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https://news.bitcoin.com/hyperliquid-explained-a-deep-dive-into-the-perp-dex-that-reshaped-crypto-in-2025/

Hyperliquid, a decentralized perpetuals exchange, has reported a significant shift in its dynamics, with real-world assets (RWAs) surpassing crypto transactions for the first time in a single week. According to a tweet by @laurashin, individual stocks accounted for 61% of the RWA volume. This transition is largely attributed to the platform’s HIP-3 mechanism, which governs tokenized stock-style markets. During the week of July 13 to 19, 2026, Hyperliquid’s RWA activity generated $25.1 billion out of a total $48.2 billion in weekly volume. This development reflects a broader trend in decentralized exchanges, where Hyperliquid captured a significant portion of the market.

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Key Takeaways Hyperliquid’s shift towards RWAs appears consistent with increased interest in non-crypto assets, suggesting potential for growth in this sector. Market pricing for Hyperliquid’s price prediction for 2026 currently reflects a 19.5% probability of reaching $100 by the end of the year, suggesting some optimism despite recent declines. The exchange’s emphasis on individual stocks within its RWA offerings indicates strong participant interest in these assets, supportive of a diversified environment. What to Watch Observers should monitor Hyperliquid’s future announcements and partnerships, which could further influence market dynamics and pricing. Key developments, such as potential partnerships with Fortune 500 companies or increased institutional participation, may indicate support for a higher valuation. Conversely, any security breaches or regulatory challenges could negatively affect market sentiment. The coming months will likely provide further clarity on Hyperliquid’s strategic direction and its impact on the broader decentralized exchange landscape.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 19.5% — — View market → January 1 2027 6.2% — — View market → January 1 2027 2.9% — — View market → January 1 2027 41% — — View market → January 1 2027 8.8% — — View market → January 1 2027 3.1% — — View market →

RINVOQ® is now approved in the European Union for the treatment of adult and adolescent patients with severe alopecia areata (AA) Approval was based on the pivotal Phase 3 UP-AA clinical program, which showed that RINVOQ achieved statistically significant scalp hair regrowth (Severity of Alopecia Tool (SALT) score ≤ 20) and improvements in eyebrows and eyelashes at week 241 RINVOQ is the first JAK inhibitor to achieve complete scalp hair regrowth (SALT = 0) versus placebo at week 24 , /PRNewswire/ -- AbbVie (NYSE: ABBV) today announced that the European Commission (EC) has approved RINVOQ® (upadacitinib; 15 mg and 30 mg, once daily) for the treatment of adult and adolescent patients 12 years and older with severe alopecia areata (AA).1

"The European Commission's approval of RINVOQ provides a new treatment option for the severe alopecia areata community in the EU with demonstrated scalp regrowth, including complete scalp hair regrowth for some, that can support management of the disease," said Roopal Thakkar, M.D., executive vice president, research and development, chief scientific officer, AbbVie. "This approval provides another option for patients who continue to navigate physical and mental burden associated with severe alopecia areata, often overlooked due to stigma."

AA is an unpredictable autoimmune disease that causes a range of hair loss patterns, from sudden, round bald patches on the scalp to complete loss of all body hair, including scalp, face, eyebrows and eyelashes.2,3 Despite its immune-mediated nature, AA is often misunderstood as a cosmetic problem despite being associated with a wide-ranging impact on patients' lives contributing to the physical, psychological, social and economic burden.4,5 According to a population‐based study, patients with alopecia areata face up to 40% higher risk of being diagnosed with new-onset depression and anxiety compared to the general population, and this risk increases in women.6,7

Data Supporting the EC Approval

The EC approval of RINVOQ is supported by previously reported data from the ongoing Phase 3 UP-AA clinical program (M23-716), which includes two replicate, randomized, placebo-controlled, double-blind studies evaluating the efficacy and safety of RINVOQ in adult and adolescent patients with severe AA.1 

Both the 15 mg and 30 mg doses of RINVOQ in each study met the primary endpoint of SALT score ≤ 20 at week 24, with significantly more patients achieving ≥ 80% scalp hair coverage compared with placebo. Key secondary endpoints were also met for both doses in both studies, including complete scalp hair regrowth (SALT = 0) at week 24. The safety profile of both doses of RINVOQ in Period A was generally consistent with that observed in approved indications.1 

"Alopecia areata is a complex condition to treat often due to its unpredictable disease course and prognosis," said Thierry Passeron, M.D., Ph.D., professor and chair, Department of Dermatology, Université Côte d'Azur. "The UP-AA results based on stringent endpoints demonstrated clinically meaningful scalp hair regrowth and improvements in eyebrows and eyelashes in 24 weeks, supporting RINVOQ as an important new treatment option for severe alopecia areata patients in Europe."

RINVOQ is also approved in the European Union for the treatment of adults and adolescents with atopic dermatitis, and adults with radiographic axial spondylarthritis, non-radiographic axial spondylarthritis, psoriatic arthritis, rheumatoid arthritis, ulcerative colitis, Crohn's disease, and giant cell arteritis, and adults and adolescents with non-segmental vitiligo.1

About UP-AA Clinical Trials 
UP-AA M23-716 was conducted as a single protocol that includes two replicate pivotal studies (Study 1 and Study 2) with randomization, investigative sites, data collection, analysis and reporting independent for each study. The Phase 3 randomized, placebo-controlled, double-blind studies evaluate efficacy and safety of upadacitinib in adult and adolescent subjects with severe alopecia areata. In Study 1 and Study 2 Period A, participants are randomized to one of three groups to receive upadacitinib 15 mg, upadacitinib 30 mg or placebo for 24 weeks. In Study 1 and Study 2 Period B, participants originally randomized to upadacitinib dose groups in Period A will continue their same treatment in Period B for 28 weeks. Participants originally randomized to placebo in Period A will either remain on placebo in Period B, or be randomized in one of two groups, based on their SALT score at week 24. In total, Study 1 and Study 2 Periods A and B span 52 weeks. Participants who complete Study 1 or Study 2 can join Study 3 and may be re-randomized to receive 1 of 2 doses of upadacitinib for up to 108 weeks. The two trials randomized 1,399 participants with severe AA ages 12 to 64 across 248 sites worldwide. More information on this trial can be found at www.clinicaltrials.gov (NCT06012240).

About RINVOQ® (upadacitinib)
Discovered and developed by AbbVie scientists, RINVOQ is a selective and reversible JAK inhibitor that is being studied in several immune-mediated inflammatory diseases.1,8 In human cellular assays, RINVOQ preferentially inhibits signaling by JAK1 or JAK 1/3 with functional selectivity over cytokine receptors that signal via pairs of JAK2.1

Upadacitinib (RINVOQ) is being studied in Phase 3 clinical trials for hidradenitis suppurativa, Takayasu arteritis and systemic lupus erythematosus. The use of upadacitinib in alopecia areata is also under regulatory review by the U.S. FDA.

EU Indications and Important Safety Information about RINVOQ® (upadacitinib)1

Indications

Rheumatoid arthritis

RINVOQ is indicated for the treatment of moderate to severe active rheumatoid arthritis (RA) in adult patients who have responded inadequately to, or who are intolerant to one or more disease-modifying anti-rheumatic drugs (DMARDs). RINVOQ may be used as monotherapy or in combination with methotrexate.

Psoriatic arthritis

RINVOQ is indicated for the treatment of active psoriatic arthritis (PsA) in adult patients who have responded inadequately to, or who are intolerant to one or more DMARDs. RINVOQ may be used as monotherapy or in combination with methotrexate.

Axial spondyloarthritis

Non-radiographic axial spondyloarthritis (nr-axSpA)

RINVOQ is indicated for the treatment of active non-radiographic axial spondyloarthritis in adult patients with objective signs of inflammation as indicated by elevated C-reactive protein (CRP) and/or magnetic resonance imaging (MRI), who have responded inadequately to nonsteroidal anti-inflammatory drugs (NSAIDs).

Ankylosing spondylitis (AS, radiographic axial spondyloarthritis)

RINVOQ is indicated for the treatment of active ankylosing spondylitis in adult patients who have responded inadequately to conventional therapy.

Giant cell arteritis

RINVOQ is indicated for the treatment of giant cell arteritis (GCA) in adult patients.

Atopic dermatitis

RINVOQ is indicated for the treatment of moderate to severe atopic dermatitis (AD) in adults and adolescents 12 years and older who are candidates for systemic therapy.

Alopecia areata

RINVOQ is indicated for the treatment of severe alopecia areata in adults and adolescents 12 years and older.

Vitiligo

RINVOQ is indicated for the treatment of non-segmental vitiligo in adults and adolescents 12 years and older who are candidates for systemic therapy.

Ulcerative colitis

RINVOQ is indicated for the treatment of adult patients with moderately to severely active ulcerative colitis (UC) who have had an inadequate response, lost response or were intolerant to either conventional therapy or a biologic agent.

Crohn's disease

RINVOQ is indicated for the treatment of adult patients with moderately to severely active Crohn's disease who have had an inadequate response, lost response or were intolerant to either conventional therapy or a biologic agent.

Important Safety Information

Contraindications
RINVOQ is contraindicated in patients hypersensitive to the active substance or to any of the excipients, in patients with active tuberculosis (TB) or active serious infections, in patients with severe hepatic impairment, and during pregnancy.

Special warnings and precautions for use
RINVOQ should only be used if no suitable treatment alternatives are available in patients:

65 years of age and older; patients with history of atherosclerotic cardiovascular (CV) disease or other CV risk factors (such as current or past long-time smokers); patients with malignancy risk factors (e.g. current malignancy or history of malignancy) Use in patients 65 years of age and older
Considering the increased risk of MACE, malignancies, serious infections, and all-cause mortality in patients ≥65 years of age, as observed in a large randomised study of tofacitinib (another Janus Kinase (JAK) inhibitor), RINVOQ should only be used in these patients if no suitable treatment alternatives are available. In patients ≥65 years of age, there is an increased risk of adverse reactions with RINVOQ 30 mg once daily. Consequently, the recommended dose for long-term use in this patient population is 15 mg once daily.

Immunosuppressive medicinal products
Use in combination with other potent immunosuppressants is not recommended.

Serious infections
Serious and sometimes fatal infections have been reported in patients receiving RINVOQ. The most frequent serious infections reported included pneumonia and cellulitis. Cases of bacterial meningitis and sepsis have been reported with RINVOQ. Among opportunistic infections, TB, multidermatomal herpes zoster, oral/esophageal candidiasis, and cryptococcosis have been reported. RINVOQ should not be initiated in patients with an active, serious infection, including localized infections. RINVOQ should be interrupted if a patient develops a serious or opportunistic infection until the infection is controlled. A higher rate of serious infections was observed with RINVOQ 30 mg compared to 15 mg. As there is a higher incidence of infections in the elderly and patients with diabetes in general, caution should be used when treating these populations. In patients ≥65 years of age, RINVOQ should only be used if no suitable treatment alternatives are available.

Tuberculosis
Patients should be screened for TB before starting RINVOQ. RINVOQ should not be given to patients with active TB. Anti-TB therapy may be appropriate for select patients in consultation with a physician with expertise in the treatment of TB. Patients should be monitored for the development of signs and symptoms of TB.

Viral reactivation
Viral reactivation, including cases of herpes zoster, was reported in clinical studies. The risk of herpes zoster appears to be higher in Japanese patients treated with RINVOQ. Consider interruption of RINVOQ if the patient develops herpes zoster until the episode resolves. Screening for viral hepatitis and monitoring for reactivation should occur before and during therapy. If hepatitis B virus DNA is detected, a liver specialist should be consulted.

Vaccination
The use of live, attenuated vaccines during or immediately prior to therapy is not recommended. It is recommended that patients be brought up to date with all immunizations, including prophylactic zoster vaccinations, prior to initiating RINVOQ, in agreement with current immunization guidelines.

Malignancy
Lymphoma and other malignancies have been reported in patients receiving JAK inhibitors, including RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a higher rate of malignancies, particularly lung cancer, lymphoma, and non-melanoma skin cancer (NMSC), was observed with tofacitinib compared to tumour necrosis factor (TNF) inhibitors. A higher rate of malignancies, including NMSC, was observed with RINVOQ 30 mg compared to 15 mg. Periodic skin examination is recommended for all patients, particularly those with risk factors for skin cancer. In patients ≥65 years of age, patients who are current or past long-time smokers, or patients with other malignancy risk factors (e.g., current malignancy or history of malignancy), RINVOQ should only be used if no suitable treatment alternatives are available.

Hematological abnormalities
Treatment should not be initiated, or should be temporarily interrupted, in patients with hematological abnormalities observed during routine patient management.

Gastrointestinal perforations
Events of diverticulitis and gastrointestinal perforations have been reported in clinical trials and from post-marketing sources. RINVOQ should be used with caution in patients who may be at risk for gastrointestinal perforation (e.g., patients with diverticular disease, a history of diverticulitis, or who are taking non-steroidal anti-inflammatory drugs (NSAIDs), corticosteroids, or opioids). Patients with active Crohn's disease are at increased risk for developing intestinal perforation. Patients presenting with new onset abdominal signs and symptoms should be evaluated promptly for early identification of diverticulitis or gastrointestinal perforation.

Major adverse cardiovascular events
MACE were observed in clinical studies of RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a higher rate of MACE, defined as CV death, non-fatal myocardial infarction and non-fatal stroke, was observed with tofacitinib compared to TNF inhibitors. Therefore, in patients ≥65 years of age, patients who are current or past long-time smokers, and patients with history of atherosclerotic CV disease or other CV risk factors, RINVOQ should only be used if no suitable treatment alternatives are available.

Lipids
RINVOQ treatment was associated with dose-dependent increases in lipid parameters, including total cholesterol, low-density lipoprotein cholesterol, and high-density lipoprotein cholesterol.

Hepatic transaminase elevations
Treatment with RINVOQ was associated with an increased incidence of liver enzyme elevation. Hepatic transaminases must be evaluated at baseline and thereafter according to routine patient management. If alanine transaminase (ALT) or aspartate transaminase (AST) increases are observed and drug-induced liver injury is suspected, RINVOQ should be interrupted until this diagnosis is excluded.

Venous thromboembolism
Events of deep venous thrombosis (DVT) and pulmonary embolism (PE) were observed in clinical trials for RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a dose‑dependent higher rate of VTE including DVT and PE was observed with tofacitinib compared to TNF inhibitors. In patients with CV or malignancy risk factors, RINVOQ should only be used if no suitable treatment alternatives are available. In patients with known VTE risk factors other than CV or malignancy risk factors (e.g. previous VTE, patients undergoing major surgery, immobilisation, use of combined hormonal contraceptives or hormone replacement therapy, and inherited coagulation disorder), RINVOQ should be used with caution. Patients should be re-evaluated periodically to assess for changes in VTE risk. Promptly evaluate patients with signs and symptoms of VTE and discontinue RINVOQ in patients with suspected VTE.

Retinal vein occlusion
Retinal vein occlusion has been reported in patients treated with JAK inhibitors, including upadacitinib. Patients should be advised to promptly seek medical care in case they experience symptoms suggestive of retinal vein occlusion.

Hypersensitivity reactions
Serious hypersensitivity reactions such as anaphylaxis and angioedema have been reported in patients receiving RINVOQ. If a clinically significant hypersensitivity reaction occurs, discontinue RINVOQ and institute appropriate therapy.

Hypoglycemia in patients treated for diabetes
There have been reports of hypoglycemia following initiation of JAK inhibitors, including RINVOQ, in patients receiving medication for diabetes. Dose adjustment of anti-diabetic medication may be necessary in the event that hypoglycemia occurs.

Medication Residue in Stool
Reports of medication residue in stool or ostomy output have occurred in patients taking RINVOQ. Most reports described anatomic (e.g., ileostomy, colostomy, intestinal resection) or functional gastrointestinal conditions with shortened gastrointestinal transit times. Patients should be instructed to contact their healthcare professional if medication residue is observed repeatedly. Patients should be clinically monitored, and alternative treatment should be considered if there is an inadequate therapeutic response.

Giant Cell Arteritis
RINVOQ monotherapy should not be used for the treatment of acute relapses as efficacy in this setting has not been established. Corticosteroids should be given according to medical judgement and practice guidelines.

Adverse reactions
The most commonly reported adverse reactions in RA, PsA, and axSpA clinical trials (≥2% of patients in at least one of the indications) with RINVOQ 15 mg were upper respiratory tract infections, blood creatine phosphokinase (CPK) increased, ALT increased, bronchitis, nausea, neutropenia, cough, AST increased, and hypercholesterolemia. Overall, the safety profile observed in patients with psoriatic arthritis or active axial spondyloarthritis treated with RINVOQ 15 mg was consistent with the safety profile observed in patients with RA.

The most commonly reported adverse reactions in AD trials (≥2% of patients) with RINVOQ 15 mg or 30 mg were upper respiratory tract infection, acne, herpes simplex, headache, blood CPK increased, cough, folliculitis, abdominal pain, nausea, neutropenia, pyrexia, and influenza. Dose dependent increased risks of infection and herpes zoster were observed with RINVOQ. The safety profile for RINVOQ 15 mg and 30 mg in adolescents was similar to that in adults. With long-term exposure, skin papilloma was reported in adolescents in the RINVOQ 15 mg and 30 mg groups.

The most commonly reported adverse reactions in the UC and CD trials (≥3% of patients) with RINVOQ 45 mg, 30 mg or 15 mg were upper respiratory tract infection, pyrexia, blood CPK increased, anemia, headache, acne, herpes zoster, neutropenia, rash, pneumonia, hypercholesterolemia, bronchitis, AST increased, fatigue, folliculitis, ALT increased, herpes simplex, and influenza. The overall safety profile observed in patients with UC was generally consistent with that observed in patients with RA. Overall, the safety profile observed in patients with CD treated with RINVOQ was consistent with the known safety profile for RINVOQ.

Overall, the safety profile observed in patients with GCA treated with RINVOQ 15 mg was generally consistent with the known safety profile for RINVOQ.

The most common serious adverse reactions were serious infections.

The safety profile of RINVOQ with long-term treatment was generally similar to the safety profile during the placebo-controlled period across indications.

This is not a complete summary of all safety information.

See RINVOQ full Summary of Product Characteristics (SmPC) at www.ema.europa.eu

Globally, prescribing information varies; refer to the individual country product label for complete information.

About AbbVie in Immunology
AbbVie is relentless in our pursuit to redefine the standard of care for patients living with immune-mediated conditions, with the goal of helping them live a life free from the limitations of their disease. For more than 20 years, AbbVie has led and helped shape the field of immunology through groundbreaking science and trusted medicines. Building on deep expertise across gastroenterology, rheumatology and dermatology, and other areas of high unmet need, we continue to invest in a broad and differentiated pipeline – spanning innovative modalities, novel mechanisms of actions and next-generation approaches designed to conquer the complex biology underlying immune-mediated disease.

Today, more than 1 million patients worldwide are treated with AbbVie's immunology medicines, approved in more than 175 countries across 19 immune-mediated diseases that impact adult and pediatric populations. As we work to strengthen our legacy and drive the next wave of innovation, we remain focused on delivering meaningful progress for patients and expanding access to our medicines. For more information, please visit www.abbvie.com/immunology.

About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.

Forward-Looking Statements

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2025 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

References

RINVOQ. Package insert. North Chicago, IL: AbbVie Inc.; 2026. Alkhalifah A, Alsantali A, Wang E, McElwee KJ, Shapiro J. Alopecia areata update: part I. Clinical picture, histopathology, and pathogenesis. J Am Acad Dermatol. 2010;62(2):177-188, quiz 189-190. doi:10.1016/j.jaad.2009.10.032 Pratt CH, King LE, Messenger AG, Christiano AM, Sundberg JP. Alopecia areata. Nat Rev Dis Primers. 2017;3(1):17011. doi:10.1038/nrdp.2017.11 Davey L, Clarke V, Jenkinson E. Living with alopecia areata: an online qualitative survey study. Br J Dermatol. 2019;180(6):1377-1389. doi:10.1111/bjd.17463 Bain KA, McDonald E, Moffat F, et al. Alopecia areata is characterized by dysregulation in systemic type 17 and type 2 cytokines, which may contribute to disease-associated psychological morbidity. Br J Dermatol. 2020;182(1):130-137. doi:10.1111/bjd.18008 Macbeth AE, Holmes S, Harries M, et al. The associated burden of mental health conditions in alopecia areata: a population-based study in UK primary care. Br J Dermatol. 2022;187(1):73-81. doi:10.1111/bjd.21055 Marahatta S, Agrawal S, Adhikari BR. Psychological impact of alopecia areata. Dermatol Res Pract. 2020;2020:8879343. doi:10.1155/2020/8879343 Pipeline. AbbVie. 2026. Accessed July 27, 2026. https://www.abbvie.com/science/pipeline.html SOURCE AbbVie

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Meme coin trading has a new volume leader. Robinhood Chain’s suite of launchpads processed $1.23 billion in trading volume over the past seven days, edging out PumpSwap’s roughly $1.22 billion, according to the original report from WuBlockchain. The numbers appeared in on-chain data tracked by @Adam_Tehc.

Robinhood Chain Overtakes PumpSwap in Weekly Meme Coin Volume The flip is a milestone for Robinhood’s attempt to build a native on-chain ecosystem, but the more telling signal is what didn’t happen. The surge in Robinhood Chain activity did not leach volume from Pump.fun, the Solana-based meme coin factory. Instead, total meme coin trading activity across both venues appears to have grown. That suggests two platforms can coexist without an immediate zero-sum dynamic.

Robinhood Chain’s launchpad infrastructure includes a range of interfaces designed to lower the barrier for new token launches. While Pump.fun popularized the one-click fair-launch model on Solana, Robinhood is replicating the concept inside its own ecosystem, leveraging an existing user base of tens of millions of retail accounts. The shift from a traditional brokerage app to a first-party blockchain with native token creation tools marks one of the more aggressive moves by a U.S.-regulated entity into permissionless DeFi primitives.

Market participants have been watching these volumes closely because they test how far retail demand for speculative tokens can stretch across multiple chains. A year ago, Pump.fun alone frequently drove north of $1 billion in weekly volume, particularly during peaks of political meme coin hysteria. Now Robinhood Chain is matching those numbers, adding a second major distribution channel. The net expansion implies that appetite for low-liquidity, high-volatility tokens isn’t waning, even as traditional crypto majors consolidate.

Why Robinhood’s Growth Isn’t Hurting Pump.fun The lack of cannibalization also raises questions about market structure. Pump.fun remains dominant on Solana, a chain that continues to lead developer activity across all smart contract platforms, as seen in recent rankings covering Ethereum, BNB Chain, and Polygon in Top 10 Blockchains by Developer Activity This Week. Solana’s low fees and high throughput made it the natural home for meme coin speculation. Robinhood Chain, by contrast, is an Ethereum layer-2 built on Arbitrum Orbit, which means it brings a different technical profile and compliance layer to the game.

That compliance layer could matter for sustainability. Unlike anonymous deployers on Pump.fun, Robinhood’s launchpads are likely to enforce guardrails that limit extreme pump-and-dump mechanics or at least provide a pathway for regulatory engagement. How that tension plays out remains uncertain. If Robinhood Chain can offer fast token creation while giving the platform legal cover, it could attract a different class of token issuers—ones who are unwilling to deploy on completely unmoderated venues. The risk, however, is that meme coin trading is fundamentally about frictionless, anonymous speculation, and any KYC or gatekeeping dilutes the appeal.

Can Robinhood Sustain Its Meme Coin Momentum? The broader meme coin market is seeing frequent rotations, with tokens like $TON, $SIREN, and $VVV leading weekly gainer charts, as covered in Top Crypto Gainers of the Week. That rotation underscores the short-lived, narrative-driven nature of these assets. For a platform like Robinhood Chain, capturing even a fraction of that rolling liquidity in a regulated wrapper could be a long-term wedge into on-chain retail finance.

Yet the volumes tell only part of the story. On-chain data doesn’t always distinguish between organic user volume and wash trading or incentive-driven activity. Robinhood may be subsidizing activity through token rewards or fee rebates, and the sustainability of that model is unknown. PumpSwap’s numbers, meanwhile, are largely organic, though not immune to bot activity. When dollar figures are this close—just $10 million separating the two—any analysis should carry a margin of caution.

For now, the takeaway is that Robinhood has successfully bootstrapped a competitive meme coin launchpad environment within its chain, and the broader meme coin economy isn’t shrinking. That may embolden other centralized platforms to push deeper into permissionless token launches, blurring the lines between regulated apps and open DeFi even further. Whether regulators will treat a launchpad operating under a broker-dealer umbrella differently from a crypto-native protocol is the open question hanging over these numbers.

AUTHOR

Nicholas Otieno is a fintech writer specializing in cryptocurrency markets. Since 2019, he has written articles to educate readers about cryptocurrency and its substantial positive impact on global prosperity. Nicholas is a Bitcoin holder, believing firmly in its fundamentals. His work has been featured in publications such as Finance Magnates, Blockchain.News, Bitcoin Magazine, Coincub, and among others. When he's not writing, Nicholas enjoys performing domestic tasks, spending time with friends, listening to music, and watching football.

Mondelez International Inc (MDLZ) Q2 2026 Earnings Call Highlights: Strong Growth in Emerging Markets Amid Global Challenges Mondelez International Inc (MDLZ) reports robust top-line growth and market share gains, while navigating economic headwinds and regional challenges. + GuruFocus.com on

Release Date: July 28, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points Mondelez International Inc MDLZ reported strong top-line growth of 4.4% in Q2, driven by robust performance in emerging markets.The company expanded its distribution network significantly, adding 100,000 stores in India and reaching 1 million stores in Brazil.Mondelez International Inc (MDLZ) gained market share in all categories in North America, with strong growth in the value channel and away-from-home segments.The company has a strong innovation pipeline, with successful products like Ritz Drizzled, Sour Patch Kids Chews, and Oreo contributing to growth.Mondelez International Inc (MDLZ) is investing heavily in brand reinvestment and innovation, with plans to accelerate these efforts in the second half of the year. Negative Points Consumer confidence in North America remains subdued due to inflation and economic concerns, impacting purchasing behavior.The company faces challenges in China, where consumer confidence is softer, although gradual improvement is expected.Mondelez International Inc (MDLZ) is experiencing incremental costs from the Middle East conflict, affecting financial performance.The European market has been impacted by a heat wave, affecting chocolate consumption and leading to lower-than-expected Q2 results.Cocoa price volatility poses a risk, although the company is taking steps to mitigate its impact on future earnings. Q & A Highlights Q: Emerging markets have shown strong performance for the second quarter. What gives you confidence in the outlook for the second half in these markets?
A: Dirk Van De Put, CEO, highlighted that the strong top line growth of 4.4% and solid volume in Q2 are driven by a stable consumer confidence in emerging markets. India, Mexico, and Brazil are performing well, while China is expected to improve. The expansion of distribution, with significant store additions in India and Brazil, and a mix of global brands and local products are key factors. This growth is seen as structural rather than cyclical, suggesting continued strong performance.

Q: Can you elaborate on the improvement in North America and its sustainability for the rest of the year?
A: Dirk Van De Put, CEO, noted that while consumer confidence in North America has rebounded, it remains subdued due to inflation and energy prices. Despite this, Mondelez saw strong net revenue growth and positive volume mix, gaining share in all categories. The success is attributed to disciplined promotional execution, effective innovation, and strong growth in value channels. The company plans to continue reinvesting and expects a strong second half.

Q: As the new CFO, what are your initial observations about Mondelez?
A: Amit Banati, CFO, expressed confidence in Mondelez's iconic brand portfolio and strong innovation pipeline. He sees significant growth opportunities in emerging markets and under-indexed channels. Banati also highlighted opportunities for productivity improvements, particularly through AI-enabled efficiencies, which will support reinvestment in growth.

Q: Can you provide insights into the outlook for the remainder of the year, especially regarding top line and EPS guidance?
A: Amit Banati, CFO, stated that the company feels good about the top line, expecting at least 2% growth driven by strong performance in emerging markets and improving execution in North America. EPS guidance remains unchanged, with any upside reinvested into areas showing momentum. The company anticipates a back-weighted earnings distribution due to phasing on cocoa and other factors.

Q: What are the expectations for volume improvement in Europe, considering recent challenges like the heat wave?
A: Luca Zaramella, COO, explained that European chocolate business is on a positive volume mix trajectory, expected to continue in the second half as they lap prior year pricing. Despite a heat wave impacting Q2, the company is confident about improved execution and activation, particularly around brands like Biscoff and Milka Croissant, leading to better performance in the second half.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Zcash says Ironwood proof rules out undetectable counterfeiting bugsZcash researchers published more than 2,700 machine-checked theorems designed to rule out undetectable counterfeiting bugs in Ironwood.

Zcash researchers have completed formal verification of Ironwood, publishing a machine-checked proof that the network’s new shielded pool does not contain undetectable counterfeiting bugs under its stated cryptographic assumptions. 

On Tuesday, Project Tachyon said that the proof, written in the Lean programming language, comprises over 2,700 theorems and took three teams of researchers and cryptographers over a month to complete. The work establishes a security property known as balance integrity, designed to ensure the shielded pool cannot pay out more value than has publicly entered it.

The researchers said the proof covers the components needed for that property, including Ironwood’s zero-knowledge proof system, circuit rules and ledger-level accounting. It does not cover Ironwood’s separate privacy guarantees. 

Ironwood was introduced through Zcash’s NU6.3 upgrade in response to a vulnerability discovered in its Orchard shielded pool that could theoretically have enabled undetectable ZEC counterfeiting. Zcash developers said they found no evidence that the flaw had been exploited. The new pool was designed to restore confidence in Zcash’s supply integrity.

Funds migrating from Orchard must pass through a public accounting checkpoint known as a turnstile, which is designed to prevent any hypothetical excess coins from entering Ironwood. As funds leave Orchard, the process may also provide increasing evidence about whether the old pool was exploited.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Asia-Pacific Images Studio/iStock via Getty Images

Utilities have become an exciting sector as both market prices and fundamentals are changing rapidly. We monitor the relative opportunity of the major electric utilities as factors change and have come to believe that WEC Energy Group (WEC) has become more opportunistic than Dominion (D).

This article will discuss why we are trimming D in favor of WEC. We shall begin with a discussion of Dominion as it has played out and follow with a renewed thesis on WEC.

Dominion—Still Strong but Valuation is Less Appealing Due to Appreciation We have liked Dominion since our initial thesis that it would have powerful demand drivers through its access to northern Virginia, which is the epicenter of data center development. Aside from some minor delays and cost overruns on CVOW, fundamentals have played out beautifully.

Dominion has successfully grown earnings and still has an impressively large growth pipeline. Dominion has had 2 main challenges, which previously caused it to trade at a discount to most electric utilities:

Higher leverage at 60% debt to capital High capital needs to fund the load growth In May of 2026, it was announced that NextEra Energy (NEE) was going to buy Dominion and form the largest electric utility ever.

We liked the merger right away as it directly solves both of Dominion's challenges. NEE has access to vast amounts of low-cost capital, which means the combined company will be able to very accretively fund Dominion's growth pipeline. As the merger was announced, the market was hesitant to believe it would go through, which left a large arbitrage gap that we discussed in the above-linked article.

Specifically, Dominion was trading at $68.32 (at the time of writing the above-linked article), while the value of NEE shares, into which it would convert upon merger completion, was $73.36. Furthermore, D was due just over $4.00 in dividends while waiting for closing, such that the overall upside was 13.25%.

Portfolio Income Solutions

Over time, the arbitrage gap began to close as the market got more comfortable with the deal. On July 16th, D and NEE filed with regulators to approve the merger, which solidified that both parties are interested and pursuing a path to closing.

That largely closed the arbitrage gap. As of 7/21/26, D is trading at $70.15 with the converted value in NEE shares worth $71.49.

Portfolio Income Solutions

With about 5 dividend periods until expected close date, D shareholders would get total proceeds of $74.83 for total remaining merger upside of 6.67%. Given the roughly 1.25 years until expected close, this seems about right, and I would consider the arbitrage to be essentially played out.

There remains some chance the merger will get shot down by regulators, so it is not risk-free, but I consider it fairly low risk for 2 reasons:

Both companies are stable and successful as stand-alone There is a hefty breakup fee that NEE would have to pay Dominion that would substantially pad any downside from a failed merger. Given the rise in Dominion's price, it is no longer trading at a material discount to peer electric utilities.

2nd Market Capital

Dominion is trading at 12.14X 2027 EBITDA compared to 11.96X for the sector. Its PE multiple is fractionally lower than peers, making its overall valuation essentially right in the middle.

We still prefer the Dominion leg over the NEE leg. The combined company looks to be an entirely reasonable investment with good growth in both Virginia and Florida. However, the less attractive valuation after the run-up encourages us to look elsewhere in the sector.

The WEC Buy Thesis I think the market has misinterpreted the strict VLC Tariff (very large customer) tariff passed by the Public Service Commission of Wisconsin as a negative. In a more balanced demand environment, the terms could be demand destructive for data center development, but presently time-to-market is the key desideratum of where to develop, and the structure of the tariff actually improves time-to-market.

The result is that WEC gets development terms that are highly favorable to the utility while experiencing a quantity of demand that will materially expand their earnings power over time.

Let us begin with a discussion of the VLC Tariff and move on to show how it is facilitating a massive load expansion for WEC.

The VLC Tariff WEC proposed a VLC Tariff along with a Bespoke Resources Tariff for large customers in March, which was meant to do 2 things:

Protect ordinary customers from having to foot the bill for data center development Create a framework of guaranteed payment such that WEC would not be left without a revenue source if the large customer were to back out. In their proposal, WEC called for it to apply to customers over 500MW and wanted to establish a minimum 10-year term so as to make sure they got paid back for development expenses.

The Public Service Commission of Wisconsin reviewed the proposal and made it substantially more aggressive before passing it on April 24th, 2026.

Yale Clean Energy Forum discusses the VLC Tariff in greater detail.

The PSC's version upped the terms to include:

Financial guarantees for VLCs below A- credit rating 100 MW or bigger rather than 500MW or bigger Generation and transmission costs are 100% of VLC customer-funded. 15-year minimum term Early exit fee for full reimbursement of costs One may note that each of these terms is “against” the data center in the sense that it locks them in and forces them to pay a larger share of the bill aimed to ensure they pay at least 100% of the costs.

This makes the terms of any data center development quite favorable to WEC because they will get a very high ROE on data center development, and that return is backed by a long contract with a high credit tenant or a capital reserve set aside.

While these terms are favorable for WEC, they could be viewed as demand destructive. If the terms are too aggressive against data centers, they may choose to locate elsewhere, potentially causing WEC to lose some of what would have been load growth.

The market seems to have interpreted the Public Service Commission's version as demand destructive, as WEC has materially underperformed its peers.

SA

Note on the chart above how WEC has basically flatlined since it submitted its VLC proposal in March.

I think the market's interpretation is wrong and that the VLC Tariff is bullish for WEC.

Why the VLC Tariff Matters and How It Impacts WEC Earnings There are always going to be tradeoffs in regulation, and this is among the more ironclad in terms of making sure the data centers pay for the development.

We see the VLC Tariff having 3 main effects:

Data center developers are slightly disincentivized economically to build in this jurisdiction. Regulators will be faster and more willing to accommodate the development of data centers given the protection to residential customers. Data center developers currently care more about speed to market rather than cost to build. Thus, while demand remains high and speed to market is the key issue, the tariffs may actually stimulate activity.

Data center development is being aggressively fought at both a state and local level, such as the data center moratorium in New York. This red tape exacerbates what is already a slow process of building new power generation.

We believe the clear framework set forth in the Wisconsin VLC Tariff and the safeguards for residential customers go a long way to reducing that red tape. To the extent it can guarantee the data centers pay for the power and transmission, data center development is an economic and employment boon for the state and local areas. It makes it much easier to greenlight projects and thereby reduces time-to-delivery.

Faster development is a big deal for the hyperscalers who want to win the AI race, and I believe that is why so many data centers are popping up in Wisconsin.

Microsoft is building an enormous data center at Mount Pleasant

WEC

Vantage is building a data center for OpenAI and Oracle in Port Washington, where WEC already generates substantial power.

WEC

Beyond data centers, Wisconsin has strong manufacturing growth, as discussed by Scott Lauber, WEC's CEO, on the 1Q26 earnings call:

“There's other notable growth in the state. As a recent example, Milwaukee Tool has announced plans to further expand its campus in our territory, including a new research and development facility. Waukesha Engine also announced plans to expand upon its local operation and employee base. In addition, we're starting to see good housing development. In fact, realtor.com recognized Racine County, home of the Microsoft site, as one of the nation's hottest housing markets. We're committed to meeting the growing demand across our service areas as we invest in our system for increased capacity and reliability.”

These large-scale projects are fueling WEC's load growth and the earnings growth that comes along with it. In total, WEC plans to outlay $37.5B over the next 5 years.

WEC

Since utilities have regulated ROE and a higher ROE attached to data centers subject to the VLC Tariff, deployed capital translates directly to earnings per share growth. As these projects come online, WEC anticipates earnings growth accelerating to 8% annually.

WEC

WEC can fund this development at a reasonably low cost of capital. In June they issued $400 million of 5-year notes at 4.65% and $400 million of 10-year notes at 5.10%. This low spread over Treasuries is a testament to their strong balance sheet and operating track record.

High Total Return Potential Relative to Risk With earnings growth accelerating to 8% annually and a 3.4% dividend yield, WEC is positioned to deliver an annual total return of 11.4% if one were to assume the multiple at which it trades remains flat.

That is a high return for a large-cap electric utility, which is generally considered to be below average risk for an equity. I would consider the outsized return relative to risk to represent mispricing and suggest that WEC will appreciate until such a price that it is generating a more normal forward expected return for its risk level.

Primary Risk to WEC If demand for data centers were to drop off substantially, the aggressive terms of the VLC Tariff could indeed become demand destructive. We will be watching hyperscaler capex closely as their earnings reports roll out. High capex is good for utilities broadly and especially WEC.

Uniswap founder rejects claims v4 fees reduce LP earningsHayden Adams said critics misunderstood Uniswap’s newly approved v4 protocol fees, rejecting claims the change reduces liquidity providers’ earnings.

Uniswap founder Hayden Adams pushed back against criticism of Uniswap’s newly activated v4 protocol fees, arguing that claims they reduce liquidity providers’ earnings are based on incorrect assumptions.

In an X post on Tuesday, Adams said recent criticism surrounding the protocol fee activation amounted to “FUD and misunderstanding.”

Adams also disputed claims that the protocol was taking 25% of LP profits. Using a 30-basis-point pool as an example, he said a 5-basis-point protocol fee represents about 14% of total swap fees, not a reduction in LP earnings.

The comments came after Uniswap governance approved the activation of protocol fees for selected v4 pools across multiple blockchains. Adams rejected claims that liquidity providers would earn lower fees, saying protocol fees are additive rather than deducted from existing LP fees.

Uniswap is the world’s largest decentralized exchange by total value locked, with about $3.06 billion secured on the protocol, according to DefiLlama.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Meta Platforms (META -0.06%) has underperformed broader equities over the past year. One of the most important reasons why is that although it has ramped up spending to capitalize on what it perceives as a large opportunity in artificial intelligence (AI), the market doesn't see it that way. Meta's increased spending could lead to lower profits and margins if it doesn't achieve the return on investment it expects, the argument goes. However, Meta Platforms' CEO, Mark Zuckerberg, remains unapologetically bullish on AI. Under his leadership, the company is reportedly working on a deal that could justify the billions it is pouring into the technology.

Image source: The Motley Fool.

Meta's new business venture is slowly taking shape Several weeks ago, reports surfaced suggesting that Meta Platforms was planning to launch a cloud business. The company is apparently looking to rent out excess AI computing capacity to other corporations. Now, Meta is reportedly in early talks to do exactly that with Anthropic, a leading AI company, although the deal is far from done and could still fall through. Anthropic builds large language models (LLMs) and is the corporation behind Claude, a family of LLMs that are arguably among the best on the market. Meta could sign a two-year, $10 billion deal to rent excess AI capacity to Anthropic.

The social media specialist generated about $200 billion in sales last year; an extra $5 billion per year may not move the needle. However, if Meta does secure this deal, it might only be the first of many. Anthropic isn't a small client, and it has historically relied on Amazon (AMZN -0.19%), the industry leader, for its cloud computing needs. Securing a client like this will be a great way for Meta Platforms to enter the cloud market. As analysts project rapid expansion in AI infrastructure spending over the next several years, Meta could sign similar deals with other big names and turn its cloud computing business into a meaningful growth driver.

Today's Change

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-0.06

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-0.33

Current Price

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593.54

Is Meta Platforms stock a buy? Meta Platforms' financial results remain strong. The company has improved its core advertising business thanks to AI. Sophisticated recommendation algorithms have helped increase engagement across its websites and apps, while the company has also made it much easier for advertisers to launch ad campaigns. So far, Zuckerberg's optimism has borne fruit, and while some investors worry the AI tailwind will end, there are strong reasons to believe otherwise.

With more than three billion daily active users, Meta Platforms may only be in the early innings of its efforts to monetize AI. In the future, the company could make money from several initiatives, including subscriptions, AI agents for businesses and customers on WhatsApp, among many other monetization schemes the company could launch. Meta Platforms is still fine-tuning its cloud computing business, but its core operations are already strong, and this new opportunity may be the icing on the cake. That's why Meta Platforms' shares are worth buying on the dip.

Strategic shift towards upmarket: Transitioning from a transaction-oriented marketplace toward a trusted work platform for higher-value projects.Early indicators in higher-value work: Clients completing $1,000+ projects grew 13% y/y on a trailing twelve month basis.Infrastructure and matching optimization: Implemented upgrades to improve matching quality and project outcomes for higher-value work, including live deployment of Fiverr’s proprietary Knowledge Graph.Capital allocation and liquidity: Generated $13.6 million in free cash flow and ended with a cash, cash equivalent, deposits and marketable securities balance of $308.5 million.2026 Outlook: Provided revised financial guidance ranges through fiscal year 2026 to reflect AI-related demand and traffic headwinds observed in recent weeks that have continued into the third quarter, and persistent weakness across categories most exposed to AI automation. NEW YORK, July 29, 2026 (GLOBE NEWSWIRE) -- Fiverr International Ltd. (NYSE: FVRR), the company that is transforming the way the world creates and works together, today reported financial results for the second quarter 2026. Additional operating results and management commentary can be found in the Company’s shareholder letter, which is posted to its investor relations website at investors.fiverr.com.

“What we’re seeing right now is an accelerated evolution of the freelance economy. Our second quarter results reflect a market that is changing faster than expected, driven by rapid AI adoption. As a result, we are focused on repositioning toward higher-value work. While AI absorbs high-volume, low-value, transactional tasks, it is also unlocking the need for longer duration projects where AI tools enhance human expertise, workflow management, and accountability,” said Micha Kaufman, founder and CEO of Fiverr. “This is a multi-quarter transformation, and our priority is to execute with discipline as we build Fiverr into a trusted destination for higher-value work.”

“Our second quarter performance reflects the early stages of a significant transition, as we manage an accelerated shift in how rapid AI adoption impacts low-value, transactional work. We have adjusted our guidance to reflect these ongoing dynamics and the time required for our transformation initiatives to materialize in the financial results,” said Esti Levy-Dadon, CFO of Fiverr. “Importantly, we continue to run a lean organization, focused on cost discipline to maintain profitability. Our balance sheet will provide the necessary flexibility as we stabilize the core marketplace, invest in our upmarket transition, and evaluate capital allocation opportunities with a focus on long-term value creation.”

Second Quarter 2026 Financial Highlights

Revenue in the second quarter of 2026 was $97.8 million, compared to $108.6 million in the second quarter of 2025, a decrease of 10.0% year over year.Marketplace revenue in the second quarter of 2026 was $63.1 million, compared to $74.7 million in the second quarter of 2025, a decline of 15.5% year over year.Annual active buyers1 as of June 30, 2026, were 2.7 million, compared to 3.4 million as of June 30, 2025, a decline of 21.9% year over year.Annual spend per buyer1 as of June 30, 2026, reached $368, compared to $318 as of June 30, 2025, an increase of 15.6% year over year.Marketplace take rate1 for the twelve months period ended June 30, 2026 was 28.0%, compared to 27.6% for the twelve months period ended June 30, 2025.Services revenue in the second quarter of 2026 was $34.6 million, compared to $34.0 million in the second quarter of 2025, an increase of 2.0% year over year.GAAP gross margin in the second quarter of 2026 was 81.7%, an increase of 50 basis points from 81.2% in the second quarter of 2025. Non-GAAP gross margin1 in the second quarter of 2026 was 84.7%, an increase of 20 basis points from 84.5% in the second quarter of 2025.GAAP net income in the second quarter of 2026 was $4.5 million, or $0.12 basic and diluted net income per share, compared to $3.2 million GAAP net income, or $0.09 basic and diluted net income per share in the second quarter of 2025.Non-GAAP net income1 in the second quarter of 2026 was $18.3 million, or $0.51 basic non-GAAP net income per share1 and $0.50 diluted non-GAAP net income per share1, compared to $27.4 million non-GAAP net income1, or $0.75 basic non-GAAP net income per share1 and $0.69 diluted non-GAAP net income per share1, in the second quarter of 2025.Net cash provided by operating activities in the second quarter of 2026 was $13.8 million, compared to $25.2 million in the second quarter of 2025, a decrease of 45.1% year over year.Free cash flow1 in the second quarter of 2026 was $13.6 million, compared to $25.0 million in the second quarter of 2025, a decrease of 45.5% year over year.Adjusted EBITDA1 in the second quarter of 2026 was $17.5 million, compared to $21.4 million in the second quarter of 2025. Adjusted EBITDA margin1 was 17.9% in the second quarter of 2026, compared to 19.7% in the second quarter of 2025, representing a 180 basis points decline year over year. Financial Outlook

Our revised financial guidance through the remainder of fiscal year 2026 reflects the accelerated impacts of certain external factors on the business, recent operating and financial performance, and the dynamic environment in which we will continue to operate as our business transformation progresses.

 Q3 2026FY 2026Revenue$80 - $88 million$356 - $372 milliony/y growth(26)% - (18)%(17)% - (14)%Adjusted EBITDA(1)$8 - $12 million$52 - $62 million
Conference Call and Webcast Details

Fiverr’s management will host a conference call to discuss its financial results on Wednesday, July 29, 2026, at 8:30 a.m. Eastern Time. A live webcast of the call can be accessed from Fiverr’s Investor Relations website. An archived version will be available on the website after the call. To participate in the conference call, please dial: Toll-Free: 1-833-630-1956 or International: 1-412-317-1837.

1 See “Key Performance Metrics and Non-GAAP Financial Measures” and reconciliation tables at the end of this release for additional information regarding the non-GAAP metrics and Key Performance Metrics used in this release.

About Fiverr

Fiverr’s mission is to transform the way the world creates and works together. We’re shaping the future of work with the world’s leading open platform, seamlessly connecting top talent and cutting-edge technology with businesses around the globe. From expert freelancers in over 750 skilled categories to best-in-class GenAI models and agents, Fiverr provides the most advanced and comprehensive talent and tools for digital services—helping businesses get mission-critical projects done fast and cost-effectively.

From small businesses to Fortune 500 companies, millions trust Fiverr for projects in software and AI development, digital marketing, finance, business consulting, video animation, music, architecture, and more.

Learn how to future-proof your business with exceptional talent and cutting-edge tools at fiverr.com. Follow us on LinkedIn, Instagram, TikTok, and Facebook.

Investor Relations:
Steve Rubis
Emily Greenstein
[email protected]

Press:
Jenny Chang
Madeleine Bendalin
[email protected]

Source: Fiverr International Ltd.

CONSOLIDATED BALANCE SHEETS    (in thousands)           June 30, December 31,   2026   2025   (Unaudited) (Audited)Assets    Current assets:    Cash and cash equivalents $151,194  $125,215 Marketable securities  29,099   117,705 User funds  156,422   159,849 Bank deposits  70,000   40,000 Restricted deposit  3,423   3,409 Other receivables  37,634   34,465 Total current assets  447,772   480,643      Long-term assets:    Marketable securities  58,244   - Property and equipment, net  2,892   3,360 Operating lease right of use asset  2,035   3,513 Deferred Tax Assets, net  28,395   26,423 Intangible assets, net  30,461   36,554 Goodwill  126,313   126,313 Other non-current assets  4,627   7,795 Total long-term assets  252,967   203,958      TOTAL ASSETS $700,739  $684,601      Liabilities and Shareholders' Equity    Current liabilities:    Trade payables $12,128  $9,081 User accounts  146,589   149,454 Deferred revenue  18,019   18,567 Other account payables and accrued expenses  67,538   68,426 Operating lease liabilities  2,162   3,365 Total current liabilities  246,436   248,893      Long-term liabilities:    Operating lease liabilities  516   798 Other non-current liabilities  16,531   22,926 Total long-term liabilities  17,047   23,724      TOTAL LIABILITIES $263,483  $272,617      Shareholders' equity:    Share capital and additional paid-in capital  808,858   786,195 Accumulated deficit  (372,723)  (377,739)Accumulated other comprehensive income  1,121   3,528 Total shareholders' equity  437,256   411,984      TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $700,739  $684,601       CONSOLIDATED STATEMENTS OF OPERATIONS       (in thousands, except share and per share data)                Three Months Ended Six Months Ended June 30, June 30,  2026   2025   2026   2025  (Unaudited)(Unaudited)(Unaudited)(Unaudited)Revenue$97,783  $108,648  $203,274  $215,832 Cost of revenue 17,852   20,384   36,685   40,780 Gross profit 79,931   88,264   166,589   175,052         Operating expenses:       Research and development 18,627   23,994   36,688   47,621 Sales and marketing 41,515   44,844   87,094   92,234 General and administrative 15,409   21,415   29,932   42,381 Total operating expenses 75,551   90,253   153,714   182,236 Operating income (loss) 4,380   (1,989)  12,875   (7,184)Financial income and other, net 1,646   6,554   3,609   13,879 Income before taxes on income 6,026   4,565   16,484   6,695 Taxes on income (1,557)  (1,377)  (3,451)  (2,709)Net income attributable to ordinary shareholders$4,469  $3,188  $13,033  $3,986 Basic net income per share attributable to ordinary shareholders$0.12  $0.09  $0.36  $0.11 Basic weighted average ordinary shares 36,313,450   36,585,998   36,112,297   36,523,934 Diluted net income per share attributable to ordinary shareholders$0.12  $0.09  $0.36  $0.11 Diluted weighted average ordinary shares 36,558,208   37,499,304   36,549,605   37,617,438  CONSOLIDATED STATEMENTS OF CASH FLOWS        (in thousands)                   Three Months Ended Six Months Ended  June 30, June 30,   2026   2025   2026   2025   (Unaudited) (Unaudited)Cash flows from operating activities:        Net income $4,469  $3,188  $13,033  $3,986 Adjustments to reconcile net income to net cash provided by operating activities:        Depreciation and amortization  3,425   4,089   6,839   8,373 Amortization of premium and accretion of discount of marketable securities, net  (177)  (1,530)  (424)  (1,597)Amortization of discount and issuance costs of convertible notes  -   642   -   1,283 Shared-based compensation  8,223   14,055   17,205   29,809 Exchange rate fluctuations and other items, net  (175)  (345)  (49)  (344)Revaluation of earn-outs  (90)  4,067   73   7,329 Changes in assets and liabilities:        User funds  8,048   2,930   3,427   (10,810)Operating lease ROU assets and liabilities  45   385   (7)  312 Other receivables  (2,196)  (2,399)  (2,843)  (287)Deferred tax assets, net  (1,060)  (1,543)  (1,972)  (3,224)Trade payables  2,211   58   3,019   1,362 Deferred revenue  (2,152)  (1,163)  (548)  749 User accounts  (6,439)  (2,579)  (2,865)  10,356 Payment of earn-out  (1,800)  -   (5,283)  - Other accounts payable and accrued expenses  1,249   5,264   4,831   6,287 Non-current liabilities  262   85   583   (71)Net cash provided by operating activities  13,843   25,204   35,019   53,513          Investing Activities:        Investment in marketable securities  (39,230)  -   (63,654)  (55,652)Proceeds from maturities of marketable securities  40,637   97,102   93,969   180,271 Investment in short-term bank deposits  -   (500)  (30,000)  (2,000)Proceeds from short-term bank deposits  5   -   5   843 Purchase of property and equipment  (208)  (185)  (367)  (472)Capitalization of internal-use software  -   -   -   (661)Other receivables and non-current assets  -   -   901   - Net cash provided by investing activities  1,204   96,417   854   122,329          Financing Activities        Repurchases of common stock  -   -   (8,017)  - Proceeds from exercise of share options  369   2,101   1,349   2,579 Payment of earn-out  -   -   (1,717)  - Proceeds from withholding tax related to employees' exercises of share options and RSUs, net  (226)  2,349   (507)  1,288 Deferred payment related to business combination  -   -   (1,078)  - Net cash provided by (used in) financing activities  143   4,450   (9,970)  3,867          Effect of exchange rate fluctuations on cash and cash equivalents  163   345   76   339          Increase in cash and cash equivalents  15,353   126,416   25,979   180,048 Cash and cash equivalents at the beginning of the period  135,841   187,104   125,215   133,472 Cash and cash equivalents at the end of the period $151,194  $313,520  $151,194  $313,520  REVENUE BREAKDOWN        (in thousands(1))                   Three Months Ended Six Months Ended  June 30, June 30,   2026   2025   2026   2025 Marketplace Revenue $63,141  $74,689  $130,275  $152,363 Annual Active Buyers  2,676   3,425   2,676   3,425 Annual Spend per Buyer $368  $318  $368  $318 Marketplace Take Rate  28.0%  27.6%  28.0%  27.6%         Services Revenue $34,642  $33,959  $72,999  $63,469 Total Revenue $97,783  $108,648  $203,274  $215,832          (1)Except for Annual Spend per Buyer and Marketplace Take Rate     RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT              (in thousands, except gross margin data)                                              Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 FY 2024 FY 2025      (Unaudited)     (Unaudited) (Unaudited)GAAP gross profit $88,264  $88,137  $88,304  $86,658  $79,931  $320,915  $351,493 Add:              Share-based compensation  403   365   39   256   247   2,136   1,230 Depreciation and amortization  3,155   2,186   2,446   2,582   2,605   7,017   10,951 Restructuring costs  -   238   (35)  -   -   -   203 Earn-out revaluation, acquisition related costs and other  -   (43)  6   6   6   28   7 Non-GAAP gross profit $91,822  $90,883  $90,760  $89,502  $82,789  $330,096  $363,884 Non-GAAP gross margin  84.5%  84.2%  84.7%  84.8%  84.7%  84.3%  84.4%                              RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME AND NET INCOME PER SHARE        (in thousands, except share and per share data)                                              Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 FY 2024 FY 2025      (Unaudited)     (Unaudited) (Unaudited)GAAP net income attributable to ordinary shareholders $3,188  $5,537  $11,460  $8,564  $4,469  $18,246  $20,983 Add:              Depreciation and amortization  4,089   3,074   3,245   3,414   3,425   10,476   14,692 Share-based compensation  14,055   11,925   9,655   8,982   8,223   73,942   51,389 Impairment of intangible assets  -   2,400   -   -   -   -   2,400 Restructuring costs  -   3,567   (143)  -   -   -   3,424 Earn-out revaluation, acquisition related costs and other  5,294   3,111   7,854   1,725   1,496   5,631   20,858 Convertible notes amortization of discount and issuance costs  642   643   214   -   -   2,555   2,140 Taxes on income related to non-GAAP adjustments  (351)  (235)  (268)  (278)  (281)  (16,610)  (1,234)Exchange rate loss, net  531   431   126   463   1,008   859   446 Non-GAAP net income $27,448  $30,453  $32,143  $22,870  $18,340  $95,099  $115,098 Weighted average number of ordinary shares - basic  36,585,998   36,415,189   36,107,120   35,971,243   36,313,450   36,984,757   36,281,883 Non-GAAP basic net income per share attributable to ordinary shareholders $0.75  $0.84  $0.89  $0.64  $0.51  $2.57  $3.17                Weighted average number of ordinary shares - diluted  39,653,165   39,391,560   37,387,076   36,601,102   36,558,208   39,994,015   38,969,647 Non-GAAP diluted net income per share attributable to ordinary shareholders $0.69  $0.77  $0.86  $0.62  $0.50  $2.38  $2.95                               RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA            (in thousands, except adjusted EBITDA margin data)                               Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 FY 2024 FY 2025      (Unaudited)     (Unaudited) (Unaudited)GAAP net income $3,188  $5,537  $11,460  $8,564  $4,469  $18,246  $20,983 Add:              Financial income and other  (6,554)  (6,815)  (3,899)  (1,963)  (1,646)  (27,706)  (24,593)Taxes on income (tax benefit)  1,377   1,382   (1,658)  1,894   1,557   (6,358)  2,433 Depreciation and amortization  4,089   3,074   3,245   3,414   3,425   10,476   14,692 Share-based compensation  14,055   11,925   9,655   8,982   8,223   73,942   51,389 Impairment of intangible assets  -   2,400   -   -   -   -   2,400 Restructuring costs  -   3,567   (143)  -   -   -   3,424 Earn-out revaluation, acquisition related costs and other  5,294   3,111   7,854   1,725   1,496   5,631   20,858 Adjusted EBITDA $21,449  $24,181  $26,514  $22,616  $17,524  $74,231  $91,586 Adjusted EBITDA margin  19.7%  22.4%  24.7%  21.4%  17.9%  19.0%  21.3%               RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES            (In thousands)                               Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 FY 2024 FY 2025      (Unaudited)     (Unaudited) (Unaudited)GAAP research and development $23,994  $25,150  $17,893  $18,061  $18,627  $90,241  $90,664 Less:              Share-based compensation  4,129   3,229   2,333   2,196   1,816   23,569   14,421 Depreciation and amortization  313   309   301   279   266   831   1,188 Restructuring costs  -   2,258   (85)  -   -   -   2,173 Earn-out revaluation, acquisition related costs and other  62   (83)  137   159   160   28   181 Non-GAAP research and development $19,490  $19,437  $15,207  $15,427  $16,385  $65,813  $72,701                GAAP sales and marketing $44,844  $40,669  $43,772  $45,579  $41,515  $171,678  $176,675 Less:              Share-based compensation  1,369   1,338   1,079   984   1,037   13,592   6,032 Depreciation and amortization  550   507   429   467   469   2,308   2,202 Impairment of intangible assets  -   -   2,400   -   -   -   2,400 Restructuring costs  -   829   (2)  -   -   -   827 Earn-out revaluation, acquisition related costs and other  1,147   805   1,263   1,385   1,400   1,878   4,412 Non-GAAP sales and marketing $41,778  $37,190  $38,603  $42,743  $38,609  $153,900  $160,802                GAAP general and administrative $21,415  $22,214  $20,736  $14,523  $15,409  $74,814  $85,331 Less:              Share-based compensation  8,154   6,993   6,204   5,546   5,123   34,645   29,706 Depreciation and amortization  71   72   69   86   85   320   351 Impairment of intangible assets  -   2,400   (2,400)  -   -   -   - Restructuring costs  -   242   (21)  -   -   -   221 Earn-out revaluation, acquisition related costs and other  4,085   2,432   6,448   175   (70)  3,697   16,258 Non-GAAP general and administrative $9,105  $10,075  $10,436  $8,716  $10,271  $36,152  $38,795                                                             RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW        (In thousands)                               Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 FY 2024 FY 2025      (Unaudited)     (Unaudited) (Unaudited)Net cash provided by operating activities $25,204  $29,206  $21,870  $21,176  $13,843  $83,068  $104,589 Purchase of property and equipment  (185)  (77)  (98)  (159)  (208)  (1,303)  (647)Capitalization of internal-use software  -   -   -   -   -   (103)  (661)Free cash flow $25,019  $29,129  $21,772  $21,017  $13,635  $81,662  $103,281  Key Performance Metrics and Non-GAAP Financial Measures

This release includes certain key performance metrics and financial measures not based on GAAP, including Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow, as well as operating metrics, including marketplace Gross Merchandise Value or GMV, annual active buyers, annual spend per buyer and marketplace take rate. Some amounts in this release may not total due to rounding. All percentages have been calculated using unrounded amounts.

We define each of our non-GAAP measures of financial performance, as the respective GAAP balances shown in the above tables, adjusted for, as applicable, depreciation and amortization, share-based compensation expenses, restructuring costs, impairment of intangible assets, earn-out revaluation, acquisition related costs and other, income taxes, amortization of discount and issuance costs of convertible note, financial (income) expenses, net and other. Amortization of acquired intangible assets is excluded from the measures, however, the revenue from the acquired companies is included, and their assets actively contribute to revenue generation. Non-GAAP gross margin represents non-GAAP gross profit expressed as a percentage of revenue. We define non-GAAP net income (loss) per share as non-GAAP net income (loss) divided by GAAP weighted-average number of ordinary shares basic and diluted. We use free cash flow as a liquidity measure and define it as net cash provided by operating activities less capital expenditures. We define Adjusted EBITDA margin as Adjusted EBITDA expressed as a percentage of revenue.

We define GMV or marketplace Gross Merchandise Value as the total value of transactions ordered through our marketplace, excluding value-added tax, goods and services tax, service chargebacks and refunds. Annual active buyers on any given date is defined as buyers who have ordered a Gig on our marketplace within the last 12-month period, irrespective of cancellations. Annual spend per buyer on any given date is calculated by dividing our GMV within the last 12-month period by the number of annual active buyers as of such date. Marketplace take rate for a given period means marketplace revenue for such period divided by GMV for such period. When we refer in this release to the marketplace we refer to transactions conducted between buyers and freelancers on Fiverr.com. When we refer to the platform we refer to the marketplace and our additional services.

Management and our board of directors use certain metrics as supplemental measures of our performance that are not required by, or presented in accordance with GAAP because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations. We also use these metrics for planning purposes, including the preparation of our internal annual operating budget and financial projections, to evaluate the performance and effectiveness of our strategic initiatives and capital expenditures and to evaluate our capacity to expand our business. In addition, we believe that free cash flow, which we use as a liquidity measure, is useful in evaluating our business because free cash flow reflects the cash surplus available or used to fund the expansion of our business after the payment of capital expenditures relating to the necessary components of ongoing operations. Capital expenditures consist primarily of property and equipment purchases and capitalized software costs.

Free cash flow should not be used as an alternative to, or superior to, cash from operating activities. In addition, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share as well as operating metrics, including GMV, annual active buyers, annual spend per buyer and marketplace take rate should not be considered in isolation, as an alternative to, or superior to net income (loss), revenue, cash flows or other performance measures derived in accordance with GAAP. These metrics are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Management believes that the presentation of non-GAAP metrics is an appropriate measure of operating performance because they eliminate the impact of expenses that do not relate directly to the performance of our underlying business.

These non-GAAP metrics should not be construed as an inference that our future results will be unaffected by unusual or other items. Additionally, Adjusted EBITDA and other non-GAAP metrics used herein are not intended to be a measure of free cash flow for management's discretionary use, as they do not reflect our tax payments and certain other cash costs that may recur in the future, including, among other things, cash requirements for costs to replace assets being depreciated and amortized. Management compensates for these limitations by relying on our GAAP results in addition to using Adjusted EBITDA and other non-GAAP metrics as supplemental measures of our performance. Our measures of Adjusted EBITDA, free cash flow and other non-GAAP metrics used herein are not necessarily comparable to similarly titled captions of other companies due to different methods of calculation.

See the tables above regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

We are not able to provide a reconciliation of Adjusted EBITDA guidance to net income (loss), the nearest comparable GAAP measure, for the third quarter of 2026, or the fiscal year ending December 31, 2026, because certain items that are excluded from Adjusted EBITDA cannot be reasonably predicted or are not in our control. In particular, in the case of Adjusted EBITDA, we are unable to forecast the timing or magnitude of share based compensation, amortization of intangible assets, impairment of intangible assets, income or loss on revaluation of contingent consideration, other acquisition-related costs, convertible notes amortization of discount and issuance costs and exchange rate income or loss, as applicable without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, GAAP measures in the future.

Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance and operational performance including, our business plans and strategy, expected business transitions, and our ability to reposition toward higher-value work, our multi-quarter transformation, the timing, amount and execution of any share repurchases, the long term growth of our business, AI services and developments, future investments and investment strategy, our product portfolio, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our recent reduction in force could adversely affect our business, results of operations and financial condition; AI developments may present challenges for our industry and reduce the demand for some of our service offerings; our ability to successfully implement our business plan within adverse economic conditions that may impact consumers, business spending and the demand for our services or have a material adverse impact on our business, financial condition and results of operations; our ability to attract and retain a large community of buyers and freelancers; our ability to generate sufficient revenue to maintain profitability or positive net cash flow generated by operating activities; our ability to maintain and enhance our brand; our dependence on the continued growth and expansion of the market for freelancers and the services they offer; our dependence on traffic to our websites; our ability to maintain user engagement on our websites and to maintain and improve the quality of our platform; our operations within a competitive market; political, economic and military instability in Israel, including related to the war in Israel; our ability and the ability of third parties to protect our users’ personal or other data from a security breach and to comply with laws and regulations relating to data privacy, data protection and cybersecurity; our ability to manage our current and potential future growth; our dependence on decisions and developments in the mobile device industry, over which we do not have control; our ability to detect errors, defects or disruptions in our platform; our ability to comply with the terms of underlying licenses of open source software components on our platform; our ability to expand into markets outside the United States and our ability to manage the business and economic risks of international expansion and operations; our ability to achieve desired operating margins; our ability to comply with a wide variety of U.S. and international laws and regulations, including with regulatory frameworks around the development and use of AI; our ability to attract, recruit, retain and develop qualified employees; our reliance on Amazon Web Services; our ability to mitigate payment and fraud risks; our dependence on relationships with payment partners, banks and disbursement partners; and the other important factors discussed under the caption “Risk Factors” in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on March 12, 2026, as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management 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 to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Meta CEO Mark Zuckerberg attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S., July 9, 2026. REUTERS/Brendan McDermid Purchase Licensing Rights, opens new tab

July 28 (Reuters) - The U.S. government should not block Chinese models to gain an ​edge in the AI race, Meta Platforms (META.O), opens new tab ‌CEO Mark Zuckerberg told the Financial Times in an interview published on Tuesday, as Washington warns that Chinese companies could face ​penalties over the alleged theft of U.S. ​technology.

Zuckerberg said that banning cutting-edge Chinese AI would ⁠not be "an effective solution," adding that U.S. companies ​should "systematically” identify bottlenecks and roadblocks in order to better ​compete with Chinese AI firms.

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Beijing-based Moonshot AI, whose recently released Kimi K3 model has drawn attention for its coding capabilities, has intensified ​debate in Washington over whether Chinese developers are ​copying U.S. models or rapidly closing the technological gap through ‌their ⁠own research.

The Trump administration on Tuesday unveiled bans that target imports of new Chinese robots and power inverters, seeking to protect the U.S. AI buildout from national ​security threats and ​reshore key ⁠industries slated for explosive growth.

Separately, U.S. Treasury Secretary Scott Bessent has warned that ​Chinese companies could face financial sanctions or ​placement ⁠on the Commerce Department's Entity List, which restricts access to U.S. technology.

When asked for a comment on the ⁠FT ​interview, Meta referred to an ​opinion piece by Zuckerberg in the Wall Street Journal.

Reporting by Gnaneshwar Rajan ​in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala

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Ford Motor Company (F) Q2 2026 Earnings Call July 28, 2026 5:00 PM EDT

Company Participants

Maria Ricciardone - Chief Investor Relations Officer
James Farley - President, CEO & Director
Sherry House - Chief Financial Officer
Andrew Frick - President of Ford Blue, Ford Model e & Lincoln
Kumar Galhotra
Alicia S. Davis - President of Ford Pro

Conference Call Participants

Andrew Percoco - Morgan Stanley, Research Division
Alexander Perry - BofA Securities, Research Division
Joseph Spak - UBS Investment Bank, Research Division
Mark Delaney - Goldman Sachs Group, Inc., Research Division
Dan Levy - Barclays Bank PLC, Research Division
Gautam Narayan - RBC Capital Markets, Research Division
Michael Ward - Citigroup Inc., Research Division
Itay Michaeli - TD Cowen, Research Division
Emmanuel Rosner - Wolfe Research, LLC
Colin Langan - Wells Fargo Securities, LLC, Research Division
Xin Yu - Deutsche Bank AG, Research Division

Presentation

Operator

Good day, everyone. My name is Layla, and I will be your conference operator today. At this time, I would like to welcome you to the Ford Motor Company Second Quarter 2026 Earnings Conference Call. [Operator Instructions]

At this time, I would like to turn the call over to Maria Ricciardone, Chief Investor Relations Officer.

Maria Ricciardone
Chief Investor Relations Officer

Thank you, Layla, and welcome to Ford Motor Company's Second Quarter 2026 Earnings Call. I'm Maria Ricciardone, Ford's new Chief Investor Relations Officer. I most recently came from Lockheed Martin, where I was Treasurer and Head of Investor Relations. I joined Ford because the opportunity ahead is tremendous. Few companies today are navigating a transformation of this scale and this consequence. My focus will be straightforward; clear, consistent communication with all of you and ensuring the market understands how our differentiated strategy translates into profitable growth, capital discipline and shareholder value.

With that, let's jump in. With me today are Jim Farley, President and CEO; and Sherry House, CFO. Joining us

TL;DR: Australia’s soft CPI print has pushed all four major banks into agreement that the RBA’s tightening cycle is over for now, driving AUD/USD below its rising channel with 0.6750 emerging as the next major support cluster.

Why This CPI Print Changes the Story Australia’s softer inflation report is more than just another downside CPI surprise — it marks the point where markets concluded the RBA’s tightening cycle has effectively run its course. That shift in policy expectations triggered a sharp decline in AUD/USD, but its implications extend well beyond Wednesday’s trading session. With expectations for further RBA tightening fading rapidly, the Australian dollar is losing one of its few remaining domestic pillars of support.

What the Data Actually Showed The inflation data itself offered little justification for another near-term rate increase. Headline CPI slowed from 4.0% to 3.8% y/y in June, while trimmed mean inflation was unchanged at 3.6%. Quarterly figures echoed the same trend, with headline inflation easing from 4.1% to 3.8% and trimmed mean inflation rising only modestly from 3.5% to 3.6%.

The most important detail, however, was how those figures compared with the RBA’s own expectations. Both the monthly and quarterly trimmed mean measures came in below the central bank’s May forecast of 3.8%. That outcome effectively validated Governor Michele Bullock’s remarks on Tuesday that underlying inflation had evolved broadly as expected since May — while also hinting the disinflation process may be progressing slightly faster than policymakers themselves anticipated.

Westpac’s Reversal Seals a Rare Bank Consensus The biggest surprise came from Westpac. Until Wednesday, it had been the only one of Australia’s Big Four banks still forecasting another rate hike in August. Following the CPI release, Westpac abandoned that call, now expecting the RBA to remain on hold for the rest of 2026 — leaving open only a conditional risk of a November hike should inflation reaccelerate sharply during the third quarter.

That revision carries significance beyond a single economist’s forecast. For the first time this tightening cycle, all four major Australian banks are united in expecting the RBA to leave policy unchanged through year-end based on current information. That consensus reinforces the perception that Australia’s monetary tightening phase has probably ended — unless a fresh inflation shock, such as another sustained surge in oil prices, materializes.

Where the Risk Shifts Now: The Fed and Asian Equities Attention therefore shifts away from Australia and toward global developments. Domestically, the policy story is largely settled for now. Externally, however, AUD/USD still faces several potentially bearish catalysts.

The first is the Federal Reserve, with the FOMC rate decision scheduled for today. Cleveland Fed President Beth Hammack and Dallas Fed President Lorie Logan are widely expected to vote in favor of another rate increase. If additional FOMC members also dissent, markets would likely interpret the outcome as a more hawkish signal than currently anticipated — supporting higher Treasury yields and extending the Dollar’s recent strength. The second is regional risk sentiment. Asian equity markets remain fragile despite Wednesday’s brief rebound. Renewed selling in technology shares has already pushed the KOSPI roughly 17% lower this week, while pressure continues to build across the broader AI sector. Given the Australian dollar’s strong correlation with Asian equity performance and global growth expectations, a deeper regional correction could reinforce downside momentum. ActionForex’s Technical View on AUD/USD The technical picture has already begun reflecting that deteriorating backdrop. AUD/USD broke decisively below its short-term rising channel after once again failing to overcome the falling 55 D EMA near 0.7004. The price action strongly suggests the rebound from 0.6864 ended at 0.7026 as merely a corrective recovery within the broader decline from 0.7277.

As long as rallies remain capped below the 55 4H EMA around 0.6981, the path of least resistance remains lower. A retest of 0.6864 should be seen next, with a sustained break opening the way toward the 61.8% projection of 0.7277 to 0.6864 from 0.7026, at 0.6771. That level sits just above a major medium-term Fibonacci support — the 38.2% retracement of 0.5913 to 0.7277, at 0.6756 — creating a critical support cluster around 0.6750.

Whether buyers are prepared to defend that area should decide whether the broader uptrend from 0.5913 remains intact or gives way to a much deeper medium-term decline.

Key Takeaways Australia’s Q2 trimmed mean CPI came in below the RBA’s own 3.8% May forecast, validating Bullock’s “evolving as expected” framing. Westpac abandoned its lone August hike call, leaving all four major Australian banks aligned on an RBA hold through year-end. Today’s FOMC decision and continued Asian equity weakness (KOSPI down ~17% this week) are now the dominant risks for AUD/USD, not domestic policy. AUD/USD broke its short-term rising channel after failing at the 55 D EMA (0.7004), with the 0.6864–0.7026 rebound now viewed as corrective. 0.6750 is the key support cluster to watch — a break opens a deeper medium-term decline; holding it keeps the broader uptrend from 0.5913 intact.

ActionForex

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for two decades. We started providing only a daily and a mid-day report, now known as Action Insights. Gradually, we added a lot more in-house contents to the site. Technical Outlook section was expanded to cover more pairs. In addition to that, Top Movers, Heat Map, Pivot Point Charts and Pivot Meters, Action Bias and Volatility Charts, are tools used by traders from all over the world.

Huron Consulting Group Inc. (HURN) Q2 2026 Earnings Call July 28, 2026 5:00 PM EDT

Company Participants

C. Hussey - President, CEO & Director
John Kelly - Executive VP, CFO & Treasurer

Conference Call Participants

Andrew Nicholas - William Blair & Company L.L.C., Research Division
Tobey Sommer - Truist Securities, Inc., Research Division
William Sutherland - The Benchmark Company, LLC, Research Division
Kevin Steinke - Barrington Research Associates, Inc., Research Division
Steven Wahrhaftig - Wedbush Securities Inc., Research Division

Presentation

Operator

Good afternoon, and welcome to Huron Consulting Group's webcast to discuss financial results for the second quarter of 2026. [Operator Instructions] As a reminder, this conference call is being recorded.

Before we begin, I would like to point all of you to the disclosure at the end of the company's news release for information about any forward-looking statements that may be made or discussed on this call. The news release is posted on Huron's website. Please review that information along with the filings with the SEC for a disclosure of factors that may impact subjects discussed in this afternoon's webcast. The company will be discussing one or more non-GAAP financial measures. Please look at the earnings release and on Huron's website for all of the disclosures required by the SEC, including reconciliation to the most comparable GAAP numbers.

And now I would like to turn the call over to Mark Hussey, Chief Executive Officer and President of Huron Consulting Group. Mr. Hussey, please go ahead.

C. Hussey
President, CEO & Director

Good afternoon, and welcome to Huron Consulting Group's Second Quarter 2026 Earnings Call. With me today are John Kelly, our Chief Financial Officer; and Ronnie Dail, our Chief Operating Officer.

Led by strong organic growth across all 3 operating segments, we achieved record revenues before reimbursable expenses or RBR in the second

Seagate Technology Holdings plc (STX) Q4 2026 Earnings Call July 28, 2026 5:00 PM EDT

Company Participants

Shanye Hudson - Senior Vice President of Investor Relations & Treasury
William Mosley - CEO & Chairman
Gianluca Romano - Executive VP & CFO

Conference Call Participants

Aaron Rakers - Wells Fargo Securities, LLC, Research Division
Benjamin Reitzes - Melius Research LLC
Erik Woodring - Morgan Stanley, Research Division
Asiya Merchant - Citigroup Inc., Research Division
Christopher Muse - Cantor Fitzgerald & Co., Research Division
Thomas O'Malley - Barclays Bank PLC, Research Division
Mark Newman - Bernstein Institutional Services LLC, Research Division
Wamsi Mohan - BofA Securities, Research Division
Joseph Cardoso - JPMorgan Chase & Co, Research Division
Karl Ackerman - BNP Paribas, Research Division
Amit Daryanani - Evercore ISI Institutional Equities, Research Division
Steven Fox - Fox Advisors LLC
Vijay Rakesh - Mizuho Securities USA LLC, Research Division
Ananda Baruah - Loop Capital Markets LLC, Research Division

Presentation

Operator

Welcome to the Seagate Technology Fiscal Fourth Quarter and Fiscal Year 2026 Conference Call.

[Operator Instructions]

Please note, this event is being recorded. I would now like to turn the conference over to Shanye Hudson, Senior Vice President, Investor Relations. Please go ahead.

Shanye Hudson
Senior Vice President of Investor Relations & Treasury

Thank you. Hello, everyone, and welcome to today's call. Joining me are Dave Mosley, Seagate's Chair and Chief Executive Officer; and Gianluca Romano, our Chief Financial Officer. We've posted our earnings press release and detailed supplemental information for our Q4 and fiscal 2026 year-end results on the Investors section of our website.

During today's call, we'll refer to GAAP and non-GAAP measures. Non-GAAP figures are reconciled to GAAP figures in the earnings press release posted on our website and also included on our Form 8-K. We've not reconciled certain non-GAAP outlook measures because material items that may impact these measures are out of our control and/or

Tilray Brands, Inc. (TLRY - Free Report) came out with a quarterly loss of $0.43 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to earnings of $0.2 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -2,050.00%. A quarter ago, it was expected that this company would post a loss of $0.14 per share when it actually produced a loss of $0.24, delivering a surprise of -71.43%.

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

Tilray Brands, which belongs to the Zacks Medical - Products industry, posted revenues of $281.71 million for the quarter ended May 2026, surpassing the Zacks Consensus Estimate by 9.14%. This compares to year-ago revenues of $224.54 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

Tilray Brands shares have lost about 55.4% since the beginning of the year versus the S&P 500's gain of 8.3%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.19 on $259.97 million in revenues for the coming quarter and -$0.34 on $1.08 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the bottom 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Phibro Animal Health (PAHC - Free Report) , is yet to report results for the quarter ended June 2026.

This maker of animal health products and nutritional supplements is expected to post quarterly earnings of $0.72 per share in its upcoming report, which represents a year-over-year change of +26.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Phibro Animal Health's revenues are expected to be $366.14 million, down 3.3% from the year-ago quarter.

Freeport McMoRan Post-Earnings: Why Good Enough May Finally Be Good EnoughFord Motor NYSE: F reported second-quarter 2026 revenue of $48.3 billion and adjusted EBIT of $2.5 billion, as stronger pricing and favorable product mix more than offset lower volumes tied to an aluminum supply disruption and vehicle portfolio changes.

Revenue declined 4% year over year, while adjusted EBIT increased 17%. The company generated $2.1 billion in adjusted free cash flow and ended the quarter with $22.3 billion in cash and $43.4 billion in total liquidity. Ford also announced a regular third-quarter dividend of $0.15 per share.

Get Ford Motor alerts:

Strait of Hormuz Tensions Spike Tanker Trade: These 2 Stocks Are Set to BenefitThe company reported a net loss of $1.3 billion for the quarter, driven in part by a previously announced $3.6 billion one-time special-item charge related to the May disposition of the BlueOval SK Battery joint venture. Chief Financial Officer Sherry House said approximately $500 million of that charge was cash, with most of the remaining cash charges associated with the December 2025 announcement expected to be completed by year-end.

Guidance Raised as Pricing and Mix Strengthen Ford raised and narrowed its full-year adjusted EBIT outlook to $10 billion to $11 billion, increasing the midpoint by $1 billion. The company also lifted its adjusted free-cash-flow forecast to $6 billion to $7 billion, including expected receipt of about $500 million during 2026 from an IEEPA reimbursement booked in the first quarter.

Why "Big Short" Investor Michael Burry Sees Upside in Beaten-Down Sportbook StocksHouse said the guidance increase was driven by pricing and mix. Ford continues to assume U.S. industry sales of 16 million to 16.5 million units, commodity headwinds of slightly more than $2 billion, and $1 billion in material and warranty cost reductions for the year.

The outlook excludes potential effects from a significant escalation in the Middle East or a material downturn in the U.S. economy. Capital expenditures remain projected at $9.5 billion to $10.5 billion.

Ford Blue EBIT guidance was increased to $5 billion to $5.5 billion. Ford Pro EBIT guidance was narrowed to $7 billion to $7.5 billion. Model e losses are expected to improve to about $4 billion, including roughly $1 billion of incremental investment in the Universal EV platform and Ford Energy. Ford Credit earnings before taxes are expected to exceed $2.5 billion. Segment Results Reflect Mix Gains and Aluminum Disruption Ford Blue generated $1.1 billion of EBIT on $26.1 billion of revenue. EBIT rose 72% and revenue increased 1%, supported by product mix and net pricing, despite an 8% decline in wholesales. House said the segment benefited from favorable mix enabled by U.S. regulatory changes as well as demand for off-road and higher-trim vehicles.

Ford Blue and Model e President Andrew Frick said off-road models accounted for 25% of Ford’s U.S. sales in the second quarter. He said the Bronco family recorded its best first-half sales, while off-road mix rose more than four percentage points year over year in the quarter. Ford’s Raptor sales increased 9% year to date, and Tremor models represented 15% of Expedition sales.

Ford Pro earned $1.7 billion in EBIT on $17.8 billion of revenue, with EBIT down 26% and revenue down 5%, primarily because of the temporary Novelis aluminum disruption. Ford expects postponed Super Duty fleet orders to be recovered in the second half, according to Ford Pro President Alicia Boler Davis.

The Oakville facility is expected to begin operations in the fourth quarter and add capacity for up to 100,000 additional Super Duty units. Boler Davis said Ford Pro expects to return to its 2025 revenue run rate by year-end as Super Duty availability improves.

Model e reported an EBIT loss of $919 million on $1 billion in revenue, representing a 31% year-over-year improvement in EBIT. House said this was the segment’s third consecutive quarter of year-over-year EBIT improvement, reflecting structural cost reductions, lower incentives and right-sized first-generation EV volumes.

Novelis Recovery, Quality Progress and Software Growth Ford said it is progressing through its Novelis aluminum-supply recovery plan. The company incurred about $800 million in related temporary costs through the first half and now expects a full-year impact of approximately $1.5 billion. The hot-mill restart is on track and contingency material has been secured, House said.

CEO Jim Farley said F-Series inventory stood at about a 45-day supply, which he characterized as lean. Ford’s overall U.S. retail inventory was at a 52-day supply, slightly below its 55- to 65-day target range.

Farley also highlighted Ford’s ranking as the top mainstream brand in J.D. Power’s 2026 Initial Quality Study. Chief Operating Officer Kumar Galhotra said recalls have affected about 12 million vehicles this year, while the number of recalls is down about 40% from last year. He said newer model years are showing improvement in recall volumes and warranty performance.

Ford’s paid subscriptions grew roughly 50% to about 1.6 million, including more than 900,000 Ford Pro Intelligence paid subscriptions. Farley said BlueCruise accounted for 50% of retail Integrated Services revenue, while paid BlueCruise subscriptions rose 20% in the second quarter. He added that the company could see Integrated Services contribute roughly half a percentage point to company margin over time.

EV, Energy Storage and Other Growth Initiatives Ford said customer deliveries of its first Universal EV platform vehicle will begin next year. Farley described the planned product as an approximately $30,000 pickup with more cabin room than a Toyota RAV4, a truck bed, bi-directional charging and embedded Apple Maps.

The company is also expanding Ford Energy, its stationary energy-storage business. Farley said Ford expects to reach 20 gigawatt-hours of annual Ford Energy capacity by late next year and is in discussions with a broad range of customers. He said the company is in the “third inning” of selling its planned 2028 capacity and has the ability to expand capacity at Kentucky 1.

Separately, Farley said Ford signed a contract with the U.S. federal government to produce three Super Duty-based prototypes for potential military use. He said Ford is discussing other defense-related opportunities but provided no additional details.

About Ford Motor (NYSE:F)Ford Motor Company NYSE: F is an American multinational automaker headquartered in Dearborn, Michigan. Founded by Henry Ford in 1903, the company became an early pioneer of mass-production techniques with the Model T and the adoption of the moving assembly line. Today, Ford designs, manufactures, markets and services a broad range of vehicles and mobility solutions under the Ford and Lincoln brands, spanning passenger cars, SUVs, pickup trucks and commercial vehicles.

Ford's business activities extend beyond vehicle production to include parts and aftermarket services, fleet and commercial sales, and automotive financing through Ford Motor Credit Company.

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

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

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Bill McDermott, chief executive of ServiceNow Bloomberg/Getty Images ServiceNow has been cutting several hundred jobs as part of a global restructuring, the latest sign of pressure on the software industry.

A ServiceNow spokesperson said a "low single-digit" percentage of the company's total head count has been affected by the cuts, which have happened over several months this year.

ServiceNow ended 2025 with 29,187 employees, so the cuts likely total several hundred jobs.

CEO Bill McDermott said at the start of this year that ServiceNow would end 2026 with the same head count as it started the year with. He's also been pushing staff to reorganize their workflows to embrace new technology and be an example to ServiceNow customers on how to become more efficient.

ServiceNow has also made some big acquisitions in the past year, such as Armis and Veza, so the company is likely streamlining operations from integrating these new businesses.

One ServiceNow employee told Business Insider on Tuesday the cuts were described internally as a global restructuring and said it had been a "very tough day." This person asked not to be identified discussing sensitive matters.

Investors have hammered some software stocks in the past year on concerns that AI will disrupt the sector by reducing demand and making it easier for companies to develop their own software tools.

ServiceNow, like many enterprise software companies, is investing heavily in AI while reshaping parts of its business.

Last week, ServiceNow reported quarterly results that met or exceeded Wall Street expectations and raised its full-year subscription revenue guidance, even as investors continue to debate how AI will reshape the software industry.

Sign up for BI's Tech Memo newsletter here. Reach out to me via email at [email protected].

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Alistair Barr is the author of Business Insider's Tech Memo newsletter. Sign up here. Before that, he was BI's Global Tech Editor and the Big Tech team leader at Bloomberg, following a reporting career at The Wall Street Journal, USA Today, Reuters, and MarketWatch. Alistair won a Gerald Loeb Award in 2007 for coverage of short selling and was a finalist in 2013 for scoops on the Facebook IPO. More recently, he won a 2024 San Francisco Press Club award for commentary. Got a tip? Reach out using the secure messaging app Signal (+1 415-341-4927) or via email on [email protected] oversees all things Big Tech, along with startups and venture capital. He writes analysis and columns about topics including generative AI, large language models, cloud computing, semiconductors, online search, e-commerce, EVs, robotics, and autonomous vehicles.Popular StoriesArtificial Intelligence:It's getting harder to make big leaps at the frontier of AIOpenAI's AI-adjusted earnings numbers have echoes of Groupon and WeWorkDeath by LLM: Stack Overflow's decline, and its plan to survive, shows the future of free online data in an AI worldCloud computing:Amazon dominated the first cloud era. The AI boom has kicked off Cloud 2.0, and the company doesn't have a head start this time.In cloud, there's AI (which is hot) and everything else (which is not)Chips:Why Intel is still so important: Real countries have fabsApple's made-in-the-USA chips signal a turnaround for the US's big semiconductor betEVs and Tesla:Tesla's AI supercomputer has a Silicon Valley town rushing to meet surging electricity demandTesla's Cybertruck is outselling almost every other EV in the USOnline Search:Google is losing its status as a verbA simple way to fix search: Bright pink ads

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In the latest trading session, Main Street Capital (MAIN - Free Report) closed at $55.32, marking a +2.83% move from the previous day. This move outpaced the S&P 500's daily gain of 0.21%. Elsewhere, the Dow saw an upswing of 1.03%, while the tech-heavy Nasdaq depreciated by 0.22%.

The investment firm's stock has climbed by 4.34% in the past month, exceeding the Finance sector's gain of 3.31% and the S&P 500's gain of 1.7%.

The investment community will be closely monitoring the performance of Main Street Capital in its forthcoming earnings report. The company is scheduled to release its earnings on August 6, 2026. The company is expected to report EPS of $1.01, up 2.02% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $143.23 million, showing a 0.52% drop compared to the year-ago quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $3.99 per share and a revenue of $580.63 million, representing changes of -5.23% and +2.51%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Main Street Capital. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.2% upward. Right now, Main Street Capital possesses a Zacks Rank of #3 (Hold).

Digging into valuation, Main Street Capital currently has a Forward P/E ratio of 13.48. For comparison, its industry has an average Forward P/E of 7.9, which means Main Street Capital is trading at a premium to the group.

The Financial - SBIC & Commercial Industry industry is part of the Finance sector. With its current Zacks Industry Rank of 188, this industry ranks in the bottom 24% of all industries, numbering over 250.

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

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Mirion Technologies, Inc. (MIR - Free Report) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of $0.1 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +20.00%. A quarter ago, it was expected that this company would post earnings of $0.1 per share when it actually produced earnings of $0.1, delivering no surprise.

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

Mirion Technologies, which belongs to the Zacks Technology Services industry, posted revenues of $266.8 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.81%. This compares to year-ago revenues of $222.9 million. The company has topped consensus revenue estimates just once over the last four quarters.

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

Mirion Technologies shares have lost about 28.1% since the beginning of the year versus the S&P 500's gain of 8.3%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.13 on $277.48 million in revenues for the coming quarter and $0.53 on $1.14 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the bottom 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

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

This company is expected to post quarterly loss of $0.21 per share in its upcoming report, which represents a year-over-year change of -50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

ZenaTech, Inc.'s revenues are expected to be $6.97 million, up 330.3% from the year-ago quarter.

For the quarter ended June 2026, Hanover Insurance Group (THG - Free Report) reported revenue of $1.72 billion, up 4% over the same period last year. EPS came in at $5.31, compared to $4.35 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $1.73 billion, representing a surprise of -0.41%. The company delivered an EPS surprise of +36.86%, with the consensus EPS estimate being $3.88.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Hanover Insurance performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

GAAP Expense Ratio: 31% versus 30.5% estimated by four analysts on average.GAAP Combined Ratio: 91.2% versus the four-analyst average estimate of 95.6%.GAAP Loss and LAE Ratio: 60.2% versus 65% estimated by four analysts on average.Specialty - Loss and LAE Ratio: 51.3% versus the three-analyst average estimate of 53.2%.Revenues- Net investment income: $119.6 million versus the four-analyst average estimate of $124.13 million. The reported number represents a year-over-year change of +13.4%.Revenues- Premiums earned: $1.6 billion versus the four-analyst average estimate of $1.6 billion. The reported number represents a year-over-year change of +3.4%.Operating Revenues- Personal Lines- Net Premiums Earned: $652.5 million compared to the $655.84 million average estimate based on three analysts. The reported number represents a change of +2.7% year over year.Revenues- Fees and other income: $6.2 million versus the three-analyst average estimate of $6.24 million. The reported number represents a year-over-year change of +1.6%.Operating Revenues- Specialty- Net Investment Income: $27.2 million versus $28.03 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +11.9% change.Operating Revenues- Personal Lines- Net Investment Income: $33.3 million compared to the $36.32 million average estimate based on three analysts. The reported number represents a change of +10.3% year over year.Operating Revenues- Core Commercial- Other income: $1.3 million versus $1.38 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a 0% change.Operating Revenues- Specialty- Other income: $1.2 million versus $1.13 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +9.1% change.View all Key Company Metrics for Hanover Insurance here>>>

Shares of Hanover Insurance have returned +2.3% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Huron Consulting (HURN - Free Report) came out with quarterly earnings of $2.46 per share, beating the Zacks Consensus Estimate of $2.13 per share. This compares to earnings of $1.89 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +15.49%. A quarter ago, it was expected that this consulting company would post earnings of $1.58 per share when it actually produced earnings of $1.73, delivering a surprise of +9.49%.

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

Huron Consulting, which belongs to the Zacks Consulting Services industry, posted revenues of $465.64 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.11%. This compares to year-ago revenues of $402.51 million. The company has topped consensus revenue estimates three times over the last four quarters.

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

Huron Consulting shares have lost about 32.6% since the beginning of the year versus the S&P 500's gain of 8.3%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.37 on $467 million in revenues for the coming quarter and $8.71 on $1.82 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Consulting Services is currently in the bottom 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, CRA International (CRAI - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This consulting firm is expected to post quarterly earnings of $2.12 per share in its upcoming report, which represents a year-over-year change of +12.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

CRA International's revenues are expected to be $198.35 million, up 6.1% from the year-ago quarter.

For the quarter ended June 2026, Ashland (ASH - Free Report) reported revenue of $497 million, up 7.3% over the same period last year. EPS came in at $1.02, compared to $1.04 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $486.24 million, representing a surprise of +2.21%. The company delivered an EPS surprise of -0.97%, with the consensus EPS estimate being $1.03.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Ashland performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Intermediates: $37 million versus the three-analyst average estimate of $33.87 million. The reported number represents a year-over-year change of +12.1%.Revenue- Life Sciences: $180 million versus the three-analyst average estimate of $169.48 million. The reported number represents a year-over-year change of +11.1%.Revenue- Personal Care: $155 million compared to the $154.29 million average estimate based on three analysts. The reported number represents a change of +5.4% year over year.Revenue- Specialty Additives: $136 million compared to the $138.95 million average estimate based on three analysts. The reported number represents a change of +3.8% year over year.Revenue- Intersegment sales: $-11 million compared to the $-9.5 million average estimate based on two analysts. The reported number represents a change of +10% year over year.Adjusted EBITDA- Life Science: $60 million compared to the $55.43 million average estimate based on three analysts.Adjusted EBITDA- Personal Care: $45 million versus the three-analyst average estimate of $45.38 million.Adjusted EBITDA- Specialty Additives: $20 million versus $19.87 million estimated by three analysts on average.Adjusted EBITDA- Intermediates: $4 million versus the three-analyst average estimate of $3.71 million.OPERATING INCOME- Unallocated and other: $-37 million versus the two-analyst average estimate of $-16.5 million.View all Key Company Metrics for Ashland here>>>

Shares of Ashland have returned +3.4% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Seacoast Banking (SBCF - Free Report) came out with quarterly earnings of $0.61 per share, beating the Zacks Consensus Estimate of $0.6 per share. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.67%. A quarter ago, it was expected that this holding company for Seacoast National Bank would post earnings of $0.58 per share when it actually produced earnings of $0.62, delivering a surprise of +6.9%.

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

Seacoast Banking, which belongs to the Zacks Banks - Southeast industry, posted revenues of $209.93 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.30%. This compares to year-ago revenues of $151.38 million. The company has topped consensus revenue estimates three times over the last four quarters.

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

Seacoast Banking shares have added about 5.9% since the beginning of the year versus the S&P 500's gain of 8.3%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for Seacoast Banking was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.63 on $212.53 million in revenues for the coming quarter and $2.51 on $840.17 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Southeast is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Stock Yards Bancorp (SYBT - Free Report) , has yet to report results for the quarter ended June 2026.

This holding company for Stock Yards Bank & Trust Co. is expected to post quarterly earnings of $1.17 per share in its upcoming report, which represents a year-over-year change of +1.7%. The consensus EPS estimate for the quarter has been revised 0.8% lower over the last 30 days to the current level.

Stock Yards Bancorp's revenues are expected to be $111.3 million, up 13.7% from the year-ago quarter.

For the quarter ended June 2026, Werner Enterprises (WERN - Free Report) reported revenue of $933.93 million, up 24% over the same period last year. EPS came in at $0.22, compared to $0.11 in the year-ago quarter.

The reported revenue represents a surprise of +0.16% over the Zacks Consensus Estimate of $932.4 million. With the consensus EPS estimate being $0.22, the company has not delivered EPS surprise.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Werner performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Operating Ratio: 98.2% compared to the 95.7% average estimate based on three analysts.Truckload Transportation Services - Operating Ratio: 96.1% versus the three-analyst average estimate of 95.5%.Average trucks in service - Truckload Transportation Services: 8,712 versus the two-analyst average estimate of 9,209.Revenues- Werner Logistics: $211.73 million versus the three-analyst average estimate of $228.54 million. The reported number represents a year-over-year change of -4.3%.Revenues- Truckload Transportation Services- Trucking fuel surcharge revenues: $120.57 million versus the three-analyst average estimate of $101.13 million. The reported number represents a year-over-year change of +118.4%.Revenues- Truckload Transportation Services- Non-trucking and other: $9.78 million versus the three-analyst average estimate of $9.7 million. The reported number represents a year-over-year change of -15.3%.Revenues- Truckload Transportation Services: $702.57 million versus $679.53 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +35.7% change.Revenues- Truckload Transportation Services- Trucking revenues, net of fuel surcharge: $572.22 million versus the three-analyst average estimate of $568.67 million. The reported number represents a year-over-year change of +26.9%.Operating Income- Werner Logistics: $-3.87 million versus $1.14 million estimated by two analysts on average.Operating Income- Truckload Transportation Services: $27.12 million versus $29.59 million estimated by two analysts on average.View all Key Company Metrics for Werner here>>>

Shares of Werner have returned -7.6% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Manhattan Associates, Inc. (MANH) Q2 2026 Earnings Call July 28, 2026 4:30 PM EDT

Company Participants

Michael Bauer - Senior Director of Investor Relations
Eric Clark - President, CEO & Director
Linda Pinne - CFO, Chief Accounting Officer and Treasurer

Conference Call Participants

Terrell Tillman - Truist Securities, Inc., Research Division
Joseph Vruwink - Robert W. Baird & Co. Incorporated, Research Division
Brian Peterson - Raymond James & Associates, Inc., Research Division
Dylan Becker - William Blair & Company L.L.C., Research Division
George Michael Kurosawa - Citigroup Inc., Research Division
Guy Drummond Hardwick - Barclays Bank PLC, Research Division
J. Lane - Stifel, Nicolaus & Company, Incorporated, Research Division
Christopher Quintero - Morgan Stanley, Research Division
Mark Schappel - Loop Capital Markets LLC, Research Division
Clark Wright - D.A. Davidson & Co., Research Division
Lachlan Brown - Rothschild & Co Redburn, Research Division

Presentation

Operator

Good afternoon. My name is Cleo, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Manhattan Associates Q2 2026 Manhattan Associates Earnings Conference Call. [Operator Instructions] As a reminder, ladies and gentlemen, this call is being recorded today, July 28, 2026. I would like to now introduce you to host, Mr. Michael Bauer, Head of Investor Relations of Manhattan Associates. Mr. Bauer, you may begin your conference.

Michael Bauer
Senior Director of Investor Relations

Thank you, Cleo, and good afternoon, everyone. Welcome to Manhattan Associates 2026 Second Quarter Earnings Call. I will review our cautionary language and then turn the call over to our President and Chief Executive Officer, Eric Clark. During the call, including the Q&A session, we may make forward-looking statements regarding future events or our future financial performance. We caution you that these forward-looking statements involve risks and uncertainties, are not guarantees of future performance, and actual results may differ materially from the projections contained in our forward-looking statements. I refer you to Manhattan's SEC