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

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

Copyright 2026 The Associated Press. All rights reserved.

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

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

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

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

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

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

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

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

Second Quarter 2026 Results:

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

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

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

(1)

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

(2)

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

Second Quarter 2026 Financial and Operational Performance

Three Months Ended

June 30,

2026

2025

Change

(Millions, unless otherwise noted)

Total sales volume (Bcfe)

634

568

66

Average realized price ($/Mcfe)

$             2.65

$             2.81

$            (0.16)

Net income attributable to EQT

$              211

$              784

$            (573)

Adjusted net income attributable to EQT (a)

$              244

$              273

$              (29)

Diluted income per share (EPS)

$             0.34

$             1.30

$            (0.96)

Adjusted EPS (a)

$             0.39

$             0.45

$            (0.06)

Net income

$              281

$              857

$            (576)

Adjusted EBITDA (a)

$            1,203

$            1,158

$                45

Adjusted EBITDA attributable to EQT (a)

$            1,067

$            1,033

$                34

Net cash provided by operating activities

$            1,048

$            1,242

$            (194)

Adjusted operating cash flow (a)

$            1,149

$              918

$              231

Adjusted operating cash flow attributable to EQT (a)

$            1,014

$              794

$              220

Capital expenditures

$              666

$              554

$              112

Capital contributions to equity method investments

$                29

$                24

$                 5

Free cash flow (a)

$              454

$              340

$              114

Free cash flow attributable to EQT (a)

$              330

$              240

$                90

(a)

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

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

($/Mcfe)

Gathering

$          0.09

$          0.08

$          0.09

$          0.08

Transmission

0.40

0.45

0.41

0.45

Processing

0.12

0.15

0.12

0.15

Lease operating expense (LOE)

0.10

0.09

0.09

0.08

Production taxes

0.06

0.07

0.08

0.08

Operating and maintenance (O&M)

0.09

0.10

0.09

0.09

Selling, general and administrative (SG&A)

0.17

0.14

0.16

0.15

Operating costs

$          1.03

$          1.08

$          1.04

$          1.08

Production depletion

$          0.95

$          0.95

$          0.93

$          0.95

(a)

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

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

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

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

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

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

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

(1)

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

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

(1)

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

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

2026 Guidance

Production

Q3 2026

Full Year 2026

Total sales volume (Bcfe)

570 – 620

2,375 – 2,450

Liquids sales volume, excluding ethane (Mbbl)

3,400 – 3,700

14,200 – 15,000

Ethane sales volume (Mbbl)

1,750 – 1,900

7,700 – 8,100

Total liquids sales volume (Mbbl)

5,150 – 5,600

21,900 – 23,100

Btu uplift (MMBtu/Mcf)

1.050 – 1.060

1.050 – 1.060

Average Differential ($/Mcf, including basis hedges)

($0.75) – ($0.65)

($0.55) – ($0.35)

Resource Counts

Top-hole rigs

2 – 3

2 – 3

Horizontal rigs

2 – 3

2 – 3

Frac crews

2 – 3

2 – 3

Third-party Midstream Revenue ($ Millions)

$130 – $155

$600 – $700

Per Unit Operating Costs ($/Mcfe)

Gathering

$0.09 – $0.11

$0.09 – $0.11

Transmission

$0.42 – $0.44

$0.41 – $0.44

Processing

$0.11 – $0.13

$0.11 – $0.13

LOE

$0.11 – $0.13

$0.10 – $0.12

Production taxes

$0.06 – $0.08

$0.07 – $0.09

O&M

$0.10 – $0.12

$0.09 – $0.11

SG&A

$0.20 – $0.22

$0.18 – $0.20

Operating costs

$1.09 – $1.23

$1.05 – $1.20

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

Distributions from equity method investments (a)

$60 – $70

$220 – $250

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

$110 – $125

$430 – $470

Capital Expenditures and Capital Contributions ($ Millions)

Upstream maintenance

$385 – $435

$1,600 – $1,700

Midstream maintenance

$70 – $80

$220 – $250

Corporate and capitalized costs

$55 – $65

$220 – $240

Total maintenance capital expenditures

$510 – $580

$2,040 – $2,190

Growth capital expenditures

$200 – $240

$580 – $640

Capital contributions to equity method investments (c)

$60 – $70

$150 – $170

(a)

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

(b)

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

(c)

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

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

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

Q3 2026 (a)

Q4 2026

Q1 2027

Q2 2027

Q3 2027

Q4 2027

Hedged Volume (MMDth)

125

108

62

138

140

47

Hedged Volume (MMDth/d)

1.4

1.2

0.7

1.5

1.5

0.5

Swaps – Short

Volume (MMDth)

—

—

—

65

66

22

Avg. Price ($/Dth)

$           —

$           —

$           —

$       3.16

$       3.16

$       3.16

Calls – Short

Volume (MMDth)

125

108

62

73

74

25

Avg. Strike ($/Dth)

$       4.94

$       5.13

$       5.77

$       4.51

$       4.51

$       4.51

Puts – Long

Volume (MMDth)

125

108

62

73

74

25

Avg. Strike ($/Dth)

$       3.50

$       3.72

$       3.65

$       3.00

$       3.00

$       3.00

Puts – Short

Volume (MMDth)

—

—

25

73

74

25

Avg. Strike ($/Dth)

$           —

$           —

$       2.50

$       2.50

$       2.50

$       2.50

(a)

July 1 through September 30.

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

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

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

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

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, except per share amounts)

Net income attributable to EQT Corporation

$     211,425

$     784,147

$   1,698,654

$   1,026,286

Add (deduct):

Loss on sale/exchange of long-lived assets

3,577

2,990

3,552

3,221

Impairment and expiration of leases

6,232

3,254

10,055

5,915

(Gain) loss on derivatives

(44,640)

(719,964)

193,629

(41,045)

Net cash settlements received (paid) on derivatives

72,614

(101,364)

(231,048)

(193,350)

Other expenses (a)

3,884

147,105

6,620

153,731

Loss on debt extinguishment

341

5,889

29,869

17,569

Tax impact of non-GAAP items (b)

(9,903)

151,016

(2,987)

13,956

Adjusted net income attributable to EQT

$     243,530

$     273,073

$   1,708,344

$     986,283

Diluted weighted average common shares outstanding

629,049

602,924

629,070

602,896

Diluted EPS

$          0.34

$          1.30

$          2.70

$          1.70

Adjusted EPS

$          0.39

$          0.45

$          2.72

$          1.64

(a)

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

(b)

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

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

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

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Net income

$     281,448

$     856,656

$   1,835,378

$   1,172,074

Add (deduct):

Interest expense, net

75,452

105,668

172,229

223,237

Income tax expense

84,933

235,615

518,285

314,283

Depreciation, depletion and amortization

689,592

623,471

1,344,384

1,244,246

Loss on sale/exchange of long-lived assets

3,577

2,990

3,552

3,221

Impairment and expiration of leases

6,232

3,254

10,055

5,915

(Gain) loss on derivatives

(44,640)

(719,964)

193,629

(41,045)

Net cash settlements received (paid) on derivatives

72,614

(101,364)

(231,048)

(193,350)

Other expenses (a)

3,884

147,105

6,620

153,731

Income from investments

(44,732)

(67,174)

(122,241)

(93,636)

Distributions from equity method investments

74,289

66,319

121,323

132,881

Loss on debt extinguishment

341

5,889

29,869

17,569

Adjusted EBITDA

1,202,990

1,158,465

3,882,035

2,939,126

Deduct: Adjusted EBITDA attributable to noncontrolling interests (b)

(135,958)

(125,164)

(268,041)

(261,964)

Adjusted EBITDA attributable to EQT

$   1,067,032

$   1,033,301

$   3,613,994

$   2,677,162

(a)

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

(b)

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

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Non-Wholly Owned Consolidated Subsidiaries:

Net income

$     168,558

$     164,435

$     369,790

$     342,878

Add (deduct):

Interest expense, net

3,434

3,381

6,781

7,272

Depreciation and amortization

31,944

30,842

65,075

61,844

Loss on sale/exchange of long-lived assets

724

302

724

349

Income from investments

(42,954)

(40,711)

(97,986)

(83,574)

Distributions from equity method investments

70,921

58,724

114,187

124,511

Adjusted EBITDA

232,627

216,973

458,571

453,280

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

(96,669)

(91,809)

(190,530)

(191,316)

Adjusted EBITDA attributable to noncontrolling interests

$     135,958

$     125,164

$     268,041

$     261,964

(a)

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

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

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

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Net cash provided by operating activities

$   1,048,012

$   1,241,699

$   4,103,059

$   2,982,866

Decrease (increase) in changes in other assets and liabilities

100,617

(323,821)

(373,651)

(398,220)

Adjusted operating cash flow (a)

1,148,629

917,878

3,729,408

2,584,646

Deduct:

Capital expenditures

(666,258)

(553,559)

(1,274,094)

(1,051,003)

Capital contributions to equity method investments

(28,637)

(24,101)

(56,520)

(42,047)

Free cash flow (a)

$      453,734

$      340,218

$   2,398,794

$   1,491,596

(a)

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Net cash provided by operating activities

$   1,048,012

$   1,241,699

$   4,103,059

$   2,982,866

Decrease (increase) in changes in other assets and liabilities

100,617

(323,821)

(373,651)

(398,220)

Adjusted operating cash flow (a)

1,148,629

917,878

3,729,408

2,584,646

(Deduct) add:

Adjusted EBITDA attributable to noncontrolling interests (b)

(135,958)

(125,164)

(268,041)

(261,964)

Net interest expense and other attributable to noncontrolling interests

1,268

1,028

2,205

2,280

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

1,013,939

793,742

3,463,572

2,324,962

(Deduct) add:

Capital expenditures

(666,258)

(553,559)

(1,274,094)

(1,051,003)

Capital contributions to equity method investments

(28,637)

(24,101)

(56,520)

(42,047)

Capital expenditures attributable to noncontrolling interests

9,410

9,907

23,937

20,089

Capital contributions to equity method investments attributable to noncontrolling interests

1,212

13,587

4,272

23,123

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

$      329,666

$      239,576

$   2,161,167

$   1,275,124

(a)

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

(b)

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

(c)

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

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

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

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, unless otherwise noted)

Total Upstream operating revenues

$   1,663,633

$   2,420,542

$   4,870,072

$   3,989,825

(Deduct) add:

Upstream (gain) loss on derivatives

(44,640)

(719,964)

193,629

(41,045)

Net cash settlements received (paid) on derivatives

72,614

(101,364)

(231,048)

(193,350)

Upstream other revenues

(8,979)

(79)

(13,752)

(3,554)

Upstream adjusted operating revenues

$   1,682,628

$   1,599,135

$   4,818,901

$   3,751,876

Total sales volume (MMcfe)

634,474

568,227

1,252,173

1,138,978

Average sales price ($/Mcfe)

$          2.54

$          2.99

$          4.03

$          3.46

Average realized price ($/Mcfe)

$          2.65

$          2.81

$          3.85

$          3.29

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

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

June 30, 2026

December 31, 2025

(Thousands)

Current portion of debt (a)

$           114,959

$           507,119

Revolving credit facility borrowings (b)

324,000

360,000

Senior notes

5,216,755

6,933,209

Total debt

5,655,714

7,800,328

Deduct: Cash and cash equivalents

(112,863)

(110,795)

Net debt

$         5,542,851

$         7,689,533

(a)

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

(b)

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

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

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

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

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

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

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

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, except per share amounts)

Operating revenues:

Sales of natural gas, natural gas liquids and oil

$   1,610,014

$   1,700,499

$   5,049,949

$   3,945,226

Gain (loss) on derivatives

44,640

719,964

(193,629)

41,045

Pipeline and other

155,286

137,256

332,356

311,298

Total operating revenues

1,809,940

2,557,719

5,188,676

4,297,569

Operating expenses:

Transportation and processing

385,017

389,116

785,356

767,325

Production

100,316

91,518

215,494

179,956

Operating and maintenance

60,220

53,983

115,088

101,280

Selling, general and administrative

106,438

81,586

202,189

173,050

Depreciation, depletion and amortization

689,592

623,471

1,344,384

1,244,246

Loss on sale/exchange of long-lived assets

3,577

2,990

3,552

3,221

Impairment and expiration of leases

6,232

3,254

10,055

5,915

Other operating expenses

64,510

177,763

82,560

192,288

Total operating expenses

1,415,902

1,423,681

2,758,678

2,667,281

Operating income

394,038

1,134,038

2,429,998

1,630,288

Income from investments

(44,732)

(67,174)

(122,241)

(93,636)

Other income

(3,404)

(2,616)

(3,522)

(3,239)

Loss on debt extinguishment

341

5,889

29,869

17,569

Interest expense, net

75,452

105,668

172,229

223,237

Income before income taxes

366,381

1,092,271

2,353,663

1,486,357

Income tax expense

84,933

235,615

518,285

314,283

Net income

281,448

856,656

1,835,378

1,172,074

Less: Net income attributable to noncontrolling interests

70,023

72,509

136,724

145,788

Net income attributable to EQT Corporation

$      211,425

$      784,147

$   1,698,654

$   1,026,286

Income per share of common stock attributable to EQT Corporation:

Basic:

Weighted average common stock outstanding

625,962

599,221

625,549

598,574

Net income attributable to EQT Corporation

$          0.34

$           1.31

$          2.72

$          1.71

Diluted:

Weighted average common stock outstanding

629,049

602,924

629,070

602,896

Net income attributable to EQT Corporation

$          0.34

$           1.30

$          2.70

$          1.70

EQT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2026

December 31, 2025

(Thousands)

ASSETS

Current assets:

Cash and cash equivalents

$           112,863

$           110,795

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

835,140

1,457,959

Derivative instruments, at fair value

138,943

202,390

Prepaid expenses and other

90,881

124,007

Total current assets

1,177,827

1,895,151

Property, plant and equipment

49,741,567

48,472,497

Less: Accumulated depreciation and depletion

16,188,972

14,914,689

Net property, plant and equipment

33,552,595

33,557,808

Investments in unconsolidated entities

3,946,497

3,630,577

Net intangible assets

193,100

200,486

Goodwill

2,062,462

2,062,462

Other assets

388,359

446,390

Total assets

$       41,320,840

$       41,792,874

LIABILITIES AND EQUITY

Current liabilities:

Current portion of debt

$           114,959

$           507,119

Accounts payable

1,166,963

1,367,431

Derivative instruments, at fair value

50,106

137,299

Accrued interest

103,785

137,505

Other current liabilities

314,466

335,487

Total current liabilities

1,750,279

2,484,841

Revolving credit facility borrowings

324,000

360,000

Senior notes

5,216,755

6,933,209

Deferred income taxes

3,963,965

3,472,010

Asset retirement obligations and other liabilities

1,202,444

1,182,666

Total liabilities

12,457,443

14,432,726

Equity:

Common stock, no par value,

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

19,529,362

19,517,761

Retained earnings

5,731,287

4,237,089

Accumulated other comprehensive loss

(1,773)

(2,173)

Total common shareholders' equity

25,258,876

23,752,677

Noncontrolling interests in consolidated subsidiaries

3,604,521

3,607,471

Total equity

28,863,397

27,360,148

Total liabilities and equity

$       41,320,840

$       41,792,874

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)

Six Months Ended

June 30,

2026

2025

(Thousands)

Cash flows from operating activities:

Net income

$   1,835,378

$   1,172,074

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

Deferred income tax expense

491,617

304,878

Depreciation, depletion and amortization

1,344,384

1,244,246

Loss on sale/exchange of long-lived assets

3,552

3,221

Impairment and expiration of leases

10,055

5,915

Income from investments

(122,241)

(93,636)

Loss on debt extinguishment

29,869

17,569

Share-based compensation expense

42,381

28,535

Distributions from equity method investments

121,323

132,881

Other

10,509

3,358

Loss (gain) on derivatives

193,629

(41,045)

Net cash settlements paid on derivatives

(231,048)

(193,350)

Changes in other assets and liabilities:

Accounts receivable

629,685

295,699

Accounts payable

(209,653)

10,253

Income tax receivable and payable

25,320

97,378

Other current assets

8,611

(1,459)

Other items, net

(80,312)

(3,651)

Net cash provided by operating activities

4,103,059

2,982,866

Cash flows from investing activities:

Capital expenditures

(1,248,676)

(1,049,289)

Cash paid for acquisitions

—

(100,167)

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

91

(6,284)

Cash paid for acquisitions of additional interests in equity method investments

(216,209)

—

Capital contributions to equity method investments

(56,520)

(42,047)

Other investing activities

(2,221)

(245)

Net cash used in investing activities

(1,523,535)

(1,198,032)

Cash flows from financing activities:

Proceeds from revolving credit facility borrowings

2,461,000

2,234,000

Repayment of revolving credit facility borrowings

(2,497,000)

(2,422,800)

Debt issuance costs

—

(7,238)

Repayment and retirement of debt

(2,122,944)

(813,017)

Net premiums paid on debt extinguishment

(22,631)

(24,802)

Dividends paid

(206,278)

(188,372)

Contribution from noncontrolling interests

98,357

—

Distributions to noncontrolling interests

(238,031)

(151,954)

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

(46,135)

(53,253)

Other financing activities

(3,794)

(3,999)

Net cash used in financing activities

(2,577,456)

(1,431,435)

Net change in cash and cash equivalents

2,068

353,399

Cash and cash equivalents at beginning of period

110,795

202,093

Cash and cash equivalents at end of period

$      112,863

$      555,492

EQT CORPORATION AND SUBSIDIARIES

PRICE RECONCILIATION

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, unless otherwise noted)

NATURAL GAS

Sales volume (MMcf)

596,984

534,441

1,178,311

1,070,779

NYMEX price ($/MMBtu)

$       2.89

$       3.43

$       3.91

$       3.54

Btu uplift

0.16

0.20

0.21

0.19

Natural gas price ($/Mcf)

$       3.05

$       3.63

$       4.12

$       3.73

Basis ($/Mcf) (a)

$      (0.67)

$      (0.75)

$      (0.15)

$      (0.38)

Cash settled basis swaps ($/Mcf)

—

—

(0.16)

(0.04)

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

(0.67)

(0.75)

(0.31)

(0.42)

Average adjusted price ($/Mcf)

2.38

2.88

3.81

3.31

Cash settled derivatives ($/Mcf)

0.13

(0.19)

(0.03)

(0.13)

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

$       2.51

$       2.69

$       3.78

$       3.18

Natural gas sales, including cash settled derivatives

$ 1,499,693

$ 1,438,682

$ 4,448,390

$ 3,400,873

LIQUIDS

NGLs, excluding ethane:

Sales volume (MMcfe) (b)

20,751

22,475

41,309

43,347

Sales volume (Mbbl)

3,459

3,745

6,885

7,224

NGLs price ($/Bbl)

$      39.29

$      35.86

$      38.77

$      40.02

Cash settled derivatives ($/Bbl)

(0.80)

(0.22)

(0.11)

(0.70)

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

$      38.49

$      35.64

$      38.66

$      39.32

NGLs sales, including cash settled derivatives

$   133,121

$   133,488

$   266,153

$   284,023

Ethane:

Sales volume (MMcfe) (b)

13,934

9,432

26,638

20,602

Sales volume (Mbbl)

2,322

1,573

4,439

3,434

Ethane price ($/Bbl)

$       7.33

$       6.85

$       9.71

$       8.69

Ethane sales

$    17,021

$    10,775

$    43,089

$    29,829

Oil:

Sales volume (MMcfe) (b)

2,805

1,879

5,915

4,250

Sales volume (Mbbl)

468

313

986

708

Oil price ($/Bbl)

$      70.14

$      51.70

$      62.15

$      52.45

Oil sales

$    32,793

$    16,190

$    61,269

$    37,151

Total liquids sales volume (MMcfe) (b)

37,490

33,786

73,862

68,199

Total liquids sales volume (Mbbl)

6,249

5,631

12,310

11,366

Total liquids sales

$   182,935

$   160,453

$   370,511

$   351,003

TOTAL

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

$ 1,682,628

$ 1,599,135

$ 4,818,901

$ 3,751,876

Total sales volume (MMcfe)

634,474

568,227

1,252,173

1,138,978

Average realized price ($/Mcfe)

$       2.65

$       2.81

$       3.85

$       3.29

(a)

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

(b)

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

(c)

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

SOURCE EQT Corporation (EQT-IR)

July 21, 2026 16:13 ET  | Source: Bank OZK

LITTLE ROCK, Ark., July 21, 2026 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the second quarter of 2026 was $163.3 million, a decrease of 8.7% from $178.9 million for the second quarter of 2025, but an increase of 2.5% from $159.3 million for the first quarter of 2026. For the first six months of 2026, net income available to common stockholders was $322.6 million, a 7.0% decrease from $346.8 million for the first six months of 2025. Diluted earnings per common share (“EPS”) for the second quarter of 2026 were $1.49, a decrease of 5.7% from $1.58 for the second quarter of 2025, but an increase of 3.5% from $1.44 for the first quarter of 2026. EPS for the first six months of 2026 were $2.93, a 3.9% decrease from $3.05 for the first six months of 2025.

George Gleason, Chairman and Chief Executive Officer, stated, “We are pleased to report our solid financial results for the quarter including EPS of $1.49, a 1.60% return on assets, a 4.24% net interest margin, a 39.2% efficiency ratio, strong increases in our book value and tangible book value per common share, and meaningful increases in our capital ratios. We continued to make significant progress with the strategic diversification of our loan portfolio. Our solid financial performance and steady progress on numerous strategic initiatives have us well-positioned for the future.”

MANAGEMENT COMMENTS, FINANCIAL SUPPLEMENT AND CONFERENCE CALL

In connection with this release, the Bank released its management comments on its quarterly results and a financial supplement, which are available at the Bank's investor relations website.

Management will conduct a conference call to take questions at 7:30 a.m. CT (8:30 a.m. ET) on Wednesday, July 22, 2026. Interested parties may access the conference call live via webcast on the Bank’s investor relations website, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank’s website for at least 30 days.

GENERAL INFORMATION

Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in 267 offices in nine states including Arkansas, Georgia, Florida, Texas, North Carolina, Tennessee, New York, California and Mississippi and had $41.7 billion in total assets as of June 30, 2026. For more information, visit ozk.com.

The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (“FDIC”), copies of which are available electronically at the FDIC’s website and are also available on the Bank’s investor relations website at ir.ozk.com. Use this online form to receive automated email notifications for these materials.

FORWARD-LOOKING STATEMENTS

This press release and other communications by the Bank and its management may include certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” " feels," “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Bank’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Bank’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

  Investor Contact:Jay Staley (501) 906-7842Media Contact:Michelle Rossow (501) 906-3922  

, /PRNewswire/ -- Rollins, Inc. (NYSE:ROL), a premier global consumer and commercial services company, announced that the Board of Directors declared a regular quarterly cash dividend on its common stock of $0.1825 per share payable September 10, 2026 to shareholders of record at the close of business on August 10, 2026.

About Rollins, Inc.
Rollins, Inc. (ROL) is a premier global consumer and commercial services company. Through its family of leading brands, the Company and its franchises provide essential pest control services and protection against termite damage, rodents, and insects to more than 2.8 million customers in North America, South America, Europe, Asia, Africa, and Australia, with approximately 22,000 employees from more than 850 locations. Rollins is parent to Aardwolf Pestkare, Clark Pest Control, Crane Pest Control, Critter Control, Fox Pest Control, HomeTeam Pest Defense, Industrial Fumigant Company, MissQuito, Northwest Exterminating, OPC Pest Services, Orkin, Orkin Australia, Orkin Canada, Orkin UK, Safeguard, Romex Pest Control, Saela Pest Control, Trutech, Waltham Services, Western Pest Services, and more. You can learn more about Rollins and its subsidiaries by visiting www.rollins.com.

For Further Information Contact
Lyndsey Burton
(404) 888-2348

SOURCE Rollins, Inc.

Wintrust Financial Corporation (WTFC) Q2 2026 Earnings Call July 21, 2026 11:00 AM EDT

Company Participants

Timothy Crane - CEO, President & Director
David Dykstra - Vice Chairman & COO
Richard Murphy - Vice Chairman & Chief Lending Officer

Conference Call Participants

Jon Arfstrom - RBC Capital Markets, Research Division
Nathan Race - Piper Sandler & Co., Research Division
Jeff Rulis - D.A. Davidson & Co., Research Division
Jared David Shaw - Barclays Bank PLC, Research Division
Christopher McGratty - Keefe, Bruyette, & Woods, Inc., Research Division
Casey Haire
David Chiaverini - Jefferies LLC, Research Division
Timur Braziler - UBS Investment Bank, Research Division
Sun Young Lee - TD Cowen, Research Division
Benjamin Gerlinger - Citigroup Inc., Research Division
Brandon Rud - Stephens Inc., Research Division
Daniel Tamayo - Raymond James & Associates, Inc., Research Division

Presentation

Operator

Welcome to Wintrust Financial Corporation's Second Quarter and year-to-date 2026 Earnings Conference Call. A review of the results will be made by Tim Crane, President and Chief Executive Officer; David Dykstra, Vice Chairman and Chief Operating Officer; and Richard Murphy, Vice Chairman and Chief Lending Officer. As part of their reviews, the presenters may make reference to both the earnings press release and the earnings release presentation. Following their presentations, there will be a formal question-and-answer session.

During the course of today's call, Wintrust management may make statements that constitute projections, expectations, beliefs or similar forward-looking statements. Actual results could differ materially from the results anticipated or projected in any such forward-looking statements. The company's forward-looking assumptions that could cause the actual results to differ materially from the information discussed during this call are detailed in our earnings press release and in the company's most recent Form 10-K and any subsequent filings with the SEC. Also, our remarks may reference certain non-GAAP financial measures.

Our earnings press release and earnings release presentation include

Modern infantry doctrine is undergoing a rapid, radical rewrite in front of investors. If investors watch how global conflicts are playing out today, they see a clear departure from heavy, slow-moving legacy armor. The physical economy of defense is heavily shifting toward agile, autonomous platforms. Militaries across the globe are realizing that expensive tanks and traditional ground vehicles are highly vulnerable to cheap, precision-guided munitions. This realization is forcing defense departments to rethink how they allocate their capital, prioritizing systems that provide asymmetric advantages on the battlefield.

For investors keeping a close eye on defense spending, this structural pivot opens a unique window. Defense budgets are actively shifting capital away from traditional heavy machinery and toward autonomous robotics and advanced loitering munitions. Investors are witnessing a generational recapitalization, where software and adaptable hardware are replacing heavy steel. Understanding this macroeconomic backdrop is critical because it dictates where government funding will flow for the next decade.

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Pinpointing the Premier Autonomous Pure-PlayAeroVironment Today

$148.98 +6.38 (+4.47%)

As of 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$135.20▼

$417.86Price Target$266.68

The United States military is not ignoring this global shift. The Pentagon's Replicator initiative encapsulates this transformation, mandating the rapid deployment of thousands of attritable, uncrewed systems designed to swarm and overwhelm adversaries in contested environments. The mandate is clear, and the defense department is seeking commercial partners capable of delivering reliable technology at an unprecedented scale.

Right at the intersection of this capital rotation sits AeroVironment NASDAQ: AVAV, a defense pure-play specializing in tactical uncrewed aerial systems. While prime contractors build billion-dollar fighter jets, AeroVironment builds the tactical, autonomous tools that are actually deployed by the modern infantry battalion on a daily basis. The market has heavily discounted AeroVironment this year, but underlying fundamentals and recent contract wins suggest a severe mispricing. When a structural shift in the physical economy meets a heavily misunderstood asset, investor analysts pay attention.

Tactical Upgrades: The MOSA Moat and Recurring RevenueOn July 20, 2026, AeroVironment secured a definitive $117.3 million Basic Ordering Agreement under the U.S. Army's Long Range Reconnaissance program. This initial full-rate procurement order covers 82 P550 autonomous Group 2 eVTOL electric vertical take-off and landing systems.

While a nine-figure contract provides excellent revenue visibility, the real value lies in the technology the Army just validated. The P550 architecture relies heavily on a modular open systems approach, widely known as MOSA in the defense sector. In simple terms, MOSA allows military operators in the field to hot-swap payloads, batteries, and sensors in under five minutes without specialized tools. Imagine operating a platform that lets you switch from a reconnaissance camera to an electronic warfare jammer right in the middle of a tactical operation.

This level of adaptability creates a significant economic moat for AeroVironment. When the military adopts a MOSA-compliant system, it locks in a long-term relationship with the manufacturer. Upgrades happen via new payloads rather than entirely new airframes, ensuring high-margin, recurring revenue streams for AeroVironment over the lifecycle of the P550 fleet.

The financial data backs up this aggressive expansion. In fiscal Q4 2026, AeroVironment delivered an impressive 133.3% year-over-year revenue expansion, printing $642 million on the top line. More importantly, AeroVironment maintained a healthy 19% EBITDA margin during that high-growth phase. AeroVironment currently has a funded government backlog of $1.2 to $2.7 billion. The demand for these systems is not theoretical; it is already contracted and awaiting delivery.

Turbulence and Tailwinds: Accumulation in the Drop ZoneIf AeroVironment is growing revenue by triple digits and securing major Army contracts, investors might wonder why the stock is down over 40% year-to-date, trading near $142 after opening the year above $241.

AeroVironment, Inc. (AVAV) Price Chart for Tuesday, July, 21, 2026

The aggressive drawdown stems from a localized regulatory headwind. In early 2026, the U.S. Space Force reopened the $1.7 billion Satellite Communication Augmentation Resource program, commonly known as SCAR, creating uncertainty around AeroVironment’s expected sole-source position on the program. Predictably, this sparked analyst downgrades regarding the 2030 long-term financial targets and triggered a wave of procedural class-action lawsuits ahead of a July 27 lead plaintiff deadline.

Markets hate uncertainty, and algorithmic trading models aggressively sold the news. However, this legal and procedural noise masks the fundamental strength of the core tactical drone business. The loss of single-vendor status on one space program does not negate the overwhelming demand for AeroVironment's ground-based and aerial tactical systems.

Wall Street analysts are beginning to spot the discrepancy between the stock price and the underlying business fundamentals. On July 16, Raymond James upgraded AeroVironment from Market Perform to Outperform, setting a $210 price target. The firm cited the accelerating defense backlog and a highly favorable risk-to-reward profile following the severe year-to-date pricing compression.

Institutions are quietly using the current weakness to accumulate shares. Recent filings show total shares owned by institutional investors increased by nearly 30% over the last quarter. When asset managers increase their positions by that magnitude during a 40% drawdown, it signals quiet, calculated accumulation. Options chain data currently reveals a decisively bullish put-to-call ratio of 0.60, indicating that derivatives traders are heavily positioning for an upside reversal rather than further downside.

Positioning for the Tactical Tech BoomThe broader unmanned aerial systems sector features incredibly varied risk profiles. Pure-play competitors like Red Cat Holdings NASDAQ: RCAT trade on extreme top-line momentum, generating 849% year-over-year revenue growth, but they operate with deeply negative free cash flow and low gross margins.

Others, like Kratos Defense & Security Solutions NASDAQ: KTOS, offer high-beta exposure driven by target drones and attritable jet systems. Meanwhile, traditional prime contractors like Northrop Grumman NYSE: NOC offer stability and a dividend yield, but lack the explosive growth potential of a smaller, agile tech firm.

AeroVironment occupies a unique middle ground. AeroVironment is scaling rapidly but still experiencing growing pains. Trailing net margins sit at -9%, reflecting the heavy capital expenditures required to expand manufacturing capacity to meet its multibillion-dollar backlog. AeroVironment must successfully transition from aggregating government contracts to delivering durable, bottom-line profitability.

The $117.3 million Army contract proves that the Department of Defense views AeroVironment as a premier supplier capable of meeting modern warfare demands. As global military budgets pivot away from legacy armor toward intelligent, scalable drone technologies, companies with verified government backlogs are positioned to capture significant market share. Investors with a higher risk tolerance might consider adding AeroVironment to their watchlist as the enterprise continues to convert its impressive backlog into realized revenue.

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The Zacks Electronics – Testing Equipment industry has been benefiting from the rapid build-out of AI infrastructure, which is increasing demand for semiconductor manufacturing and validation equipment. Testing solutions are becoming increasingly critical for wafer fabrication, chip inspection, embedded computing validation and hardware verification. The build-out of hyperscale data centers and power infrastructure is increasing demand for electrical testing, power validation and hardware-in-the-loop simulation. Factories and logistics facilities are investing in greater automation, increasing demand for machine vision, barcode reading and automated inspection systems. The launch of AI-powered testing and inspection platforms that improve speed, accuracy and productivity has noteworthy development. Industry players like AMETEK (AME - Free Report) and Fortive (FTV - Free Report) are benefiting from this trend. However, supply chain constraints and component inflation are headwinds for industry players.

Industry Description The Zacks Electronics – Testing Equipment industry comprises companies offering advanced instruments, electronic testing equipment solutions, thermal management systems, electrical connectors, motors and various test solutions. The major end markets served by this industry are consumer, automobile, industrial, aerospace and defense, healthcare, semiconductors and communications, to name a few. Industry participants have been making technological advancements to gain traction among semiconductors, vehicles, machinery, smartphones and medical device manufacturers, who are constantly increasing their spending on electronic components.

4 Trends Shaping the Future of Electronics - Testing Equipment Industry Solid Adoption of Motion Control & Test Systems is Positive: The rising utilization of precision motion-control solutions and automatic test systems in motion-control devices and testing products, particularly in the aerospace, automation, medical and military markets, is an upside. Commercial motor and autonomous vehicles will likely continue to hike the demand for vehicle-tracking systems, fleet-management solutions and other private fleet applications, which are part of the industry’s key offerings.

Secular Growth, Niche Strength and Sustainability-Driven Demand Aids Growth: Secular growth is driven by exposure to long-term themes like automation, healthcare, aerospace, semiconductors and energy transition. Industry players operate in niche, mission-critical segments where products are essential to performance and safety. This supports strong pricing power, customer attachment and consistently high margins compared to broader industrial peers. Sustainability and energy transition trends are creating new demand for products that improve efficiency, reduce emissions and support renewable energy adoption, providing an additional long-term growth driver.

Recurring Revenues Boost Free Cash Flow Generation Ability: A meaningful portion of revenue comes from recurring streams such as aftermarket services, calibration, maintenance and spares. This improves earnings visibility and reduces volatility across cycles. Asset-light business models require relatively low capital expenditure, resulting in high free cash flow conversion. This supports shareholder returns, reinvestment and acquisition strategies.

Macroeconomic Headwinds Pose Concerns: Due to the challenging macroeconomic scenario, enterprises are reluctant to sign multi-year deals worldwide. The industry is seeing supply chain volatility, along with the negative impact of tariffs. These trends do not bode well for the industry participants.

Zacks Industry Rank Indicates Bright Prospects The Zacks Electronics – Testing Equipment industry is housed within the broader Zacks Computer and Technology sector. It carries a Zacks Industry Rank #28 at present, which places it in the top 11% of more than 250 Zacks industries.

The group’s Zacks Industry Rank, the average of the Zacks Rank of all the member stocks, indicates bullish near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

The industry’s position in the top 50% of the Zacks-ranked industries is a result of a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are optimistic about this group’s earnings growth potential. The industry’s earnings estimates for 2026 have moved north by 10.8% since July 31, 2025.

Given the bullish scenario, there are a number of stocks currently worth watching. But before we present those stocks, let us look at the industry’s recent stock-market performance and the valuation picture.

Industry Outperforms S&P 500 & Sector The Zacks Electronics – Testing Equipment industry has outperformed the S&P 500 and the broader sector over the past year. The industry has climbed 31.6% over this period against the S&P 500’s appreciation of 21.2% and the broader sector’s return of 27.4%.

One-Year Price Performance

 

Industry's Current Valuation Based on the forward 12-month price-to-earnings ratio (P/E), a commonly used multiple for valuing the Electronics – Testing Equipment stocks, the industry is currently trading at 25.49X, higher than the S&P 500’s 20.74X and the sector’s 25.56X.

Over the past five years, the industry has traded as high as 30.91X and as low as 19.23X, with a median of 23.83X, as the chart below shows.

Forward 12-Month P/E Ratio

2 Testing Equipment Stocks to Buy AMETEK: This Zacks Rank #2 (Buy) company is benefiting from strong order growth, record backlog and acquisitions. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

AMETEK’s order momentum increased in the first quarter of 2026. Total orders were $2.2 billion, up 23% year over year, lifting backlog to a record $3.87 billion. AMETEK continues to supplement organic growth with bolt-on acquisitions in niche markets that extend the portfolio. In April 2026, AMETEK entered into a definitive agreement to acquire First Aviation Services, a defense and aviation MRO provider with about $80 million of annual sales that will join EMG, adding further defense aftermarket exposure. The company acquired LKC Technologies in January 2026 for $209.6 million of cash, adding ophthalmic diagnostics capabilities within EIG.

AMETEK expects 2026 sales to increase high single digits. The company expects earnings between $7.94 and $8.14 per share, suggesting 7-10% year-over-year growth.

The Zacks Consensus Estimate for 2026 earnings has increased by a penny to $8.14 per share over the past 30 days, indicating year-over-year growth of 9.56%. Shares of AMETEK have climbed 14.6% year to date.

Price & Consensus: AME

Fortive: This Zacks Rank #2 company is benefiting from steady demand across Intelligent Operating Solutions and Advanced Healthcare Solutions. Fortive's “Fortive Accelerated” strategy is gaining traction. The company reported more than 5% core revenue growth in the first quarter of 2026, with growth accelerating across both operating segments. The company highlighted continued momentum in innovation, commercial execution and recurring customer value initiatives, while reaffirming confidence in its 2026-2027 financial framework.

Fortive is benefiting from the AI infrastructure buildout through its Fluke business. The company is seeing strong customer adoption of its CertiFiber Max data center testing solution, which is also driving sales of complementary products such as power quality, battery testing and calibration equipment.

Fortive expects 2026 adjusted earnings between $2.90 and $3 per share, indicating 9% year-over-year growth at the midpoint. The Zacks Consensus Estimate for 2026 earnings has been revised a penny upward in the past 30 days to $2.97 per share, indicating year-over-year growth of 9.59%. Shares of Fortive have climbed 10.5% year to date.

Price & Consensus: FTV

When you have $10,000 to invest, where you refuse to put your money matters just as much as where you do put it. The industrial sector is booming right now, powered by the enormous electricity and data center build-out behind artificial intelligence, but not every industrial deserves your cash.

Here are two stocks I would buy for that tailwind, and one popular name I would steer well clear of, no matter how loud the comeback story gets.

Buy: Eaton Eaton (ETN +0.37%) is the electrical backbone of the AI era. It makes the equipment that moves and manages power inside data centers, factories, and the grid, and demand has gone vertical. Its data center orders recently jumped roughly 240% from a year earlier, and its total data center backlog now represents something like 11 years of construction at current build rates. That's extraordinary visibility for an industrial company. Management raised its 2026 growth outlook and is spending $1.5 billion to expand manufacturing so it can actually deliver on the orders stacking up.

Crucially, Eaton is not a one-trick data center bet. It also profits from grid modernization, the reshoring of American factories, and the electrification of buildings and aircraft, so several powerful trends push in the same direction at once.

I will point out the one real drawback: After a strong run, Eaton is not cheap, so a slowdown in data center spending would sting. But this is a diversified, profitable market leader riding a multi-year wave, and that combination justifies a premium. For $10,000 meant to compound over years, Eaton is the kind of quality anchor I want.

Today's Change

(

0.37

%) $

1.47

Current Price

$

402.88

Buy: Powell Industries Powell Industries (POWL +6.89%) is the smaller, punchier way to play the same trend. It builds electrical equipment for utilities, energy projects, and increasingly data centers, and its balance sheet is pristine: It holds hundreds of millions in cash with no meaningful debt, a genuine fortress. New orders recently surged around 97%, backlog hit a record, and the company landed the largest single order in its history, worth more than $400 million, tied to a data center.

Because Powell is a fraction of Eaton's size, each big win moves the needle far more, which gives it more torque as the build-out continues. The trade-off is that smaller industrials are more volatile and more exposed to a slip in any single project, and the stock has climbed sharply. Still, a debt-free company with a booming order book is exactly the profile I want for a smaller, higher-upside position.

Today's Change

(

6.89

%) $

15.73

Current Price

$

244.01

Avoid: Boeing Now the name I would avoid like the plague with fresh money: Boeing (BA 2.15%). Yes, the comeback is real on the surface. Deliveries have hit their highest level in years, and management is finally guiding to positive free cash flow for the first time since the 737 MAX crisis. Bulls have latched onto that narrative.

Image source: Getty Images.

But look harder and the risk-reward is poor. Boeing carries roughly $54 billion in debt against about $29 billion in cash (as of Q1), a precarious balance sheet for a company still fixing itself. Its 777X program has been delayed yet again into 2027, saddled with a nearly $5 billion charge and a fresh engine durability problem, the latest chapter in a long history of certification setbacks and broken timelines.

When a company repeatedly overpromises and underdelivers while drowning in debt, I don't want to be the one funding the hope. The turnaround may eventually work, but the same $10,000 buys cleaner, better-capitalized growth elsewhere.

Today's Change

(

-2.15

%) $

-4.51

Current Price

$

204.97

My view here is simple: Favor industrials with strong balance sheets and visible, contracted demand, and avoid those relying on a fragile turnaround and a mountain of debt. Eaton offers quality and scale, Powell offers a debt-free growth kicker, and both sit directly in the path of the electricity supercycle. Boeing, for all its recent momentum, remains a show-me story with too much leverage and too many broken promises for me to trust with new capital.

Split your $10,000 toward the businesses that are already delivering, and let the market keep dreaming on the one that isn't.

Equifax Inc. (EFX) Q2 2026 Earnings Call July 21, 2026 8:30 AM EDT

Company Participants

Trevor Burns - Senior Vice President of Corporate Investor Relations
Mark Begor - CEO & Director
John Gamble - Executive VP, CFO & COO

Conference Call Participants

Jeffrey Meuler - Robert W. Baird & Co. Incorporated, Research Division
Toni Kaplan - Morgan Stanley, Research Division
Alexander EM Hess - JPMorgan Chase & Co, Research Division
Shlomo Rosenbaum - Stifel, Nicolaus & Company, Incorporated, Research Division
Manav Patnaik - Barclays Bank PLC, Research Division
Faiza Alwy - Deutsche Bank AG, Research Division
Andrew Nicholas - William Blair & Company L.L.C., Research Division
Ashish Sabadra - RBC Capital Markets, Research Division
Jason Haas - Wells Fargo Securities, LLC, Research Division
Kyle Peterson - Needham & Company, LLC, Research Division
Kevin McVeigh - UBS Investment Bank, Research Division
Surinder Thind - Jefferies LLC, Research Division
Curtis Nagle - BofA Securities, Research Division
Rayna Kumar - Oppenheimer & Co. Inc., Research Division
Kelsey Zhu - Autonomous Research US LP
Scott Wurtzel - Wolfe Research, LLC
Simon Alistair Clinch - Rothschild & Co Redburn, Research Division
Ryan Griffin - BMO Capital Markets Equity Research
Keen Fai Tong - Goldman Sachs Group, Inc., Research Division

Presentation

Operator

Greetings, and welcome to the Equifax Second Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

I'd now like to turn the call over to your host, Mr. Trevor Burns, Senior Vice President, Investor Relations. Thank you, sir. Please go ahead.

Trevor Burns
Senior Vice President of Corporate Investor Relations

Thanks, and good morning. Welcome to today's conference call. I'm Trevor Burns. With me today are Mark Begor, Chief Executive Officer; and John Gamble, Chief Financial Officer. Today's call is being recorded. An archive of the recording will be available later today in the IR Calendar section of the News and Events tab at our Investor Relations website. During the call, we will be making reference to certain

Key Takeaways NU agreed to acquire a Brazilian bank license, strengthening its local operations.Nu Mexico won final bank authorization as it serves 15 million customers and adds about 12,000 daily.NU ended Q1 2026 with 135.2 million customers, while credit rose 40% and deposits climbed 22%. Nu Holdings Ltd. (NU - Free Report) , the company behind the Nubank brand, announced an agreement to acquire Banco Porto Real de Investimentos in Brazil to add a new banking license to its local operations. The deal, which remains subject to approval from Brazil’s Central Bank, will help Nubank meet regulatory requirements governing the use of bank-related names by financial institutions.

For Brazilian customers, the company said that nothing will change, as the app, products, services, brand and name will remain the same. The acquired license joins NU’s existing payment, credit, investment, financing and brokerage licenses without requiring additional capital or liquidity requirements. Brazil remains its core market, with more than 115 million customers and a planned investment of R$45 billion in 2026.

Nubank is also expanding its banking operations in Mexico. This month, Nu Mexico received final authorization to operate as a bank and must complete the transition within 30 days. It serves 15 million customers, adds about 12,000 customers daily and plans to invest $4.2 billion in the country through 2030.

The timing is backed by strong operating results. NU ended first-quarter 2026 with 135.2 million customers and generated $5.32 billion in managerial revenues. Its credit portfolio rose 40% year over year to $37.2 billion, while deposits increased 22% to $42.4 billion.

Still, investors should view the Brazil move mainly as a regulatory and strategic step rather than an overnight earnings trigger. The larger opportunity lies in deeper product adoption across Brazil’s addressable pool, which exceeds $100 billion in annual gross profit. NU estimates its share of that pool at roughly 7%, leaving room to expand lending, deposits, investments and services.

How Are SOFI & XYZ Faring?SoFi Technologies (SOFI - Free Report) is expanding beyond consumer lending by adding small-business loans, home-equity products, AI financial tools, enterprise banking and blockchain-based services. SOFI's partnerships are also bringing more funding onto its loan platform, reducing reliance on balance-sheet lending. Three agreements announced in March 2026 covered more than $3.6 billion in personal loans.

Block (XYZ - Free Report) is widening its reach through Cash App, Square, Afterpay and bitcoin products, linking consumer payments with merchant services and credit. Its tools include installment plans for peer-to-peer transfers, contactless payments and restaurant technology. Across Cash App Borrow, Afterpay and Square Loans, XYZ has provided customers with access to more than $200 billion.

NU’s Price Performance, Valuation, and EstimatesShares of NU have declined 5.1% in the past three months, underperforming the broader industry and the S&P 500 Index.

Image Source: Zacks Investment Research

From a valuation standpoint, NU trades at a forward price-to-earnings ratio of 13.87X, well above the industry’s 11.19X. It carries a Value Score of C.

Image Source: Zacks Investment Research

NU’s estimates have declined a cent over the past two months. The Zacks Consensus Estimate for full-year 2026 EPS is pegged at 83 cents.

Image Source: Zacks Investment Research

NU stock currently has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Applied Optoelectronics posted 154% year-over-year data center revenue growth in first-quarter 2026. AAOI is expanding Texas manufacturing to boost 800G and 1.6T optical transceiver production. AAOI expects second-quarter 2026 revenues of $180M-$198M amid rising AI infrastructure demand. Applied Optoelectronics (AAOI - Free Report) is benefiting from a significant surge in demand for optical networking products, particularly driven by the rapid expansion of AI infrastructure and hyperscale data centers. In the first quarter of 2026, both the data center and CATV (cable TV) businesses experienced strong momentum, with data center revenues up 154% year over year. This growth is being fueled by hyperscale customers ramping up investments in next-generation infrastructure, which requires high-speed optical transceivers such as AOI’s 400G, 800G and 1.6T products.

The company is aggressively expanding its manufacturing footprint, especially in Texas. The company’s U.S. facilities are expected to produce over 650,000 units of 800G and 1.6T products per month by the end of 2026, with further expansion to over 930,000 units monthly by the end of 2027.

Building on this momentum, in July 2026, Applied Optoelectronics began the construction of two facilities in Pearland, TX, adding nearly 400,000 square feet of manufacturing capacity. The expansion will increase production of 800G and 1.6T optical transceivers used in AI data centers.

The expansion supports rising demand for high-speed optical connectivity and strengthens AOI's ability to serve hyperscale cloud customers. The company expects the new facilities to enhance manufacturing scale, create high-quality jobs, and reinforce its position as a key supplier of advanced optical networking products for AI and cloud infrastructure markets.

AAOI’s robust demand for its next-generation data center products, particularly driven by the rapid expansion of AI infrastructure and the company’s ongoing investments in manufacturing capacity, is expected to benefit the company’s top-line growth. For the second quarter of 2026, the company expects revenues in the range of $180 million to $198 million, implying continued sequential growth.

AAOI Faces Stiff CompetitionApplied Optoelectronics is facing stiff competition from Lumentum (LITE - Free Report) and Coherent (COHR - Free Report) in the optical networking market. Coherent and Lumentum’s partnerships with NVIDIA pose a significant threat to AAOI.

During the third quarter of fiscal 2026, Coherent announced a strategic partnership with NVIDIA focused on advanced optical networking and CPO technologies for AI data centers. The agreement includes a $2 billion equity investment from NVIDIA and a multi-year supply agreement extending through the end of the decade.

In March 2026, Lumentum entered into a multi-year strategic agreement with NVIDIA to accelerate the development of advanced optical technologies for next-generation AI infrastructure. The partnership includes a multibillion-dollar purchase commitment and a $2 billion NVIDIA investment to expand Lumentum’s U.S. manufacturing capacity and R&D capabilities.

AAOI’s Share Price Performance, Valuation, and EstimatesApplied Optoelectronics shares have skyrocketed 195.5% in the year-to-date period, outperforming the Zacks Computer & Technology sector’s rise of 11.8% and the Zacks Electronics - Semiconductors increase of 27.4%.

AAOI Stock’s Performance
Image Source: Zacks Investment Research

Applied Optoelectronics shares are currently overvalued, as suggested by its Value Score of F. AAOI stock is trading at a premium with a trailing 12-month Price/Sales of 15.44X compared with the Electronics - Semiconductors industry’s 14.37X.

AAOI’s Valuation
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 earnings is pegged at 80 cents per share, which has been unchanged over the past 30 days. This suggests 407.69% year-over-year growth.

AAOI’s Zacks RankApplied Optoelectronics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

ToplineNintendo argued consumers “received exactly what they bargained and paid for” after raising the price for its Switch 2 console, asking a court to dismiss a class-action lawsuit claiming the video game giant should issue tariff rebates, as only a handful of companies have said they would issue refunds.

The video game giant previously blamed “market conditions” for price hikes.

Copyright 2025 The Associated Press. All rights reserved

Key FactsNintendo, in a motion filed late Monday, argued consumers who sued the firm to receive tariff refunds are “not entitled” to a rebate and claimed the money they paid for Nintendo products “represents the purchase price of the goods they wanted and received.”

Consumers filed a class-action lawsuit against Nintendo in April, claiming the company—which sued the Trump administration to recoup tariff payments—raised its prices because of the tariffs and would later receive refunds for those levies, effectively allowing the company to collect the costs twice.

Nintendo’s attorneys criticized the lawsuit’s argument as “meritless,” arguing consumers failed to dispute Nintendo’s price adjustments as unlawful or that the company misled customers.

In its motion, Nintendo said it made the “difficult decision” to raise prices for some of its products “in response to market conditions,” which the firm said included tariffs as well as the cost of memory, labor and shipping.

Shares of Nintendo dropped 4% in Tokyo-based trading on Tuesday.

crucial quote“Nintendo or one of its retailers set a price for each product, and consumers decided whether that price was worth paying,” Nintendo’s attorneys wrote. “Those who bought Nintendo’s products received exactly what they bargained and paid for: a console, game and/or accessory at a price to which both parties agreed.”

what companies will issue tariff refunds?Only a few have publicly stated they would pass on tariff refunds to consumers: Costco CEO Ron Vachris said in March the company would turn tariff refunds into “lower prices and better values.” FedEx said it would issue refunds to shippers and consumers who originally paid the tariff charges. UPS similarly said it would reimburse customers for tariff-related charges.

tangentFord, which has said it would not pass on tariff refunds, faces a proposed class-action lawsuit in Michigan from consumers who claim they should receive reimbursement. Ford previously said it expected a one-time $1.3 billion refund.

key backgroundNintendo announced a price hike for its then-upcoming Switch 2 console one day after President Donald Trump announced sweeping tariffs against more than 180 countries last year. The video game firm launched global price hikes again earlier this year, citing “market conditions,” following similar moves by Sony and Microsoft amid a broader chip supply crunch. The Trump administration has said it would refund $166 billion to some 300,000 different importers after the Supreme Court ruled Trump’s levies were unlawful, leading the way for many firms, like Nintendo, to sue for reimbursement. Some economists have warned that tariff rebates would only benefit U.S. importers. Among those making that argument is UBS chief economist Paul Donovan, who wrote earlier this year it “seems unlikely anyone will rush to lower prices to their consumers.”

further readingForbesNintendo’s Switch 2 Gets A $50 Price Hike—Company Blames ‘Market Conditions’By Siladitya RayForbesNintendo Surprises With Switch 2 Price Hike—As Trump Imposes Tariffs On China And VietnamBy Conor Murray

ForbesTariff Refunds Start Today—But Average Consumers Won’t BenefitBy Ty Roush

NEW YORK, July 21, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Cerebras Systems Inc. (“Cerebras” or the “Company”) (NASDAQ: CBRS).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Cerebras and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On or around May 14, 2026, Cerebras completed its initial public offering (“IPO”), selling 30 million shares of Class A common stock priced at $185.00 per share.  Then, on June 24, 2026, Cerebras reported its financial results for the first quarter of 2026.  Among other items, Cerebras reported a loss of $0.22 per share, missing analyst estimates of a $0.16-per-share loss.  In addition, Cerebras forecast a narrower gross margin in its core business, excluding impact from customer warrants and data center pass-through revenues. 

On this news, Cerebras’s stock price fell $44.46 per share, or 19.61%, to close at $182.26 per share on June 24, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980  

Apple is launching a device leasing program called ‘Apple Upgrade’ on July 28 in the US to boost sales, Bloomberg News reported on Tuesday, citing people with knowledge of the matter.

The new service arrives as Apple has raised prices on its iPads, MacBooks and other devices except the iPhone, no longer able to shield customers from surging memory and storage chip costs driven by the AI industry’s data-center buildout.

Apple Upgrade will support most iPhone, Mac, iPad and Apple Watch models and the company is partnering with Klarna Group as the financial backer for the program, the report said.

Apple Upgrade will support most iPhone, Mac, iPad and Apple Watch models, according to Bloomberg. Getty Images It will function as a subscription, allowing users to pay off their device early, switch to a new model before their term ends, or retain the device after the leasing period concludes, Bloomberg reported.

The service will be available in both Apple’s physical retail stores and online.

Apple intends to market the program as offering lower payments than its existing financing options, the report said.

The company plans to end new enrollments in its current iPhone payment plans — the iPhone Upgrade Program and standard financing — to clear the way for the new Apple Upgrade initiative.

Unlike the current iPhone Upgrade Program, Apple Upgrade will not include AppleCare.

Some devices, including the Apple Watch SE, the entry-level iPad, the iPhone 16 and the MacBook Neo, will not be eligible for the program, the report said.

Apple Upgrade will be available in the tech giant’s physical retail stores and online. Business and education purchases will also be excluded, according to Bloomberg.

Both Apple and Klarna did not immediately respond to Reuters’ request for comment.

Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) looks compelling at $351.99, because the two-year Wall Street panic that conversational AI would cannibalize Google Search has been decisively invalidated by the numbers. For 24 months, the bear case rested on a single fear: that ChatGPT and its peers would siphon queries away from the world’s dominant ad engine. The most recent quarter shows the opposite happening in real time.

Alphabet is the parent of Google Search, YouTube, Google Cloud, Android, and Waymo. The stock has ripped 90.75% over the past year as investors reprocessed the AI threat as an AI tailwind. The question now is whether the current price already reflects that reappraisal, or whether more upside remains.

Why the AI Search Fear Just Died Q1 2026 demolished the bear thesis. Google Search & Other revenue hit $60.40 billion, up 19% year over year, with CEO Sundar Pichai confirming that “AI continues to drive search usage and queries are at an all-time high.”. Gemini-powered AI Overviews are expanding commercial ad inventory at higher click-through yields, Gemini-powered AI Overviews are expanding commercial ad inventory at higher click-through yields, with Hilton EMEA reportedly capturing one-third more clicks for one-fifth of the spend.

Google Cloud revenue grew 63% to $20.03 billion, operating margin expanded to 32.9% from 17.8%, and backlog nearly doubled quarter on quarter to over $460 billion. EPS came in at $5.11 versus $2.6327 estimated, a 94.1% beat, the fourth consecutive beat.

Why the Bears Still Have a Case Capex is the counterweight. Q1 capital expenditures more than doubled to $35.67 billion, free cash flow collapsed 46.63%, and management raised full-year 2026 capex guidance to $180 billion to $190 billion, with 2027 expected higher. Return on that infrastructure spend remains unproven quarter to quarter.

Antitrust overhang persists. Google Network revenue declined year over year, and Q1 net income was flattered by $36.91 billion in net unrealized gains on equity securities, introducing earnings volatility. Insider activity skews net selling across 181 recent insider transactions.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Google didn't make the cut. Grab the names FREE today.

Why Patience Might Still Win The Hold argument rests on entry timing. Shares are down 4.36% over the past month and sit 6% below the 52-week high of $408.37. With earnings due imminently and Polymarket assigning only a 59.5% probability of closing above $350 by month end, waiting for the print could offer a cleaner entry if capex commentary spooks the tape.

What the Numbers Actually Say Alphabet trades at $351.99 against a consensus analyst target of $433.51, implying 23.03% upside. Coverage is overwhelmingly positive with 14 Strong Buys, 43 Buys, 7 Holds, and zero Sell ratings. Valuation looks reasonable for the growth on offer: 26 trailing P/E, 25 forward P/E, with a PEG of 1.365. Year to date GOOGL is up 12.6%, while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) has gained roughly 3.3% since the Q1 filing, meaning the stock has lagged the broad market since its blowout report.

The Verdict at $350: Why the Buyers Win At $351.99, the setup for Alphabet looks favorable. Three simultaneous engines are all accelerating. Search at 19% growth invalidates the disruption narrative that suppressed the multiple for two years. Cloud at 63% growth with a $460 billion backlog gives Alphabet a second megacap growth business generating tripled operating income. Gemini, processing 16 billion tokens per minute via API, monetizes the same AI wave the market once feared.

A forward P/E of 25 for a business compounding revenue at 22% and expanding operating margins to 36.1% is a reasonable price for buyers. The thesis breaks only if capex returns disappoint by 2027 or an antitrust remedy structurally changes distribution. Both remain absent from the current trajectory.

Watch three things quarter by quarter: Cloud operating margin, Search query growth, and capex efficiency signals. If those hold, the analyst target north of $430 becomes the floor rather than the ceiling. The fear that defined Alphabet’s discount for two years is empirically dead, and the stock has not yet fully repriced.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Google didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

General Motors Company (GM) Q2 2026 Earnings Call July 21, 2026 8:30 AM EDT

Company Participants

Ashish Kohli - Vice President of Investor Relations
Mary Barra - Chairman & CEO
Paul Jacobson - Executive VP & CFO

Conference Call Participants

Joseph Spak - UBS Investment Bank, Research Division
Dan Levy - Barclays Bank PLC, Research Division
Andrew Percoco - Morgan Stanley, Research Division
Itay Michaeli - TD Cowen, Research Division
Michael Ward - Citigroup Inc., Research Division
Emmanuel Rosner - Wolfe Research, LLC
Gautam Narayan - RBC Capital Markets, Research Division
Mark Delaney - Goldman Sachs Group, Inc., Research Division
Rajat Gupta - JPMorgan Chase & Co, Research Division

Presentation

Operator

Good morning, and welcome to the General Motors Company Second Quarter 2026 Earnings Conference Call.

[Operator Instructions] As a reminder, this conference call is being recorded, Tuesday, July 21, 2026. I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations.

Ashish Kohli
Vice President of Investor Relations

Thanks, Julie, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the second quarter of 2026. Our conference call materials were issued this morning and are available on GM's Investor Relations website. We are also broadcasting this call via webcast.

Joining us today are Mary Barra, GM's Chair and CEO; along with Paul Jacobson, GM's Executive Vice President and CFO. Susan Sheffield, President and CEO of GM Financial, will also be joining us for the Q&A portion.

On today's call, management will make forward-looking statements about our expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include the factors identified in our filings with the SEC. Please review the safe harbor statement on the first page of our presentation as the content of this call will be

Genuine Parts Company (GPC) Q2 2026 Earnings Call July 21, 2026 8:30 AM EDT

Company Participants

Timothy Walsh - Vice President of Investor Relations
William Stengel - CEO & Chairman
Herbert Nappier - Executive VP & CFO

Conference Call Participants

Gregory Melich - Evercore ISI Institutional Equities, Research Division
Christopher Horvers - JPMorgan Chase & Co, Research Division
Scot Ciccarelli - Truist Securities, Inc., Research Division
Michael Lasser - UBS Investment Bank, Research Division
Bret Jordan - Jefferies LLC, Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the Genuine Parts Company Second Quarter 2026 Earnings Conference Call. [Operator Instructions] This call is being recorded on Tuesday, July 21, 2026.

I would now like to turn the conference over to Tim Walsh. Please go ahead.

Timothy Walsh
Vice President of Investor Relations

Thank you, and good morning, everyone. Welcome to Genuine Parts Company's Second Quarter 2026 Earnings Call. Joining us on the call today are Will Stengel, Chairman and Chief Executive Officer; and Bert Nappier, Executive Vice President and Chief Financial Officer. In addition to this morning's press release, a supplemental slide presentation can be found on the Investors page of the Genuine Parts Company website. Today's call is being webcast, and a replay will also be made available on the company's website after the call.

Following our prepared remarks, the call will be open for questions, the responses to which will reflect management's views as of today, July 21, 2026. If we're unable to get to your questions, please contact our Investor Relations department. Please be advised that this call may include certain non-GAAP financial measures, which may be referred to during today's discussion of our results as reported under generally accepted accounting principles. A reconciliation of these measures is provided in the earnings press release. Today's call may also include forward-looking statements regarding the company and its businesses as

The Merck logo is seen at a gate to the Merck & Co campus in Rahway, New Jersey, U.S., July 12, 2018. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab

CompaniesJuly 21 (Reuters) - Gilead Sciences (GILD.O), opens new tab and Merck (MRK.N), opens new tab said on Tuesday their experimental once-weekly HIV pill kept the virus suppressed in two late-stage trials, ​supporting regulatory filings for what could become the first ‌regimen of its kind for the disease.

Here are some details:

Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.

The combination of Merck's islatravir and Gilead's lenacapavir was tested as a single-tablet regimen in adults ​whose HIV was already controlled with daily antiretroviral therapy.

HIV ​attacks the body's immune system and, if left untreated, ⁠can progress to acquired immunodeficiency syndrome (AIDS), the most advanced stage of ​infection.

In one trial, none of the patients who switched to the ​weekly pill had detectable viral levels at 48 weeks, compared with 0.3% of those who remained on Gilead's daily Biktarvy.

In a second trial, 0.3% of ​patients taking the weekly pill had detectable HIV levels or ​higher at 48 weeks, compared with 1.3% of those who remained on standard ‌daily ⁠HIV regimens.

Investors are closely watching the rollout of lenacapavir, branded as Yeztugo, which was approved last year, as Gilead seeks to strengthen its HIV franchise alongside blockbuster treatment Biktarvy.

The companies said the weekly ​treatment was non-inferior ​to Biktarvy ⁠and other daily HIV regimens in the two studies, meaning it performed at least as well by ​the studies' main measure.

Side effects were generally similar ​to ⁠the daily treatments studied, and no new safety concerns were identified. The most common treatment-related side effects included headache, nausea and diarrhea.

Merck's once-daily ⁠HIV ​pill combo Idvynso was approved by the U.S. ​Food and Drug Administration in April, bringing another treatment option for patients suffering from ​the condition.

Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Vijay Kishore

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

Just a few months ago, investors couldn't get enough of Palantir Technologies (PLTR 1.57%). The company -- known for "big data" analytics -- was delivering record earnings, demand for its artificial intelligence (AI) software was surging, and the stock seemed unstoppable.

Fast-forward to today, and the mood has changed. Although the business continues to execute at a high level, Palantir's stock has fallen roughly a third from its peak. That naturally raises an important question.

Has this correction finally created a buying opportunity, or is the stock still too expensive?

Image source: Getty Images.

The business hasn't been the problem Most investors who focus only on Palantir's operating results will probably struggle to explain why the stock corrected so sharply. The company recently reported another outstanding quarter. Revenue for the period grew 85% year over year to $1.6 billion, while U.S. commercial revenue grew more than 130%, highlighting strong demand from businesses adopting its Artificial Intelligence Platform (AIP).

The quality of that growth is just as impressive. Unlike many fast-growing AI companies, Palantir is generating meaningful profits and strong free cash flow. Management has also continued to raise its revenue guidance, suggesting that demand remains healthy. In other words, the business is performing well. If anything, Palantir's business is stronger today than it was when the stock was making new highs.

Then why did the stock fall? Here's where many investors get confused. They assume a falling stock price means a weakening business. Sometimes that's true. But sometimes the business keeps improving while the stock falls. That's largely what happened with Palantir.

During the early AI boom, investors were willing to pay an extraordinary premium for companies they believed would dominate the next generation of enterprise software. Palantir was one of those companies. Eventually, however, Wall Street stopped asking one question: "Is Palantir a great company?" Instead, it started asking another: "How much is a great company worth?"

That shift in focus changed everything. Once expectations become exceptionally high, even excellent earnings may not be enough to push the stock higher. Investors simply become less willing to pay an unlimited premium for future growth.

Today's Change

(

-1.57

%) $

-2.12

Current Price

$

132.73

Has the correction made Palantir cheap? The recent pullback has undoubtedly made Palantir more attractive than it was at its peak. Investors today are paying less for the same business. That's a positive.

But that doesn't automatically make the stock cheap. Even after the correction, Palantir still trades at a huge premium multiple -- its price-to-earnings (P/E) ratio stood at 167 as of this writing -- which is significantly higher than many of the market's other AI leaders. For instance, Nvidia trades at a P/E of around 37. 

But here's the thing: A high P/E ratio doesn't necessarily mean Palantir is overvalued. It simply means investors expect Palantir to expand at hypergrowth rates over the next several years. They're paying today for profits they believe the company will generate tomorrow.

Having said that, it does mean the margin for error remains thin. If Palantir continues executing at an exceptional level, today's valuation could look reasonable. But if growth slows, investors may look back and regret paying up for the stock today.

What does it mean for investors? Palantir remains one of the most compelling enterprise AI companies in the market today. Its business continues to execute well. Commercial adoption is accelerating. And management has demonstrated that it can grow rapidly while generating meaningful profits.

The recent correction has certainly improved the investment case. But "more attractive" doesn't necessarily mean "cheap." For long-term investors, the real question isn't whether Palantir can grow. It's whether the company can grow fast enough to justify the premium investors are still willing to pay.

If you believe it can, then buying the stock today makes sense. If not, it's best to stay on the sidelines.

HomeStock IdeasLong IdeasTech 

SummaryMicron Technology, Inc. is re-rated as a Buy, driven by AI super-cycle demand and transformative strategic customer agreements (SCAs).MU’s Q3 ’26 revenue surged 346% YoY, with strong margin expansion—operating margin reached 81.2% and is forecasted to peak at 86% in Q4.SCAs now represent ~20% of DRAM and 1/3 of NAND volume, providing multi-year revenue visibility, margin floors, and $22B in financial commitments.Investors are mispricing MU’s profitability; sustainable margins above 60% are likely, supported by tight supply, pricing power, and structural industry change. JHVEPhoto/iStock Editorial via Getty Images

Investment Thesis Since my last coverage, Micron Technology, Inc.’s (MU) stock has been up by over 100%, and since my initial Buy analysis, it is up almost 300%.

To remind readers, in my initial analysis

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in MU:CA, MU over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NEW YORK, July 21, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Intuit Inc. (“Intuit” or the “Company”) (NASDAQ: INTU) and certain officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 26-cv-07086, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Intuit securities between August 22, 2025 and May 20, 2026, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are an investor who purchased or otherwise acquired Intuit securities during the Class Period, you have until September 8, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

Intuit provides financial management, payments and capital, compliance, and marketing products and services in the United States. The Company has four reportable business segments: (i) Global Business Solutions; (ii) Consumer; (iii) Credit Karma; and (iv) ProTax.  Intuit’s Consumer segment provides do-it-yourself (“DIY”) and assisted income tax preparation products and services under the “TurboTax” brand name, whereas its ProTax segment provides tax-preparation software products and electronic tax filing, payment, and related products and services.  The Company sells its products and services through direct sales channels, multichannel shop-and-buy experiences, mobile application stores, and partner and other channels.

At all relevant times, Defendants touted purportedly significant “momentum” across Intuit’s various business segments, particularly with respect to its tax-related business.  Defendants attributed this purported “momentum” to, inter alia, Intuit’s purportedly significant competitive advantages, including integration of artificial intelligence (“AI”) in its business and operations.

For example, in August 2025, Defendants provided financial guidance for Intuit’s fiscal full year (“FY”) of 2026, ended July 31, 2026, including 8% revenue growth in its TurboTax business, citing “outstanding execution across our platform” and “breakthrough adoption in assisted tax” as a result of the aforementioned purported competitive advantages.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) they had overstated Intuit’s competitive advantages and growth, as well as the overall strength and sustainability of its business model and operations; (ii) in reality, Intuit was losing significant business in its tax-related business, particularly in its TurboTax business, as a result of, inter alia, increasing competitive and pricing pressures; (iii) accordingly, Intuit’s previously issued FY 2026 TurboTax revenue growth guidance was unreliable and/or unrealistic; and (iv) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

The truth began to emerge on May 20, 2026, when, during pre-market hours, Reuters published an article entitled “Intuit to cut 17% of global jobs to streamline operations, memo shows”.  Citing an internal Company memorandum and email from Defendant Sasan K. Goodarzi (“Goodarzi”), Intuit’s Chairman and Chief Executive Officer, to staff earlier in the day, the article reported that “Intuit . . . is laying off about 17% of its workforce, or about 3,000 employees worldwide, to streamline operations and sharpen focus on its key bets including its AI efforts[.]”  The article further revealed that Intuit “is also winding down its Reno and Woodland Hills offices as ⁠part of a strategic restructuring to consolidate teams in key hubs, according to the memo.”

On this news, Intuit’s stock price fell $15.78 per share, or 3.95%, to close at $383.93 per share on May 20, 2026.

The same day, during post-market hours, Intuit issued a press release announcing its fiscal third quarter (“Q3”) 2026 results.  Therein, Defendants reported weak Q3 2026 tax season revenue, including, inter alia, TurboTax revenue that grew by only 7% year-over-year, versus consensus estimates of at least 8% revenue growth.  During the accompanying earnings call held the same day, also during post-market hours, Defendant Sandeep S. Aujla, Intuit’s Executive Vice President and Chief Financial Officer, acknowledged that, with respect to TurboTax, “we did not have the overall tax season we expected[.]”  On the same call, Defendant Goodarzi likewise stated that he was “dissatisfied with our performance”, noting “[w]e faced pressure among the most price-sensitive DIY filers earning less than $50,000 a year”, and that “[w]e lost on price.”  Defendant Goodarzi also revealed that TurboTax online paying units were expected to grow by only 2% as total Internal Revenue Service filers were expected to decline by approximately 30 basis points, representing the “most significant industry-wide contraction since the post-COVID tax season.”  Accordingly, Defendant Goodarzi acknowledged that “we expect TurboTax to grow 7% for the full year”—down from Defendants’ prior guidance of 8% growth—and that, “[t]o reaccelerate this part of our business,” Defendants will need to “evolve our business model by delivering the right lineups and price points to meet simple filers’ needs at the low end and lean into the power of our broader Consumer platform to monetize beyond tax.”

Following these disclosures, Intuit’s stock price fell $76.86 per share, or 20.02%, to close at $307.07 per share on May 21, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising.  Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Key Takeaways Fastenal's contract sales rose 17.6%, reaching 75.8% of quarterly sales as larger accounts gained share.Digital Footprint sales grew 16.2%, while FMI sales climbed 16.4% to $1.08 billion in Q2.FAST's gross margin fell 75 bps as tariffs, supplier inflation, freight and customer mix weighed on margins. Fastenal Company (FAST - Free Report) is becoming a useful read-through on how industrial distribution is changing. The company’s latest results show customers moving toward larger supplier relationships, digital procurement and automated inventory tools.

Those trends support growth, but they also reshape revenue mix and margins. The key question is whether scale and operating leverage can keep offsetting cost and gross-margin pressure.

Fastenal Shows the Shift to Larger AccountsFastenal’s second-quarter 2026 contract sales increased 17.6% year over year and represented 75.8% of quarterly sales, up from 73.2% a year earlier. Contract count rose 7.2% to 3,694, showing that more customers are consolidating spend through structured relationships.

The larger-site data points in the same direction. Customer sites spending at least $50,000 per month increased 16.5% to 3,125, while sales from those sites rose to $1.38 billion from $1.09 billion. That shift makes Fastenal less dependent on one-off transactions and more tied to integrated service models.

FAST Digital Adoption Is Changing DistributionFastenal’s Digital Footprint daily sales increased 16.2% in the second quarter and represented 61.6% of revenues. eBusiness sales rose 12.6%, reflecting deeper customer use of procurement-system connections and digital ordering.

Fastenal Managed Inventory is another sign of where the industry is heading. FMI sales rose 16.4% to $1.08 billion, and the installed base of weighted FASTBin and FASTVend devices increased 6.5% to 140,789 units. These tools embed replenishment and usage data into customer workflows.

Fastenal Margin Trends Reflect a New Trade-OffThe growth quality is improving, but the margin mix is more complicated. Larger strategic customers typically generate more recurring sales and higher profit dollars, but they also tend to carry lower gross margins because of scale and negotiated pricing.

That is the emerging trade-off for industrial distributors. Fastenal’s gross margin declined 75 basis points to 44.6% in the second quarter, while operating margin held at 21% because selling, general and administrative expense leverage offset the drag.

FAST Faces a More Complex Cost EnvironmentTariffs, supplier inflation and freight costs remain important pressures. Unfavorable net price-cost reduced gross margin by about 40 basis points in the second quarter, and customer mix, transportation costs and rebate activity added pressure.

That makes cost recovery a continuing trend to watch across the supply chain. Even with stable demand, trade-policy changes or supplier increases can slow pricing recovery and make quarterly profitability less predictable.

What Fastenal Says About 2026 DemandDemand appears stable to modestly positive, not uniformly strong. Fastenal’s manufacturing daily sales rose 14.9% in the second quarter, led by 18.1% growth in heavy manufacturing, while non-residential construction increased 17%.

Other end markets rose 14.1%, helped by transportation and warehousing customers. That breadth supports the view that industrial demand is constructive, although management commentary also pointed to softness in certain discretionary consumer-linked areas.

FAST Ratings Match a Trend-Driven StoryThe bottom line is that FAST remains a trend-driven industrial distribution story, with digital tools, contract growth and large-site expansion supporting revenue durability. W.W. Grainger, Inc. (GWW - Free Report) provides a relevant comparison because it also operates across industrial supplies, online channels, inventory management services and technical support.

Applied Industrial Technologies, Inc. (AIT - Free Report) is another useful peer for the broader distribution backdrop, with exposure to bearings, power transmission, fluid power and other industrial products.

FAST stock currently carries a Zacks Rank #2 (Buy), with a Momentum Score of A, Growth Score of C and Value Score of D. The Rank and Momentum Score support the near-term setup, while the Value Score suggests investors should still watch how much of the digital and contract-strength story is already reflected in the stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Kroger plans to simplify pricing and promotions to make its value proposition easier to understand.KR aims to drive repeat visits with clearer pricing, trusted relationships and a better shopping experience.KR's pricing investments will be funded through cost savings, supplier negotiations and AI efficiencies. The Kroger Co. (KR - Free Report) sees opportunities to strengthen its pricing strategy by making its value proposition simpler and easier for customers to understand. Management acknowledged that promotional offerings have become overly complicated over time, while the company's pricing position has not kept pace where it needed to, highlighting an area of focus for improvement.

The company is focused on strengthening its value proposition by making its pricing more competitive, consistent and easier for customers to understand rather than becoming the lowest-priced retailer. Management believes customers should clearly recognize the value offered when deciding where to shop. The company aims to encourage more frequent customer visits by combining a clear value proposition with a strong shopping experience and trusted customer relationships, reinforcing its long-term competitive positioning.

Kroger plans to transition toward a simpler and more consistent everyday value strategy while continuing to use promotions as an important part of its business. Management emphasized future promotional offerings will be sharper and easier for customers to understand. The company believes achieving this approach will require greater discipline as it works to support and fund a clearer, more straightforward value proposition for customers.

Importantly, the company emphasized that these pricing investments are not a one-time reset but are fully funded through internal cost savings and efficiencies, such as improved supplier negotiations and the application of AI across the business. Overall, a clearer and more transparent pricing strategy should strengthen customer trust, encourage repeat shopping and improve long-term loyalty while reinforcing Kroger’s competitive position in the grocery market.

The Zacks Rundown for KRThe company's shares have lost 6.9% in the past six months compared with the industry’s decline of 3.5%.

Image Source: Zacks Investment Research

From a valuation standpoint, KR trades at a forward price-to-earnings ratio of 10.87, lower than the industry’s average of 33.96. KR currently carries a Zacks Rank #3 (Hold).

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for KR’s current and next fiscal year earnings implies year-over-year growth of 7.4% and 6.4%, respectively.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks have been discussed below:

United Natural Foods Inc. (UNFI - Free Report) distributes natural, organic, specialty, produce, and conventional grocery and non-food products in the United States and Canada. It presently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for UNFI’s 2026 sales indicates a decline of 2.1%, and the same for earnings indicates growth of 254.9% from the prior-year reported levels. UNFI delivered a trailing four-quarter earnings surprise of nearly 30%, on average.

Mama’s Creations, Inc. (MAMA - Free Report) , together with its subsidiaries, manufactures and markets fresh deli-prepared foods in the United States. MAMA currently carries a Zacks Rank of 1.

The Zacks Consensus Estimate for MAMA's current fiscal-year sales & earnings implies growth of 30% and 73.3%, respectively, from the year-ago actuals. MAMA delivered a trailing four-quarter negative earnings surprise of 129.2%, on average.

Medifast, Inc. (MED - Free Report) operates as a health and wellness company that provides habit-based and coach-guided lifestyle solutions to address obesity and support a healthy life in the United States. MED currently carries a Zacks Rank of 1.

The Zacks Consensus Estimate for MED's current fiscal-year sales and earnings implies a decline of 25.9% and 140.2%, respectively, from the year-ago actuals. MED delivered a trailing four-quarter negative earnings surprise of 635%, on average.

NEW YORK, July 21, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Lucid Group, Inc. (“Lucid” or the “Company”) (NASDAQ: LCID) and certain officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 26-cv-05128, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Lucid securities between February 25, 2026 and April 13, 2026, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are an investor who purchased or otherwise acquired Lucid securities during the Class Period, you have until July 28, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.  
 

[Click here for information about joining the class action]

Lucid is a technology company that designs, develops, manufactures, and sells electric vehicles, EV powertrains, and battery systems.  The Company’s products include, inter alia, the “Lucid Air” sedan and “Lucid Gravity” sport utility vehicle.

At all relevant times, Defendants touted purported enhancements to Lucid’s manufacturing and delivery capabilities and overall operations.  In particular, beginning in late-February 2026, Defendants represented that, in fiscal year (“FY”) 2025, they had implemented sustainable improvements in these areas, including with respect to the production and ramp-up of deliveries of the Lucid Gravity.  Defendants likewise asserted that these improvements would lead to profitable growth and performance efficiencies in FY 2026.  Unbeknownst to investors, however, Lucid’s performance was materially hampered by significant supplier and delivery issues in February 2026, putting the Company on track for dismal, rather than improved, performance in its first quarter (“Q1”) of 2026.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i)  a supplier quality issue had significantly disrupted deliveries of the Lucid Gravity; (ii) the foregoing was likely to, and did, have a material negative impact on the Company’s business and financial results; (iii) accordingly, the Defendants had overstated the purported enhancements to Lucid’s manufacturing and delivery capabilities and overall operations; and (iv) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

The truth began to emerge on April 3, 2026, when Lucid issued a press release “announc[ing its Q1 2026] production and delivery totals[.]”  Lucid revealed that it had “produced 5,500 vehicles” during Q1 2026, while only “deliver[ing] 3,093 vehicles.”  The press release further disclosed that, “[d]uring the quarter, deliveries of the Lucid Gravity were disrupted for 29 days due to a supplier quality issue with the second-row seats” and, “[a]s a result of this, the company’s ability to meet customer demand was impacted.”

The same day, Reuters published an article entitled “Lucid misses first-quarter vehicle delivery estimates on supplier disruptions”.  The article provided additional color and comments from Defendant Marc Winterhoff (“Winterhoff”), the Company’s Interim Chief Executive Officer (“CEO”), regarding Lucid’s disappointing Q1 2026 delivery results—most notably that deliveries were particularly impacted over a month earlier in February 2026, when Lucid paused to reverse an unauthorized supplier change and inspect vehicles already produced.

The next trading day, April 6, 2026, 24/7 Wall St. published an article entitled “Lucid Faces Biggest Disaster Ever”, which described the number of vehicles that Lucid delivered in Q1 2026 as “remarkably small”, stating that Lucid “cannot sell fewer than 4,000 vehicles and even pretend this is sustainable.” 

Following the foregoing news and disclosures, Lucid’s stock price fell $1.13 per share, or 11.35%, over the following two trading sessions, to close at $8.83 per share on April 7, 2026.

On April 14, 2026, Lucid filed a current report on Form 8-K with the United States Securities and Exchange Commission (“U.S.”), reporting, inter alia, its preliminary Q1 2026 financial results, including revenue in the range of $280 million to $284 million—well below the consensus estimate of $433.8 million—and losses from operations in the range of $985 million to $1.005 billion.

The same day, Lucid issued a press release revealing its plans for a $1.05 billion capital raise, including a $300 million public stock offering.

Following these disclosures, Lucid’s stock price fell $0.44 per share, or 4.76%, to close at $8.80 per share on April 14, 2026.

Then, on May 5, 2026, Lucid issued a press release reporting its Q1 2026 financial results, including GAAP earnings per share of -$3.46, missing consensus estimates by $0.83, a net loss of over $1 billion, and revenue of $282.47 million, missing consensus estimates by $76.04 million.  Defendant Winterhoff, as quoted in the press release, acknowledged that the previously disclosed “supplier issue . . . during the quarter had an impact,” and the need to “align[] production and delivery with customer demand.”  Lucid’s Chief Financial Officer, Defendant Taoufiq Boussaid, as quoted in the same press release, likewise acknowledged that “[w]e ended the quarter with elevated inventory that we expect to convert to revenue and cash as deliveries normalize[.]”

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com. 

Attorney advertising.  Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980  

Store closures have become a common story in 2026. While food and restaurant chains like Five Guys, Pizza Hut, and Papa John’s tend to grab most of the headlines, this year has also seen closures from retail shopping brands like H&M and Glossier.

And now, another retailer is joining that list. Discount chain Dollar Tree Inc. has announced that it plans to close around 75 stores, even as it grows its overall footprint. Here’s what you need to know.

Dollar Tree to shutter 75 locationsDollar Tree is celebrating its 40th anniversary this year. But unfortunately, its 40th will also be marked by store closures.

On May 28, Dollar Tree reported its first-quarter fiscal 2026 results, which ended on May 2. Overall, those results were healthy. The chain reported net sales of $5 billion, an increase of 7.2% over the same quarter a year earlier. Its adjusted diluted earnings per share (EPS) also grew 38.1% to $1.74.

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During the same quarter, the company also opened 113 new Dollar Tree stores, bringing its total to 9,382 stores across the U.S. and Canada.

However, the company also announced that it would be closing some locations in fiscal 2026, which ends in January. Specifically, Dollar Tree said it will close approximately 75 locations during its current fiscal year.

While that number seems high, it represents less than 1% of all Dollar Tree stores. 

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