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026, as amended on March 2, 2026 and any subsequent amendments, and subsequent filings with the SEC, including documents that will be filed with the SEC in connection with the proposed transaction. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this communication. Neither CBIZ nor Grant Thornton Advisors undertakes any obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Important information about the transaction and where to find it
In connection with the proposed transaction, CBIZ intends to file relevant materials with the SEC, including a proxy statement on Schedule 14A (the “Proxy Statement”). The Proxy Statement will contain important information about the proposed transaction and related matters. This communication is not a substitute for the Proxy Statement or any other document that CBIZ may file with the SEC or send to its shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CBIZ ARE ADVISED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER DOCUMENTS FILED BY CBIZ WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. All such documents, when filed, may be obtained free of charge at the SEC’s website (http://www.sec.gov). These documents, once available, and CBIZ’s other filings with the SEC also will be available free of charge on CBIZ’s website at https://ir.cbiz.com/financial-information/sec-filings.
Participants in the solicitation
CBIZ and its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding the names of such directors and executive officers and their respective interests in CBIZ by security holdings or otherwise is set forth in CBIZ’s definitive proxy statement on Schedule 14A for its 2026 annual meeting of shareholders, filed with the SEC on April 2, 2026 (the “2026 Annual Proxy”). Please refer to the sections captioned “Executive Compensation,” “Summary Compensation Table,” “2025 Grants of Plan-Based Awards,” “Outstanding Equity Awards At 2025 Fiscal Year-End,” “Option Exercises And Stock Vested In 2025,” “2025 Non-Qualified Deferred Compensation,” “Potential Payments upon Termination or Change in Control,” “Director Compensation,” “2025 Director Compensation Table,” and “Security Ownership of Certain Beneficial Owners and Management” in the 2026 Annual Proxy. To the extent that certain CBIZ participants or their affiliates have acquired or disposed of security holdings since the “as of” date disclosed in the 2026 Annual Proxy, such transactions have been or will be reflected on Statements of Change in Ownership on Form 4 or amendments to beneficial ownership reports on Schedules 13D or 13G filed with the SEC. Such filings and the 2026 Annual Proxy are available free of charge on CBIZ’s website at https://ir.cbiz.com/financial-information/sec-filings or through the SEC’s website at www.sec.gov. Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in CBIZ’s Proxy Statement and other materials to be filed with the SEC in connection with the proposed transaction.
CBIZ ve 2. čtvrtletí dosáhla tržeb 682 mil. USD, meziročně o 0,2 % méně, a čistý zisk klesl o 55,6 % na 19 mil. USD. Za první pololetí tržby stouply o 0,6 % na 1,531 mld. USD.
Second-Quarter Financial Highlights: Total revenue of $682M, down 0.2%; Financial Services revenue down 0.2% Net income of $19M, down 55.6%; GAAP EPS of $0.31, down 53.0% Adjusted EBITDA of $103M, down 14.3%; Adjusted diluted EPS of $0.91, down 8.1% First-Half Financial Highlights: Total revenue of $1,531M, up 0.6%; Financial Services revenue up 1.1% Net income of $171M, up 4.1%; GAAP EPS of $2.83, up 9.7% Adjusted EBITDA of $347M, down 3.8%; Adjusted diluted EPS of $3.44, up 3.6% Operating cash flow up $97M; Free cash flow up $99M Repurchased ~2.5M shares for ~$70M; net leverage of 3.4x, down 0.3x YoY CLEVELAND, July 29, 2026 (GLOBE NEWSWIRE) -- CBIZ, Inc., (NYSE: CBZ) (“CBIZ” or the “Company”), a leading national professional services advisor, today announced second quarter and first half results for the period ended June 30, 2026. Management Commentary: Jerry Grisko, CBIZ President and Chief Executive Officer, said, "Through the first six months of the year, we delivered year-over-year growth in revenue, earnings and free cash flow while continuing to execute against our strategic priorities.
SiteOne Landscape (SITE - Free Report) came out with quarterly earnings of $3.14 per share, missing the Zacks Consensus Estimate of $3.36 per share. This compares to earnings of $2.86 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -6.55%. A quarter ago, it was expected that this company would post a loss of $0.45 per share when it actually produced a loss of $0.6, delivering a surprise of -33.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
SiteOne Landscape, which belongs to the Zacks Industrial Services industry, posted revenues of $1.53 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.9%. This compares to year-ago revenues of $1.46 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
SiteOne Landscape shares have lost about 16.9% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for SiteOne Landscape?While SiteOne Landscape has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for SiteOne Landscape was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.47 on $1.33 billion in revenues for the coming quarter and $4.02 on $4.96 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, Industrial Services is currently in the bottom 33% 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, W.W. Grainger (GWW - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.
This seller of maintenance and other supplies is expected to post quarterly earnings of $11.28 per share in its upcoming report, which represents a year-over-year change of +13.1%. The consensus EPS estimate for the quarter has been revised 0.2% lower over the last 30 days to the current level.
W.W. Grainger's revenues are expected to be $4.95 billion, up 8.8% from the year-ago quarter.
3D Systems uvedla, že její společný podnik NAMI získal v Saúdské Arábii licenci pro vojenskou výrobu. Firma tak může vyrábět regulované obranné komponenty lokálně.
GAMI manufacturing license advances NAMI’s role in defense localization and supports critical infrastructure resilience in the Kingdom ROCK HILL, S.C., July 29, 2026 (GLOBE NEWSWIRE) -- 3D Systems (NYSE:DDD) today announced that the National Additive Manufacturing and Innovation Company (NAMI) has been granted a Military Manufacturing License by the General Authority for Military Industries (GAMI) of Saudi Arabia.
NAMI is a joint venture between 3D Systems, Dussur (Saudi Arabian Industrial Investments Company), and Saudi Energy. The GAMI license authorizes NAMI to engage in regulated military manufacturing activities in the Kingdom, positioning it among a limited group of Saudi companies with this authorization.
The license strengthens NAMI’s ability to support Saudi Arabia’s Vision 2030 objective of localizing more than 50 percent of military spending by 2030. It also enables more efficient collaboration with international defense original equipment manufacturers on the qualification and production of critical aerospace and defense components in the Kingdom.
NAMI focuses on three priority markets in Saudi Arabia: military aerospace and defense, oil and gas, and energy generation and transmission. In the current environment, the company’s advanced manufacturing capabilities also support efforts to reduce risk of infrastructure interruptions by enabling localized, on-demand production of critical parts. NAMI operates in a growing additive manufacturing market in Saudi Arabia, an industry valued at more than $300 million currently and projected to grow to almost $2 billion by 2034, (source: IMARC Group), supported by Vision 2030 localization priorities across defense, energy, and industrial sectors.
“This license expands NAMI’s addressable market and strengthens the foundation for long-term growth,” said Eng. Mohammed Swaidan, CEO of NAMI. “It enables us to deploy our established manufacturing capabilities across regulated defense programs, expand the production of mission critical parts, and advance Saudi Arabia’s position in advanced manufacturing.”
“The GAMI license further demonstrates the strategic value of our joint venture in Saudi Arabia,” said Dr. Jeffrey Graves, President and CEO of 3D Systems. “It strengthens our ability to support leading defense OEMs as they pursue localization and supply-chain resilience in the Kingdom, reinforcing 3D Systems’ position in the aerospace and defense markets.”
About NAMI
NAMI is a joint venture between 3D Systems, Dussur, and Saudi Energy focused on advancing industrial additive manufacturing in Saudi Arabia. The company supports localization under Vision 2030 across military aerospace and defense, oil and gas, and energy applications.
Find out more at: https://www.nami3dp.com/en
About 3D Systems
For 40 years Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; AI infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.
Forward-Looking Statements
Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the timing of product launches, regulatory approvals, market opportunities, expected revenue impact, and shareholder value. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward-looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates," “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions, and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not, be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as of the date of the statement. 3D Systems undertakes no obligation to update or review any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise.
Solflare spustil Bridge, nativní cross-chain funkci pro přesun aktiv na Solanu bez nutnosti manuálního schvalování. Podporuje $ETH, $BTC a @Base a doručuje je do peněženky v podobě $SOL nebo $USDC.
@Solflare has officially launched Bridge, a native cross-chain feature built to remove the friction that has long made moving assets onto @Solana more cumbersome than it should be. The product is powered by @Near_intents and @Auroraisnear, and it is live now.
How It Works The core mechanic is straightforward. Bridge assigns users permanent deposit addresses for assets held on $ETH, $BTC, and @Base. Funds sent to those addresses arrive in a Solflare wallet as $SOL or $USDC, with no manual approvals and no need to connect a separate dApp. The goal is a single-step experience that feels closer to a standard transfer than a multi-chain operation.
The infrastructure behind it is @Near_intents, a protocol that has been expanding its footprint quickly across the industry. Rather than routing assets through a conventional bridge, NEAR Intents lets users express a desired outcome without needing to understand the underlying execution mechanics. That request is distributed to a network of solvers, including market makers and AI agents, who compete to fulfil it. Initial matching happens off-chain in as little as 100 milliseconds. The protocol has now processed more than $13 billion in all-time volume across 35-plus chains.
@Auroraisnear, an EVM-compatible environment running on NEAR Protocol, provides the EVM compatibility layer that allows the system to interact with Ethereum-based assets and chains.
Fees and Launch Incentives To mark the rollout, Solflare is running a 30-day fee waiver worth up to $125,000 in potential savings for early users. Once the promotional period ends, standardised fees will apply: 0.1% for stablecoin-to-stablecoin transfers and 1% for all other assets. The fee structure is designed to support a high-velocity retail settlement model as the protocol scales.
The launch adds Solflare to a growing list of wallets and applications integrating NEAR Intents directly into their products. Wallets and trading apps using NEAR Intents are already handling around $2.5 billion in monthly volume. For Solana, which has historically been one of the harder networks to bridge into cleanly, the integration represents a meaningful improvement in onboarding experience for users coming from Ethereum or Bitcoin.
Sources:
NEAR Intents and Solana Integration, Solana Compass
NEAR Intents, Official Site
NEAR Intents Joins Ledger Wallet, Ledger Blog
Garmin ve 2. čtvrtletí zvýšil tržby o 11 % na rekordních 2,02 mld. USD a provozní zisk o 30 % na 616 mil. USD. Zároveň zvýšil celoroční výhled tržeb i EPS.
Company reports record second quarter operating results and raises full year guidance
, /PRNewswire/ -- Garmin® Ltd. (NYSE: GRMN), today announced results for the second quarter ended June 27, 2026.
Highlights include:
Record consolidated revenue of approximately $2.02 billion, an 11% increase compared to the prior year quarter Gross and operating margins expanded to 62.4% and 30.4% respectively, compared to the prior year quarter Record operating income of $616 million, a 30% increase compared to the prior year quarter GAAP EPS of $2.80 and pro forma EPS(1) of $2.81, representing a 29% increase in pro forma EPS compared to the prior year quarter Recently completed the strategic acquisition of TrainingPeaks® and TrainHeroic®, leading training platforms for athletes and coaches Recently unveiled AXIS™, an all-new highly scalable family of flight displays Recently announced CIRQA™ Smart Band, our first screenless smart band, that includes a rich set of health and wellness features (In thousands, except per share information)
13-Weeks Ended
26-Weeks Ended
June 27,
June 28,
YoY
June 27,
June 28,
YoY
2026
2025
Change
2026
2025
Change
Net sales
$
2,022,092
$
1,814,564
11 %
$
3,775,582
$
3,349,663
13 %
Fitness
756,823
605,425
25 %
1,303,646
990,147
32 %
Outdoor
482,740
490,357
(2) %
900,270
928,853
(3) %
Aviation
268,749
249,366
8 %
532,590
472,481
13 %
Marine
341,369
299,262
14 %
696,385
618,699
13 %
Auto OEM
172,411
170,154
1 %
342,691
339,483
1 %
Gross profit
1,262,022
1,067,012
18 %
2,304,310
1,951,557
18 %
Gross margin %
62.4
%
58.8
%
61.0
%
58.3
%
Operating Income
615,508
472,295
30 %
1,047,173
805,119
30 %
Operating income %
30.4
%
26.0
%
27.7
%
24.0
%
GAAP diluted EPS
$
2.80
$
2.07
35 %
$
4.89
$
3.79
29 %
Pro forma diluted EPS(1)
$
2.81
$
2.17
29 %
$
4.89
$
3.78
29 %
(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS
Executive Overview from Cliff Pemble, President and Chief Executive Officer:
"We delivered another quarter of outstanding financial results with double-digit revenue growth and robust margin expansion, which resulted in record revenue and operating income. Each business segment contributed to these impressive results. Our performance in the first half of 2026 was very strong giving us confidence to raise our full year 2026 consolidated revenue and EPS guidance." - Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.
Fitness:
Revenue from the fitness segment increased 25% in the second quarter with growth across all product categories, led by strong demand for advanced wearables. Gross and operating margins were 64% and 37%, respectively, resulting in $277 million of operating income. During the quarter, we launched the Forerunner® 70 and Forerunner 170, easy-to-use GPS running smartwatches designed to help runners of all levels reach their goals. In addition, we celebrated global running day and global cycling day with the release of our running and cycling data reports, highlighting how athletes around the world are recording runs and rides. More recently, we announced the CIRQA Smart Band, a screenless wearable that offers rich wellness and fitness insights without requiring a subscription and further expands our addressable market for wellness devices.
Outdoor:
Revenue from the outdoor segment decreased 2% in the second quarter primarily due to the consumer auto and adventure watch product categories. Gross and operating margins were 69% and 34%, respectively, resulting in $164 million of operating income. We recently announced the Approach® Z10, a compact laser rangefinder that sends precise distances to compatible devices bringing a high-fidelity experience to game play, and we also released our Trends in Golf Data Report, highlighting that participation in the sport is up and players improving in nearly every shot category.
Aviation:
Revenue from the aviation segment increased 8% in the second quarter with growth in both the OEM and aftermarket product categories. Gross and operating margins were 75% and 27%, respectively, resulting in $72 million of operating income. For the 11th consecutive year, we were named Best Supplier of the Year by Embraer, recognizing us for outstanding performance as a supplier of Electrical and Electronic Systems for their Phenom business jets. During the quarter, we launched the D2™ Mach 2 Pro, our first aviator smartwatch with inReach technology. We also recently announced AXIS, an all-new family of highly integrated and scalable cockpit display solutions for a broad range of certified and experimental aircraft models.
Marine:
Revenue from the marine segment increased 14% in the second quarter with broad-based growth across multiple categories. Gross and operating margins were 61% and 29%, respectively, resulting in $100 million of operating income. During the quarter, we launched the Garmin Signal™ VHF marine radios which offer color touchscreens and new features that enhance communication on the water. We recently announced the next generation LiveScope™ 2, delivering live sonar images with improved range and clarity.
Auto OEM:
Revenue from the auto OEM segment increased 1% during the second quarter primarily due to domain controllers. Operating income improved to $3 million in the quarter, compared to an operating loss in the prior-year period, driven by improved gross profit and lower research and development expenses.
Additional Financial Information:
The consolidated gross margin expanded 360 basis points to 62.4%, compared to the prior year quarter with higher margins across all segments. The consolidated gross margin increase was primarily attributable to favorable product mix within certain segments and approximately $21 million in refunds of previously paid tariffs.
Total operating expenses in the second quarter were $647 million, a 9% increase over the prior year. Research and development and selling, general and administrative expenses increased 10% and 8%, respectively, driven primarily by personnel related costs.
The effective tax rate in the second quarter was 16.8%, compared to an effective tax rate of 16.5% in the prior year quarter. The increase in the effective tax rate is primarily due to income mix by jurisdiction.
In the second quarter of 2026, we generated operating cash flows of $404 million and free cash flow(1) of $276 million. We paid a quarterly dividend of $202 million and repurchased $43 million of the Company's shares within the quarter, leaving approximately $448 million remaining as of June 27, 2026 in the $500 million share repurchase program authorized through December 2028. We ended the quarter with cash and marketable securities of approximately $4.4 billion.
(1)
See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow.
Fiscal Year 2026 Guidance:
Based on our performance during the first half of 2026 and our positive outlook for the remainder of the year, we are raising our full year 2026 guidance. We now anticipate revenue of approximately $8.05 billion and pro forma EPS of $10.00 based on gross margin of 59.7%, operating margin of 27.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).
Dividend Recommendation:
At the 2026 annual shareholders' meeting, Garmin shareholders, in accordance with Swiss corporate law, approved a cash dividend in the total amount of $4.20 per share, payable in four equal installments on dates to be determined by the Board in its discretion. The first payment was made on June 26, 2026. The Board of Directors has established September 25, 2026, as the payment date for the next dividend installment of $1.05 per share with a record date of September 11, 2026. The Board currently anticipates the scheduling of the remaining quarterly dividend installments as follows:
Dividend Date
Record Date
$'s per share
December 24, 2026
December 11, 2026
$1.05
March 26, 2027
March 12, 2027
$1.05
Webcast Information/Forward-Looking Statements:
The information for Garmin Ltd.'s earnings call is as follows:
An archive of the live webcast will be available until July 28, 2027 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the News & Events page.
This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2026 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company's expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, tariffs and other global trade related impacts, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, and the Company's plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 27, 2025 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin's 2025 Form 10-K can be downloaded from https://investors.garmin.com/financials/sec-filings/default.aspx. All information provided in this release and in the attachments is as of June 27, 2026. We undertake no duty to update this information unless required by law.
This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company's use of these measures are included in the attachments.
Garmin, the Garmin logo, the Garmin delta, Approach, Forerunner, TrainingPeaks, TrainHeroic, and inReach are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. AXIS, LiveScope, D2, CIRQA, and Garmin Signal are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Garmin Ltd. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
13-Weeks Ended
26-Weeks Ended
June 27,
June 28,
June 27,
June 28,
2026
2025
2026
2025
Net sales
$
2,022,092
$
1,814,564
$
3,775,582
$
3,349,663
Cost of goods sold
760,070
747,552
1,471,272
1,398,106
Gross profit
1,262,022
1,067,012
2,304,310
1,951,557
Research and development expense
303,940
276,663
599,758
544,783
Selling, general and administrative expenses
342,574
318,054
657,379
601,655
Total operating expense
646,514
594,717
1,257,137
1,146,438
Operating income
615,508
472,295
1,047,173
805,119
Other income (expense):
Interest income
38,173
31,724
74,147
62,231
Foreign currency (losses) gains
(2,492)
(23,512)
630
1,248
Other (expense) income
(128)
(256)
1,640
730
Total other income (expense)
35,553
7,956
76,417
64,209
Income before income taxes
651,061
480,251
1,123,590
869,328
Income tax provision
109,141
79,429
176,591
135,737
Net income
$
541,920
$
400,822
$
946,999
$
733,591
Net income per share:
Basic
$
2.81
$
2.08
$
4.91
$
3.81
Diluted
$
2.80
$
2.07
$
4.89
$
3.79
Weighted average common shares outstanding:
Basic
192,836
192,523
192,755
192,534
Diluted
193,471
193,416
193,515
193,557
Garmin Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
June 27,
2026
December 27,
2025
Assets
Current assets:
Cash and cash equivalents
$
2,334,235
$
2,278,646
Marketable securities
331,955
459,202
Accounts receivable, net
1,153,215
1,253,015
Inventories
1,966,061
1,772,257
Deferred costs
13,673
17,538
Prepaid expenses and other current assets
509,473
467,558
Total current assets
6,308,612
6,248,216
Property and equipment, net
1,454,228
1,375,348
Operating lease right-of-use assets
212,297
196,183
Noncurrent marketable securities
1,703,680
1,396,929
Deferred income tax assets
717,795
718,094
Noncurrent deferred costs
3,930
4,373
Goodwill
748,474
760,241
Other intangible assets, net
179,054
198,362
Other noncurrent assets
95,821
95,923
Total assets
$
11,423,891
$
10,993,669
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
401,318
$
347,493
Salaries and benefits payable
201,311
228,267
Accrued warranty costs
71,560
72,921
Accrued sales program costs
118,531
153,193
Other accrued expenses
249,765
257,651
Deferred revenue
106,956
105,646
Income taxes payable
326,081
381,549
Dividend payable
607,651
173,351
Total current liabilities
2,083,173
1,720,071
Deferred income tax liabilities
107,365
109,701
Noncurrent income taxes payable
3,754
3,596
Noncurrent deferred revenue
22,072
22,277
Noncurrent operating lease liabilities
177,957
164,835
Other noncurrent liabilities
557
625
Stockholders' equity:
Common shares, $0.10 par value (194,901 and 194,901 shares authorized and
issued; 192,910 and 192,620 shares outstanding)
19,490
19,490
Additional paid-in capital
2,381,041
2,368,670
Treasury shares (1,991 and 2,281 shares)
(427,840)
(406,423)
Retained earnings
7,106,837
6,970,182
Accumulated other comprehensive income (loss)
(50,515)
20,645
Total stockholders' equity
9,029,013
8,972,564
Total liabilities and stockholders' equity
$
11,423,891
$
10,993,669
Garmin Ltd. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
26-Weeks Ended
June 27, 2026
June 28, 2025
Operating Activities:
Net income
$
946,999
$
733,591
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation
81,270
75,980
Amortization
16,711
17,423
Loss on sale or disposal of property and equipment
55
350
Unrealized foreign currency losses (gains)
2,575
(16,566)
Deferred income taxes
3,418
(49,754)
Stock compensation expense
88,793
82,279
Realized loss on marketable securities
597
706
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts
84,187
17,902
Inventories
(209,361)
(206,276)
Other current and noncurrent assets
(44,687)
(37,092)
Accounts payable
59,547
(2,591)
Other current and noncurrent liabilities
(68,307)
2,408
Deferred revenue
1,187
(6,843)
Deferred costs
4,310
7,262
Income taxes
(27,750)
(24,820)
Net cash provided by operating activities
939,544
593,959
Investing activities:
Purchases of property and equipment
(194,395)
(85,738)
Purchase of marketable securities
(510,525)
(465,372)
Redemption of marketable securities
311,308
306,469
Net payments for acquisitions
(2,993)
(1,973)
Other investing activities, net
(68)
503
Net cash used in investing activities
(396,673)
(246,111)
Financing activities:
Dividends
(376,045)
(317,748)
Proceeds from issuance of treasury shares related to equity awards
31,442
29,065
Purchase of treasury shares related to equity awards
(47,063)
(33,431)
Purchase of treasury shares under share repurchase plan
(81,581)
(93,632)
Net cash used in financing activities
(473,247)
(415,746)
Effect of exchange rate changes on cash and cash equivalents
(14,014)
60,650
Net increase (decrease) in cash, cash equivalents, and restricted cash
55,610
(7,248)
Cash, cash equivalents, and restricted cash at beginning of period
2,279,360
2,080,154
Cash, cash equivalents, and restricted cash at end of period
$
2,334,970
$
2,072,906
Garmin Ltd. and Subsidiaries
Net Sales, Gross Profit and Operating Income by Segment (Unaudited)
(In thousands)
Fitness
Outdoor
Aviation
Marine
Auto OEM
Total
13-Weeks Ended June 27, 2026
Net sales
$
756,823
$
482,740
$
268,749
$
341,369
$
172,411
$
2,022,092
Gross profit
480,723
332,319
201,971
208,964
38,045
1,262,022
Operating income (loss)
277,039
163,583
72,166
99,848
2,872
615,508
13-Weeks Ended June 28, 2025
Net sales
$
605,425
$
490,357
$
249,366
$
299,262
$
170,154
$
1,814,564
Gross profit
364,670
324,429
185,472
164,338
28,103
1,067,012
Operating income (loss)
197,630
157,881
63,383
62,921
(9,520)
472,295
26-Weeks Ended June 27, 2026
Net sales
$
1,303,646
$
900,270
$
532,590
$
696,385
$
342,691
$
3,775,582
Gross profit
819,246
610,261
399,279
406,340
69,184
2,304,310
Operating income (loss)
434,659
282,373
143,100
190,606
(3,565)
1,047,173
26-Weeks Ended June 28, 2025
Net sales
$
990,147
$
928,853
$
472,481
$
618,699
$
339,483
$
3,349,663
Gross profit
584,813
606,964
353,374
348,271
58,135
1,951,557
Operating income (loss)
275,344
286,668
111,739
149,785
(18,417)
805,119
Garmin Ltd. and Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
13-Weeks Ended
26-Weeks Ended
June 27,
June 28,
YoY
June 27,
June 28,
YoY
2026
2025
Change
2026
2025
Change
Net sales
$
2,022,092
$
1,814,564
11 %
$
3,775,582
$
3,349,663
13 %
Americas
979,390
878,014
12 %
1,801,019
1,623,747
11 %
EMEA
766,069
677,402
13 %
1,422,914
1,246,355
14 %
APAC
276,633
259,148
7 %
551,649
479,561
15 %
Americas - North America & South America; EMEA - Europe, Middle East & Africa; APAC - Asia Pacific & Australian Continent
Non-GAAP Financial Information
To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below.
The tables below provide reconciliations between the GAAP and non-GAAP measures.
Pro forma effective tax rate
The Company's income tax expense is occasionally impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors' consistent comparison between periods. In the first half of 2026 and 2025 there were no such discrete tax items identified.
Pro forma net income (earnings) per share
Management believes net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure to permit a consistent comparison of the Company's performance between periods.
(In thousands, except per share information)
13-Weeks Ended
26-Weeks Ended
June 27,
June 28,
June 27,
June 28,
2026
2025
2026
2025
GAAP net income
$
541,920
$
400,822
$
946,999
$
733,591
Foreign currency gains / losses(1)
2,492
23,512
(630)
(1,248)
Tax effect of foreign currency gains / losses(2)
(418)
(3,889)
99
195
Pro forma net income
$
543,994
$
420,445
$
946,468
$
732,538
GAAP net income per share:
Basic
$
2.81
$
2.08
$
4.91
$
3.81
Diluted
$
2.80
$
2.07
$
4.89
$
3.79
Pro forma net income per share:
Basic
$
2.82
$
2.18
$
4.91
$
3.80
Diluted
$
2.81
$
2.17
$
4.89
$
3.78
Weighted average common shares outstanding:
Basic
192,836
192,523
192,755
192,534
Diluted
193,471
193,416
193,515
193,557
(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity. However, there is minimal cash impact from such foreign currency gains and losses.
(2) The tax effect of foreign currency gains was calculated using the effective tax rates of 16.8% and 15.7% for the 13-weeks and 26-weeks ended June 27, 2026, respectively, and 16.5% and 15.6% for the 13-weeks and 26-weeks ended June 28, 2025, respectively.
Free cash flow
Management believes free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company's operations and allows more accurate comparisons of the Company's results between periods. This metric may also be useful to investors but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.
(In thousands)
13-Weeks Ended
26-Weeks Ended
June 27,
June 28,
June 27,
June 28,
2026
2025
2026
2025
Net cash provided by operating activities
$
403,556
$
173,171
$
939,544
$
593,959
Less: purchases of property and equipment
(127,778)
(45,677)
(194,395)
(85,738)
Free cash flow
$
275,778
$
127,494
$
745,149
$
508,221
Forward-looking Financial Measures
The forward-looking financial measures in our 2026 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above.
The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.00 per share for the 26-week period ended June 27, 2026.
At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2026, estimate the impact of any such items, or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.
Atreides Management LP v 1. čtvrtletí zvýšila podíl v CoreWeave o 33,7 % na 810 535 akcií po nákupu dalších 204 425 akcií. CoreWeave tvoří asi 1,3 % portfolia fondu.
Atreides Management LP increased its position in shares of CoreWeave Inc. (NASDAQ:CRWV – Free Report) by 33.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 810,535 shares of the company’s stock after acquiring an additional 204,425 shares during the quarter. CoreWeave comprises about 1.3% of Atreides Management LP’s investment portfolio, making the stock its 22nd largest position. Atreides Management LP owned approximately 0.18% of CoreWeave worth $62,792,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in CRWV. Vanguard Group Inc. grew its position in shares of CoreWeave by 275.6% during the 4th quarter. Vanguard Group Inc. now owns 27,920,979 shares of the company’s stock worth $1,999,421,000 after buying an additional 20,487,478 shares during the period. Proficio Capital Partners LLC lifted its holdings in CoreWeave by 446,194.0% in the third quarter. Proficio Capital Partners LLC now owns 17,851,760 shares of the company’s stock valued at $2,443,013,000 after buying an additional 17,847,760 shares during the period. Deutsche Bank AG boosted its stake in CoreWeave by 22,624.0% in the fourth quarter. Deutsche Bank AG now owns 3,812,856 shares of the company’s stock valued at $273,039,000 after acquiring an additional 3,796,077 shares during the last quarter. Altimeter Capital Management LP acquired a new stake in CoreWeave during the 4th quarter worth $230,099,000. Finally, Alyeska Investment Group L.P. grew its holdings in CoreWeave by 300.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,000,000 shares of the company’s stock worth $286,440,000 after acquiring an additional 3,000,000 shares during the period.
Insider Transactions at CoreWeave In other news, CEO Michael N. Intrator sold 200,000 shares of the company’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $78.23, for a total transaction of $15,646,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,476,815 shares of the company’s stock, valued at $193,761,237.45. This represents a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Brannin Mcbee sold 144,000 shares of CoreWeave stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $75.13, for a total value of $10,818,720.00. Following the completion of the sale, the insider directly owned 323,263 shares in the company, valued at approximately $24,286,749.19. This represents a 30.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 16,523,185 shares of company stock worth $1,905,796,200. Corporate insiders own 24.20% of the company’s stock.
CoreWeave News Roundup Here are the key news stories impacting CoreWeave this week:
Positive Sentiment: New AI infrastructure customers: CoreWeave will provide low-latency GPU cloud infrastructure for Anam’s photorealistic AI avatars across the United States and Europe, adding evidence of demand for its specialized services. CRWV Powers Anam’s AI Avatars With Low-Latency Cloud Infrastructure Positive Sentiment: Flow Traders contract: Flow Traders reportedly selected CoreWeave to run AI training supporting its quantitative trading operations. The deal reinforces CoreWeave’s positioning as an AI-focused alternative to traditional cloud providers. CoreWeave Lands Flow Traders To Run AI Training For Quant Trading Neutral Sentiment: Earnings date set: CoreWeave will report second-quarter 2026 results on August 11 after the market closes. Investors are likely looking for progress on revenue growth, cash flow, construction execution and customer concentration. CoreWeave Announces Date of Second Quarter 2026 Financial Results and Conference Call Negative Sentiment: Sector valuation contraction: CoreWeave has fallen about 30% over the past month as investors reassess highly valued AI-cloud companies and question whether rapid growth can justify heavy capital spending and debt. CoreWeave Shares Fall 30% in a Month as AI Cloud Valuations Contract Negative Sentiment: Competitive threat from Meta: Reports that Meta may monetize excess computing capacity through its own cloud offering raise concerns that CoreWeave’s largest customers could become competitors, potentially pressuring utilization and margins. Negative Sentiment: Large insider sales: CEO Michael Intrator and insider Brannin McBee sold roughly $38.9 million of shares in pre-arranged Rule 10b5-1 transactions. Although planned sales do not necessarily signal deteriorating fundamentals, their size adds to investor caution during the selloff. Negative Sentiment: Weak financial profile: CoreWeave’s latest reported quarter included an adjusted loss worse than analysts expected, negative margins, significant interest expense and high leverage. Analysts continue to forecast a full-year loss, increasing sensitivity to execution and financing conditions. Analyst Ratings Changes CRWV has been the topic of a number of analyst reports. TD Cowen raised CoreWeave to a “buy” rating in a research note on Wednesday, July 22nd. Sanford C. Bernstein began coverage on CoreWeave in a report on Wednesday, July 22nd. They issued an “outperform” rating for the company. Cantor Fitzgerald assumed coverage on CoreWeave in a research note on Wednesday, July 22nd. They issued an “overweight” rating on the stock. Barclays reduced their target price on CoreWeave from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 21st. Finally, Wolfe Research reaffirmed an “outperform” rating on shares of CoreWeave in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $136.25.
Get Our Latest Stock Report on CoreWeave
CoreWeave Stock Performance Shares of CRWV opened at $67.30 on Wednesday. The firm has a market cap of $30.12 billion, a P/E ratio of -21.64 and a beta of 7.17. CoreWeave Inc. has a twelve month low of $63.80 and a twelve month high of $153.20. The company has a debt-to-equity ratio of 3.68, a quick ratio of 0.31 and a current ratio of 0.31. The firm’s 50 day moving average price is $95.73 and its two-hundred day moving average price is $95.32.
CoreWeave (NASDAQ:CRWV – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.17) by ($0.23). The company had revenue of $2.08 billion for the quarter. CoreWeave had a negative return on equity of 43.07% and a negative net margin of 25.57%.The firm’s quarterly revenue was up 111.6% compared to the same quarter last year. During the same period last year, the company earned ($0.60) earnings per share. On average, analysts forecast that CoreWeave Inc. will post -4.57 EPS for the current fiscal year.
About CoreWeave (Free Report)
CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.
CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.
Recommended Stories Five stocks we like better than CoreWeave These 3 Stocks Have Soared in 2026—Can They Keep Climbing? Hasbro’s Earnings Beat Shows Why This Is No Longer Just a Toy Story Rambus: Another AI Phoenix Ready to Rise From the Ashes of Correction Chips & Clips: Memory Tariffs Rewire Tech Supply Chains Want to see what other hedge funds are holding CRWV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CoreWeave Inc. (NASDAQ:CRWV – Free Report).
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CleanCore Solutions uzavřela s Cerebras Systems 10letou smlouvu na kolokaci pro datové centrum v Minnesotě s počáteční hodnotou asi 800 milionů USD. Projekt má po plném dokončení 55 MW a první tržby čeká v 1. čtvrtletí 2027.
AI data center campus designed to Tier 3 standards, which will deliver approximately 55 MW of utility power capacity and 40 MW of critical IT load 10-year Colocation Services Agreement with an initial contract value of approximately $800 million and two 10-year renewal options representing more than $3 billion of total potential contract value Company expects initial revenue in the first quarter of 2027 Second announced AI infrastructure campus expands upon ZONE's development pipeline, which is up to over 500 MW across strategic U.S. markets , /PRNewswire/ -- CleanCore Solutions, Inc. (NYSE American: ZONE) ("CleanCore" or the "Company") today announced that it has entered into a 10-year Colocation Services Agreement with Cerebras Systems (NASDAQ: CBRS) for its data center campus in Minnesota. Cerebras is a leading AI compute company that describes itself as building the world's fastest AI infrastructure with its team of pioneering researchers. Building on the Company's recently announced West Texas data center campus, this agreement accelerates ZONE's strategy of developing critical AI infrastructure across the United States.
The AI data center campus, designed to Tier 3 standards, will represent 100% pre-leased occupancy under a long-term agreement with Cerebras, providing revenue visibility from commencement of operations. The project is expected to generate approximately $800 million of contract value over the initial 10-year term, with the potential to exceed $3 billion, including renewal terms.
The campus will deliver approximately 55 MW of utility power capacity and 40 MW of critical IT load upon full buildout. Approximately 20 MW of utility power is already energized today, which the Company believes reduces certain development risks associated with the project and supports the initial 15 MW of critical IT load. The remaining capacity is expected to come online by Q1 of 2027.
"This second development marks an important milestone in advancing our portfolio of critical digital infrastructure to secure compute capacity for Cerebras and other premier AI companies," said Tyler Hassen, CEO of ZONE. "Building on our previously announced project in West Texas, this Minnesota campus expands ZONE's infrastructure footprint to meet the urgent power needs of customers."
The facility will be developed in partnership with an experienced data center development partner, whose integrated data center ecosystem platform combines colocation services, energy optimization, and infrastructure advisory. This partnership advances the Company's strategy of working with experienced developers and industry leaders to accelerate the delivery of next-generation AI infrastructure. Through the partnership, ZONE expects to own nearly 80% of the project, which is expected to start generating revenue in Q1 of 2027.
"In an economy driven by AI, ZONE will help provide the fuel to drive it further," said Alex Spiro, Chairman of the Board.
About CleanCore Solutions, Inc.
CleanCore Solutions, Inc. (NYSE American: ZONE) is helping to build the critical infrastructure that powers the AI economy. Through a growing pipeline of projects, ZONE aims to help meet the increasing demand for compute capacity, power, and digital infrastructure required by the world's leading AI companies.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements regarding the anticipated benefits, timing, development, financing, construction, operation, capacity, expansion and financial performance of the Company's data center project and any future data center projects; the Company's ability to fund capital contributions and commitments; the availability and cost of financing; the Company's plans to expand its portfolio of AI infrastructure developments; expectations regarding demand for AI infrastructure and compute capacity; anticipated future project announcements; the Company's strategic transition to AI infrastructure; and other statements that are not historical facts. Forward-looking statements are generally identified by words such as "anticipates," "believes," "expects," "intends," "plans," "may," "will," "could," "should," "estimates," "projects," "potential," "focused on," "aims," "expand," "expected," "look forward," and similar expressions.
These forward-looking statements are based on management's current expectations and assumptions as of the date of this press release and are subject to significant risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such risks and uncertainties include, but are not limited to: the highly speculative and uncertain nature of the Company's anticipated AI critical infrastructure business; the Company's lack of operating history in the data center or computing infrastructure industry; the Company's limited experience in the data center and AI infrastructure industries; the Company's ability to successfully transition its business model from cleaning services; the ability of the parties to satisfy closing conditions and implement the transaction documents; the Company's ability to fund required capital contributions and commitments on anticipated timelines or at all; the availability, cost and terms of project-level, corporate or replacement financing; the significant capital requirements associated with data center development and the Company's limited current financial resources; construction, development, engineering, procurement, supply chain, utility, interconnection, power availability, permitting, zoning, land acquisition, site-control, environmental, operational and commissioning risks; the Company's ability to develop, bring online and expand data center projects on anticipated timelines, budgets, capacity levels or performance expectations; tenant, customer, colocation, power, utility and vendor demand, credit and performance risks; risks that expected financial performance, market comparables, revenues, EBITDA, profitability, returns, preferred returns, carried participation, promote economics or other economic benefits may not be achieved; risks associated with equity consideration, dilution, valuation, stock price volatility, liquidity, listing standards and securities-law compliance; the Company's dependence on HST Technologies, Inc. and other development, technology, operating, financing and construction partners; risks relating to Cerebras's performance of its obligations under the Colocation Services Agreement and the accuracy of Cerebras's own characterization of its technology and capabilities; risks relating to the Company's reliance on its data center development partner, including the partner's performance, governance or consent rights held by the partner, and capital funding mechanics under the partnership arrangement; risks related to proprietary technology, platform licensing, cybersecurity, data security and business continuity; competition from established data center operators, hyperscale cloud providers and other market participants; changes in demand for AI infrastructure and compute capacity; changes in laws, regulations, utility tariffs, interconnection rules, government policy or market conditions affecting AI infrastructure, data centers, energy, power procurement or capital markets; the Company's ability to consummate a sale or disposition of its cleaning products business on favorable terms or at all; risks associated with the Company's transition away from its Dogecoin treasury strategy, including potential volatility in cryptocurrency markets and risks related to the disposition of digital asset holdings; conditions that raise substantial doubt about the Company's ability to continue as a going concern; and general economic, financial, capital market and industry conditions.
For a more complete discussion of risks and uncertainties, please refer to the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. All forward-looking statements are qualified in their entirety by this cautionary statement.
Laureate Education uzavřela tříletou dohodu s Google Cloud o rozšíření využití umělé inteligence ve svých institucích v Mexiku a Peru. Nasadí Gemini Enterprise, Google Cloud Platform, Google Workspace for Education, Gemini for Education a další nabídky Google AI pro personalizovanější výuku.
July 29, 2026 07:30 ET | Source: Laureate Education, Inc.
MIAMI, July 29, 2026 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), a leading higher education company serving approximately 500,000 students across Mexico and Peru, today announced a three-year agreement with Google Cloud to accelerate its AI capabilities building across its network of institutions. Through this collaboration, Laureate will bring cloud infrastructure, collaboration and productivity tools, artificial intelligence (AI), and innovative skills and career programs into its universities. In service of Laureate's mission to expand access to quality higher education, academic leaders and faculty will put these resources to work to advance student success, employability, and the modernization of teaching, learning, and operations.
As part of this initiative, Laureate expects to deploy Gemini Enterprise, Google’s AI solution for organizations, alongside Google Cloud Platform, Google Workspace for Education, Gemini for Education and other Google AI offerings, along with cloud-skills and career-readiness programs such as Google Cloud Skills Boost. Together, these capabilities will unify data across hundreds of institutional applications, helping Laureate redesign the classroom experience to deliver more personalized learning for students and enhanced support for faculty. These offerings will be accompanied by implementation, innovation, and change-management services designed in collaboration with Laureate's institutions and consistent with local academic, regulatory, and operational requirements.
“Since our founding over 25 years ago, our mission has been to expand access to quality higher education and help students build better futures,” said Eilif Serck-Hanssen, President and Chief Executive Officer of Laureate Education. “What makes us proud of this partnership is that it puts world-class technology in service of our students and in the hands of our faculty. Technology alone does not transform education, educators do. Working with Google Cloud allows our academic leaders and faculty to evolve what we teach, how we teach, and how we support learning; using AI to deliver more personalized experiences, strengthen the value proposition of a Laureate education, and better prepare future-ready graduates.”
“Technology reaches its full potential when it helps people solve real problems. By introducing Laureate’s powerful vision of an AI-enabled academic network across Mexico and Peru, we are bringing the full range of Google Cloud directly into the hands of the educators shaping the future. We share a deep commitment to promoting AI training and skill development, helping over half a million students break down information silos, overcome retention obstacles, and master the modern cloud and AI skills that the global workforce rewards”, said Milton Larsen, Managing Director for the LATAM Public Sector at Google Cloud.
Laureate's strategic imperatives are clear: prepare graduates to be job-ready in a world increasingly shaped by technology and AI; use technology to personalize each student's learning journey and help them realize their full potential; and expand access by continually strengthening the value of a Laureate education. With Google Cloud’s capabilities supporting these priorities, the initiative advances across the three pillars: what Laureate teaches, how it teaches, and the evolving value for students.
About Laureate Education, Inc.
Laureate Education, Inc. operates five higher education institutions across Mexico and Peru, enrolling approximately 500,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit. Learn more at laureate.net.
Media Contacts:
Laureate Education
Adam Smith [email protected]
U.S.: +1 (443) 255 0724
Source: Laureate Education, Inc.
Amundi lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 14.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,174,884 shares of the electric vehicle producer’s stock after acquiring an additional 2,727,141 shares during the quarter. Tesla makes up about 2.2% of Amundi’s portfolio, making the stock its 7th biggest holding. Amundi owned 0.59% of Tesla worth $8,243,513,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in TSLA. Crestwood Advisors Group LLC boosted its position in shares of Tesla by 34.7% during the 4th quarter. Crestwood Advisors Group LLC now owns 19,567 shares of the electric vehicle producer’s stock worth $8,799,000 after acquiring an additional 5,039 shares in the last quarter. Calamos Wealth Management LLC raised its position in Tesla by 5.9% during the fourth quarter. Calamos Wealth Management LLC now owns 41,907 shares of the electric vehicle producer’s stock valued at $18,846,000 after purchasing an additional 2,341 shares in the last quarter. Private Capital Advisors Inc. raised its position in Tesla by 139.3% during the fourth quarter. Private Capital Advisors Inc. now owns 21,331 shares of the electric vehicle producer’s stock valued at $9,593,000 after purchasing an additional 12,417 shares in the last quarter. Wealthquest Corp acquired a new stake in shares of Tesla in the 4th quarter valued at $1,035,000. Finally, Knights of Columbus Asset Advisors LLC boosted its holdings in shares of Tesla by 34.8% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 64,481 shares of the electric vehicle producer’s stock valued at $28,998,000 after purchasing an additional 16,652 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.
Tesla Stock Performance Shares of Tesla stock opened at $307.44 on Wednesday. The stock has a market cap of $1.21 trillion, a price-to-earnings ratio of 284.67, a P/E/G ratio of 15.80 and a beta of 1.80. Tesla, Inc. has a twelve month low of $297.82 and a twelve month high of $498.83. The company’s fifty day moving average is $396.79 and its 200 day moving average is $400.44. The company has a quick ratio of 1.55, a current ratio of 1.94 and a debt-to-equity ratio of 0.09.
Tesla (NASDAQ:TSLA – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The electric vehicle producer reported $0.33 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.17). Tesla had a return on equity of 3.82% and a net margin of 3.67%.The company had revenue of $28.24 billion for the quarter, compared to analyst estimates of $26.42 billion. During the same period in the previous year, the firm posted $0.33 earnings per share. The firm’s quarterly revenue was up 25.5% compared to the same quarter last year. Sell-side analysts forecast that Tesla, Inc. will post 0.9 EPS for the current year.
Key Stories Impacting Tesla Here are the key news stories impacting Tesla this week:
Positive Sentiment: Tesla won permission to revive a U.K. lawsuit involving InterDigital and a patent-licensing platform. The case could help Tesla secure licensing terms for connected vehicles using 5G technology, although it is not a final legal victory. Tesla wins bid to revive UK lawsuit for 5G patents licence Positive Sentiment: Long-term power-purchase agreements in Arizona and Texas should provide Tesla with additional renewable electricity and battery capacity, supporting its energy-storage and AI infrastructure ambitions. Tesla to buy power from Arizona solar project Positive Sentiment: Some analysts remain highly bullish: Wedbush reiterated a $600 target based on potential growth from full self-driving, Optimus and other AI businesses, while ARK Invest continued buying Tesla shares during the selloff. These views provide support but depend on substantial future execution. Wedbush issues $600 Tesla price target Neutral Sentiment: Technical commentary says TSLA is deeply oversold after its extended decline, creating the possibility of a short-term rebound. However, oversold conditions do not resolve the company’s fundamental profitability and execution concerns. Tesla turns most oversold in over a year Negative Sentiment: Tesla’s quarterly revenue exceeded expectations, but adjusted EPS was $0.33 versus a $0.50 consensus estimate. Operating income fell 57% to roughly $400 million, while capital expenditures surged 142% year over year and free cash flow turned negative. The combination of weaker margins and heavier spending is the primary reason for the post-earnings selloff. Negative Sentiment: Reports say Tesla delayed a major growth timeline, intensifying concerns that robotaxis, humanoid robots and AI-related businesses may take longer to commercialize. Elon Musk has acknowledged “substantial” challenges, weakening confidence in the near-term growth narrative. Tesla delays biggest growth story Negative Sentiment: Investors also face intense EV competition, including BYD’s improving performance and planned humanoid-robot launch. With Tesla still trading at a very high earnings multiple despite deteriorating automotive profitability, analysts warn that the stock leaves little room for execution mistakes. Insider Activity at Tesla In other news, Director Kathleen Wilson-Thompson sold 26,409 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $378.11, for a total value of $9,985,506.99. Following the transaction, the director owned 48,399 shares in the company, valued at approximately $18,300,145.89. The trade was a 35.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $402.20, for a total transaction of $1,048,133.20. Following the completion of the sale, the chief financial officer directly owned 22,039 shares in the company, valued at approximately $8,864,085.80. This represents a 10.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 32,015 shares of company stock worth $12,383,640 over the last quarter. 19.90% of the stock is currently owned by company insiders.
Analyst Ratings Changes TSLA has been the subject of a number of research analyst reports. Evercore raised Tesla from a “hold” rating to an “outperform” rating in a report on Friday, June 5th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $500.00 target price on shares of Tesla in a research report on Tuesday. Roth Capital reissued a “buy” rating and issued a $505.00 target price on shares of Tesla in a report on Thursday, July 23rd. TD Cowen reaffirmed a “buy” rating and set a $460.00 price target (down from $490.00) on shares of Tesla in a report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Tesla from $475.00 to $445.00 and set a “neutral” rating for the company in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, nineteen have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $402.24.
Read Our Latest Stock Report on TSLA
Tesla Company Profile (Free Report)
Tesla, Inc (NASDAQ: TSLA) is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company’s stated mission is to accelerate the world’s transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.
Tesla’s automotive business includes a lineup of battery‑electric vehicles and related services.
Featured Stories Five stocks we like better than Tesla These 3 Stocks Have Soared in 2026—Can They Keep Climbing? Hasbro’s Earnings Beat Shows Why This Is No Longer Just a Toy Story Rambus: Another AI Phoenix Ready to Rise From the Ashes of Correction Chips & Clips: Memory Tariffs Rewire Tech Supply Chains Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla, Inc. (NASDAQ:TSLA – Free Report).
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Amazon čeká po výsledcích za 2. čtvrtletí prudký pohyb, protože trh sleduje hlavně růst AWS a dopad masivních investic do AI. Opce naznačují zhruba 6% pohyb oběma směry, tedy asi 15 USD.
Amazon stock NASDAQ:AMZN could swing about $15 after its July 30 earnings as investors decide whether accelerating artificial-intelligence demand is beginning to justify the company’s unprecedented infrastructure spending.
Options prices imply a move of roughly 6% in either direction from about $231, creating a potential range near $217 to $246. The shares are approximately flat in 2026 and 17% below their May high.
The options market is signalling uncertainty because investors must judge growth and spending together, rather than relying on the usual combination of an earnings beat and upbeat revenue guidance alone this quarter.
Wall Street expects second-quarter revenue of about $196.75 billion and AWS sales near $40.49 billion.
Yet headline growth may not decide the reaction.
Amazon must show that cloud revenue is accelerating without margins collapsing under a capital-expenditure programme expected to reach $200 billion this year.
AWS revenue grew 28% to $37.6 billion in the first quarter, its fastest expansion in 15 quarters. Visible Alpha expects second-quarter sales around $40.5 billion, implying growth above 30%.
“AWS is the story, and AI is driving AWS,” Morningstar senior equity analyst Dan Romanoff wrote ahead of the report.
He said investors should focus on growth, backlog, capacity additions and utilisation, while warning that depreciation could weigh on cloud margins and Amazon’s overall profitability.
Bank of America raised its AWS growth forecast to 33% from 31%, while estimating total revenue of $198.8 billion and operating income of $24.1 billion.
KeyBanc analyst Justin Patterson expects AWS growth near 31% through 2026 and 2027 and raised his Amazon target to $335.
Goldman Sachs analyst Eric Sheridan, who also carries a $335 target, forecasts approximately 33% growth this year and 35% in 2027.
Growth of 32% to 33% would support the bull case. A result around 30% may merely meet expectations, while anything below that could disappoint if profitability also weakens.
Amazon’s trailing operating cash flow increased 30% to $148.5 billion in the first quarter, but free cash flow plunged to $1.2 billion from $25.9 billion.
The company attributed the decline mainly to property and equipment purchases supporting AI.
Wedbush analysts expect “continued heavy investment” in Amazon’s chips and satellite-internet network. Another spending increase could therefore eclipse an otherwise strong report.
AWS margin is critical. Visible Alpha expects 33.8%, down from 37.7% in the first quarter but above 32.9% a year earlier. Estimates range from 30.9% to 38.2%, illustrating uncertainty over the expansion’s cost.
Investors may tolerate a margin near 34% if AWS growth reaches 32% or better.
A steeper contraction alongside higher capital spending would suggest Amazon is purchasing cloud growth at an increasingly heavy price.
Expected second-quarter earnings should not be compared directly with first-quarter earnings of $2.78 a share.
That result included a $16.8 billion pre-tax gain on Amazon’s Anthropic investment.
Amazon guided for second-quarter sales of $194 billion to $199 billion and operating income of $20 billion to $24 billion, assuming Prime Day occurred during the period.
Bank of America expects only a “modest” retail lift from the event.
The larger issue is whether Prime Day pulled purchases forward, weakening the September quarter.
Analysts expect third-quarter revenue guidance broadly between $200.5 billion and $205.5 billion.
Amazon could outperform the implied range if AWS grows 32% to 33%, margins hold near 34%, operating income exceeds guidance and spending remains controlled.
The shares could fall despite a headline beat if cloud growth disappoints, margins contract sharply, capital expenditure rises or third-quarter guidance is soft.
Amazon čeká silnější růst AWS: analytici nyní odhadují meziroční růst tržeb na 31–33 %, Bank of America až na 33 %. V prvním čtvrtletí AWS rostl o 28 %.
Amazon (AMZN -0.19%) is set to report its second-quarter earnings on Thursday, July 30, and expectations are high, especially for the AWS cloud services business. For example, analysts at Bank of America recently raised their AWS growth forecast to 33% year-over-year, specifically calling out demand from Anthropic and OpenAI workloads.
This would be a significant acceleration from the 28% growth rate the commerce and tech giant reported in the first quarter and would likely be taken as a positive sign by investors. But I'm going to make the bold prediction that even these lofty expectations aren't enough -- in fact, I predict that AWS revenue growth could come in at 35% or more.
Image source: Getty Images.
Amazon's second-quarter earnings: What the market expects As mentioned, Amazon reports earnings on Thursday (after the market's close), and analysts expect about $197 billion in total revenue and $1.82 in earnings per share, which would be 8% higher than a year ago.
When it comes to AWS, expectations vary depending on who you ask, but virtually all analysts expect to see acceleration compared to the first quarter. Most reputable analyst forecasts expect AWS revenue growth in the 31%-33% range.
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So, why am I predicting an even better number? For one thing, I agree that the demand from Anthropic and OpenAI is likely to be a big driver of second-quarter growth. And AWS revenue growth has already been accelerating -- in fact, the 28% revenue growth rate AWS posted in the first quarter was the fastest in nearly four years.
The most important number isn't AWS top line growth Don't get me wrong. If AWS posts a blowout number, it could make or break the market's reaction to Amazon's earnings report. But the AWS growth all by itself isn't the full story -- it's how efficiently Amazon is spending its money to achieve said growth.
In February, Amazon CEO Andy Jassy guided for $200 billion in capex for 2026, most of which will be spent on AI infrastructure. And while Amazon can certainly afford to spend this money, the big question on investors' minds has been whether it will produce an adequate return for the company. In other words, will the growth (and profits) that Amazon produces justify such a large price tag?
To put it mildly, accelerating AWS growth would be a big step in the right direction, showing investors that the juice is worth the squeeze. And if AWS can report better-than-expected growth without an alarming increase in projected capex, it would be even better. But when the earnings report is released, it will be important to pay close attention to AWS's growth and the cost of that growth.
Microsoft čeká po zveřejnění výsledků pohyb tržní hodnoty asi o 190 miliard USD, protože opční trh počítá s pohybem akcie o 6,6 % oběma směry. Investoři sledují, zda se miliardové výdaje na AI začínají vracet.
Signage for Microsoft is seen through glass at National Retail Federation (NRF) 2026: Retail's Big Show, in New York City, U.S., January 12, 2026. REUTERS/Kylie Cooper/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesMicrosoft's options imply 6.6% move post earnings, ORATS data showMicrosoft is seen as a key AI-related earnings storyInvestors watching for signs AI investments are translating into returnsNEW YORK, July 29 (Reuters) - Options traders expect a roughly $190 billion swing in Microsoft's (MSFT.O), opens new tab market value after it reports earnings on Wednesday, an unusually large move that underscores investors' growing eagerness to see if billions of dollars in AI spending are beginning to pay off.
The tech company's options imply a move of about 6.6% in either direction after the company reports fourth-quarter results. By comparison, over the last 12 earnings cycles, Microsoft has averaged a 4.8% implied move and a 4.4% actual move, Option Research & Technology Services (ORATS) data showed.
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The significantly higher pricing this quarter suggests that investors view Microsoft — one of the hyperscalers whose massive AI capital spending is at the heart of this year's AI rally and the broader bull market — as central to the AI earnings story.
With the AI trade now faltering, investors who flocked to technology stocks are growing wary of ever-rising costs.
At their current trajectory, the hyperscalers are expected to spend more combined on capital expenditures than they generate in free cash flow by 2027, Reuters reported last week.
"The market is looking for results," said Seth Hickle, chief investment officer at Mindset Wealth Management. "This earnings season is about AI execution, not AI enthusiasm."
Microsoft's shares have fallen 18.7% this year, while the S&P 500 (.SPX), opens new tab is up 8.52%. Its fiscal third-quarter capital expenditure rose 49% year-over-year to $31.9 billion, down from the previous quarter's $37.5 billion.
Investors will be watching whether Microsoft's AI investments are translating into stronger enterprise adoption.
Beyond its Azure cloud computing platform growth, they are also eyeing whether customers are embracing Microsoft's AI tools within its ecosystem or turning to outside providers.
"Investors have seen the AI spending. Now they want to see the receipts," said Peter Andersen, founder and CEO of Andersen Capital Management. "FOMO 'Fear of Missing Out' is now 'Fear of Massive Overbuilding'."
INVESTORS STILL BULLISH ON SECTORStill, many investors remain bullish. A trader spent about $10.4 million on Monday to buy 20,000 call options tied to Microsoft's stock ahead of earnings, betting the shares will rise above $450 by August, according to Chris Murphy, co-head of derivatives strategy at Susquehanna, a market maker. Calls give the buyer the right to purchase a stock at a set price by a specific date.
"Investors were willing to pay high option premiums for upside exposure," said Murphy, despite recent stock underperformance, which has prompted Microsoft to cut jobs and restructure its Xbox-related business.
Investors also made bullish bets on the software sector, buying 100,000 call options on the iShares Expanded Tech-Software Sector exchange-traded fund ahead of Microsoft's earnings and the Federal Reserve's meeting, reflecting confidence in both the stock and the broader software sector, Murphy said.
INVESTORS ALSO WATCHING META'S AI SPENDINGMeta (META.O), opens new tab options imply a 7.8% move after it reports results on Wednesday, slightly above the 7.3% average implied move over the last 12 earnings cycles, according to ORATS data. Historically, Meta's stock tends to move slightly more than options markets anticipate, averaging 7.9%.
Matt Amberson, founder of ORATS, said earnings-related volatility has increased over the past year, with particularly large reactions in the last three quarters.
Investors will focus on the strength of Meta's core advertising business, the impact of AI on engagement and advertising efficiency, and whether the returns from its expanding infrastructure investments can justify the level of spending, said Matthew Smart, chief investment officer at WWM Investments.
Reporting by Laura Matthews in New York; editing by Michelle Price and Rod Nickel
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Nike v Číně klesá osm čtvrtletí po sobě a od roku 2021 mu tržby spadly o 30 %. Roční tržby tam za fiskální rok končící na konci května klesly na osmileté minimum.
By all accounts, Nike's business in China should be firing on all cylinders.
Sports-related products are the fastest growing consumer category in China and participation in sports and exercise is at its highest level in decades. The overall sportswear market has ballooned 51% in the past five years, fueled by a new focus on healthy living, according to GlobalData.
But instead of thriving during China's sports renaissance, Nike's business in the region is languishing. Sales have fallen from the prior year eight quarters in a row, and the overall business has shrunk 30% since 2021, with annual revenue hitting its lowest level in eight years at the end of May.
China was once Nike's fastest-growing region, beloved by investors for its high margins and potential for sustained growth. Now, it's the company's smallest market and has become a drain on a global turnaround that some on Wall Street believe is taking too long.
Some U.S. analysts expect Nike's China business to recover once its North America operations stabilize, but experts on the ground told CNBC its challenges in the region are deeper, and far different, from what it faces at home. Young Chinese shoppers are increasingly choosing domestic brands over expensive foreign names as part of a larger "China Chic" movement, and consumers are hungry for a localized assortment — not the same product that's being replicated from Utah to Shanghai. Nike is also working to overhaul its distribution model in China, which critics say has become messy, overly complex and driven by discounts.
"In a way, Nike has just become irrelevant," said Yaling Jiang, the founder of consumer research firm ApertureChina and an expert on the Chinese consumer. "I don't think young people can remember what's the last new thing they've done. But if you mention Adidas to them, they will tell you about … their pet clothes, pet jerseys, or their China jackets."
During its most recent earnings call, Nike's outgoing finance chief Matt Friend couldn't say when the China business would return to growth, telling analysts that revenue trends in the near term "will be in line" with recent performance and "profitability will bottom before sales."
In January, Nike CEO Elliott Hill announced Cathy Sparks, a 25-year Nike veteran, would become the next vice president and general manager of Greater China, reporting directly to him.
In an interview with CNBC, she said Nike is taking the steps it needs to reconnect with Chinese consumers.
"The one thing that I have certainly learned over the last six months is that the Chinese consumer has changed and they have high standards for what they want through product connections, engagement with the brand," said Sparks. "We know that if we can design footwear and apparel, lifestyle or performance, that's specifically targeted towards the unique needs of Chinese consumers, we'll drive full price revenue."
A Nike spokesperson pushed back on the idea that the company has lost relevance in the region and said what's changed is younger shoppers are looking for "hyperlocal connections," including through events and broader cultural moments.
"Nike has been in China for more than 40 years, and from day one, our approach has been to start with local consumer insight and turn that insight into inspiration, innovation and storytelling that can spark movement," the spokesperson said.
How 'China Chic' changed the sneaker marketWhen Nike turned to China as its next major growth market in the mid-2000s, it won by largely replicating its global strategy and betting that popular clothes and shoes in the Western world would also land with Chinese shoppers.
For a time, the bet was right.
"The premium brand at the time that was available was Nike. Nike was just clearly better. They had cooler designs. They were more expensive. There was more brand cache," said a retail consultant based in Shanghai who advises domestic and international brands, including Deckers and Adidas, and asked not to be named to protect client relationships.
"If you go back to the early 2000s, if consumers had some money to spend, they were really quite image conscious. They wanted to show that they had whatever the nice thing was and at the time, Nike was it."
By the end of fiscal 2021, Nike's annual revenue in China hit an all time high of $8.29 billion. But in the backdrop, the tide was starting to shift against Western brands.
In March 2021, a previous statement Nike made saying it was "concerned" about reports of forced labor in the Xinjiang region resurfaced, leading some Chinese consumers to call for a nationwide boycott and post videos online of them burning their sneakers. Popular Chinese actor Wang Yibo terminated his contract as a representative for Nike as domestic competitors Anta and Li-Ning doubled down on their use of Xinjiang cotton, using the conflict as a nationalistic marketing opportunity.
The controversy, which also impacted other Western brands that put out similar messaging, helped supercharge a political campaign that Chinese President Xi Jinping started years earlier called Guochao, or "China Chic" in English. It was designed to drum up pride in Chinese made and designed products and promote domestic brands over international ones.
"In line with the period of 2010 to just before Covid, people did feel like maybe they were inferior if they wear Chinese brands … but the elevating cultural confidence campaign really shifted that mindset," Jiang said. "What this political campaign does is it also encouraged a lot of e-commerce platforms, including Alibaba's Taobao, Tmall and JD.com, to have a separate section just for the China Chic brands and … people started adopting this China Chic mindset and started feeling like owning something from your own culture is cooler than owning foreign brand."
Now, many younger consumers feel more connected to domestic brands like Anta and Li-Ning over premium, foreign brands like Nike, said Tracy Dai, the director of operations at consulting firm China Skinny, which helps overseas companies enter China or expand there.
"Years ago when you're talking to a high school boy asking which sports shoes you may want, they probably say Nike or Adidas, but right now if you ask them, they say Anta or Li-Ning," Dai said. "[Nike] probably is not that cool to them anymore."
A Nike spokesperson said all brands in China are facing intense competition and a "more demanding consumer environment" and it believes its efforts to reset the region "put us on the right path to win back consumers."
Beyond nationalism, Nike's decline in China is also about value.
In the 20 years since Nike started supercharging its expansion in China, domestic brands have gotten better at production, marketing and brand building.
At the same time, Chinese consumers have become more practical and selective, prioritizing value and innovation over branding, said Wei Kan, who spent around 15 years at Nike and Converse in China and Taiwan before starting his own brand consultancy firm Conduit Asia. As shoppers become more involved with sports and niche fitness activities, highly technical products are becoming more popular than Nike's assortment.
"Nike is still more like a global, generalist brand at this moment. At the same time, a lot of products, the innovation pipeline is actually slower than the local brands and also the competitors," said Kan. "Chinese consumers are very sophisticated compared with like five or 10 years ago ... it all goes back to how the consumer perceives what kind of value they want to get from a shoe."
Nanjing styles via Portland, OregonWhile domestic brands have become major market leaders in China, some international brands are still winning, too. Lululemon's comparable sales, which exclude new store openings, grew 20% in China in fiscal 2025, while Adidas brand revenue grew 13% in the region during the same period.
Similar to Nike, Adidas had seen its business dramatically slow in China, but it's now growing again after the company shifted its focus to local product creation, decentralized decision-making and empowered local teams.
For example, Adidas's local team designed and released its mega-viral Chinese Track Top jacket earlier this year in celebration of the Chinese New Year. The jacket sold out within 27 minutes and became a global phenomenon, with some on social media saying they flew to China specifically to buy the item or spent hundreds to snag one through reseller sites like StockX.
It's also nailing local marketing. Recently, Adidas botched a translation on its website in the product description for a jacket and ended up becoming a viral meme. Rather than ignoring the meme, it created a T-shirt with the mistranslation on the front, Jiang said.
Meanwhile, experts said Nike has struggled to create the same kind of localized products and marketing. During the World Cup, its marketing campaigns came off as similar to what it was doing a decade ago, said Jiang.
Part of the issue is that the Greater China team gets limited autonomy to release products and campaigns quickly without oversight from the corporate office in Portland, analysts said.
"So everything, especially in terms of design, everything is actually coming from global," said Kan, who worked in marketing and branding for Nike and Converse in the region before leaving the company in November 2024. "There are very limited room for the local teams to build and also design the locally relevant products to the consumers. I think that is actually the biggest issue for the Chinese consumers here."
When asked about Nike's decision-making being concentrated at its headquarters, Sparks said the characterization was "not unfair" but added there is "nobody checking any of this work telling us yes or no."
"I have felt from the moment I've landed in China that our local team has full autonomy to do what we need. Of course, working within the guardrails that are brand right," said Sparks. "I'm seeing that come to action with the marketing that we've put out. We are localizing retail concepts. The product design that you're gonna see from this team is really authentically Chinese, very relevant."
Last week, Sparks announced the company had hired its first-ever Greater China vice president of local product creation, who will be focused on building an assortment that's designed, developed and made in China for Chinese shoppers.
The company plans to start with two lifestyle capsules — one for Nike sportswear and one for Jordan streetwear — that'll be ready in time for the holidays, followed later by performance apparel and footwear.
"We'll be doing this over the next 18 months, bringing all these new capabilities on board so that we can complement global innovation with local innovation needs, styling needs, fit needs, even color, which can be unique in China," said Sparks.
Why Nike is resetting China distributionMarketing and localization aside, Nike's China distribution model has become a complex web that Sparks is now working to unwind after the company allowed its brick-and-mortar distributors to start selling online during the Covid-19 pandemic even though their distribution agreements didn't include digital.
"What we didn't do was reset that coming out of Covid as consumers returned to brick and mortar," said Sparks. "And because of that, it just created this incredibly fragmented marketplace where the consumer journey became really messy. Our ability to tell clear innovation stories, nearly impossible."
Sparks said the decision to shut down those online storefronts is necessary to repair Nike's China business, but BNP Paribas equity analyst Laurent Vasilescu estimates the change could reduce the company's revenue by as much as $1 billion annually, representing about 17% of total sales in the region.
In response, Sparks said the change means some distribution will inevitably go away but "we believe we'll be able to replace total value with full-price sales and a more premium experience."
"We actually believe it is critical. If we don't reset is where the long-term impact will continue to slide in a direction that we don't want to see," said Sparks. "We don't actually believe that we will have a long-term negative impact. We think it'll be stronger."
