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."
Atreides Management LP v 1. čtvrtletí nově nakoupila 71 641 akcií Visa za zhruba 21,65 milionu USD. Visa zároveň oznámila čtvrtletní tržby 11,63 miliardy USD a EPS 3,32 USD, obojí nad odhady.
Atreides Management LP acquired a new stake in Visa Inc. (NYSE:V – Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 71,641 shares of the credit-card processor’s stock, valued at approximately $21,653,000.
A number of other institutional investors also recently modified their holdings of V. Norges Bank acquired a new position in shares of Visa during the fourth quarter valued at about $5,877,738,000. Cardano Risk Management B.V. grew its stake in shares of Visa by 867.6% in the 4th quarter. Cardano Risk Management B.V. now owns 8,213,610 shares of the credit-card processor’s stock valued at $2,880,595,000 after buying an additional 7,364,762 shares during the period. Diamant Asset Management Inc. increased its position in Visa by 29,706.3% in the 1st quarter. Diamant Asset Management Inc. now owns 7,332,947 shares of the credit-card processor’s stock valued at $2,216,310,000 after buying an additional 7,308,345 shares in the last quarter. J. Stern & Co. LLP increased its position in Visa by 12,497.1% in the 4th quarter. J. Stern & Co. LLP now owns 3,378,039 shares of the credit-card processor’s stock valued at $1,184,712,000 after buying an additional 3,351,223 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Visa by 48.2% during the 4th quarter. Victory Capital Management Inc. now owns 6,508,089 shares of the credit-card processor’s stock worth $2,282,472,000 after buying an additional 2,116,463 shares during the period. Institutional investors and hedge funds own 82.15% of the company’s stock.
Key Visa News Here are the key news stories impacting Visa this week:
Positive Sentiment: Quarterly results exceeded expectations. Visa reported fiscal Q3 revenue of $11.63 billion, up 14.4% year over year and ahead of the roughly $11.40 billion consensus estimate. Adjusted EPS was $3.32, compared with expectations of $3.23 and $2.98 a year earlier. The company also reported $5.63 billion in profit. Visa Surpasses Q3 Earnings and Revenue Estimates Positive Sentiment: Spending and transaction growth remained resilient. Double-digit growth in payments volume, cross-border volume and processed transactions indicates continued strength in consumer and business spending, supporting Visa’s core payments outlook. Visa Expands Money Movement as Card Spending Accelerates Positive Sentiment: New growth initiatives could expand Visa’s addressable market. Visa highlighted investments in stablecoin settlement, tokenized deposits, wallet infrastructure, commercial payments and money movement. Its participation in the OpenStandard consortium and plans to support OpenUSD could create longer-term opportunities beyond traditional card transactions. Visa Outlines Stablecoin Strategy Neutral Sentiment: X Money provides a potential incremental payments channel. Elon Musk’s X launched a broader banking and payments product using Visa-branded debit cards and Cross River Bank’s infrastructure. The partnership may increase card volumes, but its financial contribution to Visa is not yet clear. X Money Launches With Visa Debit Card Negative Sentiment: Margin concerns limited the market’s reaction. Despite the earnings beat, investors focused on profitability and expense trends, leading to weakness in extended trading. Visa’s planned restructuring also introduces execution and severance-cost risks. Negative Sentiment: Workforce reductions underscore a significant transition. Visa plans to eliminate approximately 2,600 positions, or 7% of its workforce, primarily in technology and product operations, as it uses AI to improve efficiency and redirect investment toward stablecoins, B2B payments and other growth areas. While potentially positive for costs, the cuts may raise concerns about disruption and future innovation. Visa Workforce Reduction Wall Street Analyst Weigh In Several research analysts have issued reports on the company. BNP Paribas Exane upgraded Visa to a “strong-buy” rating in a report on Tuesday, July 21st. Loop Capital began coverage on Visa in a report on Tuesday, March 31st. They set a “buy” rating and a $387.00 price objective for the company. Weiss Ratings raised Visa from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, July 6th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $450.00 target price on shares of Visa in a report on Tuesday, June 2nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $400.00 price target on shares of Visa in a research report on Wednesday, April 29th. Eight investment analysts have rated the stock with a Strong Buy rating and nineteen have issued a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $399.41.
Check Out Our Latest Analysis on Visa
Insider Buying and Selling In other Visa news, CEO Ryan Mcinerney sold 20,970 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $340.25, for a total value of $7,135,042.50. Following the completion of the sale, the chief executive officer directly owned 15,174 shares of the company’s stock, valued at approximately $5,162,953.50. This represents a 58.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the company’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $360.00, for a total transaction of $729,720.00. Following the completion of the sale, the general counsel directly owned 18,404 shares of the company’s stock, valued at $6,625,440. The trade was a 9.92% decrease in their ownership of the stock. 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 ninety days, insiders have sold 44,126 shares of company stock worth $14,928,871. 0.12% of the stock is owned by insiders.
Visa Price Performance Shares of NYSE:V opened at $366.49 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.64. The stock has a market cap of $657.40 billion, a PE ratio of 31.92, a price-to-earnings-growth ratio of 1.93 and a beta of 0.75. The stock’s fifty day simple moving average is $338.90 and its two-hundred day simple moving average is $325.25. Visa Inc. has a 1-year low of $293.89 and a 1-year high of $371.16.
Visa (NYSE:V – Get Free Report) last posted its earnings results on Tuesday, July 28th. The credit-card processor reported $3.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.23 by $0.09. The firm had revenue of $11.63 billion during the quarter, compared to analyst estimates of $11.40 billion. Visa had a net margin of 51.68% and a return on equity of 65.00%. The business’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.98 EPS. As a group, analysts forecast that Visa Inc. will post 13.12 EPS for the current fiscal year.
Visa announced that its Board of Directors has approved a share buyback program on Tuesday, April 28th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the credit-card processor to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
Visa Profile (Free Report)
Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world’s largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa’s network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.
Visa’s product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.
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Absolute Gestao de Investimentos Ltda. v 1. čtvrtletí získala nový podíl v JPMorgan Chase o 9 000 akciích za zhruba 2,647 milionu USD. JPMorgan zároveň oznámila čtvrtletní dividendu 1,50 USD na akcii.
Absolute Gestao de Investimentos Ltda. purchased a new stake in shares of JPMorgan Chase & Co. (NYSE:JPM – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 9,000 shares of the financial services provider’s stock, valued at approximately $2,647,000.
A number of other institutional investors also recently bought and sold shares of JPM. Essential Planning LLC. boosted its holdings in JPMorgan Chase & Co. by 2.4% in the 4th quarter. Essential Planning LLC. now owns 1,399 shares of the financial services provider’s stock worth $451,000 after buying an additional 33 shares during the period. Sterling Group Wealth Management LLC increased its stake in JPMorgan Chase & Co. by 0.8% in the 1st quarter. Sterling Group Wealth Management LLC now owns 4,020 shares of the financial services provider’s stock worth $1,183,000 after buying an additional 33 shares in the last quarter. Vestia Personal Wealth Advisors raised its holdings in JPMorgan Chase & Co. by 2.7% during the fourth quarter. Vestia Personal Wealth Advisors now owns 1,294 shares of the financial services provider’s stock valued at $391,000 after acquiring an additional 34 shares during the period. South Street Advisors LLC lifted its position in shares of JPMorgan Chase & Co. by 0.4% in the fourth quarter. South Street Advisors LLC now owns 9,421 shares of the financial services provider’s stock valued at $3,036,000 after acquiring an additional 34 shares in the last quarter. Finally, Continental Investors Services Inc. lifted its position in shares of JPMorgan Chase & Co. by 4.9% in the fourth quarter. Continental Investors Services Inc. now owns 722 shares of the financial services provider’s stock valued at $225,000 after acquiring an additional 34 shares in the last quarter. Institutional investors own 71.55% of the company’s stock.
JPMorgan Chase & Co. Trading Up 0.4% Shares of JPM stock opened at $357.49 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $957.90 billion, a price-to-earnings ratio of 15.32, a price-to-earnings-growth ratio of 1.48 and a beta of 0.99. JPMorgan Chase & Co. has a 12-month low of $279.10 and a 12-month high of $359.30. The stock’s 50-day moving average price is $326.08 and its 200-day moving average price is $311.33.
JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share for the quarter, beating the consensus estimate of $5.59 by $0.55. JPMorgan Chase & Co. had a return on equity of 18.23% and a net margin of 21.86%.The business had revenue of $58.02 billion during the quarter, compared to analysts’ expectations of $50.72 billion. During the same quarter last year, the business posted $4.96 EPS. The firm’s revenue for the quarter was up 27.7% compared to the same quarter last year. Equities research analysts predict that JPMorgan Chase & Co. will post 23.97 EPS for the current fiscal year.
JPMorgan Chase & Co. Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 6th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Monday, July 6th. JPMorgan Chase & Co.’s dividend payout ratio is currently 25.71%.
Insider Activity at JPMorgan Chase & Co. In related news, CFO Jeremy Barnum sold 3,022 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $309.41, for a total value of $935,037.02. Following the completion of the transaction, the chief financial officer directly owned 32,438 shares of the company’s stock, valued at approximately $10,036,641.58. This trade represents a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Stacey Friedman sold 5,468 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $300.27, for a total transaction of $1,641,876.36. Following the sale, the general counsel directly owned 46,428 shares in the company, valued at approximately $13,940,935.56. The trade was a 10.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 18,876 shares of company stock valued at $5,907,051. 0.41% of the stock is owned by corporate insiders.
Key Stories Impacting JPMorgan Chase & Co. Here are the key news stories impacting JPMorgan Chase & Co. this week:
Positive Sentiment: JPMorgan reported a record $21.2 billion second-quarter profit, with earnings of $6.14 per share and revenue of $58.02 billion—well above analyst expectations. The results reflected strong performance across trading, investment banking and net interest income, reinforcing the bank’s earnings momentum. JPMorgan’s Record Quarter Came as Jamie Dimon Warned of Tectonic Risks Below the Surface Positive Sentiment: Rising earnings estimates and projected sales growth have strengthened the near-term investment case for JPM, with analysts citing solid cash flow, a diversified business model and a relatively attractive valuation. Earnings Estimates Rising for JPMorgan Chase & Co. Positive Sentiment: JPMorgan’s Kinexys blockchain platform is expected to support instant corporate dollar payments for South Korea’s KB Kookmin Bank, highlighting potential growth in transaction banking and digital payments. KB Kookmin Taps JPMorgan’s Kinexys Neutral Sentiment: Financial stocks remain broadly supported, with the Financial Select Sector SPDR ETF reaching a record high. This favorable sector backdrop may help JPM, but it also raises the risk that strong expectations are already reflected in bank valuations. Financial Sector ETF Hits Record High on Fintech Gains Negative Sentiment: Dimon said market risks are “bigger than other people think” and cited geopolitical threats, long-term interest-rate uncertainty and the possibility of a major economic shock. His caution—including that he is not currently buying stocks—could weigh on sentiment despite the record quarter. Jamie Dimon Says Market Risks Are Bigger Than Other People Think Negative Sentiment: Economists and traders are increasingly concerned that fiscal boosts may fade later this year, while markets are pricing a risk that the Federal Reserve could eventually raise rates. A weaker economy or higher funding costs could pressure loan demand, credit quality and JPMorgan’s market valuation. Traders Make Record Rush to Fed Futures as Doubts Shadow Market Analyst Ratings Changes Several research firms recently issued reports on JPM. Autonomous Res cut their target price on JPMorgan Chase & Co. from $360.00 to $324.00 and set a “neutral” rating for the company in a research report on Monday, April 6th. Royal Bank Of Canada boosted their price target on JPMorgan Chase & Co. from $330.00 to $370.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Zacks Research upgraded JPMorgan Chase & Co. from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods increased their price objective on shares of JPMorgan Chase & Co. from $370.00 to $384.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Finally, Daiwa Securities Group reduced their price objective on shares of JPMorgan Chase & Co. from $340.00 to $328.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $358.67.
View Our Latest Analysis on JPM
About JPMorgan Chase & Co. (Free Report)
JPMorgan Chase & Co (NYSE: JPM) is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.
The firm’s principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.
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Amundi ve 1. čtvrtletí zvýšila podíl v Johnson & Johnson o 17,5 % na 13,406,820 akcií v hodnotě 3,277,163,000 USD. JNJ je nyní 13. největší pozicí fondu.
Amundi increased its holdings in shares of Johnson & Johnson (NYSE:JNJ – Free Report) by 17.5% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,406,820 shares of the company’s stock after purchasing an additional 2,001,139 shares during the quarter. Johnson & Johnson accounts for 0.9% of Amundi’s holdings, making the stock its 13th biggest position. Amundi owned approximately 0.56% of Johnson & Johnson worth $3,277,163,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Blueline Advisors LLC acquired a new position in shares of Johnson & Johnson during the 4th quarter worth about $25,000. Cresta Advisors Ltd. bought a new stake in shares of Johnson & Johnson in the 4th quarter valued at about $26,000. DecisionPoint Financial LLC lifted its stake in Johnson & Johnson by 104.2% in the 4th quarter. DecisionPoint Financial LLC now owns 147 shares of the company’s stock valued at $30,000 after purchasing an additional 75 shares during the last quarter. Bay Harbor Wealth Management LLC grew its holdings in Johnson & Johnson by 49.0% during the fourth quarter. Bay Harbor Wealth Management LLC now owns 149 shares of the company’s stock worth $31,000 after purchasing an additional 49 shares during the period. Finally, Family CFO Inc acquired a new position in Johnson & Johnson during the fourth quarter worth approximately $31,000. Institutional investors own 69.55% of the company’s stock.
Wall Street Analyst Weigh In JNJ has been the subject of a number of recent analyst reports. TD Cowen raised their price objective on Johnson & Johnson from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Scotiabank reissued an “outperform” rating and set a $305.00 target price on shares of Johnson & Johnson in a report on Thursday, July 16th. Sanford C. Bernstein increased their price target on Johnson & Johnson from $225.00 to $251.00 and gave the company a “market perform” rating in a research note on Wednesday, April 15th. Weiss Ratings raised Johnson & Johnson from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $282.00 price objective on shares of Johnson & Johnson in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Johnson & Johnson presently has an average rating of “Moderate Buy” and an average price target of $265.30.
Check Out Our Latest Report on JNJ
Insider Transactions at Johnson & Johnson In related news, EVP Vanessa Broadhurst sold 23,054 shares of the company’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $251.27, for a total value of $5,792,778.58. Following the transaction, the executive vice president directly owned 23,003 shares in the company, valued at approximately $5,779,963.81. This represents a 50.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kathryn E. Wengel sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $241.15, for a total transaction of $2,411,500.00. Following the transaction, the executive vice president directly owned 114,288 shares in the company, valued at approximately $27,560,551.20. This represents a 8.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.16% of the company’s stock.
Johnson & Johnson Price Performance Johnson & Johnson stock opened at $266.76 on Wednesday. The company has a market capitalization of $642.86 billion, a price-to-earnings ratio of 30.91, a PEG ratio of 2.52 and a beta of 0.24. The company has a current ratio of 1.09, a quick ratio of 0.81 and a debt-to-equity ratio of 0.44. Johnson & Johnson has a 12 month low of $164.23 and a 12 month high of $274.90. The stock’s 50 day moving average is $244.20 and its 200-day moving average is $237.40.
Johnson & Johnson (NYSE:JNJ – Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.06. The business had revenue of $25.31 billion during the quarter, compared to analysts’ expectations of $25.06 billion. Johnson & Johnson had a return on equity of 32.42% and a net margin of 21.48%.The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm posted $2.77 EPS. Johnson & Johnson has set its FY 2026 guidance at 11.600-11.750 EPS. Equities research analysts expect that Johnson & Johnson will post 11.68 EPS for the current year.
Johnson & Johnson Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Tuesday, August 25th will be issued a dividend of $1.34 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.36 dividend on an annualized basis and a dividend yield of 2.0%. Johnson & Johnson’s dividend payout ratio (DPR) is currently 62.11%.
More Johnson & Johnson News Here are the key news stories impacting Johnson & Johnson this week:
Positive Sentiment: Talc settlement removes a major overhang. J&J proposed paying up to $5.5 billion to resolve approximately 76,000 remaining U.S. lawsuits alleging that its talc products caused ovarian cancer. Investors appear to view the agreement as reducing years of legal uncertainty and improving visibility into future liabilities. The deal requires participation by at least 95% of claimants, with payments expected to begin in 2027, so final resolution is not yet guaranteed. Reuters talc settlement article Positive Sentiment: J&J delivered strong second-quarter results and raised its outlook. Revenue rose 6.6% year over year to $25.31 billion, exceeding expectations, while adjusted earnings per share of $2.90 topped the consensus estimate. Full-year 2026 guidance was set at $11.60–$11.75 per share, supporting confidence in the company’s operating performance. Yahoo Finance earnings article Positive Sentiment: Analysts remain constructive. Goldman Sachs and Morgan Stanley reiterated Buy ratings following the settlement news, with price targets remaining above the recent trading level. One analyst said progress on the talc resolution removes a significant valuation discount. TipRanks Goldman Sachs rating article Neutral Sentiment: Settlement terms still carry execution risk. The proposal involves a substantial cash commitment and could leave future lawsuits unaffected. Its effectiveness depends on claimant participation and court-related processes. CNN settlement article Negative Sentiment: MedTech growth was comparatively softer. Cardiovascular performance lagged in the second quarter, although stronger Vision, Surgery and Orthopedics results and new product launches may support improvement in the second half. Zacks MedTech article Negative Sentiment: An executive sale is a minor sentiment headwind. EVP Vanessa Broadhurst sold 23,054 shares worth approximately $5.8 million, reducing her direct position by about half. SEC insider transaction filing About Johnson & Johnson (Free Report)
Johnson & Johnson is a multinational healthcare company headquartered in New Brunswick, New Jersey, that develops, manufactures and markets a broad range of products across pharmaceuticals, medical devices and previously consumer health. Founded in 1886 by the Johnson family, the company has grown into a global healthcare organization with operations and sales in many countries around the world.
The company’s pharmaceuticals business, organized largely under its Janssen research and development organization, focuses on prescription medicines across therapeutic areas such as immunology, infectious disease, oncology and neuroscience.
Featured Stories Five stocks we like better than Johnson & Johnson 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 JNJ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Johnson & Johnson (NYSE:JNJ – Free Report).
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Arete Wealth Advisors zvýšila ve 1. čtvrtletí podíl ve společnosti Johnson & Johnson o 17,2 % na 80 292 akcií. Hodnota držby činila 19,626 milionu USD.
Arete Wealth Advisors LLC boosted its holdings in shares of Johnson & Johnson (NYSE:JNJ – Free Report) by 17.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 80,292 shares of the company’s stock after purchasing an additional 11,789 shares during the period. Johnson & Johnson comprises 1.4% of Arete Wealth Advisors LLC’s portfolio, making the stock its 16th biggest holding. Arete Wealth Advisors LLC’s holdings in Johnson & Johnson were worth $19,626,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in JNJ. Brighton Jones LLC increased its holdings in Johnson & Johnson by 13.9% during the 4th quarter. Brighton Jones LLC now owns 51,876 shares of the company’s stock valued at $7,502,000 after purchasing an additional 6,332 shares in the last quarter. United Bank raised its stake in shares of Johnson & Johnson by 110.7% in the first quarter. United Bank now owns 9,279 shares of the company’s stock worth $1,539,000 after acquiring an additional 4,876 shares during the last quarter. Sivia Capital Partners LLC lifted its position in shares of Johnson & Johnson by 13.4% during the second quarter. Sivia Capital Partners LLC now owns 5,863 shares of the company’s stock worth $896,000 after purchasing an additional 692 shares in the last quarter. Wealth Group Ltd. grew its stake in shares of Johnson & Johnson by 12.8% during the second quarter. Wealth Group Ltd. now owns 1,482 shares of the company’s stock valued at $226,000 after purchasing an additional 168 shares during the last quarter. Finally, Schnieders Capital Management LLC. grew its stake in shares of Johnson & Johnson by 9.8% during the second quarter. Schnieders Capital Management LLC. now owns 73,680 shares of the company’s stock valued at $11,255,000 after purchasing an additional 6,584 shares during the last quarter. 69.55% of the stock is owned by institutional investors and hedge funds.
Key Johnson & Johnson News Here are the key news stories impacting Johnson & Johnson this week:
Positive Sentiment: Talc settlement removes a major overhang. J&J proposed paying up to $5.5 billion to resolve approximately 76,000 remaining U.S. lawsuits alleging that its talc products caused ovarian cancer. Investors appear to view the agreement as reducing years of legal uncertainty and improving visibility into future liabilities. The deal requires participation by at least 95% of claimants, with payments expected to begin in 2027, so final resolution is not yet guaranteed. Reuters talc settlement article Positive Sentiment: J&J delivered strong second-quarter results and raised its outlook. Revenue rose 6.6% year over year to $25.31 billion, exceeding expectations, while adjusted earnings per share of $2.90 topped the consensus estimate. Full-year 2026 guidance was set at $11.60–$11.75 per share, supporting confidence in the company’s operating performance. Yahoo Finance earnings article Positive Sentiment: Analysts remain constructive. Goldman Sachs and Morgan Stanley reiterated Buy ratings following the settlement news, with price targets remaining above the recent trading level. One analyst said progress on the talc resolution removes a significant valuation discount. TipRanks Goldman Sachs rating article Neutral Sentiment: Settlement terms still carry execution risk. The proposal involves a substantial cash commitment and could leave future lawsuits unaffected. Its effectiveness depends on claimant participation and court-related processes. CNN settlement article Negative Sentiment: MedTech growth was comparatively softer. Cardiovascular performance lagged in the second quarter, although stronger Vision, Surgery and Orthopedics results and new product launches may support improvement in the second half. Zacks MedTech article Negative Sentiment: An executive sale is a minor sentiment headwind. EVP Vanessa Broadhurst sold 23,054 shares worth approximately $5.8 million, reducing her direct position by about half. SEC insider transaction filing Johnson & Johnson Stock Performance Shares of JNJ stock opened at $266.76 on Wednesday. The stock has a market cap of $642.86 billion, a PE ratio of 30.91, a price-to-earnings-growth ratio of 2.52 and a beta of 0.24. The stock has a 50-day moving average of $244.20 and a 200-day moving average of $237.40. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.09 and a quick ratio of 0.81. Johnson & Johnson has a one year low of $164.23 and a one year high of $274.90.
Johnson & Johnson (NYSE:JNJ – Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.06. Johnson & Johnson had a net margin of 21.48% and a return on equity of 32.42%. The business had revenue of $25.31 billion for the quarter, compared to analyst estimates of $25.06 billion. During the same quarter last year, the firm earned $2.77 EPS. Johnson & Johnson’s quarterly revenue was up 6.6% compared to the same quarter last year. Johnson & Johnson has set its FY 2026 guidance at 11.600-11.750 EPS. As a group, sell-side analysts expect that Johnson & Johnson will post 11.68 earnings per share for the current year.
Johnson & Johnson Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Tuesday, August 25th will be given a $1.34 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $5.36 dividend on an annualized basis and a dividend yield of 2.0%. Johnson & Johnson’s dividend payout ratio is currently 62.11%.
Insider Buying and Selling at Johnson & Johnson In other Johnson & Johnson news, EVP Kathryn E. Wengel sold 10,000 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $241.15, for a total value of $2,411,500.00. Following the completion of the sale, the executive vice president directly owned 114,288 shares in the company, valued at $27,560,551.20. This represents a 8.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vanessa Broadhurst sold 23,054 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $251.27, for a total value of $5,792,778.58. Following the sale, the executive vice president directly owned 23,003 shares in the company, valued at approximately $5,779,963.81. This represents a 50.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.16% of the company’s stock.
Wall Street Analyst Weigh In Several research analysts recently weighed in on the stock. TD Cowen boosted their price objective on shares of Johnson & Johnson from $250.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Barclays increased their price objective on Johnson & Johnson from $234.00 to $255.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. Guggenheim reissued a “buy” rating and issued a $270.00 target price on shares of Johnson & Johnson in a research note on Friday, July 17th. Daiwa Securities Group boosted their target price on Johnson & Johnson from $237.00 to $246.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Finally, Johnson Rice raised Johnson & Johnson from an “outperform” rating to a “buy” rating and set a $280.00 price target on the stock in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $265.30.
Read Our Latest Report on JNJ
Johnson & Johnson Profile (Free Report)
Johnson & Johnson is a multinational healthcare company headquartered in New Brunswick, New Jersey, that develops, manufactures and markets a broad range of products across pharmaceuticals, medical devices and previously consumer health. Founded in 1886 by the Johnson family, the company has grown into a global healthcare organization with operations and sales in many countries around the world.
The company’s pharmaceuticals business, organized largely under its Janssen research and development organization, focuses on prescription medicines across therapeutic areas such as immunology, infectious disease, oncology and neuroscience.
Recommended Stories Five stocks we like better than Johnson & Johnson 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 JNJ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Johnson & Johnson (NYSE:JNJ – Free Report).
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BP Silver na projektu Cosuño v Bolívii hlásí výsledky vzorků až 935 g/t stříbra, 1,51 g/t zlata, 5,65 % zinku a 3,16 % olova. Na lokalitu navíc dorazila druhá diamantová vrtná souprava, která urychlí fázi 2 vrtacího programu.
Vancouver, British Columbia--(Newsfile Corp. - July 29, 2026) - BP Silver Corp. (TSXV: BPAG) (OTCQB: BPSCF) ("BP Silver" or the "Company") reports that the first batch of assays from the 2026 sampling program returned significant silver, gold, zinc and/or lead mineralization from newly identified targets at its 100%-owned Cosuño Silver Project ("Cosuño") in Bolivia. The Company believes the strong continuity of surface mineralization as confirmed by these initial samples supports the exploration potential of these new targets (Figure 1). The Company also announces that a second diamond drill rig has been mobilized to accelerate its ongoing 2,000 meter ("m") Phase 2 drill program.
Highlights
Widespread silver, lead, and zinc mineralization occur across the newly identified target areas within the Jalsuri Target Cluster (Figures 2 & 3).85% of linear chip channel samples ("Channel Samples") were mineralized, returning anomalous precious and base-metal values. Results range from 10 to 935 g/t silver, <0.005 to 1.51 g/t gold, 0.10% to 5.65% zinc, and 0.10% to 3.16% lead, defining a near-surface silver-gold-zinc target at Jalsuri North and a silver-lead-zinc target at Jalsuri Northeast (Figure 2 & 3).Higher gold values found at Jalsuri North, with the highest sample reporting 1.51 g/t gold collected from a historic mine dump that also contained >10 oz silver.Second drill rig mobilized on site to expedite Phase 2 drilling.Dr. Stewart D. Redwood, Director and Qualified Person, commented, "The surface sampling has returned impressive grades of silver, lead and zinc across most of the sampled structures. These are meaningful grades for surface sampling and demonstrate continuous mineralization over an aggregate strike length of approximately 2,100 m at the newly identified Jalsuri targets. The results indicate that mineralization occurs at surface, highlighting the potential for shallow open-pit mineralization while also supporting the possibility of higher-grade vein systems at depth. The Phase 2 drill program is designed to test the shallow mineralization, and drill holes may be extended beyond their planned depths where significant mineralization is encountered. We also believe these structures extend to depths of several hundred meters into the underlying basement rocks, where they may develop into higher-grade veins similar to those at the neighboring Pulacayo silver mine."
Tim Shearcroft, Founder and CEO, stated, "The key takeaway from these results is that silver mineralization is prevalent across all of the new areas sampled. The consistency of mineralization across these newly identified structures continues to demonstrate the scale of the opportunity at Cosuño. In addition to the widespread silver mineralization, these results also contain meaningful levels of zinc, lead and gold, which we believe will contribute significantly to future silver equivalent values as the project advances."
Detail
The first batch of laboratory results from Cosuño's 2026 sampling program comprises 179 surface chip and Channel Samples, along with 1 mine dump sample, confirming widespread silver, lead and zinc mineralization across the Jalsuri, Jalsuri North, and Jalsuri Northeast target areas (Figure 1). Samples reported in this news release exceed the Company's reporting thresholds of >10 ppm silver, >0.005 ppm gold, >1,000 ppm lead and/or >1,000 ppm zinc.
Figure 1. Cosuño project map showing exploration targets and the location of Phase 1 drill collars as well as current and planned Phase 2 drilling target areas.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11890/307060_bp-figure1.jpg
Figure 2. Silver, gold, and lead grades from Channel Samples at Jalsuri, Jalsuri North, and Jalsuri Northeast targets.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11890/307060_bp-figure2.jpg
Figure 3. Zinc grades from Channel Samples at Jalsuri, Jalsuri North, and Jalsuri Northeast.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11890/307060_bp-figure3.jpg
Silver
21% of samples assayed greater than 30 ppm Ag.14% of samples assayed greater than 60 ppm Ag.10% of samples assayed greater than 100 ppm Ag.Maximum assay: 935 ppm Ag (30.1 oz/t). Lead
44% of samples assayed greater than 1,000 ppm Pb (0.1%).5% of samples assayed greater than 10,000 ppm Pb (1.0%).Maximum assay: 31,600 ppm Pb (3.16%). Zinc
70% of samples assayed greater than 1,000 ppm Zn (0.1%).21% of samples assayed greater than 10,000 ppm Zn (1.0%).Maximum assay: 56,500 ppm Zn (5.65%). Gold
5 samples assayed greater than 0.30 g/t Au along the principal structure at Jalsuri North, including a mine dump sample assaying 1.51 g/t Au at the northwest end of the structure.Jalsuri North Target
Jalsuri North is a newly identified target within the Jalsuri Target Cluster, extending approximately 400 m in length and up to 200 m in width (Figures 1 and 2). The target is comprised of a structurally controlled silver-gold-lead-zinc system that hosts both high-grade polymetallic veins and broad zones of disseminated sulfide mineralization. Three principal mineralized vein structures have been identified to date, including a main vein traced for more than 350 m and two branching veins extending up to 270 m, with extensive silicification, quartz veining, sulfide mineralization, and silver-bearing sulfosalts, together with historical artisanal workings, demonstrating the continuity and strength of the hydrothermal system. The combination of continuous surface mineralization, widespread hydrothermal alteration, disseminated sulfide halos, and multiple mineralized structures highlights Jalsuri North as a high-priority Phase 2 drill target with potential to host both near-surface bulk-tonnage mineralization and higher-grade veins.
Channel sample highlights include:
1.10 m @ 935.00 g/t Ag and 0.32 g/t Au.Dump Sample @ 327.00 g/t Ag and 1.51 g/t Au.2.0 m @ 219.00 g/t Ag and 0.41 g/t Au.0.70 m @ 5.65% Zn.1.20 m @ 2.80% Zn.2.00 m @ 2.15% Zn. Jalsuri Northeast Target
Jalsuri Northeast is a newly identified target that has returned significant silver, lead, and zinc values from surface sampling (Figures 2 and 3). The principal target is an east-west striking 1,000 m long breccia/vein structure hosted within altered andesitic volcanic rocks. Mineralization occurs in quartz-barite veins, hydrothermal breccias, silicified fault zones, and broad zones of disseminated sulfides associated with strong silicification and argillic alteration. Numerous artisanal workings developed along the principal mineralized structure demonstrate continuity of mineralization to depth. Hydrothermal breccias and silicified zones along the principal structure locally reach 35 to 40 m in apparent width and contain silver-bearing sulfosalts, galena, sphalerite, and barite. The combination of extensive hydrothermal alteration, broad zones of disseminated sulfide mineralization outboard of the principal structure, and higher-grade silver mineralization within the principal structure highlights the potential for a significant silver-base-metal deposit at surface.
Channel sample highlights include:
2.00 m @ 467.00 g/t Ag. 1.50 m @ 149.00 g/t Ag. 2.00 m @ 3.71% Zn.2.00 m @ 2.96% Zn.61 of 85 samples (72%) returning >1,000 ppm Pb (0.1%).Reported channel sample intervals are sample lengths and may not represent true widths. The true thickness of the mineralization is unknown at this time.
Phase 2 Drill Program
Cosuño's Phase 2 Drill Program commenced on June 30, 2026, refer to news release dated July 7, 2026 for more information, and the first diamond rig initiated drilling at the Pocañita Chica target. The second diamond drill rig has now been mobilized and will commence drilling at the Jalsuri North and Jalsuri Northeast targets to test the near-surface mineralization potential.
Operating two drill rigs simultaneously will increase exploration efficiency and accelerate the evaluation of multiple high-priority targets as well as advance the Company's understanding of the mineralized system at the Cosuño Project.
The Company will provide regular updates as drilling progresses and assay results become available.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Dr. Stewart D. Redwood, PhD, FIMMM, a Director of the Company and a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. As Dr. Redwood is a director of the Company, he is not independent under National Instrument 43-101. Mineralization at the Pulacayo deposit is not necessarily indicative of mineralization at the Cosuño Project.
QA/QC
The work program was designed and supervised by Gonzalo Lemuz, P.Geo, the Company's Chief Operating Officer, who was responsible for all aspects of the work, including the Quality Assurance and Quality Control (QA/QC) program. On-site personnel at the Project rigorously collect and track samples which are then security sealed and shipped to ALS laboratory in Oruro for sample preparation. The core samples were prepared by ALS at their laboratory in Oruro, Bolivia and the sample pulps were shipped to their laboratory in El Callao, Peru for analysis. ALS is accredited to ISO/IEC 17025:2017 and ISO9001:2015. ALS is independent of BP Silver. Silver and multi-elements were analysed by aqua regia digestion and ICP-MS finish. Gold was analysed by fire assay and AA finish. BPAG inserted certified standard reference materials (CSRM), blanks and duplicates to monitor QAQC. All diamond drill holes were drilled in HQ diameter. The average core recovery was 97.5% for CO-0001 and 95% for CO-0002.
About BP Silver Corp.
BP Silver Corp. is a Canadian exploration company focused on advancing high-grade silver projects in Bolivia. The Company's flagship asset, the Cosuño Project, is strategically located in the prolific Bolivian silver belt, a region with a rich mining history and significant untapped discovery potential. With a strong technical team and a disciplined exploration strategy, BP Silver is positioned to unlock value for its shareholders through the discovery and development of major silver deposits.
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: future prices and the supply of silver and other precious and other metals; future demand for silver and other valuable metals; inability to raise the money necessary to incur the expenditures required to retain and advance the property; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; risks of the mineral exploration industry; delays in obtaining governmental approvals; and failure to obtain necessary regulatory or shareholder approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307060
Source: BP Silver Corp.
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Amundi v 1. čtvrtletí zvýšila svůj podíl v Caterpillar o 29,4 % a nakoupila dalších 503 497 akcií. Po transakci drží 2 217 637 akcií v hodnotě 1,57 mld. USD.
Amundi grew its holdings in Caterpillar Inc. (NYSE:CAT – Free Report) by 29.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,217,637 shares of the industrial products company’s stock after purchasing an additional 503,497 shares during the quarter. Amundi owned about 0.48% of Caterpillar worth $1,571,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently made changes to their positions in CAT. Pacific Point Advisors LLC acquired a new position in shares of Caterpillar during the fourth quarter valued at about $579,000. Brighton Jones LLC grew its stake in shares of Caterpillar by 51.5% in the 4th quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock valued at $2,688,000 after buying an additional 2,519 shares during the period. United Bank increased its position in Caterpillar by 108.5% in the 2nd quarter. United Bank now owns 4,083 shares of the industrial products company’s stock valued at $1,585,000 after buying an additional 2,125 shares in the last quarter. Schnieders Capital Management LLC. raised its stake in Caterpillar by 3.9% during the 2nd quarter. Schnieders Capital Management LLC. now owns 9,147 shares of the industrial products company’s stock worth $3,551,000 after buying an additional 347 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in Caterpillar by 6.5% in the second quarter. Alliancebernstein L.P. now owns 572,165 shares of the industrial products company’s stock worth $222,120,000 after acquiring an additional 34,846 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.
Key Caterpillar News Here are the key news stories impacting Caterpillar this week:
Positive Sentiment: Earnings expectations are supportive. Zacks upgraded Caterpillar to Rank #2 (Buy), citing improving earnings prospects. The company is also viewed as having two factors that could support a quarterly earnings beat ahead of next week’s report. Caterpillar Earnings Expected to Grow Positive Sentiment: Strong recent fundamentals provide a cushion. Caterpillar’s latest reported quarter exceeded consensus estimates, with revenue rising 22.2% year over year and earnings per share reaching $5.54 versus the expected $4.65. Investors may be looking for this momentum to continue in the upcoming release. Neutral Sentiment: Investor attention remains high. Caterpillar is a heavily watched industrial stock, and analysts and investors are debating whether its powerful multiyear rally can continue. The company’s shares have gained substantially over five years, raising the importance of future earnings and cash-flow growth. Negative Sentiment: Valuation may be limiting further upside. Fair-value analysis is mixed: earnings multiples appear relatively reasonable, while a discounted-cash-flow estimate suggests the stock is approximately fairly valued. After its extended rally, the shares face a higher hurdle to justify additional gains. Caterpillar Stock Looks Slightly Above Fair Value Negative Sentiment: Analyst sentiment has softened. Erste Group Bank AG downgraded Caterpillar from “buy” to “hold,” adding pressure to the stock’s near-term outlook. Negative Sentiment: Rare-earth supply risks could increase costs or disrupt production. China’s tighter export controls on rare-earth materials used in motors, sensors and control systems may affect Caterpillar’s advanced equipment and force manufacturers to secure more expensive alternative supplies. Caterpillar Faces Rare Earth Squeeze Insider Activity In other news, insider Denise C. Johnson sold 12,605 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $907.91, for a total transaction of $11,444,205.55. Following the completion of the sale, the insider directly owned 49,825 shares of the company’s stock, valued at $45,236,615.75. This trade represents a 20.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Andrew R. J. Bonfield sold 15,674 shares of the business’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $918.71, for a total transaction of $14,399,860.54. Following the completion of the transaction, the chief financial officer directly owned 52,935 shares in the company, valued at $48,631,913.85. This trade represents a 22.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 95,773 shares of company stock worth $87,642,635. 0.33% of the stock is owned by insiders.
Wall Street Analyst Weigh In Several equities research analysts have recently commented on the company. Jefferies Financial Group boosted their price objective on Caterpillar from $900.00 to $1,045.00 and gave the company a “buy” rating in a report on Friday, May 1st. Morgan Stanley set a $915.00 target price on Caterpillar and gave the stock an “equal weight” rating in a report on Friday, May 1st. Wolfe Research boosted their price target on shares of Caterpillar from $670.00 to $750.00 and gave the company an “outperform” rating in a research note on Tuesday, March 31st. Rothschild & Co Redburn upped their price objective on shares of Caterpillar from $700.00 to $950.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Finally, Robert W. Baird raised their price objective on shares of Caterpillar from $1,165.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Friday, June 26th. Fourteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $980.57.
View Our Latest Stock Report on Caterpillar
Caterpillar Trading Down 3.6% Shares of CAT stock opened at $841.67 on Wednesday. Caterpillar Inc. has a 52-week low of $405.46 and a 52-week high of $1,073.46. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.81 and a current ratio of 1.35. The company has a 50-day simple moving average of $928.73 and a two-hundred day simple moving average of $808.93. The company has a market capitalization of $387.66 billion, a price-to-earnings ratio of 41.89, a PEG ratio of 1.71 and a beta of 1.57.
Caterpillar (NYSE:CAT – Get Free Report) last posted its earnings results on Thursday, April 30th. The industrial products company reported $5.54 EPS for the quarter, topping the consensus estimate of $4.65 by $0.89. The firm had revenue of $17.41 billion for the quarter, compared to analysts’ expectations of $16.53 billion. Caterpillar had a net margin of 13.33% and a return on equity of 48.21%. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same quarter last year, the firm earned $4.25 EPS. Research analysts anticipate that Caterpillar Inc. will post 24.87 EPS for the current fiscal year.
Caterpillar Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Monday, July 20th will be paid a $1.63 dividend. This is a boost from Caterpillar’s previous quarterly dividend of $1.51. The ex-dividend date is Monday, July 20th. This represents a $6.52 dividend on an annualized basis and a yield of 0.8%. Caterpillar’s dividend payout ratio is currently 32.45%.
Caterpillar Company Profile (Free Report)
Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.
In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.
Further Reading Five stocks we like better than Caterpillar 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 CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CAT – Free Report).
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Atreides Management LP bought a new stake in shares of Synopsys, Inc. (NASDAQ:SNPS – Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 136,925 shares of the semiconductor company’s stock, valued at approximately $54,288,000. Synopsys makes up approximately 1.1% of Atreides Management LP’s investment portfolio, making the stock its 26th largest position. Atreides Management LP owned about 0.07% of Synopsys as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Sankala Group LLC purchased a new position in Synopsys during the fourth quarter valued at approximately $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Synopsys during the fourth quarter worth $28,000. Caitong International Asset Management Co. Ltd purchased a new stake in Synopsys during the fourth quarter worth $28,000. IMG Wealth Management Inc. purchased a new position in shares of Synopsys in the 1st quarter valued at $30,000. Finally, Atlas Capital Advisors Inc. bought a new position in shares of Synopsys in the 4th quarter worth $32,000. Institutional investors own 85.47% of the company’s stock.
Wall Street Analyst Weigh In Several equities analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $580.00 target price on shares of Synopsys in a research note on Thursday, May 28th. Stifel Nicolaus increased their price target on shares of Synopsys from $550.00 to $600.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. BNP Paribas Exane lifted their price objective on shares of Synopsys from $425.00 to $450.00 and gave the stock an “underperform” rating in a research report on Thursday, May 28th. Benchmark began coverage on shares of Synopsys in a research note on Wednesday, July 15th. They set a “buy” rating and a $570.00 price objective for the company. Finally, Berenberg Bank set a $633.00 target price on shares of Synopsys in a research report on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Synopsys currently has an average rating of “Moderate Buy” and an average price target of $570.06.
Get Our Latest Stock Analysis on Synopsys
Insider Transactions at Synopsys In other news, CFO Shelagh Glaser sold 3,394 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $450.02, for a total value of $1,527,367.88. Following the completion of the transaction, the chief financial officer directly owned 14,358 shares in the company, valued at $6,461,387.16. This trade represents a 19.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Sassine Ghazi sold 14,603 shares of Synopsys stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $458.96, for a total value of $6,702,192.88. Following the sale, the chief executive officer directly owned 75,020 shares of the company’s stock, valued at $34,431,179.20. This trade represents a 16.29% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.56% of the stock is currently owned by corporate insiders.
Trending Headlines about Synopsys Here are the key news stories impacting Synopsys this week:
Positive Sentiment: AI partnerships are strengthening Synopsys’ growth story. The company introduced autonomous electronic-design-automation (EDA) workflows with Microsoft and AMD, including tools available for evaluation through Microsoft Discovery. Synopsys is positioning its agentic-AI platform to automate chip design from specifications through silicon, potentially increasing customer productivity and demand for its software. Synopsys Advances Agentic AI Chip Design with AMD and Microsoft Positive Sentiment: Intel 14A certification expands Synopsys’ advanced-process opportunity. Certified AI-powered EDA flows, multiphysics analysis, advanced-packaging support and IP such as PCIe 7.0 and 224G SerDes should help customers design for Intel Foundry’s next-generation 14A process. The collaboration builds on Synopsys’ existing support for Intel 18A and 18A-P and could support future licensing and services revenue. Synopsys and Intel Foundry Fast-Track Customer Readiness on Intel 14A Positive Sentiment: NVIDIA collaboration highlights potential productivity gains. Synopsys demonstrated autonomous verification and CAE workflows developed with NVIDIA technology, including a verification agent claimed to deliver up to 50-times faster time-to-validated RTL and additional coverage improvements. Analysts view agentic AI and the Ansys acquisition as important long-term catalysts, while maintaining generally bullish ratings. Synopsys Showcases Autonomous Engineering Workflows with NVIDIA Technology Neutral Sentiment: Investor attention is elevated ahead of earnings. Synopsys is scheduled to report fiscal third-quarter results on August 26. Its latest quarter produced $2.28 billion in revenue, up 41.9% year over year, although much of the increase reflected Ansys, while organic growth was more modest. The company’s full-year fiscal 2026 outlook remains constructive. Negative Sentiment: Valuation and execution concerns may be limiting upside. With a high earnings multiple and the stock still digesting its post-acquisition integration, investors may require stronger organic growth and evidence that AI products translate into material revenue. A coming earnings report also creates risk of profit-taking or disappointment. Negative Sentiment: Reported insider selling adds a minor cautionary signal. CEO Sassine Ghazi and CFO Shelagh Glaser sold shares during the past six months. These transactions may be routine, but they provide little support for sentiment while the stock remains volatile. Synopsys Trading Down 1.3% Shares of Synopsys stock opened at $383.82 on Wednesday. The firm’s 50 day simple moving average is $451.74 and its two-hundred day simple moving average is $453.18. The firm has a market capitalization of $73.49 billion, a price-to-earnings ratio of 88.85, a PEG ratio of 2.29 and a beta of 1.22. Synopsys, Inc. has a 12-month low of $366.00 and a 12-month high of $651.73. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.33.
Synopsys (NASDAQ:SNPS – Get Free Report) last posted its quarterly earnings data on Wednesday, May 27th. The semiconductor company reported $3.35 EPS for the quarter, topping the consensus estimate of $3.15 by $0.20. Synopsys had a net margin of 8.91% and a return on equity of 5.83%. The business had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the previous year, the firm posted $3.67 earnings per share. The business’s revenue for the quarter was up 41.9% compared to the same quarter last year. Synopsys has set its FY 2026 guidance at 14.720-14.800 EPS and its Q3 2026 guidance at 3.630-3.690 EPS. Analysts predict that Synopsys, Inc. will post 10.65 EPS for the current year.
Synopsys Company Profile (Free Report)
Synopsys, Inc is a leading provider of electronic design automation (EDA) software and semiconductor intellectual property (IP) used to design, verify and manufacture integrated circuits and complex systems-on-chip (SoCs). Its product portfolio spans tools and technologies for front‑end design and synthesis, simulation and verification, physical implementation and signoff, and design-for-manufacturability, enabling chip designers to move from architecture through tape‑out.
In addition to core EDA offerings, Synopsys supplies a broad set of semiconductor IP building blocks — such as interface, memory and analog/mixed-signal cores — that customers integrate into SoCs to accelerate development.
Featured Articles Five stocks we like better than Synopsys 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 SNPS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synopsys, Inc. (NASDAQ:SNPS – Free Report).
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Procter & Gamble ve 4Q překonal odhad v core EPS na 1,43 USD, ale čisté tržby zaostaly na 21,20 mld. USD při konsensu 21,34 mld. USD a organické tržby zůstaly beze změny. Ve FY 2027 čeká organický růst tržeb 1 až 3 %.
Spotřebitelský koncern Procter & Gamble zveřejnil hospodářské výsledky za čtvrté čtvrtletí fiskálního roku 2026, které skončilo 30. června 2026. Jádrový zisk na akcii mírně překonal odhad analytiků, čisté tržby však očekávání nenaplnily a organický růst tržeb byl nulový. Pro fiskální rok 2027 společnost očekává organický růst tržeb v rozmezí 1 až 3 % (konsensus: 2,44 %).
Výsledky společnosti Procter & Gamble (PG) za 4Q FY 2026 4Q FY 2026 Konsensus 4Q FY 2026 4Q FY 2025 Čisté tržby (mld. USD) 21,20 21,34 20,89 Čistý zisk (mld. USD) 3,04 -- 3,62 Jádrový zisk na akcii (Core EPS, USD/akcie) 1,43 1,41 1,48 Výsledky za 4Q Čisté tržby meziročně vzrostly o 2 % na 21,20 mld. USD, pod odhadem 21,34 mld. USD. Organické tržby zůstaly meziročně beze změny (odhad: +1,85 %), organický objem prodejů rovněž stagnoval (odhad: +0,61 %). Dopad měnových kurzů na tržby činil -1 % (odhad: +0,48 %).
Čisté tržby Procter & Gamble ve 4Q FY 2026 dle segmentů
(mld. USD) Segment Čisté tržby Konsenzus Meziroční organická změna Beauty
3,98 3,92 +4 % Grooming
1,70 1,72 0 % Health Care
2,76 2,80 -1 % Fabric & Home Care
7,43 7,55 0 % Baby, Feminine & Family Care
5,05 5,15 -2 % Hrubá marže dosáhla 48,5 %.
Očištěný volný hotovostní tok činil 4,11 mld. USD.
Výhled na FY 2027 Společnost pro celý fiskální rok 2027 očekává:
Organický růst tržeb 1 až 3 % (konsensus: 2,44 %). Růst jádrového zisku na akcii 0 až 3 %. Jádrový zisk na akcii 6,89–7,11 USD (konsensus: 7,02 USD). Společnost zároveň uvedla, že v roce 2027 očekává dopad vyšších nákladů na suroviny, energie a dopravu ve výši přibližně 1 mld. USD po zdanění. Celoroční výhled organického růstu tržeb zahrnuje také negativní dopad 30 až 50 bazických bodů plynoucí z ukončování vybraných značek, produktových variant a distribučních kanálů.
Komentář vedení Shailesh Jejurikar, prezident a generální ředitel společnosti Procter & Gamble, uvedl: „Fiskální rok 2026 byl rokem budování základů, během něhož jsme zároveň pokračovali v růstu tržeb a zisku a vraceli akcionářům vysokou úroveň hotovosti, a to i přes velmi náročné geopolitické a ekonomické prostředí. Ve fiskálním roce 2027 očekáváme pokrok ve všech těchto klíčových ukazatelích, a to navzdory přetrvávající volatilitě. Věříme, že nejlepší cestou k udržitelnému a vyváženému růstu je posílit naši strategii a stavět spotřebitele do středu všeho, co děláme.“
Návrat kapitálu akcionářům Společnost za fiskální rok 2026 vrátila akcionářům více než 15 mld. USD, z toho 10,2 mld. USD formou dividend a 5,0 mld. USD prostřednictvím zpětných odkupů akcií. Dubnovým zvýšením dividendy společnost zaznamenala 70. po sobě jdoucí rok růstu dividendy a 136. po sobě jdoucí rok jejího vyplácení od založení firmy v roce 1890.
Akcie Procter & Gamble Akcie Procter & Gamble (PG) v předburzovní fázi obchodování klesají o 3,34 % na 143,90 USD.
Akcie Procter & Gamble Co/The (PG) před výsledky uzavřely na 148,88 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 346,7 P/E 22,9 Vývoj za letošní rok (%) +3,9 Očekávané P/E 21,2 52týdenní minimum (USD) 137,6 Prům. cílová cena (USD) 161,7 52týdenní maximum (USD) 167,3 Dividendový výnos (%) 2,9 Zdroj: Procter & Gamble, Bloomberg
Palantir v 1. čtvrtletí zvýšil tržby meziročně o 85 % a čistý zisk více než zčtyřnásobil. Přesto má akcie vysoké P/E 138, takže prostor pro chybu je malý.
Palantir (PLTR -6.10%) has minted many millionaires during the past three years. The artificial intelligence (AI) software company hovered near penny-stock territory in 2023 and is currently valued at about $125 per share. It used to trade for more than $200 per share at its all-time high, showing how much the stock has gained in recent years.
However, some investors may be concerned that most of the gains are in the past. The millionaire-maker stocks of yesterday aren't always the millionaire-makers of today. Palantir has some compelling fundamentals that suggest it can flip the script, but there are some meaningful hurdles new investors face.
Image source: Getty Images
Fundamental growth has been impressive Palantir operates a great business model that produces rising revenue and profit. Having the key metrics go up each quarter is the hallmark of stocks that steadily gain value over the long run. The first quarter featured 85% year-over-year revenue growth, with U.S. revenue more than doubling year over year.
Today's Change
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That's an important detail because most of Palantir's revenue comes from the U.S. government and businesses. The fact that U.S. revenue growth is outpacing overall revenue growth means that a rising U.S. segment will lift up the entire business in a meaningful way.
Palantir locks in long-term contracts, which result in high annual recurring revenue. Its AI platform is critical for governments and enterprises that use artificial intelligence to analyze and interpret data. It also lets companies create AI agents to perform various tasks autonomously.
More than 200 of its Q1 deals exceeded $1 million in value, with 47 of those deals being worth more than $10 million. Investors are bullish about Q2 earnings, which will come out in August, with company forecasts suggesting a sequential revenue jump.
The valuation leaves little room for error Even the bears will acknowledge that Palantir has a great business model, but at what price? This is the question that deflates some bullish narratives as the focus shifts from a rising business to a 138 price-to-earnings (P/E) ratio.
Net income more than quadrupled year over year in the first quarter, so it's possible that continued profit margin expansion could make the valuation more reasonable. Palantir wrapped up the quarter with a net profit margin just above 50%, and if the company can continue to maintain high top-line growth, its profit has more room to expand.
Full-year projections suggest that Palantir will maintain high revenue growth. A subscription model and strong customer relations with the largest governments and enterprises suggest that revenue growth can remain elevated beyond 2026. Still, the P/E ratio leaves little room for error.
Value investors may be concerned, but the recent dip has made the stock more attractive for growth investors who can wait a few years before selling their shares. It was only a few months ago when Palantir had a 600 P/E ratio, so a 138 P/E ratio looks more reasonable in comparison.
It's not turning $20,000 into $1 million If you're looking for a stock that can make you a millionaire, two things matter beyond a stock's fundamentals: the stock's market cap and how much you can invest.
Some stocks can turn $20,000 into $1 million within a few years, but they are extremely rare. Sandisk (SNDK -14.14%) achieved the feat last year before entering a correction, and while some stocks can do that in a few years, it is extremely rare. However, in most of those cases, it's a stock with a relatively small market cap that gets the job done.
If you can put only $20,000 into Palantir, it's not going to become a $1 million position. That would require a 50-fold return, and that performance would turn a $315 billion market cap into a $15.75 trillion market cap. Palantir isn't going to become more valuable than Nvidia (NVDA +0.42%), Apple (AAPL +1.02%), Microsoft (MSFT +1.15%), and Meta Platforms (META -0.06%) combined, so investors shouldn't count on that kind of return.
Palantir, however, does have a realistic shot at a $1 trillion valuation, which would imply more than a threefold return. That may not be enough for most people to turn Palantir into a millionaire-maker position, but portfolio diversification and time can eventually move you toward the seven-figure milestone.
Amundi lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) by 19.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,970,808 shares of the semiconductor manufacturer’s stock after buying an additional 981,408 shares during the quarter. Micron Technology makes up about 0.5% of Amundi’s investment portfolio, making the stock its 26th largest holding. Amundi owned approximately 0.53% of Micron Technology worth $2,017,178,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in Micron Technology during the fourth quarter valued at approximately $6,433,456,000. AQR Capital Management LLC lifted its stake in Micron Technology by 411.9% during the third quarter. AQR Capital Management LLC now owns 3,627,022 shares of the semiconductor manufacturer’s stock worth $606,873,000 after purchasing an additional 2,918,535 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Micron Technology by 1,340.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,820,986 shares of the semiconductor manufacturer’s stock worth $805,148,000 after purchasing an additional 2,625,169 shares during the period. Vanguard Group Inc. boosted its holdings in Micron Technology by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 106,608,094 shares of the semiconductor manufacturer’s stock worth $30,427,016,000 after purchasing an additional 1,954,644 shares during the period. Finally, Employees Provident Fund Board bought a new stake in Micron Technology during the fourth quarter valued at $519,639,000. Institutional investors own 80.84% of the company’s stock.
Insiders Place Their Bets In other Micron Technology news, CAO Scott R. Allen sold 879 shares of the company’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $1,000.00, for a total value of $879,000.00. Following the transaction, the chief accounting officer owned 34,958 shares of the company’s stock, valued at approximately $34,958,000. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lynn A. Dugle sold 1,300 shares of the stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $1,150.43, for a total value of $1,495,559.00. Following the sale, the director owned 17,728 shares of the company’s stock, valued at $20,394,823.04. This trade represents a 6.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 204,179 shares of company stock worth $190,836,321. Company insiders own 0.24% of the company’s stock.
Key Headlines Impacting Micron Technology Here are the key news stories impacting Micron Technology this week:
Positive Sentiment: Potential U.S. tariffs or restrictions on Chinese memory chips could strengthen Micron’s domestic competitive position, pricing power and margins by limiting lower-cost competition from ChangXin Memory Technologies (CXMT) and Yangtze Memory Technologies. Chips & Clips: Memory Tariffs Rewire Tech Supply Chains Positive Sentiment: Micron’s latest results remain a fundamental support: quarterly revenue reached $41.46 billion, up 345.8% year over year, while earnings per share of $25.11 exceeded consensus by $3.72. Analysts and some commentary continue to view AI-driven demand, high-bandwidth memory and contracted customer agreements as evidence this cycle may be structurally stronger than prior memory booms. Micron: The Boom And Bust Memory Cycle Could Finally Be Dead Neutral Sentiment: CME Group launched nearly round-the-clock single-stock futures, including contracts linked to Micron. The move may improve access and liquidity but also allows investors to react more quickly to overnight semiconductor news. CME launches single stock futures enabling investors to trade SpaceX, Micron 23 hours a day Negative Sentiment: Investors are reducing exposure to the AI trade amid fears of an AI bubble, expensive data-center financing and concerns that semiconductor valuations and spending expectations have become excessive. Micron was among the weakest performers in the Philadelphia Semiconductor Index as memory stocks extended their pullback. Chip Stocks Extend Pullback Amid AI Bubble Fears Negative Sentiment: CXMT’s blockbuster Shanghai IPO and reports of advances in China’s domestic semiconductor equipment heightened fears that Chinese manufacturers could rapidly expand DRAM production, narrow the technology gap and pressure Micron’s future pricing and market share. Why Micron Stock Just Dropped Again Negative Sentiment: Profit-taking is also significant after Micron’s extraordinary year-long rally. A chief accounting officer’s sale of 879 shares at approximately $1,000 per share added a minor insider-selling signal, though the transaction represented only about 2.45% of that executive’s holdings. Analysts Set New Price Targets A number of analysts have weighed in on MU shares. Sanford C. Bernstein set a $1,300.00 target price on shares of Micron Technology in a report on Monday, June 22nd. DA Davidson lifted their target price on Micron Technology from $1,500.00 to $2,000.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Cantor Fitzgerald restated an “overweight” rating and set a $1,500.00 price target on shares of Micron Technology in a research report on Thursday, June 25th. KeyCorp reaffirmed an “overweight” rating on shares of Micron Technology in a report on Monday, July 20th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Micron Technology in a research report on Tuesday, May 12th. Four research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $1,268.93.
View Our Latest Stock Report on Micron Technology
Micron Technology Stock Performance MU opened at $820.53 on Wednesday. The company has a market capitalization of $926.70 billion, a price-to-earnings ratio of 18.58 and a beta of 2.14. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.42 and a quick ratio of 2.98. Micron Technology, Inc. has a 1-year low of $103.38 and a 1-year high of $1,255.00. The business has a 50 day moving average price of $973.08 and a two-hundred day moving average price of $632.05.
Micron Technology (NASDAQ:MU – Get Free Report) last issued its quarterly earnings results on Wednesday, June 24th. The semiconductor manufacturer reported $25.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $21.39 by $3.72. The firm had revenue of $41.46 billion during the quarter, compared to analyst estimates of $35.91 billion. Micron Technology had a return on equity of 71.13% and a net margin of 55.91%.The firm’s quarterly revenue was up 345.8% on a year-over-year basis. During the same period last year, the company posted $1.91 EPS. Micron Technology has set its Q4 2026 guidance at 30.000-32.000 EPS. Research analysts predict that Micron Technology, Inc. will post 72.93 EPS for the current fiscal year.
Micron Technology Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Monday, July 6th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Monday, July 6th. Micron Technology’s payout ratio is presently 1.36%.
About Micron Technology (Free Report)
Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.
Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.
Further Reading Five stocks we like better than Micron Technology 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 MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU – Free Report).
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Amundi raised its holdings in shares of Thermo Fisher Scientific Inc. (NYSE:TMO – Free Report) by 22.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,016,260 shares of the medical research company’s stock after buying an additional 369,238 shares during the period. Amundi owned about 0.54% of Thermo Fisher Scientific worth $991,052,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Howard Capital Management Inc. lifted its stake in Thermo Fisher Scientific by 0.5% during the fourth quarter. Howard Capital Management Inc. now owns 3,091 shares of the medical research company’s stock valued at $1,791,000 after buying an additional 16 shares in the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Thermo Fisher Scientific by 1.6% during the fourth quarter. Salomon & Ludwin LLC now owns 1,095 shares of the medical research company’s stock valued at $669,000 after acquiring an additional 17 shares during the period. Pallas Capital Advisors LLC lifted its position in shares of Thermo Fisher Scientific by 1.5% in the 4th quarter. Pallas Capital Advisors LLC now owns 1,256 shares of the medical research company’s stock valued at $728,000 after acquiring an additional 18 shares in the last quarter. Red Door Wealth Management LLC grew its position in Thermo Fisher Scientific by 0.8% during the 4th quarter. Red Door Wealth Management LLC now owns 2,156 shares of the medical research company’s stock worth $1,250,000 after purchasing an additional 18 shares in the last quarter. Finally, Elwood & Goetz Wealth Advisory Group LLC raised its stake in Thermo Fisher Scientific by 1.8% during the 4th quarter. Elwood & Goetz Wealth Advisory Group LLC now owns 1,031 shares of the medical research company’s stock valued at $597,000 after purchasing an additional 18 shares during the period. Institutional investors and hedge funds own 89.23% of the company’s stock.
Thermo Fisher Scientific Stock Performance Shares of NYSE TMO opened at $577.32 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.55 and a quick ratio of 1.18. Thermo Fisher Scientific Inc. has a one year low of $435.27 and a one year high of $643.99. The business’s 50-day moving average price is $498.92 and its two-hundred day moving average price is $512.05. The company has a market capitalization of $214.54 billion, a P/E ratio of 31.06, a price-to-earnings-growth ratio of 2.28 and a beta of 0.87.
Thermo Fisher Scientific (NYSE:TMO – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The medical research company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.71 by $0.32. The company had revenue of $11.99 billion during the quarter, compared to the consensus estimate of $11.71 billion. Thermo Fisher Scientific had a return on equity of 17.09% and a net margin of 15.04%.The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period last year, the business earned $4.28 EPS. Thermo Fisher Scientific has set its FY 2026 guidance at 24.930-25.330 EPS. Analysts anticipate that Thermo Fisher Scientific Inc. will post 25.12 earnings per share for the current fiscal year.
Thermo Fisher Scientific Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be paid a $0.47 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.88 dividend on an annualized basis and a yield of 0.3%. Thermo Fisher Scientific’s payout ratio is 10.11%.
Analyst Ratings Changes TMO has been the subject of several recent analyst reports. Royal Bank Of Canada raised their target price on Thermo Fisher Scientific from $490.00 to $580.00 and gave the stock a “sector perform” rating in a research report on Friday. Piper Sandler increased their price objective on Thermo Fisher Scientific from $510.00 to $600.00 and gave the stock a “neutral” rating in a research note on Monday. Wolfe Research started coverage on Thermo Fisher Scientific in a research report on Tuesday, June 2nd. They set an “outperform” rating and a $535.00 price objective for the company. Barclays upped their target price on Thermo Fisher Scientific from $625.00 to $650.00 and gave the company an “overweight” rating in a report on Friday. Finally, KeyCorp restated an “overweight” rating on shares of Thermo Fisher Scientific in a report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $617.14.
Get Our Latest Report on Thermo Fisher Scientific
Insider Buying and Selling In other news, COO Gianluca Pettiti sold 400 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $565.00, for a total transaction of $226,000.00. Following the transaction, the chief operating officer owned 24,651 shares in the company, valued at $13,927,815. This represents a 1.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.33% of the stock is owned by corporate insiders.
Thermo Fisher Scientific Company Profile (Free Report)
Thermo Fisher Scientific (NYSE: TMO) is a global provider of scientific instrumentation, reagents and consumables, software, and services that support research, clinical, and industrial laboratories. The company supplies analytical instruments and laboratory equipment, life sciences reagents and kits, specialty diagnostics, and a broad range of consumables used by researchers, clinicians, and manufacturers. Its offerings also include laboratory information management and data-analysis software, as well as service solutions such as instrument maintenance, validation, and logistics that help customers run complex workflows efficiently.
Thermo Fisher operates through multiple business areas that broadly cover life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services, including contract development and manufacturing for pharmaceutical and biotechnology companies.
Featured Stories Five stocks we like better than Thermo Fisher Scientific 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
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Amundi grew its stake in shares of RTX Corporation (NYSE:RTX – Free Report) by 69.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,472,243 shares of the company’s stock after acquiring an additional 3,070,123 shares during the period. Amundi owned about 0.55% of RTX worth $1,441,396,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the stock. Alpha Cubed Investments LLC lifted its holdings in RTX by 0.3% during the fourth quarter. Alpha Cubed Investments LLC now owns 14,720 shares of the company’s stock valued at $2,700,000 after purchasing an additional 50 shares during the last quarter. LeConte Wealth Management LLC boosted its holdings in RTX by 2.3% in the 4th quarter. LeConte Wealth Management LLC now owns 2,247 shares of the company’s stock worth $412,000 after buying an additional 51 shares during the period. Rydar Equities Inc. boosted its holdings in RTX by 0.4% in the 4th quarter. Rydar Equities Inc. now owns 13,524 shares of the company’s stock worth $2,480,000 after buying an additional 52 shares during the period. Schulhoff & Co. Inc. grew its stake in RTX by 1.7% in the 4th quarter. Schulhoff & Co. Inc. now owns 3,188 shares of the company’s stock valued at $585,000 after buying an additional 52 shares in the last quarter. Finally, Howard Capital Management Inc. raised its holdings in RTX by 0.4% during the 4th quarter. Howard Capital Management Inc. now owns 12,340 shares of the company’s stock valued at $2,263,000 after acquiring an additional 53 shares during the period. Hedge funds and other institutional investors own 86.50% of the company’s stock.
Analysts Set New Price Targets RTX has been the topic of several recent research reports. Susquehanna increased their target price on RTX from $235.00 to $245.00 and gave the stock a “positive” rating in a research report on Friday. Robert W. Baird set a $240.00 price objective on RTX in a research note on Friday. UBS Group increased their price objective on RTX from $198.00 to $215.00 and gave the stock a “neutral” rating in a report on Friday. Melius Research upgraded RTX from a “hold” rating to a “buy” rating in a research note on Thursday, April 2nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $238.00 target price on shares of RTX in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, RTX presently has an average rating of “Moderate Buy” and an average target price of $225.81.
Get Our Latest Research Report on RTX
RTX Stock Down 0.0% Shares of NYSE RTX opened at $218.37 on Wednesday. RTX Corporation has a 12 month low of $150.61 and a 12 month high of $221.34. The company has a current ratio of 1.01, a quick ratio of 0.78 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $294.30 billion, a price-to-earnings ratio of 38.44, a PEG ratio of 2.61 and a beta of 0.30. The business has a 50-day moving average of $188.81 and a 200-day moving average of $192.65.
RTX (NYSE:RTX – Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.23. RTX had a net margin of 8.28% and a return on equity of 13.99%. The business had revenue of $24.71 billion for the quarter, compared to the consensus estimate of $22.89 billion. During the same period last year, the firm posted $1.56 earnings per share. RTX’s quarterly revenue was up 14.5% on a year-over-year basis. RTX has set its FY 2026 guidance at 7.100-7.250 EPS. Sell-side analysts expect that RTX Corporation will post 7.19 earnings per share for the current fiscal year.
RTX Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 14th will be given a dividend of $0.73 per share. The ex-dividend date is Friday, August 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.3%. RTX’s dividend payout ratio (DPR) is 51.41%.
Insider Buying and Selling at RTX In other news, insider Troy D. Brunk sold 8,557 shares of RTX stock in a transaction on Friday, July 24th. The shares were sold at an average price of $210.29, for a total transaction of $1,799,451.53. Following the completion of the sale, the insider directly owned 8,809 shares of the company’s stock, valued at approximately $1,852,444.61. The trade was a 49.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Kevin G. Dasilva sold 2,250 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $216.93, for a total transaction of $488,092.50. Following the completion of the transaction, the vice president owned 20,099 shares of the company’s stock, valued at $4,360,076.07. This trade represents a 10.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 15,567 shares of company stock worth $3,304,375. Corporate insiders own 0.10% of the company’s stock.
Key Headlines Impacting RTX Here are the key news stories impacting RTX this week:
Positive Sentiment: RTX raised its 2026 adjusted sales outlook to $95 billion–$96 billion, citing sustained commercial aircraft maintenance demand as airlines operate aging fleets and continued military-system demand as governments replenish weapons inventories. Aging Jets, Rising Threats: Why RTX Corporation Just Raised Its 2026 Outlook Positive Sentiment: The improved outlook builds on RTX’s latest earnings performance: quarterly revenue rose 14.5% year over year to $24.71 billion, while adjusted earnings of $1.89 per share exceeded the $1.66 consensus estimate. The company maintained 2026 EPS guidance of approximately $7.10–$7.25. Top Analyst Reports for Alphabet, AMD and RTX Positive Sentiment: Investor enthusiasm has pushed RTX to fresh 52-week highs, helped by Wall Street upgrades, strong earnings execution, recent contract wins and a record order backlog. These factors reinforce expectations for longer-term revenue visibility. RTX and SIRI Hit Fresh 52-Week Highs Positive Sentiment: Broader defense-industry momentum is another supportive backdrop, as Western defense companies seek production lessons and partnerships with Ukrainian firms to accelerate wartime manufacturing. The trend could benefit major defense suppliers such as RTX over time. Western Defense Companies Learn From Ukrainian Firms Neutral Sentiment: Analyst coverage remains broadly constructive, but the reports emphasize that ratings and price targets should be weighed alongside operating results rather than treated as standalone investment signals. Is It Worth Investing in RTX Based on Wall Street’s Bullish Views? Negative Sentiment: After a roughly 181.5% five-year share-price gain and the recent move to record levels, valuation looks closer to fair value than clearly cheap. A high earnings multiple may limit further upside unless RTX continues to deliver on its elevated growth expectations. RTX Stock May Be Below Fair Value on Cash Flow Yet Full on Earnings RTX Profile (Free Report)
RTX (NYSE: RTX) is a U.S.-based aerospace and defense company that designs, manufactures and services advanced systems for commercial, military and governmental customers worldwide. The company was created through the 2020 combination of Raytheon Company and United Technologies Corporation and later adopted the RTX name, positioning itself as a diversified provider across the aerospace and defense value chain.
RTX’s operations span a broad set of capabilities. Its commercial aerospace businesses include Pratt & Whitney aircraft engines and Collins Aerospace systems, which supply propulsion, avionics, aerostructures, interiors and integrated aircraft systems.
Further Reading Five stocks we like better than RTX 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
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General Dynamics ve 2. čtvrtletí zvýšila tržby o 8,1 % na 14,1 miliardy USD a zisk na akcii o 13,4 % na 4,24 USD. Objednávky dosáhly 20 miliard USD a book-to-bill byl 1,4:1.
Revenue $14.1 billion, up 8.1% versus prior year Diluted EPS $4.24, up 13.4% versus prior year $1.9 billion cash from operating activities, 162% of net earnings 1.4-to-1 book-to-bill, with strong order activity in all segments , /PRNewswire/ -- General Dynamics (NYSE: GD) today reported second-quarter 2026 operating earnings of $1.5 billion, and $4.24 per diluted share (EPS), on revenue of $14.1 billion. Compared with the year-ago quarter, revenue increased 8.1%, operating earnings increased 11.9%, and diluted EPS increased 13.4%. Operating margin of 10.4% was a 40-basis-point expansion from the year-ago quarter.
EXHIBIT H-1 "Our businesses delivered solid results in the quarter, with revenue growth across all four segments – including double-digit increases in revenue and noteworthy margin expansion in Aerospace and Marine Systems – reflecting our ongoing efforts to increase the pace of execution and deliver on our backlog," said Phebe Novakovic, chairman and chief executive officer. "We are well positioned to support our customers' needs and are continuing to make significant investments to increase output to meet strong and growing demand."
Cash and Capital Deployment
Net cash provided by operating activities in the quarter totaled $1.9 billion, or 162% of net earnings. During the quarter, the company paid $429 million in dividends, invested $234 million in capital expenditures, and reduced total debt by $498 million. The company ended the quarter with $7.5 billion in total debt and $4.3 billion in cash and equivalents on hand.
Orders and Backlog
Orders received in the quarter totaled $14.7 billion in the defense segments and $5.3 billion in the Aerospace segment, for a total of $20 billion. Book-to-bill ratio, defined as orders divided by revenue, was 1.4-to-1 for the quarter for the defense segments, 1.5-to-1 for the Aerospace segment, and 1.4-to-1 on a company-wide basis.
Backlog at the end of the quarter was $136.5 billion. Estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $50.4 billion. Total estimated contract value, the sum of backlog plus estimated potential contract value, was $186.9 billion.
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.
WEBCAST INFORMATION: General Dynamics' financial results conference call will be held on Wednesday, July 29, 2026, at 9:00 a.m. EDT. A link to the live webcast will be available at www.gd.com and will be available for replay following the call. Corresponding presentation slides will be available for download prior to the call.
This press release may contain forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company's filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release may contain some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.
EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Three Months Ended
Variance
July 5, 2026
June 29, 2025
$
%
Revenue
$ 14,094
$ 13,041
$ 1,053
8.1 %
Operating costs and expenses
(12,634)
(11,736)
(898)
Operating earnings
1,460
1,305
155
11.9 %
Other, net
(4)
15
(19)
Interest, net
(49)
(88)
39
Earnings before income tax
1,407
1,232
175
14.2 %
Provision for income tax, net
(247)
(218)
(29)
Net earnings
$ 1,160
$ 1,014
$ 146
14.4 %
Earnings per share—basic
$ 4.29
$ 3.78
$ 0.51
13.5 %
Basic weighted average shares outstanding
270.2
268.1
Earnings per share—diluted
$ 4.24
$ 3.74
$ 0.50
13.4 %
Diluted weighted average shares outstanding
273.5
270.9
EXHIBIT B
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Six Months Ended
Variance
July 5, 2026
June 29, 2025
$
%
Revenue
$ 27,575
$ 25,264
$ 2,311
9.1 %
Operating costs and expenses
(24,695)
(22,691)
(2,004)
Operating earnings
2,880
2,573
307
11.9 %
Other, net
14
36
(22)
Interest, net
(118)
(177)
59
Earnings before income tax
2,776
2,432
344
14.1 %
Provision for income tax, net
(491)
(424)
(67)
Net earnings
$ 2,285
$ 2,008
$ 277
13.8 %
Earnings per share—basic
$ 8.46
$ 7.48
$ 0.98
13.1 %
Basic weighted average shares outstanding
270.2
268.6
Earnings per share—diluted
$ 8.35
$ 7.40
$ 0.95
12.8 %
Diluted weighted average shares outstanding
273.8
271.3
EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
Three Months Ended
Variance
July 5, 2026
June 29, 2025
$
%
Revenue:
Aerospace
$ 3,525
$ 3,062
$ 463
15.1 %
Marine Systems
4,660
4,220
440
10.4 %
Combat Systems
2,290
2,283
7
0.3 %
Technologies
3,619
3,476
143
4.1 %
Total
$ 14,094
$ 13,041
$ 1,053
8.1 %
Operating earnings:
Aerospace
$ 510
$ 403
$ 107
26.6 %
Marine Systems
342
291
51
17.5 %
Combat Systems
318
324
(6)
(1.9) %
Technologies
339
332
7
2.1 %
Corporate
(49)
(45)
(4)
(8.9) %
Total
$ 1,460
$ 1,305
$ 155
11.9 %
Operating margin:
Aerospace
14.5 %
13.2 %
Marine Systems
7.3 %
6.9 %
Combat Systems
13.9 %
14.2 %
Technologies
9.4 %
9.6 %
Total
10.4 %
10.0 %
EXHIBIT D
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
Six Months Ended
Variance
July 5, 2026
June 29, 2025
$
%
Revenue:
Aerospace
$ 6,804
$ 6,088
$ 716
11.8 %
Marine Systems
9,003
7,809
1,194
15.3 %
Combat Systems
4,573
4,459
114
2.6 %
Technologies
7,195
6,908
287
4.2 %
Total
$ 27,575
$ 25,264
$ 2,311
9.1 %
Operating earnings:
Aerospace
$ 1,003
$ 835
$ 168
20.1 %
Marine Systems
658
541
117
21.6 %
Combat Systems
628
615
13
2.1 %
Technologies
678
660
18
2.7 %
Corporate
(87)
(78)
(9)
(11.5) %
Total
$ 2,880
$ 2,573
$ 307
11.9 %
Operating margin:
Aerospace
14.7 %
13.7 %
Marine Systems
7.3 %
6.9 %
Combat Systems
13.7 %
13.8 %
Technologies
9.4 %
9.6 %
Total
10.4 %
10.2 %
EXHIBIT E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
(Unaudited)
July 5, 2026
December 31, 2025
ASSETS
Current assets:
Cash and equivalents
$ 4,333
$ 2,333
Accounts receivable
2,398
2,406
Unbilled receivables
9,255
8,380
Inventories
9,097
9,232
Other current assets
1,955
1,897
Total current assets
27,038
24,248
Noncurrent assets:
Property, plant and equipment, net
7,575
7,525
Intangible assets, net
1,281
1,375
Goodwill
20,927
21,009
Other assets
3,342
3,092
Total noncurrent assets
33,125
33,001
Total assets
$ 60,163
$ 57,249
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt
$ 1,256
$ 1,006
Accounts payable
2,874
2,678
Customer advances and deposits
11,034
9,824
Other current liabilities
3,601
3,288
Total current liabilities
18,765
16,796
Noncurrent liabilities:
Long-term debt
6,260
7,007
Other liabilities
8,312
7,824
Total noncurrent liabilities
14,572
14,831
Shareholders' equity:
Common stock
482
482
Surplus
4,535
4,403
Retained earnings
45,502
44,080
Treasury stock
(23,110)
(22,860)
Accumulated other comprehensive loss
(583)
(483)
Total shareholders' equity
26,826
25,622
Total liabilities and shareholders' equity
$ 60,163
$ 57,249
EXHIBIT F
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
Six Months Ended
July 5, 2026
June 29, 2025
Cash flows from operating activities—continuing operations:
Net earnings
$ 2,285
$ 2,008
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment
348
325
Amortization of intangible and finance lease right-of-use assets
115
121
Equity-based compensation expense
107
89
Deferred income tax provision (benefit)
365
(98)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable
8
(612)
Unbilled receivables
(846)
(200)
Inventories
135
(207)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable
196
(261)
Customer advances and deposits
1,168
106
Other, net
154
179
Net cash provided by operating activities
4,035
1,450
Cash flows from investing activities:
Capital expenditures
(437)
(340)
Other, net
13
124
Net cash used by investing activities
(424)
(216)
Cash flows from financing activities:
Dividends paid
(834)
(785)
Repayment of fixed-rate notes
(500)
(1,500)
Purchases of common stock
(319)
(600)
Proceeds from commercial paper, net
—
696
Proceeds from fixed-rate notes
—
747
Other, net
48
39
Net cash used by financing activities
(1,605)
(1,403)
Net cash used by discontinued operations
(6)
(5)
Net increase (decrease) in cash and equivalents
2,000
(174)
Cash and equivalents at beginning of period
2,333
1,697
Cash and equivalents at end of period
$ 4,333
$ 1,523
EXHIBIT G
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Non-GAAP Financial Measures:
Second Quarter
Six Months
2026
2025
2026
2025
Free cash flow:
Net cash provided by operating activities
$ 1,880
$ 1,598
$ 4,035
$ 1,450
Capital expenditures
(234)
(198)
(437)
(340)
Free cash flow (a)
$ 1,646
$ 1,400
$ 3,598
$ 1,110
July 5, 2026
December 31, 2025
Net debt:
Total debt
$ 7,516
$ 8,013
Less cash and equivalents
4,333
2,333
Net debt (b)
$ 3,183
$ 5,680
Supplemental Aerospace Data:
Second Quarter
Six Months
2026
2025
2026
2025
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft
35
32
66
62
Mid-cabin aircraft
6
6
13
12
Total
41
38
79
74
Aerospace Book-to-Bill:
Orders (c)
$ 5,278
$ 4,003
$ 9,121
$ 6,364
Revenue
3,525
3,062
6,804
6,088
Book-to-Bill Ratio
1.5x
1.3x
1.3x
1.0x
(a)
We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure
for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business
acquisitions, paying dividends and repurchasing our common stock to cover dilution. We use free cash flow to assess the quality of our
earnings and as a key performance measure in evaluating management.
(b)
We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for
investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an
important indicator of liquidity and financial position.
(c)
Excludes customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.
EXHIBIT H
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
Funded
Unfunded
Total
Backlog
Estimated
Potential
Contract Value*
Total
Estimated
Contract Value
Second Quarter 2026:
Aerospace
$ 22,992
$ 985
$ 23,977
$ 1,170
$ 25,147
Marine Systems
42,356
22,826
65,182
7,442
72,624
Combat Systems
27,507
1,843
29,350
10,847
40,197
Technologies
11,256
6,733
17,989
30,945
48,934
Total
$ 104,111
$ 32,387
$ 136,498
$ 50,404
$ 186,902
First Quarter 2026:
Aerospace
$ 21,172
$ 1,095
$ 22,267
$ 1,040
$ 23,307
Marine Systems
40,598
23,373
63,971
12,519
76,490
Combat Systems
25,532
1,383
26,915
11,770
38,685
Technologies
10,818
6,869
17,687
32,272
49,959
Total
$ 98,120
$ 32,720
$ 130,840
$ 57,601
$ 188,441
Second Quarter 2025:
Aerospace
$ 18,676
$ 1,227
$ 19,903
$ 1,165
$ 21,068
Marine Systems
39,298
13,674
52,972
14,708
67,680
Combat Systems
15,961
616
16,577
9,592
26,169
Technologies
9,945
4,285
14,230
32,011
46,241
Total
$ 83,880
$ 19,802
$ 103,682
$ 57,476
$ 161,158
*
The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and
unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase
new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order.
For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract
value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.
, /PRNewswire/ -- ADP (Nasdaq: ADP), a global leader in HR and payroll solutions, today announced its fourth quarter and fiscal 2026 financial results along with its fiscal 2027 outlook through an earnings release available on the company's website at investors.adp.com/events-and-presentations. This earnings release will also be furnished to the Securities and Exchange Commission (SEC) on a Current Report on Form 8-K and available at sec.gov.
As previously announced, ADP will host a conference call for financial analysts today, Wednesday, July 29, 2026 at 8:30 a.m. ET. The conference call will be webcast live on ADP's website at investors.adp.com and will be available for replay following the call. A slide presentation accompanying the webcast is also available at investors.adp.com/events-and-presentations.
About ADP (Nasdaq: ADP)
ADP has been shaping the world of work with innovation and expertise for more than 75 years. As a global leader in HR and payroll solutions, ADP continuously works to solve business challenges for our clients and their workers, from simple, easy-to-use tools for small businesses to fully integrated platforms for global enterprises – and everything in between. Always Designing for People means we're focused on just that – people. We use our unmatched AI-driven insights and proven expertise to design innovative solutions that help people achieve greater success at work. More than 1.1 million clients across 140+ countries rely on ADP's exceptional service to support their people and drive their business forward. HR, Talent, Time Management, Benefits, Compliance, and Payroll. Learn more at ADP.com
ADP, the ADP logo, and Always Designing for People are trademarks of ADP, Inc.
, /PRNewswire/ -- Aon plc (NYSE: AON) today reported results for the three months ended June 30, 2026.
Aon delivered another quarter of strong performance, including 2% total revenue growth, 5% organic revenue growth and operating margin expansion. We continue to execute our Aon United strategy, accelerated by the 3x3 Plan, to meet rising client demand Our free cash flow generation and robust balance sheet position support substantial financial flexibility. We returned $775 million to shareholders during the quarter through $600 million of share repurchases — exceeding our full-year objective of at least $1 billion — and $175 million of dividends We are reaffirming 2026 guidance of mid-single-digit or greater organic revenue growth, 70-80 basis points of adjusted operating margin expansion, strong adjusted EPS growth and double-digit free cash flow growth
Second Quarter 2026
First Half 2026
(millions, except percentages and per share data)
2026
2025
Change
2026
2025
Change
Total revenue
$4,246
$4,155
2 %
$9,280
$8,884
4 %
Organic revenue growth (Non-GAAP)
5 %
5 %
Operating income
$915
$859
7 %
$2,630
$2,320
13 %
Adjusted operating income (Non-GAAP)
$1,227
$1,171
5 %
$3,193
$2,987
7 %
Operating margin
21.5 %
20.7 %
80bps
28.3 %
26.1 %
220bps
Adjusted operating margin (Non-GAAP)
28.9 %
28.2 %
70bps
34.4 %
33.6 %
80bps
Diluted EPS
$2.58
$2.66
(3) %
$8.22
$7.10
16 %
Adjusted EPS (Non-GAAP)
$3.81
$3.49
9 %
$10.29
$9.17
12 %
Cash provided by operations
$556
$796
(30) %
$986
$936
5 %
Free cash flow (Non-GAAP)
$483
$732
(34) %
$846
$816
4 %
"Our second-quarter results demonstrate the consistency of our execution and the strength of our business model," said Greg Case, president and CEO. "We delivered 5% organic revenue growth, operating margin expansion, and 9% adjusted EPS growth, reflecting robust client demand, disciplined execution, and durable through-the-cycle performance."
"The structural advantage created by our Aon United strategy, coupled with AI-enabled analytical insights and innovative capital solutions, continues to differentiate Aon in the marketplace," Case added. "As clients navigate increasing complexity, we are expanding our addressable market, creating new opportunities with both traditional and non-traditional sources of capital, and generating the financial flexibility to invest for growth while returning significant capital to shareholders. We remain confident in our strategy, our outlook, and our ability to deliver sustainable long-term value."
Net income attributable to Aon shareholders in the second quarter decreased 3%, to $2.58 per share on a diluted basis, compared to $2.66 per share on a diluted basis, in the prior-year period. Adjusted net income per share attributable to Aon shareholders increased 9% to $3.81 on a diluted basis, including a de minimis impact if prior-year period results were translated at current period foreign exchange rates ("foreign currency translation"), compared to $3.49 in the prior-year period. Certain items that impacted second-quarter results and comparisons with the prior-year period are detailed in "Reconciliation of Non-GAAP Measures - Operating Income, Operating Margin and Diluted Earnings Per Share" on page 11 of this press release.
SECOND-QUARTER 2026 FINANCIAL SUMMARY
Total revenue in the second quarter increased 2% to $4.2 billion compared to the prior-year period, reflecting 5% organic revenue growth and a 1% favorable impact from foreign currency translation, partially offset by a 4% unfavorable impact primarily from divestitures. Risk Capital revenue increased $140 million, or 5%, to $3.0 billion and Human Capital revenue decreased $47 million, or 4%, to $1.2 billion.
Total operating expenses in the second quarter increased 1% to $3.3 billion compared to the prior-year period due primarily to an increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as an unfavorable impact from foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business, $25 million of net restructuring savings, and lower compensation expense. Risk Capital operating expenses increased $88 million, or 4%, and Human Capital operating expenses decreased $97 million, or 8%.
Foreign currency translation had a de minimis impact on both diluted EPS and adjusted EPS in the second quarter. If currency were to remain stable at today's rates, the Company would expect a de minimis impact on adjusted EPS in the third quarter of 2026 and a favorable impact on adjusted EPS of approximately $0.42 per share for the full year 2026.
Effective tax rate was 22.0% in the second quarter compared to 15.5% in the prior-year period. After adjusting to exclude the applicable tax impact associated with certain non-GAAP adjustments, the adjusted effective tax rate for the second quarter of 2026 was 20.1% compared to 16.5% in the prior-year period. The primary drivers of the change in the effective tax rate were changes to the geographical distribution of income and an unfavorable impact from discrete items compared to a favorable impact in the prior-year period. The primary drivers of the change in the adjusted effective tax rate were changes to the geographical distribution of income and a lower favorable impact from discrete items.
Weighted average diluted shares outstanding decreased to 213.9 million in the second quarter compared to 217.3 million in the prior-year period. The Company repurchased 1.9 million class A ordinary shares for approximately $600 million in the second quarter. As of June 30, 2026, the Company had approximately $7.7 billion of remaining authorization under its share repurchase program.
YEAR-TO-DATE 2026 CASH FLOW SUMMARY
Cash flows provided by operations for the first six months of 2026 increased $50 million, or 5%, to $986 million compared to the prior-year period, as strong adjusted operating income growth offset the cash tax payment related to NFP Wealth and impact of working capital.
Free cash flow, defined as cash flow from operations less capital expenditures, increased 4%, to $846 million for the first six months of 2026 compared to the prior-year period, reflecting an increase in cash flows provided by operations, partially offset by a $20 million increase in capital expenditures.
SECOND-QUARTER 2026 REVENUE REVIEW
The second-quarter revenue reviews provided below include supplemental information related to organic revenue growth, which is a non-GAAP measure that is described in detail in "Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow" on page 10 of this press release.
Three Months Ended June 30,
(millions)
2026
2025
%
Change
Less:
Currency
Impact
Less:
Fiduciary
Investment
Income
Less:
Acquisitions,
Divestitures
& Other
Organic
Revenue
Growth
Risk Capital Revenue:
Commercial Risk Solutions
$ 2,295
$ 2,178
5 %
1 %
— %
(1) %
5 %
Reinsurance Solutions
711
688
3
—
—
(2)
5
Human Capital Revenue:
Health Solutions
818
772
6
1
—
—
5
Wealth Solutions
426
519
(18)
1
—
(24)
5
Eliminations
(4)
(2)
N/A
N/A
N/A
N/A
N/A
Total revenue
$ 4,246
$ 4,155
2 %
1 %
— %
(4) %
5 %
Total revenue increased $91 million, or 2%, compared to the prior-year period, reflecting 5% organic revenue growth, driven by net new business and ongoing strong retention, and a 1% favorable impact from foreign currency translation, partially offset by a 4% unfavorable impact primarily from divestitures largely due to the sales of the NFP Wealth business and Stroz Friedberg. Risk Capital revenue increased $140 million, or 5%, and Human Capital revenue decreased $47 million, or 4%.
Risk Capital
Commercial Risk Solutions Organic revenue growth of 5% reflects growth in EMEA and North America, driven by net new business and ongoing strong retention. Net market impact was modestly positive. Within North America, performance was highlighted by strong growth in U.S. core P&C and double-digit growth in construction.
Reinsurance Solutions Organic revenue growth of 5% reflects growth in treaty placements, driven by net new business and strong retention, and double-digit increases in facultative placements and our Strategy and Technology Group. Net market impact was unfavorable in the quarter.
Human Capital
Health Solutions Organic revenue growth of 5% reflects strong growth in core health and benefits, including particular strength internationally, driven by net new business and ongoing strong retention, as well as growth in Talent Solutions driven by strong growth in talent analytics. Net market impact was slightly negative.
Wealth Solutions Organic revenue growth of 5% reflects strong growth in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change.
SECOND-QUARTER 2026 EXPENSE REVIEW
Three Months Ended June 30,
(millions)
2026
2025
$ Change
% Change
Expenses
Compensation and benefits
$ 2,271
$ 2,360
$ (89)
(4) %
Information technology
162
136
26
19
Premises
85
85
—
—
Depreciation of fixed assets
49
47
2
4
Amortization and impairment of intangible assets
174
201
(27)
(13)
Other general expense
494
373
121
32
Accelerating Aon United Program expenses
96
94
2
2
Total operating expenses
$ 3,331
$ 3,296
$ 35
1 %
Compensation and benefits expense decreased $89 million, or 4%, compared to the prior-year period, due primarily to lower expenses from the sale of the NFP Wealth business and savings from Accelerating Aon United restructuring actions, partially offset by the unfavorable impact of foreign currency translation and expenses associated with 5% organic revenue growth and investments in long-term growth.
Information technology expense increased $26 million, or 19%, compared to the prior-year period, due primarily to Aon Business Services investments in ongoing technology initiatives.
Premises expense was flat compared to the prior-year period, as we continued to optimize our real estate footprint and recognize savings from Accelerating Aon United restructuring actions.
Depreciation of fixed assets increased $2 million, or 4%, compared to the prior-year period.
Amortization and impairment of intangible assets decreased $27 million, or 13%, compared to the prior-year period, due primarily to the decrease in intangible assets associated with the sale of the NFP Wealth business.
Other general expense increased $121 million, or 32%, compared to the prior-year period, due primarily to non-recurring gains including sales of portfolios in the prior-year period, partially offset by lower expenses associated with the sale of the NFP Wealth business.
Accelerating Aon United Restructuring Program expense increased $2 million, or 2%, compared to the prior-year period, due primarily to costs related to workforce optimization.
SECOND-QUARTER 2026 INCOME SUMMARY
Certain noteworthy items impacted adjusted operating income and adjusted operating margin in the second quarters of 2026 and 2025, which are also described in detail in "Reconciliation of Non-GAAP Measures - Operating Income, Operating Margin and Diluted Earnings Per Share" on page 11 of this press release.
Three Months Ended June 30,
(millions)
2026
2025
% Change
Revenue
$ 4,246
$ 4,155
2 %
Expenses
3,331
3,296
1 %
Operating income
$ 915
$ 859
7 %
Operating margin
21.5 %
20.7 %
Adjusted operating income
$ 1,227
$ 1,171
5 %
Adjusted operating margin
28.9 %
28.2 %
Operating income increased $56 million and operating margin increased 80 basis points to 21.5%, each compared to the prior-year period. Adjusted operating income increased $56 million, or 5%, and adjusted operating margin increased 70 basis points to 28.9%, each compared to the prior-year period. The increase in adjusted operating income reflects organic revenue growth, scale improvements in ABS and net restructuring savings, partially offset by investments for growth.
Interest income increased $5 million compared to the prior-year period, primarily reflecting higher cash balances due to the sale of the NFP Wealth business. Interest expense decreased $33 million compared to the prior-year period, reflecting lower total debt.
Other expense was $17 million compared to other income of $56 million in the prior-year period, primarily due to the absence of deferred consideration recognized in the prior-year period related to the 2017 sale of our outsourcing business. Adjusted other expense was $17 million compared to $32 million in the prior-year period, primarily reflecting a favorable impact of foreign currency remeasurement of assets and liabilities in non-functional currencies and a decrease in non-cash pension expense.
Net income attributable to Aon shareholders decreased 5% to $551 million compared to $579 million in the prior-year period. Adjusted net income attributable to Aon shareholders increased 7% to $814 million compared to $759 million in the prior-year period.
Conference Call, Presentation Slides, and Webcast Details
The Company will host a conference call on Wednesday, July 29, 2026 at 7:30 a.m., central time. Interested parties can listen to the conference call via a live audio webcast and view the presentation slides at ir.aon.com.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
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Safe Harbor Statement
This communication contains certain statements related to future results, or states Aon's intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These forward-looking statements include information about possible or assumed future results of Aon's operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including such things as our outlook, market and industry conditions, including competitive and pricing trends, the development and performance of our services and products, our cost structure and the outcome of cost-saving or restructuring initiatives, including the impacts of the Accelerating Aon United Program, the integration of NFP, actual or anticipated legal settlement expenses, future capital expenditures, growth in commissions and fees, changes to the composition or level of our revenues, cash flow and liquidity, expected tax rates, expected foreign currency translation impacts, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans, references to future successes, and expectations with respect to the benefits of the acquisition of NFP are forward-looking statements. Also, when Aon uses words such as "anticipate", "believe", "continue", "confidence", "could", "estimate", "expect", "forecast", "intend", "looking forward", "may", "might", "plan", "potential", "opportunity", "commit", "probably", "project", "positioned", "should", "will", "would" or similar expressions, it is making forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in or anticipated by the forward-looking statements: changes in the competitive environment, due to macroeconomic conditions or otherwise, or damage to Aon's reputation; fluctuations in currency exchange, interest, or inflation rates that could impact our financial condition or results; changes in global equity and fixed income markets that could affect the return on invested assets; changes in the funded status of Aon's various defined benefit pension plans and the impact of any increased pension funding resulting from those changes; the level of Aon's debt and the terms thereof reducing Aon's flexibility or increasing borrowing costs; rating agency actions that could limit Aon's access to capital and our competitive position; volatility in Aon's global tax rate due to being subject to a variety of different factors, including the application of the OECD's Pillar Two tax regime by Ireland, the U.K., Singapore, and many E.U. member states, among others, or other pending proposals in those and other countries, which could create volatility in that tax rate; changes in Aon's accounting estimates or assumptions on Aon's financial statements; limits on Aon's subsidiaries' ability to pay dividends or otherwise make payments to Aon; the impact of legal proceedings and other contingencies, including those arising from or related to acquisition or disposition transactions, errors and omissions and other claims against Aon (including proceeding and contingencies relating to transactions for which capital was arranged by Vesttoo Ltd. or related to actions we may take in being responsible for making decisions on behalf of clients in our investment business or in other advisory services that we currently provide, or may provide in the future); the impact of, and potential challenges in complying with, laws and regulations in the jurisdictions in which Aon operates, particularly given the global nature of Aon's operations and the possibility of differing or conflicting laws and regulations, or the application or interpretation thereof, across jurisdictions in which Aon does business, including but not limited to in the areas of cybersecurity, data privacy and artificial intelligence; the impact of any regulatory investigations brought in Ireland, the U.K., the U.S. and other countries; failure to protect intellectual property rights or allegations that Aon infringes on the intellectual property rights of others; general economic and political conditions in different countries in which Aon does business around the world; the failure to retain, attract and develop experienced and qualified personnel; international risks associated with our global operations, including geopolitical conflicts, tariffs, sanctions, or changes in trade policies; the effects of natural or human-caused disasters, including the effects of health pandemics and the impacts of climate related events; any system or network disruption or breach resulting in operational interruption or improper disclosure of confidential, personal, or proprietary data, and resulting liabilities or damage to our reputation; Aon's ability to develop, implement, update and enhance new technology; the actions taken by third parties that perform aspects of Aon's business operations and client services; Aon's ability to continue, and the costs and risks associated with, growing, developing and integrating acquired business, and entering into new lines of business or products; Aon's ability to secure regulatory approval and complete transactions, and the costs and risks associated with the failure to consummate proposed transactions; changes in commercial property and casualty markets, commercial premium rates or methods of compensation; Aon's ability to develop and implement innovative growth strategies and initiatives intended to yield cost savings (including the Accelerating Aon United Program), and the ability to achieve such growth or cost savings; the effects of Irish law on Aon's operating flexibility and the enforcement of judgments against Aon; and adverse effects on the market price of Aon's securities and/or operating results for any reason, including, without limitation, because of a failure to realize the expected benefits of the acquisition of NFP (including anticipated revenue and growth synergies) in the expected timeframe, or at all.
Any or all of Aon's forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon's performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, including factors that could materially affect Aon's financial results, is contained in Aon's filings with the SEC. See Aon's Annual Report on Form 10-K for the year ended December 31, 2025 for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise.
Explanation of Non-GAAP Measures
This communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), including organic revenue growth, free cash flow, adjusted operating income, adjusted operating margin, adjusted earnings per share, adjusted net income attributable to Aon shareholders, adjusted diluted net income per share ("EPS"), adjusted effective tax rate, adjusted other income (expense), and adjusted income before income taxes that exclude the effects of intangible asset amortization and impairment, Accelerating Aon United Program expenses, contingent consideration, NFP integration costs, certain pension settlements, capital expenditures, and certain other noteworthy items that affected results for the comparable periods. Organic revenue growth includes the impact of intercompany activity and excludes foreign exchange rate changes, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior-year period), divestitures (including held for sale disposal groups, if any, which are adjusted from organic revenue growth upon classification as held-for-sale), transfers between revenue lines, fiduciary investment income, and gains or losses on derivatives accounted for as hedges. Currency impact represents the effect on prior-year period results if they were translated at current period foreign exchange rates. Reconciliations to the closest U.S. GAAP measure for each non-GAAP measure presented in this communication are provided in the attached appendices. Supplemental organic revenue growth information and additional measures that exclude the effects of certain items noted above do not affect net income or any other U.S. GAAP reported amounts. Free cash flow is cash flows from operating activity less capital expenditures. The adjusted effective tax rate excludes the applicable tax impact associated with adjustments previously described, generally at the estimated annual effective tax rate or jurisdictional rate, where appropriate. Beginning in the third quarter of 2024, the adjusted effective tax rate also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. Management also uses these measures to assess operating performance and performance for compensation. Non-GAAP measures should be viewed in addition to, not in lieu of, Aon's Consolidated Financial Statements. Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments. Aon does not provide a reconciliation of forward-looking non-GAAP measures, such as adjusted operating margin, adjusted other income (expense) and adjusted effective tax rate, where Aon believes such a reconciliation would imply a degree of precision and certainty that could be misleading and is unable to reasonably predict certain items contained in the corresponding GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of Aon's control, or cannot be reasonably predicted. For these reasons, Aon is also unable to address the probable significance of the unavailable information.
Investor Contact:
Media Contact:
Hallie Miller
Will Dunn
[email protected]
Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114
International: +1 312 381 3024
[email protected]
Aon plc
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(millions, except per share data)
2026
2025
%
Change
2026
2025
%
Change
Revenue
Total revenue
$ 4,246
$ 4,155
2 %
$ 9,280
$ 8,884
4 %
Expenses
Compensation and benefits
2,271
2,360
(4) %
4,664
4,609
1 %
Information technology
162
136
19 %
306
272
13 %
Premises
85
85
— %
166
167
(1) %
Depreciation of fixed assets
49
47
4 %
95
93
2 %
Amortization and impairment of intangible assets
174
201
(13) %
326
400
(19) %
Other general expense
494
373
32 %
905
819
11 %
Accelerating Aon United Program expenses
96
94
2 %
188
204
(8) %
Total operating expenses
3,331
3,296
1 %
6,650
6,564
1 %
Operating income
915
859
7 %
2,630
2,320
13 %
Interest income
5
—
100 %
17
5
240 %
Interest expense
(179)
(212)
(16) %
(358)
(418)
(14) %
Other income (expense)
(17)
56
(130) %
(12)
46
(126) %
Income before income taxes
724
703
3 %
2,277
1,953
17 %
Income tax expense (1)
159
109
46 %
473
377
25 %
Net income
565
594
(5) %
1,804
1,576
14 %
Less: Net income attributable to redeemable and
nonredeemable noncontrolling interests
14
15
(7) %
41
32
28 %
Net income attributable to Aon shareholders
$ 551
$ 579
(5) %
$ 1,763
$ 1,544
14 %
Basic net income per share attributable to Aon
shareholders
$ 2.58
$ 2.68
(4) %
$ 8.25
$ 7.14
16 %
Diluted net income per share attributable to Aon
shareholders
$ 2.58
$ 2.66
(3) %
$ 8.22
$ 7.10
16 %
Weighted average ordinary shares outstanding - basic
213.2
216.2
(1) %
213.8
216.3
(1) %
Weighted average ordinary shares outstanding - diluted
213.9
217.3
(2) %
214.6
217.6
(1) %
(1)
The effective tax rate was 22.0% and 15.5% for the three months ended June 30, 2026 and 2025, respectively, and 20.8% and 19.3% for the six months ended June 30, 2026 and 2025, respectively.
Aon plc
Segment Results (Unaudited)
Three Months Ended June 30,
Risk Capital
Human Capital
Corporate/Eliminations
(1)
Total Consolidated
(millions, except percentages)
2026
2025
2026
2025
2026
2025
2026
2025
Revenue
Total revenue
$ 3,006
$ 2,866
$ 1,244
$ 1,291
$ (4)
$ (2)
$ 4,246
$ 4,155
Expenses
Compensation and benefits
1,528
1,541
715
796
28
23
2,271
2,360
Information technology
106
88
51
45
5
3
162
136
Premises
56
54
28
30
1
1
85
85
Other expenses (2)
400
319
283
303
130
93
813
715
Total operating expenses
2,090
2,002
1,077
1,174
164
120
3,331
3,296
Operating income
$ 916
$ 864
$ 167
$ 117
$ (168)
$ (122)
$ 915
$ 859
Operating margin
30.5 %
30.1 %
13.4 %
9.1 %
21.5 %
20.7 %
Six Months Ended June 30,
Risk Capital
Human Capital
Corporate/Eliminations
(1)
Total Consolidated
(millions, except percentages)
2026
2025
2026
2025
2026
2025
2026
2025
Revenue
Total revenue
$ 6,508
$ 6,057
$ 2,783
$ 2,836
$ (11)
$ (9)
$ 9,280
$ 8,884
Expenses
Compensation and benefits
3,160
3,002
1,474
1,570
30
37
4,664
4,609
Information technology
202
178
97
90
7
4
306
272
Premises
109
106
55
59
2
2
166
167
Other expenses (2)
739
710
547
597
228
209
1,514
1,516
Total operating expenses
4,210
3,996
2,173
2,316
267
252
6,650
6,564
Operating income
$ 2,298
$ 2,061
$ 610
$ 520
$ (278)
$ (261)
$ 2,630
$ 2,320
Operating margin
35.3 %
34.0 %
21.9 %
18.3 %
28.3 %
26.1 %
(1)
Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.
(2)
Includes expenses related to depreciation of fixed assets, amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and other general expenses.
Aon plc
Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow (Unaudited)Organic Revenue Growth (Unaudited)
Three Months Ended June 30,
(millions, except percentages)
2026
2025
%
Change
Less:
Currency
Impact (1)
Less:
Fiduciary
Investment
Income (2)
Less:
Acquisitions,
Divestitures
& Other
Organic
Revenue
Growth (3)
Risk Capital Revenue:
Commercial Risk Solutions
$ 2,295
$ 2,178
5 %
1 %
— %
(1) %
5 %
Reinsurance Solutions
711
688
3
—
—
(2)
5
Human Capital Revenue:
Health Solutions
818
772
6
1
—
—
5
Wealth Solutions
426
519
(18)
1
—
(24)
5
Eliminations
(4)
(2)
N/A
N/A
N/A
N/A
N/A
Total revenue
$ 4,246
$ 4,155
2 %
1 %
— %
(4) %
5 %
Six Months Ended June 30,
(millions, except percentages)
2026
2025
%
Change
Less:
Currency
Impact (1)
Less:
Fiduciary
Investment
Income (2)
Less:
Acquisitions,
Divestitures
& Other
Organic
Revenue
Growth (3)
Risk Capital Revenue:
Commercial Risk Solutions
$ 4,518
$ 4,180
8 %
3 %
— %
(1) %
6 %
Reinsurance Solutions
1,990
1,877
6
2
—
—
4
Human Capital Revenue:
Health Solutions
1,937
1,798
8
3
—
—
5
Wealth Solutions
846
1,038
(18)
2
—
(23)
3
Eliminations
(11)
(9)
N/A
N/A
N/A
N/A
N/A
Total revenue
$ 9,280
$ 8,884
4 %
3 %
— %
(4) %
5 %
(1)
Currency impact represents the effect on prior-year period results if they were translated at current period foreign exchange rates.
(2)
Fiduciary investment income for the three months ended June 30, 2026 and 2025 was $58 million and $66 million, respectively. Fiduciary investment income for the six months ended June 30, 2026 and 2025 was $113 million and $133 million, respectively.
(3)
Organic revenue growth includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior-year period), divestitures (including held for sale disposal groups, if any), transfers between revenue lines, and gains or losses on derivatives accounted for as hedges.
Free Cash Flow (Unaudited)
Three Months Ended June 30,
(millions)
2026
2025
% Change
Cash Provided by Operating Activities
$ 556
$ 796
(30) %
Capital Expenditures
(73)
(64)
14 %
Free Cash Flow (1)
$ 483
$ 732
(34) %
Six Months Ended June 30,
(millions)
2026
2025
% Change
Cash Provided by Operating Activities
$ 986
$ 936
5 %
Capital Expenditures
(140)
(120)
17 %
Free Cash Flow (1)
$ 846
$ 816
4 %
(1)
Free cash flow is defined as cash flows from operations less capital expenditures. This non-GAAP measure does not imply or represent a precise calculation of residual cash flow available for discretionary expenditures.
Aon plc
Reconciliation of Non-GAAP Measures - Operating Income and Operating Margin (Unaudited) (1)
Three Months Ended June 30,
Risk Capital
Human Capital
Corporate/Eliminations
(2)
Total Consolidated
(millions, except percentages)
2026
2025
2026
2025
2026
2025
2026
2025
Revenue
$3,006
$2,866
$1,244
$1,291
$ (4)
$ (2)
$4,246
$4,155
Operating income
$ 916
$ 864
$ 167
$ 117
$ (168)
$ (122)
$ 915
$ 859
Amortization and impairment of intangible assets
88
86
86
115
—
—
174
201
Change in the fair value of contingent consideration
3
(9)
6
(1)
—
—
9
(10)
Accelerating Aon United Program expenses (3)
14
32
(1)
6
83
56
96
94
Integration costs (4)
7
3
10
9
16
15
33
27
Adjusted operating income
$1,028
$ 976
$ 268
$ 246
$ (69)
$ (51)
$1,227
$1,171
Operating margin
30.5 %
30.1 %
13.4 %
9.1 %
21.5 %
20.7 %
Adjusted operating margin
34.2 %
34.1 %
21.5 %
19.1 %
28.9 %
28.2 %
Six Months Ended June 30, 2026
Risk Capital
Human Capital
Corporate/Eliminations
(2)
Total Consolidated
(millions, except percentages)
2026
2025
2026
2025
2026
2025
2026
2025
Revenue
$6,508
$6,057
$2,783
$2,836
$ (11)
$ (9)
$9,280
$8,884
Operating income
$2,298
$2,061
$ 610
$ 520
$ (278)
$ (261)
$2,630
$2,320
Amortization and impairment of intangible assets
161
170
165
230
—
—
326
400
Change in the fair value of contingent consideration
(2)
(3)
6
10
—
—
4
7
Accelerating Aon United Program expenses (3)
33
51
4
10
151
143
188
204
Integration costs (4)
8
14
12
21
25
21
45
56
Adjusted operating income
$2,498
$2,293
$ 797
$ 791
$ (102)
$ (97)
$3,193
$2,987
Operating margin
35.3 %
34.0 %
21.9 %
18.3 %
28.3 %
26.1 %
Adjusted operating margin
38.4 %
37.9 %
28.6 %
27.9 %
34.4 %
33.6 %
(1)
Certain noteworthy items impacting operating income in the three and six months ended June 30, 2026 and 2025 are described in this reconciliation. The items shown with the caption "adjusted" are non-GAAP measures.
(2)
Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.
(3)
Total Accelerating Aon United Program expenses include technology-related costs to facilitate streamlining and simplifying operations, headcount reduction costs, and costs associated with asset impairments, including real estate consolidation.
(4)
The NFP transaction has continued to result in certain non-recurring integration costs associated with colleague severance, retention bonus awards, termination of redundant third-party agreements, costs associated with legal entity rationalization, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of NFP information technology environment and security protocols. Integration costs related to the NFP acquisition were substantially completed at June 30, 2026.
Aon plc
Reconciliation of Non-GAAP Measures - Diluted Earnings Per Share (Unaudited) (1)
(millions, except percentages)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
%
Change
2026
2025
%
Change
Operating income
$ 915
$ 859
7 %
$ 2,630
$ 2,320
13 %
Adjusted operating income (2)
1,227
1,171
5 %
3,193
2,987
7 %
Interest income
5
—
100 %
17
5
240 %
Interest expense
(179)
(212)
(16) %
(358)
(418)
(14) %
Other income (expense) (3)
(17)
56
(130) %
(12)
46
(126) %
Less: Certain deferred consideration (4)
—
88
(100) %
—
108
(100) %
Less: Gains from disposition of certain business (5)
—
—
— %
20
—
100 %
Adjusted other income (expense)
$ (17)
$ (32)
(47) %
$ (32)
$ (62)
(48) %
Adjusted income before income taxes
1,036
927
12 %
2,820
2,512
12 %
Adjusted income tax expense (6)
208
153
36 %
570
485
18 %
Adjusted net income
828
774
7 %
2,250
—
2,027
11 %
Less: Net income attributable to redeemable and nonredeemable
noncontrolling interests
14
15
(7) %
41
32
28 %
Adjusted net income attributable to Aon shareholders
$ 814
$ 759
7 %
$ 2,209
$ —
$ 1,995
11 %
Adjusted diluted net income per share attributable to Aon shareholders
$ 3.81
$ 3.49
9 %
$ 10.29
$ 9.17
12 %
Weighted average ordinary shares outstanding - diluted
213.9
217.3
(2) %
214.6
217.6
(1) %
Effective tax rates (6)
U.S. GAAP
22.0 %
15.5 %
20.8 %
19.3 %
Non-GAAP
20.1 %
16.5 %
20.2 %
19.3 %
(1)
Certain noteworthy items impacting operating income in the three and six months ended June 30, 2026 and 2025 are described in this schedule. The items shown with the caption "adjusted" are non-GAAP financial measures.
(2)
Refer to the previous page for a reconciliation of Operating income and Adjusted operating income.
(3)
Other Income (expense) includes $15 million and $21 million of net periodic pension expense for the three months ended June 30, 2026 and 2025, respectively. Other Income (expense) includes $30 million and $44 million of net periodic pension expense for the six months ended June 30, 2026 and 2025, respectively.
(4)
During the three and six months ended June 30, 2025, gains of $88 million and $108 million were recognized, respectively. These gains related to deferred consideration from the affiliates of The Blackstone Group L.P. and the other designated purchasers related to a divestiture completed in a prior year period and were excluded from Adjusted other income (expense).
(5)
During the six months ended June 30, 2026, Aon recognized a $20 million gain related to the prior-year sale of a significant majority of NFP's Wealth business, all of which was recognized in the first quarter of 2026.
(6)
Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with Accelerating Aon United Program expenses, deferred consideration from a prior year sale of business, certain integration costs related to the acquisition of NFP, additional gain from the disposal of the NFP Wealth business, and changes in the fair value of contingent consideration, which are adjusted at the related jurisdictional rate. The tax adjustment also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson.
Aon plc
Condensed Consolidated Statements of Financial Position
As of
(Unaudited)
(millions)
June 30,
2026
December 31,
2025
Assets
Current assets
Cash and cash equivalents
$ 1,062
$ 1,195
Short-term investments
205
1,603
Receivables, net
5,348
4,209
Fiduciary assets (1)
20,698
17,889
Other current assets
801
878
Total current assets
28,114
25,774
Goodwill
15,884
15,797
Intangible assets, net
5,657
5,727
Fixed assets, net
761
702
Operating lease right-of-use assets
750
677
Deferred tax assets
770
748
Prepaid pension
596
603
Other non-current assets
815
756
Total assets
$ 53,347
$ 50,784
Liabilities, redeemable noncontrolling interests, and equity
Liabilities
Current liabilities
Accounts payable and accrued liabilities
$ 2,266
$ 2,861
Short-term debt and current portion of long-term debt
2,020
589
Fiduciary liabilities
20,698
17,889
Other current liabilities
2,242
1,887
Total current liabilities
27,226
23,226
Long-term debt
12,947
14,660
Non-current operating lease liabilities
730
641
Deferred tax liabilities
342
340
Pension, other postretirement, and postemployment liabilities
1,002
1,084
Other non-current liabilities
1,390
1,285
Total liabilities
43,637
41,236
Redeemable noncontrolling interests
24
89
Equity
Ordinary shares - $0.01 nominal value
Authorized: 500.0 shares (issued: at June 30, 2026 - 212.0; at December 31, 2025 - 214.5)
2
2
Additional paid-in capital
13,500
13,438
Retained earnings (Accumulated deficit)
82
(245)
Accumulated other comprehensive loss
(3,986)
(3,843)
Total Aon shareholders' equity
9,598
9,352
Nonredeemable noncontrolling interests
88
107
Total equity
9,686
9,459
Total liabilities, redeemable noncontrolling interests and equity
$ 53,347
$ 50,784
(1)
Includes cash and short-term investments of $8.0 billion and $7.4 billion as of June 30, 2026 and December 31, 2025, respectively.
Aon plc
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended June 30,
(millions)
2026
2025
Cash flows from operating activities
Net income
$ 1,804
$ 1,576
Adjustments to reconcile net income to cash provided by operating activities:
Gain from sales of businesses
(20)
—
Depreciation of fixed assets
95
93
Amortization and impairment of intangible assets
326
400
Share-based compensation expense
204
266
Deferred income taxes
(90)
(242)
Other, net
1
(111)
Change in assets and liabilities:
Receivables, net
(1,180)
(902)
Accounts payable and accrued liabilities
(605)
(738)
Accelerating Aon United Program liabilities
24
15
Current income taxes
(69)
(73)
Pension, other postretirement and postemployment liabilities
(23)
(12)
Other assets and liabilities
519
664
Cash provided by operating activities
986
936
Cash flows from investing activities
Proceeds from investments
33
71
Purchases of investments
(36)
(42)
Net sales (purchases) of short-term investments - non fiduciary
1,394
(153)
Acquisition of businesses, net of cash and funds held on behalf of clients
(322)
(143)
Sale of businesses, net of cash and funds held on behalf of clients
21
119
Capital expenditures
(140)
(120)
Cash provided by (used for) investing activities
950
(268)
Cash flows from financing activities
Share repurchase
(1,100)
(500)
Proceeds from issuance of shares
28
33
Cash paid for employee taxes on withholding shares
(141)
(194)
Commercial paper issuances, net of repayments
297
480
Repayment of debt
(593)
(300)
Increase in fiduciary liabilities, net of fiduciary receivables
710
569
Cash dividends to shareholders
(337)
(308)
Redeemable and nonredeemable noncontrolling interests, and other financing activities
(163)
(153)
Cash used for financing activities
(1,299)
(373)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients
(147)
696
Net increase in cash and cash equivalents and funds held on behalf of clients
490
991
Cash, cash equivalents and funds held on behalf of clients at beginning of period
8,573
8,333
Cash, cash equivalents and funds held on behalf of clients at end of period
$ 9,063
$ 9,324
Reconciliation of cash and cash equivalents and funds held on behalf of clients:
Cash and cash equivalents
$ 1,062
$ 1,008
Cash and cash equivalents and funds held on behalf of clients classified as held for sale
—
1
Funds held on behalf of clients
8,001
8,315
Total cash and cash equivalents and funds held on behalf of clients
Viatris získal od FDA schválení pro Gwyn Lo™, novou jednou týdně aplikovanou antikoncepční náplast s nízkou dávkou estrogenu. Firma očekává komerční dostupnost později letos.
New Patch Will Provide Low-Dose Estrogen Combined Hormonal Contraceptive Option
Approval Marks an Important Milestone in Viatris' Efforts to Advance Women's Health
, /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS), a global healthcare company, today announced that the U.S. Food and Drug Administration (FDA) has approved Gwyn Lo™ (norelgestromin and ethinyl estradiol transdermal system). Gwyn Lo is a new combined hormonal contraceptive (CHC) patch with low-dose estrogen. The patch has demonstrated contraceptive efficacy for women of childbearing potential with a body mass index (BMI) below 30 kg/m² who are appropriate candidates for CHC. The Gwyn Lo dosage is norelgestromin 220 mcg/day and ethinyl estradiol 20 mcg/day.
"Gwyn Lo will provide a discreet option for women seeking a reversible, non-invasive, once-weekly contraception patch with a low dose of estrogen," said Philippe Martin, Viatris Chief R&D Officer. "Building on our expertise in transdermal drug delivery systems and legacy in women's health, we are pleased that the approved label for this new patch reflects the strength of our clinical program. This includes demonstrated efficacy in women with a BMI of 25 to less than 30 kg/m², with no BMI-based limitation of use in this population."
The approval was granted under the FDA's 505(b)(2) regulatory pathway and was supported by results from the Phase 3 Luminous Study (NCT05139121), which demonstrated contraceptive efficacy, a well-characterized safety profile and robust patch adhesion performance. Key outcomes of the Phase 3 study included:
The primary efficacy endpoint was the Pearl Index (PI), defined as the number of pregnancies per 100 woman-years of exposure in the efficacy evaluable population (women aged 18 to 35 years), which was 4.14 (95% CI: 2.77 to 5.95). The study demonstrated robust patch adhesion under real-world conditions, with only 1.3% of the 39,790 transdermal systems applied during the year-long trial fully detaching. The most common adverse reactions (2% or greater) reported during the study were application site irritation (4.8%), application site erythema (3.7%), application site pruritus (3.7%), intercycle bleeding (3.9%), heavy withdrawal bleeding (2.0%), and nausea (2.0%). Cycle control improved over time, as rates and duration of unscheduled bleeding or spotting decreased from 34.5% and a mean of 3.2 days in Cycle 1 to 20.0% and 2.4 days by Cycle 13. Data from four Phase 1 studies investigating various application sites and conditions demonstrated consistent drug delivery under conditions including sauna, whirlpool, treadmill exercise and cold-water bath.
Unintended pregnancy remains a significant public health issue in the United States, accounting for 41.6% of pregnancies in 2019.1 Women's contraceptive needs and preferences also vary: in a 2023 CDC survey, 18.1% of women who had used a contraceptive method changed or stopped a method within the previous 12 months.2 Among those women, 42.8% reported that they did not like the method they had been using.2 These findings underscore the continued need for a range of contraceptive options that can align with individual needs and preferences. Gwyn Lo helps address this need by offering a non-invasive, reversible, low-estrogen-dose CHC option for women who prefer once-weekly administration.
The Company expects Gwyn Lo to be commercially available later this year and will provide additional information during its upcoming financial results call.
About Gwyn Lo
Gwyn Lo is a once-weekly transdermal contraceptive patch for women of childbearing potential with a BMI below 30 kg/m² who are appropriate candidates for combined hormonal contraception and who prefer a non-invasive, reversible option with a low estrogen dose. The patch is applied once weekly for three consecutive weeks, followed by one patch-free week, and delivers norelgestromin and ethinyl estradiol over each seven-day wear interval.
Gwyn Lo is a multilayer matrix type transdermal system. The active ingredients and adhesive are contained in a matrix between a backing layer, which consists of a flexible film that provides structural support to the patch, and a release liner that protects the matrix and is removed just prior to application. Upon application to the skin, the system provides controlled delivery of norelgestromin 220 mcg/day and ethinyl estradiol 20 mcg/day throughout the wear interval.
Gwyn Lo is a trademark of Mylan Pharmaceuticals Inc., a Viatris company.
INDICATION AND USAGE
Gwyn Lo is indicated for the prevention of pregnancy in women with a body mass index (BMI) < 30 kg/m2 for whom a combined hormonal contraceptive is appropriate.
IMPORTANT SAFETY INFORMATION
Gwyn Lo is contraindicated in women who smoke and are over 35 years of age due to an increased risk of serious cardiovascular events. Gwyn Lo is contraindicated in women with a BMI ≥ 30 kg/m2. The risk of VTE may be greater with Gwyn Lo in women with a BMI > 30 kg/m2 compared to women with a lower BMI. Patients should discuss their medical history and risk factors with their healthcare provider before using Gwyn Lo.
Please see Full Prescribing Information.
About Viatris
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a broad portfolio that spans generics, value-added medicines, established brands, and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai, China, and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.
References
Rossen LM, Hamilton BE, Abma JC, Gregory ECW, Beresovsky V, Resendez AV, et al. Updated methodology to estimate overall and unintended pregnancy rates in the United States. National Center for Health Statistics. Vital Health Stat 2(201). 2023. doi:10.15620/cdc:124395 NCHS Rapid Surveys Systems. Contraception Use. National Center for Health Statistics. Available from: www.cdc.gov/nchs/rss/round2/contraception-use.html. Forward-Looking Statements
This press release includes statements that constitute "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include statements about FDA approval for Gwyn Lo; approval marks an important milestone in Viatris' efforts to advance women's health; Gwyn Lo will provide a discreet option for women seeking a reversible, non-invasive, once-weekly contraception patch with a low dose of estrogen; building on our expertise in transdermal drug delivery systems and legacy in women's health, we are pleased that the approved label for this new patch reflects the strength of our clinical program; and the Company expects Gwyn Lo to be commercially available later this year, and will provide additional information during its upcoming financial results call. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the uncertainties inherent in research and development, including the outcomes of clinical trials; the ability to meet anticipated clinical endpoints; the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from clinical studies; failure to achieve the intended benefits of our strategic initiatives and priorities; goodwill or impairment charges or other losses; any changes in or difficulties with the Company's manufacturing facilities; failure to achieve expected or targeted future financial and operating performance and results; Viatris' or its partners' ability to develop, manufacture, and commercialize products; any regulatory, legal or other impediments to Viatris' ability to bring new products to market; products in development and/or that receive regulatory approval may not achieve expected levels of market acceptance, efficacy or safety; actions and decisions of healthcare and pharmaceutical regulators; changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; the scope, timing and outcome of any ongoing legal proceedings, and the impact of any such proceedings on Viatris; any significant breach of data security or data privacy or disruptions to our IT systems; risks associated with international operations; changes in third-party relationships; the effect of any changes in Viatris' or its partners' customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of Viatris or its partners; uncertainties regarding future demand, pricing and reimbursement for the Company's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, potential adverse impacts from future tariffs and trade restrictions, inflation rates and global exchange rates; and the other risks described in Viatris' filings with the Securities and Exchange Commission ("SEC"). Viatris routinely uses its website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Viatris undertakes no obligation to update these statements for revisions or changes after the date of this press release other than as required by law.
Plánované převzetí Warner Bros. Discovery společností Paramount je po žalobě kalifornského generálního prokurátora na měsíce pozastavené. Ellisonovi dál usilují o dohodu, ale státy chtějí spíš strukturální než behaviorální ústupky.
The Ellisons may still get Warner Bros. But it won't be easy.
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Chief Correspondent covering media and technology
Larry Ellison backed the deal that let his son David buy Paramount this year. They were set to acquire Warner Bros. Discovery in the coming weeks — but a court challenge from the state of California means all bets are off. Eric Charbonneau/Getty Images for The Hollywood Reporter Up until last week, just about everyone in Hollywood and Wall Street believed that Larry and David Ellison's Paramount was going to own Warner Bros. Discovery in the near future.
Now an antitrust lawsuit brought by California's attorney general and other state AGs has thrown that into doubt. The Paramount-WBD deal is on hold for months, or maybe more, while the case works its way through the legal system.
There is a lot of spin and posturing around this one, with good reason: There's a lot of uncertainty about whether the Ellisons will eventually get what they want.
I asked Bloomberg's Lucas Shaw, the well-sourced reporter who has been covering the ins and outs of the deal for nearly a year, to walk me through what happens next: Could this get settled before a court verdict, and what would that look like? How might this November's election results affect all of this? And what does this mean for Netflix, which was going to buy WBD before it walked away?
You can hear my entire conversation with Lucas, which also tackles Netflix's growth and engagement issues, and the very mixed state of Hollywood's theatrical business, in my Channels podcast.
The following is an edited excerpt of our conversation:
Peter Kafka: What are the odds that this lawsuit gets settled before a verdict? That the Ellisons just say to the states, "Look, we'll give you something. It's more than we wanted to give you." And then the states say, "OK, this deal can go through."
Lucas Shaw: People thought that they would likely find some settlement before this trial started. That was the prevailing wisdom: That the states were fighting the deal because the Trump DOJ was not. And that they were unlikely to win or actually block the deal, but that they could garner some concessions.
The last month has really damaged the conventional wisdom. A lot of people, myself included, have realized that maybe they underestimated the forces fighting against the deal.
I was in that group too. I thought well, the Ellisons are gonna get this done one way or another. Some combination of brute force and maybe political favors. They really want it, and they are willing to spend an enormous amount of money.
They were willing to outbid Netflix, a much larger, much wealthier company. They spent months fighting the [Netflix-WBD deal], which at the time seemed like spoiled grapes. But they ended up playing a very canny political game, applying a lot of pressure on both Netflix and Warner Bros., to eventually get it.
And while I thought that the states were going to fight against the deal, I assumed that eventually the Ellisons would prevail, which of course, they may still.
In terms of what they could offer: One of the reasons why a settlement may prove difficult — and of course this is all posturing and bargaining, so maybe it's easier than we think — is that the Ellisons have been offering behavioral remedies. And the states are saying behavioral remedies don't really work.
They want structural remedies. So that would mean Paramount and Warner Brothers agreeing to sell things or divest things as part of this deal. There are assets that Paramount and Warner Brothers could divest, and it wouldn't really hurt the combined company that much. But they have not shown a willingness to get rid of things.
Democrats could take back all or part of Congress in November. Is that a worry for Paramount?
Yes, but a small one. There was never a lot that legislators could do about this deal. But especially now that the federal government has blessed it, we're really in the realm of the courts. I guess it could go to the Supreme Court.
A Democrat-controlled House will be annoying [for the Ellisons], especially given the belief that David Ellison and the current leadership of Paramount has made changes to CBS News that have made them more friendly to the Trump administration. And they're going to get CNN as part of this.
So there will be a lot of scrutiny of whatever happens with the news organizations. But that is separate from the deal itself.
What does Netflix think about this? Do they think there's now an opportunity for them to end up with Warners after all?
I think for now they're just sitting there with a big bucket of popcorn.
Look: If this deal falls apart, would Netflix look at it again? Sure. I interviewed Netflix co-CEO Ted Sarandos after his deal fell apart, and he said something like, "Maybe this'll come around again."
But their investors hated the deal. Their stock price has only continued to go down since then. So the threshold to reengaging on any deal like that would be really high.
And if we're being honest about what's happening with Paramount and the Ellisons — unless there's some dramatic change of heart for David Ellison, he's not giving up on this deal very easily.
Read next
Peter Kafka You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Peter covers media and technology for Business Insider; previously he has worked at Vox, Recode, AllThingsD, and Forbes. He was also the first hire at Silicon Alley Insider, Business Insider's predecessor.
Biogen ve 2. čtvrtletí překonal odhady zisku i tržeb díky silné poptávce po lécích na vzácná onemocnění. Firma ale snížila výhled upraveného zisku na akcii pro rok 2026 na 12 až 13 dolarů z dřívějších 14,25 až 15,25 dolaru.
A test tube is seen in front of displayed Biogen logo in this illustration created on December 1, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 29 (Reuters) - Biogen (BIIB.O), opens new tab reported second-quarter profit and revenue that topped Wall Street estimates on Wednesday, driven by strong demand for its rare-disease medicines, while sales of its legacy multiple sclerosis drugs stayed under pressure.
Investors are closely watching whether recent deals and newer products including its Alzheimer's drug Leqembi can reignite growth and help the company navigate mounting competition and pricing pressure across its aging multiple sclerosis portfolio.
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Despite an upbeat quarter, Biogen cut its 2026 adjusted per-share profit forecast to between $12 and $13 from between $14.25 and $15.25 per share earlier, reflecting a $3.85 per share impact from acquisition-related charges.
Analysts were expecting 2026 profit of $12.72 per share, according to data compiled by LSEG.
The drugmaker said its $5.6 billion buyout of Apellis Pharmaceuticals earlier this year would account for an 85-cent-per-share hit to annual profit.
The deal, Biogen's largest since its 2023 buyout of Reata Pharmaceuticals, gave it a foothold in kidney disease treatment and access to two approved rare disease drugs, which generated a combined revenue of about $689 million last year.
Global sales of Biogen's Alzheimer's drug Leqembi, developed with Eisai (4523.T), opens new tab, rose 15% from a year earlier to about $184 million as demand gained traction after early concerns over cost, efficacy and side effects tempered its launch.
Biogen expects recent U.S. approvals for a more convenient under-the-skin formulation of Leqembi to drive patient uptake.
On an adjusted basis, it earned $3.60 per share for the quarter ended June 30, compared with an expectation of $2.95 per share.
Quarterly revenue came in at $2.74 billion, above an estimate of $2.46 billion.
Sales of legacy multiple sclerosis drugs such as Tecfidera fell 13% to $963 million compared to the previous year.
Reporting by Mariam Sunny in Bengaluru; Editing by Pooja Desai
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Ocugen oznámila, že FDA udělila OCU410 status RMAT pro léčbu geografické atrofie u suché formy věkem podmíněné makulární degenerace. Tento status může urychlit vývoj i regulační cestu.
RMAT designation is intended to help expedite development of new regenerative medicines that have potential to treat serious medical conditions with significant unmet needThe designation could accelerate OCU410’s regulatory path while further differentiating its one-time treatment for life approach from current therapies requiring chronic administration MALVERN, Pa, July 29, 2026 (GLOBE NEWSWIRE) -- Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today announced that the U.S. Food and Drug Administration (FDA) has granted RMAT designation to Ocugen’s investigational product OCU410 for the treatment of geographic atrophy (GA), secondary to dry age-related macular degeneration (dAMD).
"RMAT designation for OCU410 is a significant accomplishment that recognizes both the potential of our ‘one treatment for life’ novel gene therapy platform and the substantial unmet medical need for geographic atrophy,” said Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-Founder of Ocugen. “With an estimated 2 to 3 million people in the U.S. and Europe affected, a number expected to grow as the population ages, geographic atrophy is a leading cause of irreversible blindness in older adults, highlighting the urgent need for new treatment options. We look forward to continuing to work closely with the FDA to responsibly and efficiently advance the development program for patients suffering from this devastating disease."
The RMAT designation for OCU410 was supported by Phase 2 clinical data demonstrating clinically meaningful efficacy and a favorable safety profile, with no reported serious adverse events related to drug. Based on these data, the FDA determined that OCU410 met the criteria for RMAT designation by providing preliminary clinical evidence that the therapy has the potential to address a serious condition with significant unmet medical need. This designation recognizes the promise of OCU410 as a regenerative medicine therapy and supports an expedited development pathway.
In early July 2026, Ocugen reached alignment with the FDA on the design of the OCU410 Phase 3 registrational trial, with study initiation expected in the third quarter of 2026, and a Biologics License Application (BLA) filing anticipated in 2028.
About Regenerative Medicine Advanced Therapy (RMAT) Designation
The FDA established the RMAT designation to expedite the development and review of regenerative medicine therapies intended to treat, modify, reverse, or cure serious or life-threatening diseases or conditions. RMAT designation is granted to investigational regenerative medicine therapies supported by preliminary clinical evidence indicating the potential to address unmet medical needs. Products receiving RMAT designation are eligible for all the benefits of the Fast Track and Breakthrough Therapy programs, including increased interactions with the FDA to support efficient development, eligibility for rolling BLA review, and the potential for accelerated approval and Priority Review, where appropriate.
About Dry Age-Related Macular Degeneration (dAMD) and Geographic Atrophy (GA)
Geographic atrophy is an advanced form of dAMD characterized by progressive degeneration of the macula, leading to irreversible central vision loss. Millions of patients worldwide are affected by GA, with a particularly high burden in aging populations in the United States and Europe. Despite recent approvals, treatment options remain limited and require chronic intravitreal injections, underscoring the need for innovative, durable therapies that address multiple disease mechanisms. dAMD affects approximately 10 million Americans and more than 266 million people worldwide. It is characterized by the thinning of the macula, the portion of the retina responsible for clear vision in one’s direct line of sight. dAMD involves the slow deterioration of the retina with submacular drusen (small white or yellow dots on the retina), atrophy, loss of macular function, and central vision impairment. dAMD accounts for 85-90% of all AMD cases.
About OCU410
OCU410 is an investigational, subretinal injection, AAV5-based gene therapy that delivers RORA (retinoid-related orphan receptor alpha), a nuclear receptor that regulates key pathways involved in retinal homeostasis, including oxidative stress response, complement regulation, inflammation, and lipid metabolism. OCU410 is being developed as a one-time gene therapy for patients with GA secondary to dAMD. OCU410 received Advanced Therapy Medicinal Product (ATMP) classification from the European Medicines Agency.
About Ocugen, Inc.
Ocugen, Inc. is a pioneering biotechnology company developing gene therapies for blindness. The Company’s breakthrough modifier gene therapy platform has the potential to address significant unmet medical needs across large patient populations through a gene-agnostic approach. Unlike traditional gene therapies and gene-editing technologies that target a single gene mutation, Ocugen’s modifier gene therapies are designed to address the underlying disease biology by restoring balance across multiple gene networks. The Company is currently advancing programs for inherited retinal diseases and other causes of blindness that affect millions worldwide, including retinitis pigmentosa, Stargardt disease, and geographic atrophy, an advanced form of dry age-related macular degeneration. Discover more at www.ocugen.com and follow us on LinkedIn and X.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding strategy, business plans and objectives for Ocugen’s clinical programs, plans and timelines for the preclinical and clinical development of Ocugen’s product candidates, including the therapeutic potential, clinical benefits and safety thereof, expectations regarding timing, success and data announcements of current ongoing preclinical and clinical trials, including the timing of enrollment and data readouts, the ability to initiate new clinical programs, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, statements regarding potential market size and commercial possibilities of Ocugen’s product candidates, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including, but not limited to, the risks that receipt of RMAT designation may not lead to faster development or regulatory review; that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing may not be predictive of the results or success of later clinical trials; and that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities. These and other risks and uncertainties are more fully described in our annual and quarterly filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
Společnost Cenovus ve 2. čtvrtletí zvýšila upravený peněžní tok na 5,0 mld. CAD a volný peněžní tok na 3,8 mld. CAD. Zároveň zvýšila celoroční výhled produkce o 25 MBOE/d.
CALGARY, Alberta, July 29, 2026 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its second-quarter 2026 financial and operating results. In the quarter, the company generated approximately $5.0 billion of adjusted funds flow and $3.8 billion of free funds flow. Operating results in the quarter included Upstream production of 970.4 thousand barrels of oil equivalent per day (MBOE/d)1 and Downstream crude throughput of 451.5 thousand barrels per day (Mbbls/d), representing an overall crude unit utilization rate of 95%.
Highlights
Delivered Upstream production of 970.4 MBOE/d, an increase of over 200 MBOE/d from Q2 2025.Record quarterly Oil Sands production of 786.4 MBOE/d, including record quarterly production at Christina Lake and Sunrise.Operated at a 95% crude unit utilization rate in the Downstream, with total crude throughput of 451.5 Mbbls/d and U.S. Refining adjusted market capture of 67%2.Increased full-year 2026 production guidance by 25 MBOE/d and decreased Oil Sands operating cost guidance by approximately 6%, as a result of strong performance across the Oil Sands assets and optimization of turnaround activity. Capital investment guidance is unchanged.Returned $1.4 billion to shareholders in the second quarter, including $1.0 billion through common share repurchases and $0.4 billion through common share dividends. “Through disciplined execution across the Upstream and Downstream, our people delivered outstanding operating performance and our best-ever quarterly financial results,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “We are advancing toward sustained production of one million BOE per day, a milestone that underscores our consistent execution, the ingenuity of our staff and our strong commitment to safety.”
Financial summary
($ millions, except per share amounts)2026 Q22026 Q12025 Q2Cash from (used in) operating activities5,6362,1812,374Adjusted funds flow24,9863,3771,519Per share (diluted)22.661.800.84Capital investment1,2001,1701,164Free funds flow23,7862,207355Excess free funds flow23,2571,723(306)Net earnings (loss)2,8701,570851Per share (diluted)1.530.830.45Long-term debt, including current portion8,55810,6337,241Net debt5,3888,0584,934 Production and throughput
(before royalties, net to Cenovus)2026 Q22026 Q12025 Q2Oil and NGLs (Mbbls/d)1835.5830.1624.0Conventional natural gas (MMcf/d)1809.8852.0851.4Total Upstream production (MBOE/d)1970.4972.1765.9Total Downstream crude throughput (Mbbls/d)1451.5458.5665.8 1 See Advisory for production by product type and by reporting segment.
2 Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.
Second-quarter results
Operating1
Cenovus’s total revenues were $17.4 billion in the second quarter, up from $12.4 billion in the first quarter of 2026. Upstream revenues were $12.6 billion, an increase from $9.4 billion in the previous quarter, while Downstream revenues were $8.2 billion, an increase from $5.6 billion in the first quarter.
Operating margin3 was $5.9 billion, compared with $4.4 billion in the prior quarter. Upstream operating margin4 was $4.9 billion, up from $3.7 billion in the prior quarter, as a result of higher benchmark oil prices and strong cost discipline. Downstream operating margin4 was $953 million, an increase from $734 million in the prior quarter, reflecting strong market crack spreads and upgrading differentials. Operating margin in the U.S. Refining segment was $771 million, which included a $152 million inventory holding gain.
Total Upstream production was 970.4 MBOE/d, compared to 972.1 MBOE/d in the first quarter. Christina Lake production was 372.1 Mbbls/d, up from 358.9 Mbbls/d in the prior quarter as a result of strong well pad performance at Narrows Lake and continued progress on the redevelopment well program at Christina Lake North. Foster Creek production was 214.5 Mbbls/d, down from 223.0 Mbbls/d in the prior quarter as a result of an unplanned disruption in late May. Sunrise production was 65.7 Mbbls/d, up from 59.4 Mbbls/d in the prior quarter as a result of the strong ramp-up from the first well pad in the East development area.
Production from the Lloydminster thermal assets was 103.1 Mbbls/d, compared with 102.3 Mbbls/d in the first quarter. Lloydminster conventional heavy oil output was 28.4 Mbbls/d, compared with 29.0 Mbbls/d in the prior quarter.
Production in the Conventional segment was 118.2 MBOE/d, a decrease from 121.7 MBOE/d in the prior quarter, largely as a result of third-party maintenance.
In the Offshore segment, production was 65.8 MBOE/d compared with 75.4 MBOE/d in the first quarter. In Asia Pacific, production was 51.2 MBOE/d, compared with 57.1 MBOE/d in the prior quarter due to planned maintenance in China and Indonesia. In the Atlantic region, production was 14.6 Mbbls/d, down from 18.3 Mbbls/d in the prior quarter as a result of turnaround activities at Terra Nova.
Cenovus is on track to achieve an Upstream monthly production milestone in excess of one million BOE/d in the month of July.
Total Downstream crude throughput in the second quarter was 451.5 Mbbls/d. Crude throughput in Canadian Refining was 101.7 Mbbls/d, representing a utilization rate of 94%, compared with 115.3 Mbbls/d in the prior quarter, as a result of a turnaround at the Lloydminster Upgrader.
In U.S. Refining, crude throughput was 349.8 Mbbls/d, compared with 343.2 Mbbls/d in the first quarter, representing a crude unit utilization rate of 96%. U.S. Refining revenues were $6.5 billion, an increase from $4.2 billion in the prior quarter, reflecting higher refined product prices. Adjusted market capture in U.S. Refining was 67%, compared with 114% in the prior quarter, a result of expected seasonal refined product pricing impacts as well as elevated domestic light crude pricing.
3Non-GAAP financial measure. Operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
4Specified financial measure. See Advisory.
Financial
Cash from operating activities in the second quarter increased to $5.6 billion from $2.2 billion in the first quarter. Adjusted funds flow was $5.0 billion, compared with $3.4 billion in the prior quarter, and free funds flow was $3.8 billion, compared with $2.2 billion in the prior quarter, driven by higher commodity prices and strong operational performance. Net earnings increased to $2.9 billion from $1.6 billion in the prior quarter.
Long-term debt, including the current portion, was $8.6 billion as at June 30, 2026. During the quarter, the remaining $2.2 billion outstanding on the term loan facility obtained to fund a portion of the cash consideration for the MEG Energy Corp. acquisition was fully repaid and subsequently cancelled. Net debt was $5.4 billion as at June 30, 2026, a decrease of $2.7 billion from the prior quarter, as a result of strong financial results and a $0.7 billion decrease in non-cash working capital.
In the second quarter, the company achieved its interim net debt threshold of $6 billion. While net debt is between $6.0 billion and $4.0 billion, the company will target to return approximately 75% of excess free funds flow to shareholders over time. The company continues to steward toward a long-term net debt target of $4.0 billion.
Growth projects
At Christina Lake North, the facility expansion project continues to progress, and the first of two new steam generators is expected to be brought online by year-end. In addition, the redevelopment well program is proceeding to plan and production is expected to increase in the second half of 2026. At Foster Creek, the enhanced sulphur recovery project, which is expected to reduce operating costs by $0.50 to $0.75 per barrel, was successfully completed and brought online within the quarter. Cenovus’s first commercial diluent solvent aided process project was sanctioned in the first quarter of 2026 with fabrication and earthworks underway in Q2. The project is expected to add 5 to 10 Mbbls/d of production by 2028.
At West White Rose, drilling of the first well continues to progress and the project remains on track for first oil in late Q3.
2026 guidance update
Cenovus has revised its 2026 corporate guidance to reflect the company’s updated outlook for the remainder of the year. It is available on cenovus.com under Investors.
Changes to the company’s 2026 guidance include:
Total upstream production raised to a range of 970 MBOE/d to 1,010 MBOE/d, an increase of 25 MBOE/d. This includes the impacts of strong performance in the Oil Sands and optimization of turnaround activity at Foster Creek and Christina Lake.Decreased overall Upstream operating cost guidance, including reductions to Oil Sands, Conventional and Asia Pacific as a result of higher production and lower costs. Revised operating cost guidance ranges are as follows: Oil Sands operating costs per BOE: From $11.25 - $12.75 to $10.75 - $11.75Conventional operating costs per BOE: From $11.00 - $12.00 to $10.00 - $10.50Asia Pacific operating costs per BOE: From $10.00 - $11.00 to $9.50 - $10.00Atlantic operating costs per bbl: From $35.00 - $45.00 to $40.00 - $45.00 Canadian Refining throughput raised to a range of 110 Mbbls/d to 115 Mbbls/d, an increase of 5 Mbbls/d at the midpoint, and Canadian Refining per-unit operating expenses decreased to a range of $10.50/bbl to $11.50/bbl, reflecting strong year-to-date performance. The company has also updated its commodity price assumptions and guidance range for cash taxes. There has been no change to the expected capital investment range of $5.0 billion to $5.3 billion.
Dividend declarations and share purchases
The Board of Directors has declared a quarterly base dividend of $0.22 per common share, payable on September 29, 2026, to shareholders of record as of September 15, 2026.
All dividends paid on Cenovus’s common shares will be designated as “eligible dividends” for Canadian income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.
In the second quarter, the company returned $1.4 billion to shareholders, composed of $1.0 billion from its purchase of 26.2 million common shares through its normal course issuer bid and $0.4 billion through common share dividends.
2026 planned maintenance
The following table provides details on planned maintenance activities at Cenovus assets in 2026 and anticipated production or throughput impacts.
Potential quarterly production/throughput impact (MBOE/d or Mbbls/d)
Cenovus will host a conference call today, July 29, 2026, at 9 a.m. MT (11 a.m. ET).
To participate in the conference call, please register in advance of the call start time. Once registered, you will receive a unique PIN that can be used to access the call by phone. You can either dial into the conference call using the unique PIN or select the "Call Me" option to receive an automated call.
A live audio webcast of the conference call will be available and will remain archived for approximately 30 days.
Advisory
Basis of Presentation
Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (the IFRS Accounting Standards).
Barrels of Oil Equivalent
Natural gas volumes have been converted to BOE on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.
Product types
Product type by reporting segmentThree months ended
June 30, 2026Oil SandsBitumen (Mbbls/d)755.4Heavy crude oil (Mbbls/d)28.4Conventional natural gas (MMcf/d)15.6Total Oil Sands segment production (MBOE/d)786.4ConventionalLight crude oil (Mbbls/d)6.7Natural gas liquids (Mbbls/d)22.2Conventional natural gas (MMcf/d)535.9Total Conventional segment production (MBOE/d)118.2OffshoreLight crude oil (Mbbls/d)14.6Natural gas liquids (Mbbls/d)8.2Conventional natural gas (MMcf/d)258.3Total Offshore segment production (MBOE/d)65.8Total Upstream production (MBOE/d)970.4 Forward‐looking Information
This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “drive”, “expect”, “on track”, “payable”, “progress”, “remain”, “steward”, “target”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: advancing towards sustained production milestone of one million BOE/d; commitment to safety; achieving an Upstream monthly production milestone in excess of one million BOE/d in the month of July; targeting to return approximately 75% of EFFF to shareholders over time; stewarding towards our long-term net debt target; Christina Lake North facility expansion project and redevelopment well program progress; expectation of operating cost reduction at Foster Creek; continued development of the eastern area and bringing a second pad online in the third quarter at Sunrise; additional production expected by 2028 from the diluent solvent aided process project; timing of first oil from the West White Rose project; future dividend payments; and 2026 planned maintenance and production/throughput impacts.
Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to the assumptions inherent in Cenovus’s updated 2026 corporate guidance available on cenovus.com.
The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: changes to general economic, market and business conditions; the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2025.
Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2025 and June 30, 2026 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).
Specified Financial Measures
This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the periods ended December 31, 2025 and June 30, 2026 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus's website at cenovus.com), which is incorporated by reference into this news release.
Upstream Operating Margin and Downstream Operating Margin
Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 of the interim Consolidated Financial Statements.
Operating Margin
Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.
Upstream (5)Downstream (5)Total ($ millions)2026
Q22026
Q12025
Q22026
Q22026
Q12025
Q22026
Q22026
Q12025
Q2 Revenues Gross Sales14,23110,3707,3948,1575,6277,74322,38815,99715,137 Less: Royalties(1,661)(983)(621)———(1,661)(983)(621) 12,5709,3876,7738,1575,6277,74320,72715,01414,516 Expenses Purchased Product2,0741,2441,1116,6634,3786,8788,7375,6227,989 Transportation and Blending4,5823,3752,621———4,5823,3752,621 Operating9711,0478965055269471,4761,5731,843 Realized (Gain) Loss on Risk Management2813836(11)(11)642(3) Operating Margin4,9153,7082,137953734(71)5,8684,4422,066 5 Found in Note 1 of the June 30, 2026, or the March 31, 2026, interim Consolidated Financial Statements.
The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s interim Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and EFFF. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.
Three Months Ended ($ millions)June 30, 2026March 31, 2026June 30, 2025 Cash From (Used in) Operating Activities(6)5,6362,1812,374 (Add) Deduct: Settlement of Decommissioning Liabilities(39)(53)(68) Net Change in Non-Cash Working Capital689(1,143)923 Adjusted Funds Flow4,9863,3771,519 Capital Investment1,2001,1701,164 Free Funds Flow3,7862,207355 Add (Deduct): Base Dividends Paid on Common Shares(411)(377)(364) Purchase of Common Shares under Employee Benefit Plan(58)(51)(15) Dividends Paid on Preferred Shares—(2)(4) Settlement of Decommissioning Liabilities(39)(53)(68) Principal Repayment of Leases(88)(90)(94) Acquisitions, Net of Cash Acquired(5)(10)(129) Proceeds From Divestitures729913 Excess Free Funds Flow3,2571,723(306) 6 Found in the June 30, 2026, or the March 31, 2026, interim Consolidated Financial Statements.
Adjusted Market Capture
Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.
($ millions)Three months ended
June 30, 2026Three months ended
March 31, 2026 Revenues (7)6,5494,220 Purchased Product (7)5,3843,318 Gross Margin1,165902 Inventory Holding (Gain) Loss(152)(457) Adjusted Gross Margin1,013445 Total Processed Inputs (Mbbls/d)372.9359.9 Adjusted Refining Margin ($/bbl)29.8313.74 Operable Capacity (Mbbls/d)364.8364.8 Operable Capacity by Regional Benchmark (percent) Chicago 3-2-1 Crack Spread Weighting8888 Group 3 3-2-1 Crack Spread Weighting1212 Benchmark Prices and Exchange Rate Chicago 3-2-1 Crack Spread (US$/bbl)46.5417.55 Group 3 3-2-1 Crack Spread (US$/bbl)41.4517.16 RINs (US$/bbl)13.788.71 US$ per C$1 - Average0.7230.729 Weighted Average Crack Spread, Net of RINs ($/bbl)44.4612.06 Adjusted Market Capture (percent)67114 7 Found in Note 1 of the June 30, 2026, or the March 31, 2026, interim Consolidated Financial Statements.
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating sustainability considerations into its business plans. Cenovus common shares are listed on the Toronto and New York stock exchanges. For more information, visit cenovus.com.
Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.
Cenovus contacts
Investors
Investor Relations general line
403-766-7711
, /PRNewswire/ -- Entergy Corporation (NYSE: ETR) reported second quarter 2026 earnings per share of $1.03 on an as-reported and an adjusted (non-GAAP) basis.
"At our investor day in June, we provided a comprehensive update on our differentiated growth story that starts with our customers," said Drew Marsh, Entergy Chair and Chief Executive Officer. "In the second quarter, we made steady progress across key customer, operational, regulatory, and financial areas. We remain solidly on track to achieve our objectives for 2026 and beyond."
Business highlights included the following:
The APSC approved Entergy Arkansas's Generating Arkansas Jobs Act rider rate update. The PUCT approved Entergy Texas's DCRF rate update. Entergy New Orleans and Entergy Louisiana each filed their annual formula rate plans. Entergy Arkansas filed its 2025 historical year formula rate plan netting adjustment. Entergy Louisiana and Entergy New Orleans each filed for an extension of their formula rate plans. Entergy Corporation completed a $2.175 billion common stock offering with a forward component. Entergy Texas was awarded an approximately $200 million Texas Energy Fund grant for electric reliability, which will strengthen the grid at no cost to customers. River Bend Station nuclear plant celebrated 40 years of producing clean, reliable electricity. Entergy's nuclear team received four Top Innovative Practice awards from the Nuclear Energy Institute. Entergy was named to The Civic 50, a Points of Light initiative honoring the 50 most community-minded companies in the U.S. Consolidated earnings (GAAP and non-GAAP measures)
Second quarter and year-to-date 2026 vs. 2025
(See Appendix A for reconciliation of GAAP to non-GAAP measures and details on adjustments)
Second quarter
Year-to-date
2026
2025
Change
2026
2025
Change
(After-tax, $ in millions)
As-reported earnings
483
468
15
868
829
39
Less adjustments
-
-
-
(14)
-
(14)
Adjusted earnings (non-GAAP)
483
468
15
881
829
52
Estimated weather impact
3
38
(35)
(7)
60
(67)
(After-tax, per share in $)
As-reported earnings
1.03
1.05
(0.01)
1.87
1.87
-
Less adjustments
-
-
-
(0.03)
-
(0.03)
Adjusted earnings (non-GAAP)
1.03
1.05
(0.01)
1.90
1.87
0.03
Estimated weather impact
0.01
0.08
(0.08)
(0.02)
0.14
(0.15)
Calculations may differ due to rounding
Consolidated results
For second quarter 2026, the company reported earnings of $483 million, or $1.03 per share, on an
as-reported and an adjusted basis. This compared to second quarter 2025 earnings of $468 million, or $1.05 per share, on an as-reported and an adjusted basis.
Summary discussions of results by business follow. Additional details, including information on operating cash flow by business, are provided in Appendix A. Appendix B provides a more detailed analysis of earnings per share variances by business.
Business results
Utility
For second quarter 2026, the Utility business reported earnings attributable to Entergy Corporation of $626 million, or $1.34 per share, on an as-reported and an adjusted basis. This compared to second quarter 2025 earnings of $599 million, or $1.34 per share, on an as-reported and an adjusted basis.
The primary drivers for the quarter's earnings increase included:
the net effect of regulatory actions across several operating companies; return on construction work in progress for certain utility plant investments; higher retail sales volume; and higher other income (deductions). These drivers were partially offset by higher interest expense, higher O&M, and higher depreciation and amortization.
On a per share basis, second quarter 2026 results reflected higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in 2025 and 2026 as well as the dilutive effect of an increase in the stock price on unsettled equity forwards.
Appendix C contains additional details on Utility operating and financial measures.
Parent & Other
For second quarter 2026, Parent & Other reported a loss attributable to Entergy Corporation of $(143 million), or (31) cents per share, on an as-reported and an adjusted basis. This compared to a second quarter 2025 loss of $(131 million), or (29) cents per share, on an as-reported and an adjusted basis.
The primary driver for the quarter-over-quarter change was higher interest expense.
On a per share basis, second quarter 2026 results reflected higher diluted average number of common shares outstanding (see details in Utility section).
Earnings per share guidance
Entergy affirmed its 2026 adjusted earnings per share guidance range of $4.25 to $4.45. See the earnings call presentation for additional details.
The company has provided 2026 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described in the "Non-GAAP financial measures" section. The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. Potential adjustments include, among other things, certain significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses.
Earnings teleconference
A teleconference will be held at 10:00 a.m. Central Time on Wednesday, July 29, 2026, to discuss Entergy's quarterly earnings announcement and the company's financial performance. The teleconference may be accessed by visiting Entergy's website at investors.entergy.com/investors/events-and-presentations or by dialing 888-440-4149, conference ID 9024832, no more than 15 minutes prior to the start of the call. The earnings call presentation is also being posted to Entergy's website concurrent with this news release. A replay of the teleconference will be available on Entergy's website at investors.entergy.com/investors/events-and-presentations and by telephone. The telephone replay will be available through Aug. 5, 2026, by dialing 800-770-2030, conference ID 9024832.
Entergy (NYSE: ETR) generates, transmits and distributes electricity to power life for more than 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We're focused on keeping costs for our customers as low as possible while providing reliable energy that our communities count on. We're also investing in growth for the future with a more resilient, cleaner energy system that includes modern natural gas, nuclear and renewable energy generation. As a nationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at Entergy.com and connect with @Entergy on social media.
Entergy Corporation's common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol "ETR".
Details regarding Entergy's results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the earnings call presentation. Both documents are available on Entergy's Investor Relations website at investors.entergy.com/investors/events-and-presentations.
Entergy maintains a web page as part of its Investor Relations website entitled Regulatory and other information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.
For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix E.
Non-GAAP financial measures
This news release contains non-GAAP financial measures, which are generally numerical measures of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Entergy reports earnings using the non-GAAP measure of adjusted earnings, which excludes the effect of certain "adjustments". Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses. In addition to reporting GAAP earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.
Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, owners, and analysts; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy's business, comparing period to period results, and comparing Entergy's financial performance to the financial performance of other companies in the utility sector.
Other non-GAAP measures, including adjusted ROE, adjusted ROE excluding affiliate preferred, FFO to adjusted debt, gross liquidity, net liquidity, adjusted Parent debt to total adjusted debt, adjusted debt to adjusted capitalization, and adjusted net debt to adjusted net capitalization are measures Entergy uses internally for management and board of directors discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy's ongoing financial results and flexibility and assists investors in comparing Entergy's credit and liquidity to the credit and liquidity of others in the utility sector. These metrics are defined in Appendix E.
These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy's operations that, when viewed with Entergy's GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy's business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy's consolidated financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy's performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
This news release contains certain "forward-looking statements" within the meaning of federal securities laws that are subject to risks and uncertainties. Such statements include, among other things, statements regarding Entergy's 2026 adjusted earnings per share guidance and capital plan; financial and operational outlooks and expected industrial sales; industrial load growth outlooks; statements regarding its resilience plans, goals, beliefs, or expectations; and other statements of Entergy's plans, beliefs, or expectations within this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy's most recent Annual Report on Form 10-K and any subsequent public filings with the Securities and Exchange Commission; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust values or earnings or in the timing or cost of decommissioning Entergy's nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including (1) strategic transactions that Entergy or its subsidiaries may undertake and the risks that any such transaction may not be completed as and when expected or the anticipated benefits may not be realized, and (2) Entergy's ability to meet the rapidly growing demand for electricity, including from large-scale data centers and other large customers, and to manage the impacts of such growth on customers and its business, or the risk that contracted or expected load growth does not materialize or is not sustained; (h) risks and uncertainties associated with the resolution of pending or future applications, regulatory proceedings, litigation or governmental official actions relating to generation, transmission, or other facilities and the effect of related public and political opposition, including, in each case, those relating to any facilities designed to serve large-scale data centers; (i) direct and indirect impacts to Entergy or its customers from pandemics, terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy's business or operations, and/or other catastrophic events; and (j) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, such as changes in monetary, fiscal, trade, tax, environmental, or energy (including, among other things, data center energy use, efficiency standards, and sources of power) policies, as well as changes in utility regulations, including those relating to new projects designed to serve the increased load growth of large-scale data centers and other large customers; (2) changes in commodity markets, capital markets, or economic conditions; and (3) technological change, including the costs, pace of development, and commercialization of new and emerging technologies.
Second quarter 2026 earnings release appendices and financial statements
Appendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: Consolidated financial measures
E: Definitions and abbreviations and acronyms
F: Other GAAP to non-GAAP reconciliations
A: Consolidated results and adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).
Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures
Second quarter and year-to-date 2026 vs. 2025 (See Appendix A-2 and Appendix A-3 for details on adjustments)
Second quarter
Year-to-date
2026
2025
Change
2026
2025
Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility
626
599
27
1,166
1,089
77
Parent & Other
(143)
(131)
(12)
(298)
(260)
(38)
Consolidated
483
468
15
868
829
39
Less adjustments
Utility
-
-
-
-
-
-
Parent & Other
-
-
-
(14)
-
(14)
Consolidated
-
-
-
(14)
-
(14)
Adjusted earnings (loss) (non-GAAP)
Utility
626
599
27
1,166
1,089
77
Parent & Other
(143)
(131)
(12)
(284)
(260)
(25)
Consolidated
483
468
15
881
829
52
Estimated weather impact
3
38
(35)
(7)
60
(67)
Diluted average number of common shares outstanding (in millions)
466
446
21
464
443
21
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility
1.34
1.34
-
2.51
2.45
0.06
Parent & Other
(0.31)
(0.29)
(0.01)
(0.64)
(0.59)
(0.06)
Consolidated
1.03
1.05
(0.01)
1.87
1.87
-
Less adjustments
Utility
-
-
-
-
-
-
Parent & Other
-
-
-
(0.03)
-
(0.03)
Consolidated
-
-
-
(0.03)
-
(0.03)
Adjusted earnings (loss) (non-GAAP)
Utility
1.34
1.34
-
2.51
2.45
0.06
Parent & Other
(0.31)
(0.29)
(0.01)
(0.61)
(0.59)
(0.03)
Consolidated
1.03
1.05
(0.01)
1.90
1.87
0.03
Estimated weather impact
0.01
0.08
(0.08)
(0.02)
0.14
(0.15)
Calculations may differ due to rounding
(a)
Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.
See Appendix B for detailed earnings variance analysis.
Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.
Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
Second quarter and year-to-date 2026 vs. 2025
Second quarter
Year-to-date
2026
2025
Change
2026
2025
Change
(Pre-tax except for income tax effect and totals; $ in millions)
Parent & Other
1Q26 impairment related to the expected sale of a non-utility business interest in Independence power plant
-
-
-
(18)
-
(18)
Income tax effect on Parent & Other adjustment above
-
-
-
4
-
4
Total Parent and Other
-
-
-
(14)
-
(14)
Total adjustments
-
-
-
(14)
-
(14)
(After-tax, per share in $) (b)
Parent & Other
1Q26 impairment related to the expected sale of a non-utility business interest in Independence power plant
-
-
-
(0.03)
-
(0.03)
Total Parent & Other
-
-
-
(0.03)
-
(0.03)
Total adjustments
-
-
-
(0.03)
-
(0.03)
Calculations may differ due to rounding
(b)
Per share amounts are calculated by multiplying the corresponding earnings (loss) by the income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period.
Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings)
Second quarter and year-to-date 2026 vs. 2025
(Pre-tax except for income taxes and totals; $ in millions)
Second quarter
Year-to-date
2026
2025
Change
2026
2025
Change
Parent & Other
Asset write-offs, impairments, and related charges
-
-
-
(18)
-
(18)
Income taxes
-
-
-
4
-
4
Total Parent & Other
-
-
-
(14)
-
(14)
Total adjustments
-
-
-
(14)
-
(14)
Calculations may differ due to rounding
Appendix A-4 provides a comparative summary of OCF by business.
Appendix A-4: Consolidated operating cash flow
Second quarter and year-to-date 2026 vs. 2025
($ in millions)
Second quarter
Year-to-date
2026
2025
Change
2026
2025
Change
Utility
2,021
1,371
650
2,891
1,937
954
Parent & Other
(128)
(110)
(18)
(169)
(139)
(30)
Consolidated
1,893
1,262
631
2,722
1,798
924
Calculations may differ due to rounding
Second quarter 2026 OCF increased primarily due to higher receipts of advance payments related to customer agreements, higher collections from Utility customers, and lower fuel and purchased power payments. These increases were partially offset by the timing of payments to vendors and higher interest payments.
B: Earnings variance analysis
Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2026 versus 2025 as-reported and adjusted earnings per share variances.
Appendix B-1: As-reported and adjusted earnings per share variance analysis (c), (d)
Second quarter 2026 vs. 2025
(After-tax, per share in $)
Utility
Parent & Other
Consolidated
As-
reported
Adjusted
As-
reported
Adjusted
As-
reported
Adjusted
2025 earnings (loss)
1.34
1.34
(0.29)
(0.29)
1.05
1.05
Operating revenue less:
fuel, fuel-related exp. and gas purch. for resale; purch. power; and other reg. chgs. (credits) – net
0.18
0.18
(e)
-
-
0.18
0.18
Nuclear refueling outage expenses
-
-
-
-
-
-
Other O&M
(0.08)
(0.08)
(f)
-
-
(0.08)
(0.08)
Asset write-offs, impairments, and related charges
-
-
-
-
-
-
Decommissioning
(0.01)
(0.01)
-
-
-
-
Taxes other than income taxes
(0.02)
(0.02)
-
-
(0.02)
(0.02)
Depreciation and amortization
(0.05)
(0.05)
(g)
-
-
(0.04)
(0.04)
Other income (deductions)
0.13
0.13
(h)
0.01
0.01
0.15
0.15
Interest expense
(0.11)
(0.11)
(i)
(0.04)
(0.04)
(j)
(0.15)
(0.15)
Income taxes – other
0.01
0.01
-
-
-
-
Preferred dividend requirements and noncontrolling interests
-
-
-
-
-
-
Share effect
(0.06)
(0.06)
0.01
0.01
(0.05)
(0.05)
(k)
2026 earnings (loss)
1.34
1.34
(0.31)
(0.31)
1.03
1.03
Calculations may differ due to rounding
Appendix B-2: As-reported and adjusted earnings per share variance analysis (c), (d)
Year-to-date 2026 vs. 2025
(After-tax, per share in $)
Utility
Parent & Other
Consolidated
As-
reported
Adjusted
As-
reported
Adjusted
As-
reported
Adjusted
2025 earnings (loss)
2.45
2.45
(0.59)
(0.59)
1.87
1.87
Operating revenue less:
fuel, fuel-related exp. and gas purch. for resale; purch. power; and other reg. chgs. (credits) – net
0.07
0.07
(e)
-
-
0.07
0.07
Nuclear refueling outage expenses
0.02
0.02
-
-
0.02
0.02
Other O&M
(0.08)
(0.08)
(f)
-
-
(0.08)
(0.08)
Asset write-offs, impairments, and related charges
-
-
(0.03)
-
(l)
(0.03)
-
Decommissioning
(0.01)
(0.01)
-
-
(0.01)
(0.01)
Taxes other than income taxes
(0.04)
(0.04)
(m)
-
-
(0.04)
(0.04)
Depreciation and amortization
(0.09)
(0.09)
(g)
-
-
(0.09)
(0.09)
Other income (deductions)
0.46
0.46
(h)
0.01
0.01
0.48
0.48
Interest expense
(0.18)
(0.18)
(i)
(0.06)
(0.06)
(j)
(0.24)
(0.24)
Income taxes – other
0.02
0.02
-
-
0.02
0.02
Preferred dividend requirements and noncontrolling interests
(0.01)
(0.01)
-
-
(0.01)
(0.01)
Share effect
(0.12)
(0.12)
0.03
0.03
(0.09)
(0.09)
(k)
2026 earnings (loss)
2.51
2.51
(0.64)
(0.61)
1.87
1.90
Calculations may differ due to rounding
(c)
Utility operating revenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions):
2Q26
2Q25
YTD26
YTD25
Utility operating revenue
(13)
(4)
(28)
(6)
Utility income taxes – other
13
4
28
6
(d)
EPS effects of individual income statement line item variances are calculated by multiplying the pre-tax amount by the income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes – other represents income tax differences other than the income tax effect of individual line-item variances. Share effect captures the per share impact from the change in diluted average number of common shares outstanding.
Utility as-reported operating revenue less fuel, fuel-related
expenses and gas purchased for resale; purchased power;
and other regulatory charges (credits) – net variance analysis
2026 vs. 2025 ($ EPS)
2Q
YTD
Electric volume / weather
0.04
0.03
Retail electric price
0.15
0.32
Return on CWIP for certain utility plant investments
0.07
0.12
E-TX MISO capacity costs
0.03
0.03
Sale of natural gas LDCs
(0.04)
(0.11)
Reg. provisions for decommissioning items
(0.07)
(0.36)
Other
0.02
0.05
Total
0.18
0.07
(e)
The second quarter and year-to-date earnings increases reflected the effect of rate actions including: E-AR's FRP, E-AR's Generating Arkansas Jobs Act Rider, E-LA's FRP (including FRP riders), E-LA's RPCR, E-MS's FRP interim facilities rate adjustment, and E-TX's DCRF. 2026 results included higher revenue related to the amortization of certain customer advances designed to provide a return on CWIP for certain utility plant investments, which is recognized as the related costs are incurred. The increases also reflected higher electric volume, including the effects of weather, as well as second quarter 2025 MISO capacity costs at E-TX prior to the implementation of a new capacity cost rider, which was effective June 2026. The increases were partially offset by the absence of revenues and gas purchase for resale from the natural gas LDC businesses that were sold in July 2025. Changes in regulatory provisions for decommissioning items was also a driver (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The year-to-date increase also included the effects of E-MS's grid modernization rider.
(f)
The second quarter earnings decrease from higher Utility other O&M was primarily due to an increase in power delivery expenses driven by higher vegetation maintenance costs, as well as higher compensation and benefits costs resulting from higher healthcare claims activity and the timing of the recognition of prescription drug rebates. The second quarter decrease was partially offset by lower bad debt expense. The year-to-date earnings decrease from higher Utility other O&M was primarily due to an increase in power delivery expenses driven by higher vegetation maintenance costs, a higher scope of work performed in 2026 as compared to 2025, and increased labor costs. The year-to-date decrease also reflected higher compensation and benefits, primarily due to a revision to estimated incentive-based compensation expense in 2025. The year-to-date decrease was partially offset by higher nuclear insurance refunds, lower gas operation expenses resulting from the sale of natural gas LDC businesses, and decreases in loss provisions and bad debt expense.
(g)
The second quarter and year-to-date earnings decreases from higher Utility depreciation and amortization were primarily due to higher plant in service. The decreases also reflected higher FERC jurisdictional depreciation rates at E-AR and
E -LA effective Jan. 2026, and an increase in E-LA's nuclear depreciation rates effective Sept. 2025.
(h)
The second quarter and year-to-date earnings increases from higher Utility other income (deductions) included changes in nuclear decommissioning trust returns, including portfolio rebalancing in 2026 (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The increases also reflected higher amortization of tax gross ups on customer advances, including customer advances for construction as well as higher external interest income. The increases were partially offset by a true-up of E-LA's MISO cost recovery mechanism.
(i)
The second quarter and year-to-date earnings decreases from higher Utility interest expense were primarily due to higher debt balances, a higher average interest rate, and higher carrying costs on customer advances. The year-to-date decrease also reflected 2026 carrying costs on retained net proceeds from the monetization of nuclear production tax credits.
(j)
The second quarter and year-to-date earnings decreases from higher Parent & Other interest expense were primarily due to the issuance of $1.3 billion of junior subordinated debentures in Nov. 2025.
(k)
The second quarter and year-to-date earnings per share decreases from share effect were due to higher diluted average number of common shares outstanding. The increases in shares outstanding were primarily due to the settlement of equity forwards in Oct. 2025, Feb. 2026, and June 2026 and the dilutive effect of an increase in the stock price on unsettled equity forwards.
(l)
The year-to-date as-reported earnings decrease from higher Parent & Other asset write-offs, impairments, and related charges was due to a first quarter 2026 $(18 million) ($(14 million) after tax) non-cash impairment related to the expected sale of a non-utility business interest in the Independence power plant (considered an adjustment and excluded from adjusted earnings).
(m)
The year-to-date earnings decrease from higher Utility taxes other than income taxes was primarily due to increases in ad valorem taxes resulting from higher assessments and millage rate increases.
C: Utility operating and financial measures
Appendix C provides a comparison of Utility operating and financial measures.
Appendix C: Utility operating and financial measures
Second quarter and year-to-date 2026 vs. 2025
Second quarter
Year-to-date
2026
2025
%
change
% weather
adj. (n)
2026
2025
%
change
% weather
adj. (n)
GWh sold
Residential
8,736
8,899
(1.8)
2.8
16,792
17,683
(5.0)
(0.2)
Commercial
7,208
7,265
(0.8)
0.3
13,437
13,507
(0.5)
(0.1)
Governmental
617
617
-
1.6
1,172
1,176
(0.3)
0.3
Industrial
17,164
15,620
9.9
9.9
33,060
29,452
12.3
12.3
Total retail
33,725
32,401
4.1
5.7
64,461
61,818
4.3
5.9
Wholesale
3,338
4,133
(19.2)
6,127
5,767
6.2
Total
37,063
36,534
1.4
70,588
67,585
4.4
Number of electric retail customers
Residential
2,637,865
2,608,472
1.1
Commercial
374,149
371,699
0.7
Governmental
19,105
18,008
6.1
Industrial
39,892
41,227
(3.2)
Total
3,071,011
3,039,406
1.0
Other O&M and nuclear refueling outage exp. per MWh
$21.24
$20.33
4.4
$20.88
$21.28
(1.9)
Calculations may differ due to rounding
(n)
The effects of weather were estimated using hourly heating degree days and cooling degree days for the period from various locations and comparing to a "normal" temperature range for each jurisdiction based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.
For the quarter, weather-adjusted retail sales increased 5.7 percent. The increase was primarily due to a 9.9 percent increase in industrial volume driven by higher sales to data center, primary metals, and chlor-alkali customers. Residential sales were 2.8 percent higher.
D: Consolidated financial measures
Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.
Appendix D: GAAP and non-GAAP financial measures
2026 vs. 2025 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending June 30
2026
2025
Change
GAAP measure
As-reported ROE
10.4 %
11.4 %
(1) %
Non-GAAP financial measure
Adjusted ROE
10.5 %
11.5 %
(1) %
As of June 30 ($ in millions, except where noted)
2026
2025
Change
GAAP measures
Cash and cash equivalents
3,854
1,176
2,678
Available revolver capacity
4,346
4,345
1
Commercial paper
1,544
459
1,085
Total debt
34,749
30,522
4,227
Junior subordinated debentures
2,500
1,200
1,300
Securitization debt
213
230
(17)
Total debt to total capital
65 %
65 %
-
Storm escrows
314
303
11
Non-GAAP financial measures ($ in millions, except where noted)
FFO to adjusted debt
15.8 %
15.1 %
0.7 %
Adjusted debt to adjusted capitalization
63 %
63 %
-
Adjusted net debt to adjusted net capitalization
60 %
62 %
(2) %
Gross liquidity
8,200
5,521
2,679
Net liquidity
10,026
7,631
2,395
Adjusted Parent debt to total adjusted debt
18 %
17 %
1 %
Build-to-suit lease agreement (o)
1,450
-
1,450
Calculations may differ due to rounding
(o)
Maximum counterparty commitment; see Form 10-K for the fiscal year ended Dec. 2025 for additional details.
E: Definitions and abbreviations and acronyms
Appendix E-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.
Appendix E-1: Definitions
Utility operating and financial measures
Number of electric retail customers
Average number of electric customers over the period
Other O&M and refueling outage expense per MWh
Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales
Financial measures – GAAP
As-reported ROE
Last twelve months net income attributable to Entergy Corp. divided by average common equity
Available revolver capacity
Amount of undrawn capacity remaining on corporate and subsidiary revolvers
Securitization debt
Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections
Total capitalization
Total debt plus subsidiaries' preferred stock without sinking fund plus total equity
Total debt
Sum of short-term and long-term debt, notes payable, and commercial paper
Total debt to total capitalization
Total debt divided by total capitalization
Financial measures – non-GAAP
Adjusted capitalization
Total capitalization excluding securitization debt
Adjusted debt
Total debt excluding securitization debt and 50% of junior subordinated debentures
Adjusted debt to adjusted capitalization
Adjusted debt divided by adjusted capitalization
Adjusted earnings (loss)
As-reported earnings (loss) minus adjustments
Adjusted EPS
Adjusted earnings (loss) divided by the diluted average number of common shares outstanding
Adjusted net capitalization
Adjusted capitalization minus cash and cash equivalents
Adjusted net debt
Adjusted debt minus cash and cash equivalents
Adjusted net debt to adjusted net capitalization
Adjusted net debt divided by adjusted net capitalization
Adjusted Parent debt
Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities plus unamortized debt issuance costs and discounts minus 50% of junior subordinated debentures
Adjusted Parent debt to total adjusted debt
Adjusted Parent debt divided by consolidated adjusted debt
Adjusted ROE
Last twelve months adjusted earnings divided by average common equity
Adjusted ROE excluding affiliate preferred
Last twelve months adjusted earnings, excluding dividend income from affiliate preferred as well as the after-tax cost of debt financing for preferred investment, divided by average common equity adjusted to exclude the estimated equity associated with the affiliate preferred investment
Adjustments
Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses
FFO
Last twelve months OCF minus preferred dividend requirements of subsidiaries, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, deferred fuel costs, customer advances – current, and other working capital accounts), 50% of interest on junior subordinated debentures, and securitization regulatory charges
FFO to adjusted debt
Last twelve months FFO divided by end of period adjusted debt
Gross liquidity
Sum of cash and cash equivalents plus available revolver capacity
Net liquidity
Sum of cash and cash equivalents, available revolver capacity, escrow accounts available for certain storm expenses, and equity sold forward but not yet settled minus commercial paper
Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.
Appendix E-2: Abbreviations and acronyms
A&G
ACM
ADIT
AFUDC
APSC
BESS
CAGR
CCCT
CCNO
CFO
COD
CT
CWIP
DCRF
DRM
E-AR
E-LA
E-MS
E-NO
E-TX
EPS
ETR
FFO
FRP
GAAP
GCRR
GGO
Grand Gulf or GGNS
Independence
LDC
Administrative and general expenses
Additional Capacity Mechanism
Accumulated deferred income taxes
Allowance for funds used during construction
Arkansas Public Service Commission
Battery and energy storage system
Compound annual growth rate
Combined cycle combustion turbine
Council of the City of New Orleans
Cash from operations
Commercial operation date
Combustion turbine
Construction work in progress
Distribution Cost Recovery Factor
Distribution Recovery Mechanism
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
Earnings per share
Entergy Corporation
Funds from operations
Formula rate plan
U.S. generally accepted accounting principles
Generation Cost Recovery Rider
Geaux Green Option
Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI
Independence Steam Electric Station
Local distribution company
LPSC
LTM
MCRM
MISO
Moody's
MPSC
NDT
NYSE
O&M
OCAPS
OCF
OpCo
Other O&M
P&O
PMR
PPA
PUCT
RECs
RSHCR
ROE
RPCR
S&P
SEC
SERI
TAM
TCRF
TRM
VMR
WACC
Louisiana Public Service Commission
Last twelve months
MISO Cost Recovery Mechanism
Midcontinent Independent System Operator, Inc.
Moody's Ratings
Mississippi Public Service Commission
Nuclear decommissioning trust
New York Stock Exchange
Operation and maintenance
Orange County Advanced Power Station (CCCT)
Net cash flow provided by operating activities
Utility operating company
Other operation and maintenance expense
Parent & Other
Performance Management Rider
Power purchase agreement or purchased power agreement
Public Utility Commission of Texas
Renewable energy certificates
Resilience and Storm Hardening Cost Recovery
Return on equity
Resilience Plan Cost Recovery Rider
Standard & Poor's
U.S. Securities and Exchange Commission
System Energy Resources, Inc.
Tax Adjustment Mechanism
Transmission Cost Recovery Factor
Transmission Recovery Mechanism
Vegetation management rider
Weighted average cost of capital
F: Other GAAP to non-GAAP reconciliations
Appendix F-1, Appendix F-2, and Appendix F-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.
Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE
(LTM $ in millions except where noted)
Second quarter
2026
2025
As-reported net income attributable to Entergy Corporation
(A)
1,797
1,760
Adjustments
(B)
(14)
(5)
Adjusted earnings (non-GAAP)
(C)=(A-B)
1,811
1,765
Average common equity (average of beginning and ending balances)
(D)
17,221
15,390
As-reported ROE
(A/D)
10.4 %
11.4 %
Adjusted ROE (non-GAAP)
(C/D)
10.5 %
11.5 %
Calculations may differ due to rounding
Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – FFO to adjusted debt
($ in millions except where noted)
Second quarter
2026
2025
Total debt
(A)
34,749
30,522
Securitization debt
(B)
213
230
50% junior subordinated debentures
(C)
1,250
600
Adjusted debt (non-GAAP)
(D)=(A-B-C)
33,286
29,692
Net cash flow provided by operating activities, LTM
(E)
6,075
4,740
Preferred dividend requirements of subsidiaries, LTM
(F)
(18)
(18)
50% of the interest expense associated with junior subordinated debentures, LTM
(G)
(68)
(43)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables
(30)
(84)
Fuel inventory
38
(1)
Accounts payable
226
208
Taxes accrued
69
18
Interest accrued
49
45
Deferred fuel costs
(139)
(216)
Customer advances – current
918
455
Other working capital accounts
(244)
(109)
Securitization regulatory charges, LTM
18
17
Total
(H)
904
332
FFO, LTM (non-GAAP)
(I)=(E-F-G-H)
5,257
4,469
FFO to adjusted debt (non-GAAP)
(I/D)
15.8 %
15.1 %
Calculations may differ due to rounding
Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – adjusted debt ratios; gross liquidity; and net liquidity
($ in millions except where noted)
Second quarter
2026
2025
Total debt
(A)
34,749
30,522
Securitization debt
(B)
213
230
50% junior subordinated debentures
(C)
1,250
600
Adjusted debt (non-GAAP)
(D)=(A-B-C)
33,286
29,692
Cash and cash equivalents
(E)
3,854
1,176
Adjusted net debt (non-GAAP)
(F)=(D-E)
29,432
28,516
Commercial paper
(G)
1,544
459
Total capitalization
(H)
53,289
47,050
Securitization debt
(B)
213
230
Adjusted capitalization (non-GAAP)
(I)=(H-B)
53,076
46,820
Cash and cash equivalents
(E)
3,854
1,176
Adjusted net capitalization (non-GAAP)
(J)=(I-E)
49,222
45,644
Total debt to total capitalization
(A/H)
65 %
65 %
Adjusted debt to adjusted capitalization (non-GAAP)
(D/I)
63 %
63 %
Adjusted net debt to adjusted net capitalization (non-GAAP)
(F/J)
60 %
62 %
Available revolver capacity
(K)
4,346
4,345
Storm escrows
(L)
314
303
Equity sold forward, not yet settled (p)
(M)
3,056
2,266
Gross liquidity (non-GAAP)
(N)=(E+K)
8,200
5,521
Net liquidity (non-GAAP)
(N-G+L+M)
10,026
7,631
Entergy Corporation notes:
Due September 2025
-
800
Due September 2026
750
750
Due June 2028
650
650
Due June 2030
600
600
Due June 2031
650
650
Due June 2050
600
600
Junior subordinated debentures due Dec. 2054
1200
1,200
Junior subordinated debentures due June 2056
700
-
Junior subordinated debentures due June 2056
600
-
Total Parent long-term debt
(O)
5,750
5,250
Revolver drawn
(P)
-
-
Unamortized debt issuance costs and discounts
(Q)
(53)
(42)
Total Parent debt
(R)=(G+O+P+Q)
7,242
5,667
Adjusted Parent debt (non-GAAP)
(S)=(R-C)
5,992
5,067
Adjusted Parent debt to total adjusted debt (non-GAAP)
(S/D)
18 %
17 %
Calculations may differ due to rounding
(p)
Reflects adjustments, including for common dividends between contracting and settlement.
Bloom Energy Corporation (BE) Q2 2026 Earnings Call July 28, 2026 5:00 PM EDT
Company Participants
Michael Tierney - Vice President of Investor Relations
K. Sridhar - Co-Founder, CEO & Chairman
Simon Edwards - Chief Financial Officer
Conference Call Participants
Mark W. Strouse - JPMorgan Chase & Co, Research Division
Christopher Dendrinos - RBC Capital Markets, Research Division
David Arcaro - Morgan Stanley, Research Division
Nicholas Amicucci - Evercore ISI Institutional Equities, Research Division
Ben Kallo - Robert W. Baird & Co. Incorporated, Research Division
Manav Gupta - UBS Investment Bank, Research Division
Maheep Mandloi - Mizuho Securities USA LLC, Research Division
Sunaina Ocalan - Bernstein Institutional Services LLC, Research Division
Colin Rusch - Oppenheimer & Co. Inc., Research Division
Presentation
Operator
Good day, everyone, and welcome to the Bloom Energy Second Quarter 2026 Earnings Call. Just a reminder that today's call is being recorded. At this time, I would like to hand things over to Mr. Michael Tierney. Please go ahead.
Michael Tierney
Vice President of Investor Relations
Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's Second Quarter 2026 Earnings Call. To supplement this conference call, we furnished our second quarter 2026 earnings press release and supplemental financial information with the SEC on Form 8-K and have posted these materials, which we will reference throughout this call to our Investor Relations website.
During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the company's business results, products, markets, customers, strategy, financial position, liquidity and full year outlook for 2026. These statements are predictions based upon our expectations, estimates and assumptions. However, as these statements deal with future events, they are subject to numerous known and unknown risks and uncertainties as discussed in detail in our documents filed with the
Boston Scientific ve 2. čtvrtletí zvýšila tržby na 5,442 miliardy USD a upravené EPS na 0,86 USD, obojí nad odhadem. Zároveň zvedla výhled celoročních tržeb na růst o 5,5 až 6,5 % a upraveného EPS na 3,28 až 3,32 USD.
, /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) generated net sales of $5.442 billion during the second quarter of 2026, growing 7.5 percent on a reported basis and 7.0 percent on an operational1 and organic2 basis, all compared to the prior year period. The company reported GAAP net income attributable to Boston Scientific common stockholders of $907 million or $0.61 per share (EPS), compared to $797 million or $0.53 per share a year ago, and achieved adjusted3 EPS of $0.86 for the period, compared to $0.75 a year ago.
"Our team delivered a solid quarter while continuing to navigate a dynamic environment," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "We are focused on disciplined execution and prioritizing investments in our highest-impact opportunities, and we remain confident in Boston Scientific's long-term growth, anchored by our category leadership strategy and our commitment to meaningful innovation for patients and physicians."
Second quarter financial results and recent developments:
Reported net sales of $5.442 billion, representing an increase of 7.5 percent on a reported basis, compared to the company's guidance range of 5.5 to 7.5 percent; and 7.0 percent on an operational and organic basis, compared to the company's guidance range of 5 to 7 percent, all compared to the prior year period. Reported GAAP net income attributable to Boston Scientific common stockholders of $0.61 per share, and achieved adjusted EPS of $0.86 per share, compared to the guidance range of $0.82 to $0.84 per share. Achieved the following net sales growth in each reportable segment, compared to the prior year period: MedSurg: 5.9 percent reported, 5.4 percent operational and organic Cardiovascular: 8.3 percent reported, 7.8 percent operational and organic Achieved the following net sales growth in each region, compared to the prior year period: United States (U.S.): 6.2 percent reported and operational Europe, Middle East and Africa (EMEA): 6.1 percent reported and 4.2 percent operational Asia-Pacific (APAC): 11.2 percent reported and operational Latin America and Canada (LACA): 22.4 percent reported and 16.2 percent operational Completed the previously announced $2 billion accelerated share repurchase program, repurchasing approximately 40 million shares. Invested $1.5 billion in MiRus LLC, which is developing and commercializing proprietary biomaterials, implants and procedural solutions for the treatment of cardiovascular and orthopedic diseases, including the SIEGEL™ Balloon Expandable Transcatheter Aortic Valve Replacement (TAVR) system, in return for an approximately 34% equity stake and exclusive option to acquire the MiRus TAVR business.4 Presented late-breaking findings at EuroPCR from the FRACTURE Investigational Device Exemption trial, which met its primary endpoints with the SEISMIQ™ 4CE Coronary Intravascular Lithotripsy Catheter, demonstrating high rates of freedom from major adverse cardiac events at 30 days as well as procedural success in patients with severely calcified coronary artery disease.4 Announced clinical trial results that were presented in late-breaking sessions at Heart Rhythm 2026 including: The AVANT GUARD study of FARAPULSE™ Pulsed Field Ablation (PFA) for the treatment of persistent atrial fibrillation (AF) in patients who had not previously been treated for their condition. Data met all safety and effectiveness endpoints and demonstrated statistical superiority of FARAPULSE PFA over anti-arrhythmic drugs with significantly higher primary effectiveness. The ELEVATE-PF feasibility study of the FARAFLEX™ Mapping and PFA Catheter — a novel large focal, high-density map-and-ablate catheter — in patients with paroxysmal and persistent AF. The trial demonstrated strong lesion durability validated by cardiac remapping, with no reported cases of pulmonary vein stenosis, hemolysis, coronary spasm or clinical stroke.4 Commenced enrollment in the pivotal FARADIGM clinical trial to evaluate the safety and effectiveness of the FARAFLEX Mapping and PFA Catheter for treating patients with paroxysmal and persistent AF.4 Received U.S. Food and Drug Administration 510(k) clearance for the TruSelect™ 2.6 Microcatheter, expanding Boston Scientific's embolization portfolio with a device designed to provide physicians with a single solution for navigation and efficient embolic delivery during minimally invasive procedures. 1.
Operational net sales growth excludes the impact of foreign currency fluctuations.
2.
Organic net sales growth excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales.
3.
Adjusted EPS excludes the impact of certain charges (credits) as defined below within the "Use of Non-GAAP Financial Measures" section.
4.
The SIEGEL Balloon Expandable TAVR system, the SEISMIQ 4CE Coronary Intravascular Lithotripsy Catheter and the FARAFLEX Mapping and PFA Catheter are investigational devices. Limited by Federal (or U.S.) law to investigational use only. Not available for sale.
Net sales for the second quarter by business and region:
Increase/(Decrease)
Three Months Ended
June 30,
Reported
Basis
Impact of
Foreign
Currency
Fluctuations
Operational
Basis
Impact of
Certain
Acquisitions
/Divestitures
Organic
Basis
(in millions)
2026
2025
Endoscopy
$ 793
$ 737
7.6 %
(0.7) %
7.0 %
— %
7.0 %
Urology
684
676
1.1 %
(0.3) %
0.8 %
— %
0.8 %
Neuromodulation
341
303
12.7 %
(0.6) %
12.2 %
— %
12.2 %
MedSurg
1,818
1,716
5.9 %
(0.5) %
5.4 %
— %
5.4 %
Cardiovascular
3,624
3,345
8.3 %
(0.6) %
7.8 %
— %
7.8 %
Net Sales
$ 5,442
$ 5,061
7.5 %
(0.5) %
7.0 %
— %
7.0 %
Increase/(Decrease)
Three Months Ended
June 30,
Reported
Basis
Impact of
Foreign
Currency
Fluctuations
Operational
Basis
(in millions)
2026
2025
U.S.
$ 3,426
$ 3,224
6.2 %
— %
6.2 %
EMEA
932
878
6.1 %
(1.9) %
4.2 %
APAC
878
790
11.2 %
(0.0) %
11.2 %
LACA
206
169
22.4 %
(6.2) %
16.2 %
Net Sales
$ 5,442
$ 5,061
7.5 %
(0.5) %
7.0 %
Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not recalculate precisely.
Net sales growth rates that exclude the impact of foreign currency fluctuations and/or the impact of certain acquisitions/divestitures are not
prepared in accordance with U.S. GAAP.
Guidance for Full Year and Third Quarter 2026
The company now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 5.5 to 6.5 percent on a reported basis and 5 to 6 percent on an organic basis. Full year organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. The company now estimates adjusted EPS, excluding certain charges (credits), of $3.28 to $3.32.
The company estimates net sales growth for the third quarter of 2026, versus the prior year period, to be approximately 3 to 5 percent on a reported and organic basis. Third quarter organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates adjusted EPS, excluding certain charges (credits), of $0.80 to $0.82.
The company has not provided reconciliations of the forward-looking adjusted EPS guidance to GAAP guidance as it is unable to predict with reasonable certainty and without unreasonable efforts the impact of certain items such as intangible asset impairment charges, acquisition-related charges, restructuring and restructuring-related charges and litigation-related charges. The combined impact of these items is uncertain, dependent on various factors and cannot be predicted with reasonable certainty, and could be material to our GAAP measures of financial results.
Conference Call Information
Boston Scientific management will be discussing these results with analysts on a conference call today at 8:00 a.m. ET. The company will webcast the call to interested parties through its website: investors.bostonscientific.com. Please see the website for details on how to access the webcast. The webcast will be available for approximately one year on the Boston Scientific website.
About Boston Scientific
Boston Scientific transforms lives through innovative medical technologies that improve the health of patients around the world. As a global medical technology leader for more than 45 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of healthcare. Our portfolio of devices and therapies helps physicians diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions. Learn more at www.bostonscientific.com and follow us on LinkedIn.
This press release contains 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. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "may," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our expected net sales; reported, operational and organic revenue growth rates; adjusted EPS for the third quarter and full year 2026; our financial performance; acquisitions; clinical trials; our business plans and product performance; and new and anticipated product approvals and launches. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Risks and uncertainties that may cause such differences include, among other things: economic conditions, including the impact of foreign currency fluctuations; future U.S. and global political, competitive, reimbursement and regulatory conditions, including changing trade and tariff policies; geopolitical conflicts and tensions; manufacturing, distribution and supply chain disruptions and cost increases; disruptions caused by cybersecurity events; disruptions caused by public health emergencies or extreme weather or other climate change-related events; labor shortages and increases in labor costs; variations in outcomes of ongoing and future clinical trials and market studies; new product introductions; expected procedural volumes; the closing and integration of acquisitions; demographic trends; intellectual property; litigation; financial market conditions; the execution and effect of our business strategy, including our cost-savings and growth initiatives; and future business decisions made by us and our competitors. New risks and uncertainties may arise from time to time and are difficult to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements, except as required by law. This cautionary statement is applicable to all forward-looking statements contained in this press release.
Note: Amounts reported in millions within this press release are computed based on the amounts in thousands. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts.
Use of Non-GAAP Financial Information
A reconciliation of the company's non-GAAP financial measures to the corresponding GAAP measures, and an explanation of the company's use of these non-GAAP financial measures, is included in the exhibits attached to this press release.
CONTACT:
Media:
Chanel Hastings
Investors:
Lauren Tengler
508-382-0288 (office)
508-683-4479 (office)
Media Relations
Investor Relations
Boston Scientific Corporation
Boston Scientific Corporation
[email protected]
[email protected]
BOSTON SCIENTIFIC CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share data)
2026
2025
2026
2025
Net sales
$ 5,442
$ 5,061
$ 10,646
$ 9,724
Cost of products sold (excluding amortization expense)
1,594
1,637
3,184
3,090
Gross profit
3,848
3,424
7,462
6,633
Operating expenses:
Selling, general and administrative expenses
1,803
1,716
3,583
3,312
Research and development expenses
554
526
1,069
969
Royalty expense
12
14
24
28
Amortization expense
233
225
466
444
Intangible asset impairment charges
—
46
—
46
Contingent consideration net expense (benefit)
(16)
(5)
(46)
0
Restructuring net charges (credits)
8
83
11
93
Litigation-related net charges (credits)
76
—
76
—
2,670
2,605
5,183
4,894
Operating income (loss)
1,178
819
2,279
1,740
Other income (expense):
Interest expense
(96)
(90)
(186)
(172)
Other, net
(23)
213
129
179
Income (loss) before income taxes
1,060
941
2,222
1,746
Income tax expense (benefit)
155
146
(21)
279
Net income (loss)
905
795
2,243
1,467
Net income (loss) attributable to noncontrolling interests
(2)
(2)
(4)
(4)
Net income (loss) attributable to Boston Scientific common stockholders
$ 907
$ 797
$ 2,247
$ 1,471
Net income (loss) per common share - basic
$ 0.62
$ 0.54
$ 1.52
$ 0.99
Net income (loss) per common share - diluted
$ 0.61
$ 0.53
$ 1.51
$ 0.98
Weighted-average shares outstanding
Basic
1,470.2
1,479.9
1,477.6
1,478.5
Diluted
1,474.8
1,493.5
1,484.9
1,493.3
Amounts may not add due to rounding.
BOSTON SCIENTIFIC CORPORATION
NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS
(Unaudited)
Three Months Ended June 30, 2026
(in millions, except per share data)
Gross
Profit
Operating
Expenses
Operating
Income
(Loss)
Other
Income
(Expense)
Income
(Loss)
Before
Income
Taxes
Net
Income
(Loss)
Net Income
(Loss)
Attributable to
Noncontrolling
Interests
Net Income
(Loss)
Attributable to
Boston
Scientific
Common
Stockholders
Impact
per
Share
Reported
$ 3,848
$ 2,670
$ 1,178
$ (118)
$ 1,060
$ 905
$ (2)
$ 907
$ 0.61
Non-GAAP adjustments:
Amortization expense
—
(233)
233
—
233
206
2
203
0.14
Acquisition/divestiture-related net
charges/credits
30
(61)
91
1
92
72
—
72
0.05
Restructuring and restructuring-related net
charges/credits
25
(16)
42
—
42
37
—
37
0.02
Litigation-related net charges/credits
—
(76)
76
—
76
60
—
60
0.04
Investment portfolio net losses/gains and
impairments
—
—
—
(2)
(2)
(2)
—
(2)
(0.00)
EU MDR implementation costs
4
(3)
7
—
7
6
—
6
0.00
IEEPA tariff refund
(83)
—
(83)
—
(83)
(77)
—
(77)
(0.05)
Deferred tax expenses/benefits
—
—
—
—
—
70
—
70
0.05
Adjusted
$ 3,824
$ 2,281
$ 1,543
$ (120)
$ 1,423
$ 1,275
$ 1
$ 1,275
$ 0.86
Three Months Ended June 30, 2025
(in millions, except per share data)
Gross
Profit
Operating
Expenses
Operating
Income
(Loss)
Other
Income
(Expense)
Income
(Loss)
Before
Income
Taxes
Net
Income
(Loss)
Net Income
(Loss)
Attributable to
Noncontrolling
Interests
Net Income
(Loss)
Attributable to
Boston
Scientific
Common
Stockholders
Impact
per
Share
Reported
$ 3,424
$ 2,605
$ 819
$ 122
$ 941
$ 795
$ (2)
$ 797
$ 0.53
Non-GAAP adjustments:
Amortization expense
—
(225)
225
—
225
193
2
191
0.13
Goodwill and other intangible asset impairment
charges
—
(46)
46
—
46
37
—
37
0.02
Acquisition/divestiture-related net
charges/credits
46
(92)
138
(230)
(92)
(92)
—
(92)
(0.06)
Restructuring and restructuring-related net
charges/credits
37
(124)
161
—
161
142
—
142
0.10
Investment portfolio net losses/gains and
impairments
—
—
—
(2)
(2)
(2)
—
(2)
(0.00)
EU MDR implementation costs
7
(3)
10
—
10
9
—
9
0.01
Deferred tax expenses/benefits
—
—
—
—
—
45
—
45
0.03
Discrete tax items
—
—
—
—
—
0
—
0
0.00
Adjusted
$ 3,514
$ 2,114
$ 1,399
$ (110)
$ 1,289
$ 1,127
$ 0
$ 1,127
$ 0.75
An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document.
Amounts may not add due to rounding.
BOSTON SCIENTIFIC CORPORATION
NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS
(Unaudited)
Six Months Ended June 30, 2026
(in millions, except per share data)
Gross
Profit
Operating
Expenses
Operating
Income
(Loss)
Other
Income
(Expense)
Income
(Loss)
Before
Income
Taxes
Net
Income
(Loss)
Net Income
(Loss)
Attributable to
Noncontrolling
Interests
Net Income
(Loss)
Attributable to
Boston
Scientific
Common
Stockholders
Impact
per
Share
Reported
$ 7,462
$ 5,183
$ 2,279
$ (57)
$ 2,222
$ 2,243
$ (4)
$ 2,247
$ 1.51
Non-GAAP adjustments:
Amortization expense
—
(466)
466
—
466
410
5
406
0.27
Acquisition/divestiture-related net
charges/credits
57
(118)
175
(36)
139
103
—
103
0.07
Restructuring and restructuring-related net
charges/credits
47
(29)
77
—
77
69
—
69
0.05
Litigation-related net charges/credits
—
(76)
76
—
76
60
—
60
0.04
Investment portfolio net losses/gains and
impairments
—
—
—
(139)
(139)
(106)
—
(106)
(0.07)
EU MDR implementation costs
9
(5)
14
—
14
12
—
12
0.01
IEEPA tariff refund
(83)
—
(83)
—
(83)
(77)
—
(77)
(0.05)
Deferred tax expenses/benefits
—
—
—
—
—
(250)
—
(250)
(0.17)
Adjusted
$ 7,492
$ 4,490
$ 3,002
$ (232)
$ 2,771
$ 2,465
$ 1
$ 2,464
$ 1.66
Six Months Ended June 30, 2025
(in millions, except per share data)
Gross
Profit
Operating
Expenses
Operating
Income
(Loss)
Other
Income
(Expense)
Income
(Loss)
Before
Income
Taxes
Net
Income
(Loss)
Net Income
(Loss)
Attributable to
Noncontrolling
Interests
Net Income
(Loss)
Attributable to
Boston
Scientific
Common
Stockholders
Impact
per
Share
Reported
$ 6,633
$ 4,894
$ 1,740
$ 6
$ 1,746
$ 1,467
$ (4)
$ 1,471
$ 0.98
Non-GAAP adjustments:
Amortization expense
—
(444)
444
—
444
383
4
378
0.25
Goodwill and other intangible asset impairment
charges
—
(46)
46
—
46
37
—
37
0.02
Acquisition/divestiture-related net
charges/credits
136
(150)
286
(229)
57
61
—
61
0.04
Restructuring and restructuring-related net charges/credits
61
(149)
210
—
210
184
—
184
0.12
Investment portfolio net losses/gains and
impairments
—
—
—
6
6
5
—
5
0.00
EU MDR implementation costs
15
(7)
23
—
23
19
—
19
0.01
Deferred tax expenses/benefits
—
—
—
—
—
91
—
91
0.06
Discrete tax items
—
—
—
—
—
0
—
0
0.00
Adjusted
$ 6,846
$ 4,097
$ 2,749
$ (216)
$ 2,533
$ 2,249
$ 1
$ 2,248
$ 1.51
An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document.
Amounts may not add due to rounding.
BOSTON SCIENTIFIC CORPORATION
Q3 and FY 2026 GUIDANCE RECONCILIATIONS
(Unaudited)
Net Sales
Q3 2026 Estimate
Full Year 2026 Estimate
(Low)
(High)
(Low)
(High)
Reported growth
3.0 %
5.0 %
5.5 %
6.5 %
Impact of foreign currency fluctuations
— %
— %
(0.5) %
(0.5) %
Operational growth
3.0 %
5.0 %
5.0 %
6.0 %
Impact of certain acquisitions/divestitures
— %
— %
— %
— %
Organic growth
3.0 %
5.0 %
5.0 %
6.0 %
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures, including adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share (EPS) that exclude certain charges (credits); operational net sales, which exclude the impact of foreign currency fluctuations; and organic net sales, which exclude the impact of foreign currency fluctuations as well as the impact of certain acquisitions and divestitures with less than a full period of comparable net sales. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States and should not be considered in isolation from or as a replacement for the most directly comparable GAAP financial measures. Further, other companies may calculate these non-GAAP financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes.
To calculate adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share, we exclude certain charges (credits) from GAAP net income and GAAP net income attributable to Boston Scientific common stockholders, which include amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio net losses (gains) and impairments, restructuring and restructuring-related net charges (credits), litigation-related net charges (credits), European Union (EU) Medical Device Regulation (MDR) implementation costs, debt extinguishment net charges, deferred tax expenses (benefits), discrete tax items and other charges (credits) as appropriate. Amounts are presented after-tax using the company's effective tax rate, unless the amount is a significant unusual or infrequently occurring item in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 740-270-30, "General Methodology and Use of Estimated Annual Effective Tax Rate." In addition to the explanation below, please refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission or Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in any Quarterly Report on Form 10-Q that we have filed or will file thereafter for an explanation of each of these adjustments and the reasons for excluding each item. The following is an explanation of each incremental or revised adjustment type, since our most recent Annual Report on Form 10-K, that management excluded as part of these non-GAAP financial measures as well as the reason for excluding each item:
Restructuring and restructuring-related net charges (credits) - These adjustments primarily represent severance and other compensation-related charges, fixed asset write-offs, contract cancellations, project management fees, facility shut down costs, costs to transfer manufacturing lines between geographically dispersed facilities and other direct costs associated with our restructuring plans. These restructuring plans each consist of distinct initiatives that are fundamentally different from our ongoing, core cost reduction initiatives in terms of, among other things, the frequency with which each action is performed and the required planning, resourcing, cost and timing. Examples of such initiatives include the movement of business activities, facility consolidations and closures and the transfer of product lines between manufacturing facilities, which, due to the highly regulated nature of our industry, requires a significant investment in time and cost to create duplicate manufacturing lines, run product validations and seek regulatory approvals. Restructuring plans take place over a defined timeframe and have a distinct project timeline that requires, and begins subsequent to, approval by our Board of Directors. In contrast to our ongoing cost reduction initiatives, restructuring plans typically result in duplicative cost and exit costs over the defined timeframe and are not considered part of our core, ongoing operations. In addition, we may incur certain charges such as severance and other compensation-related charges, fixed asset write-offs, contract cancellations, facility shutdown costs, and inventory write-downs associated with discontinuations of significant product lines. These restructuring plans and activities are incremental to the core activities that arise in the ordinary course of our business. Restructuring and restructuring-related net charges (credits) are excluded from management's assessment of operating performance and from our operating segments' measures of profit and loss used for making operating decisions and assessing performance. Deferred tax expenses (benefits) - These amounts represent significant non-cash tax benefits arising from internal reorganizations or intra-entity asset transfers. The deferred tax effects related to the establishment and subsequent reversal of net deferred tax assets are excluded from management's assessment of operating performance used for making operating decisions and assessing performance. IEEPA tariff refund - This amount relates to the benefit recognized in connection with the recovery of previously incurred tariffs imposed under the International Emergency Economic Powers Act (IEEPA) recognized in Cost of products sold within our unaudited consolidated statements of operations. This amount is excluded from management's assessment of operating performance used for making operating decisions and assessing performance. The GAAP financial measures most directly comparable to adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share are GAAP net income (loss), GAAP net income (loss) attributable to Boston Scientific common stockholders and GAAP net income (loss) per common share – diluted, respectively.
To calculate operational net sales growth rates, which exclude the impact of foreign currency fluctuations, we convert actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior periods. To calculate organic net sales growth rates, we also remove the impact of certain acquisitions and divestitures with less than a full period of comparable net sales. The GAAP financial measure most directly comparable to operational net sales and organic net sales is net sales reported on a GAAP basis.
Reconciliations of each of these non-GAAP financial measures to the corresponding GAAP financial measure are included in the accompanying schedules.
Management uses these supplemental non-GAAP financial measures to evaluate performance period over period, to analyze the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources. In addition, management uses these non-GAAP financial measures to further its understanding of the performance of our operating segments. The adjustments excluded from our non-GAAP financial measures are consistent with those excluded from our operating segments' measures of net sales and profit or loss. These adjustments are excluded from the segment measures reported to our chief operating decision maker that are used to make operating decisions and assess performance.
We believe that presenting adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders, adjusted net income (loss) per share, operational net sales growth rates and organic net sales growth rates, in addition to the corresponding GAAP financial measures, provides investors greater transparency to the information used by management for its operational decision-making and allows investors to see our results "through the eyes" of management. We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance.
Completed the merger of Stellar Bancorp, Inc. into Prosperity Bancshares on July 1, 2026 Second quarter net interest margin increased 29 basis points to 3.47% compared to second quarter 2025 Second quarter net income of $168.6 million, and $162.7 million(1) excluding non-recurring items, an increase of 20.4% compared to second quarter 2025 Second quarter earnings per share (diluted) of $1.67, or $1.62 excluding non-recurring items, an increase of 14.1% compared to second quarter 2025 Noninterest-bearing deposits of $10.7 billion, representing 32.9% of total deposits Allowance for credit losses on loans and on off-balance sheet credit exposure of $420.5 million and allowance for credit losses on loans to total loans, excluding Warehouse Purchase Program loans, of 1.61%(1) Nonperforming assets remain low at 0.34% of second quarter average interest-earning assets Return (annualized) on second quarter average assets of 1.55%, average common equity of 8.14% and average tangible common equity of 15.48%(1) Repurchased 200 thousand shares of common stock during second quarter 2026, and 1.0 million shares during 2026 , /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB) ("Prosperity Bancshares"), the parent company of Prosperity Bank® (collectively, "Prosperity"), reported net income of $168.6 million for the quarter ended June 30, 2026, compared with $135.2 million for the same period in 2025. Net income per diluted common share was $1.67 for the quarter ended June 30, 2026, compared with $1.42 for the same period in 2025. On January 1, 2026, American Bank Holding Corporation ("American") merged into Prosperity Bancshares and American Bank, N.A. ("American Bank") merged into Prosperity Bank (collectively, the "American Merger"), and on February 1, 2026, Southwest Bancshares, Inc. ("Southwest") merged into Prosperity Bancshares and Texas Partners Bank ("Texas Partners") merged into Prosperity Bank (collectively, the "Southwest Merger"). During the second quarter of 2026, Prosperity incurred a net gain of $8.2 million, or $0.06(1) per diluted common share as a result of the exchange and conversion of Visa Class B-2 stock and the sale of investment securities, partially offset by merger related expenses of $755 thousand, or $0.01(1)per diluted common share. Excluding the net gain and merger related expenses, net income was $162.7(1) million and net income per diluted common share was $1.62(1) for the second quarter of 2026. The annualized return on second quarter average assets was 1.55%. Nonperforming assets remained low at 0.34% of second quarter average interest-earning assets. Subsequent to quarter end, on July 1, 2026, Stellar Bancorp, Inc. ("Stellar") merged into Prosperity Bancshares and Stellar Bank ("Stellar Bank") merged into Prosperity Bank (collectively, the "Stellar Merger").
"I am excited to announce that on July 1, 2026, Prosperity Bancshares completed the merger of Stellar and its wholly owned subsidiary Stellar Bank, headquartered in Houston, Texas. Stellar Bank operated 52 banking offices including its main office in Houston and banking offices in the Houston, Beaumont and East Texas areas and in Dallas, Texas. I am also pleased to announce that in connection with the mergers, Robert Franklin, former CEO of Stellar, and Joe Swinbank, a former Stellar director, have joined the Prosperity Bancshares Board of Directors and that Ray Vitulli, former CEO of Stellar Bank, and Pat Parsons, a former Stellar Bank director, have joined the Prosperity Bank Board of Directors. Pat was instrumental in building Stellar Bank's Beaumont franchise over the years," said David Zalman, Prosperity's Senior Chairman and Chief Executive Officer.
"Texas has one of the strongest and most diverse state economies in the U.S., ranking as the second largest by GDP after California and approximately the 8th largest economy in the world. Oklahoma has a smaller but stable economy, heavily influenced by oil and gas, with more modest growth. Texas continues to shine as more people and companies move to the state because of the business-friendly political structure and no state income tax," stated Zalman.
"Excluding the gain on Visa Class B-2 stock exchange net of investment securities sales and merger related expenses, as noted above, net income increased 20.4% and diluted earnings per share increased 14.1% compared with the same period last year," added Zalman.
"We are pleased with our growth. Giving effect to the Stellar Bank merger, our assets are over $53 billion compared with $38 billion as of June 30, 2025. This represents a 39% growth over the year. I want to thank everyone involved in our company for helping to make it the success it has become," concluded Zalman.
Results of Operations for the Three Months Ended June 30, 2026
For the three months ended June 30, 2026, net income was $168.6 million(2) or $1.67 per diluted common share compared with $135.2 million(3) or $1.42 per diluted common share for the same period in 2025. Net income and net income per diluted common share for the second quarter of 2026 were primarily impacted by an increase in net interest income and a gain on Visa Class B-2 stock exchange net of investment securities sales of $8.2 million, partially offset by an increase in noninterest expenses related to the American and Southwest operations and an increase in provision for income taxes. On a linked quarter basis, net income was $168.6 million(2) or $1.67 per diluted common share for the three months ended June 30, 2026, compared with $116.3 million(4) or $1.16 for the three months ended March 31, 2026. The change was primarily due to an increase in net interest income, lower merger related expenses and a gain on Visa Class B-2 stock exchange net of investment securities sales of $8.2 million. Annualized returns on average assets, average common equity and average tangible common equity for the three months ended June 30, 2026, were 1.55%, 8.14% and 15.48%(1), respectively.
Excluding the gain on Visa Class B-2 stock exchange net of investment securities sales, net of tax, and merger related expenses, net of tax, net income was $162.7(1)million and earnings per diluted common share was $1.62(1) for the three months ended June 30, 2026, and annualized returns on average assets, average common equity and average tangible common equity were 1.50%(1), 7.85%(1) and 14.93%(1), respectively. Prosperity's efficiency ratio (excluding net gains and losses on the sale, write-down or write-up of assets and securities) was 45.99%(1) for the three months ended June 30, 2026, and excluding the merger related expenses, the efficiency ratio was 45.79%(1).
Net interest income before provision for credit losses was $330.6 million for the three months ended June 30, 2026, compared with $267.7 million for the same period in 2025, an increase of $62.8 million or 23.5%. The net interest margin on a tax equivalent basis was 3.47% for the three months ended June 30, 2026, compared with 3.18% for the same period in 2025. The changes to both measures were primarily due to the repricing of assets, a decrease in the average balance and average rate on other borrowings and the impact of the American Merger and the Southwest Merger. Net interest income before provision for credit losses increased $9.4 million or 2.9% to $330.6 million for the three months ended June 30, 2026, compared with $321.2 million for the three months ended March 31, 2026. The net interest margin on a tax equivalent basis was 3.47% for the three months ended June 30, 2026, compared with 3.51% for the three months ended March 31, 2026. The decrease was primarily due to one-time loan interest income from a nonaccrual loan in the first quarter of 2026.
Noninterest income was $60.7 million for the three months ended June 30, 2026, compared with $43.0 million for the same period in 2025, an increase of $17.7 million or 41.2%. The change was primarily due to the American Merger and the Southwest Merger and a gain on Visa Class B-2 stock exchange net of investment securities sales of $8.2 million. Noninterest income was $60.7 million for the three months ended June 30, 2026, compared with $46.5 million for the three months ended March 31, 2026, an increase of $14.2 million or 30.6%. The change was primarily due to a gain on Visa Class B-2 stock exchange net of investment securities sales of $8.2 million and an increase in other noninterest income.
Noninterest expense was $176.2 million for the three months ended June 30, 2026, compared with $138.6 million for the same period in 2025, an increase of $37.6 million. The change was primarily due to an increase in salaries and benefits and an increase in additional expenses related to three months of American and Southwest operations. Noninterest expense was $176.2 million for the three months ended June 30, 2026, compared with $217.3 million for the three months ended March 31, 2026, a decrease of $41.1 million, which was primarily due to lower merger related expenses.
Results of Operations for the Six Months Ended June 30, 2026
For the six months ended June 30, 2026, net income was $284.9 million(5) compared with $265.4 million(6) for the same period in 2025, an increase of $19.5 million or 7.3%. Net income per diluted common share was $2.84 for the six months ended June 30, 2026, compared with $2.79 for the same period in 2025, an increase of 1.8%. Net income and net income per diluted common share for the six months ended June 30, 2026, were impacted by the American Merger and the Southwest Merger, merger related expenses of $43.3 million and a gain on Visa Class B-2 stock exchange net of investment securities sales of $8.2 million. Returns on average assets, average common equity and average tangible common equity for the six months ended June 30, 2026, were 1.33%, 6.93% and 13.02%(1), respectively.
Excluding the merger related expenses, net of tax, and gain on Visa Class B-2 stock exchange net of investment securities sales, net of tax, net income was $312.5(1)million and earnings per diluted common share was $3.12(1) for the six months ended June 30, 2026, and annualized returns on average assets, average common equity and average tangible common equity were 1.46%(1), 7.60%(1)and 14.29%(1), respectively. Prosperity's efficiency ratio (excluding net gains and losses on the sale or write-down of assets and securities) was 52.44%(1) for the six months ended June 30, 2026; and excluding merger related expenses, the efficiency ratio was 46.67%(1).
Net interest income before provision for credit losses for the six months ended June 30, 2026, was $651.7 million compared with $533.1 million for the same period in 2025, an increase of $118.6 million or 22.2%. The net interest margin on a tax equivalent basis for the six months ended June 30, 2026, was 3.49% compared with 3.16% for the same period in 2025. The changes to both measures were primarily due to the repricing of assets, the impact of the American Merger and the Southwest Merger and a decrease in the average balance and average rate on other borrowings.
Noninterest income was $107.2 million for the six months ended June 30, 2026, compared with $84.3 million for the same period in 2025, an increase of $22.9 million or 27.2%, primarily due to the American Merger and the Southwest Merger and a gain on Visa Class B-2 stock exchange net of investment securities sales of $8.2 million.
Noninterest expense was $393.5 million for the six months ended June 30, 2026, compared with $278.9 million for the same period in 2025, an increase of $114.6 million, primarily due to an increase in merger related expenses of $43.3 million, an increase in salaries and benefits and an increase in additional expenses related to six months of American operations and five months of Southwest operations.
Balance Sheet Information
Prosperity had $43.873 billion in total assets at June 30, 2026, an increase of $5.455 billion or 14.2%, compared with $38.417 billion at June 30, 2025, primarily due to the American Merger and the Southwest Merger. Linked quarter total assets increased by $253.3 million compared with $43.619 billion at March 31, 2026.
Loans were $25.028 billion at June 30, 2026, an increase of $2.831 billion or 12.8% from $22.197 billion at June 30, 2025. Linked quarter loans decreased $260.0 million from $25.288 billion at March 31, 2026. Loans, excluding Warehouse Purchase Program loans, were $23.738 billion at June 30, 2026, compared with $20.910 billion at June 30, 2025, an increase of $2.828 billion or 13.5%, and compared with $23.855 billion at March 31, 2026, a decrease of $117.0 million.
Deposits were $32.600 billion at June 30, 2026, an increase of $5.126 billion or 18.7% from $27.473 billion at June 30, 2025, primarily due to the American Merger and the Southwest Merger. Linked quarter deposits decreased $33.1 million from $32.633 billion at March 31, 2026.
Asset Quality
Nonperforming assets totaled $130.6 million or 0.34% of quarterly average interest-earning assets at June 30, 2026, compared with $110.5 million or 0.33% of quarterly average interest-earning assets at June 30, 2025 and $122.1 million or 0.33% of quarterly average interest-earning assets at March 31, 2026.
The allowance for credit losses on loans and off-balance sheet credit exposures was $420.5 million at June 30, 2026, compared with $383.7 million at June 30, 2025 and $421.5 million at March 31, 2026. There was no provision for credit losses for the three months and six months ended June 30, 2026 and 2025.
The allowance for credit losses on loans was $382.8 million or 1.53% of total loans at June 30, 2026, compared with $346.1 million or 1.56% of total loans at June 30, 2025 and $383.8 million or 1.52% of total loans at March 31, 2026. The allowance for credit losses on loans increased during the six months ended June 30, 2026 due to the American Merger and the Southwest Merger, of which $47.5 million was attributable to the American Merger and $45.1 million was attributable to the Southwest Merger. Excluding Warehouse Purchase Program loans, the allowance for credit losses on loans to total loans was 1.61%(1) at June 30, 2026, compared with 1.66%(1) at June 30, 2025 and 1.61%(1) at March 31, 2026.
Net charge-offs were $2.2 million for the three months ended June 30, 2026, compared with net charge-offs of $3.0 million for the three months ended June 30, 2025 and $41.3 million for the three months ended March 31, 2026. Net charge-offs for the three months ended June 30, 2026, included $962 thousand related to resolved purchased credit deteriorated ("PCD") loans, which had specific reserves that were allocated to the charge-offs. For the three months ended June 30, 2026, $10.3 million of reserves on resolved PCD loans without any related charge-offs were released to the general reserve.
Net charge-offs were $43.5 million for the six months ended June 30, 2026, compared with net charge-offs of $5.7 million for the six months ended June 30, 2025. Net charge-offs for the six months ended June 30, 2026, included a $39.2 million increase in net charge-offs for commercial and industrial loans. Additionally, due to the American Merger and the Southwest Merger, reserves increased by Day One accounting for PCD loans of $53.3 million and Day One accounting for purchased seasoned loans ("PSLs") of $39.3 million. Further, $12.3 million of reserves on resolved PCD loans without any related charge-offs were released to the general reserve.
Visa Class B-2 Stock Exchange
During the second quarter 2026, Prosperity tendered all of its shares of Visa, Inc. ("Visa") Class B-2 common stock in exchange for a combination of Visa Class B-3 common stock and Visa Class C common stock, pursuant to the terms and subject to the conditions of Visa's public exchange offer, which expired on May 8, 2026. Prosperity recorded an unrealized gain of $12.2 million during the second quarter 2026 based on the conversion privilege of the Class C common stock and the closing price of Visa Class A common stock. In the exchange, Prosperity received 24,246 shares of Class B-3 stock, recorded at zero cost basis, and 9,137 shares of Class C common stock and subsequently sold 3,045 shares of Class C stock. Prosperity intends to sell all remaining shares of Class C stock as permitted by the exchange agreement.
Dividend
Prosperity Bancshares declared a third quarter 2026 cash dividend of $0.60 per share to be paid on October 1, 2026, to all shareholders of record as of September 15, 2026.
Stock Repurchase Program
On January 26, 2026, Prosperity Bancshares announced a stock repurchase program under which up to 5%, or approximately 4.87 million shares, of its outstanding common stock may be acquired over a one-year period expiring on January 26, 2027, at the discretion of management. Under its 2026 stock repurchase program, Prosperity Bancshares repurchased approximately 200 thousand shares of its common stock at an average weighted price of $68.34 per share for a total of $13.7 million during the three months ended June 30, 2026, and approximately 1.04 million shares of its common stock at an average weighted price of $68.19 per share for a total of $70.8 million during the six months ended June 30, 2026.
Acquisition of Stellar Bancorp, Inc.
On July 1, 2026, Prosperity Bancshares completed the merger of Stellar and its wholly owned subsidiary Stellar Bank, headquartered in Houston, Texas. Stellar Bank operated 52 banking offices including its main office in Houston and banking offices in the Houston, Beaumont and East Texas areas and in Dallas, Texas. As of June 30, 2026, Stellar, on a consolidated basis, reported total assets of $10.413 billion, total loans of $7.510 billion and total deposits of $8.716 billion.
Pursuant to the terms of the definitive agreement, Prosperity Bancshares issued 19,371,499 shares of its common stock plus approximately $578.66 million in cash for each outstanding share of Stellar common stock.
Acquisition of Southwest Bancshares, Inc.
On February 1, 2026, Prosperity completed the acquisition of Southwest and its wholly owned subsidiary Texas Partners, headquartered in San Antonio, Texas. Texas Partners operated 11 banking offices in Central Texas including its main office in San Antonio, and banking offices in the San Antonio area, Austin and the Hill Country.
Pursuant to the terms of the definitive agreement, Prosperity Bancshares issued 4,094,974 shares of its common stock for all outstanding shares of Southwest common stock. This resulted in goodwill of $134.9 million as of June 30, 2026, which does not include all the subsequent fair value adjustments that have not yet been finalized. Additionally, Prosperity recognized $33.8 million of core deposit intangibles as of June 30, 2026.
Acquisition of American Bank Holding Corporation
On January 1, 2026, Prosperity completed the acquisition of American and its wholly owned subsidiary American Bank, headquartered in Corpus Christi, Texas. American Bank operated 18 banking offices and two loan production offices in South and Central Texas including its main office in Corpus Christi, and banking offices in San Antonio, Austin, Victoria and the greater Corpus Christi area including Port Aransas and Rockport and a loan production office in Houston, Texas.
Pursuant to the terms of the definitive agreement, Prosperity Bancshares issued 4,439,938 shares of its common stock for all outstanding shares of American common stock. This resulted in goodwill of $185.9 million as of June 30, 2026, which does not include all the subsequent fair value adjustments that have not yet been finalized. Additionally, Prosperity recognized $31.1 million of core deposit intangibles as of June 30, 2026.
Conference Call
Prosperity's management team will host a conference call on Wednesday, July 29, 2026, at 11:30 a.m. Eastern Time (10:30 a.m. Central Time) to discuss Prosperity's second quarter 2026 earnings. Individuals and investment professionals may participate in the call by dialing 877-883-0383 for domestic participants, or 412-902-6506 for international participants. The participant elite entry number is 9578428.
Alternatively, individuals may listen to the live webcast of the presentation by visiting Prosperity's website at www.prosperitybankusa.com. The webcast may be accessed from Prosperity's Investor Relations page by selecting "Presentations, Webcasts & Calls" from the menu and following the instructions.
Non-GAAP Financial Measures
Prosperity's management uses certain non-GAAP financial measures to evaluate its performance. Specifically, for internal planning and forecasting purposes, Prosperity reviews each of diluted earnings per share, return on average assets, return on average common equity, and return on average tangible common equity, in each case excluding merger related expenses, net of tax, FDIC special assessment, net of tax and net gain on the sale or write-up of securities; return on average tangible common equity; tangible book value per share; the tangible equity to tangible assets ratio; allowance for credit losses to total loans excluding Warehouse Purchase Program loans; the efficiency ratio, excluding net gains and losses on the sale and securities, write-down or write-up of assets; and the efficiency ratio, excluding net gains and losses on the sale, write-down or write-up of assets and securities, merger related expenses, and FDIC special assessment. Prosperity believes these non-GAAP financial measures provide information useful to investors in understanding Prosperity's financial results and their presentation, together with the accompanying reconciliations, provide a more complete understanding of factors and trends affecting Prosperity's business and allow investors to view performance in a manner similar to management, the entire financial services sector, bank stock analysts and bank regulators. Further, Prosperity believes that these non-GAAP financial measures provide useful information by excluding certain items that may not be indicative of its core operating earnings and business outlook. These non-GAAP financial measures should not be considered a substitute for, nor of greater importance than, GAAP basis financial measures and results; Prosperity strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. Please refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of these non-GAAP financial measures to the nearest respective GAAP financial measures.
Prosperity Bancshares, Inc. ®
As of June 30, 2026, Prosperity Bancshares, Inc.® is a $43.873 billion Houston, Texas based regional financial holding company providing personal banking services and investments to consumers and businesses throughout Texas and Oklahoma. Founded in 1983, Prosperity believes in a community banking philosophy, taking care of customers, businesses and communities in the areas it serves by providing financial solutions to simplify everyday financial needs. In addition to offering traditional deposit and loan products, Prosperity offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management.
Prosperity currently operates 363 full-service banking locations: 62 in the Houston area, including The Woodlands; 36 in the South Texas area including Corpus Christi and Victoria; 61 in the Dallas/Fort Worth area; 21 in the East Texas area; 28 in the Central Texas area including Austin and San Antonio; 45 in the West Texas area including Lubbock, Midland-Odessa, Abilene, Amarillo and Wichita Falls; 15 in the Bryan/College Station area, 6 in the Central Oklahoma area; 8 in the Tulsa, Oklahoma area; 18 in the Central, South Texas and San Antonio areas doing business as American Bank; 11 in the San Antonio area doing business as Texas Partners Bank and 52 in Houston, Beaumont, Dallas and the East Texas areas doing business as Stellar Bank.
Cautionary Notes on Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains, and the remarks by Prosperity's management on the conference call may contain, forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. From time to time, oral or written forward-looking statements may also be included in other information released to the public. Such forward-looking statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as "aim," "anticipate," "believe," "estimate," "expect," "goal," "guidance," "intend," "is anticipated," "is expected," "is intended," "objective," "plan," "projected," "projection," "will affect," "will be," "will continue," "will decrease," "will grow," "will impact," "will increase," "will incur," "will reduce," "will remain," "will result," "would be," variations of such words or phrases (including where the word "could," "may," or "would" is used rather than the word "will" in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. Forward-looking statements include all statements other than statements of historical fact, including forecasts or trends, and are based on current expectations, assumptions, estimates and projections about Prosperity Bancshares and its subsidiaries. These forward-looking statements may include information about Prosperity's possible or assumed future economic performance or future results of operations, including future revenues, income, expenses, provision for credit losses, provision for taxes, effective tax rate, earnings per share and cash flows and Prosperity's future capital expenditures and dividends, future financial condition and changes therein, including changes in Prosperity's loan portfolio and allowance for credit losses, changes in deposits, borrowings and the investment securities portfolio, future capital structure or changes therein, as well as the plans and objectives of management for Prosperity's future operations, future or proposed acquisitions, the future or expected effect of acquisitions on Prosperity's operations, results of operations, financial condition, and future economic performance, statements about the anticipated benefits of any proposed transactions, and statements about the assumptions underlying any such statement. These forward‑looking statements are not guarantees of future performance and are based on expectations and assumptions Prosperity currently believes to be valid. Because forward-looking statements relate to future results and occurrences, many of which are outside of Prosperity's control, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. These risks and uncertainties include, but are not limited to, whether Prosperity can: successfully identify acquisition targets and integrate the businesses of acquired companies and banks; continue to sustain its current internal growth rate or total growth rate; provide products and services that appeal to its customers; continue to have access to debt and equity capital markets; and achieve its sales objectives. Other risks include, but are not limited to: the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); the possibility that the anticipated benefits of an acquisition transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of two companies or as a result of the strength of the economy and competitive factors generally; a deterioration or downgrade in the credit quality and credit agency ratings of the securities in Prosperity's securities portfolio; customer and consumer demand, including customer and consumer response to marketing; effectiveness of spending, investments or programs; fluctuations in the cost and availability of supply chain resources; economic conditions, including currency rate, interest rate and commodity price fluctuations; changes in trade policies by the United States or other countries, such as tariffs or retaliatory tariffs; and the effect, impact, potential duration or other implications of weather and climate-related events. Prosperity disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. These and various other factors are discussed in Prosperity's Annual Report on Form 10-K for the year ended December 31, 2025, and other reports and statements Prosperity has filed with the Securities and Exchange Commission ("SEC"). Copies of the SEC filings for Prosperity may be downloaded from the Internet at no charge from http://www.prosperitybankusa.com.
(1)
Refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
(2)
Includes purchase accounting adjustments of $4.6 million, net of tax, primarily comprised of loan discount accretion of $4.0 million, and net gain on sale or write-up of securities of $8.2 million for the three months ended June 30, 2026.
(3)
Includes purchase accounting adjustments of $2.8 million, net of tax, primarily comprised of loan discount accretion of $3.1 million for the three months ended June 30, 2025.
(4)
Includes purchase accounting adjustments of $4.8 million, net of tax, primarily comprised of loan discount accretion of $3.7 million, and merger related provision for credit losses of $42.5 million for the three months ended March 31, 2026.
(5)
Includes purchase accounting adjustments of $9.4 million, net of tax, primarily comprised of loan discount accretion of $7.8 million, merger related provision for credit losses of $43.3 million and net gain on sale or write-up of securities of $8.2 million for the six months ended June 30, 2026.
(6)
Includes purchase accounting adjustments of $6.0 million, net of tax, primarily comprised of loan discount accretion of $6.4 million for the six months ended June 30, 2025.
Prosperity Bancshares, Inc.®
Financial Highlights (Unaudited)
(In thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Balance Sheet Data (at period end)
Loans held for sale
$
18,656
$
21,925
$
14,155
$
11,297
$
6,004
Loans held for investment
23,719,186
23,832,909
20,486,415
20,738,294
20,903,944
Loans held for investment - Warehouse Purchase
Program
1,290,156
1,433,152
1,304,798
1,278,178
1,287,440
Total loans
25,027,998
25,287,986
21,805,368
22,027,769
22,197,388
Investment securities(A)
12,339,080
11,951,591
10,613,425
10,232,462
10,608,104
Federal funds sold
194
209
217
210
197
Allowance for credit losses on loans
(382,841)
(383,840)
(333,742)
(339,626)
(346,084)
Cash and due from banks
1,683,062
1,547,967
1,747,511
1,766,115
1,304,993
Goodwill
3,823,920
3,822,283
3,503,127
3,503,127
3,503,127
Core deposit intangibles, net
105,582
111,243
51,605
55,194
58,796
Other real estate owned
11,296
13,257
13,296
13,750
7,874
Fixed assets, net
428,478
429,775
383,449
378,776
374,602
Other assets
835,742
838,712
679,169
692,692
708,355
Total assets
$
43,872,511
$
43,619,183
$
38,463,425
$
38,330,469
$
38,417,352
Noninterest-bearing deposits
$
10,739,937
$
10,580,920
$
9,467,911
$
9,522,028
$
9,426,657
Interest-bearing deposits
21,859,750
22,051,836
19,014,573
18,260,066
18,046,754
Total deposits
32,599,687
32,632,756
28,482,484
27,782,094
27,473,411
Other borrowings
2,400,000
2,200,000
1,950,000
2,400,000
2,900,000
Securities sold under repurchase agreements
199,576
176,099
201,216
185,797
183,572
Subordinated notes and junior subordinated debentures
70,000
76,186
—
—
—
Allowance for credit losses on off-balance sheet credit
exposures
37,646
37,646
37,646
37,646
37,646
Other liabilities
260,343
288,645
175,939
259,994
222,987
Total liabilities
35,567,252
35,411,332
30,847,285
30,665,531
30,817,616
Shareholders' equity(B)
8,305,259
8,207,851
7,616,140
7,664,938
7,599,736
Total liabilities and equity
$
43,872,511
$
43,619,183
$
38,463,425
$
38,330,469
$
38,417,352
(A)
Includes ($319), $44, ($375), ($1,987) and ($1,657) in unrealized losses on available for sale securities for the quarterly periods ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
(B)
Includes ($251), $35, ($296), ($1,570) and ($1,309) in after-tax unrealized losses on available for sale securities for the quarterly periods ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
Prosperity Bancshares, Inc.®
Financial Highlights (Unaudited)
(In thousands)
Three Months Ended
Year-to-Date
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Income Statement Data
Interest income:
Loans
$
369,574
$
361,756
$
321,516
$
329,445
$
325,490
$
731,330
$
644,513
Securities(C)
81,200
70,531
56,767
58,207
57,836
151,731
115,722
Federal funds sold and other earning assets
8,719
9,488
8,364
10,455
9,438
18,207
25,334
Total interest income
459,493
441,775
386,647
398,107
392,764
901,268
785,569
Interest expense:
Deposits
107,084
104,237
94,625
95,965
93,790
211,321
189,387
Other borrowings
20,094
14,783
16,028
27,613
30,101
34,877
60,593
Securities sold under repurchase agreements
1,019
902
1,041
1,094
1,151
1,921
2,485
Subordinated notes and junior subordinated
debentures
746
703
—
—
—
1,449
—
Total interest expense
128,943
120,625
111,694
124,672
125,042
249,568
252,465
Net interest income
330,550
321,150
274,953
273,435
267,722
651,700
533,104
Provision for credit losses
—
—
—
—
—
—
—
Net interest income after provision for credit losses
330,550
321,150
274,953
273,435
267,722
651,700
533,104
Noninterest income:
Nonsufficient funds (NSF) fees
11,349
10,867
9,715
9,805
8,885
22,216
18,032
Credit card, debit card and ATM card income
10,303
9,483
9,462
9,446
9,761
19,786
18,500
Service charges on deposit accounts
9,235
8,680
7,618
7,317
7,645
17,915
15,053
Trust income
4,943
4,922
3,662
3,526
3,859
9,865
7,460
Mortgage income
1,363
1,280
954
931
965
2,643
1,974
Brokerage income
1,478
1,568
1,570
1,328
1,225
3,046
2,487
Bank owned life insurance income
2,476
2,598
2,117
2,111
1,985
5,074
4,100
Net gain (loss) on sale or write-down of assets
(42)
318
35
3
1,414
276
1,179
Net gain on sale or write-up of securities
8,235
—
—
—
—
8,235
—
Other noninterest income
11,365
6,758
7,647
6,771
7,243
18,123
15,498
Total noninterest income
60,705
46,474
42,780
41,238
42,982
107,179
84,283
Noninterest expense:
Salaries and benefits
110,965
109,211
88,384
87,949
87,296
220,176
176,772
Net occupancy and equipment
10,685
10,654
9,379
9,395
9,168
21,339
18,314
Credit and debit card, data processing and
software amortization
16,121
18,114
12,621
12,515
12,056
34,235
23,478
Regulatory assessments and FDIC insurance
5,287
6,041
1,600
5,198
5,508
11,328
11,297
Core deposit intangibles amortization
5,661
5,259
3,588
3,602
3,610
10,920
7,251
Depreciation
5,795
5,548
5,155
4,966
4,779
11,343
9,553
Communications
4,271
3,834
3,528
3,480
3,507
8,105
6,980
Other real estate expense
350
341
219
314
204
691
344
Net (gain) loss on sale or write-down of other
real estate
(41)
(41)
109
(81)
(222)
(82)
(252)
Merger related expenses
755
42,516
268
62
—
43,271
—
Other noninterest expense
16,327
15,810
13,861
11,235
12,659
32,137
25,129
Total noninterest expense
176,176
217,287
138,712
138,635
138,565
393,463
278,866
Income before income taxes
215,079
150,337
179,021
176,038
172,139
365,416
338,521
Provision for income taxes
46,496
34,070
39,114
38,482
36,984
80,566
73,141
Net income available to common shareholders
$
168,583
$
116,267
$
139,907
$
137,556
$
135,155
$
284,850
$
265,380
(C)
Interest income on securities was reduced by net premium amortization of $3,790, $3,829, $4,668, $2,877, and $4,926 for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $7,619 and $9,953 for the six months ended June 30, 2026, and 2025, respectively.
Prosperity Bancshares, Inc. ®
Financial Highlights (Unaudited)
(Dollars and share amounts in thousands, except per share data and market prices)
Three Months Ended
Year-to-Date
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Profitability
Net income (D) (E)
$
168,583
$
116,267
$
139,907
$
137,556
$
135,155
$
284,850
$
265,380
Basic earnings per share
$
1.67
$
1.16
$
1.49
$
1.45
$
1.42
$
2.84
$
2.79
Diluted earnings per share
$
1.67
$
1.16
$
1.49
$
1.45
$
1.42
$
2.84
$
2.79
Return on average assets (F) (J)
1.55
%
1.10
%
1.49
%
1.44
%
1.41
%
1.33
%
1.37
%
Return on average common equity (F) (J)
8.14
%
5.70
%
7.30
%
7.18
%
7.13
%
6.93
%
7.03
%
Return on average tangible common
equity (F) (G) (J)
15.48
%
10.59
%
13.61
%
13.43
%
13.44
%
13.02
%
13.33
%
Tax equivalent net interest margin (D) (E) (H)
3.47
%
3.51
%
3.30
%
3.24
%
3.18
%
3.49
%
3.16
%
Efficiency ratio (G) (I) (K)
45.99
%
59.16
%
43.66
%
44.06
%
44.80
%
52.44
%
45.26
%
Liquidity and Capital Ratios
Equity to assets
18.93
%
18.82
%
19.80
%
20.00
%
19.78
%
18.93
%
19.78
%
Common equity tier 1 capital
15.94
%
15.45
%
17.55
%
17.53
%
17.10
%
15.94
%
17.10
%
Tier 1 risk-based capital
15.94
%
15.45
%
17.55
%
17.53
%
17.10
%
15.94
%
17.10
%
Total risk-based capital
17.38
%
16.63
%
18.80
%
18.78
%
18.35
%
17.38
%
18.35
%
Tier 1 leverage capital
11.12
%
11.22
%
11.93
%
11.90
%
11.62
%
11.12
%
11.62
%
Period end tangible equity to period end
tangible assets (G)
10.96
%
10.77
%
11.63
%
11.81
%
11.58
%
10.96
%
11.58
%
Other Data
Weighted-average shares used in computing
earnings per common share
Basic
100,783
99,825
94,044
95,093
95,277
100,306
95,271
Diluted
100,783
99,825
94,044
95,093
95,277
100,306
95,271
Period end shares outstanding
100,646
100,835
93,058
94,993
95,277
100,646
95,277
Cash dividends paid per common share
$
0.60
$
0.60
$
0.60
$
0.58
$
0.58
$
1.20
$
1.16
Book value per common share
$
82.52
$
81.40
$
81.84
$
80.69
$
79.76
$
82.52
$
79.76
Tangible book value per common share (G)
$
43.48
$
42.39
$
43.64
$
43.23
$
42.38
$
43.48
$
42.38
Common Stock Market Price
High
$
74.37
$
77.20
$
73.90
$
75.44
$
74.56
$
77.20
$
82.75
Low
$
65.90
$
63.20
$
61.07
$
64.27
$
61.57
$
63.20
$
61.57
Period end closing price
$
73.03
$
67.18
$
69.11
$
66.35
$
70.24
$
73.03
$
70.24
Employees – FTE (excluding overtime)
4,324
4,429
3,941
3,937
3,921
4,194
3,921
Number of banking centers
311
312
283
283
283
311
283
(D)
Includes purchase accounting adjustments for the periods presented as follows:
Three Months Ended
Year-to-Date
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Loan discount accretion
Purchased seasoned loans ("PSLs")
$3,104
$2,562
$2,926
$2,242
$2,486
$5,666
$5.101
PCD
$901
$1,186
$205
$613
$638
$2,087
$1,315
Securities net accretion
$1,462
$1,573
$342
$1,475
$409
$3,035
$1,114
Time deposits amortization
$(357)
$(699)
$(1)
$(1)
$(2)
$(1,056)
$(11)
(E)
Using effective tax rate of 21.6%, 22.7%, 21.8%, 21.9% and 21.5% for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively, and 22.0% and 21.6% for the six months ended June 30, 2026, and 2025, respectively.
(F)
Interim periods annualized.
(G)
Refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
(H)
Net interest margin for all periods presented is based on average balances on an actual 365-day basis.
(I)
Calculated by dividing total noninterest expense, excluding credit loss provisions, by net interest income plus noninterest income, excluding net gains and losses on the sale, write-down or write-up of assets and securities. Additionally, taxes are not part of this calculation.
(J)
For calculations of the annualized returns on average assets, average common equity and average tangible common equity excluding merger related expenses, net of tax, FDIC special assessment, net of tax, and net gain on sale or write-up of securities, net of tax refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
(K)
For calculations of the efficiency ratio excluding merger related expenses and FDIC special assessment refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of these non-GAAP financial measures to the nearest respective GAAP financial measures.
Prosperity Bancshares, Inc.®
Financial Highlights (Unaudited)
(Dollars in thousands)
YIELD ANALYSIS
Three Months Ended
Jun 30, 2026
Mar 31, 2026
Jun 30, 2025
Average
Balance
Interest
Earned/
Interest
Paid
Average
Yield/
Rate
(L)
Average
Balance
Interest
Earned/
Interest
Paid
Average
Yield/
Rate
(L)
Average
Balance
Interest
Earned/
Interest
Paid
Average
Yield/
Rate
(L)
Interest-earning assets:
Loans held for sale
$
17,858
$
281
6.31 %
$
15,800
$
238
6.11 %
$
9,813
$
166
6.79 %
Loans held for investment
23,750,036
350,967
5.93 %
23,469,020
344,596
5.95 %
20,907,400
306,671
5.88 %
Loans held for investment -
Warehouse Purchase Program
1,316,645
18,326
5.58 %
1,207,793
16,922
5.68 %
1,179,307
18,653
6.34 %
Total loans
25,084,539
369,574
5.91 %
24,692,613
361,756
5.94 %
22,096,520
325,490
5.91 %
Investment securities
12,258,188
81,200
2.66 %
(M)
11,469,762
70,531
2.49 %
(M)
10,867,856
57,836
2.13 %
(M)
Federal funds sold and other
earning assets
969,502
8,719
3.61 %
1,026,015
9,488
3.75 %
841,933
9,438
4.50 %
Total interest-earning assets
38,312,229
459,493
4.81 %
37,188,390
441,775
4.82 %
33,806,309
392,764
4.66 %
Allowance for credit losses on
loans
(383,281)
(330,133)
(348,310)
Noninterest-earning assets
5,508,187
5,361,351
4,933,215
Total assets
$
43,437,135
$
42,219,608
$
38,391,214
Interest-bearing liabilities:
Interest-bearing demand deposits
$
6,135,720
$
15,093
0.99 %
$
6,266,423
$
13,993
0.91 %
$
4,807,864
$
8,859
0.74 %
Savings and money market
deposits
10,928,333
53,661
1.97 %
10,583,184
50,719
1.94 %
8,944,897
45,796
2.05 %
Certificates and other time
deposits
4,787,401
38,330
3.21 %
4,830,369
39,525
3.32 %
4,366,510
39,135
3.59 %
Other borrowings
2,174,506
20,094
3.71 %
1,620,556
14,783
3.70 %
2,717,583
30,101
4.44 %
Securities sold under repurchase
agreements
194,250
1,019
2.10 %
177,719
902
2.06 %
194,577
1,151
2.37 %
Subordinated notes and junior
subordinated debentures
70,408
746
4.25 %
63,673
703
4.48 %
—
—
—
Total interest-bearing liabilities
24,290,618
128,943
2.13 %
(N)
23,541,924
120,625
2.08 %
(N)
21,031,431
125,042
2.38 %
(N)
Noninterest-bearing liabilities:
Noninterest-bearing demand
deposits
10,561,142
10,260,022
9,508,845
Allowance for credit losses on off-
balance sheet credit exposures
37,646
38,070
37,646
Other liabilities
259,201
218,810
227,002
Total liabilities
35,148,607
34,058,826
30,804,924
Shareholders' equity
8,288,528
8,160,782
7,586,290
Total liabilities and
shareholders' equity
$
43,437,135
$
42,219,608
$
38,391,214
Net interest income and margin
$
330,550
3.46 %
$
321,150
3.50 %
$
267,722
3.18 %
Non-GAAP to GAAP reconciliation:
Tax equivalent adjustment
580
575
574
Net interest income and margin
(tax equivalent basis)
$
331,130
3.47 %
$
321,725
3.51 %
$
268,296
3.18 %
(L)
Annualized and based on an actual 365-day basis.
(M)
Yield on securities was impacted by net premium amortization of $3,790, $3,829, and $4,926 for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
(N)
Total cost of funds, including noninterest bearing deposits, was 1.48%, 1.45%, and 1.64% for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
Prosperity Bancshares, Inc.®
Financial Highlights (Unaudited)
(Dollars in thousands)
YIELD ANALYSIS
Year-to-Date
Jun 30, 2026
Jun 30, 2025
Average
Balance
Interest
Earned/
Interest
Paid
Average
Yield/
Rate
(O)
Average
Balance
Interest
Earned/
Interest
Paid
Average
Yield/
Rate
(O)
Interest-earning assets:
Loans held for sale
$
16,834
$
519
6.22 %
$
8,698
$
293
6.79 %
Loans held for investment
23,610,945
695,563
5.94 %
20,933,170
611,739
5.89 %
Loans held for investment - Warehouse Purchase Program
1,262,533
35,248
5.63 %
1,028,534
32,481
6.37 %
Total loans
24,890,312
731,330
5.93 %
21,970,402
644,513
5.92 %
Investment securities
11,866,153
151,731
2.58 %
(P)
10,942,215
115,722
2.13 %
(P)
Federal funds sold and other earning assets
996,109
18,207
3.69 %
1,140,915
25,334
4.48 %
Total interest-earning assets
37,752,574
901,268
4.81 %
34,053,532
785,569
4.65 %
Allowance for credit losses on loans
(356,855)
(349,506)
Noninterest-earning assets
5,435,129
4,967,987
Total assets
$
42,830,848
$
38,672,013
Interest-bearing liabilities:
Interest-bearing demand deposits
$
6,199,301
$
29,086
0.95 %
$
5,015,178
$
17,878
0.72 %
Savings and money market deposits
10,757,523
104,380
1.96 %
8,975,919
91,441
2.05 %
Certificates and other time deposits
4,808,748
77,855
3.26 %
4,396,350
80,068
3.67 %
Other borrowings
1,899,061
34,877
3.70 %
2,746,961
60,593
4.45 %
Securities sold under repurchase agreements
186,030
1,921
2.08 %
206,197
2,485
2.43 %
Subordinated notes and junior subordinated debentures
67,059
1,449
4.36 %
—
—
—
Total interest-bearing liabilities
23,917,722
249,568
2.10 %
(Q)
21,340,605
252,465
2.39 %
(Q)
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits
10,412,431
9,506,704
Allowance for credit losses on off-balance sheet credit
exposures
37,857
37,646
Other liabilities
238,470
240,789
Total liabilities
34,606,480
31,125,744
Shareholders' equity
8,224,368
7,546,269
Total liabilities and shareholders' equity
$
42,830,848
$
38,672,013
Net interest income and margin
$
651,700
3.48 %
$
533,104
3.16 %
Non-GAAP to GAAP reconciliation:
Tax equivalent adjustment
1,155
1,161
Net interest income and margin (tax equivalent basis)
$
652,855
3.49 %
$
534,265
3.16 %
(O)
Based on an actual 365-day basis.
(P)
Yield on securities was impacted by net premium amortization of $7,619 and $9,953 for the six months ended June 30, 2026, and 2025, respectively.
(Q)
Total cost of funds, including noninterest bearing deposits, was 1.47% and 1.65% for the six months ended June 30, 2026, and 2025, respectively.
Prosperity Bancshares, Inc.®
Financial Highlights (Unaudited)
(Dollars in thousands)
Three Months Ended
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
YIELD TREND (R)
Interest-Earning Assets:
Loans held for sale
6.31
%
6.11
%
6.27
%
6.64
%
6.79
%
Loans held for investment
5.93
%
5.95
%
5.83
%
5.90
%
5.88
%
Loans held for investment - Warehouse Purchase
Program
5.58
%
5.68
%
5.89
%
6.31
%
6.34
%
Total loans
5.91
%
5.94
%
5.83
%
5.92
%
5.91
%
Investment securities (S)
2.66
%
2.49
%
2.17
%
2.19
%
2.13
%
Federal funds sold and other earning assets
3.61
%
3.75
%
3.99
%
4.44
%
4.50
%
Total interest-earning assets
4.81
%
4.82
%
4.64
%
4.71
%
4.66
%
Interest-Bearing Liabilities:
Interest-bearing demand deposits
0.99
%
0.91
%
0.75
%
0.76
%
0.74
%
Savings and money market deposits
1.97
%
1.94
%
1.96
%
2.07
%
2.05
%
Certificates and other time deposits
3.21
%
3.32
%
3.58
%
3.60
%
3.59
%
Other borrowings
3.71
%
3.70
%
3.99
%
4.42
%
4.44
%
Securities sold under repurchase agreements
2.10
%
2.06
%
2.23
%
2.32
%
2.37
%
Subordinated notes and junior subordinated
debentures
4.25
%
4.48
%
—
—
—
Total interest-bearing liabilities
2.13
%
2.08
%
2.20
%
2.39
%
2.38
%
Net Interest Margin
3.46
%
3.50
%
3.30
%
3.23
%
3.18
%
Net Interest Margin (tax equivalent)
3.47
%
3.51
%
3.30
%
3.24
%
3.18
%
(R)
Annualized and based on average balances on an actual 365-day basis.
(S)
Yield on securities was impacted by net premium amortization of $3,790, $3,829, $4,668, $2,877, and $4,926 for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
Prosperity Bancshares, Inc.®
Financial Highlights (Unaudited)
(Dollars in thousands)
Three Months Ended
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Balance Sheet Averages
Loans held for sale
$
17,858
$
15,800
$
11,077
$
8,371
$
9,813
Loans held for investment
23,750,036
23,469,020
20,603,235
20,851,896
20,907,400
Loans held for investment - Warehouse Purchase
Program
1,316,645
1,207,793
1,258,036
1,217,579
1,179,307
Total loans
25,084,539
24,692,613
21,872,348
22,077,846
22,096,520
Investment securities
12,258,188
11,469,762
10,378,696
10,530,807
10,867,856
Federal funds sold and other earning assets
969,502
1,026,015
830,926
934,318
841,933
Total interest-earning assets
38,312,229
37,188,390
33,081,970
33,542,971
33,806,309
Allowance for credit losses on loans
(383,281)
(330,133)
(337,892)
(343,872)
(348,310)
Cash and due from banks
315,132
391,668
311,541
291,809
294,379
Goodwill
3,822,507
3,718,640
3,503,127
3,503,127
3,503,127
Core deposit intangibles, net
108,589
50,089
53,553
56,956
60,739
Other real estate
13,278
14,690
14,004
11,533
8,749
Fixed assets, net
430,575
423,530
380,254
377,680
374,486
Other assets
818,106
762,734
659,371
689,659
691,735
Total assets
$
43,437,135
$
42,219,608
$
37,665,928
$
38,129,863
$
38,391,214
Noninterest-bearing deposits
$
10,561,142
$
10,260,022
$
9,543,581
$
9,451,153
$
9,508,845
Interest-bearing demand deposits
6,135,720
6,266,423
4,812,342
4,656,452
4,807,864
Savings and money market deposits
10,928,333
10,583,184
9,054,281
8,977,585
8,944,897
Certificates and other time deposits
4,787,401
4,830,369
4,519,742
4,422,996
4,366,510
Total deposits
32,412,596
31,939,998
27,929,946
27,508,186
27,628,116
Other borrowings
2,174,506
1,620,556
1,595,652
2,480,435
2,717,583
Securities sold under repurchase agreements
194,250
177,719
185,289
187,462
194,577
Subordinated notes and junior subordinated
debentures
70,408
63,673
—
—
—
Allowance for credit losses on off-balance sheet
credit exposures
37,646
38,070
37,646
37,646
37,646
Other liabilities
259,201
218,810
248,593
258,156
227,002
Shareholders' equity
8,288,528
8,160,782
7,668,802
7,657,978
7,586,290
Total liabilities and equity
$
43,437,135
$
42,219,608
$
37,665,928
$
38,129,863
$
38,391,214
Prosperity Bancshares, Inc.®
Financial Highlights (Unaudited)
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Period End Balances
Loan Portfolio
Commercial and industrial
$
2,805,904
11.2
%
$
2,759,190
10.9
%
$
1,864,337
8.6
%
$
1,879,282
8.5
%
$
1,897,117
8.6
%
Warehouse purchase
program
1,290,156
5.1
%
1,433,152
5.7
%
1,304,798
6.0
%
1,278,178
5.8
%
1,287,440
5.8
%
Construction, land
development and other
land loans
3,143,607
12.6
%
3,253,389
12.9
%
2,741,455
12.6
%
2,865,279
13.0
%
2,873,238
12.9
%
1-4 family residential
7,777,079
31.1
%
7,876,021
31.1
%
7,430,929
34.1
%
7,461,900
33.9
%
7,530,816
33.9
%
Home equity
827,696
3.3
%
846,739
3.3
%
843,708
3.8
%
848,740
3.9
%
869,370
3.9
%
Commercial real estate
(includes multi-family
residential)
7,220,978
28.9
%
7,126,212
28.2
%
5,776,397
26.5
%
5,796,937
26.3
%
5,827,645
26.3
%
Agriculture (includes
farmland)
1,066,122
4.3
%
1,064,540
4.2
%
1,027,904
4.7
%
1,019,589
4.6
%
1,029,250
4.6
%
Consumer and other
412,268
1.6
%
406,680
1.6
%
376,241
1.7
%
366,027
1.7
%
368,747
1.7
%
Energy
484,188
1.9
%
522,063
2.1
%
439,599
2.0
%
511,837
2.3
%
513,765
2.3
%
Total loans
$
25,027,998
$
25,287,986
$
21,805,368
$
22,027,769
$
22,197,388
Deposit Types
Noninterest-bearing DDA
$
10,739,937
32.9
%
$
10,580,920
32.4
%
$
9,467,911
33.2
%
$
9,522,028
34.3
%
$
9,426,657
34.3
%
Interest-bearing DDA
6,133,954
18.8
%
6,345,797
19.5
%
5,365,795
18.8
%
4,766,146
17.2
%
4,708,251
17.1
%
Money market
8,248,194
25.3
%
8,163,557
25.0
%
6,538,213
23.0
%
6,402,591
23.0
%
6,302,770
23.0
%
Savings
2,700,522
8.3
%
2,743,732
8.4
%
2,592,873
9.1
%
2,616,196
9.4
%
2,667,859
9.7
%
Certificates and other time
deposits
4,777,080
14.7
%
4,798,750
14.7
%
4,517,692
15.9
%
4,475,133
16.1
%
4,367,874
15.9
%
Total deposits
$
32,599,687
$
32,632,756
$
28,482,484
$
27,782,094
$
27,473,411
Loan to Deposit Ratio
76.8
%
77.5
%
76.6
%
79.3
%
80.8
%
Prosperity Bancshares, Inc.®
Financial Highlights (Unaudited)
(Dollars in thousands)
Construction Loans
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Single family residential construction
$
689,081
21.9
%
$
690,393
21.2
%
$
613,288
22.4
%
$
665,194
23.2
%
$
696,569
24.2
%
Land development
359,067
11.4
%
407,811
12.5
%
252,650
9.2
%
248,616
8.7
%
227,254
7.9
%
Raw land
227,614
7.3
%
276,693
8.5
%
220,169
8.0
%
230,021
8.0
%
248,380
8.7
%
Residential lots
224,650
7.1
%
249,071
7.7
%
199,709
7.3
%
203,396
7.1
%
217,835
7.6
%
Commercial lots
61,423
2.0
%
61,691
1.9
%
59,683
2.2
%
59,853
2.1
%
55,176
1.9
%
Commercial construction and other
1,581,569
50.3
%
1,567,640
48.2
%
1,396,850
50.9
%
1,459,255
50.9
%
1,428,985
49.7
%
Net unaccreted premium (discount)
203
90
(894)
(1,056)
(961)
Total construction loans
$
3,143,607
$
3,253,389
$
2,741,455
$
2,865,279
$
2,873,238
Non-Owner Occupied Commercial Real Estate Loans by Metropolitan Statistical Area (MSA) as of June 30, 2026
Houston
Dallas
Austin
OK City
Tulsa
Other (T)
Total
Collateral Type
Shopping center/retail
$
266,513
$
207,360
$
67,619
$
76,541
$
4,831
$
343,777
$
966,641
Commercial and industrial
buildings
213,733
114,459
33,894
28,656
11,056
305,583
707,381
Office buildings
134,384
278,033
77,949
42,894
3,805
111,395
648,460
Medical buildings
111,580
56,722
25,804
41,667
28,826
65,432
330,031
Apartment buildings
136,295
67,268
143,477
10,048
12,385
222,261
591,734
Hotel
108,606
116,419
36,165
15,573
—
252,301
529,064
Other
196,829
68,955
153,008
4,297
5,781
426,209
855,079
Total
$
1,167,940
$
909,216
$
537,916
$
219,676
$
66,684
$
1,726,958
$
4,628,390
(U)
Acquired Loans
PSL
PCD Loans
Total Acquired Loans
Balance at
Acquisition
Date
Balance at
Mar 31,
2026
Balance at
Jun 30,
2026
Balance at
Acquisition
Date
Balance at
Mar 31,
2026
Balance at
Jun 30,
2026
Balance at
Acquisition
Date
Balance at
Mar 31,
2026
Balance at
Jun 30,
2026
Loan marks:
Acquired banks (V)
$
388,625
$
15,064
$
15,986
$
332,400
$
5,053
$
4,483
$
721,025
$
20,117
$
20,469
American Bank (W)
15,473
15,902
16,443
1,923
1,297
1,067
17,396
17,199
17,510
Texas Partners Bank (X)
38,467
37,626
36,199
2,328
2,090
1,894
40,795
39,716
38,093
Total
442,565
68,592
68,628
336,651
8,440
$
7,444
779,216
77,032
76,072
Acquired portfolio
loan balances:
Acquired banks (V)
14,323,981
1,331,556
1,219,719
1,376,673
293,365
239,094
15,700,654
1,624,921
1,458,813
American Bank (W)
1,810,982
1,684,101
1,488,985
93,300
89,055
75,647
1,904,282
1,773,156
1,564,632
Texas Partners Bank (X)
1,864,565
1,769,908
1,591,030
76,199
70,248
68,004
1,940,764
1,840,156
1,659,034
Total
17,999,528
4,785,565
4,299,734
1,546,172
452,668
382,745
19,545,700
(Y)
5,238,233
4,682,479
Acquired portfolio
loan balances with loan
marks
$
17,556,963
$
4,716,973
$
4,231,106
$
1,209,521
$
444,228
$
375,301
$
18,766,484
$
5,161,201
$
4,606,407
(T)
Includes other MSA and non-MSA regions.
(U)
Represents a portion of total commercial real estate loans of $7.221 billion as of June 30, 2026.
(V)
Includes Bank Arlington, American State Bank, Community National Bank, First Federal Bank Texas, Coppermark Bank, First Victoria National Bank, The F&M Bank & Trust Company, Tradition Bank, LegacyTexas Bank, FirstCapital Bank and Lone Star State Bank of West Texas.
(W)
The American Merger was completed on January 1, 2026. The American Merger resulted in the addition of $1.904 billion in loans with related purchase accounting adjustments of $17.4 million at acquisition date.
(X)
The Southwest Merger was completed on February 1, 2026. The Southwest Merger resulted in the addition of $1.941 billion in loans with related purchase accounting adjustments of $40.8 million at acquisition date.
(Y)
Actual principal balances acquired.
Prosperity Bancshares, Inc.®
Financial Highlights (Unaudited)
(Dollars in thousands)
Three Months Ended
Year-to-Date
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Asset Quality
Nonaccrual loans
$
116,911
$
106,473
$
137,217
$
105,529
$
102,031
$
116,911
$
102,031
Accruing loans 90 or more days past due
2,360
2,241
317
268
576
2,360
576
Total nonperforming loans
119,271
108,714
137,534
105,797
102,607
119,271
102,607
Repossessed assets
9
136
12
16
6
9
6
Other real estate
11,296
13,257
13,296
13,750
7,874
11,296
7,874
Total nonperforming assets
$
130,576
$
122,107
$
150,842
$
119,563
$
110,487
$
130,576
$
110,487
Nonperforming assets:
Commercial and industrial (includes energy)
$
22,115
$
17,495
$
57,237
$
27,880
$
27,680
$
22,115
$
27,680
Construction, land development and other
land loans
3,781
2,054
2,183
583
1,859
3,781
1,859
1-4 family residential (includes home equity)
64,394
63,168
60,296
57,241
50,501
64,394
50,501
Commercial real estate (includes multi-family
residential)
19,597
17,880
9,215
11,471
12,865
19,597
12,865
Agriculture (includes farmland)
15,590
16,259
16,713
17,080
17,547
15,590
17,547
Consumer and other
5,099
5,251
5,198
5,308
35
5,099
35
Total
$
130,576
$
122,107
$
150,842
$
119,563
$
110,487
$
130,576
$
110,487
Number of loans/properties
499
484
449
424
392
499
392
Allowance for credit losses on loans
$
382,841
$
383,840
$
333,742
$
339,626
$
346,084
$
382,841
$
346,084
Net charge-offs (recoveries):
Commercial and industrial (includes energy)
$
1,386
$
39,225
$
5,388
$
3,341
$
1,044
$
40,611
$
1,374
Construction, land development and other
land loans
50
—
(154)
34
(3)
50
(159)
1-4 family residential (includes home equity)
314
862
175
853
342
1,176
1,393
Commercial real estate (includes multi-family
residential)
(1,064)
(121)
(665)
1,015
55
(1,185)
233
Agriculture (includes farmland)
28
52
(5)
(40)
(14)
80
(14)
Consumer and other
1,469
1,291
1,145
1,255
1,593
2,760
2,894
Total
$
2,183
$
41,309
$
5,884
$
6,458
$
3,017
$
43,492
$
5,721
Asset Quality Ratios
Nonperforming assets to average interest-earning
assets
0.34
%
0.33
%
0.46
%
0.36
%
0.33
%
0.35
%
0.32
%
Nonperforming assets to loans and other real
estate
0.52
%
0.48
%
0.69
%
0.54
%
0.50
%
0.52
%
0.50
%
Net charge-offs to average loans (annualized)
0.03
%
0.67
%
0.11
%
0.12
%
0.05
%
0.35
%
0.05
%
Allowance for credit losses on loans to total loans
1.53
%
1.52
%
1.53
%
1.54
%
1.56
%
1.53
%
1.56
%
Allowance for credit losses on loans to total
loans, excluding Warehouse Purchase Program
loans (G)
1.61
%
1.61
%
1.63
%
1.64
%
1.66
%
1.61
%
1.66
%
Prosperity Bancshares, Inc.®
Notes to Selected Financial Data (Unaudited)
(Dollars and share amounts in thousands, except per share data)
NOTES TO SELECTED FINANCIAL DATA
Prosperity's management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Specifically, for internal planning and forecasting purposes, Prosperity reviews each of diluted earnings per share, return on average assets, return on average common equity, and return on average tangible common equity, in each case excluding merger related expenses, net of tax, FDIC special assessment, net of tax, and net gain on sale or write-up of securities, net of tax; return on average tangible common equity; tangible book value per share; the tangible equity to tangible assets ratio; allowance for credit losses to total loans excluding Warehouse Purchase Program loans; the efficiency ratio, excluding net gains and losses on the sale, write-down or write-up of assets and securities; and the efficiency ratio, excluding net gains and losses on the sale, write-down or write-up of assets and securities, merger related expenses and FDIC special assessment. In addition, due to the application of purchase accounting, Prosperity uses certain non-GAAP financial measures and ratios that exclude the impact of these items to evaluate its allowance for credit losses to total loans (excluding Warehouse Purchase Program loans). Prosperity has included information below relating to these non-GAAP financial measures for the applicable periods presented.
Three Months Ended
Year-to-Date
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Reconciliation of diluted earnings per share to
diluted earnings per share excluding merger related
expenses, net of tax, FDIC special assessment, net of
tax, and net gain on sale or write-up of securities,
net of tax:
Diluted earnings per share (unadjusted)
$
1.67
$
1.16
$
1.49
$
1.45
$
1.42
$
2.84
$
2.79
Net income
$
168,583
$
116,267
$
139,907
$
137,556
$
135,155
$
284,850
$
265,380
Merger related expenses, net of tax(Z)
596
33,588
212
49
—
34,184
—
FDIC special assessment, net of tax(Z)
—
—
(2,807)
—
—
—
—
Net gain on sale or write-up of securities, net of tax(Z)
(6,506)
—
—
—
—
(6,506)
—
Net income excluding merger related expenses, net of
tax, FDIC special assessment, net of tax, and net gain
on sale or write-up of securities, net of tax(Z):
$
162,673
$
149,855
$
137,312
$
137,605
$
135,155
$
312,528
$
265,380
Weighted average diluted shares outstanding
100,783
99,825
94,044
95,093
95,277
100,306
95,271
Merger related expenses, net of tax, per diluted
common share(Z)
$
0.01
$
0.34
$
—
$
—
$
—
$
0.34
$
—
FDIC special assessment, net of tax, per diluted
common share(Z)
$
—
$
—
$
(0.03)
$
—
$
—
$
—
$
—
Net gain on sale or write-up of securities, net of tax, per
diluted common share(Z)
$
(0.06)
$
—
$
—
$
—
$
—
$
(0.06)
$
—
Diluted earnings per share excluding merger related
expenses, net of tax, FDIC special assessment, net of
tax, and net gain on sale or write-up of securities, net of
tax:(Z)
$
1.62
$
1.50
$
1.46
$
1.45
$
1.42
$
3.12
$
2.79
Reconciliation of return on average assets to return
on average assets excluding merger related
expenses, net of tax, FDIC special assessment, net of
tax, and net gain on sale or write-up of
securities, net of tax:
Return on average assets (unadjusted)
1.55
%
1.10
%
1.49
%
1.44
%
1.41
%
1.33
%
1.37
%
Net income excluding merger related expenses, net of
tax, FDIC special assessment, net of tax, and net gain
on sale or write-up of securities, net of tax(Z):
$
162,673
$
149,855
$
137,312
$
137,605
$
135,155
$
312,528
$
265,380
Average total assets
$
43,437,135
$
42,219,608
$
37,665,928
$
38,129,863
$
38,391,214
$
42,830,848
$
38,672,013
Return on average assets excluding merger related
expenses, net of tax, FDIC special assessment, net of
tax, and net gain on sale or write-up of securities, net of
tax (F) (Z)
1.50
%
1.42
%
1.46
%
1.44
%
1.41
%
1.46
%
1.37
%
(Z)
Calculated assuming a federal tax rate of 21.0%.
Three Months Ended
Year-to-Date
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Reconciliation of return on average common equity
to return on average common equity excluding
merger related expenses, net of tax, FDIC special
assessment, net of tax, and net gain on sale or write-
up of securities, net of tax:
Return on average common equity (unadjusted)
8.14
%
5.70
%
7.30
%
7.18
%
7.13
%
6.93
%
7.03
%
Net income excluding merger related expenses, net of
tax, FDIC special assessment, net of tax, and net gain
on sale or write-up of securities, net of tax(Z):
$
162,673
$
149,855
$
137,312
$
137,605
$
135,155
$
312,528
$
265,380
Average shareholders' equity
$
8,288,528
$
8,160,782
$
7,668,802
$
7,657,978
$
7,586,290
$
8,224,368
$
7,546,269
Return on average common equity excluding merger
related expenses, net of tax, FDIC special assessment,
net of tax, and net gain on sale or write-up of securities,
net of tax(F) (Z)
7.85
%
7.35
%
7.16
%
7.19
%
7.13
%
7.60
%
7.03
%
Reconciliation of return on average common equity
to return on average tangible common equity:
Net income
$
168,583
$
116,267
$
139,907
$
137,556
$
135,155
$
284,850
$
265,380
Average shareholders' equity
$
8,288,528
$
8,160,782
$
7,668,802
$
7,657,978
$
7,586,290
$
8,224,368
$
7,546,269
Less: Average goodwill and other intangible assets
(3,931,096)
(3,768,729)
(3,556,680)
(3,560,083)
(3,563,866)
(3,850,361)
(3,565,634)
Average tangible shareholders' equity
$
4,357,432
$
4,392,053
$
4,112,122
$
4,097,895
$
4,022,424
$
4,374,007
$
3,980,635
Return on average tangible common equity (F)
15.48
%
10.59
%
13.61
%
13.43
%
13.44
%
13.02
%
13.33
%
Reconciliation of return on average common equity
to return on average tangible common equity
excluding merger related expenses, net of tax, FDIC
special assessment, net of tax, and net gain on sale
or write-up of securities, net of tax(Z):
Net income excluding merger related expenses, net of
tax, FDIC special assessment, net of tax, and net gain
on sale or write-up of securities, net of tax(Z):
$
162,673
$
149,855
$
137,312
$
137,605
$
135,155
$
312,528
$
265,380
Average shareholders' equity
$
8,288,528
$
8,160,782
$
7,668,802
$
7,657,978
$
7,586,290
$
8,224,368
$
7,546,269
Less: Average goodwill and other intangible assets
(3,931,096)
(3,768,729)
(3,556,680)
(3,560,083)
(3,563,866)
(3,850,361)
(3,565,634)
Average tangible shareholders' equity
$
4,357,432
$
4,392,053
$
4,112,122
$
4,097,895
$
4,022,424
$
4,374,007
$
3,980,635
Return on average tangible common equity excluding
merger related expenses, net of tax, FDIC special
assessment, net of tax, and net gain on sale or write-up
of securities, net of tax (F) (Z)
14.93
%
13.65
%
13.36
%
13.43
%
13.44
%
14.29
%
13.33
%
Reconciliation of book value per share to tangible
book value per share:
Shareholders' equity
$
8,305,259
$
8,207,851
$
7,616,140
$
7,664,938
$
7,599,736
$
8,305,259
$
7,599,736
Less: Goodwill and other intangible assets
(3,929,502)
(3,933,526)
(3,554,732)
(3,558,321)
(3,561,923)
(3,929,502)
(3,561,923)
Tangible shareholders' equity
$
4,375,757
$
4,274,325
$
4,061,408
$
4,106,617
$
4,037,813
$
4,375,757
$
4,037,813
Period end shares outstanding
100,646
100,835
93,058
94,993
95,277
100,646
95,277
Tangible book value per share
$
43.48
$
42.39
$
43.64
$
43.23
$
42.38
$
43.48
$
42.38
Reconciliation of equity to assets ratio to period end
tangible equity to period end tangible assets ratio:
Tangible shareholders' equity
$
4,375,757
$
4,274,325
$
4,061,408
$
4,106,617
$
4,037,813
$
4,375,757
$
4,037,813
Total assets
$
43,872,511
$
43,619,183
$
38,463,425
$
38,330,469
$
38,417,352
$
43,872,511
$
38,417,352
Less: Goodwill and other intangible assets
(3,929,502)
(3,933,526)
(3,554,732)
(3,558,321)
(3,561,923)
(3,929,502)
(3,561,923)
Tangible assets
$
39,943,009
$
39,685,657
$
34,908,693
$
34,772,148
$
34,855,429
$
39,943,009
$
34,855,429
Period end tangible equity to period end tangible assets
ratio
10.96
%
10.77
%
11.63
%
11.81
%
11.58
%
10.96
%
11.58
%
Three Months Ended
Year-to-Date
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Reconciliation of allowance for credit losses to total
loans to allowance for credit losses on loans to total
loans excluding Warehouse Purchase Program:
Allowance for credit losses on loans
$
382,841
$
383,840
$
333,742
$
339,626
$
346,084
$
382,841
$
346,084
Total loans
$
25,027,998
$
25,287,986
$
21,805,368
$
22,027,769
$
22,197,388
$
25,027,998
$
22,197,388
Less: Warehouse Purchase Program loans
(1,290,156)
(1,433,152)
(1,304,798)
(1,278,178)
(1,287,440)
(1,290,156)
(1,287,440)
Total loans less Warehouse Purchase Program
$
23,737,842
$
23,854,834
$
20,500,570
$
20,749,591
$
20,909,948
$
23,737,842
$
20,909,948
Allowance for credit losses on loans to total loans
excluding Warehouse Purchase Program
1.61
%
1.61
%
1.63
%
1.64
%
1.66
%
1.61
%
1.66
%
Reconciliation of efficiency ratio to efficiency ratio
excluding net gains and losses on the sale, write-
down or write-up of assets:
Noninterest expense
$
176,176
$
217,287
$
138,712
$
138,635
$
138,565
$
393,463
$
278,866
Net interest income
$
330,550
$
321,150
$
274,953
$
273,435
$
267,722
$
651,700
$
533,104
Noninterest income
60,705
46,474
42,780
41,238
42,982
107,179
84,283
Less: net (loss) gain on sale or write down of assets
(42)
318
35
3
1,414
276
1,179
Less: net gain on sale or write-up of securities
8,235
—
—
—
—
8,235
—
Noninterest income excluding net gains and losses on
the sale, write-down or write-up of assets
52,512
46,156
42,745
41,235
41,568
98,668
83,104
Total income excluding net gains and losses on the
sale, write-down or write-up of assets
$
383,062
$
367,306
$
317,698
$
314,670
$
309,290
$
750,368
$
616,208
Efficiency ratio, excluding net gains and losses on the
sale, write-down or write-up of assets
45.99
%
59.16
%
43.66
%
44.06
%
44.80
%
52.44
%
45.26
%
Reconciliation of efficiency ratio to efficiency ratio,
excluding net gains and losses on the sale, write-
down or write-up of assets, merger related expenses
and FDIC special assessment:
Noninterest expense
$
176,176
$
217,287
$
138,712
$
138,635
$
138,565
$
393,463
$
278,866
Less: merger related expenses
755
42,516
268
62
—
43,271
—
Less: FDIC special assessment
—
—
(3,554)
—
—
—
—
Noninterest expense excluding merger related expenses
and FDIC special assessment
$
175,421
$
174,771
$
141,998
$
138,573
$
138,565
$
350,192
$
278,866
Net interest income
$
330,550
$
321,150
$
274,953
$
273,435
$
267,722
$
651,700
$
533,104
Noninterest income
60,705
46,474
42,780
41,238
42,982
107,179
84,283
Less: net (loss) gain on sale or write down of assets
(42)
318
35
3
1,414
276
1,179
Less: net gain on sale or write-up of securities
8,235
—
—
—
—
8,235
—
Noninterest income excluding net gains and losses on
the sale, write-down or write-up of assets
52,512
46,156
42,745
41,235
41,568
98,668
83,104
Total income excluding net gains and losses on the
sale, write-down or write-up of assets
$
383,062
$
367,306
$
317,698
$
314,670
$
309,290
$
750,368
$
616,208
Efficiency ratio, excluding net gains and losses on the
sale, write-down or write-up of assets, merger related
expenses and FDIC special assessment
Verisk koupil McKenzie Intelligence Services, aby posílil geoprostorové zpravodajství v reálném čase pro pojišťovny při katastrofách a konfliktních událostech. Transakce nemá mít významný dopad na finanční výsledky.
Acquisition brings real-time geospatial and event response intelligence into the heart of the global (re)insurance workflow July 29, 2026 06:45 ET | Source: Verisk Analytics, Inc.
LONDON, July 29, 2026 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading strategic data analytics and technology partner to the global insurance industry, today announced that it has acquired McKenzie Intelligence Services (MIS), a geospatial intelligence and event response company specializing in global real-time catastrophe and conflict event analysis.
MIS provides rapid post event damage assessment, military grade intelligence and actionable insights that empower real time decision making in the aftermath of a major loss event.
Faster, high resolution catastrophe event response: From pre-event alerting to post-event exposure damage and quantification, MIS gives insurers, reinsurers, brokers and loss adjusters the intelligence to respond quickly.Deepened SRCC and political violence risk insights: This acquisition extends Verisk’s leadership in Strikes, Riots and Civil Commotion (SRCC) and political violence risk analytics, bringing real-time, incident-level intelligence that activates when an event is unfolding. “Verisk and MIS share a commitment to helping clients make faster, more confident decisions before, during, and after catastrophic events,” said Rob Newbold, president of Verisk Catastrophe and Risk Solutions. “By bringing MIS’s real-time geospatial intelligence together with Verisk’s catastrophe models, risk analytics, and claims solutions, we can give clients a more complete view of unfolding events so they can assess impacts, prioritize response and support policyholders more effectively.”
MIS aggregates and analyses multi-source geospatial data to provide (re)insurers with rapid and precise insights to support:
Financial and operational decisionsProperty-level damage assessmentsConfident claims resolutionsPortfolio exposure estimatesClaims triageLitigation support Forbes McKenzie, founder of MIS, said, “We’ve worked with Verisk to integrate real-time event data for rapid accumulation analysis, so it felt like a natural fit to join the team, especially as catastrophes grow increasingly disruptive around the world. Together with Verisk’s risk modelling and claims solutions, we can help insurers better serve policyholders during their most challenging moments.”
Building a more connected view of catastrophe and global risk
MIS will become part of Verisk’s Catastrophe and Risk Solutions, bringing its real-time geospatial intelligence into a broader portfolio of catastrophe risk modelling, global loss indexes, advanced analytics and risk data. Along with Verisk Maplecroft’s expertise in monitoring external risks across operations, supply chains and investments, these capabilities will give clients a more connected view of emerging and unfolding risks — helping them prepare earlier, respond faster and make more confident decisions when events occur.
Verisk’s Catastrophe and Risk Solutions recently introduced Verisk Synergy Studio, a cloud‑native platform designed to unify catastrophe modelling, exposure management and risk analytics in a single environment. By pairing advanced science with a modern platform, Verisk Synergy Studio enables more frequent model updates and improved integration with enterprise risk workflows.
In 2025, Verisk acquired Verisk Model Exchange, a catastrophe modelling platform that enables the evaluation of multiple independent views of catastrophe risk within a single governed, vendor-neutral platform where open standards, including an open and non-proprietary exposure data framework, ensure every model runs on a consistent financial engine. Verisk Catastrophe and Risk Solutions is part of AIR Worldwide Corporation, a wholly owned subsidiary of Verisk Analytics, Inc.
This transaction is not expected to have a material impact on financial results.
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, catastrophic events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work. For more, visit Verisk.com and the Verisk Newsroom.
Contact Data Media Contact Ali Herbert [email protected] 201.469.3998
GlobalFoundries uzavřel s americkým ministerstvem obchodu předběžnou dohodu o potenciální dotaci 300 milionů USD na rozvoj silikonové fotoniky pro AI a HPC.
LOI for CHIPS R&D award advances the optical technologies powering AI and high-performance computing July 29, 2026 06:32 ET | Source: GlobalFoundries Inc.
MALTA, N.Y., July 29, 2026 (GLOBE NEWSWIRE) -- GlobalFoundries (Nasdaq: GFS) today announced it has entered into a letter of intent (LOI) with the U.S. Department of Commerce to accelerate research and development of next-generation silicon photonics — the optical technology that moves data at the speed of light and underpins the AI and high-performance computing data centers driving the global economy. Under the LOI, the Department’s CHIPS Research and Development Office is expected to award GF $300 million to advance next-generation optical materials, wafer technologies and advanced packaging, reinforcing U.S. leadership in a technology essential to AI infrastructure.
The award will accelerate GF’s development of next-generation silicon photonics wafer technologies, novel optical materials and advanced packaging, including proven 3D hybrid bonding, that enable the roll-out of near-packaged optics (NPO) and co-packaged optics (CPO). This work builds directly on GF’s recently introduced SCALE™ (Silicon Photonics Co-Packaged Advanced Light Engine) platform, targeting industry-leading modularity, 400Gb/s performance and a 5x increase in energy efficiency over current-generation implementations.
In a separate agreement, the U.S. Department of Commerce will receive equity from GF, representing approximately 1 percent ownership as of today's date, enabling the American public to share in GF's growth.
“With today’s compute supply chain investments, the Trump Administration is accelerating America’s innovation engine,” said Secretary of Commerce Howard Lutnick. “These strategic investments will enhance our country’s domestic capabilities, create high-paying jobs and keep America at the forefront of the semiconductor industry.”
“The CHIPS R&D incentives will support a breakthrough in compute and communication networks moving past traditional copper bottlenecking to power next-generation AI,” said Bill Frauenhofer, the Executive Director for Semiconductor Innovation and Investment at the Department of Commerce. “Accelerating R&D for domestic photonics capabilities and advanced packaging provides American industry the extreme bandwidth and energy efficiency to scale complex AI workloads securely and rapidly.”
Silicon photonics enables ultra-high bandwidth, energy-efficient data movement by transmitting information with light rather than electrical signals — delivering greater performance, higher interconnect density and lower power consumption as AI and data center workloads scale. GF’s silicon photonics platform is enabling today’s pluggable optical interconnects and is uniquely positioned to enable the industry’s transition to near-packaged optics (NPO) and co-packaged optics (CPO). Together with GF’s recently introduced SCALE™, customers gain a clear, scalable, U.S.-based path to meeting the demands of next-generation architectures. The work will leverage GF’s existing capabilities in Malta, N.Y., and Burlington, Vt., to help accelerate a U.S.-based path to high-volume silicon photonics manufacturing.
“Silicon photonics is essential to AI infrastructure. For a decade, the industry talked about the shift from copper to optical as something that was coming — today it is here, moving data at higher bandwidth and improved power efficiency as workloads grow more complex,” said Tim Breen, CEO of GlobalFoundries. “GlobalFoundries has spent more than a decade building the technology, footprint and ecosystem to lead this transition, and we have the proven manufacturing foundation to scale it — in the United States — accelerating technology leadership for generations to come. We are proud to deepen our partnership with the U.S. Government, and the CHIPS R&D Office in particular, to accelerate our programs.”
“As we accelerate development of next-generation optical materials and co-packaged optics, GF is building on our already qualified portfolio of photonic devices, proven 3D hybrid bonding and advanced packaging expertise, combined with our manufacturing scale to bring near-packaged and co-packaged optics to high volume — putting our customers on a direct, U.S.-based path to scaling optical connectivity for tomorrow’s AI systems,” said Gregg Bartlett, chief technology officer of GlobalFoundries.
GF is working with leading customers to ensure emerging NPO and CPO architectures and next-generation optical engines are supported by U.S.-based silicon photonics R&D. These efforts reflect a shared focus on scaling the technologies that will drive the next wave of AI and data center performance.
AMD
“As AI systems scale, moving data efficiently is as critical as increasing compute performance. Silicon photonics and advanced packaging will be key to delivering the bandwidth, energy efficiency, and system-level connectivity required for the next generation of AI cluster infrastructure. We welcome GlobalFoundries’ continued investment in U.S.-based innovation and manufacturing, and the broader public-private collaboration needed to advance these foundational technologies,” said AMD CTO and EVP Mark Papermaster.
Broadcom
"As AI workloads continue to grow in size and complexity, scaling the infrastructure that connects increasingly powerful compute clusters is becoming one of the industry's defining challenges. Advances in optical interconnects, silicon photonics and advanced packaging will be critical to enabling the next generation of AI architectures. GlobalFoundries' announcement today helps strengthen the innovation ecosystem needed to accelerate development of these foundational technologies," said Near Margalit, VP and GM of Optical Systems Division, Broadcom.
Cisco
"As AI infrastructure scales, moving data efficiently is becoming as important as compute itself. Advances in silicon photonics and optical interconnects will be critical to enabling the bandwidth, performance and energy efficiency future AI systems require. GlobalFoundries' investment in next-generation silicon photonics technologies helps strengthen the foundation for future AI networking and optical infrastructure," said Jeetu Patel, President and Chief Product Officer of Cisco.
Corning
"The rapid growth of AI is driving unprecedented bandwidth demands, making optical connectivity essential to next-generation data centers. Meeting these demands will require innovation across the ecosystem from advanced materials and optical components to silicon photonics and packaging. Investments such as GlobalFoundries' announcement today help strengthen the U.S. innovation and manufacturing base needed to scale future AI infrastructure," said Wendell P. Weeks, Chairman, Chief Executive Officer, and President of Corning Incorporated.
Lumentum
"AI is driving unprecedented demand for optical connectivity that can move more data while consuming less power. Meeting that challenge will require continued innovation across the silicon photonics ecosystem and a strong, resilient U.S.-based supply chain capable of scaling advanced optical technologies. GlobalFoundries' investments in silicon photonics and advanced packaging, combined with support from the U.S. government, are helping accelerate an open path to next-generation optical interconnect that will be essential for the future of AI and high-performance computing,” said Michael Hurlston, CEO of Lumentum.
Marvell
“The bottleneck in AI infrastructure is shifting from compute to connectivity — the ability to move data between and within systems without letting bandwidth or power constraints limit performance. As a leader in silicon photonics and optical connectivity, Marvell welcomes continued investment in U.S.-based R&D to accelerate the transition to near-packaged and co-packaged optics, key to scaling the next generation of AI infrastructure,” said Chris Koopmans, President and Chief Operating Officer, Marvell.
Meta
"Silicon photonics technologies will play a critical role in future generations of Meta's AI infrastructure. We believe that a multi-supplier, geographically diverse ecosystem produces the best technical innovations and the most scalable high-volume supply chains, and investing in U.S. manufacturing capacity is a crucial component in achieving this goal", said Yee Jiun Song, VP of Engineering, Meta.
Microsoft
"The next generation of AI infrastructure will require significant advances in networking, optical interconnects and data movement. Silicon photonics is an important enabling technology for meeting those demands. Microsoft welcomes industrywide investments that accelerate innovation and strengthen the ecosystem developing the technologies that will power the future of AI," said Rani Borkar, President of Azure Hardware Systems and Infrastructure, Microsoft.
NVIDIA
“Rebuilding our supply chains is critical to the new industrial revolution. Scaling US manufacturing requires advances across chips, networking, optics, software, and manufacturing. Silicon photonics is essential to that future, and GlobalFoundries brings the manufacturing expertise to help make it real in the United States," said NVIDIA founder and CEO Jensen Huang.
Qualcomm
"As AI expands across cloud, enterprise and edge environments, enabling greater performance and efficiency will require innovation throughout the technology stack. Silicon photonics has the potential to play an important role in supporting next-generation AI platforms by helping address growing bandwidth and connectivity demands. We welcome efforts that advance innovation in this important technology area," said Kevin O'Buckley, Qualcomm Executive Vice President, Global Operations and Supply Chain.
About GF
GlobalFoundries (GF) is a leading manufacturer of essential semiconductors, enabling AI at scale from the cloud to the physical world. Through deep partnerships with customers, GF delivers differentiated, power-efficient and high-performance solutions for automotive, aerospace and defense, data center, smart mobile devices, internet of things and other high-growth markets. With global manufacturing operations across the U.S., Europe and Asia, GF is a trusted and holistic technology partner for customers around the world. GF’s talented, global team remains focused every day on security, longevity and sustainability. For more information, visit www.gf.com.
Forward-looking information
This press release includes “forward-looking statements” that reflect our current expectations and views of future events. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” "outlook," "on track" and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by geopolitical conditions such as the ongoing political and trade tensions with China and the continuation of conflicts in the Middle East and Ukraine; ongoing political developments in the United States, and in particular, any political and policy-related changes that may impact our industry and the market generally, such as the imposition of trade controls, tariffs and counter-tariffs between the United States and its trade partners and new legislation; the market for our products may develop or recover more slowly than expected or than it has in the past; we may fail to achieve the full benefits of our strategic optimization efforts; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could result in a system disruption, loss of data or damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; global economic conditions could deteriorate, including due to rising inflation and any potential recession; the expected benefits of our announced partnerships may fail to materialize; and we may fail to achieve the anticipated results or benefits from funding received (including awards under the U.S. CHIPS and Science Act and New York State Green CHIPS) and our expected results and planned or further expansions and operations may not proceed as planned if funding we expect to receive is delayed or withheld for any reason. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them.
Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 2025 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission (SEC). Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov.
Dimensional Fund Advisors LP v 1. čtvrtletí navýšil podíl v Lamb Weston o 28,1 % na 2 742 208 akcií. Firma po výsledcích zvýšila výhled upraveného EPS pro fiskální rok 2027 na 2,95–3,25 USD.
Dimensional Fund Advisors LP grew its holdings in Lamb Weston (NYSE:LW – Free Report) by 28.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,742,208 shares of the specialty retailer’s stock after purchasing an additional 601,171 shares during the quarter. Dimensional Fund Advisors LP owned about 1.99% of Lamb Weston worth $115,865,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Lamb Weston by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 16,679,203 shares of the specialty retailer’s stock valued at $698,692,000 after purchasing an additional 43,766 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Lamb Weston by 27.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,824,690 shares of the specialty retailer’s stock worth $411,558,000 after purchasing an additional 2,111,874 shares during the period. State Street Corp raised its stake in Lamb Weston by 1.1% during the second quarter. State Street Corp now owns 5,801,585 shares of the specialty retailer’s stock worth $300,812,000 after purchasing an additional 63,865 shares during the period. Geode Capital Management LLC boosted its holdings in Lamb Weston by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 3,528,402 shares of the specialty retailer’s stock valued at $147,536,000 after purchasing an additional 21,256 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Lamb Weston by 2.5% in the 3rd quarter. Invesco Ltd. now owns 3,286,305 shares of the specialty retailer’s stock valued at $190,869,000 after purchasing an additional 79,257 shares during the last quarter. Institutional investors and hedge funds own 89.56% of the company’s stock.
More Lamb Weston News Here are the key news stories impacting Lamb Weston this week:
Positive Sentiment: Raised earnings outlook: Lamb Weston maintained or lifted its fiscal 2027 adjusted EPS outlook to $2.95–$3.25, a range modestly above analyst expectations. Management also reported fiscal 2026 net sales of $6.612 billion and adjusted EBITDA of $1.147 billion, both above the high end of its prior guidance. Lamb Weston Lifts Earnings Outlook Despite Middle East Disruptions Positive Sentiment: Analyst support: Barclays raised its price target from $50 to $56 and upgraded the stock to overweight. The move follows Lamb Weston’s earnings beat and above-consensus fiscal 2027 guidance. Barclays Raises Lamb Weston Price Target Positive Sentiment: Insider buying: Recent open-market transactions show purchases by executive chairman Jan Eli B. Craps, CFO James Gray and other insiders, while activist investor Jana Partners also accumulated shares. These purchases may reinforce confidence in the recovery story. Neutral Sentiment: Mixed analyst view: Stephens raised its price target from $46 to $55 but retained an equal-weight rating, implying limited upside at the recent trading level. Stephens Raises Lamb Weston Price Target Negative Sentiment: International and valuation risks: Analysts caution that Middle East disruptions, inflation and softer international revenue trends could constrain growth. Another review argued the stock may now be fully priced after its recent rebound, limiting additional upside. Lamb Weston Stock Looks Fully Priced Analyst Upgrades and Downgrades A number of brokerages have recently issued reports on LW. Barclays raised their price target on shares of Lamb Weston from $50.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $52.00 price objective on shares of Lamb Weston in a report on Monday. Bank of America lowered their price objective on Lamb Weston from $49.00 to $47.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. TD Cowen raised their target price on Lamb Weston from $40.00 to $52.00 and gave the stock a “hold” rating in a research note on Tuesday. Finally, Stephens lifted their target price on Lamb Weston from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Tuesday. Three analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $53.36.
Get Our Latest Stock Analysis on Lamb Weston
Lamb Weston Trading Up 2.6% Shares of LW stock opened at $54.47 on Wednesday. Lamb Weston has a 1-year low of $37.62 and a 1-year high of $67.07. The firm has a market cap of $7.49 billion, a PE ratio of 26.19, a price-to-earnings-growth ratio of 7.43 and a beta of 0.47. The company has a 50-day moving average of $45.16 and a two-hundred day moving average of $44.45. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.42 and a quick ratio of 0.74.
Lamb Weston (NYSE:LW – Get Free Report) last released its quarterly earnings results on Friday, July 24th. The specialty retailer reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.24. Lamb Weston had a net margin of 4.39% and a return on equity of 23.33%. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm earned $0.87 EPS. The business’s revenue was up 5.6% on a year-over-year basis. Lamb Weston has set its FY 2027 guidance at 2.950-3.250 EPS. On average, analysts predict that Lamb Weston will post 2.94 EPS for the current year.
Lamb Weston Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Friday, August 7th will be given a $0.38 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.52 dividend on an annualized basis and a yield of 2.8%. Lamb Weston’s payout ratio is presently 73.08%.
Lamb Weston Company Profile (Free Report)
Lamb Weston, traded on the NYSE under the symbol LW, is a leading global processor and supplier of frozen potato products. The company’s portfolio includes a variety of potato-based items such as French fries, potato wedges, hash browns and specialty cuts tailored to the foodservice and retail grocery channels. Lamb Weston serves quick-service restaurants, full-service operators, grocery chains and food distributors, offering customized product formats, packaging solutions and seasoning options to meet evolving customer demands.
Founded in 1950 and headquartered in Eagle, Idaho, Lamb Weston has grown from a regional processor into one of the world’s largest producers of frozen potato products.
Featured Stories Five stocks we like better than Lamb Weston 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 LW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lamb Weston (NYSE:LW – Free Report).
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Lennox ve 2. čtvrtletí zvýšil tržby o 3 % na 1,5 miliardy USD a provozní zisk o 2 % na 355 milionů USD. Zároveň snížil celoroční výhled EPS na 23,00 až 24,00 USD.
Highlights
(All comparisons are year-over-year, unless otherwise noted)
Revenue $1.5 billion, up 3% GAAP Operating Income $355 million, up 2% GAAP diluted EPS flat at $7.72 Updating full year EPS guidance range to $23.00 - $24.00 , /PRNewswire/ -- Lennox (NYSE: LII), a leader in energy-efficient building and home comfort solutions, today reported second quarter financial results with $1.5 billion of revenue, $355 million of operating income, and $7.72 GAAP diluted earnings per share.
Revenue increased 3% to $1.5 billion. Total segment profit 1 was $355 million, up 2%. Total segment margin1 was down 30 basis points to 23%. Adjusted diluted earnings per share were flat at $7.72.
"Our results this quarter reflect the strength of our portfolio and team," said Alok Maskara, Chief Executive Officer. "Strong momentum in Building Climate Solutions and contributions from the Duro Dyne and Supco acquisitions mitigated the continued softness in the residential end market. We also expanded our portfolio through the acquisition of Comfort-Aire and Century brands and remain focused on executing our growth strategy through innovation, operational excellence, and disciplined capital allocation."
In Home Comfort Solutions, residential market conditions remained challenging during the second quarter, although demand improved sequentially from the first quarter. Revenue declined 7% year over year, primarily reflecting lower sales volumes, partially offset by favorable mix-price and contributions from acquisitions. Demand improved across both distribution channels, though residential new construction activity remained a meaningful headwind. Segment margin declined 130 basis points, reflecting lower volumes and related absorption pressures. Pricing actions implemented in response to inflationary and tariff pressures largely offset those impacts, while earlier than expected tariff refunds provided a benefit during the quarter.
The Building Climate Solutions segment drove 24% revenue growth in the second quarter, reflecting broad-based strength across the business and improving commercial market conditions. Organic revenue growth of 15% was driven by strong execution with national account customers, healthy emergency replacement activity, and growth in service offerings, while acquisitions added 9% to revenue growth. These results demonstrate our ability to invest for growth, execute in the marketplace, and deliver attractive returns for shareholders.
1
Includes unallocated corporate expenses
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS
(All comparisons are year-over-year, unless otherwise noted)
Revenue: $1.5 billion was up 3%, driven by revenue from completed acquisitions.
Operating Income: $355 million, up 2%, with operating profit margin of 23.0%, down 30 bps.
Total Segment Profit1: $355 million, up 2%, and total segment profit margin of 23.0%, down 30 basis points primarily driven by $39 million of mix/price benefits and $17 million from completed acquisitions. This was partially offset by $25 million decrease from lower sales volumes; $11 million product cost primarily reflecting inflation and factory under absorption, net of $30 million in tariff refunds; and $14 million of SG&A and distribution inflation and investments.
Net Income: $269 million, or $7.72 per share, compared to $274 million, or $7.71 per share, in the prior-year quarter.
Cash Flow: Operating cash flow was $172 million compared to $87 million in the prior-year quarter driven by reduced inventory levels. Net capital expenditure was $35 million compared to $28 million in the prior-year quarter. Share repurchases totaled $132 million.
Home Comfort Solutions: Business segment revenue was $936 million, down 7%. Segment profit was $222 million, down 12%, and segment margin was 23.7%, down 130 basis points. Profit declined $30 million versus the prior-year quarter, primarily reflecting a $49 million profit headwind from lower sales volumes. Distribution, freight, and other costs reduced profit by an additional $11 million, while product cost inflation and lower factory absorption, net of $25 million in tariff refunds, resulted in a $2 million decrease. These pressures were partially offset by $24 million of mix/price benefits, $5 million from completed acquisitions, and $3 million of SG&A improvement.
Building Climate Solutions: Business segment revenue was $610 million, up 24%. Segment profit was $155 million, up $35 million or 29%, and segment margin improved 100 basis points to 25.5%. This increase reflects a $23 million profit benefit from higher sales volumes, $15 million in mix/price benefits, and $11 million from completed acquisitions. This was partially offset by $9 million in product cost inflation and lower factory absorption, net of $5 million in tariff refunds; and $5 million from other costs, including SG&A and distribution inflation and investments.
Corporate and Other: Corporate expenses were $22 million, down $2 million from the prior-year quarter.
1
Includes unallocated corporate expenses
FULL YEAR 2026 GUIDANCE
For full year 2026, we are reaffirming revenue growth guidance at approximately 8% growth, including an updated 5% benefit from completed acquisitions.
Earnings per share guidance has been updated to a range of $23.00 to $24.00 compared to the prior range of $23.50 to $25.00.
Free Cash Flow is still estimated to be within the range of $750 million to $850 million.
CONFERENCE CALL INFORMATION
A conference call to discuss the company's 2026 second quarter results will be held this morning at 8:30 a.m. Central Time. To participate in the earnings conference, please call 800-267-6316 (U.S.) or +1 203-518-9783 (international) at least 10 minutes prior to the scheduled start time and use conference ID LIIQ226. The conference call also will be webcast live on the company's investor relations web site at investor.lennox.com. A replay of the conference call will be available until August 5, 2026, by calling toll-free 800-839-5484 (U.S.) or +1 402-220-1522 (international). The call will also be archived on the company's investor relations website at investor.lennox.com.
ABOUT LENNOX
Lennox (NYSE: LII) is a leader in energy-efficient building solutions and is committed to creating healthier and more comfortable environments. Serving residential and commercial customers, the company delivers innovative heating, cooling, indoor air quality, refrigeration, and water heating systems. Through trusted products, parts, and services, and advanced technology, Lennox delivers connected solutions that support the full lifecycle of customer needs. Additional information on Lennox is available at Lennox.com or by contacting [email protected].
FORWARD-LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES
The statements in this document that are not historical statements, including statements regarding the 2026 full-year outlook and expected consolidated and segment financial results, as well as financial targets for future years, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management's assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include risks that the North American HVAC and refrigeration markets perform worse than current assumptions. Additional risks include but are not limited to competition in the HVACR business; our ability to successfully develop and market new products or execute our business strategy; our ability to meet and anticipate customer demands; our ability to continue to license or enforce our intellectual property rights; our ability to attract, motivate, develop, and retain our employees, as well as labor relations problems; artificial intelligence technologies; a decline in new construction activity and related demand for our products and services; the impact of weather on our business; the impact of higher raw material prices and significant supply interruptions; product liability, warranty claims, or recalls; changes in environmental and climate-related legislation or government regulations or policies; changes in tax legislation; the impact of new or increased trade tariffs; improper conduct by any of our employees, agents, or business partners; litigation risks; general economic conditions in the United States and abroad; extraordinary events beyond our control; risks associated with our international operations; cyber-attacks and other disruptions or misuse of information systems; and our ability to successfully realize, complete and integrate acquisitions, including the acquisitions of Duro Dyne, Supco, and Heat Controller.
For information concerning these and other risks and uncertainties, see LII's publicly available filings with the Securities and Exchange Commission. LII disclaims any intention or 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.
A reconciliation of non-GAAP financial measures appearing in this document to financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) are included in the Annex to this document.
This document includes forward-looking statements regarding segment profit, adjusted net income, adjusted diluted earnings per share, and free cash flow, which 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 unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, changes in environmental liabilities, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to their 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 LII's full year GAAP financial results.
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(Amounts in millions, except per share data)
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
Net sales
$ 1,545.3
$ 1,500.9
$ 2,680.4
$ 2,573.5
Cost of goods sold
1,005.8
983.4
1,789.6
1,715.1
Gross profit
539.5
517.5
890.8
858.4
Operating Expenses:
Selling, general and administrative expenses
183.1
173.3
368.3
344.6
Losses (gains) and other expenses, net
2.4
(2.7)
4.6
0.1
Income from equity method investments
(1.0)
(2.1)
(0.6)
(3.3)
Operating income
355.0
349.0
518.5
517.0
Pension settlements
0.1
0.1
0.6
0.2
Interest expense, net
14.7
8.3
29.9
14.5
Other expense, net
0.6
0.6
1.5
1.5
Net income before income taxes
339.6
340.0
486.5
500.8
Provision for income taxes
70.6
66.1
100.3
97.3
Net income
$ 269.0
$ 273.9
$ 386.2
$ 403.5
Earnings per share – Basic(1):
$ 7.75
$ 7.75
$ 11.11
$ 11.39
Earnings per share – Diluted(1):
$ 7.72
$ 7.71
$ 11.06
$ 11.34
Weighted Average Number of Shares Outstanding - Basic
34.7
35.3
34.8
35.4
Weighted Average Number of Shares Outstanding - Diluted
34.8
35.5
34.9
35.6
(1) Amounts may not recalculate due to rounding.
Note: The 2025 amounts are adjusted to reflect the accounting method change from LIFO to FIFO that occurred in the fourth quarter of 2025.
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Segment Net Sales and Profit
(Unaudited)
(Amounts in millions)
For the Three Months
Ended June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
Net Sales
Home Comfort Solutions
$ 935.6
$ 1,009.3
$ 1,585.6
$ 1,730.7
Building Climate Solutions
609.7
491.6
1,094.8
842.8
Total net sales
$ 1,545.3
$ 1,500.9
$ 2,680.4
$ 2,573.5
Segment Profit(1)
Home Comfort Solutions
$ 221.8
$ 252.0
$ 308.3
$ 375.9
Building Climate Solutions
155.3
120.6
250.9
179.4
Total segment profit
377.1
372.6
559.2
555.3
Corporate and other expenses(2)
(22.1)
(23.6)
(40.7)
(38.3)
Total segment profit, including unallocated Corporate
and other expenses
355.0
349.0
518.5
517.0
Reconciliation to Operating income:
Restructuring charges
—
—
—
—
(Gain) loss on sale from previous dispositions
—
—
—
—
Acquisition costs
—
—
—
—
Operating income
$ 355.0
$ 349.0
$ 518.5
$ 517.0
(1) We define segment profit as a segment's operating income (loss) included in the accompanying Consolidated Statements of Operations, excluding:
Restructuring charges, Gain (loss) on sale of previous dispositions, and; Acquisition costs (2) Corporate and other expenses include unallocated corporate costs related to corporate administrative functions such as tax, treasury, accounting, internal audit, legal and human resources.
Note: The 2025 amounts are adjusted to reflect the accounting method change from LIFO to FIFO that occurred in the fourth quarter of 2025.
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Amounts in millions, except shares and par values)
As of June 30, 2026
As of December 31, 2025
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$ 51.5
$ 34.2
Short-term investments
0.6
0.5
Accounts and notes receivable, net of allowances of $7.9 and $8.5 in 2026
and 2025, respectively
918.1
578.8
Inventories, net
1,152.4
1,152.6
Other current assets
135.2
137.7
Total current assets
2,257.8
1,903.8
Restricted cash equivalents
18.8
18.5
Property, plant and equipment, net of accumulated depreciation of $1,088.0 and
$1,043.9 in 2026 and 2025, respectively
934.2
887.2
Right-of-use assets from operating leases
412.7
356.3
Goodwill
503.7
497.2
Intangible assets, net of accumulated amortization of $46.7 and $38.3 in 2026 and
2025, respectively
265.8
273.0
Deferred income taxes
12.4
12.9
Other assets, net
139.6
132.9
Total assets
$ 4,545.0
$ 4,081.8
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$ 523.5
$ 438.0
Accrued expenses
373.4
374.2
Income taxes payable
22.6
46.4
Commercial paper
412.0
226.0
Current maturities of long-term debt
20.1
18.3
Current operating lease liabilities
87.2
88.9
Total current liabilities
1,438.8
1,191.8
Long-term debt
1,149.2
1,144.1
Long-term operating lease liabilities
356.2
293.4
Pensions
20.1
18.7
Other liabilities
283.5
270.7
Total liabilities
3,247.8
2,918.7
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued
or outstanding
—
—
Common stock, $0.01 par value, 200,000,000 shares authorized, 87,170,197
shares issued
0.9
0.9
Additional paid-in capital
1,255.3
1,243.0
Retained earnings
5,185.1
4,891.1
Accumulated other comprehensive loss
(58.6)
(48.5)
Treasury stock, at cost, 52,611,203 shares and 52,374,147 shares for 2026 and
2025, respectively
(5,085.5)
(4,923.4)
Total stockholders' equity
1,297.2
1,163.1
Total liabilities and stockholders' equity
$ 4,545.0
$ 4,081.8
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(Amounts in millions)
For the Six Months Ended June 30,
2026
2025
Cash flows from operating activities:
Net income
$ 386.2
$ 403.5
Adjustments to reconcile net income to net cash provided by operating activities:
Income from equity method investments
(0.6)
(3.3)
Provision for credit losses
2.5
0.8
Unrealized losses (gains), net on derivative contracts
3.7
(0.3)
Stock-based compensation expense
12.1
14.5
Depreciation and amortization
61.8
52.4
Deferred income taxes
7.3
(8.8)
Pension expense
2.0
2.1
Pension contributions
(0.5)
(0.6)
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts and notes receivable
(345.2)
(205.9)
Inventories
(7.0)
(300.7)
Other current assets
(7.8)
4.4
Accounts payable
93.5
88.2
Accrued expenses
(5.0)
(52.7)
Income taxes payable and receivable, net
(20.4)
55.2
Leases, net
4.8
4.4
Other, net
0.7
(2.2)
Net cash provided by operating activities
188.1
51.0
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment
1.4
0.9
Purchases of property, plant and equipment
(91.2)
(54.0)
Acquisitions, net of cash
(0.2)
—
(Purchases of) proceeds from investments and other
(0.1)
1.5
Net cash used in investing activities
(90.1)
(51.6)
Cash flows from financing activities:
Commercial paper borrowings
910.0
141.1
Commercial paper payments
(724.0)
(112.1)
Payments on debt arrangements
(11.5)
(9.2)
Payments of deferred financing costs
—
(1.7)
Proceeds from employee stock purchases
2.6
2.6
Repurchases of common stock
(151.3)
(294.8)
Repurchases of common stock to satisfy employee withholding tax obligations
(11.4)
(12.4)
Cash dividends paid
(90.5)
(81.7)
Net cash used in financing activities
(76.1)
(368.2)
Increase (decrease) in cash, cash equivalents and restricted cash
21.9
(368.8)
Effect of exchange rates on cash, cash equivalents and restricted cash equivalents
(4.3)
2.9
Cash, cash equivalents and restricted cash, beginning of period
52.7
415.1
Cash, cash equivalents and restricted cash, end of period
$ 70.3
$ 49.2
Supplemental disclosures of cash flow information:
Interest paid
$ 32.0
$ 19.6
Income taxes paid (net of refunds)
$ 113.5
$ 44.0
Note: The 2025 amounts are adjusted to reflect the accounting method change from LIFO to FIFO that occurred in the fourth quarter of 2025.
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Reconciliation to U.S. GAAP (Generally Accepted Accounting Principles) Measures
(Unaudited, in millions, except per share and ratio data)
Use of Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements and segment net sales and profit (loss) presented in accordance with U.S. GAAP, additional non-GAAP financial measures are provided and reconciled in the following tables. The Company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results and enhance the ability of investors to analyze the Company's business trends and operating performance.
Reconciliation of Net Cash Provided by Operating Activities, a GAAP measure, to Free Cash Flow, a Non-GAAP measure
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
Net cash provided by operating activities
$ 172.0
$ 86.8
$ 188.1
$ 51.0
Purchases of property, plant and equipment
(35.7)
(28.5)
(91.2)
(54.0)
Proceeds from the disposal of property, plant and equipment
Parsons ve 2. čtvrtletí zvýšil objednávky o 24 % a book-to-bill dosáhl 1,2x, ale tržby klesly o 1 % na 1,6 miliardy USD. Firma zároveň snížila celoroční výhled tržeb i upraveného EBITDA.
Continued strong demand with 24% year-over-year increase in contract awards and a 1.2x book-to-bill ratio for the quarter, positioning the company for continued successMiddle East resiliency with 10% organic revenue growth and a 1.1x book-to-bill ratioPortfolio-shaping initiatives implemented to prioritize profitable, sustainable growth and enhance long-term shareholder value
Q2 2026 Financial Highlights
Book-to-bill ratio of 1.2x, exceeded 1.0x in both segments and continued streak of TTM book-to-bill ratio of 1.0x or greater in every quarter since 2019 IPO. Federal Solutions bookings increase 51% year-over-yearSignificant Q2 2026 wins underscore Parsons strategic positioning and technology leadershipQ2 revenue of $1.6 billion decreased 1% year-over-year and 5% on an organic basis, in-line with expectationsRevenue growth of 8% excluding confidential contract and portfolio-shaping actions; 3% on an organic basisNet income of ($15 million) decreased $70 million year-over-year. Net income was impacted by a net loss of $85 million on programs relating to the company’s portfolio-shaping actions and charges on a joint venture programAdjusted EBITDA decreased 72% to $42 million. Excluding $118 million of charges, adjusted EBITDA of $161 million increased 8% year-over-yearAdjusted EBITDA margin contracted 670 basis points to 2.7%. Excluding the impact of charges, adjusted EBITDA increased 70 basis points to 10.1%Total and funded backlog increased to $9.3 billion and $6.6 billion, respectivelyRevising fiscal year 2026 guidance ranges
CHANTILLY, Va., July 29, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced financial results for the second quarter ended June 30, 2026.
CEO Commentary
“Our second quarter results highlight the demand for our solutions and the effectiveness of our strategy in a dynamic macro environment,” said Carey Smith, chair, president, and chief executive officer. “Parsons delivered strong book-to-bill ratios in both segments, achieved profitable growth in its core business, and secured strategic contract wins for long-term success. The Middle East business performed exceptionally well despite regional conflict, posting a 1.1x book-to-bill ratio and 10% organic revenue growth, demonstrating strong alignment with regional spending priorities.
During the quarter, Parsons took decisive portfolio-shaping actions to focus on profitable and sustainable growth. These steps, combined with robust risk management and enhanced bid discipline, further strengthen the company’s market position and margin profile. Looking ahead, we believe Parsons’ strong backlog, robust pipeline, high win rates, and differentiated technology capabilities—especially in advanced AI, cyber, and electronic warfare—position the company to drive profitable growth and deliver long-term shareholder value.”
Second Quarter 2026 Results
Year-over-Year Comparisons (Q2 2026 vs. Q2 2025)
Total revenue for the second quarter of 2026 decreased by $8 million, or 1%, to $1.6 billion and was down 5% on an organic basis. Excluding the company's confidential contract and portfolio-shaping actions, total revenue increased 8% and organic revenue increased 3% driven by our Transportation, Space and Missile Defense, and Urban Development markets. Operating income decreased 99% to $1 million primarily due to losses on programs the company plans to divest and charges on a joint venture program. Net income decreased 128% to ($15 million) as a result of these same factors. GAAP diluted earnings per share (EPS) attributable to Parsons was ($0.14) in the second quarter of 2026, compared to $0.50 in the prior year period.
Adjusted EBITDA including noncontrolling interests for the second quarter of 2026 was $42 million, a 72% decrease over the prior year period, reflecting $118 million in charges related to portfolio actions and a joint venture program charge. Adjusted EBITDA margin contracted 670 basis points to 2.7% compared to 9.4% in the second quarter of 2025. These decreases were driven by the items that impacted operating income noted above. Excluding these charges, adjusted EBITDA increased 8% to $161 million and adjusted EBITDA margin expanded 70 basis points to 10.1%. These increases were driven by improved infrastructure margins and contributions from accretive acquisitions. Adjusted diluted EPS was $(0.06) in the second quarter of 2026, compared to $0.78 in the second quarter of 2025. The year-over-year adjusted diluted EPS decrease was driven by the same portfolio and joint venture charges affecting operating income.
Segment Results
Critical Infrastructure Segment
Critical Infrastructure Year-over-Year Comparisons (Q2 2026 vs. Q2 2025)
Three Months Ended Growth Six Months Ended Growth (in millions) June 30, 2026 June 30, 2025 Dollars/
Percent Percent June 30, 2026 June 30, 2025 Dollars/
Percent Percent Revenue $815 $779 $36 5% $1,548 $1,491 $57 4%Adjusted EBITDA $56 $82 $(26) (32)% $135 $155 $(20) (13)%Adjusted EBITDA margin 6.9% 10.5% (3.6)% (34)% 8.7% 10.4% (1.7)% (16)% Second quarter 2026 Critical Infrastructure revenue increased $36 million, or 5%, from the second quarter of 2025. This increase was driven by organic growth of 4% and inorganic revenue contributions from the company's Applied Sciences acquisition. Organic growth was primarily driven by strong performance in the Middle East where revenue grew 10%.
Second quarter 2026 adjusted EBITDA including noncontrolling interests decreased by $26 million, or (32%), compared to the prior year period, and includes $41 million of joint venture-related charges. Adjusted EBITDA margin contracted 360 basis points to 6.9% from 10.5% in the prior year period. Excluding these charges, adjusted EBITDA increased 18% to $97 million and adjusted EBITDA margin expanded 140 bps to 11.9%. These increases were driven by accretive growth in the Middle East and improved mix in North America on higher Parsons’ labor contributions.
Federal Solutions Segment
Federal Solutions Year-over-Year Comparisons (Q2 2026 vs. Q2 2025)
Three Months Ended Growth Six Months Ended Growth (in millions) June 30, 2026 June 30, 2025 Dollars/
Percent Percent June 30, 2026 June 30, 2025 Dollars/
Percent Percent Revenue $761 $805 $(45) (6)% $1,519 $1,648 $(129) (8)%Adjusted EBITDA $(14) $67 $(81) (121)% $58 $143 $(85) (59)%Adjusted EBITDA margin (1.8)% 8.3% (10.1)% (122)% 3.8% 8.7% (4.9)% (56)% Second quarter 2026 revenue decreased $45 million, or 6%, compared to the prior year period and 14% on an organic basis. Excluding the company's confidential contract and portfolio-shaping actions, Federal Solutions' revenue increased 11% and 2% on an organic basis. These increases were driven by our Space and Missile Defense and Transportation markets, and contributions from our Altamira and Chesapeake Technologies acquisitions.
Second quarter 2026 Federal Solutions adjusted EBITDA including noncontrolling interests decreased by $81 million, or 121%, compared to the prior year period, and includes $77 million in charges related to programs planned for divestiture. Adjusted EBITDA margin decreased to (1.8%) from 8.3% in the prior year period. Excluding these charges, adjusted EBITDA decreased 5% to $64 million and adjusted EBITDA margin declined 10 bps to 8.2%. These decreases were primarily driven by lower volume on the company's fixed-price confidential contract and higher volume of materials and subcontract efforts diluting margins.
Second Quarter 2026 Key Performance Indicators
Book-to-bill ratio: 1.2x on net bookings of $1.9 billion.Book-to-bill ratio (trailing twelve-months): 1.1x on net bookings of $7.0 billion.Total backlog: $9.3 billion, up $314 million from Q2 2025. Funded backlog of $6.6 billion represents 71% of total backlog.Cash flow from operating activities: Q2 2026 of $58 million compared to $160 million in second quarter of 2025. Cash flow decreased from the prior year period primarily due to the proactive investment of memory and storage inventory for high-margin, high-demand products aligned with national security priorities, and the timing of customer payments. Significant Contract Wins
Parsons continues to win new business across both segments. During the second quarter of 2026, the company won five single-award contracts worth more than $100 million each.
Awarded a two-year, $514 million contract extension under the Missile Defense Agency’s (MDA) Technical, Engineering, Advisory, and Management Support (TEAMS) – Next Systems Engineering contract. This award exercises the second option period and extends Parsons’ more than four-decade partnership with the MDA. Under the contract, Parsons will continue to deliver advanced engineering for the integrated Missile Defense System (MDS). The company booked $195 million on this contract during the second quarter.Awarded $400 million in Other Transaction Agreements, each with a three-year period of performance. The company booked $125 million under these contracts during the second quarter. These new OTAs reflect demand for our mission-critical defense and intelligence solutions, and confidence in our ability to rapidly deliver.Awarded a five-year, $245 million indefinite delivery, indefinite quantity contract from the U.S. Naval Research Laboratory. Under this contract, Parsons will design, test, maintain, and enhance mission-critical software modules, and provide configuration control and cybersecurity for space and ground systems supporting national security missions. The company booked $71 million under this contract during the second quarter.Awarded a new seven-year, single-award indefinite delivery, indefinite quantity contract with a ceiling value of $184 million to support the Department of Navy’s Intelligence Carry-On Program. This contract represents new work for the company and supports the rapid delivery of innovative capabilities that enhance speed and agility for the warfighter. The company booked $26 million on this contract during the second quarter.Received an additional $161 million to continue serving as the Main Construction Manager for remediation projects on the Giant Mine program in Canada, known as one of the largest and most complex mine reclamation projects in the world. The company booked the full amount during the second quarter.Awarded over $160 million across two classified contracts - one focused on national security and the other on cybersecurity. The company booked $78 million on these contracts during the second quarter.Awarded $84 million by the New York City Department of Environmental Protection for the Newtown Creek Combined Sewer Overflow Storage Tunnel project in New York City. Parsons serves as a member of Newtown Creek CSO Partners, a joint venture with AECOM and EPC Consultants Inc., supporting the delivery of a major underground infrastructure program designed to eliminate untreated sewer discharges into local waterways. Under the 16-year program, which represents one of New York City’s most significant wastewater infrastructure investments, Parsons will provide construction management (CM) services for the large-diameter storage tunnel, tunnel dewatering pump station, and other structures, drawing on its experience delivering complex tunnel and sewer programs in dense urban environments. The company booked the full amount during the second quarter.Awarded an additional $73 million contract in support of the Air Force Research Laboratory’s Global Application Research, Development, Engineering and Maintenance (GARDEM) mission. The contract is the fourth in support of GARDEM in 2026, bringing Parsons’ total awards to $218 million. Under this contract, Parsons will perform research and development and operations and maintenance (O&M) across GARDEM 2 enterprise platform and mission application software baselines, including Platform and Mission Application support for field sites and existing installations. The company booked $5 million on this contract during the second quarter.During the quarter, U.S. Cyber Command expressed their intent to increase the Joint Cyber Hunt Kit, or JCHK, contract ceiling to $750 million. This is a powerful testament to the company's ability to deliver advanced, deployable hardware and software solutions at scale.
Additional Corporate Highlights
Parsons continues to be recognized as a leading global infrastructure company, receiving multiple awards for project excellence. During the quarter, the company was recognized as a global industry leader for Program Management by Engineering News-Record and received multiple awards from the American Council of Engineering Companies for its innovative solutions. Parsons was also recognized for being a top employer for military veterans.
Recognized by Engineering News-Record as one of the top three global companies in each of their 2026 rankings: Program Management, Professional Services, and Program/Construction Management for Fee. These rankings reflect the company’s worldwide reputation and ability to successfully win and execute infrastructure programs.Received two prestigious 2026 National Recognition Engineering Excellence Awards by the American Council of Engineering Companies (ACEC) for the Gulfport Redevelopment Project at the Gulfport Job Corps Center and the Twin Ports Interchange Final Design. The Twin Ports Interchange project also received a Grand Award and placed third in the Grand Conceptor category in the 2026 ACEC of Minnesota Engineering Excellence Awards.Honored with a 2026 Award of Excellence in Steel Construction in the infrastructure category by the Canadian Institute of Steel Construction for the Kicking Horse Canyon Phase 4 project in British Columbia.Recognized as a 2026 VETS Indexes 5 Star Employer for its strong commitment to recruiting, hiring, retaining, developing, and supporting veterans and the military-connected community. This marks the fourth consecutive year of VETS Index Employer Awards recognition. Fiscal Year 2026 Guidance
The company is updating its fiscal year 2026 revenue, adjusted EBITDA, and operating cash flow guidance ranges. The table below summarizes the company’s fiscal year 2026 guidance.
Current Fiscal Year
2026 GuidancePrior Fiscal Year
2026 GuidanceRevenue$6.2 billion - $6.5 billion$6.5 billion - $6.8 billionAdjusted EBITDA including non-controlling interest$500 million - $560 million$615 million - $675 millionCash Flow from Operating Activities$430 million - $490 million$470 million - $530 million
We have not provided a reconciliation of our Adjusted EBITDA guidance because the information needed to reconcile this measure is unavailable due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred which may be significant. Additionally, estimating such GAAP measure and providing a meaningful reconciliation for future periods requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort.
Conference Call Information
Parsons will host a conference call today, July 29, 2026, at 8:00 a.m. ET to discuss the financial results for its second quarter 2026.
Access to a webcast of the live conference call can be obtained through the Investor Relations section of the company's website (https://investors.parsons.com). Those parties interested in participating via telephone may register on the Investor Relations website or by clicking here.
A replay will be available on the company's website approximately two hours after the conference call and continuing for one year.
About Parsons Corporation
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.
Forward-Looking Statements
This Earnings Release contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. Words or phrases such as “may”, “will”, “should”, “expects”, “plans”, “anticipates”, “could”, “intends”, “target”, “projects”, “contemplates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these words or other similar terms or expressions are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, without limitation, the factors listed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the U.S. Securities and Exchange Commission, as well as the following: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; volatility of government budgets and funding; our dependence on the award, maintenance and renewal of long-term government contracts, which are subject to the government’s budgetary approval process; our ability to successfully and timely perform our contractual obligations; the size of our addressable markets and the amount of government spennding on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; underperformance, misconduct or other improper activities of our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts, including the impact of contract divestments and program exits, and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and cyber or other security breaches; and inherent uncertainties and potential adverse developments in legal proceedings including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes.
Forward-looking statements are primarily based on our current estimates, assumptions, expectations and projections. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond our control and difficult to predict. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements. We undertake no obligation to update any forward-looking statements to subsequent events, new information or otherwise, except as required in connection with our ongoing requirements under federal securities laws.
Media:Investor Relations:Bryce McDevittDave SpilleParsons CorporationParsons Corporation(703) 851-4425(571) [email protected]@Parsons.us PARSONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Revenue $1,575,867 $1,584,323 $3,067,043 $3,138,683 Direct cost of contracts 1,280,629 1,235,970 2,414,385 2,436,347 Equity in losses of unconsolidated joint ventures (33,748) (642) (27,592) (1,329)Selling, general and administrative expenses 260,195 252,050 528,097 496,113 Operating income 1,295 95,661 96,969 204,894 Interest income 565 1,068 2,376 3,210 Interest expense (16,386) (12,569) (32,384) (24,815)Other income, net 18,283 5,019 18,094 6,654 Total other income (expense) 2,462 (6,482) (11,914) (14,951)Income before income tax expense 3,757 89,179 85,055 189,943 Income tax benefit (expense) (4,222) (18,690) (20,309) (37,667)Net (loss) income including noncontrolling interests (465) 70,489 64,746 152,276 Net income attributable to noncontrolling interests (14,754) (15,259) (27,039) (30,843)Net (loss) income attributable to Parsons Corporation $(15,219) $55,230 $37,707 $121,433 Earnings per share: Basic $(0.14) $0.52 $0.35 $1.14 Diluted $(0.14) $0.50 $0.35 $1.10 Weighted average number shares used to compute basic and diluted EPS
(In thousands) (Unaudited)
Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Basic weighted average number of shares outstanding 106,982 106,997 107,082 106,914 Dilutive effect of stock-based awards 700 1,205 918 1,414 Dilutive effect of warrants - 7 14 223 Dilutive effect of convertible senior notes - 1,893 - 2,006 Diluted weighted average number of shares outstanding 107,682 110,102 108,014 110,557 Net income available to shareholders used to compute diluted EPS as a result of adopting the if-converted method in connection with the Convertible Senior Notes
(In thousands) (Unaudited)
Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net (loss) income attributable to Parsons Corporation $(15,219) $55,230 $37,707 $121,433 Convertible senior notes if-converted method interest adjustment - 54 - 108 Diluted net (loss) income attributable to Parsons Corporation $(15,219) $55,284 $37,707 $121,541 PARSONS CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)
June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents (including $79,806 and $153,144 Cash of consolidated joint ventures) $266,044 $466,388 Accounts receivable, net (including $356,033 and $337,270 Accounts receivable of consolidated joint ventures) 1,146,226 1,124,417 Contract assets (including $48,953 and $41,318 Contract assets of consolidated joint ventures) 1,062,280 915,806 Prepaid expenses and other current assets (including $16,942 and $11,145 Prepaid expenses and other current assets of consolidated joint ventures) 228,495 176,932 Assets held for sale 17,233 - Total current assets 2,720,278 2,683,543 Property and Equipment, net (including $2,334 and $2,488 Property and equipment of consolidated joint ventures) 159,507 151,061 Right of use assets, operating leases (including $3,744 and $4,482 Right of use assets, operating leases of consolidated joint ventures) 147,854 126,770 Goodwill 2,421,427 2,186,650 Investments in and advances to unconsolidated joint ventures 153,328 148,640 Intangible assets, net 384,179 325,880 Deferred tax assets 61,077 88,191 Other noncurrent assets 59,296 58,799 Total assets $6,106,946 $5,769,534 Liabilities and Shareholders' Equity Current liabilities: Accounts payable (including $49,525 and $58,914 Accounts payable of consolidated joint ventures) $246,895 $250,514 Accrued expenses and other current liabilities (including $184,251 and $195,747 Accrued expenses and other current liabilities of consolidated joint ventures) 940,534 884,445 Contract liabilities (including $44,283 and $44,802 Contract liabilities of consolidated joint ventures) 346,576 340,113 Short-term lease liabilities, operating leases (including $2,041 and $2,395 Short-term lease liabilities, operating leases of consolidated joint ventures) 40,308 45,353 Income taxes payable 2,102 11,239 Liabilities held for sale 60,725 - Total current liabilities 1,637,140 1,531,664 Long-term employee incentives 26,923 30,834 Long-term debt 1,474,048 1,237,816 Long-term lease liabilities, operating leases (including $1,699 and $2,083 Long-term lease liabilities, operating leases of consolidated joint ventures) 120,296 94,044 Deferred tax liabilities 10,076 12,159 Other long-term liabilities 90,694 95,345 Total liabilities $3,359,177 $3,001,862 Contingencies (Note 12) Shareholders' equity: Common stock, $1 par value; authorized 1,000,000,000 shares; 145,506,001 and 145,676,335 shares issued; 57,556,643 and 56,103,965 public shares outstanding; 49,241,105 and 50,864,117 ESOP shares outstanding $145,506 $145,676 Treasury stock, 38,708,253 shares at cost (793,002) (792,638) Additional paid-in capital 2,611,828 2,648,730 Retained earnings 694,530 661,173 Accumulated other comprehensive loss (27,443) (20,921) Total Parsons Corporation shareholders' equity 2,631,419 2,642,020 Noncontrolling interests 116,350 125,652 Total shareholders' equity 2,747,769 2,767,672 Total liabilities and shareholders' equity $6,106,946 $5,769,534 PARSONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the Six Months Ended June 30, 2026 June 30, 2025 Cash flows from operating activities: Net income including noncontrolling interests $64,746 $152,276 Adjustments to reconcile net income to net cash used in operating activities Depreciation and amortization 72,563 55,995 Amortization of debt issue costs 2,446 2,611 Loss (gain) on disposal of property and equipment 1,000 63 Loss (gain) on sale of business (19,300) - Deferred taxes 1,921 2,225 Foreign currency transaction gains and losses 1,800 (5,171) Equity in losses (earnings) of unconsolidated joint ventures 27,592 1,329 Return on investments in unconsolidated joint ventures 13,062 15,907 Stock-based compensation 22,401 22,926 Contributions of treasury stock 39,130 35,382 Changes in assets and liabilities, net of acquisitions and consolidated
joint ventures: Accounts receivable (5,478) (31,905) Contract assets (157,998) (84,802) Prepaid expenses and other assets (55,126) (7,544) Accounts payable (7,266) 62,462 Accrued expenses and other current liabilities 15,022 (94,320) Contract liabilities 68,430 14,472 Income taxes (10,217) 5,828 Other long-term liabilities (20,844) 280 Net cash provided by operating activities 53,884 148,014 Cash flows from investing activities: Capital expenditures (31,053) (22,909) Proceeds from sale of property and equipment - 35 Proceeds from sale of business 23,966 - Payments for acquisitions, net of cash acquired (330,123) (117,858) Investments in unconsolidated joint ventures (56,859) (35,496) Return of investments in unconsolidated joint ventures 7,578 11,920 Net cash used in investing activities (386,491) (164,308)Cash flows from financing activities: Proceeds from borrowings under credit agreement 454,900 243,700 Repayments of borrowings under credit agreement (220,900) (243,700) Repurchases of convertible notes due 2025 - (28,486) Proceeds from term loan - 450,000 Repayment of delayed draw term loan - (350,000) Payments for debt issuance costs - (2,571) Contributions by noncontrolling interests 234 327 Distributions to noncontrolling interests (36,575) (45,055) Repurchases of common stock (49,989) (39,994) Taxes paid on vested stock (19,932) (18,210) Redemption of warrants (4) - Proceeds from issuance of common stock 5,700 4,796 Net cash (used in) provided by financing activities 133,434 (29,193) Effect of exchange rate changes (1,171) 3,266 Net increase (decrease) in cash, cash equivalents, and restricted cash (200,344) (42,221) Cash, cash equivalents and restricted cash: Beginning of year 466,388 453,548 End of period $266,044 $411,327 Contract Awards
(in thousands)
Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Federal Solutions $985,300 $650,770 $2,016,634 $1,395,479 Critical Infrastructure $883,666 855,275 1,910,741 1,877,072 Total Awards $1,868,966 $1,506,045 $3,927,375 $3,272,551 Backlog
(in thousands)
June 30, 2026 June 30, 2025 Federal Solutions: Funded $1,868,875 $1,816,590 Unfunded 2,636,203 2,656,547 Total Federal Solutions 4,505,078 4,473,137 Critical Infrastructure: Funded 4,712,089 4,421,015 Unfunded 39,726 48,886 Total Critical Infrastructure 4,751,815 4,469,901 Total Backlog $9,256,893 $8,943,038 Book-To-Bill Ratio1:
Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Federal Solutions 1.3 0.8 1.3 0.8 Critical Infrastructure 1.1 1.1 1.2 1.3 Overall 1.2 1.0 1.3 1.0 1 Book-to-Bill ratio is calculated as total contract awards divided by total revenue for the period.
Non-GAAP Financial Information
The tables under "Parsons Corporation Inc. Reconciliation of Non-GAAP Measures" present Adjusted Net Income attributable to Parsons Corporation, Adjusted Earnings per Share, Earnings before Interest, Taxes, Depreciation, and Amortization (“EBITDA”), Adjusted EBITDA, EBITDA Margin, and Adjusted EBITDA Margin, reconciled to their most directly comparable GAAP measure. These financial measures are calculated and presented on the basis of methodologies other than in accordance with U.S. generally accepted accounting principles ("Non-GAAP Measures"). Parsons has provided these Non-GAAP Measures to adjust for, among other things, the impact of amortization expenses related to our acquisitions, costs associated with a loss or gain on the disposal or sale of property, plant and equipment, restructuring and related expenses, costs associated with mergers and acquisitions, software implementation costs, legal and settlement costs, and other costs considered non-operational in nature. These items have been Adjusted because they are not considered core to the company’s business or otherwise not considered operational or because these charges are non-cash or non-recurring. The company presents these Non-GAAP Measures because management believes that they are meaningful to understanding Parsons’s performance during the periods presented and the company’s ongoing business. Non-GAAP Measures are not prepared in accordance with GAAP and therefore are not necessarily comparable to similarly titled metrics or the financial results of other companies. These Non-GAAP Measures should be considered a supplement to, not a substitute for, or superior to, the corresponding financial measures calculated in accordance with GAAP.
Normalized Financial Measures
In addition to the Non-GAAP Measures described above, for the second quarter of 2026, the company presents normalized Revenue, Net Income, Earnings Per Share (“EPS”), and Operating Cash Flow, each reconciled to its most directly comparable GAAP measure. The company also presents for the second quarter of 2026, normalized Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted EPS – Diluted, each of which is a non-GAAP Measure and is reconciled to the measure’s customary Non-GAAP presentation. These normalization adjustments exclude the effects of the portfolio-shaping actions and joint venture charges, as applicable and further described in this Earnings Release and the following reconciliation tables, which management does not consider indicative of the company’s core operating performance for the period presented. These adjustments may include non-recurring or unusual charges and gains, asset impairments, and other items that are not expected to occur regularly as part of the company’s normal operations. Management believes that excluding the effect of such items provides investors with supplemental information that facilitates period-to-period comparisons of operating performance and enhances an understanding of the company’s underlying business trends. These normalized financial measures should not be considered in isolation or as a substitute for, superior to, or more meaningful than their corresponding GAAP or customary non-GAAP financial measures, and may not be comparable to similarly titled measures used by other companies.
PARSONS CORPORATION
Non-GAAP Financial Information
Reconciliation of Net Income to Adjusted EBITDA
(in thousands)
Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income attributable to Parsons Corporation $(15,219) $55,230 $37,707 $121,433 Interest expense, net 15,821 11,501 30,008 21,605 Income tax expense 4,222 18,690 20,309 37,667 Depreciation and amortization (a) 36,637 28,592 72,563 55,995 Net income attributable to noncontrolling interests 14,754 15,259 27,039 30,843 Equity-based compensation 10,077 11,519 19,531 18,622 Transaction-related costs (b) (7,126) 5,135 1,313 8,836 Restructuring (c) - 2,361 - 2,361 Other (d) (16,946) 844 (15,321) 545 Adjusted EBITDA $42,220 $149,131 $193,149 $297,907 (a) Depreciation and amortization for the three and six months ended June 30, 2026, is $27.5 million and $54.4 million, respectively in the Federal Solutions Segment and $9.1 million and $18.1 million, respectively in the Critical Infrastructure Segment. Depreciation and amortization for the three and six months ended June 30, 2025, is $20.1 million and $39.6 million, respectively in the Federal Solutions Segment and $8.5 million and $16.4 million, respectively in the Critical Infrastructure Segment.
(b) Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.
(c) Reflects costs associated with and related to our corporate restructuring initiatives.
(d) Includes a combination of gain on sale of business, gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.
PARSONS CORPORATION
Non-GAAP Financial Information
Computation of Adjusted EBITDA Attributable to Noncontrolling Interests
(in thousands)
Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Federal Solutions Adjusted EBITDA attributable to Parsons Corporation $(13,786) $67,072 $57,767 $142,604 Federal Solutions Adjusted EBITDA attributable to noncontrolling interests 23 11 40 62 Federal Solutions Adjusted EBITDA including noncontrolling interests $(13,763) $67,083 $57,807 $142,666 Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation 41,007 66,193 107,908 124,380 Critical Infrastructure Adjusted EBITDA attributable to noncontrolling interests 14,976 15,855 27,434 30,861 Critical Infrastructure Adjusted EBITDA including noncontrolling interests $55,983 $82,048 $135,342 $155,241 Total Adjusted EBITDA including noncontrolling interests $42,220 $149,131 $193,149 $297,907 PARSONS CORPORATION
Non-GAAP Financial Information
Reconciliation of Net Income Attributable to Parsons Corporation to Adjusted Net Income Attributable to Parsons Corporation
(in thousands, except per share information)
Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income attributable to Parsons Corporation $(15,219) $55,230 $37,707 $121,433 Acquisition related intangible asset amortization 23,680 17,054 47,477 33,435 Equity-based compensation 10,077 11,519 19,531 18,622 Transaction-related costs (a) (7,126) 5,135 1,313 8,836 Restructuring (b) - 2,361 - 2,361 Other (c) (16,946) 844 (15,321) 545 Tax effect on adjustments (1,296) (7,865) (11,905) (16,406)Adjusted net income attributable to Parsons Corporation $(6,830) $84,278 $78,802 $168,826 Adjusted earnings per share: Weighted-average number of basic shares outstanding 106,982 106,997 107,082 106,914 Weighted-average number of diluted shares outstanding (d) 107,682 108,202 108,000 108,328 Adjusted net income attributable to Parsons Corporation per basic share $(0.06) $0.79 $0.74 $1.58 Adjusted net income attributable to Parsons Corporation per diluted share $(0.06) $0.78 $0.73 $1.56 (a) Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.
(b) Reflects costs associated with and related to our corporate restructuring initiatives.
(c) Includes a combination of gain on sale of business, gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.
(d) Excludes dilutive effect of convertible senior notes due 2025 due to bond hedge.
PARSONS CORPORATION
Non-GAAP Financial Information
Reconciliation of Reported GAAP Results to Adjusted Results on a Normalized Basis(a)
(in thousands, except per share information)
Q2 2026
As Reported (GAAP) Federal Charge
and Divestitures Infrastructure
JV Charge Q2 2026
Adjusted Results (non-GAAP) Federal Solutions revenue $760,868 $16,810 $- $777,678 Critical Infrastructure revenue 814,999 - - 814,999 Total Revenue $1,575,867 $16,810 $- $1,592,677 Net (loss) income attributable to Parsons Corporation $(15,219) $49,861 $35,086 $69,728 Earnings per share: Basic $(0.14) $0.46 $0.33 $0.65 Operating Cash Flow $57,584 $- $- $57,584 (a) Reconciliation incorporates a $19.3 million pre-tax gain from the divestiture of two SETA contracts, a $77.5 million pre-tax loss on two contracts which are held for sale, and a $40.9 million pre-tax charge to equity in earnings on a project affected by historic rainfall and program delays in Q2 2026 being performed as part of a joint venture.
PARSONS CORPORATION
Non-GAAP Financial Information
Reconciliation of Adjusted EBITDA, Net Income and EPS on a Normalized Basis(a)
(in thousands, except per share information)
Q2 2026
As Reported Federal Charge Infrastructure
JV Charge Q2 2026
Adjusted Results (non-GAAP) Federal Solutions Adjusted EBITDA
including noncontrolling interests $(13,763) $77,535 $- $63,772 Critical Infrastructure Adjusted EBITDA
including noncontrolling interests 55,983 - 40,893 96,876 Total Adjusted EBITDA
including noncontrolling interests $42,220 $77,535 $40,893 $160,648 Margin 2.7% 10.1%Adjusted net income attributable to Parsons Corporation $(6,830) $64,509 $35,086 $92,765 Adjusted Earnings per share: Diluted $(0.06) $0.60 $0.33 $0.86 (a) Reconciliation incorporates a $77.5 million pre-tax loss on two contracts which are held for sale, and a $40.9 million pre-tax charge to equity in earnings on a project affected by historic rainfall and program delays in Q2 2026 being performed as part of a joint venture.
Vertiv ve 2. čtvrtletí zvýšil tržby o 24 % na 3,274 mld. USD a upravený zisk na akcii o 60 % na 1,52 USD. Zároveň zvýšil výhled na celý rok 2026 napříč klíčovými metrikami.
Net sales of $3,274 million, 24% higher than second quarter 2025. Operating profit up 44% and adjusted operating profit(1) up 51% from second quarter 2025. Adjusted operating margin of 22.6%, up 410 basis points compared to second quarter 2025. Diluted EPS grew 53% to $1.27 and adjusted diluted EPS grew 60% to $1.52 compared to second quarter 2025. Operating cash flow of $1,100 million and adjusted free cash flow of $925 million, an increase of 241% and 234%, respectively, compared to prior year second quarter. Achieved a net cash position at the end of second quarter 2026. Full Year 2026 Guidance
Expects full year 2026 net sales of $14,000 million and organic sales growth of 31%, each at the midpoint of guidance, compared to full year 2025. Expects full year 2026 diluted EPS of $5.82 to $5.92 and adjusted diluted EPS of $6.65 to $6.75, a midpoint increase of 72% and 60%, respectively, compared to full year 2025. , /PRNewswire/ -- Vertiv Holdings Co (NYSE: VRT) ("Vertiv"), a global leader in critical digital infrastructure, reported financial results for its second quarter ended June 30, 2026. Vertiv reported second quarter net sales of $3,274 million, an increase of $636 million, or 24%, compared to second quarter 2025, reflecting 18% organic sales growth, a 5% contribution from acquisitions, and a 1% benefit from favorable foreign currency translation. Second quarter revenue reflected minor timing shifts, primarily due to temporary supply chain congestion and multi-phased project execution as deployments scale in size and complexity. The strong demand environment, growing pipelines, and the continual capacity expansions underway to serve customers give Vertiv the confidence to raise full year net sales guidance, along with increases to other associated financial metrics.
Second quarter operating profit of $638 million increased $196 million and adjusted operating profit of $738 million increased $249 million, up 44% and 51%, respectively, from second quarter 2025. Adjusted operating margin was 22.6%, up 410 basis points compared to second quarter 2025, driven by operational execution, continued strong productivity, and favorable price-cost, inclusive of tariff impacts and associated countermeasures.
"This quarter reflects the compounding effect of years of deliberate investment in technology, capacity, and customer partnerships," said Giordano Albertazzi, Vertiv's Chief Executive Officer. "Demand for AI and general compute continues to intensify and with each technology advancement, deployments grow more complex and more infrastructure-intensive. Our understanding of how power and thermal infrastructure responds at scale allows us to move at the speed our customers require. Growth at this pace demands both vision and operational precision — and Vertiv delivers on each, with the innovation to lead and the execution to scale efficiently. Our pipelines continue to strengthen as the market expands globally, giving us confidence to raise guidance and conviction in sustained, strong performance — this year and beyond."
"Vertiv continues to demonstrate what happens when a company is positioned at the center of a structural, long-duration shift in technology infrastructure and executes with rigor," said Dave Cote, Vertiv's Executive Chairman. "We are moving at the speed of technology and transforming how customers build and scale critical infrastructure. We see a demand environment that continues to grow, and we continue to invest ahead of it — planting seeds now that we expect to compound for years to come."
Adjusted Free Cash Flow and Liquidity
Net cash generated by operating activities in the second quarter was $1,100 million, and adjusted free cash flow was $925 million, increasing 241% and 234%, respectively, from second quarter 2025. Second quarter adjusted free cash flow was driven by higher adjusted operating profit, working capital efficiency, and lower cash interest, partially offset by higher cash taxes and increased capital expenditures to support growth investments.
Vertiv ended the second quarter with $5.6 billion of liquidity and a net cash position, further strengthening the balance sheet and providing significant strategic optionality. Capital expenditures for full year 2026 are expected to be approximately 4.0% of revenue, at the high end of the range. Vertiv is continuing to invest to support the strong demand it sees across its pipelines.
Updated Full Year and Third Quarter 2026 Guidance
The data center market continues to demonstrate strong momentum, with demand fundamentals reinforcing the durability of the growth environment. Vertiv is further accelerating capacity expansion and strategic investments to meet this demand and capture market share.
Third Quarter 2026 Guidance
Net sales
$3,650M - $3,850M
Organic net sales growth(2)
34% - 36%
Adjusted operating profit(1)
$898M - $938M
Adjusted operating margin(2)
24.0% - 25.0%
Adjusted diluted EPS(1)
$1.77 - $1.83
Adjusted diluted EPS growth(2)
43% - 48%
Full Year 2026 Guidance
Net sales
$13,800M - $14,200M
Organic net sales growth(2)
30% - 32%
Adjusted operating profit(1)
$3,285M - $3,365M
Adjusted operating margin(2)
23.3% - 24.3%
Adjusted diluted EPS(1)
$6.65 - $6.75
Adjusted diluted EPS growth(2)
58% - 61%
Adjusted free cash flow(2)
$2,400M - $2,600M
(1)
This release contains certain non-GAAP metrics. For reconciliations to the relevant GAAP measures and an explanation of the non-GAAP measures and reasons for their use, please refer to sections of this release entitled "Non-GAAP Financial Measures" and "Reconciliation of GAAP and non-GAAP Financial Measures."
(2)
This is a forward-looking non-GAAP financial measure that cannot be reconciled without unreasonable efforts for those reasons set forth under "Non-GAAP Financial Measures" of this release.
Second Quarter 2026 Earnings Conference Call
Vertiv's management team will discuss the Company's results during a conference call on Wednesday, July 29, starting at 11 a.m. Eastern Time. The call will contain forward-looking statements and other material information regarding Vertiv's financial and operating results. A webcast of the live conference call will be available for interested parties to listen to by going to the Investor Relations section of the Company's website at investors.vertiv.com. A slide presentation will be available before the call and will be posted to the website, also at investors.vertiv.com. A replay of the conference call will also be available for 30 days following the webcast.
About Vertiv Holdings Co
Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers' vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today's data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit vertiv.com.
Category: Financial News
Non-GAAP Financial Measures
Financial information included in this release has been prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). Vertiv has included certain non-GAAP financial measures in this news release, as indicated above, that may not be directly comparable to other similarly titled measures used by other companies and therefore may not be comparable among companies. These non-GAAP financial measures include organic net sales growth (including on a segment basis), adjusted operating profit, adjusted operating margin, adjusted diluted EPS and adjusted free cash flow, which management believes provides investors with useful supplemental information to evaluate the Company's ongoing operations and to compare with past and future periods. Management also uses certain non-GAAP measures internally for forecasting, budgeting and measuring its operating performance. These measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. Pursuant to the requirements of Regulation G, Vertiv has provided reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.
Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to third quarter and full year 2026 guidance, including organic net sales growth, adjusted free cash flow and adjusted operating margin, is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. For those reasons, we are unable to compute the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.
See "Reconciliation of GAAP and Non-GAAP Financial Measures" in this release for Vertiv's reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.
Cautionary Note Concerning Forward-Looking Statements
This news release, and other statements that Vertiv may make in connection therewith, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Vertiv's future financial or business performance, strategies or expectations, and as such are not historical facts. This includes, without limitation, statements regarding Vertiv's financial position, capital structure, indebtedness, business strategy and plans and objectives of Vertiv management for future operations, as well as statements regarding growth, anticipated demand for our products and services and our business prospects during 2026, as well as expected impacts from our pricing actions, and our guidance for third quarter and full year 2026 and statements regarding tariffs, global trade conflict and any actions we may take in response thereto. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Vertiv cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this release are based on current expectations and beliefs concerning future developments and their potential effects on Vertiv. There can be no assurance that future developments affecting Vertiv will be those that Vertiv has anticipated. Vertiv undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Vertiv's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Vertiv has previously disclosed risk factors in its Securities and Exchange Commission ("SEC") reports, including those set forth in the Vertiv 2025 Annual Report on Form 10-K filed with the SEC on February 13, 2026. These risk factors and those identified elsewhere in this release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: risks relating to the continued growth of our customers' markets; long sales cycles for certain Vertiv products and solutions as well as unpredictable placing or cancelling of customer orders; failure to realize sales expected from our backlog of orders and contracts; disruption of or consolidation in our customer's markets or categorical shifts in customer technology spending; less leverage with large customer contract terms; failure to mitigate risks associated with long-term fixed price contracts; competition in the industry in which we operate; failure to obtain performance and other guarantees from financial institutions; risks associated with governmental contracts; failure to properly manage production cost changes and supply; failure to anticipate market change and competition in the infrastructure technologies; risks associated with information technology disruption or cyber-security incidents; risks associated with the implementation and enhancement of information systems; failure to realize the expected benefit from any rationalization, restructuring and improvement efforts; disruption of, or changes in, Vertiv's independent sales representatives, distributors and original equipment manufacturers; increase of variability in our effective tax rate costs or liabilities associated with product liability due to global operations subjecting us to income and other taxes in the U.S. and numerous foreign entities; costs or liabilities associated with product liability and damage to our reputation and brands; the global scope of Vertiv's operations, especially in emerging markets; failure to benefit from future significant corporate transactions; risks associated with Vertiv's sales and operations and expanding global production facilities; risks associated with future legislation and regulation of Vertiv's customers' markets; our ability to comply with various laws and regulations including but not limited to, laws and regulations relating to data protection and data privacy; failure to properly address legal compliance issues, particularly those related to imports/exports, anti-corruption laws, and foreign operations; risks associated with foreign trade policy, including tariffs and global trade conflict risks associated with litigation or claims against the Company, including the risk of adverse outcomes to any legal claims and proceedings; our ability to protect or enforce our proprietary rights on which our business depends; third party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; failure to achieve environmental, social and governance goals; failure to realize the value of goodwill and intangible assets; exposure to fluctuations in foreign currency exchange rates; failure to remediate material weaknesses in our internal controls over financial reporting; our level of indebtedness and our ability to comply with the covenants and restrictions contained in our credit agreements; our ability to access funding through capital markets; resales of Vertiv securities may cause volatility in the market price of our securities; our organizational documents contain provisions that may discourage unsolicited takeover proposals; our certificate of incorporation includes a forum selection clause, which could discourage or limit stockholders' ability to make a claim against it; the ability of our subsidiaries to pay dividends; factors relating to the business, operations and financial performance of Vertiv and its subsidiaries, including: global economic weakness and uncertainty; our ability to attract, train and retain key members of our leadership team and other qualified personnel; the adequacy of our insurance coverage; fluctuations in interest rates materially affecting our financial results and increasing the risk our counterparties default in our interest rate hedges; our incurrence of significant costs and devotion of substantial management time as a result of operating as a public company; expected expenses related to integration of our acquisitions; the possible diversion of management time on issues related to integration of our acquired businesses; the ability of Vertiv to maintain relationships with customers and suppliers of our acquired businesses; and the ability of Vertiv to retain management and key employees of our acquired businesses; and other risks and uncertainties indicated in Vertiv's SEC reports or documents filed or to be filed with the SEC by Vertiv. Forward-looking statements included in this news release speak only as of the date of this news release or any earlier date specified for such statements. All subsequent written or oral forward-looking statements attributable to Vertiv or persons acting on Vertiv's behalf may be qualified in their entirety by this Cautionary Note Concerning Forward-Looking Statements.
For investor inquiries, please contact:
Lynne Maxeiner
Vice President, Global Treasury & Investor Relations
Vertiv
E: [email protected]
For media inquiries, please contact:
Ruder Finn for Vertiv
E: [email protected]
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
Vertiv Holdings Co
(Dollars in millions except for per share data)
Three months ended
June 30, 2026
Three months ended
June 30, 2025
Six months ended
June 30, 2026
Six months ended
June 30, 2025
Net sales
Net sales - products
$ 2,646.7
$ 2,166.0
$ 4,782.5
$ 3,815.7
Net sales - services
627.6
472.1
1,141.3
858.4
Net sales
3,274.3
2,638.1
5,923.8
4,674.1
Costs and expenses
Cost of sales - products
1,667.8
1,470.3
3,016.2
2,582.4
Cost of sales - services
371.6
271.2
673.0
508.6
Cost of sales
2,039.4
1,741.5
3,689.2
3,091.0
Operating expenses
Selling, general and administrative expenses
494.4
395.6
951.1
741.9
Amortization of intangibles
73.7
46.9
151.3
92.9
Restructuring costs
(3.9)
1.9
(8.8)
3.0
Foreign currency (gain) loss, net
3.9
2.3
2.3
4.9
Other operating expense (income)
28.9
7.5
60.7
7.3
Operating profit (loss)
637.9
442.4
1,078.0
733.1
Interest expense (income), net
17.4
21.3
13.0
46.6
Loss on extinguishment of debt
—
—
6.2
—
Other non-operating expense (income)
0.5
—
0.5
—
Income (loss) before income taxes
620.0
421.1
1,058.3
686.5
Income tax expense
122.2
96.9
170.4
197.8
Net income (loss)
$ 497.8
$ 324.2
$ 887.9
$ 488.7
Earnings (loss) per share:
Basic
$ 1.29
$ 0.85
$ 2.31
$ 1.28
Diluted
$ 1.27
$ 0.83
$ 2.26
$ 1.25
Weighted-average shares outstanding:
Basic
384,555,346
381,482,996
383,742,935
381,166,015
Diluted
392,746,991
389,846,827
392,511,287
389,977,516
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Vertiv Holdings Co
(Dollars in millions)
June 30, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$ 2,810.6
$ 1,728.4
Short-term investments
300.0
99.5
Accounts receivable, less allowances of $29.1 and $25.6, respectively
3,750.3
3,109.0
Inventories
2,522.7
1,456.5
Other current assets
601.3
426.1
Total current assets
9,984.9
6,819.5
Property, plant and equipment, net
1,184.2
921.8
Other assets:
Goodwill
2,283.3
2,033.7
Other intangible assets, net
1,800.8
1,894.8
Deferred income taxes
170.1
179.6
Right-of-use assets, net
387.2
303.0
Other
90.4
60.0
Total other assets
4,731.8
4,471.1
Total assets
$ 15,900.9
$ 12,212.4
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt
$ —
$ 20.9
Accounts payable
2,473.1
1,756.4
Deferred revenue
3,633.7
1,814.7
Accrued expenses and other liabilities
1,061.4
771.6
Income taxes
74.8
43.4
Total current liabilities
7,243.0
4,407.0
Long-term debt, net
2,939.8
2,892.1
Deferred income taxes
234.1
232.8
Long-term lease liabilities
316.4
245.2
Other long-term liabilities
410.0
494.0
Total liabilities
11,143.3
8,271.1
Equity
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding
—
—
Common stock, $0.0001 par value, 700,000,000 shares authorized, 384,936,985 and 382,553,680 shares issued
and outstanding at June 30, 2026 and December 31, 2025, respectively
—
—
Additional paid-in capital
2,954.8
2,895.2
Retained earnings
1,868.0
1,027.9
Accumulated other comprehensive (loss) income
(65.2)
18.2
Total equity
4,757.6
3,941.3
Total liabilities and equity
$ 15,900.9
$ 12,212.4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Vertiv Holdings Co
(Dollars in millions)
Three months ended
June 30, 2026
Three months ended
June 30, 2025
Six months ended
June 30, 2026
Six months ended
June 30, 2025
Cash flows from operating activities:
Net income (loss)
$ 497.8
$ 324.2
$ 887.9
$ 488.7
Adjustments to reconcile net income (loss) to net cash provided by
(used for) operating activities:
Depreciation
39.4
23.5
66.9
46.4
Amortization
76.4
49.8
156.6
98.5
Deferred income taxes
2.1
(10.2)
(26.1)
23.1
Amortization of debt discount and issuance costs
0.6
2.1
2.2
4.3
Stock-based compensation
13.8
13.3
30.8
24.5
Changes in operating working capital
451.0
(90.4)
678.8
(95.2)
Change in fair value of contingent consideration
28.8
—
62.0
—
Other
(10.1)
10.6
7.5
35.9
Net cash provided by (used for) operating activities
1,099.8
322.9
1,866.6
626.2
Cash flows from investing activities:
Capital expenditures
(173.3)
(45.0)
(285.9)
(81.5)
Investments in capitalized software
(1.2)
(0.9)
(2.6)
(3.2)
Purchase of short-term investments
(198.2)
(98.1)
(546.6)
(98.1)
Proceeds from maturities of short-term investments
251.5
—
351.5
—
Investment in affiliates
(5.1)
—
(19.0)
—
Acquisition of businesses, net of cash acquired
(277.7)
—
(278.1)
—
Net cash provided by (used for) investing activities
(404.0)
(144.0)
(780.7)
(182.8)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt
—
—
2,100.0
—
Repayment of long-term debt
—
(5.2)
(2,076.1)
(10.5)
Dividend payment
(23.9)
(14.2)
(47.8)
(28.4)
Exercise of employee stock options
20.6
11.7
44.1
13.0
Employee taxes paid from shares withheld
(11.6)
(0.3)
(23.2)
(7.0)
Net cash provided by (used for) financing activities
(14.9)
(8.0)
(3.0)
(32.9)
Effect of exchange rate changes on cash and cash equivalents
3.5
9.0
2.9
13.3
Increase (decrease) in cash, cash equivalents and restricted cash
684.4
179.9
1,085.8
423.8
Beginning cash, cash equivalents and restricted cash
2,191.2
1,476.1
1,789.8
1,232.2
Ending cash, cash equivalents and restricted cash
$ 2,875.6
$ 1,656.0
$ 2,875.6
$ 1,656.0
Changes in operating working capital
Accounts receivable
$ (586.5)
$ (462.4)
$ (644.2)
$ (380.8)
Inventories
(663.8)
(8.9)
(1,048.0)
(137.5)
Other current assets
(56.8)
5.6
(145.3)
(23.9)
Accounts payable
482.5
183.0
685.3
269.5
Deferred revenue
1,171.5
148.1
1,822.7
171.5
Accrued expenses and other liabilities
117.6
36.3
22.2
(43.3)
Income taxes
(13.5)
7.9
(13.9)
49.3
Total changes in operating working capital
$ 451.0
$ (90.4)
$ 678.8
$ (95.2)
Reconciliation of GAAP and non-GAAP Financial Measures
To supplement this news release, we have included certain non-GAAP financial measures in the format of performance metrics. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors' ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of each of these non-GAAP financial measures to GAAP information are also included. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company's performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.
Vertiv's non-GAAP financial measures include:
Adjusted operating profit (loss), which represents operating profit (loss), adjusted to exclude amortization of intangibles, restructuring costs associated with the global restructuring program, contingent consideration and merger and acquisition costs; Adjusted operating margin, which represents adjusted operating profit (loss) divided by net sales; Organic net sales growth, which represents the change in net sales adjusted to exclude the impacts of foreign currency exchange rate and acquisitions; Adjusted free cash flow, which represents net cash provided by (used for) operating activities adjusted to exclude capital expenditures and investments in capitalized software; and Adjusted diluted EPS, which represents diluted earnings per share adjusted to exclude amortization of intangibles, restructuring costs associated with the global restructuring program, contingent consideration and merger and acquisition costs, and the costs related to the March 3, 2026 repayment of the Term Loan Credit Agreement and the associated interest rate swaps being settled. Regional Segment Results
Three months ended June 30,
Six months ended June 30,
2026
2025
Δ
Δ%
Organic
Δ%(2)
2026
2025
Δ
Δ%
Organic
Δ%(2)
Net sales(1)
AMER
$ 2,070.8
$ 1,602.3
$ 468.5
29.2 %
21.1 %
$ 3,885.2
$ 2,787.6
$ 1,097.6
39.4 %
31.0 %
APAC
719.9
560.2
159.7
28.5 %
25.7 %
1,233.6
1,007.4
226.2
22.5 %
19.6 %
EMEA
483.6
475.6
8.0
1.7 %
(2.4) %
805.0
879.1
(74.1)
(8.4) %
(14.8) %
Total
$ 3,274.3
$ 2,638.1
$ 636.2
24.1 %
17.8 %
$ 5,923.8
$ 4,674.1
$ 1,249.7
26.7 %
19.9 %
Adjusted operating profit (loss)(3)
AMER
$ 571.4
$ 384.6
$ 186.8
48.6 %
$ 1,061.6
$ 644.3
$ 417.3
64.8 %
APAC
95.6
59.2
36.4
61.5 %
163.0
104.9
58.1
55.4 %
EMEA
124.2
104.2
20.0
19.2 %
177.7
182.9
(5.2)
(2.8) %
Corporate(4)
(52.8)
(58.7)
5.9
(10.1) %
(111.7)
(106.1)
(5.6)
5.3 %
Total
$ 738.4
$ 489.3
$ 249.1
50.9 %
$ 1,290.6
$ 826.0
$ 464.6
56.2 %
Adjusted operating margins(5)
AMER
27.6 %
24.0 %
3.6 %
27.3 %
23.1 %
4.2 %
APAC
13.3 %
10.6 %
2.7 %
13.2 %
10.4 %
2.8 %
EMEA
25.7 %
21.9 %
3.8 %
22.1 %
20.8 %
1.3 %
Vertiv
22.6 %
18.5 %
4.1 %
21.8 %
17.7 %
4.1 %
(1)
Segment net sales are presented excluding intercompany sales.
(2)
Organic basis is adjusted to exclude foreign currency exchange rate and the change in acquisition sales impact.
(3)
Adjusted operating profit (loss) is only adjusted at the Corporate segment. There are no adjustments at the reportable segment level between operating profit (loss) and adjusted operating profit (loss).
(4)
Corporate costs consist of headquarters management costs, asset impairments, and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, Legal, and Human Resources.
(5)
Adjusted operating margins calculated as adjusted operating profit (loss) divided by net sales.
Sales by product and service offering
Three months ended June 30,
2026
2025
Δ
Δ%
Americas:
Products
$ 1,666.1
$ 1,320.8
$ 345.3
26.1 %
Services & spares
404.7
281.5
123.2
43.8 %
$ 2,070.8
$ 1,602.3
$ 468.5
29.2 %
Asia Pacific:
Products
$ 562.4
$ 424.0
$ 138.4
32.6 %
Services & spares
157.5
136.2
21.3
15.6 %
$ 719.9
$ 560.2
$ 159.7
28.5 %
Europe, Middle East & Africa:
Products
$ 377.9
$ 374.1
$ 3.8
1.0 %
Services & spares
105.7
101.5
4.2
4.1 %
$ 483.6
$ 475.6
$ 8.0
1.7 %
Total:
Products
$ 2,606.4
$ 2,118.9
$ 487.5
23.0 %
Services & spares
667.9
519.2
148.7
28.6 %
$ 3,274.3
$ 2,638.1
$ 636.2
24.1 %
Six months ended June 30,
2026
2025
Δ
Δ%
Americas:
Products
$ 3,142.0
$ 2,279.1
$ 862.9
37.9 %
Services & spares
743.2
508.5
234.7
46.2 %
$ 3,885.2
$ 2,787.6
$ 1,097.6
39.4 %
Asia Pacific:
Products
$ 943.5
$ 757.8
$ 185.7
24.5 %
Services & spares
290.1
249.6
40.5
16.2 %
$ 1,233.6
$ 1,007.4
$ 226.2
22.5 %
Europe, Middle East & Africa:
Products
$ 612.1
$ 693.1
$ (81.0)
(11.7) %
Services & spares
192.9
186.0
6.9
3.7 %
$ 805.0
$ 879.1
$ (74.1)
(8.4) %
Total:
Products
$ 4,697.6
$ 3,730.0
$ 967.6
25.9 %
Services & spares
1,226.2
944.1
282.1
29.9 %
$ 5,923.8
$ 4,674.1
$ 1,249.7
26.7 %
Organic growth by product and service offering
Three months ended June 30, 2026
Net Sales Δ
FX Δ
Acquisition Δ(1)
Organic growth
Organic Δ%(2)
Americas:
Products
$ 345.3
$ (4.2)
$ (35.5)
$ 305.6
23.1 %
Services & spares
123.2
(2.2)
(88.6)
32.4
11.5 %
$ 468.5
$ (6.4)
$ (124.1)
$ 338.0
21.1 %
Asia Pacific:
Products
$ 138.4
$ (13.5)
$ —
$ 124.9
29.5 %
Services & spares
21.3
(2.3)
—
19.0
14.0 %
$ 159.7
$ (15.8)
$ —
$ 143.9
25.7 %
Europe, Middle East & Africa:
Products
$ 3.8
$ (11.0)
$ (5.1)
$ (12.3)
(3.3) %
Services & spares
4.2
(2.7)
(0.5)
1.0
1.0 %
$ 8.0
$ (13.7)
$ (5.6)
$ (11.3)
(2.4) %
Total:
Products
$ 487.5
$ (28.7)
$ (40.6)
$ 418.2
19.7 %
Services & spares
148.7
(7.2)
(89.1)
52.4
10.1 %
$ 636.2
$ (35.9)
$ (129.7)
$ 470.6
17.8 %
(1)
The change in acquisition sales include all acquisition sales for the three months ended June 30, 2026.
(2)
Organic growth percentage change is calculated as organic growth divided by net sales for the three months ended June 30, 2025.
Six months ended June 30, 2026
Net Sales Δ
FX Δ
Acquisition Δ(1)
Organic growth
Organic Δ%(2)
Americas:
Products
$ 862.9
$ (9.6)
$ (69.7)
$ 783.6
34.4 %
Services & spares
234.7
(4.2)
(150.4)
80.1
15.8 %
$ 1,097.6
$ (13.8)
$ (220.1)
$ 863.7
31.0 %
Asia Pacific:
Products
$ 185.7
$ (24.0)
$ —
$ 161.7
21.3 %
Services & spares
40.5
(4.9)
—
35.6
14.3 %
$ 226.2
$ (28.9)
$ —
$ 197.3
19.6 %
Europe, Middle East & Africa:
Products
$ (81.0)
$ (38.7)
$ (5.5)
$ (125.2)
(18.1) %
Services & spares
6.9
(11.2)
(0.7)
(5.0)
(2.7) %
$ (74.1)
$ (49.9)
$ (6.2)
$ (130.2)
(14.8) %
Total:
Products
$ 967.6
$ (72.3)
$ (75.2)
$ 820.1
22.0 %
Services & spares
282.1
(20.3)
(151.1)
110.7
11.7 %
$ 1,249.7
$ (92.6)
$ (226.3)
$ 930.8
19.9 %
(1)
The change in acquisition includes all acquisitions sales for the six months ended June 30, 2026.
(2)
Organic growth percentage change is calculated as organic growth divided by net sales for the six months ended June 30, 2025.
Segment operating profit (loss)
Operating profit (loss)
Three months ended
June 30, 2026
Three months ended
June 30, 2025
Six months ended
June 30, 2026
Six months ended
June 30, 2025
Americas
$ 571.4
$ 384.6
$ 1,061.6
$ 644.3
Asia Pacific
95.6
59.2
163.0
104.9
Europe, Middle East & Africa
124.2
104.2
177.7
182.9
Total reportable segments
791.2
548.0
1,402.3
932.1
Foreign currency gain (loss)
(3.9)
(2.3)
(2.3)
(4.9)
Corporate
(75.7)
(56.4)
(170.7)
(101.2)
Total corporate and other
(79.6)
(58.7)
(173.0)
(106.1)
Amortization of intangibles
(73.7)
(46.9)
(151.3)
(92.9)
Operating profit (loss)
$ 637.9
$ 442.4
$ 1,078.0
$ 733.1
Reconciliation of net cash provided by (used for) operating activities to adjusted free cash flow
Three months ended
June 30, 2026
Three months ended
June 30, 2025
Six months ended
June 30, 2026
Six months ended
June 30, 2025
Net cash provided by (used for) operating activities
$ 1,099.8
$ 322.9
$ 1,866.6
$ 626.2
Capital expenditures
(173.3)
(45.0)
(285.9)
(81.5)
Investments in capitalized software
(1.2)
(0.9)
(2.6)
(3.2)
Adjusted free cash flow
$ 925.3
$ 277.0
$ 1,578.1
$ 541.5
Reconciliation from operating profit (loss) to adjusted operating profit (loss)
Three months ended
June 30, 2026
Three months ended
June 30, 2025
Six months ended
June 30, 2026
Six months ended
June 30, 2025
Operating profit (loss)
$ 637.9
$ 442.4
$ 1,078.0
$ 733.1
Amortization of intangibles
73.7
46.9
151.3
92.9
Contingent consideration
28.8
—
62.0
—
Restructuring costs - global programs
(3.9)
—
(3.9)
—
Mergers and acquisition costs
1.9
—
3.2
—
Adjusted operating profit (loss)
$ 738.4
$ 489.3
$ 1,290.6
$ 826.0
Reconciliation from operating margin to adjusted operating margin
Three months ended
June 30, 2026
Three months ended
June 30, 2025
Δ
Six months ended
June 30, 2026
Six months ended
June 30, 2025
Δ
Vertiv net sales
$ 3,274.3
$ 2,638.1
$ 636.2
$ 5,923.8
$ 4,674.1
$ 1,249.7
Vertiv operating profit (loss)
637.9
442.4
195.5
1,078.0
733.1
344.9
Vertiv operating margin
19.5
%
16.8
%
2.7
%
18.2
%
15.7
%
2.5
%
Amortization of intangibles
$ 73.7
$ 46.9
$ 26.8
$ 151.3
$ 92.9
$ 58.4
Contingent consideration
28.8
—
28.8
62.0
—
62.0
Restructuring costs - global programs
(3.9)
—
(3.9)
(3.9)
—
(3.9)
Mergers and acquisition costs
1.9
—
1.9
3.2
—
3.2
Vertiv adjusted operating profit (loss)
738.4
489.3
249.1
1,290.6
826.0
464.6
Vertiv adjusted operating margin
22.6
%
18.5
%
4.1
%
21.8
%
17.7
%
4.1
%
Reconciliation of Diluted EPS to Adjusted Diluted EPS
Three months ended June 30, 2026
Operating profit
(loss)
Interest expense
(income), net
Other non-operating expense
(income)
Income tax expense
(benefit)
Net income
(loss)
Diluted
EPS(1)
GAAP
$ 637.9
$ 17.4
$ 0.5
$ 122.2
$ 497.8
$ 1.27
Amortization of intangibles
73.7
—
—
—
73.7
0.19
Contingent consideration(2)
28.8
—
—
—
28.8
0.07
Restructuring costs - global programs
(3.9)
—
—
—
(3.9)
(0.01)
Mergers and acquisition costs
1.9
—
—
—
1.9
—
Non-GAAP adjusted
$ 738.4
$ 17.4
$ 0.5
$ 122.2
$ 598.3
$ 1.52
Diluted shares (in millions)
392.7
(1)
Diluted EPS and adjusted diluted EPS is calculated using 392.7 million shares (includes 384.5 million basic shares and 8.2 million potential dilutive equity awards).
(2)
Contingent consideration associated with the PurgeRite acquisition.
Three months ended June 30, 2025
Operating profit
(loss)
Interest expense
(income), net
Income tax expense
(benefit)
Net income
(loss)
Diluted
EPS(1)
GAAP
$ 442.4
$ 21.3
$ 96.9
$ 324.2
$ 0.83
Amortization of intangibles
46.9
—
—
46.9
0.12
Non-GAAP adjusted
$ 489.3
$ 21.3
$ 96.9
$ 371.1
$ 0.95
Diluted shares (in millions)
389.8
(1)
Diluted EPS and adjusted diluted EPS is calculated using 389.8 million shares (includes 381.5 million basic shares and 8.3 million potential dilutive equity awards).
Six months ended June 30, 2026
Operating profit
(loss)
Interest expense
(income), net
Loss on
extinguishment of debt
Other non-operating expense
(income)
Income tax expense
(benefit)
Net income
(loss)
Diluted
EPS(1)
GAAP
$ 1,078.0
$ 13.0
$ 6.2
$ 0.5
$ 170.4
$ 887.9
$ 2.26
Amortization of intangibles
151.3
—
—
—
—
151.3
0.39
Contingent consideration(2)
62.0
—
—
—
—
62.0
0.16
Term loan credit agreement repayment(3)
—
22.9
(6.2)
—
25.6
(42.3)
(0.11)
Restructuring costs - global programs
(3.9)
—
—
—
—
(3.9)
(0.01)
Mergers and acquisition costs
3.2
—
—
—
—
3.2
0.01
Non-GAAP adjusted
$ 1,290.6
$ 35.9
$ —
$ 0.5
$ 196.0
$ 1,058.2
$ 2.70
Diluted shares (in millions)
392.5
(1)
Diluted EPS and adjusted diluted EPS is calculated using 392.5 million shares (includes 383.7 million basic shares and 8.8 million potential dilutive equity awards).
(2)
Contingent consideration associated with the PurgeRite acquisition.
(3)
Costs associated with the March 3, 2026 repayment of the Term loan credit agreement, the gain recognized in "Interest expense (income), net" and the related tax impact associated with the interest rate swaps being settled.
Six months ended June 30, 2025
Operating profit
(loss)
Interest expense
(income), net
Income tax
expense (benefit)
Net income
(loss)
Diluted
EPS(1)
GAAP
$ 733.1
$ 46.6
$ 197.8
$ 488.7
$ 1.25
Amortization of intangibles
92.9
—
—
92.9
0.24
Non-recurring tax adjustment, net(2)
—
—
(39.5)
39.5
0.10
Non-GAAP adjusted
$ 826.0
$ 46.6
$ 158.3
$ 621.1
$ 1.59
Diluted shares (in millions)
390.0
(1)
Diluted EPS and adjusted diluted EPS is calculated using 390.0 million shares (includes 381.2 million basic shares and 8.8 million potential dilutive equity awards).
(2)
Nonrecurring tax adjustment of $39.5 million due to recently issued guidance which changes our assessment of our realizability of certain deferred tax assets.
Vertiv Holdings Co
2026 Adjusted Guidance
Reconciliation of Diluted EPS to Adjusted Diluted EPS(1)
Third Quarter 2026
Operating profit
(loss)
Interest expense
(income), net
Income tax
expense (benefit)
Net income
(loss)
Diluted
EPS(2)
GAAP
$ 838.8
$ 20.7
$ 189.0
$ 629.1
$ 1.60
Amortization of intangibles
79.2
—
—
79.2
0.20
Non-GAAP adjusted
$ 918.0
$ 20.7
$ 189.0
$ 708.3
$ 1.80
Diluted shares (in millions)
392.8
Full Year 2026
Operating profit
(loss)
Interest expense
(income), net
Loss on
extinguishment of debt
Other non-operating
expense (income)
Income tax
expense (benefit)
Net income
(loss)
Diluted
EPS(3)
GAAP
$ 2,956.9
$ 49.5
$ 6.2
$ 0.5
$ 596.2
$ 2,304.5
$ 5.87
Amortization of intangibles
306.8
—
—
—
—
306.8
0.78
Contingent consideration(4)
62.0
—
—
—
—
62.0
0.16
Term loan credit agreement repayment(5)
—
22.9
(6.2)
—
25.6
(42.3)
(0.11)
Restructuring costs - global programs
(3.9)
—
—
—
—
(3.9)
(0.01)
Mergers and acquisition costs
3.2
—
—
—
—
3.2
0.01
Non-GAAP adjusted
$ 3,325.0
$ 72.4
$ —
$ 0.5
$ 621.8
$ 2,630.3
$ 6.70
Diluted shares (in millions)
392.8
(1)
Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to FY 2026 guidance, including organic net sales growth, adjusted operating margin and adjusted free cash flow, is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. For the same reasons, we are unable to compute the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.
(2)
Diluted EPS and adjusted diluted EPS based on 392.8 million shares (includes 385.0 million basic shares and 7.8 million potential dilutive equity awards).
(3)
Diluted EPS and adjusted diluted EPS based on 392.8 million shares (includes 384.4 million basic shares and 8.4 million potential dilutive equity awards).
(4)
Contingent consideration associated with the PurgeRite acquisition.
(5)
Costs associated with the March 3, 2026 repayment of the Term loan credit agreement, the gain recognized in "Interest expense (income), net" and the related tax impact associated with the interest rate swaps being settled.
Amundi v 1. čtvrtletí zvýšila podíl v Baker Hughes o 28,2 % na 10 946 464 akcií. Baker Hughes zároveň oznámila zisk na akcii 0,64 USD a výnosy 6,74 miliardy USD, obojí nad odhady.
Amundi boosted its stake in Baker Hughes Company (NASDAQ:BKR – Free Report) by 28.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,946,464 shares of the company’s stock after purchasing an additional 2,409,978 shares during the period. Amundi owned approximately 1.10% of Baker Hughes worth $668,282,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC grew its position in Baker Hughes by 0.6% in the first quarter. Bleakley Financial Group LLC now owns 25,485 shares of the company’s stock valued at $1,556,000 after acquiring an additional 163 shares in the last quarter. Resolute Wealth Strategies LLC lifted its holdings in Baker Hughes by 2.7% in the 1st quarter. Resolute Wealth Strategies LLC now owns 6,597 shares of the company’s stock worth $403,000 after buying an additional 172 shares in the last quarter. Deseret Mutual Benefit Administrators boosted its position in Baker Hughes by 10.5% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock valued at $86,000 after buying an additional 179 shares during the last quarter. Krilogy Financial LLC boosted its position in Baker Hughes by 3.2% in the 4th quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock valued at $261,000 after buying an additional 180 shares during the last quarter. Finally, 3Chopt Investment Partners LLC grew its stake in shares of Baker Hughes by 0.5% during the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock valued at $1,944,000 after acquiring an additional 203 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.
Baker Hughes News Roundup Here are the key news stories impacting Baker Hughes this week:
Positive Sentiment: Second-quarter results exceeded expectations. Baker Hughes reported adjusted EPS of $0.64 versus the $0.51 consensus and revenue of $6.74 billion, above estimates of $6.54 billion. Revenue increased 2.4% year over year, while strong cash flow and expanding margins supported the outlook. Baker Hughes earnings report Positive Sentiment: Energy Technology orders and backlog are key growth drivers. IET orders surged 49%, reaching a record level, and the company highlighted robust backlog growth and margin expansion. These trends are helping offset weaker near-term drilling activity. Baker Hughes Q2 earnings analysis Positive Sentiment: A major LNG contract strengthens the long-term story. Baker Hughes secured a comprehensive liquefaction-technology order from Venture Global for the CP2 LNG expansion in Louisiana. The award reinforces exposure to LNG infrastructure and rising power demand from artificial-intelligence data centers. Baker Hughes Venture Global LNG order Positive Sentiment: Analyst support improved. Susquehanna raised its price target from $70 to $72 and assigned a positive rating, while Piper Sandler maintained its Buy rating. A separate Wall Street Zen upgrade also adds to favorable sentiment. Neutral Sentiment: Third-quarter revenue guidance was broadly in line. Baker Hughes forecast revenue of approximately $6.9 billion, matching consensus, offering limited incremental upside from guidance alone. The company also declared a quarterly dividend of $0.23 per share. Negative Sentiment: Management expects global oil-and-gas producer spending to decline modestly in 2026. Growth in Latin America, offshore Africa, and North American land activity is expected to be offset by reduced spending in Europe and the Middle East, creating a headwind for conventional oilfield services. Baker Hughes spending outlook Negative Sentiment: Valuation and positioning may be limiting gains. One analysis characterized BKR as fairly valued after its recent operational improvement and cautioned that Middle East tensions and AI-related power demand could reverse. Unusually heavy put-option buying also signals increased near-term hedging or bearish speculation. Baker Hughes Price Performance Shares of NASDAQ:BKR opened at $58.46 on Wednesday. Baker Hughes Company has a 12 month low of $41.96 and a 12 month high of $70.41. The stock has a market cap of $58.00 billion, a price-to-earnings ratio of 18.86, a PEG ratio of 2.52 and a beta of 0.96. The stock’s 50 day moving average price is $59.75 and its 200 day moving average price is $60.12. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77.
Baker Hughes (NASDAQ:BKR – Get Free Report) last released its earnings results on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. The firm had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.54 billion. Baker Hughes had a return on equity of 14.06% and a net margin of 11.17%.Baker Hughes’s revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.63 earnings per share. Equities research analysts anticipate that Baker Hughes Company will post 2.26 earnings per share for the current fiscal year.
Baker Hughes Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, August 7th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 7th. Baker Hughes’s dividend payout ratio is 29.39%.
Analyst Ratings Changes A number of research analysts have recently issued reports on BKR shares. Wolfe Research initiated coverage on shares of Baker Hughes in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 price target on the stock. Barclays lowered their price objective on shares of Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Wall Street Zen upgraded shares of Baker Hughes from a “hold” rating to a “buy” rating in a research note on Tuesday. Piper Sandler raised their target price on shares of Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Jefferies Financial Group restated a “buy” rating on shares of Baker Hughes in a research note on Thursday, July 9th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and an average price target of $69.95.
View Our Latest Research Report on Baker Hughes
Insider Activity at Baker Hughes In other news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the sale, the chief executive officer owned 703,444 shares in the company, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the sale, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at approximately $1,027,327.34. This trade represents a 24.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is owned by insiders.
Baker Hughes Profile (Free Report)
Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.
The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.
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Cognizant ve 2. čtvrtletí zvýšila tržby na 5,5 miliardy USD a upravený zisk na akcii na 1,37 USD. Firma také zvedla celoroční odhad upraveného EPS na 5,70 až 5,82 USD.
12% year-over-year revenue growth in Financial Services; $1.1 billion deployed on share repurchases
Revenue of $5.5 billion increased 4.5% year-over-year or 4.1% in constant currency1 Operating margin of 15.9% increased 30 basis points year-over-year; Adjusted Operating Margin1 of 16.0% increased 40 basis points year-over-year GAAP EPS of $1.36 increased 3.8% year-over-year; Adjusted EPS1 of $1.37 increased 4.6% year-over-year Trailing 12-month bookings of $29.1 billion increased 5% year-over-year 2026 constant currency revenue growth guidance is revised to 4.0% to 5.5% year-over-year growth 2026 Adjusted Operating Margin guidance is unchanged at 16.0% to 16.2%, year-over-year expansion of 20 to 40 basis points 2026 Adjusted Diluted EPS guidance is increased to $5.70 to $5.82, year-over-year growth of 8% to 10% , /PRNewswire/ -- Cognizant (Nasdaq: CTSH), a leading AI builder and technology services provider, today announced its second quarter 2026 financial results.
Q2 2026 Infographic. Cognizant is an AI Builder company www.cognizant.ai. "Our organic revenue growth momentum continued in the second quarter and was at the high end of our expectations," said Ravi Kumar S, Chief Executive Officer. "We are helping our clients close the AI velocity gap by pairing deep industry expertise with engineering, infrastructure and data modernization capabilities while safeguarding their data and IP. We are doing this by scaling our Frontier workforce and reskilling for the future. We are confident our strategy is resonating with clients, as reflected in a second consecutive quarter of double-digit year-over-year growth in Financial Services, our largest and most mature segment. As organizations shift from AI experimentation to enterprise-scale execution, we believe the market opportunity ahead is larger than ever, and we're positioning Cognizant to lead in this next era."
$ in millions, except per share data
Q2 2026
Q2 2025
Revenue
$5,481
$5,245
Y/Y Change
4.5 %
8.1 %
Y/Y Change CC1
4.1 %
7.2 %
GAAP Operating Margin
15.9 %
15.6 %
Adjusted Operating Margin1
16.0 %
15.6 %
GAAP Diluted EPS
$1.36
$1.31
Adjusted Diluted EPS1
$1.37
$1.31
See "Revenue by Business Segment and Geography" section for additional revenue details and drivers of growth.
"Our second quarter results reflect disciplined execution and the resilience of our operating model. We delivered 4.1% constant currency revenue growth and 40 basis points of adjusted operating margin expansion year-over-year, despite a complex environment," said Jatin Dalal, Chief Financial Officer. "In the first half of 2026, we deployed $1.6 billion on share repurchases and $1.3 billion on acquisitions aligned with our AI builder strategy. We remain focused on operational rigor and consistent margin expansion while funding growth investments and deploying capital strategically."
Bookings
On a trailing-twelve-month basis, bookings increased 5% year-over-year to $29.1 billion, which represented a book-to-bill of approximately 1.3x. Bookings in the second quarter declined 6% year-over-year. Second quarter bookings included seven large deals, which are deals with total contract value of $100 million or greater.
Employee Metrics
On a trailing-twelve months basis, Voluntary Attrition - Tech Services was 13.0% for the period ended June 30, 2026, as compared to 12.3% and 12.6% for the periods ended March 31, 2026 and June 30, 2025, respectively. Total headcount as of June 30, 2026 was 356,700, a decrease of 900 from March 31, 2026 and an increase of 12,900 from June 30, 2025.
Capital Allocation
The Company repurchased 22.5 million shares for $1,153 million during the second quarter under its share repurchase program, including 9.7 million shares through its previously announced $500 million accelerated share repurchase (ASR) as well as another 12.8 million shares for $653 million through open market transactions. As of June 30, 2026, there was $2.3 billion remaining under the share repurchase authorization. In July 2026, the Company declared a quarterly cash dividend of $0.33 per share for shareholders of record on August 18, 2026. This dividend will be payable on August 25, 2026.
During the second quarter of 2026, the company completed its acquisition of Astreya for a purchase price of $634 million, including contingent consideration of $25 million, net of cash acquired, while borrowing $1.0 billion under its revolving credit facility.
Third Quarter and Full-Year 2026 Guidance2
(all growth rates year-over-year)
Third quarter revenue is expected to be $5.60 to $5.68 billion, growth of 3.4% to 4.9%, or 3.8% to 5.3% in constant currency. Full-year 2026 revenue is expected to be $22.04 to $22.35 billion, growth of 4.4% to 5.9%, or 4.0% to 5.5% in constant currency. Full-year 2026 Adjusted Operating Margin3 is expected to be approximately 16.0% to 16.2%, or 20 to 40 basis points of expansion. Full-year 2026 Adjusted Diluted EPS3 is expected to be in the range of $5.70 to $5.82, growth of 8% to 10%. Select Company, Client and Partnership Announcements
Cognizant is building a portfolio of capabilities combined with deep domain expertise to harness and advance an AI-led future. Cognizant's progress has been accelerated through client agreements, platform enhancements, and partnerships. Recent announcements include:
Client Announcements
Announced it is working with Travelport on a strategic AI transformation that will deploy Anthropic's Claude to modernize the way Travelport builds, tests and maintains software across its travel retailing and distribution platforms. The work aims to accelerate the delivery of AI-led innovation to airlines, hoteliers, travel management companies and online travel agencies worldwide, while embedding AI features within Travelport's platform. Named as Global AI Services Partner of the Aston Martin Aramco Formula One™ (AMF1) Team, marking an evolution of the collaboration to advance performance, innovation, and operational excellence across its Formula 1™ program. Under the new designation, Cognizant and the team will work to operationalize AI - bridging the gap between experimentation and sustained value. Cognizant will also help the team identify how context-enabled AI can manage, support, and define the team's fan database. Selected by UK public service broadcaster Channel 4 to transform its advertising campaign delivery operations, which are responsible for booking, scheduling, and airing adverts across Channel 4 and its partner channels. As part of the project, Cognizant looks to enhance Channel 4's account management hub, campaign operations and traffic functions, which are responsible for ensuring that advertising reaches the right audiences at the right time, meets advertisers' objectives, and supports compliance with applicable regulations under Channel 4's oversight. Chosen by JG Summit Holdings, Inc., one of the Philippines' largest and more diversified conglomerates, for a ServiceNow implementation and managed services engagement supporting its IT modernization journey. Cognizant is expected to deploy ServiceNow IT Service Management (ITSM) Professional, IT Asset Management and Strategic Portfolio Management (SPM) capabilities to establish a unified platform for helping automate IT service processes, track hardware and software assets, and govern project demand and portfolios. Selected by Snohomish County Public Utility District (PUD), a public utility in the state of Washington, to lead SAP S/4 HANA transformation to modernize utility operations. Cognizant is expected to migrate the PUD's SAP on‑premise environment to SAP's cloud platform, implement Cognizant's Finance4U SAP S/4 HANA‑certified Asset Lifecycle Accounting solution and deploy SAP mobility capabilities to support field and warehouse operations. Selected by The Andover Companies, Inc., one of the longest-standing mutual property and casualty insurance groups in the Northeast, to scale its core and portal systems, unify its data and help lay the foundation for responsible AI adoption in underwriting and claims. Under the agreement, Cognizant will modernize integration of Andover's core policy administration platform to its digital properties, build a new enterprise data platform and strengthen the security of Andover's policyholder- and agent-facing digital portals. Platform Enhancements and Partnerships
Revealed new headless API model that treats AI agents as first-tier consumers of TriZetto Unify, Cognizant's platform strategy that spans payer and provider workflows. Electronic Prior Authorization is the first solution to go live, following the rollout of TriZetto Assistant and TriZetto Autonomous Workflow Agents to existing customers. Announced an expanded partnership with Anthropic, with Cognizant becoming one of a small number of Global Premier Partners in the Claude Partner Network. Cognizant is embedding Claude across its own business and engineering platforms, while scaling a Claude-certified workforce as part of its new Frontier Certified workforce model. Cognizant is already applying Claude in client work spanning manufacturing, life sciences and insurance, delivering measurable results in production. Expanded its partnership with Google Cloud, broadening how the companies bring Gemini Enterprise to clients and deepening Cognizant's own internal use of the technology. Through the expanded partnership, Cognizant and Google Cloud are bringing together jointly delivered solutions, a portfolio of reusable agents and certified Cognizant Frontier Certified Engineers who work directly within client environments to accelerate time to value on Gemini deployments. Announced it is applying OpenAI's GPT-5.5 with Trusted Access for Cyber, through Cognizant's Frontier AI Cyber Defense services, to help enterprises move faster from vulnerability discovery to validated, tested fixes. As a member of the OpenAI Daybreak Cyber Partner Program, Cognizant is putting frontier AI capability into its security experts' hands, helping strengthen how clients defend the software they build and operate. Deepened its partnership with CrowdStrike by bringing the CrowdStrike Falcon® platform to Cognizant's AI Factory and its Managed Cybersecurity Services, powered by the Cognizant Neuro® Cybersecurity platform. Expanded cross-platform agentic AI with new ServiceNow AI Agent interoperability. ServiceNow AI Agents now work with the Cognizant Neuro® AI Multi-Agent Accelerator, giving enterprises a unified environment to orchestrate AI agents across the platforms they already run. Enterprises can coordinate ServiceNow agents alongside custom-built systems and other third-party agent platforms. Announced the integration of Cognizant Neuro® AI Trust with ServiceNow, pairing ServiceNow's visibility and governance with Cognizant's agentic intelligence and control platform. The integration is designed to give organizations a single, interoperable environment in which AI governance is actively enforced through responsible AI agents operating across every stage of the AI lifecycle. Expanded its partnership with Snowflake, an AI data cloud company, through the Snowflake CoCo platform. As a Preferred Launch Partner for CoCo and Snowflake's 2026 CoCo Catalyst Partner of the Year for Impactful Customer Story, Cognizant is deploying a growing portfolio of AI-powered intelligent agents that support and enhance data engineering, analytics and business decision workflows. Announced an expanded strategic alliance with Rubrik to help enterprises run autonomous AI safely at scale. As a launch partner for Rubrik's Project Hourglass, an alliance with leading Global Systems Integrators (GSIs) to deliver agentic resilience for enterprise AI coding agents, Cognizant intends to be one of the first global systems integrators to operationalize the offering as a governance layer within its delivery platforms. Partnered with Domyn, a European leader in sovereign AI infrastructure for regulated industries, to bring sovereign AI capabilities to enterprises in highly regulated sectors across the EMEA region. Under the partnership, Domyn will provide the AI infrastructure layer, delivering LLMs that can be deployed within client environments, on-premise or in private cloud configurations, while Cognizant will serve as the application, integration, and domain execution layer. Launched Cognizant Neuro® AI Trust, a new platform designed to provide enterprises with continuous governance and real-time assurance across AI systems. As AI environments grow more autonomous and complex, Neuro AI Trust empowers enterprises to monitor, manage and help control AI behavior and performance in real time. Launched its sovereign Physical AI Platform-as-a-Service, an integrated capability that moves autonomous systems from experimentation into core enterprise infrastructure. Built on the Cognizant Intelligence Spine, the offering connects disparate physical systems, including industrial sensors, IoT devices, factory automation and energy infrastructure, into a single coherent intelligence fabric. Select Company Announcements and Recognition
Launched Cognizant Secure AI Services, a new integrated offering designed to help enterprises secure, govern and scale AI and agentic systems across their operations. The offering is designed to help enterprises move from assumed trust toward "provable trust" – an approach grounded in evidence, traceability and continuous assurance. Announced the creation of two new job categories; Frontier Certified Engineer and Frontier Business Operator, and announced plans to scale its Frontier-certified workforce, the human and operational infrastructure enterprises need to convert AI capability into measurable business results, to 5,000 Frontier Certified Engineers and 10,000 Frontier Business Operators. Cognizant expects its people investment will yield its first cohort by fourth quarter, 2026. Cognizant also plans to augment its own Frontier talent pipeline through annual direct hires of Frontier-native talent from American and global universities. Launched its Ace Team Program, a strategic initiative designed to build a cohort of top engineering minds who will deliver cutting-edge digital transformation for clients and play a central role in the company's evolution into an AI builder organization. The Cognizant Ace Team is structured as a combination of a selective hiring program, an elite talent pathway and a centrally governed engineering community aligned to Cognizant's advanced capability strategy. Completed its acquisition of Astreya, a global AI-first IT managed services and solutions provider, effective June 22, 2026. The combination is expected to strengthen Cognizant's AI infrastructure and managed services capabilities by bringing together Cognizant's global delivery model and AI builder approach with Astreya's deep expertise supporting complex technology environments for many of the world's largest technology companies, including six of the "Magnificent Seven" hyperscalers. Was named to TIME's list of America's Best Companies 2026 in the ranking's inaugural edition. TIME and Statista evaluated America's Best Companies 2026 across three dimensions: employee satisfaction, financial performance and sustainability transparency. Earned a place on the Fortune 500 list, marking its 16th consecutive year of recognition. The annual ranking by Fortune Magazine evaluates companies based on total revenues for their respective fiscal years. In the 2026 edition, Cognizant ranked 216 overall and third in the IT services industry. Released new research showing that AI's real-world results depend less on the technology itself than on the maturity of a company's tech infrastructure and where it directs its investment. The study, "Closing the AI Execution Gap: A $2 Billion Business Boost," revealed $4.7 trillion in untapped AI value across Global 2000 companies. Unveiled a new report focused on India titled "Smarter IT spend: From cost control to cost intelligence." The report revealed that while technology investments are rising across industries, only 12% of organizations have an enterprise-wide unified view of IT spend, limiting their ability to translate technology investments into measurable business outcomes. Revealed new findings from a joint study with Pearson, The AI Workforce Pulse, signaling that entry-level roles are being reimagined by AI, and work is evolving faster than organizations can redesign how they hire, develop and support talent. Released findings from a joint study with Pearson, The AI Workforce Pulse: The Adaptability Imperative, highlighting how AI is transforming India's entry-level workforce at a faster pace than the global average, while simultaneously creating new career pathways and urgent skilling challenges. Recognized as a Leader by Everest Group® in: Healthcare Payer Digital Services PEAK Matrix® Assessment, 2026 Marketing Transformation Services PEAK Matrix® Assessment, 2026 Guidewire Services PEAK Matrix® Assessment, 2026 Agentic Process Automation (APA) Solutions PEAK Matrix® Assessment, 2026 Oracle Cloud Applications Services PEAK Matrix® Assessment, 2026 Healthcare Customer Experience Management (CXM) Intelligent Operations PEAK Matrix® Assessment, 2026 Software Product Engineering Services PEAK Matrix® Assessment, 2026 – Global Google Cloud Services PEAK Matrix® Assessment, 2026 Mainframe Modernization Services PEAK Matrix® Assessment, 2026 Market Leader in HFS Horizons: Financial Crime Compliance (FCC) in Financial Services, 2026 Report Data Modernization and AI, 2026 Report HCP Service Providers, 2026 Report SAP S/4HANA Transformation Services, 2026 Report Global Capability Centers (GCC) Services, 2026 Report Leadership in Avasant's RadarView: Clinical and Care Management Services Business Process Transformation, 2026 Higher Education Digital Services, 2026 Advanced Network Services, 2026 High-Tech Digital Services, 2026 Airlines and Airports Digital Services, 2026 Manufacturing Digital Services, 2026 Banking Process Transformation, 2026 Healthcare Payer Business Process Transformation, 2026 Property and Casualty Insurance Digital Services, 2026 Banking Digital Services, 2026 Global Competency Center (GCC) Setup and Scale Services, 2026 Digital Commerce Services, 2026 Cybersecurity Services, 2026 Leadership in ISG Provider Lens® Global Capability Center (GCC) Services, 2026 - Global Named to the Leading Pack in TechMarketView's Market Readiness Index 2026 Conference Call
Cognizant will host a conference call on July 29, 2026, at 8:30 a.m. (Eastern) to discuss the Company's second quarter 2026 results. To listen to the conference call, please dial (877) 810-9510 (domestic) or +1 (201) 493-6778 (international) and provide the following conference passcode: "Cognizant Call."
The conference call will also be available live on the Investor Relations section of the Cognizant website at http://investors.cognizant.com. An earnings supplement will also be available on the Cognizant website at the time of the conference call. For those who cannot access the live broadcast, a replay will be available. To listen to the replay, please dial (877) 660-6853 (domestically) or +1 (201) 612-7415 (internationally) and enter 13760925 beginning two hours after the end of the call until 11:59 p.m. (Eastern) on Wednesday, August 12, 2026. The replay will also be available at Cognizant's website www.cognizant.com for 60 days following the call.
About Cognizant
Cognizant (Nasdaq: CTSH) is an AI builder and technology services provider, building the bridge between AI investment and enterprise value by building full-stack AI solutions for our clients. Our deep industry, process and engineering expertise enables us to build an organization's unique context into technology systems that amplify human potential, realize tangible returns and keep global enterprises ahead in a fast-changing world. See how at www.cognizant.ai or @cognizant.
Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to our strategy, strategic partnerships and collaborations, competitive position and opportunities in the marketplace, investment in and growth of our business, the pace and magnitude of change and client needs related to AI, the effectiveness of and plans related to our recruiting and talent efforts and related costs, labor market trends, the anticipated amount of capital to be returned to shareholders, our anticipated financial performance, matters related to Project Leap, expected benefits resulting from our acquisition of Astreya and other statements regarding matters that are not historical facts. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the competitive and rapidly changing nature of the markets we compete in, our ability to successfully use AI-based technologies and the impact those technologies may have on the demand and terms for our services, the competitive marketplace for talent and its impact on employee recruitment and retention, legal, reputational and financial risks resulting from cyberattacks, changes in the regulatory environment, including with respect to immigration, trade and taxes, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
About Non-GAAP Financial Measures and Performance Metrics
Non-GAAP Financial Measures
To supplement our financial results presented in accordance with GAAP, this press release includes references to the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: Adjusted Operating Margin, Adjusted Net Income, Adjusted Diluted EPS (or Adjusted EPS), free cash flow, net cash and constant currency revenue growth. These non-GAAP financial 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 financial measures used by other companies. In addition, these non-GAAP financial measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of our non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated.
Our non-GAAP financial measures Adjusted Operating Margin and Adjusted Income from Operations exclude unusual items, such as Project Leap charges and the partial reversal of the India Defined Contribution Obligation in 2026 and the gain on sale of property and equipment in 2025. Our non-GAAP financial measures Adjusted Net Income and Adjusted Diluted EPS exclude unusual items, such as Project Leap charges, the partial reversal of the India Defined Contribution Obligation and the gain on sale of property and equipment, net non-operating foreign currency exchange gains or losses and the tax impact of all the applicable adjustments. The income tax impact of each item excluded from Adjusted Net Income and Adjusted Diluted EPS is calculated by applying the statutory rate and local tax regulations in the jurisdiction in which the item was incurred. Free cash flow is defined as cash flows from operating activities plus proceeds from sale of property and equipment, net of purchases of property and equipment. Net cash is defined as cash and cash equivalents and short-term investments less short-term and long-term debt. Constant currency revenue growth is defined as revenues for a given period restated at the comparative period's foreign currency exchange rates measured against the comparative period's reported revenues.
Management believes providing investors with an operating view consistent with how we manage the Company provides enhanced transparency into our operating results. For our internal management reporting and budgeting purposes, we use various GAAP and non-GAAP financial measures for financial and operational decision-making, to evaluate period-to-period comparisons, to determine portions of the compensation for our executive officers and for making comparisons of our operating results to those of our competitors. Accordingly, we believe that the presentation of our non-GAAP measures, which exclude certain costs, when read in conjunction with our reported GAAP results, can provide useful supplemental information to our management and investors regarding financial and business trends relating to our financial condition and results of operations.
A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and may exclude costs that are recurring such as our net non-operating foreign currency exchange gains or losses. In addition, other companies may calculate non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from our non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.
Performance Metrics
Bookings are defined as total contract value (or TCV) of new contracts, including new contract sales as well as renewals and expansions of existing contracts. Bookings can vary significantly quarter to quarter depending in part on the timing of the signing of a small number of large contracts. Our book-to-bill ratio is defined as bookings for the trailing twelve months divided by revenue for the same period. Measuring bookings involves the use of estimates and judgments and there are no independent standards or requirements governing the calculation of bookings. The extent and timing of conversion of bookings to revenues may be impacted by, among other factors, the types of services and solutions sold, contract duration, the pace of client spending, actual volumes of services delivered as compared to the volumes anticipated at the time of sale, and contract modifications, including terminations, over the lifetime of a contract. The majority of our contracts are terminable by the client on short notice often without penalty, and some without notice. We do not update our bookings for subsequent terminations, reductions or foreign currency exchange rate fluctuations. Information regarding our bookings is not comparable to, nor should it be substituted for, an analysis of our reported revenues. However, management believes that it is a key indicator of potential future revenues and provides a useful indicator of the volume of our business over time. Large deals and mega deals are defined as deals with a total contract value of $100 million or greater and $500 million or greater, respectively.
Investor Relations Contact:
Media Contact:
Tyler Scott
Jeff DeMarrais
SVP, Investor Relations
SVP, Corporate Communications
+1 551-220-8246
+1 475-223-2298
[email protected]
[email protected]
- tables to follow -
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenues
$ 5,481
$ 5,245
$ 10,894
$ 10,360
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization expense
shown separately below)
3,652
3,479
7,290
6,876
Selling, general and administrative expenses
728
810
1,519
1,601
Restructuring charges
84
—
84
—
Depreciation and amortization expense
143
139
284
275
(Gain) on sale of property and equipment
—
—
—
(62)
Income from operations
874
817
1,717
1,670
Other income (expense), net:
Interest income
18
23
40
53
Interest expense
(13)
(9)
(20)
(21)
Foreign currency exchange gains (losses), net
7
7
25
9
Other, net
(11)
4
(20)
3
Total other income (expense), net
1
25
25
44
Income before provision for income taxes
875
842
1,742
1,714
Provision for income taxes
(231)
(197)
(439)
(410)
Income (loss) from equity method investments
(8)
—
(5)
4
Net income
$ 636
$ 645
$ 1,298
$ 1,308
Basic earnings per share
$ 1.36
$ 1.31
$ 2.76
$ 2.65
Diluted earnings per share
$ 1.36
$ 1.31
$ 2.75
$ 2.65
Weighted average number of common shares outstanding - Basic
466
492
471
493
Dilutive effect of shares issuable under stock-based compensation plans
—
—
1
—
Weighted average number of common shares outstanding - Diluted
466
492
472
493
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(in millions, except par values)
June 30,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 1,038
$ 1,901
Short-term investments
13
13
Trade accounts receivable, net
4,780
4,439
Other current assets
1,728
1,465
Total current assets
7,559
7,818
Property and equipment, net
981
933
Operating lease assets, net
555
573
Goodwill
8,083
7,106
Intangible assets, net
1,675
1,417
Deferred income tax assets, net
764
967
Long-term investments
106
111
Other noncurrent assets
1,102
1,767
Total assets
$ 20,825
$ 20,692
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 357
$ 308
Deferred revenue
490
501
Short-term debt
33
33
Operating lease liabilities
145
153
Accrued expenses and other current liabilities
2,439
2,664
Total current liabilities
3,464
3,659
Deferred revenue, noncurrent
31
37
Operating lease liabilities, noncurrent
389
423
Deferred income tax liabilities, net
177
168
Long-term debt
1,527
543
Other noncurrent liabilities
775
847
Total liabilities
6,363
5,677
Stockholders' equity:
Preferred stock, $0.10 par value, 15 shares authorized, none issued
—
—
Class A common stock, $0.01 par value, 1,000 shares authorized, 452 and 479 shares issued
and outstanding as of June 30, 2026 and December 31, 2025, respectively
5
5
Additional paid-in capital
11
12
Retained earnings
14,647
15,158
Accumulated other comprehensive income (loss)
(201)
(160)
Total stockholders' equity
14,462
15,015
Total liabilities and stockholders' equity
$ 20,825
$ 20,692
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
Reconciliations of Non-GAAP Financial Measures
(Unaudited)
(dollars in millions, except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
Guidance
2026
2025
2026
2025
Full Year 2026 (1)
GAAP income from operations
$ 874
$ 817
$ 1,717
$ 1,670
Project Leap charges(a)
84
—
84
—
$230 - $320
India Defined Contribution Obligation(b)
(81)
—
(81)
—
$(81)
(Gain) on sale of property and equipment(c)
—
—
—
(62)
—
Adjusted Income From Operations
$ 877
$ 817
$ 1,720
$ 1,608
GAAP operating margin
15.9 %
15.6 %
15.8 %
16.1 %
Project Leap charges(a)
1.5
—
0.8
—
1.0% - 1.5%
India Defined Contribution Obligation(b)
(1.4)
—
(0.8)
—
(0.4) %
(Gain) on sale of property and equipment(c)
—
—
—
(0.6)
—
Adjusted Operating Margin
16.0 %
15.6 %
15.8 %
15.5 %
16.0% - 16.2%
GAAP net income
$ 636
$ 645
$ 1,298
$ 1,308
Effect of adjustments to income from operations, pre-tax
(1) A full reconciliation of Adjusted Operating Margin and Adjusted Diluted Earnings Per Share guidance to the corresponding GAAP measures on a forward-looking basis cannot be provided without unreasonable efforts, as we are unable to provide reconciling information with respect to unusual items, net non-operating foreign currency exchange gains or losses and the tax effects of these adjustments, and such adjustments may be significant.
Notes:
(a)
Project Leap charges for the three and six months ended June 30, 2026 were $84 million and included $56 million of employee separation costs and $28 million of other costs. We expect to incur costs of $230 million to $320 million in connection with Project Leap, with substantially all of the costs expected to be incurred in 2026. The total costs related to Project Leap are reported in "Restructuring charges" in our unaudited consolidated statements of operations. Our guidance anticipates pre-tax charges of approximately $0.50 to $0.70 per diluted share for the full year 2026. The tax benefit of these charges is expected to be approximately ($0.13) to ($0.18) per diluted share for the full year 2026.
(b)
On February 28, 2019, a ruling of the Supreme Court of India interpreting certain statutory defined contribution obligations of employees and employers (the "India Defined Contribution Obligation") altered historical understandings of the obligation under the Employees' Provident Fund and Miscellaneous Provision Act, 1952, extending it to cover additional portions of the employee's income. As a result, the ongoing contributions of our affected employees and the Company were required to be increased. In the first quarter of 2019, we accrued $117 million with respect to prior periods, assuming retroactive application of the SCI's ruling, in "Selling, general and administrative expenses" in our unaudited consolidated statement of operations.
Labor law reforms implemented by the Government of India effective November 21, 2025, including the Code on Social Security, 2020, were designed to repeal and replace the Employees' Provident fund and Miscellaneous Provisions Act, 1952, subject to the issuance of applicable rules. The Social Security Rules were notified by the government of India in May 2026. Additionally, the government of India published the Employees Provident Fund Scheme of 2026 in June 2026. As a result of these developments, management concluded that the liability relating to periods where no proceedings had been initiated by the government is no longer required. Thus, in the second quarter of 2026, management recorded a benefit of $81 million in "Selling, general and administrative expenses" in our unaudited consolidated statement of operations. Our guidance anticipates a pre-tax benefit of approximately ($0.18) per diluted share with a corresponding tax expense of approximately $0.05 per diluted share for the full year 2026.
(c)
During the three months ended March 31, 2025, we realized a gain on the sale of an office complex in India, which was reported in "(Gain) on sale of property and equipment" on our unaudited consolidated statement of operations.
(d)
Non-operating foreign currency exchange gains and losses, inclusive of gains and losses related to foreign exchange forward contracts not designated as hedging instruments for accounting purposes, are reported in "Foreign currency exchange gains (losses), net" in our unaudited consolidated statements of operations. Non-operating foreign currency exchange gains and losses are subject to high variability and low visibility and therefore cannot be provided on a forward-looking basis without unreasonable efforts.
(e)
Presented below are the tax impacts of our non-GAAP adjustment to pre-tax income for the:
(in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Non-GAAP income tax benefit (expense) related to:
Project Leap charges
22
—
22
—
India Defined Contribution Obligation
(21)
—
(21)
—
Gain on sale of property and equipment
—
—
—
(9)
Foreign currency exchange gains and losses
(8)
(7)
(30)
(10)
The effective tax rate related to non-operating foreign currency exchange gains and losses varies depending on the jurisdictions in which such income and expenses are generated and the statutory rates applicable in those jurisdictions. As such, the income tax effect of non-operating foreign currency exchange gains and losses shown in the above table may not appear proportionate to the net pre-tax foreign currency exchange gains and losses reported in our unaudited consolidated statements of operations.
The above tables serve to reconcile the Non-GAAP financial measures to the most directly comparable GAAP measures. Refer to the "About Non-GAAP Financial Measures and Performance Metrics" section of our press release for further information on the use of these Non-GAAP measures.
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
Revenue by Business Segment and Geography
(Unaudited)
(dollars in millions)
Three Months Ended June 30, 2026
Year over Year
$
% of total
% Change
Constant
Currency
% Change (a)
Revenues by Segment:
Health Sciences
$ 1,572
28.7 %
1.4 %
1.0 %
Financial Services (c)
1,733
31.6 %
12.0 %
11.7 %
Products and Resources (c)
1,322
24.1 %
1.2 %
0.7 %
Communications, Media and Technology (c)
854
15.6 %
1.5 %
1.4 %
Total Revenues (b)(c)
$ 5,481
4.5 %
4.1 %
Revenues by Geography:
North America (b)(c)
$ 4,127
75.3 %
5.5 %
5.5 %
United Kingdom
492
9.0 %
2.1 %
1.5 %
Continental Europe
535
9.7 %
2.9 %
0.1 %
Europe - Total
1,027
18.7 %
2.5 %
0.8 %
Rest of World
327
6.0 %
(1.2) %
(1.5) %
Total Revenues (b)(c)
$ 5,481
4.5 %
4.1 %
Six Months Ended June 30, 2026
Year over Year
$
% of total
% Change
Constant
Currency
% Change (a)
Revenues by Segment:
Health Sciences
$ 3,151
28.9 %
0.9 %
— %
Financial Services (c)
3,377
31.0 %
12.2 %
11.0 %
Products and Resources (c)
2,643
24.3 %
2.3 %
0.9 %
Communications, Media and Technology (c)
1,723
15.8 %
4.7 %
3.9 %
Total Revenues (b)(c)
$ 10,894
5.2 %
4.0 %
Revenues by Geography:
North America (b)(c)
$ 8,179
75.0 %
5.3 %
5.2 %
United Kingdom
1,001
9.2 %
6.6 %
3.0 %
Continental Europe
1,065
9.8 %
5.1 %
(1.5) %
Europe - Total
2,066
19.0 %
5.8 %
0.7 %
Rest of World
649
6.0 %
1.1 %
(0.1) %
Total Revenues (b)(c)
$ 10,894
5.2 %
4.0 %
Notes:
(a)
Constant currency revenue growth is not a measure of financial performance prepared in accordance with GAAP. See "About Non-GAAP Financial Measures and Performance Metrics" section of our press release for further information.
(b)
For the three and six months ended June 30, 2026, revenues from our recently completed acquisitions contributed approximately 100 basis points and 90 basis points, respectively, to overall revenue growth, across all segments in North America.
(c)
For the quarter ended June 30, 2026, the sale of third-party products in connection with our integrated offerings strategy contributed approximately 170 basis points to overall revenue growth. These sales contributed 175 basis points of growth to our North America region and 350 basis points of growth to our Continental Europe region. These sales contributed 350 basis points of growth to our Communications Media and Technology segment, 250 basis points of growth to our Financial Services segment and 125 basis points of growth to our Products and Resources segment. For the six months ended June 30, 2026, the sale of third-party products, primarily in North America and Europe, in connection with our integrated offerings strategy, contributed approximately 160 basis points to overall revenue growth. These sales contributed 675 basis points of growth to our Communications Media and Technology segment and 250 basis points growth to our Financial Services segment.
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Cash flows from operating activities:
Net income
$ 636
$ 645
$ 1,298
$ 1,308
Adjustments for non-cash income and expenses
224
133
516
297
Changes in operating assets and liabilities, net of effects of businesses acquired
(302)
(380)
(982)
(807)
Net cash provided by operating activities
558
398
832
798
Cash flows from investing activities:
Purchases of property and equipment
(99)
(67)
(175)
(144)
Proceeds from sale of property and equipment
—
—
—
70
Net (purchases) of investments
—
(15)
—
(15)
Payments for business combinations, net of cash acquired
(604)
—
(1,334)
—
Net cash (used in) investing activities
(703)
(82)
(1,509)
(89)
Cash flows from financing activities:
Issuance of common stock under stock-based compensation plans
12
14
29
33
Repurchases of common stock
(1,163)
(368)
(1,607)
(577)
Net change in term loan borrowings and finance leases
(12)
(9)
(23)
(21)
Proceeds from borrowing under the revolving credit facility
1,000
—
1,000
—
Repayment of notes outstanding under the revolving credit facility
—
—
—
(300)
Dividends paid
(157)
(153)
(316)
(308)
Net cash (used in) financing activities
(320)
(516)
(917)
(1,173)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1)
16
(2)
29
(Decrease) in cash, cash equivalents and restricted cash
(466)
(184)
(1,596)
(435)
Cash, cash equivalents and restricted cash, beginning of period
1,504
1,980
2,634
2,231
Cash and cash equivalents, end of period
$ 1,038
$ 1,796
$ 1,038
$ 1,796
SUPPLEMENTAL CASH FLOW INFORMATION
(in millions)
Three Months Ended
June 30,
Stock Repurchases under Board of Directors' authorized stock repurchase program:
2026
2025
Number of shares repurchased
22.5
4.5
Remaining authorized balance as of June 30, 2026
$ 2,338
Reconciliation of Free Cash Flow Non-GAAP Financial Measure
(in millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net cash provided by operating activities
$ 558
$ 398
$ 832
$ 798
Purchases of property and equipment
(99)
(67)
(175)
(144)
Proceeds from sale of property and equipment
—
—
—
70
Free cash flow
$ 459
$ 331
$ 657
$ 724
1
Constant currency ("CC") revenue growth, Adjusted Operating Margin and Adjusted Diluted Earnings Per Share ("Adjusted Diluted EPS" or "Adjusted EPS") are not measures of financial performance prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). A full reconciliation of Adjusted Operating Margin guidance to the corresponding GAAP measure on a forward-looking basis cannot be provided without unreasonable efforts. See "About Non-GAAP Financial Measures and Performance Metrics" for more information and a partial reconciliation to the most directly comparable GAAP financial measure at the end of this release.
2
Guidance as of July 29, 2026
3
A full reconciliation of Adjusted Operating Margin and Adjusted Diluted EPS guidance to the corresponding GAAP measures on a forward-looking basis cannot be provided without unreasonable efforts. See "About Non-GAAP Financial Measures and Performance Metrics" for more information and a partial reconciliation to the most directly comparable GAAP financial measures at the end of this release.
Arrowstreet Capital Limited Partnership lifted its position in Quanta Services, Inc. (NYSE:PWR – Free Report) by 3,225.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 59,459 shares of the construction company’s stock after purchasing an additional 57,671 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Quanta Services were worth $32,644,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of PWR. Cetera Investment Advisers boosted its position in Quanta Services by 5.8% during the 1st quarter. Cetera Investment Advisers now owns 74,134 shares of the construction company’s stock valued at $40,701,000 after acquiring an additional 4,087 shares in the last quarter. Evoke Wealth LLC bought a new position in shares of Quanta Services in the 4th quarter worth $368,000. Sequoia Financial Advisors LLC lifted its stake in shares of Quanta Services by 3.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 130,436 shares of the construction company’s stock worth $55,052,000 after purchasing an additional 3,966 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Quanta Services by 9.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,602 shares of the construction company’s stock worth $21,357,000 after purchasing an additional 4,568 shares during the last quarter. Finally, Lebenthal Global Advisors LLC boosted its position in Quanta Services by 9.8% during the fourth quarter. Lebenthal Global Advisors LLC now owns 9,277 shares of the construction company’s stock valued at $3,915,000 after purchasing an additional 830 shares in the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets A number of brokerages have commented on PWR. UBS Group boosted their target price on shares of Quanta Services from $646.00 to $900.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Stifel Nicolaus set a $784.00 price objective on shares of Quanta Services in a research report on Friday, May 1st. Wall Street Zen lowered shares of Quanta Services from a “buy” rating to a “hold” rating in a research note on Saturday. CICC Research initiated coverage on shares of Quanta Services in a research note on Thursday, May 21st. They issued an “outperform” rating and a $872.00 target price for the company. Finally, Zacks Research lowered shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Seventeen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $745.55.
Check Out Our Latest Research Report on PWR
Quanta Services Stock Down 5.2% PWR stock opened at $588.03 on Wednesday. The firm has a 50 day moving average of $685.36 and a 200 day moving average of $609.13. The stock has a market capitalization of $88.24 billion, a PE ratio of 80.66, a price-to-earnings-growth ratio of 2.44 and a beta of 1.21. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 0.57. Quanta Services, Inc. has a 52 week low of $363.01 and a 52 week high of $788.75.
Quanta Services (NYSE:PWR – Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $2.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.64. Quanta Services had a net margin of 3.67% and a return on equity of 18.64%. The business had revenue of $7.87 billion for the quarter, compared to analyst estimates of $7 billion. During the same quarter in the prior year, the business posted $1.78 EPS. Quanta Services’s revenue for the quarter was up 26.3% compared to the same quarter last year. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. Sell-side analysts forecast that Quanta Services, Inc. will post 12.8 earnings per share for the current year.
Quanta Services Announces Dividend The company also recently announced a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Wednesday, July 1st were paid a $0.11 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.44 dividend on an annualized basis and a yield of 0.1%. Quanta Services’s dividend payout ratio (DPR) is 6.04%.
Quanta Services announced that its Board of Directors has approved a stock repurchase plan on Friday, May 22nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the construction company to purchase up to 0.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Insider Transactions at Quanta Services In other news, CAO Paul Nobel sold 4,000 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $756.98, for a total value of $3,027,920.00. Following the completion of the transaction, the chief accounting officer directly owned 8,080 shares in the company, valued at $6,116,398.40. This trade represents a 33.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Earl C. Jr. Austin sold 25,992 shares of Quanta Services stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $770.71, for a total value of $20,032,294.32. Following the sale, the chief executive officer directly owned 16,508 shares of the company’s stock, valued at $12,722,880.68. This trade represents a 61.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 159,992 shares of company stock valued at $123,244,714. 0.60% of the stock is currently owned by insiders.
Quanta Services Company Profile (Free Report)
Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.
In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.
Further Reading Five stocks we like better than Quanta Services 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 PWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quanta Services, Inc. (NYSE:PWR – Free Report).
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Huntington Ingalls Industries má ve čtvrtek před otevřením trhu oznámit výsledky za 2. čtvrtletí 2026; analytici čekají EPS 3,80 USD a tržby 3,1486 miliardy USD.
Huntington Ingalls Industries (NYSE:HII – Get Free Report) will likely be releasing its Q2 2026 results before the market opens on Thursday, July 30th. Analysts expect the company to post earnings of $3.80 per share and revenue of $3.1486 billion for the quarter. Investors can find conference call details on the company’s upcoming Q2 2026 earning results page for the latest details on the call scheduled for Thursday, July 30, 2026 at 9:00 AM ET.
Huntington Ingalls Industries (NYSE:HII – Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The aerospace company reported $3.79 earnings per share for the quarter, beating the consensus estimate of $3.70 by $0.09. The business had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.02 billion. Huntington Ingalls Industries had a net margin of 4.71% and a return on equity of 12.05%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.79 EPS. On average, analysts expect Huntington Ingalls Industries to post $17 EPS for the current fiscal year and $20 EPS for the next fiscal year.
Huntington Ingalls Industries Price Performance HII stock opened at $299.88 on Wednesday. The company has a market capitalization of $11.82 billion, a P/E ratio of 19.51, a price-to-earnings-growth ratio of 1.23 and a beta of 0.25. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.19. Huntington Ingalls Industries has a 52-week low of $256.45 and a 52-week high of $460.00. The business has a 50-day simple moving average of $291.57 and a two-hundred day simple moving average of $360.52.
Analysts Set New Price Targets Several analysts have recently commented on HII shares. Weiss Ratings downgraded Huntington Ingalls Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, May 6th. Citigroup lowered their price target on Huntington Ingalls Industries from $405.00 to $349.00 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Wells Fargo & Company initiated coverage on Huntington Ingalls Industries in a research note on Wednesday, April 1st. They set an “equal weight” rating and a $400.00 price objective on the stock. Wall Street Zen downgraded shares of Huntington Ingalls Industries from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Finally, TD Cowen lowered their target price on shares of Huntington Ingalls Industries from $420.00 to $360.00 and set a “buy” rating for the company in a report on Monday, July 13th. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, Huntington Ingalls Industries currently has an average rating of “Hold” and an average target price of $374.00.
Get Our Latest Report on HII
Insiders Place Their Bets In related news, VP Edmond E. Jr. Hughes sold 3,500 shares of Huntington Ingalls Industries stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $319.58, for a total value of $1,118,530.00. Following the completion of the sale, the vice president owned 8,391 shares of the company’s stock, valued at approximately $2,681,595.78. This trade represents a 29.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.80% of the company’s stock.
Hedge Funds Weigh In On Huntington Ingalls Industries Several large investors have recently modified their holdings of HII. CYBER HORNET ETFs LLC purchased a new position in Huntington Ingalls Industries in the 2nd quarter valued at approximately $25,000. Rakuten Securities Inc. boosted its holdings in shares of Huntington Ingalls Industries by 140.0% in the second quarter. Rakuten Securities Inc. now owns 108 shares of the aerospace company’s stock worth $26,000 after acquiring an additional 63 shares during the period. Smartleaf Asset Management LLC boosted its holdings in shares of Huntington Ingalls Industries by 363.3% in the second quarter. Smartleaf Asset Management LLC now owns 139 shares of the aerospace company’s stock worth $33,000 after acquiring an additional 109 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Huntington Ingalls Industries by 40.1% in the first quarter. Geneos Wealth Management Inc. now owns 206 shares of the aerospace company’s stock valued at $42,000 after purchasing an additional 59 shares in the last quarter. Finally, Quarry LP grew its position in shares of Huntington Ingalls Industries by 364.3% in the fourth quarter. Quarry LP now owns 130 shares of the aerospace company’s stock valued at $44,000 after purchasing an additional 102 shares in the last quarter. Hedge funds and other institutional investors own 90.46% of the company’s stock.
About Huntington Ingalls Industries (Get Free Report)
Huntington Ingalls Industries (NYSE: HII) is America’s largest military shipbuilding company and a leading provider of professional services to the U.S. government. Headquartered in Newport News, Virginia, HII designs, constructs and maintains nuclear-powered aircraft carriers, submarines and other complex vessels for the U.S. Navy. The company’s products include nuclear aircraft carriers, Virginia-class and Columbia-class submarines, as well as amphibious assault ships, destroyers and cutters.
Established in 2011 as a spin-off from Northrop Grumman’s shipbuilding operations, HII traces its heritage to two historic builders: Newport News Shipbuilding, founded in the 19th century, and Ingalls Shipbuilding, founded in 1938.
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Humana ve 2. čtvrtletí překonala odhady zisku, když upravený zisk činil 7,61 USD na akcii. Poměr nákladů na zdravotní péči byl 91,2 % a odpovídal očekáváním.
A screen displays the logo and trading information for Humana on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 6, 2023. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 29 (Reuters) - Humana (HUM.N), opens new tab on Wednesday beat Wall Street estimates for second-quarter earnings as the health insurer's spend on medical services was in line with expectations, but it left its annual adjusted profit forecast unchanged.
Shares of the company were down about 9% in premarket trading.
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Humana is one of the largest providers of Medicare Advantage plans serving people aged 65 and older as well as people with disabilities.
Investors have been raising their expectations for insurers, after others including larger peer UnitedHealth (UNH.N), opens new tab raised its outlook and have done a better job at controlling costs.
Once a key source of profit growth for insurers, these privately managed Medicare Advantage plans have come under pressure from rising medical costs for three years as well as tighter reimbursement rates, leading some insurers to scale back or exit underperforming markets.
Humana reported a quarterly medical cost ratio, the percentage of premiums spent on medical care, of 91.2%, which the company said was in line with its expectations. Analysts expected a ratio of 91.19%, according to data compiled by LSEG. On an adjusted basis, the company earned a profit of $7.61 per share, compared with analysts' estimates of $7.22 per share.
Reporting by Sriparna Roy and Sneha S K in Bengaluru; Editing by Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Premier African Minerals získala 550 000 GBP nového kapitálu, aby udržela provoz projektu Zulu lithium a tantalum, zatímco pokračují jednání s Canmax Technologies. Akcie ve středu klesly o 11 % na 0,015 p.
Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) shares moved 11% lower on Wednesday, down to 0.015p, after the mining junior announced it is raising £550,000 of new equity to maintain operations at its Zulu lithium and tantalum project while negotiations continue with Canmax Technologies over an extension to the Long Stop Date to a previously agreed prepayment and offtake transaction.
The AIM-listed miner issued 4 billion new shares at 0.01375p each through a direct subscription, with the newly issued shares representing roughly 8% of the enlarged issued capital.
Premier said the proceeds would principally fund operating expenditure at Zulu, the continuation of mining and stockpiling, working capital and payments to essential creditors.
Managing director Graham Hill said the funding would support preparations for the next production and optimisation campaign once a revised operating timetable had been confirmed.
"The company will provide shareholders with a further update once discussions with Canmax have concluded or upon any material development," he added.
Record second quarter revenues of $9.8 billionUsed retail GPUs increased $339, or 20%, sequentiallyAftersales gross profit increased by 3.1% and gross margin was 59.2%, a 120-basis point increase, on a same-store basisAdjusted SG&A as a percent of gross profit was 68.6%, a 290-basis point improvement sequentiallyFinancing Operations achieved record income of $37 million and record originations of $884 million, with a 17.5% penetration rateSecond quarter diluted earnings per share of $11.54, a 17% increase, and adjusted diluted earnings per share of $10.03, a 9% increaseRepurchased $242 million of shares, representing 3.7% of outstanding shares in the quarter, and 7.6% of outstanding shares in the first half of 2026Announced a 23% increase to quarterly dividend MEDFORD, Ore., July 29, 2026 (GLOBE NEWSWIRE) -- Lithia & Driveway (NYSE: LAD), the largest global automotive retailer, today reported financial results for the second quarter of 2026.
"Our team delivered differentiated growth across the platform, with record quarterly revenues, stable new vehicle margins, improved used vehicle profitability, and meaningful sequential SG&A improvement. Financing Operations delivered 80% income growth, with expanding margins and increasing penetration," said Bryan DeBoer, President and CEO. "We continued to return value to shareholders this quarter, expanding our repurchase authorization by $500 million and purchasing nearly 4% of shares. Our ecosystem is delivering on its design, and we carry strong momentum into the second half of the year.”
Second Quarter 2026 Operational Summary
Second quarter 2026 revenue increased 2% to $9.8 billion from $9.6 billion in the second quarter of 2025.
Second quarter 2026 diluted earnings per share attributable to LAD was $11.54, a 17% increase from $9.87 per share reported in the second quarter of 2025. After adjusting for the unrealized gain on our investment in Pinewood Technologies Group PLC and other non-core items, adjusted diluted earnings per share attributable to LAD for the second quarter of 2026 was $10.03, a 9% increase compared to $9.20 per share in the same period of 2025.
Second quarter 2026 net income was $261.6 million, a 1.3% increase compared to net income of $258.2 million in the second quarter of 2025. After adjusting for the unrealized gain on our investment in Pinewood Technologies Group PLC and other non-core items, adjusted net income for the second quarter 2026 was $227.6 million, an 6% decrease compared to adjusted net income of $240.9 million for the same period of 2025.
The financial measures discussed in this release include both GAAP and non-GAAP measures. See “Reconciliation of Certain Non-GAAP Measures”.
For the first six months of 2026 revenues increased 2% to $19.1 billion, compared to $18.8 billion in 2025.
Diluted earnings per share attributable to LAD for the first six months of 2026 was $15.68, compared to $17.80 per share in 2025, a decrease of 12%. Adjusted diluted earnings per share attributable to LAD for the first six months of 2026 increased 1% to $17.32 from $17.12 in the same period of 2025.
Corporate Development
In the second quarter of 2026, LAD acquired 5 stores, which are expected to generate $340 million in annualized revenues, and divested 3 stores representing $120 million in annualized revenues.
Balance Sheet Update
LAD ended the second quarter with approximately $1.3 billion in cash and cash equivalents, marketable securities, and availability on our revolving lines of credit.
Dividend Payment and Share Repurchases
The Board of Directors approved a dividend of $0.70 per share related to second quarter 2026 financial results. The dividend is expected to be paid on August 21, 2026 to shareholders of record on August 7, 2026.
During the second quarter of 2026, we repurchased approximately 854,000 shares at a weighted average price of $284. Under the current share repurchase authorization approximately $620 million remains available as of June 30, 2026.
Second Quarter Earnings Conference Call and Updated Presentation
The second quarter 2026 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting second quarter 2026 results has been added to our investor relations website. To listen live on our website or for replay, visit investors.lithiadriveway.com and click on Quarterly Earnings.
About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire.
Forward-Looking Statements
Certain statements in this presentation, and at times made by our officers and representatives, constitute forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as “project,” “outlook,” “target,” “may,” “will,” “would,” “should,” “seek,” “expect,” “plan,” “intend,” “forecast,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “likely,” “ensure,” “goal,” “strategy,” “future,” “maintain,” and “continue” or the negative of these terms or other comparable terms. Examples of forward-looking statements in this presentation include, among others, statements regarding:
The profitability of our strategy and growthFuture market conditions, including anticipated vehicle and other sales, gross profit and inventory supplyOur business strategy and plans, including our achieving our long-term financial targetsThe growth, expansion, make-up and success of our network, including our finding accretive acquisitions that meet our target valuations and acquiring additional storesAnnualized revenues from acquired stores or achieving target returnsThe growth and performance of our Driveway e-commerce home solution and Driveway Finance Corporation (DFC), their synergies and other impacts on our business and our ability to meet Driveway and DFC-related targetsThe impact of sustainable vehicles and other market and regulatory changes on our business, including evolving vehicle distribution modelsOur capital allocations and uses and levels of capital expenditures in the futureExpected operating results, such as improved store performance, continued improvement of selling, general and administrative expenses as a percentage of gross profit and any projectionsOur anticipated financial condition and liquidity, including from our cash and the future availability of our credit facilities, unfinanced real estate and other financing sourcesOur continuing to purchase shares under our share repurchase programOur compliance with financial and restrictive covenants in our credit facilities and other debt agreementsOur programs and initiatives for team member recruitment, training, and retentionOur strategies and targets for customer retention, growth, market position, operations, financial results and risk management Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this presentation. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation:
Future national and local economic and financial conditions, including as a result of inflation, interest rates, tariffs, governmental actions, programs and spending, and public health issuesThe market for dealerships, including the availability of stores to us for an acceptable priceChanges in customer demand, levels of consumer debt, consumer confidence and manufacturer sales incentives, and the electric vehicle landscape and the impact of evolving digital technologiesChanges in our relationship with, and the financial and operational stability of, OEMs and other suppliers, and vehicle delivery modelsChanges in the competitive landscape, including through technology and our ability to deliver new products, services and customer experiences and a portfolio of in-demand and available vehiclesRisks associated with our indebtedness, including available borrowing capacity, interest rates, compliance with financial covenants and ability to refinance or repay indebtedness on favorable termsThe adequacy of our cash flows and other conditions which may affect our ability to fund capital expenditures, obtain favorable financing and pay our quarterly dividend at planned levelsDisruptions to our technology network including computer systems, as well as natural events such as severe weather or man-made or other disruptions of our operating systems, facilities or equipmentGovernment regulations and legislationThe risks set forth throughout “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and in “Part II, Item 1A. Risk Factors” of our Quarterly Reports on Form 10-Q, and from time to time in our other filings with the SEC. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
All “adjusted” financial measures in this presentation are non-GAAP financial measures, as are EBITDA and net debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. We caution you not to place undue reliance on such non-GAAP measures and to consider them together with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.
LAD
Consolidated Statements of Operations (Unaudited)
(In millions except per share data)
Three months ended
June 30,
%
Increase Six months ended
June 30,
%
Increase 2026
2025
(Decrease) 2026
2025
(Decrease)Revenues: New vehicle$4,829.2 $4,703.5 2.7% $9,208.6 $9,283.9 (0.8)%Used vehicle 3,528.3 3,478.3 1.4 7,017.7 6,728.8 4.3 Finance and insurance 366.4 373.8 (2.0) 726.1 738.1 (1.6)Aftersales 1,067.4 1,027.4 3.9 2,110.3 2,010.4 5.0 Total revenues 9,791.3 9,583.0 2.2% 19,062.7 18,761.2 1.6%Cost of sales: New vehicle 4,545.2 4,390.1 3.5 8,665.0 8,677.1 (0.1)Used vehicle 3,314.3 3,273.0 1.3 6,616.0 6,334.8 4.4 Aftersales 434.4 434.8 (0.1) 862.6 853.9 1.0 Total cost of sales 8,293.9 8,097.9 2.4 16,143.6 15,865.8 1.8 Gross profit 1,497.4 1,485.1 0.8% 2,919.1 2,895.4 0.8% Finance operations income 36.5 20.1 81.6% 57.8 32.6 77.3% SG&A expense 1,014.7 1,014.7 — 2,052.1 1,967.4 4.3 Depreciation and amortization 70.9 65.2 8.7 140.7 129.0 9.1 Income from operations 448.3 425.3 5.4% 784.1 831.6 (5.7)%Floor plan interest expense (69.7) (55.0) 26.7 (125.6) (112.0) 12.1 Other interest expense (62.7) (66.7) (6.0) (132.9) (132.2) 0.5 Other income (expense) 36.2 48.5 (25.4) (31.5) 49.3 NM Income before income taxes 352.1 352.1 —% 494.1 636.7 (22.4)%Income tax expense (90.5) (93.9) (3.6) (130.4) (167.3) (22.1)Income tax rate 25.7% 26.7% 26.4% 26.3% Net income$261.6 $258.2 1.3% $363.7 $469.4 (22.5)%Net income attributable to non-controlling interests (1.6) (2.1) (23.8)% (3.3) (3.8) (13.2)%Net income attributable to LAD$260.0 $256.1 1.5% $360.4 $465.6 (22.6)% Diluted earnings per share attributable to LAD: Net income per share$11.54 $9.87 16.9% $15.68 $17.80 (11.9)% Diluted shares outstanding 22.5 25.9 (13.1)% 23.0 26.2 (12.2)% NM - not meaningful
LAD
Key Performance Metrics (Unaudited)
Three months ended
June 30, %
Increase Six months ended
June 30, %
Increase 2026
2025
(Decrease) 2026
2025
(Decrease)Gross margin New vehicle 5.9% 6.7% (80) bps 5.9% 6.5% (60) bpsUsed vehicle 6.1 5.9 20 5.7 5.9 (20)Finance and insurance 100.0 100.0 — 100.0 100.0 — Aftersales 59.3 57.7 160 59.1 57.5 160 Gross profit margin 15.3 15.5 (20) 15.3 15.4 (10) Unit sales New vehicle 104,089 101,316 2.7% 198,876 200,819 (1.0)%Used vehicle retail 106,114 109,053 (2.7) 216,265 216,379 (0.1) Average selling price (excluding agency) New vehicle$47,156 $47,494 (0.7)% $47,024 $47,353 (0.7)%Used vehicle retail 29,593 28,379 4.3 29,018 27,793 4.4 Average gross profit per unit New vehicle$2,728 $3,093 (11.8)% $2,733 $3,022 (9.6)%Used vehicle retail 2,014 1,911 5.4 1,848 1,840 0.4 Finance and insurance 1,808 1,819 (0.6) 1,807 1,812 (0.3)Total vehicle(1) 4,112 4,242 (3.1) 4,026 4,168 (3.4) Revenue mix New vehicle 49.3% 49.1% 48.3% 49.5% Used vehicle 36.0 36.3 36.8 35.9 Finance and insurance, net 3.7 3.9 3.8 3.9 Aftersales 11.0 10.7 11.1 10.7 Gross Profit Mix New vehicle 19.0% 21.1% 18.6% 21.0% Used vehicle 14.3 13.8 13.8 13.6 Finance and insurance, net 24.5 25.2 24.9 25.5 Aftersales 42.2 39.9 42.7 39.9 Adjusted As reported Adjusted As reported Three months
ended June 30, Three months
ended June 30, Six months ended
June 30, Six months ended
June 30,Other metrics2026
2025
2026
2025
2026
2025
2026
2025
SG&A as a % of revenue10.5% 10.5% 10.4% 10.6% 10.7% 10.5% 10.8% 10.5%SG&A as a % of gross profit68.6 67.7 67.8 68.3 70.0 67.9 70.3 67.9 Operating profit as a % of revenue4.5 4.5 4.6 4.4 4.2 4.4 4.1 4.4 Operating profit as a % of gross profit29.1 29.3 29.9 28.6 27.1 28.8 26.9 28.7 Pretax margin3.2 3.4 3.6 3.7 2.9 3.3 2.6 3.4 Net profit margin2.3 2.5 2.7 2.7 2.1 2.4 1.9 2.5 (1) Includes the sales and gross profit related to new, used, and finance and insurance and unit sales for new and used retail
LAD
Same Store Operating Highlights (Unaudited)
Three months ended
June 30,
% Six months ended
June 30, % Increase Increase 2026
2025
(Decrease) 2026
2025
(Decrease)Revenues New vehicle$4,548.3 $4,619.6 (1.5)% $8,704.3 $9,080.0 (4.1)%Used vehicle 3,316.7 3,390.8 (2.2) 6,620.6 6,539.9 1.2 Finance and insurance 350.3 369.6 (5.2) 696.2 728.1 (4.4)Aftersales 1,013.0 1,002.9 1.0 2,003.9 1,957.2 2.4 Total revenues 9,228.3 9,382.9 (1.6) 18,025.0 18,305.2 (1.5) Gross profit New vehicle$267.1 $307.5 (13.1)% $513.6 $594.2 (13.6)%Used vehicle 205.3 202.9 1.2 383.9 389.9 (1.5)Finance and insurance 350.3 369.6 (5.2) 696.2 728.1 (4.4)Aftersales 599.7 581.7 3.1 1,182.2 1,132.4 4.4 Total gross profit 1,422.4 1,461.7 (2.7) 2,775.9 2,844.6 (2.4) Gross margin New vehicle 5.9% 6.7% (80) bps 5.9% 6.5% (60) bpsUsed vehicle 6.2 6.0 20 5.8 6.0 (20)Finance and insurance 100.0 100.0 — 100.0 100.0 — Aftersales 59.2 58.0 120 59.0 57.9 110 Gross profit margin 15.4 15.6 (20) 15.4 15.5 (10) Unit sales New vehicle 98,286 100,517 (2.2)% 189,168 198,103 (4.5)%Used vehicle retail 101,462 108,040 (6.1) 207,669 213,087 (2.5) Average selling price (excluding agency) New vehicle$47,082 $47,020 0.1% $46,767 $46,954 (0.4)%Used vehicle retail 29,141 27,965 4.2 28,553 27,454 4.0 Average gross profit per unit New vehicle$2,718 $3,059 (11.1)% $2,715 $3,000 (9.5)%Used vehicle retail 2,019 1,899 6.3 1,839 1,846 (0.4)Finance and insurance 1,811 1,814 (0.2) 1,809 1,813 (0.2)Total vehicle(1) 4,119 4,220 (2.4) 4,016 4,164 (3.6) (1) Includes the sales and gross profit related to new, used, and finance and insurance and unit sales for new and used retail
LAD
Other Highlights (Unaudited)
Three months ended June 30, Six months ended June 30, 2026
2026
Key Performance by CountryTotal Revenue Total Gross Profit Total Revenue Total Gross ProfitUnited States77.4% 82.2% 76.5% 81.6%United Kingdom18.7% 14.8% 20.0% 15.7%Canada3.9% 3.0% 3.5% 2.7% As of June 30, December 31, June 30,Days’ Supply(1)2026 2025 2025New vehicle inventory59 54 63Used vehicle inventory60 48 48 (1) Days’ supply in inventory is calculated using on-ground inventory unit levels and a 30-day total unit sales volumes, both at the end of each reporting period.
Selected Financing Operations Financial Information
Three months ended June 30, Six months ended June 30,($ in millions)2026
%(1) 2025
%(1) 2026
%(1) 2025
%(1)Interest and fee income$116.4 8.9 $98.8 9.2 $226.9 8.9 $193.2 9.3 Interest expense (53.5) (4.1) (49.8) (4.7) (105.2) (4.1) (97.9) (4.7)Total interest margin$62.9 4.8 $49.0 4.5 $121.7 4.8 $95.3 4.5 Lease income 26.4 23.7 50.3 44.2 Lease costs (22.5) (18.6) (42.7) (35.4) Lease income, net 3.9 5.1 7.6 8.8 Provision expense (15.8) (1.2) (21.2) (2.0) (42.2) (1.7) (46.7) (2.2)Other financing operations expenses (14.5) (1.1) (12.8) (1.2) (29.3) (1.2) (24.8) (1.2)Finance operations income$36.5 $20.1 $57.8 $32.6 Total average managed finance receivables$5,271.4 $4,287.6 $5,140.2 $4,196.6 (1) Annualized percentage of total average managed finance receivables
LAD
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
June 30, 2026
December 31, 2025
Cash, restricted cash, and cash equivalents$363.9 $341.8 Trade receivables, net 1,124.9 1,134.1 Inventories, net 6,516.8 6,119.6 Other current assets 267.7 262.5 Total current assets$8,273.3 $7,858.0 Property and equipment, net 5,031.6 4,936.0 Finance receivables, net 5,281.6 4,755.1 Intangibles 5,320.5 5,254.1 Other non-current assets 2,338.8 2,304.0 Total assets$26,245.8 $25,107.2 Floor plan notes payable 6,387.4 5,008.9 Other current liabilities 1,861.5 1,687.8 Total current liabilities$8,248.9 $6,696.7 Long-term debt, less current maturities 6,690.9 7,274.9 Non-recourse notes payable, less current maturities 2,688.9 2,404.2 Other long-term liabilities and deferred revenue 2,189.7 2,103.0 Total liabilities$19,818.4 $18,478.8 Equity 6,427.4 6,628.4 Total liabilities and equity$26,245.8 $25,107.2 LAD
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Six months ended June 30,Cash flows from operating activities:2026
2025
Net income$363.7 $469.4 Adjustments to reconcile net income to net cash (used in) provided by operating activities 326.6 266.7 Changes in: Inventories (433.8) (19.7)Finance receivables (534.5) (432.1)Floor plan notes payable 12.6 26.4 Other operating activities 91.3 20.7 Net cash (used in) provided by operating activities (174.1) 331.4 Cash flows from investing activities: Capital expenditures (153.4) (148.8)Cash paid for acquisitions, net of cash acquired (221.7) (278.6)Proceeds from sales of stores 21.0 104.4 Other investing activities 2.3 7.5 Net cash used in investing activities (351.8) (315.5)Cash flows from financing activities: Net borrowings on floor plan notes payable, non-trade 1,409.2 (141.2)Net borrowings on non-recourse notes payable 267.4 (67.4)Net borrowings on other debt and finance lease liabilities (568.3) 552.2 Proceeds from issuance of common stock 14.0 13.6 Repurchase of common stock (534.0) (263.3)Dividends paid (25.7) (28.2)Other financing activity (7.5) (79.2)Net cash provided by (used in) financing activities 555.1 (13.5)Effect of exchange rate changes on cash and restricted cash (3.3) 7.4 Change in cash, restricted cash, and cash equivalents 25.9 9.8 Cash, restricted cash, and cash equivalents at beginning of period 391.3 445.8 Cash, restricted cash, and cash equivalents at end of period 417.2 455.6 LAD
Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)
(In millions)
Six months ended June 30,Net cash provided by operating activities2026
2025
As reported$(174.1) $331.4 Floor plan notes payable, non-trade, net(1) 1,409.2 (141.2)Adjust: finance receivables activity 534.5 432.1 Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory (21.8) (45.6)Adjusted$1,747.8 $576.7 (1) Includes the impact of converting inventory‑secured revolvers to floorplan facilities during 2026, increasing net floorplan borrowings and adjusted operating cash flows $1,138.3 million.
LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)
Three Months Ended June 30, 2026 As reported Net gain on disposal of stores Investment gain Insurance reserves Acquisition expenses Tax attribute AdjustedSelling, general and administrative 1,014.7 15.1 — (2.3) (0.4) — 1,027.1 Operating income 448.3 (15.1) — 2.3 0.4 — 435.9 Other income (expense), net 36.2 — (28.2) — — — 8.0 Income before income taxes 352.1 (15.1) (28.2) 2.3 0.4 — 311.5 Income tax (provision) benefit (90.5) 4.1 6.4 (0.6) (0.1) (3.2) (83.9)Net income$261.6 $(11.0) $(21.8) $1.7 $0.3 $(3.2) $227.6 Net income attributable to non-controlling interests (1.6) — — — — — (1.6)Net income attributable to LAD$260.0 $(11.0) $(21.8) $1.7 $0.3 $(3.2) $226.0 Diluted earnings per share attributable to LAD$11.54 $(0.49) $(0.96) $0.07 $0.01 $(0.14) $10.03 Diluted share count 22.5 Three Months Ended June 30, 2025 As reported Net loss on disposal of stores Investment gain(1) Insurance reserves Acquisition expenses Tax attribute AdjustedSelling, general and administrative$1,014.7 $(7.2) $— $(2.4) $(0.1) $— $1,005.0 Operating income 425.3 7.2 — 2.4 0.1 — 435.0 Other income (expense), net 48.5 — (36.4) — — — 12.1 Income before income taxes 352.1 7.2 (36.4) 2.4 0.1 — 325.4 Income tax (provision) benefit (93.9) 1.8 9.5 (0.6) — (1.3) (84.5)Net income$258.2 $9.0 $(26.9) $1.8 $0.1 $(1.3) $240.9 Net income attributable to non-controlling interests$(2.1) $— $— $— $— $— $(2.1)Net income attributable to LAD$256.1 $9.0 $(26.9) $1.8 $0.1 $(1.3) $238.8 Diluted earnings per share attributable to LAD$9.87 $0.35 $(1.04) $0.07 $— $(0.05) $9.20 Diluted share count 25.9 LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)
Six Months Ended June 30, 2026 As reported Net gain on disposal of stores Investment loss Insurance reserves Acquisition expenses Contract buyouts Tax attribute AdjustedSelling, general and administrative$2,052.1 $15.0 $— $(2.3) $(0.7) $(20.3) $— $2,043.8 Operating income 784.1 (15.0) — 2.3 0.7 20.3 — 792.4 Other income (expense), net (31.5) — 45.2 — — — — 13.7 Income before income taxes 494.1 (15.0) 45.2 2.3 0.7 20.3 — 547.6 Income tax (provision) benefit (130.4) 4.0 (12.1) (0.6) (0.1) (5.1) (2.0) (146.3)Net income$363.7 $(11.0) $33.1 $1.7 $0.6 $15.2 $(2.0) $401.3 Net income attributable to non-controlling interests (3.3) — — — — — — (3.3)Net income attributable to LAD$360.4 $(11.0) $33.1 $1.7 $0.6 $15.2 $(2.0) $398.0 Diluted earnings per share attributable to LAD$15.68 $(0.48) $1.44 $0.07 $0.03 $0.66 $(0.08) $17.32 Diluted share count 23.0 Six Months Ended June 30, 2025 As reported Net gain on disposal of stores Investment gain(1) Insurance reserves Acquisition expenses Tax attribute AdjustedSelling, general and administrative$1,967.4 $2.2 $— $(2.8) $(0.3) $— $1,966.5 Operating income 831.6 (2.2) — 2.8 0.3 — 832.5 Other income (expense), net 49.3 — (26.7) — — — 22.6 Income before income taxes 636.7 (2.2) (26.7) 2.8 0.3 — 610.9 Income tax (provision) benefit (167.3) 4.3 7.0 (0.7) (0.1) (2.3) (159.1)Net income$469.4 $2.1 $(19.7) $2.1 $0.2 $(2.3) $451.8 Net income attributable to non-controlling interests (3.8) — — — — — (3.8)Net income attributable to LAD$465.6 $2.1 $(19.7) $2.1 $0.2 $(2.3) $448.0 Diluted earnings per share attributable to LAD$17.80 $0.08 $(0.76) $0.08 $0.01 $(0.09) $17.12 Diluted share count 26.2 LAD
Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)
(In millions)
Three months ended
June 30,
% Six months ended
June 30, % Increase Increase 2026
2025
(Decrease) 2026
2025
(Decrease)EBITDA and Adjusted EBITDA Net income$261.6 $258.2 1.3% $363.7 $469.4 (22.5)%Flooring interest expense 69.7 55.0 26.7 125.6 112.0 12.1 Other interest expense 62.7 66.7 (6.0) 132.9 132.2 0.5 Financing operations interest expense 53.5 49.8 7.4 105.2 97.9 7.5 Income tax expense 90.5 93.9 (3.6) 130.4 167.3 (22.1)Depreciation and amortization 70.9 65.2 8.7 140.7 129.0 9.1 EBITDA$608.9 $588.8 3.4% $998.5 $1,107.8 (9.9)% Other adjustments: Less: flooring interest expense$(69.7) $(55.0) 26.7 $(125.6) $(112.0) 12.1 Less: financing operations interest expense (53.5) (49.8) 7.4 (105.2) (97.9) 7.5 Less: used vehicle line of credit interest — (4.4) (100.0) (1.4) (7.5) (81.3)Add: acquisition expenses 0.4 0.1 NM 0.7 0.3 NMAdd: (gain) loss on disposal of stores (15.1) 7.2 NM (15.0) (2.2) NMAdd: investment (gain) loss(1) (28.2) (36.4) NM 45.2 (26.7) NMAdd: insurance reserves 2.3 2.4 NM 2.3 2.8 NMAdd: contract buyouts — — NM 20.3 — NMAdjusted EBITDA$445.1 $452.9 (1.7)% $819.8 $864.6 (5.2)% NM - not meaningful
(1) Investment (gains) losses retrospectively included in adjusted non-GAAP financial measures presented
As of % June 30, IncreaseNet Debt to Adjusted EBITDA2026
2025
(Decrease)Floor plan notes payable$6,387.4 $4,888.0 30.7%Used and service loaner vehicle inventory financing facility 3.5 1,011.3 (99.7)Revolving lines of credit 1,889.8 1,792.1 5.5 Warehouse facilities 1,459.0 1,241.0 17.6 Non-recourse notes payable 2,741.4 2,042.0 34.3 4.625% Senior notes due 2027 400.0 400.0 — 3.875% Senior notes due 2029 800.0 800.0 — 5.500% Senior notes due 2030 600.0 — — 4.375% Senior notes due 2031 550.0 550.0 — Real estate mortgages, finance lease obligations, and other debt 1,106.7 986.4 12.2 Unamortized debt issuance costs (25.1) (20.6) 21.8 Total debt$15,912.7 $13,690.2 16.2% Less: Inventory related debt$(6,390.9) $(5,899.3) 8.3%Less: Financing operations related debt (4,200.4) (3,283.0) 27.9 Less: Unrestricted cash and cash equivalents (110.3) (202.8) (45.6)Less: Marketable securities (67.0) (52.1) 28.6 Less: Availability on used vehicle and service loaner financing facilities (0.5) (29.9) (98.3)Net Debt$5,143.6 $4,223.1 21.8% TTM Adjusted EBITDA$1,621.7 $1,670.6 (2.9)% Net debt to Adjusted EBITDA3.17x 2.53x NM - not meaningful
Integra LifeSciences ve 2. čtvrtletí zvýšila tržby na 418,8 mil. USD a upravený EPS na 0,56 USD. Zároveň snížila celoroční výhled tržeb kvůli silnějšímu USD.
PRINCETON, N.J., July 29, 2026 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (Nasdaq: IART), a leading global medical technology company, today reported financial results for the second quarter ending June 30, 2026.
Second Quarter 2026 Highlights
Second quarter revenues of $418.8 million increased 0.8% on a reported basis and 0.7% on an organic basis compared to the prior year. Second quarter GAAP earnings per diluted share of $0.06, compared to $(6.31) in the prior year. Adjusted earnings per diluted share of $0.56, compared to $0.45 in the prior year.The Company is updating its reported revenue guidance range to $1.654 billion to $1.695 billion to reflect the impact of a stronger U.S. dollar on foreign exchange rates.The Company is reaffirming its 2026 full-year organic revenue growth guidance of 0.8% to 3.3% and adjusted earnings per share guidance of $2.40 to $2.50.The Company initiated production at its Braintree manufacturing facility and remains on track for the planned fourth-quarter relaunch of SurgiMend®.
"Our second-quarter performance reflects meaningful progress on our most important priorities. We are improving supply reliability, advancing quality, and returning products to market with discipline. The Braintree facility is now producing and ramping to support the planned SurgiMend relaunch later this year," said Stuart Essig, Chairman and CEO of Integra LifeSciences.
"At the same time, we are seeing the benefits of a more aligned commercial organization while we continue to reduce our balance sheet leverage. Supported by our broad portfolio, attractive markets, and focused leadership team, we are strengthening our operating foundation and enhancing our ability to deliver sustainable long-term shareholder value."
Second Quarter 2026 Consolidated Performance
Total reported revenues of $418.8 million increased 0.8% on a reported basis and 0.7% on an organic basis compared to the prior year.
The Company reported GAAP gross margin of 52.5%, compared to 50.4% in the second quarter of 2025. Adjusted gross margin was 61.3%, compared to 60.7% in the prior year.
Adjusted EBITDA for the second quarter of 2026 was $78.4 million, or 18.7% of revenue, compared to $71.2 million, or 17.1% of revenue, in the prior year.
The Company reported GAAP net income of $4.5 million, or $0.06 per diluted share, in the second quarter of 2026, compared to GAAP net loss of $(484.1) million, or $(6.31) per diluted share, in the prior year.
Adjusted net income for the second quarter of 2026 was $43.7 million, or $0.56 per diluted share, compared to $34.4 million, or $0.45 per diluted share, in the prior year.
Second Quarter 2026 Segment Performance
Specialty Surgery (~70% of Revenues)
Total revenues were $309.3 million, representing reported growth of 1.7% and an organic growth of 1.6% compared to the second quarter of 2025.
Sales in Neuro increased 1.9% on an organic basis primarily driven by growth in Certas® Plus, Bactiseal® and CUSA®.Sales in Instruments grew 3.2% on an organic basis. ENT sales declined (1.9%) as MicroFrance® ENT instrument growth was offset by declines in other products.
Tissue Reconstruction (~30% of Revenues)
Total revenues were $109.5 million, representing reported and organic declines of (1.9)% and (2.0)% respectively compared to the second quarter of 2025. Key drivers for the quarter include:
Mid-single digit decline in wound reconstruction, driven by strong growth in DuraSorb® and the relaunch of PriMatrix®, offset by declines in MicroMatrix® and Integra Skin. Integra Skin faced a prior year comparison that included the clearance of back orders in the second quarter of 2025.Sales in private label grew 4.7%. Balance Sheet, Cash Flow and Capital Allocation
The Company generated cash flow from operations of $22.8 million in the quarter. Net debt at the end of the quarter was $1.6 billion, and the consolidated total leverage ratio was 4.1x.
As of the end of the quarter, the Company had total liquidity of approximately $496 million, including $274.1 million in cash plus short-term investments and the remainder available under its revolving credit facility.
2026 Revenue and Adjusted Earnings Per Share Guidance
For the third quarter of 2026, the Company expects reported revenues in the range of $410 million to $425 million, representing reported growth of 2.0% to 5.7% and organic growth of 1.9% to 5.7%. The Company expects adjusted EPS in the range of $0.53 to $0.61 per share.
The Company is updating its reported revenue outlook from a range of $1.662 billion to $1.702 billion to a range of $1.654 billion to $1.695 billion to reflect the impact of a stronger U.S. dollar on foreign exchange rates. For the full year 2026, the Company is reaffirming its organic revenue growth guidance of 0.8% to 3.3% and adjusted earnings per share guidance of $2.40 to $2.50. The adjusted EPS outlook reflects updated tariff assumptions, a higher interest rate environment, and potential debt refinancing actions.
The Company's organic sales growth guidance for the third quarter and full year excludes the impact of acquisitions, divestitures, and foreign currency.
Conference Call and Presentation Available Online
Integra has scheduled a conference call for 8:30 a.m. ET on Wednesday, July 29, 2026, to discuss second quarter 2026 financial results and forward-looking financial guidance. The conference call will be hosted by Integra's senior management team and will be open to all listeners. Additional forward-looking information may be discussed in a question-and-answer session following the call. Integra's management team will reference a presentation during the conference call, which can be found on the Investor section of the website at investor.integralife.com.
A live webcast will be available on the Investors section of the Company’s website at investor.integralife.com. For those planning to participate on the call, register here to receive dial-in details and an individual pin. While not required, it is recommended to join 10 minutes prior to the event’s start. A webcast replay of the conference call will be available on the Investors section of the company's website following the call.
About Integra
Integra LifeSciences (Nasdaq: IART) is a global medical technology leader dedicated to restoring lives. We are advancing transformational care through impactful innovation in neurosurgery and tissue reconstruction, specialized fields that demand exceptional expertise and precision. Our portfolio of highly differentiated, gold-standard technologies are trusted by healthcare professionals to deliver life-saving care. For our latest news and information, visit www.integralife.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties and reflect the Company's judgment as of the date of this release. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. Some of these forward-looking statements may contain words like “will,” “believe,” “may,” “could,” “would,” “might,” “possible,” “should,” “expect,” “intend,” "forecast," "guidance," “plan,” “anticipate,” "target," or “continue,” the negative of these words, other terms of similar meaning or they may use future dates. Forward-looking statements contained in this news release include, but are not limited to, statements concerning: future business, operational and financial performance and the Company’s expectations and plans with respect to market opportunity, business and operational performance, strategic initiatives, capabilities, resources, manufacturing capabilities, product development, product availability and regulatory approvals, including expectations regarding the Company's Braintree facility and the the relaunch of SurgiMend in the fourth quarter of 2026. It is important to note that the Company’s goals and expectations are not predictions of actual performance. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted or expected results. Such risks and uncertainties include, but are not limited, to the following: increased geopolitical instability and other macroeconomic factors, including trade barriers and related restrictions (including tariffs and related countermeasures), armed conflict and acts of terrorism, geopolitical tension and instability, supply chain disruptions, and interest rate and foreign currency rate fluctuations, on the Company’s suppliers, vendors and customers and on the Company’s business and financial condition, results of operations and cash flows; the Company's ability to execute its financial, strategic and operating plans effectively; the Company's ability to remediate quality systems violations; difficulties in implementing the Company’s compliance master plan; difficulties or delays in obtaining and maintaining required regulatory approvals, including the costs thereof; potential difficulties, delays and disruptions in manufacturing, distribution or sale of products; the failure of the company’s suppliers, vendors, and other third parties to meet contractual, regulatory and other obligations; the anticipated development of markets the Company sells its products into and the success of the Company’s products in these markets; the Company’s ability to predict accurately the demand for its products and products under development; increasing industry competition; the coverage and reimbursement decisions of third-party payors; trends toward health care cost containment; difficulties in controlling expenses, including costs to procure and manufacture the Company’s products; the ability of the Company to successfully manage leadership and organizational changes and the impact of changes in management or staff levels; the impact of goodwill and intangible asset impairment charges if future operating results of acquired businesses are significantly less than the results anticipated at the time of the acquisitions, the geographic distribution of where the Company generates its taxable income; changes to applicable laws, regulations and enforcement guidance, including tax laws and global health care reforms; fluctuations in foreign currency exchange rates; the amount of our bank borrowings outstanding and other factors influencing liquidity; breaches, failures or other disruptions of our or our vendors’ or customers’ information technology systems or products; and the economic, competitive, governmental, technological, and other risk factors and uncertainties identified under the heading “Risk Factors” included in Item 1A of Integra's Annual Report on Form 10-K for the year ended December 31, 2025 and information contained in subsequent filings with the Securities and Exchange Commission.
These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise, except as otherwise required by law.
Discussion of Adjusted Financial Measures
In addition to our GAAP results, we provide certain non-GAAP measures, including organic revenues, adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted net income, adjusted gross margin, adjusted earnings per diluted share, and net debt. Organic revenues consist of total revenues excluding the effects of currency exchange rates, revenues from current-period acquisitions and product divestitures. Adjusted EBITDA consists of GAAP net income excluding: (i) depreciation and amortization; (ii) other income (expense); (iii) interest income and expense; (iv) income tax expense (benefit); (v) impairment charges; and (vi) those operating expenses also excluded from adjusted net income. The measure of adjusted net income consists of GAAP net income, excluding: (i) structural optimization charges; (ii) divestiture, acquisition and integration-related charges; (iii) EU Medical Device Regulation-related charges; (iv) charges related to the transition of Boston-related manufacturing operations to the Company’s Braintree, Massachusetts facility (the "Braintree transition"); (v) intangible asset amortization expense; (vi) income tax impact from adjustments; and (vii) impairment charges. The measure of adjusted gross margin is calculated by dividing adjusted gross profit by total revenues. Adjusted gross profit consists of GAAP gross profit adjusted for: (i) structural optimization charges; (ii) divestiture, acquisition and integration-related charges; (iii) charges related to Braintree transition; (iv) EU Medical Device Regulation-related charges; and (v) intangible asset amortization expense. The adjusted earnings per diluted share measure is calculated by dividing adjusted net income attributable to diluted shares by diluted weighted average shares outstanding. The measure of net debt consists of GAAP total debt (excluding deferred financing costs) less short-term investments, cash and cash equivalents.
The Company has included reconciliations of GAAP revenues to organic revenues, GAAP net income to adjusted EBITDA, and adjusted net income, GAAP gross margin to adjusted gross margin, and GAAP earnings per diluted share to adjusted earnings per diluted share all for the quarters ended June 30, 2026 and 2025. The Company has included a reconciliation of GAAP total debt to net debt for the quarters ended June 30, 2026 and December 31, 2025.
The Company is providing forward-looking guidance regarding organic revenue and adjusted earnings per diluted share but is not providing reconciliations to the most directly comparable forward-looking GAAP financial measures because certain GAAP expense items and the impact of changes in foreign exchange rates are highly variable and management is unable to predict them with reasonable certainty and without unreasonable effort. Specifically, the actual impact of changes in foreign exchange rates and the financial impact and timing of divestitures, acquisitions, integrations, structural optimization, efforts to comply with the EU Medical Device Regulation, and income tax impact from adjustments are uncertain, depend on various dynamic factors and are not reasonably ascertainable at this time. The unavailable information could have a material impact on GAAP results.
The Company believes that the presentation of organic revenues and the other non-GAAP measures provide important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations. For further information regarding why Integra believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company's Current Report on Form 8-K regarding this earnings press release filed today with the Securities and Exchange Commission. This Current Report on Form 8-K is available on the SEC's website at www.sec.gov or on our website at www.integralife.com.
Investor Relations Contact:
Chris Ward
(609) 772-7736 [email protected]
Three Months Ended June 30, 2026 2025 Total revenue, net$418,761 $415,605 Costs and expenses: Cost of goods sold 199,017 206,273 Research and development 24,253 26,997 Selling, general and administrative 172,436 179,890 Intangible asset amortization 3,770 3,754 Goodwill impairment charge — 511,365 Total costs and expenses 399,476 928,279 Operating income (loss) 19,285 (512,674)Interest income 4,267 4,710 Interest expense (22,994) (21,042)Other income (expense), net 4,186 (1,946)Income (loss) before income taxes 4,744 (530,952)Provision (benefit) for income taxes 262 (46,879)Net income (loss)$4,482 $(484,073) Net income (loss) per share Diluted$0.06 $(6.31) Weighted average common shares outstanding 78,168 76,695 The following table presents revenues disaggregated by the major sources for the three months ended June 30, 2026 and 2025 (amounts in thousands):
Three Months Ended June 30, 2026 2025ChangeNeurosurgery$213,264 $208,9922.0%Instruments 54,806 53,0803.3%ENT 41,199 41,886(1.6)%Total Specialty Surgical 309,269 303,9581.7% Wound Reconstruction Solutions 81,305 84,747(4.1)%Private Label 28,187 26,9004.8%Total Tissue Reconstruction 109,492 111,647(1.9)%Total Reported Revenues$418,761 $415,6050.8% Impact of changes in currency exchange rates (440) — Total organic revenues(1)$418,316 $415,6050.7% (1) Organic revenues have been adjusted to exclude foreign currency (current period), acquisitions and to account for divested and discontinued products.
Items included in GAAP net income and location where each item is recorded are as follows:
(In thousands)
Three Months Ended June 30, 2026
ItemTotal
AmountCOGS(a)SG&A(b)R&D(c)Amort (d)OI&E(e)Tax(f)Acquisition, divestiture and integration-related charges2,383 351,503 599—247— Structural Optimization charges7,513 3,3664,094 53——— EU Medical Device Regulation charges2,439 2181,017 1,205——— Braintree Transition9,918 10,309(398) 7——— Intangible asset amortization expense26,969 23,198— —3,770—— Estimated income tax impact from above adjustments and other items(9,992) —— ———(9,992) Depreciation expense10,154 —— ———— a) COGS - Cost of goods sold
b) SG&A - Selling, general and administrative
c) R&D - Research & development
d) Amort. - Intangible asset amortization
e) OI&E - Other income & expense
f) Tax - Income tax expense (benefit)
Items included in GAAP net income and location where each item is recorded are as follows:
(In thousands)
Three Months Ended June 30, 2025
ItemTotal
AmountCOGS(a)SG&A(b)R&D(c)Amort (d)OI&E(e)Tax(f)Acquisition, divestiture and integration-related charges4,963 —4,258270 —435— Structural Optimization charges5,944 5,1871,073(316) ——— EU Medical Device Regulation charges10,681 1,1424,2005,338 ——— Braintree Transition13,630 13,53298— ——— Intangible asset amortization expense26,795 23,041—— 3,754—— Estimated income tax impact from above adjustments and other items(54,940) ——— ——(54,940) Depreciation expense10,955 ——— ——— a) COGS - Cost of goods sold
b) SG&A - Selling, general and administrative
c) R&D - Research & development
d) Amort. - Intangible asset amortization
e) OI&E - Other income & expense
f) Tax - Income tax expense (benefit)
RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME TO ADJUSTED EBITDA
(UNAUDITED)
(In thousands) Three Months Ended June 30, 2026 2025 GAAP net income (loss)$4,482 $(484,073)Non-GAAP adjustments: Goodwill impairment charges — 511,365 Depreciation and intangible asset amortization expense 37,123 37,750 Other (income) expense, net (4,186) 1,511 Interest expense, net 18,480 16,332 Income tax expense 262 (46,879)Structural optimization charges 7,513 5,944 EU Medical Device Regulation charges 2,439 10,681 Braintree Transition 9,918 13,630 Acquisition, divestiture and integration-related charges 2,383 4,963 Total of non-GAAP adjustments 73,932 555,297 Adjusted EBITDA$78,414 $71,224 RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP NET INCOME TO MEASURES OF ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE
(UNAUDITED)
(In thousands, except per share amounts) Three Months Ended June 30, 2026 2025 GAAP net income (loss)$4,482 $(484,073)Non-GAAP adjustments: Structural optimization charges 7,513 5,944 Acquisition, divestiture and integration-related charges 2,383 4,963 EU Medical Device Regulation charges 2,439 10,681 Braintree Transition 9,918 13,630 Goodwill impairment charges — 511,365 Intangible asset amortization expense 26,969 26,795 Estimated income tax impact from adjustments and other items (9,992) (54,940)Total of non-GAAP adjustments 39,230 518,438 Adjusted net income$43,712 $34,365 Adjusted diluted net income per share$0.56 $0.45 Weighted average common shares outstanding for diluted net income per share 78,168 76,769 CONDENSED BALANCE SHEET DATA
(UNAUDITED)
(In thousands)
June 30,
2026 December 31,
2025 Short term investments$59,669 $28,693Cash and cash equivalents 214,415 235,048Trade accounts receivable, net 267,188 278,849Inventories, net 492,005 492,735 Current and long-term borrowing under senior credit facility 1,779,699 1,768,306Borrowings under securitization facility 92,600 87,800Convertible securities — — Stockholders' equity$1,043,377 $1,043,463 CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
(In thousands)
Six Months Ended June 30, 2026 2025 Net cash (used) provided by operating activities$32,605 $(2,338)Net cash used in investing activities (58,131) (57,568)Net cash provided by financing activities 7,479 14,238 Effect of exchange rate changes on cash and cash equivalents (2,586) 17,207 Net decrease in cash and cash equivalents$(20,633) $(28,461) RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP OPERATING CASH FLOW TO
MEASURES OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW CONVERSION
(UNAUDITED)
(In thousands) Three Months Ended June 30, 2026 2025 Net cash provided by operating activities$22,802 $8,919 Purchases of property and equipment (12,307) (20,146)Free cash flow$10,495 $(11,227) Adjusted net income(1)$43,712 $34,365 Adjusted free cash flow conversion 24.0%(32.7)% Twelve Months Ended June 30, 2026 2025 Net cash provided by operating activities$85,327 $70,888 Purchases of property and equipment (59,525) (108,311)Free cash flow$25,802 $(37,423) Adjusted net income(1)$190,633 $171,011 Adjusted free cash flow conversion 13.5%(21.9)% (1) Adjusted net income for quarters ended June 30, 2026 and 2025 are reconciled above. Adjusted net income for remaining quarters in the trailing twelve months calculation have been previously reconciled and are publicly available in the Quarterly Earnings Call Presentations on our website at investor.integralife.com under Events & Presentations.
The Company calculates adjusted free cash flow conversion by dividing its free cash flow by adjusted net income. The Company believes this measure is useful in evaluating the significance of the cash special charges in its adjusted earnings measures.
RECONCILIATION OF NON-GAAP ADJUSTMENTS - NET DEBT CALCULATION
(UNAUDITED) (In thousands) June 30,
2026December 31,
2025Short-term borrowings under senior credit facility$43,594 $38,750 Long-term borrowings under senior credit facility 1,736,105 1,729,556 Borrowings under securitization facility 92,600 87,800 Convertible securities — — Deferred financing costs netted in the above 2,489 3,257 Short term investments (59,669) (28,693)Cash & Cash Equivalents (214,415) (235,048)Net Debt$1,600,704 $1,595,622 RECONCILIATION OF NON-GAAP ADJUSTMENTS - GAAP GROSS PROFIT TO MEASURES OF ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN
(UNAUDITED)
(In thousands, except percentages) Three Months Ended June 30, 2026 2025 Total revenues, net$418,761 $415,605 Cost of goods sold 199,017 206,273 Reported Gross Profit 219,744 209,332 Structural optimization charges 3,366 5,187 Acquisition, divestiture and integration-related charges 35 — Braintree Transition 10,309 13,532 EU Medical Device Regulation 218 1,142 Intangible asset amortization expense 23,199 23,041 Adjusted Gross Profit$256,871 $252,234 Total Revenues$418,761 $415,605 Adjusted Gross Margin 61.3% 60.7%
Bank of Nova Scotia ve 1. čtvrtletí snížila svůj podíl v Expand Energy o 37,7 % a prodala 23 300 akcií. Firma zároveň oznámila čtvrtletní zisk na akcii 1,33 USD, nad odhadem 1,13 USD.
Bank of Nova Scotia trimmed its stake in Expand Energy Corporation (NASDAQ:EXE – Free Report) by 37.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,576 shares of the company’s stock after selling 23,300 shares during the period. Bank of Nova Scotia’s holdings in Expand Energy were worth $4,235,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in EXE. Capital Research Global Investors increased its stake in Expand Energy by 33.2% during the fourth quarter. Capital Research Global Investors now owns 21,251,283 shares of the company’s stock valued at $2,345,303,000 after acquiring an additional 5,291,948 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Expand Energy by 36,574.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,420,912 shares of the company’s stock worth $267,172,000 after purchasing an additional 2,414,311 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Expand Energy by 94.7% during the 1st quarter. Bank of New York Mellon Corp now owns 4,498,905 shares of the company’s stock worth $493,890,000 after purchasing an additional 2,188,422 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Expand Energy by 192.0% during the fourth quarter. Victory Capital Management Inc. now owns 3,286,361 shares of the company’s stock valued at $362,683,000 after purchasing an additional 2,160,979 shares during the period. Finally, Dragoneer Investment Group LLC acquired a new position in shares of Expand Energy in the fourth quarter valued at $145,633,000. Institutional investors own 97.93% of the company’s stock.
Analyst Upgrades and Downgrades Several research analysts recently commented on EXE shares. Barclays cut Expand Energy from an “overweight” rating to a “reduce” rating in a research report on Tuesday, May 26th. KeyCorp reaffirmed a “sector weight” rating on shares of Expand Energy in a report on Thursday, April 2nd. Weiss Ratings downgraded shares of Expand Energy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 19th. William Blair lowered shares of Expand Energy from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 30th. Finally, Citigroup lowered their target price on shares of Expand Energy from $125.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $130.19.
Read Our Latest Analysis on Expand Energy
Expand Energy Stock Performance Shares of NASDAQ:EXE opened at $88.52 on Wednesday. The business’s fifty day moving average price is $90.29 and its two-hundred day moving average price is $98.95. Expand Energy Corporation has a fifty-two week low of $84.99 and a fifty-two week high of $126.62. The stock has a market capitalization of $21.18 billion, a price-to-earnings ratio of 6.60 and a beta of 0.34. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.11 and a quick ratio of 1.11.
Expand Energy (NASDAQ:EXE – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.20. Expand Energy had a return on equity of 10.26% and a net margin of 22.53%.The company had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.05 billion. As a group, analysts predict that Expand Energy Corporation will post 8.41 EPS for the current fiscal year.
Expand Energy Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be given a dividend of $0.575 per share. The ex-dividend date is Thursday, August 13th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 2.6%. Expand Energy’s dividend payout ratio (DPR) is 17.15%.
Insider Activity In other news, CFO Marcel Teunissen purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The stock was purchased at an average cost of $96.43 per share, with a total value of $192,860.00. Following the acquisition, the chief financial officer directly owned 9,144 shares of the company’s stock, valued at approximately $881,755.92. This trade represents a 28.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael Wichterich purchased 1,000 shares of Expand Energy stock in a transaction on Friday, June 12th. The stock was purchased at an average price of $88.90 per share, for a total transaction of $88,900.00. Following the completion of the transaction, the chief executive officer owned 85,498 shares of the company’s stock, valued at approximately $7,600,772.20. This represents a 1.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 4,000 shares of company stock valued at $375,120 over the last three months. 0.22% of the stock is currently owned by insiders.
Expand Energy News Summary Here are the key news stories impacting Expand Energy this week:
Positive Sentiment: Second-quarter earnings beat expectations. Expand Energy reported adjusted earnings of $1.33 per share, above consensus estimates ranging from $1.13 to $1.22 and up from $1.10 a year earlier. Expand Energy Q2 Earnings Beat Estimates Positive Sentiment: Twin Eagle acquisition offers growth and integration benefits. EXE agreed to acquire privately held natural-gas marketer Twin Eagle for $1.25 billion. Management expects the deal to contribute more than $200 million in annual EBITDA initially and generate $150 million in annual synergies by the end of 2028, expanding Expand Energy’s reach across major U.S. and Canadian demand markets. Expand Energy to Acquire Twin Eagle Neutral Sentiment: The deal shifts EXE toward an integrated natural-gas model. Combining North America’s largest gas producer with a marketing and optimization platform could improve value capture and diversify earnings, but investors will likely monitor transaction funding, closing conditions and the pace of synergy realization. Expand Energy to Acquire Twin Eagle in $1.25 Billion Deal Negative Sentiment: Revenue missed forecasts. Quarterly revenue was $2.96 billion, below analysts’ $3.05 billion estimate. The revenue shortfall may be overshadowing the EPS beat, particularly as pre-earnings coverage cited downward estimate revisions. Expand Energy Earnings Results About Expand Energy (Free Report)
Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY.
See Also Five stocks we like better than Expand Energy 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 EXE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Expand Energy Corporation (NASDAQ:EXE – Free Report).
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Amazon prodal dluhopisy za 25 miliard USD, aby financoval rozšiřování AI infrastruktury. Na rok 2026 plánuje kapitálové výdaje ve výši 200 miliard USD.
In 2026, one of the dominant investment themes is concern about how much large tech companies like Amazon (AMZN -0.19%) are spending on building artificial intelligence (AI) infrastructure. That concern is reflected in the Amazon stock price; as of this writing, shares are up less than 2% so far this year.
Amazon's recent bond sale and capital expenditure plans, however, suggest that the company has a far different concern than most of the market.
Andy Jassy, Amazon (AMZN), CEO. Image source: Amazon.
Ballooning spending In early July, Amazon sold $25 billion worth of bonds to continue fueling the build-out of AI infrastructure. In addition, its capital expenditures for 2026 are projected at $200 billion, a significant increase from the $131 billion spent in 2025. As a point of comparison, Meta Platforms expects its capital expenditures to fall between $125 billion and $145 billion, while Alphabet plans to spend between $195 billion and $205 billion.
The worry is that the spending may take years to yield any meaningful return. The more extreme concern is that AI will become a money pit with almost no return, and that large tech companies have ultimately wasted years of time, resources, and capital on it.
That said, Amazon clearly has a different fear.
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Missing out In tech, history is littered with missed opportunities. One classic example is when Blockbuster could have bought Netflix in 2000 for $50 million. Blockbuster went on to file for bankruptcy in 2010, while Netflix today is worth more than $291 billion.
That fear of missing out or making one critical mistake, like not investing enough in building AI infrastructure, can help explain why Amazon is spending so much. It also explains why there may seem to be a disconnect: Investors worry it is spending too much, while Amazon fears it's not spending enough.
In his letter to shareholders in April, Amazon CEO Andy Jassy addressed the spending head-on:
AI will reinvent every customer experience, and there will be a slew of new experiences only possible because of AI. I've followed the public debate on whether this technology is overhyped, whether we're in 'a bubble,' and if the margins and ROIC will be appealing. My strong conviction, at least for Amazon, is that the answers are no, no, and yes.
Jassy went on to say, "AI is a once-in-a-lifetime opportunity where the current growth is unprecedented and the future growth even bigger."
Jassy could be right, as this may still just be the early stages before the full AI growth story takes shape, and Amazon clearly doesn't want to miss out. The trade-off for having the patience to let those investments pay off is that Amazon may lag the S&P 500 (^GSPC +0.21%), as it has this year.
