Track market-moving stories before they get noisy

, /PRNewswire/ -- Equifax® (NYSE: EFX) today announced financial results for the quarter ended June 30, 2026.

Second quarter reported revenue of $1.700 billion, up a strong 11% with 10% local currency revenue growth. Diversified markets revenue up 7% on a reported basis, up 6% in local currency, with strong performances in Workforce Solutions and USIS. Workforce Solutions second quarter revenue up 7%. Verification Services revenue up 7% led by high double digit revenue growth in Talent Solutions and Consumer Lending. Strong execution in Government with agreements signed in First Half totaling about $300 million in annual contract value. USIS second quarter revenue up strong 17% with Diversified Markets revenue growth accelerating sequentially over 300 basis points to 6%. USIS Mortgage revenue up 40%. International second quarter revenue up 8% on a reported basis. Local currency revenue growth up 4% with high single digit revenue growth in Asia Pacific and mid single digit growth in Canada. Second quarter U.S. Mortgage revenue up very strong 25%. New Product Innovation leveraging the EFX Cloud, EFX.AI, and proprietary data delivered strong 16% new product Vitality Index. Doubling 2026-2028 AI-driven cost reduction target to $150 million. Returned $366 million in cash to shareholders through share repurchases and quarterly dividend. Signed a definitive agreement to acquire Círculo de Crédito, the fastest growing credit bureau in Mexico, for an enterprise value of $750 million. Expected to close in the fourth quarter of 2026. "Equifax delivered a strong second quarter performance executing on our EFX2028 Strategic Priorities with reported revenue of $1.700 billion, up 11% on a reported basis, with 10% local currency revenue growth enabled by a 16% new product Vitality Index, above our 10% long-term goal, with double digit Vitality across all business units. Diversified Markets local currency revenue growth of 6% reflects strong revenue growth in Workforce Solutions and USIS. U.S. Mortgage revenue grew 25% and in line with our expectations despite higher mortgage rates throughout the second quarter.

Workforce Solutions delivered 7% revenue growth, with Diversified Markets growth of 6% led by strong high double digit growth in Talent Solutions and Consumer Lending. The Workforce Solutions Government team continues to execute well, signing new contract wins and renewals totaling about $300 million in annual contract value in the first half of 2026 that will principally benefit 2027 and beyond. Workforce Solutions Mortgage revenue was up 8%. USIS delivered strong revenue growth of 17%, with Diversified Markets revenue growth of 6%, which was up over 300 basis points sequentially and very strong 40% Mortgage revenue growth. International delivered 4% local currency revenue growth with high single digit revenue growth in Asia Pacific and mid single digit growth in Canada.

Equifax is on offense deploying EFX.AI to deliver higher-performing products, models and scores while driving AI agents and tools across our operations, technology, and support teams for productivity. We are doubling our AI-driven cost reduction goal set earlier in the year to $150 million from 2026 to 2028, reflecting the accelerating momentum deploying AI across EFX to drive speed, accuracy, and productivity.

Equifax signed a definitive agreement to acquire Círculo de Crédito, the fastest growing credit bureau in Mexico, for an enterprise value of $750 million. The acquisition fits perfectly in our balanced capital allocation framework, with our focus on highly accretive bolt-on acquisitions while continuing significant ongoing return of capital to shareholders and maintaining our strong investment grade balance sheet. Equifax returned $366 million of cash to shareholders in the quarter, including repurchasing 1.8 million shares, or about 1% of shares outstanding, for $300 million and paying $66 million in quarterly dividends," said Mark W. Begor, Equifax Chief Executive Officer. 

"Equifax is fundamentally a different company on how we go to market from Technology to Data & Analytics, EFX.AI capabilities, product focus, and AI-driven Operations all leveraging our Cloud technology investment and patented EFX.AI products and D&A capabilities. Equifax's scale proprietary data is the foundation of our AI data moat and a big competitive advantage, and we are expanding our capabilities to leverage our unique, non-public data assets with EFX.AI and our Agentic AI capabilities to rapidly deliver higher-performing scores, models, and multi-market products to help our customers grow.

Our strong second quarter results reflect the resiliency of the broad-based Equifax business model in an increasingly uncertain economy. We are energized about the New Equifax and we expect to deliver higher growth, margins, and accelerating free cash flow, and returning cash to shareholders in the future."

Financial Results Summary

The Company reported revenue of $1,700.1 million in the second quarter of 2026, up 11% and 10% on a reported and local currency basis, respectively, compared to the second quarter of 2025.

Net income attributable to Equifax of $183.9 million was down 4% in the second quarter of 2026 compared to $191.3 million in the second quarter of 2025.

Diluted EPS attributable to Equifax was $1.54 per share in the second quarter of 2026, up 1% compared to $1.53 per share in the second quarter of 2025.

Workforce Solutions Second Quarter Results

Total revenue was $705.4 million in the second quarter of 2026, up 7% compared to the second quarter of 2025. Operating margin for Workforce Solutions was 44.9% in the second quarter of 2026 compared to 46.4% in the second quarter of 2025. Adjusted EBITDA margin for Workforce Solutions was 52.1% in the second quarter of 2026 compared to 53.3% in the second quarter of 2025. Verification Services revenue was $607.6 million, up 7% compared to the second quarter of 2025. Employer Services revenue was $97.8 million, up 3% compared to the second quarter of 2025. USIS Second Quarter Results

Total revenue was $611.6 million in the second quarter of 2026, up 17% compared to the second quarter of 2025. Operating margin for USIS was 22.5% in the second quarter of 2026 compared to 22.6% in the second quarter of 2025. Adjusted EBITDA margin for USIS was 32.8% in the second quarter of 2026 compared to 35.0% in the second quarter of 2025. Online Information Solutions revenue was $545.4 million, up 19% compared to the second quarter of 2025. Financial Marketing Services revenue was $66.2 million, up 4% compared to the second quarter of 2025. International Second Quarter Results

Total revenue was $383.1 million in the second quarter of 2026, up 8% and up 4% compared to the second quarter of 2025 on a reported and local currency basis, respectively. Operating margin for International was 12.1% in the second quarter of 2026 compared to 10.9% in the second quarter of 2025. Adjusted EBITDA margin for International was 27.6% in the second quarter of 2026 compared to 26.4% in the second quarter of 2025. Latin America revenue was $109.0 million, up 9% compared to the second quarter of 2025 on a reported basis and up 3% on a local currency basis. Europe revenue was $101.1 million, up 2% compared to the second quarter of 2025 on a reported basis and up 1% on a local currency basis. Asia Pacific revenue was $99.7 million, up 17% compared to the second quarter of 2025 on a reported basis and up 7% on a local currency basis. Canada revenue was $73.3 million, up 6% compared to the second quarter of 2025 on a reported and local currency basis. Adjusted EPS and Adjusted EBITDA Margin

Adjusted EPS attributable to Equifax was $2.25 in the second quarter of 2026, up 13% compared to the second quarter of 2025. Adjusted EBITDA margin was 32.5% in the second quarter of 2026, flat compared to the second quarter of 2025. These financial measures exclude certain items as described further in the Non-GAAP Financial Measures section below. 2026 Third Quarter and Full Year Guidance

Q3 2026

FY 2026

Low-End

High-End

Low-End

High-End

Reported Revenue

$1.680 billion

$1.710 billion

$6.710 billion

$6.780 billion

Reported Revenue Growth

8.7 %

10.7 %

10.5 %

11.6 %

Local Currency Growth (1)

8.4 %

10.4 %

9.8 %

10.9 %

Organic Local Currency Growth (1)

8.3 %

10.3 %

9.7 %

10.8 %

Adjusted Earnings Per Share

$2.15 per share

$2.25 per share

$8.39 per share

$8.69 per share

(1) Refer to page 9 for definitions. Additionally, the definitions can be found in the Non-GAAP Financial Measures below.

About Equifax

At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by approximately 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

Earnings Conference Call and Audio Webcast

In conjunction with this release, Equifax will host a conference call on July 21, 2026 at 8:30 a.m. (ET) via a live audio webcast. To access the webcast and related presentation materials, go to the Investor Relations section of our website at www.equifax.com. The discussion will be available via replay at the same site shortly after the conclusion of the webcast. This press release is also available at that website.

Non-GAAP Financial Measures

This earnings release presents adjusted EPS attributable to Equifax which is diluted EPS attributable to Equifax adjusted (to the extent noted above for different periods) for acquisition-related amortization expense of certain acquired intangibles, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, gain on sale of an equity investment, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs, antitrust litigation costs and an accrual for a legal settlement. All adjustments are net of tax, with a reconciling item with the aggregated tax impact of the adjustments. This earnings release also presents (i) adjusted EBITDA and adjusted EBITDA margin, which is defined as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items, (ii) local currency revenue change, which is calculated by conforming 2026 results using 2025 exchange rates, (iii) organic local currency revenue growth, which is defined as local currency revenue growth, adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period, (iv) free cash flow, which is defined as cash provided by operating activities less capital expenditures, and (v) cash conversion, which is defined as the ratio of free cash flow to adjusted net income. These are important financial measures for Equifax but are not financial measures as defined by GAAP.

These non-GAAP financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as an alternative measure of net income or EPS as determined in accordance with GAAP.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and related notes are presented in the Q&A. This information can also be found under "Investor Relations/Financial Information/Non-GAAP Financial Measures" on our website at www.equifax.com.

Forward-Looking Statements

This release contains forward-looking statements and forward-looking information. These statements can be identified by expressions of belief, expectation or intention, as well as statements that are not historical fact. These statements are based on certain factors and assumptions including with respect to foreign exchange rates, revenue growth, results of operations and financial performance, strategic initiatives, business plans, prospects and opportunities, the U.S. mortgage market, economic conditions and effective tax rates.

While Equifax believes these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Several factors could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors relate to (i) actions taken by us, including, but not limited to, restructuring actions, strategic initiatives (such as our cloud technology transformation), capital investments and asset acquisitions or dispositions, as well as (ii) developments beyond our control, including, but not limited to, changes in the U.S. mortgage market environment and changes more generally in U.S. and worldwide economic conditions (including resulting from changes in interest rates and inflation levels, the evolving impact of tariffs and geopolitical conflicts) that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax's products and services. Deteriorations in economic conditions or increases in interest rates could lead to a decline in demand for our products and services and negatively impact our business. It may also impact financial markets and corporate credit markets, which could adversely impact our access to financing or the terms of any financing.

Other risk factors relevant to our business include: (i) any compromise of Equifax, customer or consumer information due to security breaches and other disruptions to our information technology infrastructure; (ii) the failure to achieve and maintain key industry or technical certifications; (iii) the failure to realize the anticipated benefits of our cloud technology transformation strategy; (iv) operational disruptions and strain on our resources caused by our transition to cloud-based technologies; (v) our ability to meet customer requirements for high system availability and response time performance; (vi) effects on our business if we provide inaccurate or unreliable data to customers; (vii) our ability to maintain access to credit, employment, financial and other data from external sources; (viii) the impact of competition; (ix) our ability to maintain relationships with key customers and business partners; (x) our ability to successfully introduce new products, services and analytical capabilities; (xi) the impact on the demand for some of our products and services due to the availability of free or less expensive consumer information; (xii) our ability to comply with our obligations under settlement agreements arising out of a material cybersecurity incident in 2017; (xiii) potential adverse developments in new and pending legal proceedings, government investigations and regulatory enforcement actions; (xiv) changes in, and the effects of, laws, regulations and government policies governing our business, including oversight by the Consumer Financial Protection Bureau in the U.S., the U.K. Financial Conduct Authority and Information Commissioner's Office in the U.K., and the Office of Australian Information Commission and the Australian Competition and Consumer Commission in Australia; (xv) the impact of privacy, cybersecurity, artificial intelligence or other data-related laws and regulations; (xvi) the economic, political and other risks associated with international sales and operations; (xvii) the impact on our reputation and business from our responsible business commitments and disclosures; (xviii) our ability to realize the anticipated strategic and financial benefits from our acquisitions, joint ventures and other alliances; (xix) any damage to our reputation due to our dependence on outsourcing certain portions of our operations; (xx) the termination or suspension of our government contracts; (xxi) the impact of infringement or misappropriation of intellectual property by us against third parties or by third parties against us; (xxii) an increase in our cost of borrowing and our ability to access the capital markets due to a credit rating downgrade; (xxiii) our ability to hire and retain key personnel; (xxiv) the impact of adverse changes in the financial markets and corresponding effects on our retirement and post-retirement pension plans; (xxv) the impact of health epidemics, pandemics and similar outbreaks on our business; and (xxvi) risks associated with our use of certain artificial intelligence and machine learning models and systems.

A summary of additional risks and uncertainties can be found in our Annual Report on Form 10-K for the year ended December 31, 2025 including without limitation under the captions "Item 1. Business -- Governmental Regulation," "-- Forward-Looking Statements" and "Item 1A. Risk Factors" and in our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements are given only as at the date of this release and Equifax disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended June 30,

2026

2025

(In millions, except per share amounts)

Operating revenue

$           1,700.1

$           1,537.0

Operating expenses:

Cost of services (exclusive of depreciation and amortization below)

773.7

664.6

Selling, general and administrative expenses

422.5

384.2

Depreciation and amortization

189.7

177.4

Total operating expenses

1,385.9

1,226.2

Operating income

314.2

310.8

Interest expense

(59.8)

(53.1)

Other income, net

2.5

3.6

Consolidated income before income taxes

256.9

261.3

Provision for income taxes

(71.8)

(68.7)

Consolidated net income

185.1

192.6

Less: Net income attributable to noncontrolling interests including redeemable
noncontrolling interests

(1.2)

(1.3)

Net income attributable to Equifax

$             183.9

$             191.3

Basic earnings per common share:

Net income attributable to Equifax

$               1.55

$               1.54

Weighted-average shares used in computing basic earnings per share

118.4

124.0

Diluted earnings per common share:

Net income attributable to Equifax

$               1.54

$               1.53

Weighted-average shares used in computing diluted earnings per share

119.2

125.0

Dividends per common share

$               0.56

$               0.50

EQUIFAX INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2026

December 31, 2025

(In millions, except par values)

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$              170.1

$             180.8

Trade accounts receivable, net of allowance for doubtful accounts of $20.5 and $20.2 at June 30, 2026
and December 31, 2025, respectively

1,104.0

1,012.7

Prepaid expenses

166.5

144.2

Other current assets

140.7

74.5

Total current assets

1,581.3

1,412.2

Property and equipment:

Capitalized internal-use software and system costs

2,885.9

3,098.2

Data processing equipment and furniture

231.5

239.3

Land, buildings and improvements

296.7

299.6

Total property and equipment

3,414.1

3,637.1

Less accumulated depreciation and amortization

(1,484.9)

(1,704.7)

Total property and equipment, net

1,929.2

1,932.4

Goodwill

6,792.8

6,745.7

Indefinite-lived intangible assets

94.7

94.8

Purchased intangible assets, net

1,224.2

1,331.3

Other assets, net

359.6

347.8

Total assets

$           11,981.8

$          11,864.2

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt and current maturities of long-term debt

$            1,410.3

$           1,038.0

Accounts payable

126.6

206.4

Accrued expenses

331.0

276.3

Accrued salaries and bonuses

165.9

286.1

Deferred revenue

101.2

101.2

Other current liabilities

490.5

427.4

Total current liabilities

2,625.5

2,335.4

Long-term debt

4,056.8

4,055.3

Deferred income tax liabilities, net

424.5

390.8

Long-term pension and other postretirement benefit liabilities

101.8

103.4

Other long-term liabilities

253.3

241.1

Total liabilities

7,461.9

7,126.0

Redeemable noncontrolling interests

121.5

114.4

Equifax shareholders' equity:

Preferred stock, $0.01 par value: Authorized shares - 10.0; Issued shares - none

—

—

Common stock, $1.25 par value: Authorized shares - 300.0;

Issued shares - 189.3 at June 30, 2026 and December 31, 2025;

Outstanding shares - 117.6 and 120.4 at June 30, 2026 and December 31, 2025, respectively

236.6

236.6

Paid-in capital

2,082.7

2,023.4

Retained earnings

6,666.3

6,445.1

Accumulated other comprehensive loss

(460.1)

(517.1)

Treasury stock, at cost, 71.1 and 68.3 shares at June 30, 2026 and December 31, 2025, respectively

(4,139.4)

(3,577.8)

Stock held by employee benefits trusts, at cost, 0.6 shares at June 30, 2026 and December 31, 2025

(5.9)

(5.9)

Total Equifax shareholders' equity

4,380.2

4,604.3

Noncontrolling interests

18.2

19.5

Total shareholders' equity

4,398.4

4,623.8

Total liabilities, redeemable noncontrolling interests, and shareholders' equity

$           11,981.8

$          11,864.2

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

2026

2025

(In millions)

(Unaudited)

Operating activities:

Consolidated net income

$            358.4

$            326.4

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

Depreciation and amortization

376.2

355.7

Stock-based compensation expense

60.5

46.6

Deferred income taxes

38.0

(7.3)

Gain on sale of equity investment

—

(0.8)

Changes in assets and liabilities, excluding effects of acquisitions:

Accounts receivable, net

(91.2)

(69.0)

Other assets, current and long-term

(119.3)

(24.8)

Current and long term liabilities, excluding debt

(40.9)

(41.8)

Cash provided by operating activities

581.7

585.0

Investing activities:

Capital expenditures

(255.4)

(229.4)

Cash received from divestitures

—

0.8

Cash used in investing activities

(255.4)

(228.6)

Financing activities:

Net short-term borrowings (payments)

647.8

(115.9)

Payments on long-term debt

(276.4)

—

Treasury stock purchases

(560.0)

(127.4)

Payment of share repurchase excise tax

(8.3)

—

Dividends paid to Equifax shareholders

(133.5)

(110.5)

Distributions paid to noncontrolling interests

(5.6)

(4.2)

Proceeds from exercise of stock options and employee stock purchase plan

16.8

24.4

Payment of taxes related to settlement of equity awards

(15.4)

(13.2)

Debt issuance costs

(0.3)

—

Cash used in financing activities

(334.9)

(346.8)

Effect of foreign currency exchange rates on cash and cash equivalents

(2.1)

9.5

(Decrease) increase in cash and cash equivalents

(10.7)

19.1

Cash and cash equivalents, beginning of period

180.8

169.9

Cash and cash equivalents, end of period

$            170.1

$            189.0

Common Questions & Answers (Unaudited)

(Dollars in millions)

1.    Can you provide a further analysis of operating revenue by operating segment?

Operating revenue consists of the following components:

(In millions)

Three Months Ended June 30,

Local
Currency

Organic
Local
Currency

Operating revenue:

2026

2025

$ Change

% Change

% Change (1)

% Change (2)

Verification Services

$          607.6

$          567.1

$        40.5

7 %

7 %

Employer Services

97.8

95.0

2.8

3 %

3 %

Total Workforce Solutions

705.4

662.1

43.3

7 %

6 %

Online Information Solutions

545.4

457.8

87.6

19 %

19 %

Financial Marketing Services

66.2

63.7

2.5

4 %

4 %

Total U.S. Information Solutions

611.6

521.5

90.1

17 %

17 %

Latin America

109.0

99.6

9.4

9 %

3 %

3 %

Europe

101.1

99.2

1.9

2 %

1 %

1 %

Asia Pacific

99.7

85.3

14.4

17 %

7 %

7 %

Canada

73.3

69.3

4.0

6 %

6 %

6 %

Total International

383.1

353.4

29.7

8 %

4 %

4 %

Total operating revenue

$        1,700.1

$        1,537.0

$       163.1

11 %

10 %

9 %

(1)

Local currency revenue change is calculated by conforming 2026 results using 2025 exchange rates.

(2)

Organic local currency revenue growth is defined as local currency revenue growth, adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period. This adjustment is made for 12 months following the acquisition.

Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures (Unaudited)

(Dollars in millions, except per share amounts)

A.    Reconciliation of net income attributable to Equifax to adjusted net income attributable to Equifax and adjusted diluted EPS attributable to Equifax, defined as net income and EPS, respectively, each adjusted for acquisition-related amortization expense of certain acquired intangibles, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, gain on sale of an equity investment, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs, antitrust litigation costs, accrual for a legal settlement and aggregated tax impact of these adjustments:

Three Months Ended June 30,

(In millions, except per share amounts)

2026

2025

$ Change

% Change

Net income attributable to Equifax

$          183.9

$          191.3

$      (7.4)

(4) %

Acquisition-related amortization expense of certain acquired intangibles (1)

61.2

62.5

(1.3)

(2) %

Accrual for legal and regulatory matters related to the 2017 cybersecurity incident (2)

0.4

0.4

—

— %

Gain on sale of equity investment (3)

—

(0.8)

0.8

nm

Foreign currency impact of certain intercompany loans (4)

—

(0.1)

0.1

nm

Acquisition-related costs other than acquisition amortization (5)

7.0

6.1

0.9

15 %

Income tax effects of stock awards that are recognized upon vesting or settlement (6)

—

(0.7)

0.7

nm

Argentina highly inflationary foreign currency adjustment (7)

0.6

1.3

(0.7)

(54) %

Realignment of resources and other costs (8)

—

4.6

(4.6)

nm

Antitrust litigation costs (9)

0.6

—

0.6

nm

Accrual for a legal settlement (10)

40.0

—

40.0

nm

Tax impact of adjustments (11)

(25.1)

(14.9)

(10.2)

68 %

Adjusted net income attributable to Equifax

$          268.6

$          249.7

$      18.9

8 %

Adjusted diluted EPS attributable to Equifax

$           2.25

$           2.00

$      0.25

13 %

Weighted-average shares used in computing diluted EPS

119.2

125.0

nm - not meaningful

(1)

During the second quarter of 2026, we recorded acquisition-related amortization expense of certain acquired intangibles of $61.2 million ($48.9 million, net of tax). We calculate this financial measure by excluding the impact of acquisition-related amortization expense and including a benefit to reflect the significant cash income tax savings resulting from the income tax deductibility of amortization for certain acquired intangibles. The $12.3 million of tax is comprised of $16.3 million of tax expense, net of $4.0 million of a cash income tax benefit. During the second quarter of 2025, we recorded acquisition-related amortization expense of certain acquired intangibles of $62.5 million ($50.0 million, net of tax). The $12.5 million of tax is comprised of $16.6 million of tax expense, net of $4.1 million of a cash income tax benefit. See the Notes to this reconciliation for additional detail.

(2)

During the second quarter of 2026 and 2025, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.4 million. See the Notes to this reconciliation for additional detail.
 

(3)

During the second quarter of 2025, we recorded a gain on sale of an equity investment of $0.8 million ($0.4 million), net of tax). The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional details.

(4)

During the second quarter of 2025, we recorded a foreign currency gain of $0.1 million on certain intercompany loans. The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional detail.

(5)

During the second quarter of 2026 and 2025, we recorded $7.0 million ($4.1 million, net of tax) and $6.1 million ($4.4 million, net of tax), respectively, for acquisition-related costs other than acquisition amortization. These costs primarily related to integration costs resulting from recent acquisition activity and were recorded in operating income. See the Notes to this reconciliation for additional detail.

(6)

During the second quarter of 2025, we recorded a tax benefit of $0.7 million related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. See the Notes to this reconciliation for additional detail.

(7)

Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. During the second quarter of 2026 and 2025, we recorded a foreign currency loss of $0.6 million and $1.3 million, respectively, related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy. See the Notes to this reconciliation for additional detail.

(8)

During the second quarter of 2025, we recorded $4.6 million ($3.5 million, net of tax) of restructuring charges related to contract terminations, which relate to our efforts to complete our cloud technology transformation. See the Notes to this reconciliation for additional detail.

(9)

During the second quarter of 2026, we recorded costs related to antitrust litigation pertaining to our Workforce Solutions business unit in the amount of $0.6 million ($0.5 million, net of tax). See the Notes to this reconciliation for additional detail.

(10)

During the second quarter of 2026, we recorded an accrual of $100.0 million, which net of expected insurance proceeds of $60.0 million, resulted in a charge of $40.0 million ($30.2 million, net of tax), for a legal settlement associated with the resolution of claims related to a previously-disclosed coding issue. See the Notes to this reconciliation for additional detail.

(11)

During the second quarter of 2026, we recorded the tax impact of adjustments of $25.1 million comprised of (i) acquisition-related amortization expense of certain acquired intangibles of $12.3 million ($16.3 million of tax expense, net of $4.0 million of cash income tax benefit), (ii) a tax adjustment of $2.9 million related to acquisition-related costs other than acquisition amortization, (iii) a tax adjustment of $0.1 million related to antitrust litigation costs and (iv) a tax adjustment of $9.8 million related to an accrual for a legal settlement.

During the second quarter of 2025, we recorded the tax impact of adjustments of $14.9 million comprised of (i) acquisition-related amortization expense of certain acquired intangibles of $12.5 million ($16.6 million of tax expense, net of $4.1 million of cash income tax benefit), (ii) a tax adjustment of $0.4 million related to the gain on sale of an equity investments, (iii) a tax adjustment of $1.7 million related to acquisition-related costs other than acquisition amortization, and (iv) a tax adjustment of $1.1 million related to restructuring charges.

B.    Reconciliation of net income attributable to Equifax to adjusted EBITDA, defined as net income excluding income taxes, interest expense, net, depreciation and amortization expense, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, gain on sale of an equity investment, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs, antitrust litigation costs, accrual for a legal settlement and presentation of adjusted EBITDA margin: 

Three Months Ended June 30,

 (In millions)

2026

2025

$ Change

% Change

Revenue

$      1,700.1

$      1,537.0

$     163.1

11 %

Net income attributable to Equifax

$       183.9

$        191.3

$      (7.4)

(4) %

Income taxes

71.8

68.7

3.1

5 %

Interest expense, net*

58.1

50.4

7.7

15 %

Depreciation and amortization

189.7

177.4

12.3

7 %

Accrual for legal and regulatory matters related to 2017 cybersecurity incident (1)

0.4

0.4

—

— %

Gain on sale of equity investment (2)

—

(0.8)

0.8

nm

Foreign currency impact of certain intercompany loans (3)

—

(0.1)

0.1

nm

Acquisition-related costs other than acquisition amortization (4)

7.0

6.1

0.9

15 %

Argentina highly inflationary foreign currency adjustment (5)

0.6

1.3

(0.7)

(54) %

Realignment of resources and other costs (6)

—

4.6

(4.6)

nm

Antitrust litigation costs (7)

0.6

—

0.6

nm

Accrual for a legal settlement (8)

40.0

—

40.0

nm

Adjusted EBITDA, excluding the items listed above

$       552.1

$        499.3

$      52.8

11 %

Adjusted EBITDA margin

32.5 %

32.5 %

nm - not meaningful

*Excludes interest income of $1.7 million in the second quarter of 2026 and $2.7 million in the second quarter of 2025.

(1)

During the second quarter of 2026 and 2025, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.4 million. See the Notes to this reconciliation for additional detail.

(2)

During the second quarter of 2025, we recorded a gain on sale of an equity investment of $0.8 million ($0.4 million), net of tax). The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional details.

(3)

During the second quarter of 2025, we recorded a foreign currency gain of $0.1 million on certain intercompany loans. The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional detail.

(4)

During the second quarter of 2026 and 2025, we recorded $7.0 million ($4.1 million, net of tax) and $6.1 million ($4.4 million, net of tax), respectively, for acquisition-related costs other than acquisition amortization. These costs primarily related to integration costs resulting from recent acquisition activity and were recorded in operating income. See the Notes to this reconciliation for additional detail.

(5)

Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. During the second quarter of 2026 and 2025, we recorded a foreign currency loss of $0.6 million and $1.3 million, respectively, related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy. See the Notes to this reconciliation for additional detail.

(6)

During the second quarter of 2025, we recorded $4.6 million ($3.5 million, net of tax) of restructuring charges related to contract terminations, which relate to our efforts to complete our cloud technology transformation. See the Notes to this reconciliation for additional detail.

(7)

During the second quarter of 2026, we recorded costs related to antitrust litigation pertaining to our Workforce Solutions business unit in the amount of $0.6 million ($0.5 million net of tax). See the Notes to this reconciliation for additional detail.

(8)

During the second quarter of 2026, we recorded an accrual of $100.0 million, which, net of expected insurance proceeds of $60.0 million, resulted in a charge of $40.0 million ($30.2 million, net of tax), for a legal settlement associated with the resolution of claims related to a previously-disclosed coding issue. See the Notes to this reconciliation for additional detail.

C.    Reconciliation of operating income by segment to Adjusted EBITDA, excluding depreciation and amortization expense, other income, net, noncontrolling interest, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, gain on sale of an equity investment, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs, antitrust litigation costs, accrual for a legal settlement and presentation of adjusted EBITDA margin for each of the segments:

(In millions)

Three Months Ended June 30, 2026

Workforce

Solutions

U.S.
Information
Solutions

International

General

Corporate
Expense

Total

Revenue

$       705.4

$       611.6

$       383.1

—

$     1,700.1

Operating income

316.7

137.8

46.3

(186.6)

314.2

Depreciation and amortization

49.6

61.9

53.5

24.7

189.7

Other income (expense), net*

—

0.5

1.5

(1.2)

0.8

Noncontrolling interest

—

—

(1.2)

—

(1.2)

Adjustments (1)

1.2

0.2

5.8

41.4

48.6

Adjusted EBITDA

$       367.5

$       200.4

$       105.9

$        (121.7)

$       552.1

Operating margin

44.9 %

22.5 %

12.1 %

nm

18.5 %

Adjusted EBITDA margin

52.1 %

32.8 %

27.6 %

nm

32.5 %

nm - not meaningful

*Excludes interest income of $1.1 million in International and $0.6 million in General Corporate Expense.

(In millions)

Three Months Ended June 30, 2025

Workforce
Solutions

U.S.
Information
Solutions

International

General
Corporate

Expense

Total

Revenue

$       662.1

$        521.5

$        353.4

—

$      1,537.0

Operating income

307.3

118.0

38.6

(153.1)

310.8

Depreciation and amortization

44.8

62.8

46.1

23.7

177.4

Other (expense) income, net*

(0.1)

0.7

1.4

(1.1)

0.9

Noncontrolling interest

—

—

(1.3)

—

(1.3)

Adjustments (1)

1.1

0.9

8.6

0.9

11.5

Adjusted EBITDA

$       353.1

$        182.4

$         93.4

$        (129.6)

$        499.3

Operating margin

46.4 %

22.6 %

10.9 %

nm

20.2 %

Adjusted EBITDA margin

53.3 %

35.0 %

26.4 %

nm

32.5 %

nm - not meaningful

*Excludes interest income of $2.3 million in International and $0.4 million in General Corporate Expense.

(1)

During the second quarter of 2026, we recorded pre-tax expenses of $0.4 million for an accrual for legal and regulatory matters related to the 2017 cybersecurity incident, $7.0 million for acquisition-related costs other than acquisition amortization, $0.6 million for a foreign currency loss related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy, $0.6 million of antitrust litigation costs, and $40.0 million for an accrual for a legal settlement, net of expected insurance proceeds.

During the second quarter of 2025, we recorded pre-tax expenses of $0.4 million for an accrual for legal and regulatory matters related to the 2017 cybersecurity incident, an $0.8 million gain on sale of an equity investment, a $0.1 million foreign currency gain on certain intercompany loans, $6.1 million for acquisition-related costs other than acquisition amortization, a foreign currency loss of $1.3 million related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy, and $4.6 million of restructuring charges for the realignment of resources and other costs.

Notes to Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures

Diluted EPS attributable to Equifax is adjusted for the following items:

Acquisition-related amortization expense - During the second quarter of 2026 and 2025, we recorded acquisition-related amortization expense of certain acquired intangibles of $61.2 million ($48.9 million, net of tax) and $62.5 million ($50.0 million, net of tax), respectively. We calculate this financial measure by excluding the impact of acquisition-related amortization expense and including a benefit to reflect the material cash income tax savings resulting from the income tax deductibility of amortization for certain acquired intangibles. These financial measures are not prepared in conformity with GAAP. Management believes excluding the impact of amortization expense is useful because excluding acquisition-related amortization, and other items that are not comparable, allows investors to evaluate our performance for different periods on a more comparable basis. Certain acquired intangibles result in material cash income tax savings which are not reflected in earnings. Management believes that including a benefit to reflect the cash income tax savings is useful as it allows investors to better value Equifax. Management makes these adjustments to earnings when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital.

Accrual for legal and regulatory matters related to the 2017 cybersecurity incident - Accrual for legal and regulatory matters related to the 2017 cybersecurity incident includes legal fees to respond to subsequent litigation and government investigations for both periods presented. During the second quarter of 2026 and 2025, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.4 million. Management believes excluding these charges is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. Management makes these adjustments to net income when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Gain on sale of equity investment - During the second quarter of 2025 we recorded a gain on sale of an equity investment of $0.8 million ($0.4 million, net of tax). Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2025, since the non-operating gain is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Foreign currency impact of certain intercompany loans - During the second quarter of 2025, we recorded a gain of $0.1 million related to foreign currency impact of certain intercompany loans. Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Acquisition-related costs other than acquisition amortization - During the second quarter of 2026 and 2025, we recorded $7.0 million ($4.1 million, net of tax) and $6.1 million ($4.4 million, net of tax), respectively, for acquisition-related costs other than acquisition amortization. These costs primarily related to transaction and integration costs resulting from recent acquisitions and were recorded in operating income. Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results, since a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting, and analyzing future periods.

Income tax effects of stock awards that are recognized upon vesting or settlement - During the second quarter of 2025, we recorded a tax benefit of $0.7 million related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. Management believes excluding this tax effect from financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2025 because these amounts are non-operating and relate to income tax benefits or deficiencies for stock awards recognized when tax amounts differ from recognized stock compensation cost. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Argentina highly inflationary foreign currency adjustment - Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. We recorded a foreign currency loss of $0.6 million and $1.3 million during the second quarter of 2026 and 2025, respectively, as a result of remeasuring the peso denominated monetary assets and liabilities due to Argentina being highly inflationary. Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Charge related to the realignment of resources and other costs - During the second quarter of 2025, we recorded $4.6 million ($3.5 million, net of tax) of restructuring charges related to contract terminations, which relate to our efforts to complete our cloud technology transformation. Management believes excluding these charges from certain financial results provides meaningful supplemental information regarding our financial results since a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Antitrust litigation costs - Antitrust litigation costs include legal fees to respond to antitrust litigation pertaining to our Workforce Solutions business unit. During the second quarter of 2026, we recorded costs related to antitrust litigation pertaining to our Workforce Solutions business unit in the amount of $0.6 million ($0.5 million, net of tax). Management believes excluding these charges is useful as it allows investors to evaluate our performance for different periods on a more comparable basis, as these legal matters are outside of the normal course of Equifax's continuing business operations. Management makes these adjustments to net income when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Accrual for a legal settlement -  During the second quarter of 2026, we recorded an accrual of $100.0 million, which net of expected insurance proceeds of $60.0 million, resulted in a charge of $40.0 million ($30.2 million, net of tax) for a legal settlement associated with the resolution of claims related to a previously-disclosed coding issue, which represents our best estimate of the liability related to settlement of this matter. Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2026, because a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Adjusted EBITDA and EBITDA margin - Management defines adjusted EBITDA as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items. Management believes the use of adjusted EBITDA and adjusted EBITDA margin allows investors to evaluate our performance for different periods on a more comparable basis.

SOURCE Equifax Inc.

Novo Nordisk podal ve Spojených státech žalobu na svého hlavního konkurenta Eli Lilly. Dánská firma tvrdí, že reklamní kampaně propagující přípravky Zepbound a Mounjaro uvádějí spotřebitele v omyl tím, že prezentují neúplné a zastaralé údaje o účinnosti konkurenčních léků Wegovy a Ozempic od Novo Nordisku. Informoval o tom server CNBC.

Zastaralé klinické studie ohledně porovnání nejvyšších dávek léků Lilly s nižšími dávkami léků Novo „vedou k nevyhnutelnému závěru, že léky Lilly jsou lepší než léky od Novo, a to není přesné“, sdělil CNBC John Kuckelman, hlavní právní zástupce skupiny Novo, jež tvrdí, že takové srovnání neodráží současný stav trhu a dostupných klinických dat.

Novo Nordisk v žalobě požaduje, aby soud Eli Lilly zakázal další šíření sporných reklam a zároveň nařídil zveřejnění opravných sdělení. Kromě toho se firma domáhá finanční náhrady škody, jejíž výše zatím nebyla specifikována.

Dánská společnost prý zaslala svému konkurentovi formální výzvu k ukončení reklamních kampaní už v dubnu, avšak bez výsledku. Pokud Lilly reklamy nestáhne dobrovolně, chce Novo v následujících dnech usilovat také o předběžné opatření, které by jejich vysílání zastavilo ještě před konečným rozhodnutím soudu.

Dánské firmě vadí zejména to, že reklamy konkurenta nezohledňují nově schválenou vysokodávkovou variantu léku Wegovy, která byla uvedena na trh letos na jaře. Podle Novo právě tato verze přináší výsledky v redukci hmotnosti, které jsou mnohem bližší účinkům Zepbound od Lilly.

„Reklamní sdělení vedou spotřebitele k závěru, že přípravky Eli Lilly jsou jednoznačně účinnější než naše léky. Domníváme se, že takový závěr není podložen aktuálními důkazy,“ stojí v žalobě.

V té je konkrétně zmíněna televizní reklama, která přímo srovnává Zepbound a Wegovy. Ve spotu zaznívá, že pacienti užívající Zepbound ztrácejí v průměru přibližně 50 liber (22,7 kg) tělesné hmotnosti, zatímco u Wegovy to je zhruba 33 liber (15 kg). Tato čísla vycházejí z klinického srovnání nejvyšších dávek přípravku Zepbound s dávkami Wegovy 1,7 mg a 2,4 mg.

Podle Novo Nordisk však novější studie ukazují, že vyšší dávka Wegovy 7,2 mg vede v průměru k úbytku hmotnosti okolo 47 liber (21,3 kg), což se podle firmy pohybuje na srovnatelné úrovni s nejnovějšími výsledky dosahovanými přípravkem Zepbound.

Dánský výrobce zároveň tvrdí, že existence této vyšší dávky je v reklamních materiálech zmíněna pouze v obtížně čitelné poznámce pod čarou, která podle něj spotřebitelům neposkytuje dostatečné informace o aktuální účinnosti léčby, píše CNBC.

Přímá studie neexistuje

Dalším argumentem Novo Nordisku je skutečnost, že dosud nebyla provedena přímá klinická studie, která by porovnávala nejvyšší komerčně dostupné dávky Wegovy a Zepbound. Podle žaloby proto Eli Lilly nemá dostatečný základ pro kategorická tvrzení o nadřazenosti svého přípravku.

„I když to bylo možné říci předtím, než byl Wegovy dostupný i v dávce 7,2 miligramu, tak dnes už to není přesné. Myslíme si, že mají právní povinnost, ale ještě důležitější je, že mají povinnost vůči pacientům sdílet přesné informace,“ dodal Kuckelman.

Zdroj foto: Novo Nordisk

July 21, 2026 06:15 ET  | Source: Comstock Inc.

SILVER SPRINGS, Nev., July 21, 2026 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE American: LODE) (“Comstock” and the “Company”), and Comstock Metals LLC a leader in the responsible, zero-landfill recycling of end-of-life solar panels with the first certified North American operations announced today that it has entered into a Solar Material Recycling Services Agreement with Illuminate USA LLC.

Under the new agreement, Comstock Metals will provide comprehensive recycling services for solar panel materials from Illuminate USA’s advanced manufacturing operations in Pataskala, Ohio. The services include safe transportation, sorting, and environmentally responsible recycling for a broad range of solar panel manufacturing byproducts. Illuminate USA operates the largest single-site solar panel manufacturing facility in North America.

“Our partnership with Illuminate USA is a testament to the industry’s growing commitment to circularity and stewardship,” said Dr. Fortunato Villamagna, President of Comstock Metals. “By providing a zero-landfill solution for solar panel manufacturing byproducts, we are helping Illuminate USA ensure that all materials are safely repurposed into new industrial goods, eliminating all downstream liability, and giving their team peace of mind knowing all materials are responsibly recycled. This is a major step toward enabling and aligning a truly systemic solar energy ecosystem.”

Comstock operates a growing, strategically positioned national recycling network, including Central Ohio, to serve customers throughout the broader Midwest, one of the larger and most centrally located solar markets in the country.

The agreement further positions Comstock Metals and Illuminate USA as leaders in the solar panel recycling and advanced manufacturing industries, respectively. The two companies will work together over the next few years to responsibly recycle various material streams.

Illuminate USA operates a state-of-the-art facility in Ohio producing advanced technology solar panels for a wide range of applications. The company is dedicated to delivering advanced and efficient solar panels while building sustainable systems into its operations.

“Our new partnership with Comstock Metals strengthens our commitment to environmental responsibility,” said Bryan Kresak, Illuminate’s Vice President of Environmental, Health, Safety and Facilities. “Together, we are taking these important steps to ensure that our operations reflect our deeply held values and advance sustainable practices across the industry.”

The partnership marks a significant step in Comstock Metals’ and Illuminate USA’s strategy to expand their roles in enabling a clean supply chain for solar energy production at each stage of the life cycle.

About Illuminate USA

Illuminate USA is a leading U.S.-based solar panel manufacturer focused on innovation, quality, and domestic production. Headquartered in Pataskala, Ohio. Illuminate USA operates a state-of-the-art, 1.1 million square foot facility that uses advanced and efficient technology to produce solar panels for a variety of applications. The company began production in February 2024 and has produced more than 15 million solar panels. With a workforce of over 1,600 skilled professionals and a five-gigawatt annual capacity, Illuminate USA is dedicated to delivering reliable, high-quality products that power communities. For more information, visit us online at IlluminateUSA.com.

About Comstock Metals

Comstock Metals is a leading, Nevada-based, zero-landfill recycling solution that specializes in the environmentally responsible recycling of solar panels and related renewable energy infrastructure and equipment. Comstock’s unique processes, ongoing material innovations, and sustainable practices differentiates its recycling leadership and strengthens the supply chain of domestically manufactured electrification products. www.comstockmetals.com

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics and renewable fuels and other forms of energy.

To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
[email protected]

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
[email protected]

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “forecast,” “seek,” “target,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances and business combinations; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings of equity or debt securities; and future working capital needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company or any other issuer.

Item 1 of 2 A Tesla Cybercab is displayed at the Los Angeles Auto Show, in Los Angeles, California, U.S., November 21, 2024. REUTERS/Daniel Cole

[1/2]A Tesla Cybercab is displayed at the Los Angeles Auto Show, in Los Angeles, California, U.S., November 21, 2024. REUTERS/Daniel Cole Purchase Licensing Rights, opens new tab

SummaryCompaniesHeavy outlays target AI infrastructure, robotaxis and OptimusBarclays says stronger vehicle operations can help finance AI-related expendituresQuarterly update may show first cash burn in over two yearsJuly 21 (Reuters) - Tesla (TSLA.O), opens new tab is expected to report its first quarterly cash burn in over two ​years on Wednesday, as its spending on AI and robotics soars, intensifying investor scrutiny over when those bets will pay ‌off.

CEO Elon Musk has pivoted the electric-vehicle maker's focus from manufacturing cars to building so-called physical AI businesses such as self-driving taxis and humanoid robots. Much of Tesla's valuation hangs on that promise.

Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.

However, investors are growing increasingly uneasy as spending on AI infrastructure, including data centers, and manufacturing capacity is projected to climb to $25 ​billion this year, outstripping quarterly cash generated by Tesla's core automotive and energy operations.

"As capex more than doubles and free cash ​flow turns negative, investors are increasingly focused on evidence that Tesla's spending is strengthening its physical AI moat," ⁠Morgan Stanley analysts wrote in a note.

Investors have been betting that Tesla's autonomous-driving technology and robotics ambitions could eventually unlock new, high-margin revenue ​streams. But progress has been slower than many analysts expected, and Musk has missed some self-imposed deadlines.

Soon after launching its robotaxi service in Austin, ​Texas, in April last year, Musk predicted Tesla robotaxis would serve half the U.S. population by the end of 2025. In January, Tesla said the service would expand to seven new cities in the first half of 2026. But its robotaxi network remains confined to Austin, Dallas, Houston in Texas, and Miami in Florida.

Ahead ​of Wednesday's earnings call, the most-voted question on Tesla's investor-relations site, submitted by a retail investor, was: "What is keeping Tesla back from accomplishing ​these short-term goals that they've set for themselves?"

Nine of the top 10 most-voted questions center around Tesla's AI-driven bets - robotaxis, Optimus humanoid robots and its Full ‌Self-Driving technology.

"Why ⁠has growth of robotaxi vehicles stalled? When will we see Cybercab start customer rides?" asked another retail investor.

Tesla has said that it has started manufacturing its Cybercab vehicle, a tailor-made robotaxi without a steering wheel and pedals. However, the vehicles have not been deployed into a robotaxi network, with Musk saying that the production ramp would be "agonizingly slow."

AUTO BUSINESS REBOUNDSTesla delivered a record number of vehicles for the April-to-June period, far exceeding ​market estimates, as higher oil prices ​helped drive sales of EVs, ⁠especially in Europe.

Analysts expect Tesla to deliver 1.7 million vehicles in 2026, up 3.9% from last year, which would snap a two-year skid of declining annual deliveries.

Barclays analysts said investors remained focused on Tesla's AI ​ambitions, but a stronger automotive business would help generate the cash needed to finance those investments.

For the ​second quarter, however, the ⁠vehicle-sales rebound may not be enough to offset heavy spending. Tesla is expected to report negative free cash flow of $3.3 billion, according to LSEG data.

Analysts expect Tesla's second-quarter profit to come in at 50 cents per share, compared with 40 cents per share in the same period a year earlier.

However, ⁠Deutsche Bank ​analysts expect the elimination of upfront Full Self-Driving software purchases earlier this year and ​low interest-rate financing in May to hit profitability.

Wall Street expects automotive gross margin excluding regulatory credits of 18.1% in the second quarter, lower than 19.2% in the prior three-month ​period, according to Visible Alpha data.

Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco; Editing by Mike Colias and Anil D'Silva

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

Akash reports on technology companies in the United States, electric vehicle companies, and the space industry. His reporting usually appears in the Autos & Transportation and Technology sections. He has a postgraduate degree in Conflict, Development, and Security from the University of Leeds. Akash's interests include music, football (soccer), and Formula 1.

Abhirup Roy is a U.S. autos correspondent based in San Francisco, covering Tesla and the wider electric and autonomous vehicle industry. He previously reported from India on global corporations, capital markets regulation, white-collar crime, and corporate litigation. Contact him at (415) 941-8665 or connect securely via Signal on abhiruproy.10

Item 1 of 2 A Boeing logo is seen before the opening of the 55th International Paris Airshow at Le Bourget Airport near Paris, France, June 13, 2025. REUTERS/Benoit Tessier/File Photo

[1/2]A Boeing logo is seen before the opening of the 55th International Paris Airshow at Le Bourget Airport near Paris, France, June 13, 2025. REUTERS/Benoit Tessier/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesBoeing asked the USTR to seek full loan terms and compatibility with the 2021 truceThe European Investment Bank announced an initial €1 billion tranche on June 29The EIB said the Airbus financing was a normal interest-bearing loanFARNBOROUGH, England, July 21 (Reuters) - Boeing (BA.N), opens new tab has asked the ​U.S. government to press the European Union for transparency over a €3 billion ($3.43 billion) loan package to Airbus, resurfacing potential trade tensions after the two ‌sides extended a tariff truce over jet subsidies.

The request for the U.S. government to intervene comes as Airbus (AIR.PA), opens new tab has been talking about the development of a new plane as early as 2030, potentially kickstarting a new wave of competition in the global jet market.

The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. Sign up here.

Both sides won partial victories in a 17-year battle at the World Trade Organization over mutual claims of aircraft subsidies ​that led to a wave of Transatlantic tariffs hitting other industries, before agreeing a five-year truce in 2021.

The truce, which was set to ​expire on July 6, has been extended indefinitely as both sides draw back from a renewed trade war in aerospace.

In a letter ⁠to U.S. Trade Representative Jamieson Greer, seen by Reuters, Boeing said it had been surprised by a June 29 announcement from the European Investment Bank, the ​EU lending arm, committing to its largest-ever corporate loan for Airbus.

It asked the USTR to request a "full accounting of the terms of this loan" from the EU and ​to explain why it was compatible with the 2021 truce agreement, which called for an "open and transparent process".

Boeing noted that the announcement, which included an initial tranche of €1 billion, came just four days after the EU adopted the decision to extend the standstill agreement.

"At a minimum, the timing of this loan is surprising," Boeing said in its letter.

The EIB said it finances ​thousands of companies every year and denied offering Airbus any unusual support.

"This is a normal loan, carrying interest, part of the EIB's overall financing activity," a spokesperson ​said.

Airbus and Boeing declined comment.

The USTR and European Commission did not immediately respond to requests for comment.

AIRPLANE DEVELOPMENTSIn its loan announcement, the EIB said the package of loans ‌would support ⁠Airbus' long-term investments through 2030.

Boeing noted that this is the same year in which Airbus CEO Guillaume Faury has said Airbus plans to begin the development of an A320neo successor.

In an interview with Aviation Week ahead of the Farnborough Airshow, Faury spoke of a new plane in 2030 and disclosed the internal code word for the project, "eAction".

"The timing of this significant loan also coincides with Airbus leadership remarks publicly committing to a launch date of a new airplane, which further raises ​questions about both the size and the ​intent of this historic economic assistance ⁠package," Boeing's letter to the USTR said.

Boeing has said market conditions are not yet right for a new generation of planes, although analysts say both companies are expected to start the next developments by mid-decade.

Boeing's letter underscores wariness over ​funding on both sides, though tensions have eased considerably since the WTO subsidy battle.

The Trump administration last year agreed ​to exempt airplanes ⁠and parts from tariffs after briefly imposing duties on aviation last year.

Washington has not officially said it is extending the separate truce on tariffs tied to the Airbus-Boeing dispute, but four people familiar with the matter said both sides had effectively buried the marathon WTO dispute for the time being.

While the Trump administration has repeatedly used tariffs, ⁠it is ​seen as reluctant to make use of WTO tools that would implicitly recognize multilateral rules the ​president opposes.

Trump called this month for talks with trading partners to address the impact of foreign jet imports.

Boeing's concerns about the EU loan to Airbus could also be raised in those ​talks, a U.S. official told Reuters. European sources say similar loans were cleared in the WTO dispute.

($1 = 0.8754 euros)

Reporting by Tim Hepher, David Shepardson; Editing by Sharon Singleton

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

Andra AP fonden raised its stake in shares of Visa Inc. (NYSE:V – Free Report) by 9.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 226,974 shares of the credit-card processor’s stock after acquiring an additional 18,859 shares during the period. Visa comprises approximately 0.9% of Andra AP fonden’s investment portfolio, making the stock its 15th largest holding. Andra AP fonden’s holdings in Visa were worth $68,601,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of V. Brighton Jones LLC increased its holdings in Visa by 50.1% during the fourth quarter. Brighton Jones LLC now owns 20,635 shares of the credit-card processor’s stock worth $6,522,000 after buying an additional 6,883 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in Visa by 68.9% in the fourth quarter. Revolve Wealth Partners LLC now owns 11,811 shares of the credit-card processor’s stock valued at $3,733,000 after acquiring an additional 4,817 shares during the last quarter. Nicholas Hoffman & Company LLC. boosted its stake in Visa by 4.6% in the first quarter. Nicholas Hoffman & Company LLC. now owns 10,941 shares of the credit-card processor’s stock valued at $3,834,000 after acquiring an additional 477 shares during the last quarter. Matrix Asset Advisors Inc. NY grew its position in shares of Visa by 16.9% during the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 1,133 shares of the credit-card processor’s stock valued at $402,000 after acquiring an additional 164 shares during the period. Finally, Schnieders Capital Management LLC. grew its position in shares of Visa by 13.8% during the 2nd quarter. Schnieders Capital Management LLC. now owns 18,367 shares of the credit-card processor’s stock valued at $6,521,000 after acquiring an additional 2,230 shares during the period. 82.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In Several equities research analysts have recently issued reports on the stock. Oppenheimer restated an “outperform” rating and set a $403.00 price target (up from $391.00) on shares of Visa in a research note on Wednesday, April 29th. BMO Capital Markets reissued an “outperform” rating and set a $387.00 price objective (up from $375.00) on shares of Visa in a report on Wednesday, July 15th. Cantor Fitzgerald reissued an “overweight” rating and issued a $400.00 target price on shares of Visa in a research report on Wednesday, April 29th. Morgan Stanley restated an “overweight” rating and issued a $415.00 target price on shares of Visa in a research note on Wednesday, April 29th. Finally, Barclays began coverage on Visa in a research report on Tuesday, July 7th. They set an “overweight” rating and a $420.00 price target on the stock. Seven equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $398.36.

Get Our Latest Stock Analysis on Visa

Insiders Place Their Bets In other Visa news, CEO Ryan Mcinerney sold 31,455 shares of the firm’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $340.14, for a total value of $10,699,103.70. Following the completion of the transaction, the chief executive officer owned 15,174 shares in the company, valued at $5,161,284.36. This trade represents a 67.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of Visa stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $360.00, for a total value of $729,720.00. Following the transaction, the general counsel directly owned 18,404 shares of the company’s stock, valued at $6,625,440. The trade was a 9.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 75,581 shares of company stock worth $25,627,975 in the last quarter. 0.12% of the stock is owned by company insiders.

Visa Stock Up 0.7% Visa stock opened at $361.25 on Tuesday. Visa Inc. has a 1-year low of $293.89 and a 1-year high of $365.14. The firm has a market capitalization of $648.00 billion, a price-to-earnings ratio of 31.47, a P/E/G ratio of 1.91 and a beta of 0.75. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.64. The firm has a 50 day simple moving average of $335.15 and a 200 day simple moving average of $325.05.

Visa (NYSE:V – Get Free Report) last posted its earnings results on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.10 by $0.21. The firm had revenue of $11.23 billion for the quarter, compared to the consensus estimate of $10.75 billion. Visa had a return on equity of 65.00% and a net margin of 51.68%.The business’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.76 earnings per share. On average, analysts predict that Visa Inc. will post 13.11 earnings per share for the current year.

Visa Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Tuesday, May 12th were issued a dividend of $0.67 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $2.68 dividend on an annualized basis and a yield of 0.7%. Visa’s dividend payout ratio is 23.34%.

Visa declared that its board has approved a share repurchase plan on Tuesday, April 28th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the credit-card processor to repurchase up to 3.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Visa Company Profile (Free Report)

Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world’s largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa’s network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.

Visa’s product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.

Read More Five stocks we like better than Visa The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding V? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Visa Inc. (NYSE:V – Free Report).

Receive News & Ratings for Visa Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Visa and related companies with MarketBeat.com's FREE daily email newsletter.

Posted by Defense World Staff on Jul 21st, 2026

Andra AP fonden raised its position in McDonald’s Corporation (NYSE:MCD – Free Report) by 995.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87,171 shares of the fast-food giant’s stock after buying an additional 79,211 shares during the quarter. Andra AP fonden’s holdings in McDonald’s were worth $27,092,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Your Advocates Ltd. LLP bought a new position in shares of McDonald’s in the fourth quarter worth $27,000. Park Place Capital Corp boosted its stake in McDonald’s by 95.7% in the 4th quarter. Park Place Capital Corp now owns 92 shares of the fast-food giant’s stock worth $28,000 after purchasing an additional 45 shares during the period. IFC & Insurance Marketing Inc. bought a new position in McDonald’s in the 4th quarter worth about $29,000. Abound Financial LLC purchased a new position in McDonald’s during the 4th quarter valued at about $30,000. Finally, DecisionPoint Financial LLC grew its holdings in McDonald’s by 1,616.7% during the 4th quarter. DecisionPoint Financial LLC now owns 103 shares of the fast-food giant’s stock valued at $31,000 after buying an additional 97 shares in the last quarter. Hedge funds and other institutional investors own 70.29% of the company’s stock.

McDonald’s Price Performance MCD stock opened at $267.50 on Tuesday. The firm has a 50 day simple moving average of $276.94 and a two-hundred day simple moving average of $299.99. The stock has a market cap of $190.06 billion, a PE ratio of 22.05, a P/E/G ratio of 2.78 and a beta of 0.41. McDonald’s Corporation has a one year low of $264.09 and a one year high of $341.75.

McDonald’s (NYSE:MCD – Get Free Report) last released its earnings results on Thursday, May 7th. The fast-food giant reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.74 by $0.09. McDonald’s had a negative return on equity of 442.10% and a net margin of 31.62%.The business had revenue of $6.52 billion for the quarter, compared to analysts’ expectations of $6.47 billion. During the same quarter in the prior year, the firm earned $2.67 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. On average, research analysts expect that McDonald’s Corporation will post 12.86 EPS for the current fiscal year.

McDonald’s Announces Dividend The company also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, June 2nd were given a $1.86 dividend. The ex-dividend date was Tuesday, June 2nd. This represents a $7.44 dividend on an annualized basis and a yield of 2.8%. McDonald’s’s payout ratio is presently 61.34%.

Analysts Set New Price Targets A number of analysts recently weighed in on MCD shares. Weiss Ratings lowered shares of McDonald’s from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Barclays reduced their price target on shares of McDonald’s from $380.00 to $350.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. BTIG Research reaffirmed a “buy” rating and issued a $370.00 price target on shares of McDonald’s in a report on Thursday, May 7th. TD Cowen reiterated a “hold” rating on shares of McDonald’s in a research report on Friday, June 12th. Finally, Tigress Financial lifted their price objective on McDonald’s from $385.00 to $390.00 and gave the company a “buy” rating in a research note on Friday. Fifteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $336.32.

Check Out Our Latest Research Report on McDonald’s

Insider Activity at McDonald’s In other news, insider Joseph M. Erlinger sold 5,252 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $284.32, for a total transaction of $1,493,248.64. Following the completion of the sale, the insider owned 7,734 shares of the company’s stock, valued at approximately $2,198,930.88. This represents a 40.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Desiree Ralls-Morrison sold 2,763 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $278.36, for a total transaction of $769,108.68. Following the completion of the transaction, the executive vice president owned 6,268 shares in the company, valued at $1,744,760.48. This represents a 30.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 8,681 shares of company stock valued at $2,456,440. 0.26% of the stock is owned by insiders.

McDonald’s News Summary Here are the key news stories impacting McDonald’s this week:

Positive Sentiment: One Seeking Alpha article argues that McDonald’s recent sell-off is creating an opportunity for investors, signaling that the stock may be undervalued after its decline. McDonald’s Sell-Off Is Your Opportunity Positive Sentiment: Another article upgraded McDonald’s to Buy, saying its consistency deserves a higher valuation and pointing to accelerating top- and bottom-line growth as signs of a potential turnaround. McDonald’s: Consistency Deserves A Better Multiple (Rating Upgrade) Positive Sentiment: A separate bullish note said the stock is attractive after compression in earnings multiples and highlighted recent catalysts that could improve the business outlook. McDonald’s: Consistency Deserves A Better Multiple (Rating Upgrade) Positive Sentiment: Coverage from Zacks focused on generally optimistic Wall Street analyst sentiment, which can support shares when investors expect favorable estimates or ratings. Is McDonald’s (MCD) a Buy as Wall Street Analysts Look Optimistic? Neutral Sentiment: Several lifestyle and menu-focused stories highlighted product novelty, including a new Caesar sauce and a drink item resembling a Starbucks-style pink drink, but these appear more brand-interest driven than material near-term catalysts. Review: McDonald’s Caesar sauce is the tangy menu addition we didn’t know we needed Negative Sentiment: Some recent commentary remains cautious, with one piece saying McDonald’s stock “still not good enough,” reinforcing that not all investors are convinced the valuation or growth outlook has improved enough. McDonald’s: Still Not Good Enough Negative Sentiment: An article on MCD’s 2026 weakness noted the stock is down sharply this year and said investors are bracing for softer same-store sales ahead of the next earnings report, which can weigh on sentiment. McDonald’s (MCD) Stock Struggles Continue: What’s Behind the 2026 Decline? About McDonald’s (Free Report)

McDonald’s Corporation (NYSE: MCD) is a global quick-service restaurant company best known for its hamburgers, French fries and breakfast offerings. The company develops, operates and franchises a system of restaurants that sell a range of food and beverage items, including signature products such as the Big Mac, Quarter Pounder, Chicken McNuggets, McCafé coffee beverages and a variety of salads, desserts and seasonal menu items. McDonald’s serves customers through company-operated restaurants and franchised locations, and it supports sales via dine-in, drive-thru, digital ordering platforms and third-party delivery partnerships.

Founded in 1940 by brothers Richard and Maurice McDonald as a single San Bernardino, California restaurant, the business was transformed into a franchising model after Ray Kroc joined in the mid-1950s and led the brand’s national and international expansion.

Further Reading Five stocks we like better than McDonald’s The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding MCD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McDonald’s Corporation (NYSE:MCD – Free Report).

Receive News & Ratings for McDonald's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McDonald's and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEAndra AP fonden Acquires 14,360 Shares of The Sherwin-Williams Company $SHW

NEXT HEADLINE »Andra AP fonden Raises Holdings in Alnylam Pharmaceuticals, Inc. $ALNY

Andra AP fonden boosted its position in Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 23.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 574,167 shares of the network equipment provider’s stock after purchasing an additional 107,689 shares during the period. Cisco Systems comprises 0.6% of Andra AP fonden’s portfolio, making the stock its 25th biggest holding. Andra AP fonden’s holdings in Cisco Systems were worth $44,550,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CSCO. Norges Bank bought a new stake in shares of Cisco Systems during the 4th quarter valued at $4,473,272,000. Auto Owners Insurance Co raised its holdings in Cisco Systems by 8,718.3% in the 4th quarter. Auto Owners Insurance Co now owns 51,952,421 shares of the network equipment provider’s stock worth $400,190,000 after purchasing an additional 51,363,281 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Cisco Systems by 103.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 29,289,151 shares of the network equipment provider’s stock worth $2,256,144,000 after purchasing an additional 14,874,407 shares during the period. Franklin Resources Inc. lifted its position in Cisco Systems by 18.0% during the fourth quarter. Franklin Resources Inc. now owns 50,320,905 shares of the network equipment provider’s stock valued at $3,876,219,000 after purchasing an additional 7,679,422 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Cisco Systems by 11.6% during the fourth quarter. Invesco Ltd. now owns 59,836,782 shares of the network equipment provider’s stock valued at $4,609,227,000 after purchasing an additional 6,224,062 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth CSCO has been the subject of a number of analyst reports. The Goldman Sachs Group upped their price target on Cisco Systems from $116.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 3rd. Piper Sandler lifted their price objective on Cisco Systems from $86.00 to $132.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. New Street Research boosted their price objective on Cisco Systems from $82.00 to $122.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Zacks Research raised shares of Cisco Systems from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Finally, BNP Paribas Exane raised their target price on shares of Cisco Systems from $87.00 to $132.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $123.14.

Read Our Latest Report on Cisco Systems

Trending Headlines about Cisco Systems Here are the key news stories impacting Cisco Systems this week:

Positive Sentiment: Wall Street Zen upgraded Cisco Systems to “Buy,” adding to a generally favorable analyst backdrop for the stock. Wall Street Zen Upgrades Cisco Systems (NASDAQ:CSCO) to “Buy” Positive Sentiment: Cisco continues to be viewed as an AI infrastructure play, with reports noting that the company has raised its AI order target and is working on quantum networking and AI-powered Webex Contact Center tools, which could support longer-term growth. Cisco (CSCO) Tests Quantum Networking While Webex Adds AI Contact Center Partner Positive Sentiment: Commentary around Cisco’s stock remaining below its 52-week high despite strong year-to-date gains has fueled additional bullish price-prediction headlines, reinforcing optimism about the company’s AI-related upside. Price Prediction: Cisco Stock Will Double on This Date Neutral Sentiment: Cisco has been labeled a “trending stock” in recent Zacks coverage, reflecting heightened investor attention rather than a clear new catalyst. Here is What to Know Beyond Why Cisco Systems, Inc. (CSCO) is a Trending Stock Neutral Sentiment: Analyst-focused articles reiterate that consensus brokerage ratings remain constructive, but they do not point to a major new business catalyst. Wall Street Analysts Think Cisco (CSCO) Is a Good Investment: Is It? Negative Sentiment: Cisco fell alongside a broader market dip, and one article specifically highlighted that CSCO’s decline was slightly worse than the market’s move, contributing to near-term weakness. Cisco Systems (CSCO) Sees a More Significant Dip Than Broader Market: Some Facts to Know Negative Sentiment: Reports that Cisco may be considering a $150 million to $200 million acquisition of Zafran Security created some uncertainty, especially after the startup denied active sale talks, which may have weighed on sentiment. Cisco Systems (CSCO) Stock Dips Amid Zafran Security Acquisition Reports Cisco Systems Stock Down 1.1% Shares of CSCO opened at $110.70 on Tuesday. The business’s 50 day moving average is $117.63 and its 200 day moving average is $93.67. The company has a current ratio of 0.92, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cisco Systems, Inc. has a 12-month low of $65.75 and a 12-month high of $130.37. The company has a market capitalization of $436.32 billion, a PE ratio of 35.94, a price-to-earnings-growth ratio of 2.85 and a beta of 1.02.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last posted its quarterly earnings results on Wednesday, May 13th. The network equipment provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. The business had revenue of $15.84 billion during the quarter, compared to the consensus estimate of $15.56 billion. Cisco Systems had a return on equity of 28.44% and a net margin of 20.14%.The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.96 EPS. Cisco Systems has set its Q4 2026 guidance at 1.160-1.180 EPS and its FY 2026 guidance at 4.270-4.290 EPS. Research analysts expect that Cisco Systems, Inc. will post 3.54 earnings per share for the current fiscal year.

Cisco Systems Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 22nd. Shareholders of record on Monday, July 6th will be paid a $0.42 dividend. The ex-dividend date is Monday, July 6th. This represents a $1.68 annualized dividend and a yield of 1.5%. Cisco Systems’s payout ratio is presently 54.55%.

Insider Buying and Selling at Cisco Systems In other news, EVP Oliver Tuszik sold 2,761 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $114.61, for a total transaction of $316,438.21. Following the completion of the transaction, the executive vice president owned 180,877 shares in the company, valued at $20,730,312.97. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thimaya K. Subaiya sold 7,127 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $119.91, for a total value of $854,598.57. Following the transaction, the executive vice president owned 140,857 shares of the company’s stock, valued at $16,890,162.87. This represents a 4.82% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 47,650 shares of company stock worth $5,668,823. Insiders own 0.01% of the company’s stock.

About Cisco Systems (Free Report)

Cisco Systems, Inc is a global technology company that designs, manufactures and sells networking hardware, software and telecommunications equipment. Its core business focuses on enabling enterprise and service-provider networks through products such as routers, switches, network security appliances and wireless systems. Over time Cisco has broadened its portfolio to emphasize software-defined networking, cybersecurity, cloud infrastructure and edge computing solutions that help organizations build and manage modern IT environments.

In addition to hardware, Cisco offers a growing range of software platforms and subscription services for network management, security, analytics and collaboration.

Further Reading Five stocks we like better than Cisco Systems The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding CSCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cisco Systems, Inc. (NASDAQ:CSCO – Free Report).

Receive News & Ratings for Cisco Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cisco Systems and related companies with MarketBeat.com's FREE daily email newsletter.

Posted by Defense World Staff on Jul 21st, 2026

AlTi Global Inc. lessened its holdings in Deere & Company (NYSE:DE – Free Report) by 70.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 816 shares of the industrial products company’s stock after selling 1,979 shares during the quarter. AlTi Global Inc.’s holdings in Deere & Company were worth $461,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Key Capital Management INC bought a new position in Deere & Company in the 4th quarter worth approximately $27,000. Timmons Wealth Management LLC acquired a new position in Deere & Company during the 4th quarter worth $29,000. McIlrath & Eck LLC bought a new position in shares of Deere & Company in the fourth quarter worth $30,000. Portus Wealth Advisors LLC acquired a new position in shares of Deere & Company during the first quarter valued at $32,000. Finally, Wealth Watch Advisors INC bought a new stake in shares of Deere & Company during the third quarter valued at about $32,000. Institutional investors own 68.58% of the company’s stock.

Wall Street Analysts Forecast Growth A number of analysts have recently weighed in on the stock. Raymond James Financial reduced their price target on shares of Deere & Company from $765.00 to $700.00 and set an “outperform” rating for the company in a research note on Friday, May 22nd. Bank of America cut their target price on Deere & Company from $672.00 to $607.50 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Robert W. Baird cut their price objective on Deere & Company from $580.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, May 22nd. Weiss Ratings upgraded shares of Deere & Company from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Finally, Wall Street Zen raised shares of Deere & Company from a “sell” rating to a “hold” rating in a research note on Sunday, July 5th. Fourteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $642.98.

Get Our Latest Stock Analysis on Deere & Company

Deere & Company Stock Performance Shares of DE stock opened at $586.13 on Tuesday. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.18 and a quick ratio of 1.95. Deere & Company has a fifty-two week low of $433.00 and a fifty-two week high of $674.19. The stock’s 50-day moving average is $582.50 and its two-hundred day moving average is $572.84. The firm has a market cap of $158.22 billion, a P/E ratio of 33.21, a PEG ratio of 2.21 and a beta of 0.89.

Deere & Company (NYSE:DE – Get Free Report) last released its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.70 by $0.85. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The business had revenue of $13.37 billion during the quarter, compared to analyst estimates of $11.55 billion. During the same quarter in the previous year, the business earned $6.64 EPS. Deere & Company’s quarterly revenue was up 5.4% compared to the same quarter last year. Analysts predict that Deere & Company will post 18.13 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.48 annualized dividend and a yield of 1.1%. Deere & Company’s dividend payout ratio is 36.71%.

Deere & Company Company Profile (Free Report)

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

Read More Five stocks we like better than Deere & Company The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding DE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Deere & Company (NYSE:DE – Free Report).

Receive News & Ratings for Deere & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Deere & Company and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEAlTi Global Inc. Invests $701,000 in Vanguard Small-Cap Value ETF $VBR

NEXT HEADLINE »Amova Asset Management Americas Inc. Has $91.16 Million Stock Holdings in Beam Therapeutics Inc. $BEAM

Posted by Defense World Staff on Jul 21st, 2026

Andra AP fonden grew its position in shares of Costco Wholesale Corporation (NASDAQ:COST – Free Report) by 284.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 62,622 shares of the retailer’s stock after acquiring an additional 46,342 shares during the period. Costco Wholesale comprises 0.8% of Andra AP fonden’s portfolio, making the stock its 17th largest position. Andra AP fonden’s holdings in Costco Wholesale were worth $62,398,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. World Investment Advisors increased its holdings in Costco Wholesale by 8.4% in the 4th quarter. World Investment Advisors now owns 20,081 shares of the retailer’s stock valued at $15,835,000 after purchasing an additional 1,560 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Costco Wholesale by 24.5% during the fourth quarter. Teacher Retirement System of Texas now owns 140,429 shares of the retailer’s stock worth $121,098,000 after purchasing an additional 27,625 shares in the last quarter. Curtis Advisory Group LLC raised its holdings in shares of Costco Wholesale by 56.7% in the 4th quarter. Curtis Advisory Group LLC now owns 4,535 shares of the retailer’s stock valued at $3,911,000 after buying an additional 1,641 shares during the period. Perryman Financial Advisory Inc. AD purchased a new stake in shares of Costco Wholesale in the 4th quarter valued at $9,300,000. Finally, Oak Ridge Investments LLC lifted its stake in Costco Wholesale by 7.3% during the 4th quarter. Oak Ridge Investments LLC now owns 22,117 shares of the retailer’s stock worth $19,072,000 after acquiring an additional 1,496 shares in the last quarter. 68.48% of the stock is currently owned by hedge funds and other institutional investors.

Costco Wholesale Stock Down 0.5% Shares of NASDAQ:COST opened at $935.80 on Tuesday. Costco Wholesale Corporation has a fifty-two week low of $844.06 and a fifty-two week high of $1,096.50. The firm’s 50 day moving average price is $974.46 and its 200 day moving average price is $978.81. The company has a quick ratio of 0.61, a current ratio of 1.07 and a debt-to-equity ratio of 0.17. The stock has a market cap of $415.01 billion, a price-to-earnings ratio of 47.07, a price-to-earnings-growth ratio of 4.56 and a beta of 0.88.

Costco Wholesale (NASDAQ:COST – Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The retailer reported $4.93 EPS for the quarter, missing the consensus estimate of $4.94 by ($0.01). The firm had revenue of $70.53 billion for the quarter, compared to analyst estimates of $70.12 billion. Costco Wholesale had a return on equity of 28.04% and a net margin of 3.01%.During the same quarter last year, the firm earned $4.28 EPS. As a group, equities research analysts predict that Costco Wholesale Corporation will post 20.39 earnings per share for the current fiscal year.

Costco Wholesale Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 24th will be given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, July 24th. Costco Wholesale’s dividend payout ratio (DPR) is presently 29.58%.

Key Headlines Impacting Costco Wholesale Here are the key news stories impacting Costco Wholesale this week:

Positive Sentiment: Costco’s warehouse expansion story remains intact, with plans for 26 net-new warehouses in fiscal 2026 and a strong international pipeline that could extend its growth runway. Why Costco’s Warehouse Growth Story Is Far From Over Positive Sentiment: Analysts and market-watch articles continue to frame COST as a high-quality long-term compounder, highlighting strong sales trends, a high membership renewal rate, and appeal for retirement investors. Costco Is a No-Brainer Buy for Retirement Investors Right Now Positive Sentiment: Another upbeat take says Costco’s recent pullback from a 52-week high could be an attractive entry point if its continued double-digit comparable sales growth holds up. Price Prediction: Will Costco Hit a New-High This Year? Neutral Sentiment: Costco remains one of the most widely watched retail stocks, which can keep sentiment and trading volume elevated even without a major new catalyst. Costco Wholesale Corporation (COST) is Attracting Investor Attention: Here is What You Should Know Negative Sentiment: Shares were also pressured by a report that Costco may build standalone gas stations, a move some investors fear could weaken a key traffic-driving feature of its warehouses and hurt margins. Costco Stock (COST) Drops despite Bet on Standalone Gas Stations in Sales Push Negative Sentiment: Costco’s valuation remains a concern for some commentators, with articles noting that strong quality metrics do not necessarily mean the stock is cheap at current levels. 3 Dividend Stocks That Pass Buffett’s Test: Buy, Sell or Hold? Insider Buying and Selling at Costco Wholesale In related news, Director Kenneth D. Denman sold 885 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $957.45, for a total transaction of $847,343.25. Following the completion of the sale, the director directly owned 4,779 shares of the company’s stock, valued at $4,575,653.55. This trade represents a 15.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.10% of the company’s stock.

Wall Street Analysts Forecast Growth A number of brokerages recently commented on COST. Truist Financial raised their target price on Costco Wholesale from $977.00 to $1,011.00 and gave the company a “hold” rating in a report on Friday, May 29th. Citigroup initiated coverage on shares of Costco Wholesale in a research report on Thursday, June 18th. They set a “neutral” rating and a $1,020.00 price target on the stock. HC Wainwright reissued a “buy” rating on shares of Costco Wholesale in a research note on Monday, June 1st. UBS Group lifted their price objective on shares of Costco Wholesale from $1,205.00 to $1,275.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Finally, Wells Fargo & Company upped their target price on shares of Costco Wholesale from $950.00 to $1,000.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 9th. Twenty-two investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,059.07.

Read Our Latest Stock Analysis on Costco Wholesale

About Costco Wholesale (Free Report)

Costco Wholesale Corporation operates a global chain of membership-only warehouse clubs that sell a wide array of merchandise in bulk at discounted prices. The company’s product mix includes groceries, fresh and frozen food, household goods, electronics, apparel, and seasonal items, augmented by its prominent private-label brand, Kirkland Signature. Costco’s business model centers on annual membership fees and high-volume, low-margin sales, designed to drive repeat purchasing and strong customer loyalty among both consumers and small-business buyers.

Beyond merchandise, Costco provides a range of ancillary services that complement its warehouses, including gasoline stations, pharmacy and optical services, hearing aid centers, photo services, and travel and insurance products.

Read More Five stocks we like better than Costco Wholesale The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding COST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Costco Wholesale Corporation (NASDAQ:COST – Free Report).

Receive News & Ratings for Costco Wholesale Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Costco Wholesale and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEAmova Asset Management Americas Inc. Purchases Shares of 7,884 Eli Lilly and Company $LLY

NEXT HEADLINE »Global-e Online Ltd. $GLBE Shares Sold by Amova Asset Management Americas Inc.

Bank of America says Micron Technology (NASDAQ:MU | MU Price Prediction) is going to $1,550, a call that implies roughly 83% upside from the stock’s $848.95 close on July 17, 2026. Investors should confirm the price intraday, since the memory name has been moving fast in both directions.

Who Is Making the Call BofA analyst Vivek Arya lifted his price objective to $1,550 from $1,500 and reiterated a Buy rating, citing “another memorable beat.” Arya has also framed the recent chip pullback as a “summer reset” rather than a fundamental reversal. He is not alone. TD Cowen has also moved to $1,500, and the Street consensus target sits at $1,491.95, with 31 Buy and 9 Strong Buy ratings against a single Strong Sell.

The Numbers Behind the Target Micron’s fiscal Q3 2026 report gave the bulls plenty of ammunition. Revenue landed at $41.46 billion, up 345.72% year over year from $9.30 billion. GAAP net income was $28.24 billion, up 1,398.3%. Non-GAAP gross margin hit 84.9% (GAAP 84.6%, up from 37.7% a year ago), and non-GAAP diluted EPS of $25.11 topped the $20.28 consensus by 23.79%, the eighth straight quarterly beat.

Cloud Memory generated $13.77 billion, with Core Data Center and Mobile and Client each at $11.52 billion and Automotive and Embedded at $4.63 billion.

The Structural AI Thesis BofA argues memory chips, especially high-bandwidth memory (HBM) for AI accelerators, are shifting from a cyclical commodity into a long-term AI theme. The firm raised its global semiconductor sales forecast to $2.7 trillion by 2030, up from $2.3 trillion, and projects the HBM market could reach roughly $246 billion by 2030, up from about $35 billion. Micron has signed 16 multi-year Strategic Customer Agreements that lock in pricing visibility, including a new supply-and-investment partnership with Anthropic announced in June 2026.

CEO Sanjay Mehrotra put it plainly: “Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era.” That outlook calls for fiscal Q4 revenue of $50.0 billion plus or minus $1.0 billion, non-GAAP EPS of $31.00 plus or minus $1.00, and non-GAAP gross margin of approximately 86%.

Volatility Is the Price of Admission Micron is up 197.63% year to date, but it has slipped 13.31% in the past week and 18.61% over the past month. Shares spiked to roughly $1,190 in the hour after earnings before sliding back to $848.95. The reversal tracks a broad memory-sector selloff that also hit Samsung and SK Hynix, not a Micron-specific issue.

The Balanced Takeaway BofA’s $1,550 call is one analyst’s view, not a guarantee. The fundamentals support a bullish case, and the forward P/E of 5 is unusually low for a name growing this fast. Micron has also shown it can swing sharply in both directions, so this remains a high-conviction, high-volatility bet rather than a settled outcome.

Contact [email protected] for any questions or corrections.

, /PRNewswire/ -- Danaher Corporation (NYSE: DHR) today announced results for the second quarter 2026. All results in this release reflect only continuing operations and period-to-period comparisons are year-over-year unless otherwise noted.

Key Second Quarter 2026 Results

Net earnings were $870 million, or $1.23 per diluted common share, up 60% year-over-year. Non-GAAP adjusted diluted net earnings per common share grew 8.0% to $1.94. Revenues increased 5.5% year-over-year to $6.3 billion. Non-GAAP core revenue increased 3.0% year-over-year and non-GAAP core revenue excluding respiratory testing revenue increased 4.5% year-over-year. Operating cash flow was $1.5 billion and non-GAAP free cash flow was $1.3 billion. Strong Q2 earnings performance and earlier-than-anticipated completion of Masimo acquisition enabling increased full year 2026 adjusted diluted net earnings per common share guidance. Rainer M. Blair, President and Chief Executive Officer, stated, "We delivered a better than expected second quarter, with core growth improving versus the first quarter and disciplined execution driving high-single-digits adjusted EPS growth. Our Life Sciences businesses delivered their strongest quarter in several years and while customer project timing impacted bioprocessing revenue, underlying order trends remained strong and bioprocessing orders grew mid-teens in the quarter."

Mr. Blair continued, "Looking ahead, continued end-market recovery and traction from our recent growth initiatives support our expectation to exit 2026 at a mid-single-digit core revenue growth rate. Longer term, Danaher's leading portfolio, capital deployment optionality and talented team — all powered by the Danaher Business System — position us to accelerate the impact of science and technology, help customers move from discovery to delivery faster, and create sustainable long-term shareholder value."

Third Quarter and Full Year 2026 Outlook

Danaher Corporation (the "Company") does not reconcile non-GAAP forecasted core sales growth, adjusted operating profit margin and adjusted diluted net earnings per common share to their respective, comparable measure prepared in accordance with U.S. generally accepted accounting principles (GAAP) because (except for estimated amortization of acquisition-related intangible assets of $0.5 billion for the third quarter and $1.9 billion for the year ending December 31, 2026 and the estimated impact of foreign currency on sales, which is estimated to decrease sales by 1.0% in the third quarter and increase sales by 0.5% in the full year, assuming the currency exchange rates in effect as of June 26, 2026) the additional elements that would be reflected in any such GAAP measures (such as the impact of currency exchange rates on profitability, future acquisitions, divested product lines, discrete tax adjustments, impairments, gains and losses on investments and the outcome of legal proceedings) are difficult to predict and estimate and are often dependent on future events that may be uncertain or outside of our control. The impact of these additional elements could be material to our results computed in accordance with GAAP.

For the third quarter 2026, the Company anticipates that non-GAAP core revenue will increase in the 2.0% to 3.0% range year-over-year.

For full year 2026, the Company expects non-GAAP core revenue will increase in the 3.0% to 4.0% range year-over-year. The Company is also increasing its full year adjusted diluted net earnings per common share guidance to a range of $8.45 to $8.60 versus previous guidance of $8.35 to $8.55.

Conference Call and Webcast Information

Danaher will discuss its second quarter results and financial guidance for the third quarter and full year 2026, including as applicable key assumptions with respect thereto, during its investor conference call today starting at 8:00 a.m. ET. The call and an accompanying slide presentation will be webcast on the "Investors" section of Danaher's website, www.danaher.com, under the subheading "Events & Presentations." A replay of the webcast will be available in the same section of Danaher's website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.

The conference call can be accessed by dialing 833-419-0865, within the U.S. or +1 785-838-9333 outside the U.S. a few minutes before 8:00 a.m. ET and notifying the operator that you are dialing in for Danaher's earnings conference call (Conference ID: DHRQ226). A replay of the conference call will be available shortly after the conclusion of the call and until August 4, 2026. You can access the replay dial-in information on the "Investors" section of Danaher's website under the subheading "Events & Presentations."

ABOUT DANAHER

Danaher is a leading global life sciences and diagnostics innovator, committed to accelerating the power of science and technology to improve human health. Through our connected ecosystem of industry-leading businesses, we work side by side with customers to solve their most complex scientific and clinical challenges—helping move innovations from discovery to delivery faster for patients who depend on them.

Powered by the Danaher Business System, our advanced science and technology and proven ability to innovate help enable faster, more accurate diagnoses and reduce the time, cost, and risk required to discover, develop, and deliver life-changing therapies. Through continuous improvement and operational excellence, our approximately 60,000 associates worldwide are focused on delivering lasting impact and improving quality of life around the world, while building a healthier, more sustainable tomorrow. Explore more at www.danaher.com.

NON-GAAP MEASURES AND SUPPLEMENTAL MATERIALS

In addition to the financial measures prepared in accordance with GAAP, this earnings release also contains non-GAAP financial measures. Calculations of these measures, explanations of what these measures represent and the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, where applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.

In addition, this earnings release, the slide presentation accompanying the related earnings call, non-GAAP reconciliations and a note containing details of historical and anticipated, future financial performance have been posted to the "Investors" section of Danaher's website (www.danaher.com).

FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION

Statements in this release that are not strictly historical, including the statements regarding the Company's anticipated financial results for the third quarter and full year 2026, the Company's expectations regarding growth and market recovery, the Company's positioning to create long-term shareholder value, and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things: the impact of the tariffs and related actions implemented by the U.S. and other countries, the impact of our debt obligations (including debt we incurred to finance the acquisition of Masimo Corporation) on our operations and liquidity, deterioration of or instability in the global economy, the markets we serve and the financial markets, uncertainties with respect to the development, deployment, and use of artificial intelligence in our business and products, the impact of global health crises, uncertainties relating to national laws or policies, including laws or policies to protect or promote domestic interests and/or address foreign competition, our ability to successfully identify and consummate appropriate acquisitions and strategic investments, our ability to integrate the businesses we acquire and achieve the anticipated growth, synergies and other benefits of such acquisitions, contingent liabilities and other risks relating to acquisitions, investments, strategic relationships and divestitures (in each case, including with respect to our acquisition of Masimo Corporation), including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spin-offs, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including rules relating to off-label marketing and other regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, our ability to effectively address cost reductions and other changes in the health care industry, security breaches or other disruptions of our information technology systems or violations of data privacy laws, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation, regulatory proceedings and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government with respect to our production capacity in times of national emergency or with respect to intellectual property/production capacity developed using government funding, risks relating to product, service or software defects, product liability and recalls, risks relating to our manufacturing operations, the impact of climate change, legal or regulatory measures to address climate change and other sustainability topics and our ability to address regulatory requirements or stakeholder expectations relating to climate change and other sustainability topics, risks relating to fluctuations in the cost and availability of the supplies we use (including commodities) and labor we need for our operations, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third-parties, the impact of deregulation on demand for our products and services, labor matters and our ability to recruit, retain and motivate talented employees, U.S. and non-U.S. economic, political, geopolitical, legal, compliance, social and business factors (including the impact of elections, regulatory and policy changes or uncertainty, government shutdowns and military conflicts such as the conflict in the Middle East), disruptions and other impacts relating to man-made and natural disasters, inflation and the impact of our By-law exclusive forum provisions. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2025 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the second quarter of 2026. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

This press release may include descriptions of certain products and/or devices that have applications submitted and pending for certain regulatory approvals, or are available only in certain markets.

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

($ and shares in millions, except per share amounts)

(unaudited)

Three-Month Period Ended

Six-Month Period Ended

June 26, 2026

June 27, 2025

June 26, 2026

June 27, 2025

Sales

$           6,265

$           5,936

$          12,216

$          11,677

Cost of sales

(2,654)

(2,413)

(5,014)

(4,643)

Gross profit

3,611

3,523

7,202

7,034

Operating costs:

Selling, general and administrative expenses     

(2,072)

(2,360)

(3,932)

(4,218)

Research and development expenses

(412)

(403)

(799)

(782)

Operating profit

1,127

760

2,471

2,034

Nonoperating income (expense):

Other income (expense), net

(3)

(42)

(76)

(121)

Interest expense

(107)

(71)

(170)

(143)

Interest income

61

8

88

14

Earnings before income taxes

1,078

655

2,313

1,784

Income taxes

(208)

(100)

(414)

(275)

Net earnings

$              870

$              555

$           1,899

$           1,509

Net earnings per common share:

Basic

$             1.23

$             0.77

$             2.69

(a)

$             2.11

(a)

Diluted

$             1.23

$             0.77

$             2.68

$             2.10

(a)

Average common stock and common
equivalent shares outstanding:

Basic

705.3

716.5

706.6

716.4

Diluted

707.6

719.1

709.4

719.9

(a) Net earnings per common share amounts for the relevant three-month periods do not add to the six-month period amount due to rounding.

This information is presented for reference only. A complete copy of Danaher's Form 10-Q financial statements is available on the Company's website (www.danaher.com).

Diluted Net Earnings Per Common Share and Adjusted Diluted Net Earnings Per Common Share 

Three-Month Period Ended

Six-Month Period Ended

June 26, 2026

June 27, 2025

June 26, 2026

June 27, 2025

Diluted Net Earnings Per Common Share     
(GAAP)

$             1.23

$             0.77

$             2.68

$             2.10

Amortization of acquisition-related
intangible assets A

0.65

0.59

1.26

1.16

Fair value net (gains) losses on
investments B

0.01

0.06

0.12

0.19

Acquisition-related items C

0.15

—

0.18

—

Impairments D

—

0.60

—

0.62

Gain on a product line disposition E

—

—

—

(0.01)

Tax effect of the above adjustments F

(0.13)

(0.26)

(0.27)

(0.39)

Discrete tax adjustments G

0.03

0.03

0.03

0.02

Rounding

—

0.01

—

(0.01)

Adjusted Diluted Net Earnings Per
Common Share (Non-GAAP)

$             1.94

$             1.80

$             4.00

$             3.68

Notes to Reconciliation of GAAP to Non-GAAP Financial Measures

A

Amortization of acquisition-related intangible assets in the following historical periods ($ in millions) (only the pretax amounts set forth below are reflected in the amortization line item above):

Three-Month Period Ended

Six-Month Period Ended

June 26, 2026

June 27, 2025

June 26, 2026

June 27, 2025

Pretax

$              463

$              426

$              897

$              836

After-tax     

384

354

744

694

B 

Net (gains) losses on the Company's equity and limited partnership investments recorded in the following historical periods ($ in millions) (only the pretax amounts set forth below are reflected in the fair value net (gains) losses on investments line above):

Three-Month Period Ended

Six-Month Period Ended

June 26, 2026

June 27, 2025

June 26, 2026

June 27, 2025

Pretax

$                 7

$               44

$               84

$              134

After-tax     

5

33

64

101

C 

Fair value adjustments to inventory, transaction costs deemed significant and pre-acquisition share-based and change-in-control payments, in each case related to the acquisition of Masimo Corporation ("Masimo") in the three and six-month periods ended June 26, 2026 ($108 million and $125 million pretax as reported in this line item, $95 million and $110 million after-tax). The Company deems acquisition-related transaction costs incurred in a given period to be significant (generally relating to the Company's larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs typical for Danaher in a given period.

D 

Impairment charges related to a trade name in the Life Sciences segment recorded in the three and six-month periods ended June 27, 2025 ($432 million pretax as reported in this line item, $328 million after-tax) and a facility in the Biotechnology segment recorded in the six-month period ended June 27, 2025 ($15 million pretax as reported in this line item, $11 million after-tax).

E 

Gain on a product line disposition in the six-month period ended June 27, 2025 ($9 million pretax as reported in this line item, $7 million after-tax).

F 

This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Danaher estimates the tax effect of each adjustment item by applying Danaher's overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.

G 

Discrete tax adjustments and other tax-related adjustments for both the three and six-month periods ended June 26, 2026, include the impact of net discrete tax charges of $21 million related primarily to changes in estimates associated with prior period uncertain tax positions, partially offset by benefits from the release of reserves for uncertain tax positions resulting from audit settlements and the expiration of statutes of limitations during the six-month period. Discrete tax adjustments and other tax-related adjustments for the three-month period ended June 27, 2025, include the impact of net discrete tax charges of $22 million related primarily to changes in uncertain tax positions and other items. Discrete tax adjustments and other tax-related adjustments for the six-month period ended June 27, 2025, include the impact of net discrete tax charges of $12 million related primarily to the release of reserves for uncertain tax positions due to the expiration of statutes of limitations, partially offset by changes in uncertain tax positions and other items.

Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing

% Change Three-Month Period Ended June 26, 2026 vs. Comparable 2025 Period

Segments

Total Company

Biotechnology

Life Sciences

Diagnostics

Total sales growth (GAAP)

5.5 %

4.0 %

5.5 %

7.0 %

Impact of:

Acquisitions

(1.5) %

— %

— %

(4.0) %

Currency exchange rates

(1.0) %

(1.5) %

— %

(1.0) %

Core sales growth (non-GAAP)

3.0 %

2.5 %

5.5 %

2.0 %

Impact of respiratory testing

1.5 %

3.0 %

Core sales growth excluding respiratory
testing (non-GAAP)     

4.5 %

5.0 %

% Change Six-Month Period Ended June 26, 2026 vs. Comparable 2025 Period

Segments

Total Company

Biotechnology

Life Sciences

Diagnostics

Total sales growth (GAAP)

4.5 %

7.5 %

4.5 %

2.5 %

Impact of:

Acquisitions

(0.5) %

— %

— %

(2.0) %

Currency exchange rates

(2.0) %

(3.0) %

(1.5) %

(1.5) %

Core sales growth (decline) (non-GAAP)

2.0 %

4.5 %

3.0 %

(1.0) %

Impact of respiratory testing

2.0 %

5.0 %

Core sales growth excluding respiratory
testing (non-GAAP)

4.0 %

4.0 %

Note: Beginning with the Company's Quarterly Report on Form 10-Q for the second quarter of 2026, in addition to disclosing core sales growth, the Company is disclosing a new non-GAAP measure, titled "Core sales growth excluding respiratory testing." This new measure adjusts core sales to exclude revenues related to the sale of respiratory testing products in the Company's molecular diagnostics business in the Diagnostics segment. Demand for respiratory testing depends significantly on the severity levels of influenza and influenza-like illness in a given period, and these severity levels are not under management's control. As a result, presenting core sales on a basis that combines respiratory testing revenue with other Diagnostics business revenues can obscure underlying growth trends within the Diagnostics businesses.  The Company believes that presenting this additional measure will complement core sales, enhance investors' understanding of the historical and anticipated performance of the Diagnostics businesses and Danaher as a whole, including with respect to underlying growth trends, and facilitate comparisons of period-to-period performance. In addition, beginning with the Company's Quarterly Report on Form 10-Q for the third quarter of 2026, the Company intends to exclude from the core sales measures the impact, if any, of tariff refunds (related to tariff payments made in prior periods) that are returned, or expected to be returned, to customers. The Company believes this adjustment will help investors better understand underlying growth trends in the Company's business that otherwise may be obscured by the above-noted tariff-related impacts.

Non-GAAP Forward-Looking Information

% Change Three-
Month Period Ending
September 25, 2026
vs. Comparable 2025
Period

% Change Three-
Month Period Ending
December 31, 2026
vs. Comparable 2025
Period

% Change Year
Ending December 31,
2026 vs. Comparable
2025 Period

Core sales growth (non-GAAP)

Biotechnology

+Mid-single digit

+Mid-single digit

Life Sciences

+3.0% - +4.0%

+3.0% - +4.0%

Diagnostics

Flat

+Up slightly

Total Company

+2.0% - +3.0%

+Mid-single digit

+3.0% - +4.0%

Impact of respiratory testing

+2.5 %

Flat

+Low-single digit

Core sales growth excluding respiratory testing (non-GAAP)     

~+5.0%

+Mid-single digit

+Mid-single digit

Three-Month Period
Ending

September 25, 2026

Year Ending

December 31, 2026

Adjusted operating profit margin (non-GAAP)

 ~26.5  %

Adjusted diluted net earnings per common share (non-GAAP)

$8.45 - $8.60

Other Forward-Looking Information

Three-Month Period
Ending

September 25, 2026

Year Ending

December 31, 2026

Impact of currency exchange rates on sales H

~(1.0)%

~+0.5%

Amortization of acquisition-related intangible assets ($ in millions)     

~$(500)

~$(1,900)

Corporate expense I ($ in millions)

~$(90)

~$(360)

Interest expense, net J ($ in millions)

~$(115)

~$(310)

Effective tax rate

 ~17.0  %

 ~17.0  %

Average adjusted diluted shares (in millions)

~707

~709

H 

Impact of currency exchange rates on sales for the second quarter and full year 2026 assumes the currency exchange rates in effect as of June 26, 2026.

I 

Corporate expense represents the operating profit (GAAP) for the Other segment, which consists of unallocated corporate costs and other costs not considered part of management's evaluation of reportable segment operating performance.

J  

Interest expense, net is defined as interest expense net of interest income. This line item is an assumption rather than a forecast. The estimated interest expense, net is calculated assuming the currency exchange rates in effect as of June 26, 2026 are to prevail throughout the remainder of the period indicated and no change in the amount of commercial paper outstanding.

Pending SLMP LLC "StatLab" Acquisition

Earlier this month, Leica Biosystems, our anatomic pathology business, announced their intention to acquire StatLab, a leading manufacturer of products across the core histology workflow, from specimen collection through slide staining. The business has >85% recurring revenue and is complementary to Leica Biosystems' existing oncology instrument portfolio.

Below is some information on StatLab:

StatLab generated ~$250M in revenue for the full year 2025 The Company expects StatLab to have +high-single digit core sales growth over the long term The Company expects StatLab to be accretive to Adjusted diluted net earnings per common share (non-GAAP) in the 1st full year of ownership The Company expects to close this acquisition by the end of 2026, subject to customary closing conditions and regulatory approvals Historical Sales (Decline) Growth, Core Sales Growth and Core Sales Growth Excluding Respiratory Testing

% Change Three-Month Period Ended vs. Comparable 2024 Period

% Change Year
Ended
December 31,
2025 vs.
Comparable
2024 Period

% Change
Three-Month
Period Ended
March 27, 2026
vs. Comparable
2025 Period

March 28, 2025

June 27, 2025

September 26,
2025

December 31,
2025

Total sales (decline) growth
(GAAP)

(1.0) %

3.5 %

4.5 %

4.5 %

3.0 %

3.5 %

Impact of:

Acquisitions/divestitures

(0.5) %

— %

— %

0.5 %

— %

— %

Currency exchange rates

1.5 %

(2.0) %

(1.5) %

(2.5) %

(1.0) %

(3.0) %

Core sales growth (non-GAAP)

— %

1.5 %

3.0 %

2.5 %

2.0 %

0.5 %

Impact of respiratory testing

1.0 %

0.5 %

(0.5) %

1.5 %

0.5 %

2.5 %

Core sales growth excluding
respiratory testing (non-GAAP)     

1.0 %

2.0 %

2.5 %

4.0 %

2.5 %

3.0 %

Note: For the impact of respiratory testing, a positive amount represents a year-over-year headwind to core sales growth, and a negative amount represents a year-over-year tailwind to core sales growth.

Historical and Forward-Looking Respiratory Testing Sales

($ in millions)

 Three-Month Period Ended

Year
Ended
December
31, 2025 K

Three-Month Period
Ended

Three-Month Period
Ending

Year
Ending
December
31, 2026 K

March 28,
2025

June 27,
2025

September
26, 2025

December
31, 2025

March 27,
2026

June 26,
2026

September
25, 2026

December
31, 2026

Respiratory     
testing
sales L

~$650

~$300

~$500

~$500

~$1,900

~$500

~$250

~$325

~$500

~$1,600

K

Respiratory testing sales amounts for the relevant three-month periods may not add to the year-to-date period amount due to rounding.

L

Actual respiratory testing sales are rounded to the nearest $50 million.

Cash Flow and Free Cash Flow

($ in millions)

Three-Month Period Ended

Year-over-
Year Change

Six-Month Period Ended

Year-over-
Year Change

June 26, 2026

June 27, 2025

June 26, 2026

June 27, 2025

Total Cash Flow:

Net cash provided by
operating activities
(GAAP)

$            1,534

$           1,338

$           2,856

$           2,637

Total cash used in
investing activities
(GAAP)

$         (10,147)

$             (258)

$        (10,396)

$            (500)

Total cash provided by
(used in) financing
activities (GAAP)

$            7,273

$             (247)

$           7,319

$         (1,502)

Free Cash Flow:

Net cash provided by
operating activities
(GAAP)

$            1,534

$           1,338

 ~ 14.5 %

$           2,856

$           2,637

 ~ 8.5   %

Less: payments for
additions to property, plant     
& equipment (capital
expenditures) (GAAP)     

(269)

(248)

(506)

(493)

Plus: proceeds from sales
of property, plant &
equipment (capital
disposals) (GAAP)

—

4

—

10

Free cash flow (non-
GAAP)

$            1,265

$           1,094

 ~ 15.5 %

$           2,350

$           2,154

 ~ 9.0   %

Operating Cash Flow to
Net Earnings
Conversion Ratio:

Net cash provided by
operating activities
(GAAP)

$            1,534

$           1,338

$           2,856

$           2,637

Net earnings (GAAP)

870

555

1,899

1,509

Operating cash flow to net
earnings conversion ratio
(GAAP)

1.76

2.41

1.50

1.75

Free Cash Flow to Net
Earnings Conversion
Ratio:

Free cash flow from
above (non-GAAP)

$            1,265

$           1,094

$           2,350

$           2,154

Net earnings (GAAP)

870

555

1,899

1,509

Free cash flow to net
earnings conversion ratio
(non-GAAP)

1.45

1.97

1.24

1.43

We define free cash flow as operating cash flows, less payments for additions to property, plant and equipment ("capital expenditures") plus the proceeds from sales of plant, property and equipment ("capital disposals"). 

Statement Regarding Non-GAAP Measures

Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Danaher Corporation's ("Danaher" or the "Company") results that, when reconciled to the corresponding GAAP measure, help our investors:

with respect to the profitability-related non-GAAP measures, understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers; with respect to the non-GAAP measures related to core sales, identify underlying growth trends in our business and compare our sales performance with prior and future periods and to our peers; and with respect to free cash flow (the "FCF Measure"), understand Danaher's ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company's debt service requirements and other non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures). Management uses the non-GAAP measures referenced above to measure the Company's operating and financial performance, and uses core sales and non-GAAP measures similar to Adjusted Diluted Net Earnings Per Common Share, Adjusted Operating Profit and the FCF Measure in the Company's executive compensation program.

The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons:

With respect to the profitability-related non-GAAP measures: Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity we do not acquire businesses on a predictable cycle, and the amount of an acquisition's purchase price allocated to intangible assets and the related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Danaher Business System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Danaher's ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Danaher's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult.  With respect to core sales, (1) we exclude the impact of currency translation because it is not under management's control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. Please see "Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing" above for an explanation on why we exclude respiratory testing revenues from the non-GAAP measure "Core sales excluding respiratory testing". In addition, beginning with the Company's Quarterly Report on Form 10-Q in the third quarter of 2026, the Company intends to exclude from core sales the impact of tariff refunds related to prior period tariffs that are returned, or expected to be returned, if any, to customers as the Company believes these amounts may obscure underlying business trends.  With respect to the FCF Measure, we deduct payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company's capital expenditure requirements. SOURCE Danaher Corporation