Manhattan Associates zveřejnila konferenční hovor k výsledkům za 2. čtvrtletí 2026. V úvodu firma uvedla jen standardní upozornění na výhledová prohlášení.
Manhattan Associates, Inc. (MANH) Q2 2026 Earnings Call July 28, 2026 4:30 PM EDT
Company Participants
Michael Bauer - Senior Director of Investor Relations
Eric Clark - President, CEO & Director
Linda Pinne - CFO, Chief Accounting Officer and Treasurer
Conference Call Participants
Terrell Tillman - Truist Securities, Inc., Research Division
Joseph Vruwink - Robert W. Baird & Co. Incorporated, Research Division
Brian Peterson - Raymond James & Associates, Inc., Research Division
Dylan Becker - William Blair & Company L.L.C., Research Division
George Michael Kurosawa - Citigroup Inc., Research Division
Guy Drummond Hardwick - Barclays Bank PLC, Research Division
J. Lane - Stifel, Nicolaus & Company, Incorporated, Research Division
Christopher Quintero - Morgan Stanley, Research Division
Mark Schappel - Loop Capital Markets LLC, Research Division
Clark Wright - D.A. Davidson & Co., Research Division
Lachlan Brown - Rothschild & Co Redburn, Research Division
Presentation
Operator
Good afternoon. My name is Cleo, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Manhattan Associates Q2 2026 Manhattan Associates Earnings Conference Call. [Operator Instructions] As a reminder, ladies and gentlemen, this call is being recorded today, July 28, 2026. I would like to now introduce you to host, Mr. Michael Bauer, Head of Investor Relations of Manhattan Associates. Mr. Bauer, you may begin your conference.
Michael Bauer
Senior Director of Investor Relations
Thank you, Cleo, and good afternoon, everyone. Welcome to Manhattan Associates 2026 Second Quarter Earnings Call. I will review our cautionary language and then turn the call over to our President and Chief Executive Officer, Eric Clark. During the call, including the Q&A session, we may make forward-looking statements regarding future events or our future financial performance. We caution you that these forward-looking statements involve risks and uncertainties, are not guarantees of future performance, and actual results may differ materially from the projections contained in our forward-looking statements. I refer you to Manhattan's SEC
Hims & Hers Health, Inc. (HIMS - Free Report) ended the recent trading session at $29.32, demonstrating a -3.04% change from the preceding day's closing price. This change lagged the S&P 500's 0.21% gain on the day. Elsewhere, the Dow gained 1.03%, while the tech-heavy Nasdaq lost 0.22%.
The company's stock has dropped by 9.43% in the past month, falling short of the Medical sector's loss of 0.43% and the S&P 500's gain of 1.7%.
The upcoming earnings release of Hims & Hers Health, Inc. will be of great interest to investors. The company's earnings report is expected on August 10, 2026. The company is expected to report EPS of -$0.07, down 141.18% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $690.21 million, indicating a 26.68% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of -$0.27 per share and a revenue of $2.91 billion, demonstrating changes of -150.94% and +23.78%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Hims & Hers Health, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 49.21% lower. Hims & Hers Health, Inc. is holding a Zacks Rank of #3 (Hold) right now.
Looking at valuation, Hims & Hers Health, Inc. is presently trading at a Forward P/E ratio of 1134. This valuation marks a premium compared to its industry average Forward P/E of 24.44.
We can additionally observe that HIMS currently boasts a PEG ratio of 85.1. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Medical Info Systems was holding an average PEG ratio of 2.9 at yesterday's closing price.
The Medical Info Systems industry is part of the Medical sector. This group has a Zacks Industry Rank of 75, putting it in the top 31% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Petrobras ve druhém čtvrtletí zvýšila celkovou produkci ropy, plynu a kapalných uhlovodíků na 3,34 milionu barelů ropného ekvivalentu denně, tedy o 14,1 % meziročně. Růst podpořily jednotky FPSO Maria Quiteria, Alexandre de Gusmao a P-78, stejně jako spuštění P-79.
A view shows the logo of Brazilian state-run oil firm Petrobras in Rio de Janeiro, Brazil June 5, 2025. REUTERS/Ricardo Moraes Purchase Licensing Rights, opens new tab
CompaniesSAO PAULO/RIO DE JANEIRO, July 28 (Reuters) - Brazilian state-run oil firm Petrobras on Tuesday reported total oil, gas and gas liquids production of 3.34 million barrels of oil equivalent per day in the second quarter, up 14.1% from a year earlier.
Petrobras said the output expansion was boosted by the ramp-up of floating production storage and offloading (FPSO) units Maria Quiteria, Alexandre de Gusmao and P-78, as well as the start-up of the P-79 unit.
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Oil production in Brazil, Petrobras' main business, rose some 15% to 2.69 million barrels per day (bpd), according to the company's quarterly sales and output report.
Sales of oil, gas and derivatives rose almost 12% to 3.33 million bpd, while exports jumped some 41% to 1.23 million bpd.
Reporting by Andre Romani in Sao Paulo and Fabio Teixeira in Rio de Janeiro; Editing by Chris Reese and Natalia Siniawski
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Expand Energy (EXE - Free Report) came out with quarterly earnings of $1.33 per share, beating the Zacks Consensus Estimate of $1.22 per share. This compares to earnings of $1.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +9.02%. A quarter ago, it was expected that this oil and gas company would post earnings of $3.69 per share when it actually produced earnings of $3.83, delivering a surprise of +3.79%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Expand Energy, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $1.83 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 10.04%. This compares to year-ago revenues of $2.02 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Expand Energy shares have lost about 18% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Expand Energy?While Expand Energy has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Expand Energy was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.40 on $2.14 billion in revenues for the coming quarter and $8.41 on $9.65 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, TC Energy (TRP - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.
This energy infrastructure company is expected to post quarterly earnings of $0.59 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.5% higher over the last 30 days to the current level.
TC Energy's revenues are expected to be $2.74 billion, up 1.5% from the year-ago quarter.
People can now pay with Bitcoin to buy flights from Dubai-based airline Emirates.
Working with Crypto.com, Emirates said Tuesday the customers now have the option to book flights using the crypto exchange’s payment feature.
Crypto.com and Emirates last year announced they would work together.
Emirates’ Deputy President and Chief Commercial Officer Adnan Kazim said the move “reflects the rapidly evolving preferences of a younger, digitally fluent generation who manage their money and plan their journeys primarily from their phones and they expect the airlines they fly with to keep pace.”
Emirates first teased plans back in 2022 to implement Bitcoin payments; the latest move allows Crypto.com customers to use any digital assets to make payments.
Under the new setup, travelers with a Crypto.com account can select Crypto.com Pay at checkout when booking on emirates.com or through the Emirates App.
The option is limited for now to eligible UAE residents making bookings priced and settled in Emirati Dirham.
The integration runs through Crypto.com’s Dubai-licensed entity, which the company says was the first virtual asset service provider to receive a Stored Value Facilities license from the Central Bank of the UAE.
The launch also feeds into wider government targets. It supports Dubai’s Cashless Strategy, part of the D33 Economic Agenda, which is aiming to make 90% of transactions across the emirate’s government and private sectors digital by the end of 2026.
It follows on from an earlier Emirates partnership with Dubai Finance to advance digital payments, and comes after Crypto.com struck its own deal with Dubai Finance to accept digital payments for government services.
Mathew Di Salvo
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.
Michael Saylor varuje, že největší dlouhodobou hrozbou pro Bitcoin jsou změny jeho konsenzuálních pravidel zevnitř, ne konkurence ani vlády. Tvrdí, že by mohly oslabit vzácnost, poplatky i bezpečnost sítě.
Michael Saylor has warned that changes to Bitcoin’s consensus rules pose a greater long-term threat than rival cryptocurrencies, governments, or external competition.
Summary
Saylor called internal rule changes Bitcoin’s “gravest threat” after the asset gained broad market recognition. He argued that consensus rules protect property rights, scarcity, settlement, and limits on power. Saylor said proposals such as BIP-110 could weaken block-space scarcity and miners’ fee revenue. Strategy recently joined eight companies pledging $15 million toward Bitcoin security research. Saylor warns against capturing Bitcoin consensus Strategy Executive Chairman Michael Saylor issued the warning in a series of X posts on Tuesday, describing Bitcoin’s consensus rules as its constitution. Those rules determine how ownership is recognized, how scarcity is maintained, how transactions settle, and what network participants can change.
Bitcoin has won. Now it must survive victory.
Its gravest threat is not an enemy at the gates, but corruption from within: factions that invent pretexts, rewrite the rules, and seize economic rights until freedom becomes permission and law becomes loot.
— Michael Saylor (@saylor) July 28, 2026 “Bitcoin has won. Now it must survive victory,” Saylor wrote. “Its gravest threat is not an enemy at the gates, but corruption from within.”
He argued that changing the protocol to serve one group would infringe on the economic rights of miners, developers, investors, companies, custodians, and other users. Once one faction gains enough influence to rewrite the rules, he warned, competing groups may pursue changes through the same process.
That outcome could make protocol disputes permanent, according to Saylor. He said prolonged governance conflicts would drive away capital, slow development, weaken security, and leave Bitcoin with only a fraction of its potential.
Saylor expects Bitcoin could grow 100-fold and become part of the infrastructure supporting global capital markets. From that perspective, he argued that a poorly designed rule introduced today could restrict financial products, technologies, and economic activity that do not yet exist.
Why Saylor opposes BIP-110 Saylor’s latest comments extend his opposition to Bitcoin Improvement Proposal 110, a proposed temporary soft fork intended to reduce arbitrary data stored on the blockchain.
BIP-110 supporters argue that limiting some forms of data would ease storage and verification burdens for node operators. They also want Bitcoin to remain focused on monetary transactions rather than inscriptions, tokens, or file storage.
Saylor accepts that some on-chain data may have little value or could be linked to harmful activity. However, he argues that Bitcoin cannot reliably determine the purpose behind transaction data and should not use consensus rules to decide which valid, fee-paying transactions deserve block space.
“Bitcoin does not need guardians of purity,” Saylor wrote in his July 18 article. “It needs guardians of neutrality.”
His latest X thread widened that argument beyond BIP-110. Saylor also criticized proposals that add covenant functionality or increase block capacity, saying each approach creates different risks for Bitcoin’s base layer.
Bitcoin fee market and network security at stake According to Saylor, restrictions on valid transactions could reduce competition for block space and weaken the fee market. Larger blocks, meanwhile, could dilute block-space scarcity while raising the bandwidth and hardware costs required to operate a node.
He also argued that covenants would make Bitcoin’s consensus rules more complex and introduce additional attack surfaces. These claims represent Saylor’s assessment of the proposals rather than an established consensus among Bitcoin developers.
Transaction fees will become increasingly important to miners as the block subsidy falls by half roughly every 210,000 blocks. Saylor warned that suppressing fee demand could reduce the income available to miners and weaken the financial incentives protecting the network.
His preferred approach is to keep the base layer simple, neutral, scarce, and secure. Developers can then build new functions through second-layer networks and applications, where adoption remains voluntary and failures have a more limited effect.
Strategy backs $15 million security effort Saylor’s stance carries added relevance for US investors because Strategy has built its corporate model around holding Bitcoin and promoting enterprise adoption. He recently argued that companies are necessary for Bitcoin to develop into a global monetary network, placing corporate participation at the center of its next stage.
Strategy also joined Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, and Galaxy in forming the Bitcoin Security Consortium.
The nine firms pledged a combined $15 million over three years to support developers and researchers working on Bitcoin security, including preparations for potential quantum-computing threats. Members will direct their funding independently, while the consortium says it will neither control Bitcoin development nor take positions on individual protocol changes.
Saylor said upgrades should remain rare, conservative, and driven by necessity. His latest intervention places protocol restraint alongside corporate adoption and security funding as central parts of his long-term Bitcoin strategy.
XRP klesá na 1,06 USD, za týden téměř o 8 %, protože Senát odložil Clarity Act před srpnovou přestávkou. Trh zároveň čeká na rozhodnutí Fedu 29. července.
In brief XRP is trading at $1.06, off nearly 8% over the past week. The movement happens as the U.S. Senate shelved the Clarity Act before its August recess and global markets braced for the Fed's July 29 rate decision. XRP's technicals are almost uniformly bearish: a confirmed death cross, RSI at 40.9, negative Squeeze momentum, and a composite score of -63%—the only technical lifeline is that it is deeply oversold. The global macro backdrop is as unfavorable as it's been all year for crypto markets.
New Federal Reserve Chair Kevin Warsh, in only his second FOMC meeting, is widely expected to hold rates at 3.50%–3.75%, but CME FedWatch put hike odds near 38% as recently as last weekend—the highest of this cycle. Even a hawkish hold can rattle risk assets. Bitcoin is parked near $63,400–$64,000, well below its June highs around $80,000, and altcoins are taking the brunt.
XRP, the cryptocurrency developed by the founders of payments company Ripple, had a moment of optimism this month that now feels like a distant memory. As Decrypt reported on July 21, the coin cautiously jumped 3.25% to $1.1485 when reports broke that President Donald Trump had agreed to the Clarity Act's long-stalled ethics provision, briefly nudging Senate passage odds on Polymarket to 43%. That lasted about a week.
On Monday, the Senate formally shelved the Clarity Act to prioritize a Russia sanctions bill and federal nominations. The chamber's August recess begins around August 7—which means there is a thin frame for the bill to be approved this year. Miss that window, and the next opportunity might not come until 2027.
For XRP, the stakes are concrete: The Clarity Act would codify its commodity classification into law, the legal bedrock that institutional custodians, banks, and ETF issuers need to feel comfortable building products around it. Standard Chartered's conditional $8 XRP target—contingent on full Senate passage plus $4 billion to $8 billion in new ETF inflows—stays theoretical without it.
So things are not looking great for Clarity, or XRP.
XRP price: What the charts sayXRP is trading at $1.0641 and a roughly $65 billion market cap on Binance, with a 24-hour low of $1.0450 and a high of $1.0679. The token peaked near $3.40 in mid-2025 and has been in a sustained descending channel ever since, logging lower highs and lower lows for months.
XRP price data. Image: TradingviewThe Average Directional Index, or ADX, sits at 11.2—one of the weakest readings XRP has posted all summer. The ADX measures trend strength on a 0–100 scale, regardless of whether that trend is up or down. Think of it as measuring how much conviction the market has: anything below 25 signals no confirmed trend is in place, and sub-20 readings are associated with choppy, directionless markets where false breakouts and stop hunts are common.
As Decrypt flagged on July 16, when the reading was 13.3, XRP has been stuck in exactly this trendless limbo for most of July. One mildly constructive signal: the directional indicator is starting to rotate from DI- (bearish dominance) toward DI+ (bullish pressure building). So there’s hopium somewhere in there.
The Exponential Moving Averages, or EMAs—which smooth out price action over time to reveal trend direction—confirm the big picture: the 50-day EMA is trading below the 200-day EMA in the formation traders call a death cross. When the shorter average sits below the longer one, it means the medium-term trajectory is still pointed downward, regardless of short-term bounces. This alignment has been in place since XRP's slide from the $3.65 all-time high, and there is no sign yet of the two averages starting to converge.
The Relative Strength Index, or RSI, reads 40.9. RSI is a momentum gauge on a 0–100 scale: above 70 is overbought, below 30 is oversold. At 40.9, XRP is in bearish territory—below the neutral 50 line—but not yet at the extreme levels that typically attract aggressive buyers looking for a floor.
On the Fibonacci side (natural supports and resistances that appear during a trend) the current bearish leg runs from $1.1646 down to $1.0450. Below that price, the next Fib support is $1.0125, followed by $0.9711.
What happens nextTwo events will define XRP's next directional move. If Fed Chair Warsh holds and signals a dovish tone—or hints at September cuts—crypto gets a relief pop, and XRP could test the Fibonacci golden zone between $1.10 and $1.12. If the statement reads hawkish or a dissenting vote appears, the sell-off has room to extend toward $1.01 and, below that, the $0.97 zone.
The Clarity Act is the bigger, longer-term variable. The Senate's August recess starts August 7. If a floor vote doesn't materialize before then, XRP's primary institutional catalyst evaporates until at least late 2026—and possibly well beyond, given the midterm election calendar that follows.
The technical setup argues for patience rather than urgency. A market this trendless—ADX at 11.2, Squeeze loaded with negative momentum, death cross intact—can compress for longer than most traders expect before resolving. The oversold indicators could produce a short-term bounce toward but without a macro catalyst or a legislative surprise, that bounce is more likely a selling opportunity than the start of a new trend.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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CLARITY Act získává podporu Goldman Sachs a Fidelity a v Senátu už má 51 potvrzených hlasů, stále mu ale chybí 9 demokratů k průchodu. XRP mezitím drží 4. místo mezi tokenizovanými reálnými aktivy s hodnotou 4,1 miliardy USD.
The CLARITY Act, a proposed bill aiming to define the regulatory landscape for digital assets in the United States, has gained prominent support from major financial institutions. Goldman Sachs CEO David Solomon and multinational investment giant Fidelity have both called on the Senate to approve the legislation, highlighting its significance for the industry’s future.
Senate vote and party dynamicsCurrently, the CLARITY Act has secured 51 confirmed votes in the Senate, but needs an additional 9 Democratic Senators to cross the 60-vote threshold required for passage. Patrick Witt, one of the bill’s leading advocates, acknowledged Senate Majority Leader John Thune’s expectation that the bill would not reach the floor before August but remained hopeful that momentum could build sooner.
Witt argued that it is unusual to expect 10 Democrats to commit ahead of a key vote, pointing out that such negotiation tactics have characterized Democratic approaches throughout the legislative process.
Supporters of the CLARITY Act believe that some Democratic senators who now express reservations previously voiced similar concerns about the Genius Act, but ultimately voted in favor after rounds of negotiation and concessions.
Senator Gallego, for example, has recently voiced opposition to the bill, yet during debate on the Genius Act, he also sought additional time before eventually backing the final version. This pattern suggests the possibility of last-minute changes in position when legislative stakes are high.
Senate Majority Leader John Thune has committed to bringing the bill to a vote on the Senate floor. Anthony Scaramucci, founder of the investment firm SkyBridge Capital, remarked that if the CLARITY Act is brought to the floor, its passage appears likely, noting the political implications for younger Democratic senators wary of opposing the cryptocurrency sector ahead of the next election cycle. Former Congressman Patrick McHenry added that “it’s sort of when, not if.”
Market impact and XRP price movementCryptocurrency analyst Lark Davis commented on the muted response from XRP’s price despite the legislative attention. Davis explained that early holders of XRP, some of whom have waited several years, are selling into institutional demand created by ETF inflows. This dynamic means that while new capital is entering the market, it is offset by longtime holders exiting, keeping the price relatively stable despite increased volumes.
Davis stated that this kind of capital rotation “creates a structural floor below the market,” and historically, such distribution patterns have often preceded substantial price upswings.
BankXRP, a digital asset analytics service, reported a sharp decrease in XRP exchange activity, with Binance deposits and withdrawals dropping from $650,000 in June to $350,000 currently. This kind of cooling in exchange flows was last seen just prior to the notable rally in October 2025.
Mike Novogratz, CEO of digital asset firm Galaxy Digital, emphasized the industry’s cyclical nature and noted that crypto markets have historically experienced renewed momentum every four years in October.
XRP has achieved the 4th position globally in tokenized real-world assets, now holding $4.1 billion in tokenized assets on the XRP Ledger. By comparison, Ethereum holds 10th place in this category.
AssetTokenized Assets on LedgerGlobal RankXRP$4.1 billion4thEthereumNot specified10thDigital Asset Investor, a well-known crypto commentator, highlighted that this combination of decreasing exchange supply, progress on key legislation, and improving real-world asset tokenization infrastructure could underpin future breakout moves in XRP’s price.
Mini dictionary: CLARITY Act – Proposed U.S. legislation designed to set clear regulations and definitions for digital assets, aiming to bring legal certainty for companies operating in the crypto sector.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Ethereum’s Layer 2 ecosystem just lost roughly 90% of its locked value. The total value locked across the network’s scaling solutions has dropped to approximately $5 billion, a figure that would have been impressive in 2023 but looks downright alarming in the context of where things stood just months ago.
Earlier in 2026, L2 TVL exceeded $48 billion as tracked by L2BEAT. That’s not a typo. We’re talking about a decline of more than $43 billion.
The scale of the drop To appreciate how dramatic this contraction is, consider where the major players were sitting not long ago. Arbitrum alone recorded a TVL of approximately $16.8 billion in early 2026. Base, the Coinbase-backed chain that had become a darling of the retail onboarding narrative, held about $10.7 billion. Optimism stood at around $8 billion.
Add those three together and you get $35.5 billion, more than seven times the current total across the entire L2 landscape. And that’s before counting zkSync Era and the rest of the more than 73 active Ethereum L2 rollups that were operating as of April 2026.
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For context, Ethereum’s mainnet DeFi TVL was sitting around $41 billion as of late July 2026. So the L2 ecosystem, which was once approaching parity with mainnet in terms of locked capital, now represents a fraction of its parent chain’s economic activity.
What’s driving the exodus No major protocol team has issued a post-mortem. No data aggregator has published a detailed breakdown of where the capital went.
Bridging dynamics also matter. L2 TVL is inherently more volatile than mainnet TVL because assets need to be actively bridged over. When users lose confidence or spot better opportunities elsewhere, the unbridging process can create cascading outflows that look more dramatic than gradual organic decline.
With over 73 rollups competing for users and liquidity, fragmentation may have reached a tipping point where no single chain could maintain the critical mass needed to sustain deep liquidity pools and attractive yields.
What this means for investors On the tactical side, anyone farming yields or providing liquidity on L2 platforms should be paying close attention to pool depths and slippage conditions. A $5 billion total spread across dozens of chains means individual protocol TVLs could be thin enough to create meaningful execution risk on larger positions.
For token holders in L2-native governance assets, the decline raises uncomfortable valuation questions. Tokens like ARB, OP, and others derive much of their fundamental value from the economic activity happening on their respective chains. When that activity contracts by 90%, the case for holding those tokens gets considerably harder to make.
The gap between Ethereum mainnet’s $41 billion TVL and the L2 ecosystem’s $5 billion also creates a potential opportunity narrative. If rollups are genuinely the future of Ethereum scaling, the current ratio implies either that mainnet is overvalued relative to its scaling layers, or that L2s are significantly underweighted.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
EthSystems se zaměřuje na soukromí pro banky a další instituce, aby mohly vypořádávat transakce na síti Ethereum bez odhalení citlivých dat. Startup vznikl z Institutional Privacy Task Force nadace Ethereum Foundation.
TLDR EthSystems believes privacy is the main barrier stopping banks from using public blockchains. The startup emerged from the Ethereum Foundation’s Institutional Privacy Task Force. EthSystems helps institutions protect sensitive transaction data while settling activity on Ethereum. The company will advise clients, build custom privacy systems, and publish open-source research. EthSystems plans to work with existing privacy projects instead of creating a new blockchain. Ethereum startup EthSystems has made privacy the center of its plan to bring banks and other institutions onto public blockchains. The company believes confidentiality, rather than network speed, remains the main barrier to institutional use of Ethereum.
The startup emerged from the Ethereum Foundation’s Institutional Privacy Task Force earlier this month. It now operates as a for-profit company focused on banks, asset managers, governments, stablecoins, and tokenized financial assets.
EthSystems helps institutions add privacy controls while settling transactions on Ethereum. Its systems aim to protect sensitive financial data without removing the transparency and security offered by a public blockchain.
Co-founder Mo Jalil said financial institutions need control over who can view transaction details. The company does not treat confidentiality as full anonymity. Instead, it supports limited access based on rules.
The startup does not plan to build a new blockchain or replace current privacy tools. It will advise clients, design privacy systems, build custom infrastructure, and publish open-source research.
EthSystems expects to work with projects such as Aztec, Miden, and other privacy providers. It will select and connect tools based on each institution’s legal and business needs.
Demand Moves Beyond Blockchain Tests The team previously built proof-of-concept systems inside the Ethereum Foundation. Financial institutions later asked whether they could pay the group to turn those tests into working products.
The foundation could not support that type of commercial work. The move to a for-profit structure now allows EthSystems to charge clients, fund development, and meet corporate procurement rules.
Jalil said discussions have shifted from innovation teams to business units that manage trading and assets. These teams now want to move real financial activity onto public blockchains.
EthSystems says institutions no longer need basic proof that blockchain can support finance. They need privacy systems that meet internal controls, regulatory duties, and data protection rules.
The company sits alongside other groups created during the Ethereum Foundation’s wider restructuring. EthLabs focuses on protocol work, while Ethereum Institutional handles enterprise coordination.
EthSystems will focus only on privacy and cryptography for institutional users. Its strategy rests on helping banks use Ethereum without exposing sensitive data to every network participant.
SharpLink, the Nasdaq-listed company trading under ticker SBET, pulled in 420 ETH from staking rewards for the week ending late July 2026. Its total Ethereum treasury now sits at 888,521 ETH, making it one of the largest corporate holders of the asset on the planet.
Nearly 100% of its holdings are actively staked across both native and liquid staking arrangements, meaning the company is essentially running a yield-generating machine on top of its directional Ethereum bet.
The numbers behind SharpLink’s staking engine Since launching its staking strategy on June 2, 2025, SharpLink has accumulated 24,338 ETH in total rewards. That’s pure yield, generated by locking up tokens to help secure the Ethereum network.
This week’s 420 ETH haul is a slight dip from recent performance. For the week ending July 5, 2026, the company earned 449 ETH in staking rewards.
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SharpLink’s holdings have grown steadily over the past several months. Back in February 2026, the company held 867,798 ETH with 13,615 ETH in cumulative staking rewards. The treasury has since expanded by roughly 20,700 ETH while cumulative rewards have nearly doubled to 24,338 ETH.
From sports betting to Ethereum treasury SharpLink wasn’t always in the business of hoarding Ethereum. The company formerly operated as SharpLink Gaming, focused on sports betting technology and affiliate marketing. The pivot to becoming an institutional-grade Ethereum treasury platform happened around June 2025.
Under co-founder Joseph Lubin, who also co-founded Ethereum itself, the company has prioritized transparency in its operations, publishing weekly metrics through a public ETH dashboard and filing regularly with the SEC.
The company deploys its ETH across both native staking and liquid staking arrangements. Native staking involves running validator nodes directly on Ethereum’s proof-of-stake network, while liquid staking uses protocols that issue derivative tokens representing staked ETH, preserving some liquidity while still earning yield.
What this means for investors SharpLink’s model offers equity investors something they can’t easily get from spot Ethereum ETFs or direct token ownership: staking yield exposure through a traditional brokerage account. Most spot ETFs in the US market do not currently pass through staking rewards to shareholders. SharpLink’s structure is different because the company itself stakes the ETH, captures the yield, and that value theoretically accrues to the equity.
Through buybacks and strategic equity issuances, SharpLink aims to increase the amount of Ethereum backing each outstanding share over time. It’s a playbook borrowed directly from MicroStrategy’s Bitcoin treasury approach, adapted for Ethereum with the added twist of staking income.
SBET shareholders are exposed to Ethereum price volatility, smart contract risk from liquid staking protocols, potential slashing penalties on validators, and dilution concerns that come with equity issuance programs.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pomerantz LLP vyšetřuje Solstice Advanced Materials kvůli možnému podvodu s cennými papíry po oznámení akvizice Element Solutions za zhruba 14,5 miliardy USD. Akcie Solstice 6. července klesly o 12,14 USD, tedy o 15,14 %, na 68,05 USD.
NEW YORK, July 28, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Solstice Advanced Materials, Inc. (“Solstice” or the “Company”) (NASDAQ: SOLS). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Solstice and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On July 6, 2026, Solstice issued a press release announcing an agreement to acquire Element Solutions (“Element”) “in a cash-and-stock transaction valued at approximately $14.5 billion, including the assumption of net debt.” Although Solstice’s Chief Executive Officer described the “combined company [as] very well-positioned to benefit from generational tailwinds in high-growth end markets” and touting Element’s purportedly “highly complementary capabilities, deep customer relationships and a technical service-led model”, Solstice’s stock price fell sharply as the market reacted to news of the Element acquisition, closing at $68.05 per share on July 6, 2026 – representing a decline of $12.14 per share, or 15.14%, from the Company’s July 2, 2026 closing price.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Blue Bird (BLBD - Free Report) ended the recent trading session at $73.89, demonstrating a -2.83% change from the preceding day's closing price. This change lagged the S&P 500's 0.21% gain on the day. Meanwhile, the Dow gained 1.03%, and the Nasdaq, a tech-heavy index, lost 0.22%.
The school bus maker's stock has dropped by 2.92% in the past month, exceeding the Auto-Tires-Trucks sector's loss of 8.85% and lagging the S&P 500's gain of 1.7%.
Analysts and investors alike will be keeping a close eye on the performance of Blue Bird in its upcoming earnings disclosure. The company's earnings report is set to go public on August 5, 2026. The company is expected to report EPS of $1.22, up 2.52% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $498.7 million, up 25.3% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.74 per share and revenue of $1.74 billion. These totals would mark changes of +8.22% and +17.88%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Blue Bird. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Currently, Blue Bird is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Blue Bird has a Forward P/E ratio of 16.04 right now. This signifies a discount in comparison to the average Forward P/E of 19.45 for its industry.
One should further note that BLBD currently holds a PEG ratio of 0.98. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Automotive - Domestic industry had an average PEG ratio of 0.98.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. With its current Zacks Industry Rank of 80, this industry ranks in the top 33% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow BLBD in the coming trading sessions, be sure to utilize Zacks.com.
Tesla ve 2. čtvrtletí zvýšila dodávky o 25 % na 480 126 kusů a tržby o 26 % na 28,2 miliardy USD. EPS ale klesl o 3 % na 0,32 USD kvůli investicím do robotů a robotaxi.
Tesla (TSLA -0.77%) released its second-quarter update on July 22. The company's deliveries increased by a healthy 25% year over year to 480,126, the best year-over-year growth it had registered in nearly two years. Tesla's revenue came in at $28.2 billion, 26% higher than the year-ago period.
However, Tesla's earnings per share dropped 3% year over year to $0.32, as the company's decision to invest in several ongoing projects, including humanoid robots and robotaxis, compressed profits and margins. Tesla is no longer just an electric vehicle (EV) maker. Could the company make enough headway in other markets over the next five years to significantly improve the business?
Image source: The Motley Fool.
The bull thesis Tesla first launched its robotaxi service in Austin in 2025. The company has ramped things up since. Tesla's robotaxis are now available in several cities across Texas and Florida. Over the next five years, the company could build a large fleet in most major U.S. cities and start generating meaningful revenue from ride fees. An expanding ecosystem of driverless cars on the road will also help it improve its self-driving software, thanks to the real-world data these vehicles will collect, which will help it train its software.
Tesla's robotaxi business may boost the company's profits and margins. The company could also develop much more capable versions of its Optimus humanoid robots. If these robots can achieve a level where they can perform many tasks just as well -- if not better -- than humans, they could experience strong demand and potentially transform the labor market. Tesla would reap significant financial benefits from that. In the meantime, the EV maker could remain the top player in the market where it made its name.
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Read the fine print Tesla could run into several obstacles. Let's consider three. First, the company's rollout of its robotaxi service may not be as fast as it expects. In fact, based on the projections Elon Musk had previously made, the company is far behind where it should be at this point. It could also encounter regulatory delays and competition, especially from Waymo, whose existing fleet of fully autonomous robotaxis is bigger than Tesla's.
Second, Tesla's humanoid robot project may also encounter obstacles. It could fail to impress investors, as it has in the past, and never reach the kind of versatility Tesla needs to support the demand that would make this project profitable. Lastly, with increased competition in the EV industry -- and new models flooding the market worldwide -- even Tesla's core business may not perform well over the next five years. The bottom line is that Tesla is a risky stock. It could certainly soar through 2031, provided the company can get close to achieving its goals, but Tesla may also be a wealth destroyer over this period. Investors should only buy the company's shares if they are comfortable with the volatility.
JPMorgan Chase ve 2. čtvrtletí zvýšila výnosy o 27 % na rekordních 58 miliard USD a čistý zisk o 41 % na 21,2 miliardy USD. Jamie Dimon zároveň varoval před geopolitickým napětím, inflací a vysokými cenami aktiv.
The second quarter was a hot one for bank stocks. The largest ones benefited from major investment banking moves, and nearly all of them enjoyed robust consumer activity.
JPMorgan Chase (JPM +0.34%), specifically, had a record quarter across metrics, and its stock is hitting record highs as a result. However, CEO Jamie Dimon warned of several risks in the economy, and smart investors should listen carefully.
Records across the board JPMorgan Chase is the largest bank in the U.S. by far, with more than $4 trillion in assets. Its performance at a given time is a valid reflection of broader economic and banking trends. It's also well diversified between commercial and consumer banking, whereas other banks lean toward one or the other. This gives JPMorgan Chase particular insight into both sides of the banking coin.
JPMorgan Chase CEO Jamie Dimon. Image source: JPMorgan Chase.
In Q2 2026, revenue increased 27% year over year, surpassing expectations, to reach a record $58 billion, and net income was up 41% to $21.2 billion. Both of these figures include "significant items" related to an investment in Visa, without which they would be a lot lower.
The performance was driven by a 45% increase in investment banking revenue. The bank was involved in the Space Exploration Technologies initial public offering, and its equities division profited from a robust bull market. In Q2, the S&P 500 gained almost 15%. However, consumer and community banking revenue was also up a solid 8%.
Is there danger on the horizon? Dimon generally takes a practical approach to growth and doesn't shy away from calling out potential risks. "It's getting close to as good as it gets," he acknowledged. "We just don't know how long it's going to last."
In that vein, he warned of future volatility. "Several risks are shifting below the surface like tectonic plates, including geopolitical tensions and wars, sticky inflation, large global fiscal deficits, and elevated asset prices," he noted in his shareholder's letter.
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While he pointed out that artificial intelligence (AI) spend is driving economic growth, he cautioned about what could happen next. "We cannot predict how these forces will ultimately play out," he said. "They may remain manageable, but they could also cause meaningful disruptions when they shift or collide."
Ultimately, investors should handle this like any other time, since the future is always uncertain. You should be prepared for any eventuality with a well-diversified portfolio of around 50 stocks of all classes and categories. If you anticipate a coming correction, you might want to reshuffle your portfolio to have more safe stocks and dividend stocks, which can provide protection while you gain from growth and AI stocks.
Ford Motor Company (F - Free Report) came out with quarterly earnings of $0.42 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +27.27%. A quarter ago, it was expected that this company would post earnings of $0.2 per share when it actually produced earnings of $0.66, delivering a surprise of +230%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Ford Motor, which belongs to the Zacks Automotive - Domestic industry, posted revenues of $44.89 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.81%. This compares to year-ago revenues of $46.94 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Ford Motor shares have added about 11.9% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Ford Motor?While Ford Motor has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Ford Motor was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.33 on $45.74 billion in revenues for the coming quarter and $1.62 on $176.15 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Domestic is currently in the top 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Federal Signal (FSS - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.
This company that makes products ranging from street sweepers to toll booth technology for government, industrial and commercial customers is expected to post quarterly earnings of $1.28 per share in its upcoming report, which represents a year-over-year change of +9.4%. The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level.
Federal Signal's revenues are expected to be $669.62 million, up 18.6% from the year-ago quarter.
Novavax (NVAX - Free Report) closed at $7.37 in the latest trading session, marking a -1.6% move from the prior day. This move lagged the S&P 500's daily gain of 0.21%. Meanwhile, the Dow experienced a rise of 1.03%, and the technology-dominated Nasdaq saw a decrease of 0.22%.
The stock of vaccine maker has fallen by 19.98% in the past month, lagging the Medical sector's loss of 0.43% and the S&P 500's gain of 1.7%.
The upcoming earnings release of Novavax will be of great interest to investors. The company is predicted to post an EPS of -$0.36, indicating a 158.06% decline compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $50.04 million, down 79.08% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.19 per share and a revenue of $371.85 million, signifying shifts of -107.36% and -66.9%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Novavax. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Novavax is currently sporting a Zacks Rank of #1 (Strong Buy).
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 92, finds itself in the top 38% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
In the latest close session, Take-Two Interactive (TTWO - Free Report) was up +1.5% at $247.62. The stock's change was more than the S&P 500's daily gain of 0.21%. Elsewhere, the Dow saw an upswing of 1.03%, while the tech-heavy Nasdaq depreciated by 0.22%.
The publisher of "Grand Theft Auto" and other video games's shares have seen a decrease of 1.29% over the last month, not keeping up with the Consumer Discretionary sector's loss of 0.15% and the S&P 500's gain of 1.7%.
Investors will be eagerly watching for the performance of Take-Two Interactive in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 7, 2026. The company is expected to report EPS of $0.31, down 49.18% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $1.35 billion, indicating a 4.81% decrease compared to the same quarter of the previous year.
TTWO's full-year Zacks Consensus Estimates are calling for earnings of $6.77 per share and revenue of $8.56 billion. These results would represent year-over-year changes of +65.12% and +27.31%, respectively.
Investors should also pay attention to any latest changes in analyst estimates for Take-Two Interactive. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 2.08% higher within the past month. Take-Two Interactive is currently sporting a Zacks Rank of #1 (Strong Buy).
Looking at its valuation, Take-Two Interactive is holding a Forward P/E ratio of 36.03. For comparison, its industry has an average Forward P/E of 18.7, which means Take-Two Interactive is trading at a premium to the group.
We can additionally observe that TTWO currently boasts a PEG ratio of 3.6. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As of the close of trade yesterday, the Gaming industry held an average PEG ratio of 1.25.
The Gaming industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 183, placing it within the bottom 26% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
Boston Properties (BXP - Free Report) came out with quarterly funds from operations (FFO) of $1.78 per share, beating the Zacks Consensus Estimate of $1.71 per share. This compares to FFO of $1.71 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +4.09%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.58 per share when it actually produced FFO of $1.59, delivering a surprise of +0.63%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
Boston Properties, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $831.68 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.36%. This compares to year-ago revenues of $805.93 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Boston Properties shares have added about 2.6% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Boston Properties?While Boston Properties has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Boston Properties was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.82 on $825.91 million in revenues for the coming quarter and $6.96 on $3.36 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, SmartStop (SMA - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This real estate investment trust with a focus on self-storage facilities is expected to post quarterly earnings of $0.49 per share in its upcoming report, which represents a year-over-year change of +16.7%. The consensus EPS estimate for the quarter has been revised 1.3% lower over the last 30 days to the current level.
SmartStop's revenues are expected to be $77.04 million, up 15.3% from the year-ago quarter.
Skyworks Solutions oznámila tržby ve výši 935 milionů USD a upravený zisk na akcii 1,08 USD, obojí nad středem výhledu. Zároveň pokračuje v přípravách na spojení s Qorvo a ruší čtvrtletní dividendu.
MarketBeat Week in Review – 06/23 - 6/27Skyworks Solutions NASDAQ: SWKS reported fiscal third-quarter revenue and non-GAAP earnings above the midpoint of its guidance, while outlining progress toward its proposed combination with Qorvo and a revised capital allocation strategy for the combined company.
For the June quarter, Skyworks generated revenue of $935 million and non-GAAP diluted earnings per share of $1.08, which Chief Executive Officer and President Phil Brace said was $0.05 above the midpoint of the company’s outlook. Revenue from mobile represented 57% of sales, while broad markets accounted for 43%.
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Skyworks Stock Down 16% in 2025, Poised for AI Edge SurgeChief Financial Officer and Senior Vice President Philip Carter said Skyworks’ largest customer represented approximately 57% of total revenue during the quarter. Mobile results were supported by healthy sell-through at that customer and new product ramps at Skyworks’ largest Android customer, he said.
Qorvo transaction advances Brace said regulatory reviews of Skyworks’ planned Qorvo combination were continuing to progress. In China, the review has advanced to phase three with the State Administration for Market Regulation, or SAMR, which Brace described during the question-and-answer session as the final stage of that process.
Cirrus Logic Stock Surges on Strong Apple iPhone Upgrade CycleThe company is working with regulators in the remaining jurisdictions and is now optimistic that the transaction can close within calendar 2026. Skyworks is preparing for a closing as early as its current fiscal year, although Brace noted that the deal remains subject to regulatory approvals and customary closing conditions.
In preparation for a potentially earlier closing, Skyworks anticipates raising approximately $2 billion in debt financing in the near term, subject to market and other conditions. Carter said the company ended the June quarter with approximately $814 million in cash and investments and $497 million in debt, after retiring $500 million of notes that matured during the period.
Skyworks also announced the expected leadership team for the combined company. Carter is expected to serve as chief financial officer, while Qorvo President and CEO Bob Bruggeworth is expected to join the combined company’s board of directors. Brace said the company’s integration planning remains on track and that management continues to expect at least $500 million in synergies.
Dividend discontinued as buyback program expands The board approved a new capital allocation framework for the combined company that emphasizes stock repurchases, debt reduction and strategic acquisitions. As part of the change, Skyworks will no longer declare a quarterly dividend.
The company replaced a repurchase authorization that had been scheduled to expire in February 2027 with a new $2 billion share repurchase program expiring in January 2029. Brace said the new approach is intended to provide greater flexibility and direct capital toward what management considers higher-return uses.
“We determined that we would allocate that capital towards both share repurchases, de-levering the balance sheet, and strategic opportunistic M&A,” Brace said in response to an analyst question about ending the dividend.
He added that the company is focused first on closing and integrating the Qorvo transaction. Over the longer term, management expects diversification-oriented acquisitions to remain part of its strategy, while maintaining discipline around returns and potential accretion.
Broad markets growth offset by consumer softness Broad markets revenue was approximately $403 million, up 8% from a year earlier. Skyworks said its Wi-Fi, data center and automotive businesses represented nearly two-thirds of broad markets revenue and collectively grew 15% year over year.
Brace said demand in those growth areas is running ahead of the company’s available supply. AI data center was the company’s fastest-growing business and was tracking ahead of the more than 50% annual growth rate discussed in the prior quarter, despite supply constraints. The company cited demand for high-speed connectivity, precision timing and advanced power-delivery products as data centers move toward higher data rates and higher-density architectures.
Wi-Fi 7 adoption continued, while the company said it is collaborating with customers on Wi-Fi 8. In automotive, Skyworks cited demand tied to connected vehicles and infotainment systems, as well as engagements with global automakers and tier-one suppliers on multiyear vehicle platforms.
However, Brace said strength in the growth engines was partly offset by softness in more consumer-exposed areas of the broad markets business, including consumer IoT-related devices.
September-quarter outlook For the fiscal fourth quarter, Skyworks forecast revenue of $1.01 billion to $1.06 billion. At the midpoint of $1.035 billion, the company expects non-GAAP diluted earnings per share of $1.27, based on an estimated 152 million diluted shares.
Mobile revenue is expected to increase sequentially in the high-teens percentage range, supported by seasonal product launches at Skyworks’ largest customer. Broad markets revenue is expected to grow approximately 5% year over year and represent about 39% of total sales. Gross margin is expected to be between 44% and 45%, reflecting a seasonal shift toward mobile and continued input-cost pressure. Operating expenses are expected to range from $235 million to $245 million. During the June quarter, gross margin was approximately 45%, while operating income was $182 million, or a 19.4% operating margin. Carter said rising input costs remained a headwind and are expected to persist into the September quarter. The company is pursuing cost reductions and selective price increases, primarily in broad markets, where products can have longer lifecycles and more pricing flexibility.
Brace said mobile demand signals remain stable, channel inventories are lean, and the company’s guidance reflects its current view of customer demand and inventory conditions. Looking further ahead, he said Skyworks sees increasing RF complexity from higher uplink demands, expanded receive paths, satellite connectivity and other changes that could support higher RF content in devices over time.
About Skyworks Solutions (NASDAQ:SWKS)Skyworks Solutions, Inc is a leading semiconductor company that designs and manufactures analog and mixed-signal semiconductors for use in radio frequency (RF) and mobile communications markets. The company's portfolio includes power amplifiers, front-end modules, switches, filters, low-noise amplifiers, and other components that enable wireless connectivity in smartphones, tablets, wearables, automotive telematics, and broadband infrastructure. With a focus on energy efficiency and integration, Skyworks serves a broad range of customers in the mobile, Internet of Things (IoT), automotive, connected home, and industrial end markets.
Headquartered in Irvine, California, Skyworks operates a network of design, development, and manufacturing facilities across North America, Europe, and the Asia-Pacific region.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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PPG Industries (PPG - Free Report) came out with quarterly earnings of $2.23 per share, missing the Zacks Consensus Estimate of $2.26 per share. This compares to earnings of $2.22 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -1.33%. A quarter ago, it was expected that this paint and coatings maker would post earnings of $1.83 per share when it actually produced earnings of $1.83, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
PPG Industries, which belongs to the Zacks Chemical - Specialty industry, posted revenues of $4.5 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.06%. This compares to year-ago revenues of $4.2 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
PPG Industries shares have added about 15.6% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for PPG Industries?While PPG Industries has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for PPG Industries was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.19 on $4.27 billion in revenues for the coming quarter and $7.93 on $16.54 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical - Specialty is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Linde (LIN - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 31.
This gas supplier is expected to post quarterly earnings of $4.49 per share in its upcoming report, which represents a year-over-year change of +9.8%. The consensus EPS estimate for the quarter has been revised 0.6% higher over the last 30 days to the current level.
Linde's revenues are expected to be $8.96 billion, up 5.5% from the year-ago quarter.
Zcash spustil upgrade Ironwood a uzavřel Orchard pool s asi 3,66 milionu ZEC po odhalení chyby v proof circuitu. Nový pool startuje s nulou mincí a výběry hlídá turnstile mechanismus.
Zcash has officially launched its Ironwood (NU6.3) upgrade, sealing off the Orchard shielded pool that previously held approximately 3.66 million ZEC, and inaugurating a new private pool that starts with zero coins.
Developers address critical bug and migration process beginsThe decision to retire the Orchard pool follows the discovery of a significant vulnerability in its proof circuit. Taylor Hornby, a researcher at Shielded Labs, identified the flaw on May 29, revealing that it could have permitted the creation of counterfeit ZEC tokens without leaving any trace on the blockchain. The vulnerability had been present since Orchard’s introduction in May 2022, raising concerns about the integrity of Zcash’s private pools.
Developers quickly implemented a patch for the bug within days. However, the four-year gap during which the flaw existed meant there was no way to verify whether counterfeit coins were ever produced, due to the very privacy protections shielded pools provide. The blockchain contains only cryptographic proofs of validity, not specifics about individual transactions.
To prevent any unverified ZEC from leaving Orchard, Ironwood now enforces a turnstile mechanism. This accounting safeguard ensures that withdrawals are capped at the amount verifiably deposited, effectively freezing any minted tokens that cannot be traced back to authentic inflows.
Zcash’s new turnstile mechanism ensures that the total ZEC withdrawn from Orchard cannot exceed the sum of deposits previously recorded, locking in any potential counterfeit coins that may have existed within the shielded pool.
Mini dictionary: Shielded pool (Zcash) – A private section of the Zcash blockchain where transaction amounts and participants are concealed through cryptographic proofs, making their on-chain activity anonymous.
Ironwood introduces enhanced safeguardsIronwood marks a significant upgrade for the Zcash protocol beyond just security. Each coin moved into the new pool leaves a record built to remain recoverable even if quantum computers eventually compromise current cryptography. This “quantum-resilient” design follows specifications set under ZIP 2005 and is available from block one of Ironwood.
Additionally, Ironwood’s proof circuit is undergoing formal verification. This mathematical approach ensures the software functions correctly in all potential scenarios, rather than only in those considered during manual tests, reducing the likelihood of similar vulnerabilities going undetected in the future.
The migration’s pace depends on how rapidly users choose to move their ZEC holdings from Orchard to the new pool, with roughly 1,500 ZEC already transferred as of Tuesday, according to on-chain trackers.
Shielded pools provide privacy on the Zcash network by leveraging zero-knowledge proofs, a class of cryptographic technology allowing transaction details to remain hidden while still verifying authenticity.
Impact on Zcash supply and network monitoringWith the Ironwood activation at block 3,428,143, Orchard is now sealed. Owners must individually relocate their coins to participate in the new pool. Until user-driven migration is complete, the majority of Zcash’s private supply remains held in Orchard, with the turnstile mechanism blocking any increase to its balance.
Tracking the movement of ZEC between pools provides the community with ongoing assurance against the potential issue of counterfeit tokens. Funds crossing into or out of both pools are publicly visible, though their internal movement maintains privacy.
Old Pool (Orchard)New Pool (Ironwood)3.66 million ZEC at closure0 ZEC at launch; 1,500 ZEC migrated on first dayVulnerability existed since May 2022Quantum-resilient and formally verifiedNo formal verificationFormal verification in processNo turnstile; potential for unverified withdrawalsTurnstile mechanism limits withdrawals to verified depositsZEC traded close to $463 before the upgrade, showing an 8% drop in one day and a 15% decrease across the week, though it remains significantly higher than a year ago. The key figure to monitor remains the volume of ZEC holders moving from Orchard to Ironwood, a process entirely controlled by individual owners.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Pomerantz LLP vyšetřuje Pentair kvůli možnému podvodu s cennými papíry poté, co firma snížila odhad tržeb i EPS za 2. čtvrtletí a celý rok 2026. Akcie po zprávě klesly o 11,35 USD na 64,33 USD, tedy o 15 %.
NEW YORK, July 28, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Pentair plc (“Pentair” or the “Company”) (NYSE: PNR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Pentair and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On July 14, 2026, Pentair issued a press release announcing its preliminary second quarter 2026 financial results and revising its full year 2026 guidance. For the second quarter, Pentair reported that “[s]ales are expected to be approximately $930 million, down 17 percent versus previous guide of up approximately 1 percent primarily due to the adverse impact of Pool channel inventory” and that “[e]arnings per diluted share from continuing operations (‘EPS’) are expected to be approximately $0.80 versus previous guidance of $1.39 to $1.42; Adjusted EPS is expected to be approximately $1.12 versus previous guide of $1.47 to $1.50 as the result of the adverse impact of Pool channel inventory and the positive impact of IEEPA refunds”. Pentair also lowered its full year 2026 guidance, advising that “[s]ales are expected to be down approximately 4 percent to 7 percent versus previous guide of up 2 percent to 4 percent mostly attributable to destocking of inventory in the Pool channel and right sizing of channel inventory in preparation for the 2027 pool season”. The press release also announced the departure of Chief Financial Officer Nicholas Brazis, “to pursue another opportunity at a private company.”
On this news, Pentair’s stock price fell $11.35 per share, or 15%, to close at $64.33 per share on July 15, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
RAPID CITY, S.D., July 28, 2026 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced that its board of directors declared a quarterly dividend on the common stock at a meeting held July 28, 2026. Common shareholders of record at the close of business on Aug. 17, 2026, will receive $0.703 per share, payable Sept. 1, 2026.
The company also confirms that it will release its 2026 second-quarter earnings after the market closes Wednesday, Aug. 5, 2026, and will host a live conference call and webcast at 11 a.m. EDT on Thursday, Aug. 6, 2026, to discuss the company’s financial results.
To participate by phone and ask a question during the live broadcast, participants can access the event directly at Black Hills Corp. Conference Call. Please allow at least five minutes to register. Upon registration, dial-in information will be provided, including a personal identification number.
To access a listen-only webcast and view presentation slides, please register at Black Hills Corp. Webcast. At the conclusion of the call, a replay of the broadcast will be available at this link and at Black Hills’ investor relations website for up to one year.
Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.37 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.
Angela Aman - CEO & Director
Eliott Trencher - EVP & Chief Investment Officer
Jeffrey Kuehling - Treasurer, Executive VP & CFO
A. Paratte - Executive VP & Chief Leasing Officer
Conference Call Participants
Jana Galan - BofA Securities, Research Division
Seth Bergey - Citigroup Inc., Research Division
Steve Sakwa - Evercore ISI Institutional Equities, Research Division
Caitlin Burrows - Goldman Sachs Group, Inc., Research Division
Blaine Heck - Wells Fargo Securities, LLC, Research Division
Dylan Burzinski - Green Street Advisors, LLC, Research Division
Michael Carroll - RBC Capital Markets, Research Division
John Kim - BMO Capital Markets Equity Research
Annabelle Ayer - Barclays Bank PLC, Research Division
Upal Rana - KeyBanc Capital Markets Inc., Research Division
Vikram Malhotra - Mizuho Securities USA LLC, Research Division
Anthony Paolone - JPMorgan Chase & Co, Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the Kilroy Realty Corporation Second Quarter 2026 Earnings Conference Call. [Operator Instructions] On the call today are Angela Aman, CEO; Jeffrey Kuehling, EVP, CFO and Treasurer; and Eliott Trencher, EVP, CIO. In addition, Justin Smart, President; and Rob Paratte, EVP, Chief Leasing Officer will be available for Q&A.
Please note that some of the information that will be discussed during this call is forward-looking in nature. Please refer to the company's supplemental package for a statement regarding the forward-looking information on this call and in the supplemental. This call is being webcast live on the company's website and will be available for replay. The company's earnings release and supplemental package have been filed on a Form 8-K with the SEC, and both are also available on the company's website. I will now turn the call over to Angela Aman. Please go ahead, Angela.
, /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that it priced $500,000,000 of fixed-to-floating rate senior notes (CUSIP: 98971D AF7) due October 1, 2029, in a public transaction exempt from registration under Section 3(a)(2) of the Securities Act of 1933, as amended. The offering is expected to settle on July 31, 2026, subject to customary closing conditions.
The annual interest rate for the fixed rate period, which runs from, and including the settlement date to, but excluding, October 1, 2028, is equal to 5.239%. The annual interest rate for the floating rate period, which begins on October 1, 2028, will be equal to Compounded SOFR plus a spread of 1.08%. In addition to other customary redemption provisions at Zions' option, Zions may redeem the notes in whole, but not in part, on October 1, 2028, at 100% of the principal amount plus accrued but unpaid interest. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and RBC Capital Markets, LLC served as bookrunners for the offering.
Zions intends to use the net cash proceeds from this offering to reduce short-term borrowings. Zions also executed a receive-fixed fair value hedge against the notes during the fixed rate period, effectively converting the interest expense to a floating rate and neutralizing the impact on interest rate sensitivity.
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $89 billion of total assets at December 31, 2025, and annual net revenue of $3.4 billion in 2025. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.
Forward-Looking Information
The Press Release may contain "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties, and other factors that may cause the Bank's actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements include, among others: statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations and performance of Zions Bancorporation, National Association and its subsidiaries (collectively "Zions Bancorporation, N.A.," "the Bank," "we," "our," "us"); and statements preceded by, followed by, or that include the words "may," "might," "can," "continue," "could," "should," "would," "believe," "anticipate," "estimate," "forecasts," "expect," "intend," "target," "commit," "design," "plan," "projects," "will," and the negative thereof and similar words and expressions.
Such statements are based upon the current beliefs and expectations of the Bank's management and on information currently available to management. The forward-looking statements are intended to be subject to the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder. These statements relate to the Bank's financial condition, results of operations, plans, objectives, future performance or business. The Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Forward-looking statements are subject to significant risks and uncertainties. Forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing the view of the Bank's management as of any subsequent date. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those presented, either expressly or impliedly, in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the 2025 Form 10-K, the 2026 Form 10-Qs and elsewhere in the Bank's periodic reports and Current Reports filed on Form 8-K with the SEC and available at the SEC's internet site (http://www.sec.gov).
For the quarter ended June 2026, Waste Management (WM - Free Report) reported revenue of $6.68 billion, up 4% over the same period last year. EPS came in at $2.02, compared to $1.92 in the year-ago quarter.
The reported revenue represents a surprise of -0.42% over the Zacks Consensus Estimate of $6.71 billion. With the consensus EPS estimate being $1.99, the EPS surprise was +1.51%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Waste Management performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Internal Revenue Growth - Period-to-Period Change - Total - As a % of Total Company: 4% compared to the 4.6% average estimate based on four analysts.Internal Revenue Growth - Period-to-Period Change - Volume - As a % of Total Company: -0.3% versus -0.5% estimated by three analysts on average.Internal Revenue Growth - Period-to-Period Change - Acquisitions - As a % of Total Company: 0.5% versus 0.4% estimated by two analysts on average.Internal Revenue Growth - Period-to-Period Change - Total average yield - As a % of Total Company: 4.3% compared to the 4.2% average estimate based on two analysts.Internal Revenue Growth - Period-to-Period Change - Internal revenue growth - As a % of Total Company: 3.5% versus 4.1% estimated by two analysts on average.Net Operating revenues- Renewable Energy: $157 million versus the three-analyst average estimate of $169.01 million. The reported number represents a year-over-year change of +36.5%.Net Operating revenues- Recycling Processing and Sales: $403 million compared to the $396.54 million average estimate based on three analysts. The reported number represents a change of +5.8% year over year.Net Operating revenues- Healthcare Solutions: $638 million versus the three-analyst average estimate of $647.15 million. The reported number represents a year-over-year change of -1.2%.View all Key Company Metrics for Waste Management here>>>
Shares of Waste Management have returned +6.5% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
UMB Financial (UMBF - Free Report) came out with quarterly earnings of $3.57 per share, beating the Zacks Consensus Estimate of $3.08 per share. This compares to earnings of $2.96 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +15.91%. A quarter ago, it was expected that this bank holding company would post earnings of $2.82 per share when it actually produced earnings of $3.41, delivering a surprise of +20.92%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
UMB, which belongs to the Zacks Banks - Midwest industry, posted revenues of $786.86 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.41%. This compares to year-ago revenues of $689.21 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
UMB shares have added about 22.5% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for UMB?While UMB has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for UMB was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.16 on $738.71 million in revenues for the coming quarter and $12.76 on $2.97 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Midwest is currently in the top 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Finance sector, Gladstone Capital (GLAD - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.
This real estate investment trust is expected to post quarterly earnings of $0.49 per share in its upcoming report, which represents a year-over-year change of -2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Gladstone Capital's revenues are expected to be $24.97 million, up 15.3% from the year-ago quarter.
Ethereumový NFT gacha protokol Fake World Assets po znovuspuštění krátce překonal Collector Crypt v denních výnosech. Na vrcholu dosáhl 447 604 USD za den, ale aktivita už ochladla.
The two-developer project overtook Solana's dominant tokenized-card platform four days after relaunching, generating $1.6M in daily fees at its peak before activity cooled.
Fake World Assets, an Ethereum-based NFT gacha protocol built by two-person team Token Works, overtook Solana's Collector Crypt in daily revenue on July 25, four days after its July 20 relaunch, according to DefiLlama data.
The protocol pulled in $447,604 in revenue on July 25, its peak day, per DefiLlama — ahead of Collector Crypt, whose daily revenue has averaged roughly $360,000 over the past week. Total fees paid into Fake World Assets that day reached $1.6 million, against roughly 2,000 ETH in volume across some 90,000 transactions, including about 35,000 individual pulls, in the four days after relaunch.
The launch surge has cooled and the flip has partially reversed: Collector Crypt retook the daily lead with $270,186 in revenue over the past 24 hours against Fake World Assets' $167,869, per DefiLlama's chain rankings. Even at that reduced pace, Fake World Assets is the second-highest revenue-generating protocol on Ethereum over the past day, behind only Sky's $464,303 — ahead of Aave ($105,282), Uniswap ($76,028), Lido ($74,755), and the $74,808 in ETH the network itself burned over the period.
The flip shows demand for gacha mechanics on Ethereum despite transaction costs that exceed Solana's, and the roughly 35,000 purchases in four days suggest real users paying a premium to participate. Whether the revenue holds is another question: daily fees have fallen by half from the July 25 peak, the daily token emissions that reward early users expire 15 days after launch, and Collector Crypt's June numbers remain an order of magnitude larger on a monthly basis.
Fake World Assets was built by developers known as Adam (@Rhynotic) and Teto (@tetonotsorry), who say the project is self-funded. Its name plays on the "real world assets" label attached to Collector Crypt's tokenized trading cards.
Top Ethereum protocols by 24-hour revenue
RankProtocolCategoryRevenue (24h)1SkyCDP$464,3032Fake World AssetsNFT gacha$167,8693AaveLending$105,2824UniswapDEX$76,0285Ethereum (ETH burned)Chain$74,8086LidoLiquid staking$74,7557Titan BuilderBlock builder$61,0348ether.fiRestaking$54,781Source: DefiLlama, July 28, 2026.
NFT DepositsUsers deposit ETH-backed NFTs into the protocol, and purchasers pay to pull a randomized item from the pool, with pricing that fluctuates based on the ETH backing each asset. A purchaser can keep the NFT or sell it back for most of its ETH backing — 85%, with the remainder retained by the protocol. Randomness comes from Chainlink VRF, and the deposited pool has grown past 1,500 NFTs, including CryptoPunks as top-tier prizes.
The protocol also runs what it calls a "loss-to-earn" mechanism: depositors whose assets get pulled by other users are compensated through token emissions and fee distributions, an incentive to keep the pool stocked. FWA token emissions run daily for the first 15 days after launch, with 1% of supply going to purchasers and 1% to depositors each day.
The Solana incumbentCollector Crypt has led the onchain gacha category since launching the feature in December 2024, converting authenticated physical Pokemon and other trading cards into NFTs on Solana.
Users spent over $209M on its packs in June alone, roughly two-thirds of the category's record $324M month, and the platform crossed $50M in cumulative revenue in mid-June. Its CARDS token listed on KuCoin on July 9, and Solana DEX aggregator Jupiter launched a gacha product powered by Collector Crypt's infrastructure on July 13.
Kamino has launched the $PAXG Market, introducing gold-backed credit to its lending platform on Solana. Curated by Steakhouse Financial, the new market allows users to supply Pax Gold ($PAXG) as collateral and borrow $USDG, giving tokenized gold holders a way to access liquidity without selling their assets.
Users can buy $PAXG, deposit it into Kamino, and borrow $USDG against their holdings at 1.9% APY. The launch makes tokenized gold usable as onchain collateral through a dedicated lending market.
How the $PAXG Market Works Pax Gold is a digital asset backed by physical gold, with each $PAXG token representing 1 fine troy ounce of a London Good Delivery gold bar stored in LBMA vaults. Holders own the underlying gold through Paxos Trust Company, an OCC-regulated custodian that conducts monthly audits of its allocated reserves.
Kamino designed the $PAXG Market as a fully isolated lending market with its own risk parameters and oracle infrastructure. Chainlink powers price feeds for the market, helping determine collateral values and borrowing limits independently from other assets on the platform.
OnRe Continues Rapid Growth The launch comes as Kamino's RWA markets continue to expand. The OnRe Market surpassed $200 million in total market size last week and now stands at over $206 million.
The market has grown nearly 70% over the past 90 days, making it the 2nd-largest RWA market on Kamino and the 4th-largest market overall.
Current OnRe metrics include a total supply of $206.1 million, $127 million of $ONyc used as collateral, $69.7 million borrowed against collateral, 24% growth over the past 30 days, and 66% growth over the past 90 days.
The market has expanded from roughly $50 million in February to more than $200 million today.
Ethena Remains One of Kamino's Largest Markets Kamino's Ethena Market has also maintained strong momentum since its launch. On May 14, Kamino reported that the market became the fastest in the platform's history to exceed $400 million in size. Within its first 24 hours, it reached a $200 million borrow cap, attracted more than $225 million in $USDe deposits, and deployed more than $420 million overall.
Today, 75 days after its May 13 launch, the Ethena Market has grown to $522.8 million, making it one of Kamino's largest lending markets.
RWA Lending Evolves on Solana According to Blockworks' Solana Q2 Tokenholder Report, deposits across Solana's 2 largest money markets, Kamino and Jupiter Lend, reached $4.1 billion at the end of the quarter, while outstanding loans totaled $1.6 billion.
The addition of new lending markets tied to tokenized assets continues to broaden the range of collateral available on Solana as interest in real-world assets grows.
Read More on SolanaFloor Robinhood Flips Solana in RWA Holder Count, But There’s a Catch
Kraken’s Parent Company Payward Buys Magic Labs' Wallet Business to Expand Its B2B Platform
Robinhood Chain za posledních sedm dní v průměru obchodoval s tokenizovanými akciemi za 29,7 milionu USD denně, což je víc než dvě solanové platformy dohromady. Tahounem byly memecoinové páry navázané na tokenizované akcie.
Tokenized stocks on Robinhood's three-week-old chain averaged $29.7 million in daily DEX volume over the past week, more than Solana's xStocks and Backpack venues combined, with memecoin pairs supplying the push.
Tokenized stocks on Robinhood Chain averaged $29.7 million in daily DEX volume over the past seven days, according to a Dune dashboard maintained by OKX's Web3 wallet team — more than Solana's two stock-trading venues, xStocks at $11.1 million and Backpack's Sunrise at $13.4 million, combined.
Robinhood built the chain to put equities onchain, and through mid-July the network's activity was almost entirely memecoin speculation. The volume that finally arrived came through those same memecoins: tokens launched with tokenized stocks as their liquidity pairs, a loop that locks real equity supply in pools and has pulled stock trading up with it. If the pattern holds, Robinhood Chain has found a retail on-ramp for tokenized equities that RWA platforms have spent years searching for.
Tokenized Nvidia is the chain's most-traded stock, with $13.9 million in volume over the past day, followed by SpaceX at $6.2 million, Apple at $4.5 million and GameStop at $2.2 million, per Uniswap's explore page for the chain. Robinhood CEO Vlad Tenev has framed the equities push as the chain's core purpose. "Robinhood Chain exists to make real world assets programmable, globally portable, and always available, with the product quality you've come to expect from Robinhood," he posted on X on July 16.
Memecoins Did the MarketingThe surge traces to launch platforms Bankr and long.xyz, which in mid-July began letting users issue memecoins backed by tokenized stock liquidity across more than 90 tickers. The pairs now populate the chain's trending list: DEX Screener shows memecoins trading against NVDA, TSLA, INTC, RBLX and SPCX among Robinhood Chain's top 100 pools, led by Artificial Inu (AI/NVDA) at $2.6 million in daily volume.
Because these tokens hold tokenized shares as pool collateral, memecoin trading generates stock-token volume as a byproduct, and the deposited shares stay locked while the pairs trade. Daily active tokenized-stock traders on the chain peaked above 20,000 in the week of July 20, per the Dune data, the highest of any stock-token platform tracked.
Binance Looms Over EveryoneThe chain-versus-chain race has a much larger elephant outside it: Binance's bStocks on BNB Chain averaged $676.8 million in daily DEX volume over the same seven days, more than 20 times Robinhood's figure, per the same dashboard.
Top tokenized-stock venues by DEX volume
RankVenueChainAvg. daily volume (7d)1bStocks (Binance)BNB Chain$676.8 million2RobinhoodRobinhood Chain$29.7 million3Ondo Global MarketsEthereum, BNB, Solana, HyperEVM$24.9 million4Sunrise (Backpack)Solana$13.4 million5xStocks (Backed)Solana$11.1 millionSource: Dune (@okxweb3wallet), average of the last seven completed days, July 28, 2026.
Ondo's multichain stock tokens averaged $24.9 million. The dashboard counts only genuine tokenized stocks — about 102 assets from Robinhood's RWA factory — and excludes the chain's official market-maker address, so the figures understate total activity but strip out house liquidity.
Tokenized stocks also remain a sliver of Robinhood Chain itself. The chain cleared roughly $444 million in total DEX volume over the past day against $332.7 million in total value locked, per DefiLlama, and most of that volume is memecoins like CASHCAT and PONS. Real-world assets on the chain carry about $81 million in active market value, next to $489 million in stablecoins.
Solana still dwarfs Robinhood Chain in overall DEX volume, value locked and users. But on the narrower question of where tokenized stocks change hands onchain, Robinhood Chain now clears more than any Solana venue, three weeks after launch.
SwissBorg spustil podporu Apple Pay pro svou virtuální krypto kartu ve Švýcarsku, Francii a zhruba 28 dalších zemích EHP. Platby se v reálném čase přepočítají z krypta na fiat bez přednabití.
SwissBorg has rolled out Apple Pay support for its virtual crypto debit card, letting users in Switzerland, France, and roughly 28 other European Economic Area countries spend digital assets directly from their iPhones. No pre-loading fiat required.
How the card actually works The SwissBorg Card is a Mastercard-backed virtual debit card that launched on February 25, 2026. When a user taps their iPhone at a terminal, SwissBorg’s Meta-Exchange (known as MEX) handles real-time crypto-to-fiat conversion behind the scenes. The merchant receives local currency, whether that’s Swiss francs, euros, or British pounds, while the user’s crypto balance decreases accordingly.
The card supports spending from multiple assets including BORG (SwissBorg’s native token), BTC, and ETH. Users can add it directly to Apple Wallet through the SwissBorg app, and the virtual card itself costs nothing to set up. Built-in controls let users freeze and unfreeze the card on demand. Mastercard’s global acceptance network means the card works at over 150 million locations worldwide.
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The BORG tokenomics angle Every transaction made with the SwissBorg Card generates fees, and those fees are funneled directly into buying back BORG tokens from the open market. SwissBorg has structured cashback rewards around its loyalty tier system, with users earning up to 99% cashback depending on their rank.
SwissBorg CEO Cyrus Fazel has framed the launch as a bridge between cryptocurrency and everyday life. Mastercard’s Christian Rau echoed the sentiment, pointing to the scaling of digital asset usage for routine purchases as a strategic priority.
Context: SwissBorg’s regulatory positioning SwissBorg holds a license as a Cryptoasset Service Provider in France. The platform has supported Apple Pay for account top-ups since late 2024. The February 2026 launch extends that relationship from depositing money into the app to actively spending crypto at physical and online merchants.
The progressive rollout across EEA countries reflects the patchwork of national regulations that still exist even under MiCA, the EU’s Markets in Crypto-Assets framework. Switzerland, not being an EU member, operates under its own fintech-friendly regulatory regime, which explains why it’s among the first supported markets.
What this means for investors The real-time conversion piece is particularly notable. Most competing cards require users to sell crypto into fiat before spending, or they auto-convert from a pre-selected asset. SwissBorg’s MEX handles this at the moment of transaction, which means users maintain exposure to their crypto assets right up until the second they spend.
What investors should watch is adoption data. Card activation numbers, monthly transaction volumes, and BORG buyback amounts will tell the real story.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Unum (UNM) ve 2. čtvrtletí vykázal zisk na akcii 2,16 USD a tržby 3,38 miliardy USD, oba údaje nad odhady analytiků. Zisk na akcii byl meziročně vyšší než 2,07 USD.
Unum (UNM - Free Report) came out with quarterly earnings of $2.16 per share, beating the Zacks Consensus Estimate of $2.14 per share. This compares to earnings of $2.07 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +0.94%. A quarter ago, it was expected that this insurance company would post earnings of $2.07 per share when it actually produced earnings of $2.14, delivering a surprise of +3.38%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Unum, which belongs to the Zacks Insurance - Accident and Health industry, posted revenues of $3.38 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 14.26%. This compares to year-ago revenues of $3.38 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Unum shares have added about 11.5% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Unum?While Unum has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Unum was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.22 on $2.96 billion in revenues for the coming quarter and $8.74 on $11.92 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Accident and Health is currently in the bottom 16% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Aflac (AFL - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This insurer is expected to post quarterly earnings of $1.77 per share in its upcoming report, which represents a year-over-year change of -0.6%. The consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level.
Aflac's revenues are expected to be $4.19 billion, down 7.7% from the year-ago quarter.
, /PRNewswire/ -- First Horizon Corporation (NYSE: FHN) (or the "Company") today announced that its board of directors declared a quarterly cash dividend of $0.17 per share on FHN's common stock. The dividend is payable on October 1, 2026, to shareholders of record at the close of business on September 11, 2026.
Preferred Dividend Information
Cash dividends were also declared on the Company's Series E, Series F and Series H Preferred Stock, and on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock, as follows:
FHN Series E
Quarterly cash dividend of $1,625.00 per share on FHN's 6.50% Non-Cumulative Perpetual Preferred Stock, Series E ("Series E Preferred Stock"). This equates to a cash dividend of $0.40625 per Depositary Share (NYSE: FHN PRE), each of which represents a 1/4,000th interest in a share of the Series E Preferred Stock. The dividend is payable on October 13, 2026, to shareholders of record at the close of business on September 28, 2026.
FHN Series F
Quarterly cash dividend of $1,175.00 per share on FHN's 4.70% Non-Cumulative Perpetual Preferred Stock, Series F ("Series F Preferred Stock"). This equates to a cash dividend of $0.29375 per Depositary Share (NYSE: FHN PRF), each of which represents a 1/4,000th interest in a share of the Series F Preferred Stock. The dividend is payable on October 13, 2026, to shareholders of record at the close of business on September 28, 2026.
FHN Series H
Quarterly cash dividend of $1,687.50 per share on FHN's 6.75% Non-Cumulative Perpetual Preferred Stock, Series H ("Series H Preferred Stock"). This equates to a cash dividend of $0.421875 per Depositary Share (NYSE: FHN PRH), each of which represents a 1/4,000th interest in a share of the Series H Preferred Stock. The dividend is payable on October 13, 2026, to shareholders of record at the close of business on September 28, 2026.
First Horizon Bank Class A
Quarterly cash dividend of $12.82318 per share on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock. The dividend is payable on October 13, 2026, to shareholders of record at the close of business on September 28, 2026.
About First Horizon
First Horizon Corporation (NYSE: FHN), with $84.4 billion in assets as of June 30, 2026, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states concentrated in the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.
Solera National Bancorp za 2. čtvrtletí vykázala čistý zisk 6,6 mil. USD, tedy 1,54 USD na akcii. Zisk před zdaněním a tvorbou opravných položek činil 9,7 mil. USD.
Earnings Q2 2026 pre-tax and pre-provision income of $9.7 million.
Net income of $6.6 million ($1.54 per share).
LAKEWOOD, CO / ACCESS Newswire / July 28, 2026 / Solera National Bancorp, Inc. (OTCID:SLRK) ("Company"), the holding company for Solera National Bank ("Bank"), a business-focused bank located in the Denver metropolitan area, today reported financial results for the three months ended June 30, 2026. See highlights below.
2Q26 Financial Highlights
Pre-tax pre-provision pre-legal income of $10.3 million, a $1.6 million or 18% increase from Q2 2025.
Total interest income of $23.8 million, a $6.0 million increase, or a 34% increase from Q2 2025.
Tangible book value per share was $27.91/share, a $6.44, or 30%, increase from Q2 2025.
Return on assets was 1.68%.
Return on equity was 23.14%.
Efficiency ratio was 46.04%.
About Solera National Bancorp, Inc.
Solera National Bancorp, Inc. was incorporated in 2006 to organize and serve as the holding company for Solera National Bank, which opened for business in September 2007. Solera National Bank is a community bank serving the needs of emerging businesses and real estate investors. At the core of Solera National Bank is welcoming, attentive, and respectful customer service, a focus on supporting a growing and diverse economy, and a passion to serve our community through service, education, and volunteerism. For more information, please visit http://www.SoleraBank.com.
This press release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this release, which are not historical facts and that relate to future plans or projected results of Solera National Bancorp, Inc. and its wholly-owned subsidiary, Solera National Bank, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.
Contacts: Jay Hansen, CFO (303) 209-8600
FINANCIAL TABLES FOLLOW
SOLERA NATIONAL BANCORP, INC.
CONSOLIDATED BALANCE SHEET
(unaudited)
($000s)
6/301/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
ASSETS
Cash and due from banks
$
1,357
$
2,059
$
2,280
$
1,378
$
1,969
Federal funds sold
-
-
-
23,900
-
Interest-bearing deposits with banks
1,498
1,694
1,706
1,872
2,963
Investment securities, available-for-sale
586,869
624,921
650,464
324,376
422,112
FHLB and Federal Reserve Bank stocks, at cost
8,413
14,069
16,144
3,171
5,004
Paycheck Protection Program (PPP) loans, gross
-
-
-
-
-
Traditional loans, gross
899,753
916,277
829,057
764,433
754,518
Allowance for loan and lease losses
(13,592
)
(13,178
)
(12,225
)
(11,218
)
(11,219
)
Net traditional loans
886,161
903,099
816,832
753,215
743,299
Premises and equipment, net
34,348
35,228
36,469
36,911
35,128
Accrued interest receivable
15,127
11,249
12,609
8,148
10,244
OREO
998
998
Bank-owned life insurance
5,321
5,288
5,256
5,223
5,190
Other assets
14,047
13,162
11,094
11,032
13,433
TOTAL ASSETS
$
1,554,139
$
1,611,767
$
1,552,854
$
1,169,226
$
1,239,342
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing demand deposits
$
439,080
$
443,661
$
471,977
$
452,965
$
463,861
Interest-bearing demand deposits
89,791
93,520
97,338
88,048
65,761
Savings and money market deposits
150,861
127,259
134,847
121,868
138,964
Time deposits
612,089
569,484
421,479
358,976
436,547
Total deposits
1,291,821
1,233,924
1,125,641
1,021,857
1,105,133
Accrued interest payable
2,255
2,282
1,531
1,587
2,528
Short-term borrowings
98,939
223,414
278,525
-
-
Long-term FHLB borrowings
34,000
34,000
34,000
34,000
34,000
Accounts payable and other liabilities
7,094
8,896
6,267
6,392
5,336
TOTAL LIABILITIES
1,434,109
1,502,516
1,445,964
1,063,836
1,146,997
Common stock
43
43
43
43
43
Additional paid-in capital
38,778
38,763
38,748
38,793
38,778
Retained earnings
108,773
102,143
95,461
89,549
83,008
Accumulated other comprehensive (loss) gain
(27,565
)
(31,698
)
(27,362
)
(22,995
)
(29,484
)
TOTAL STOCKHOLDERS' EQUITY
120,029
109,251
106,890
105,390
92,345
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
1,554,138
$
1,611,767
$
1,552,854
$
1,169,226
$
1,239,342
SOLERA NATIONAL BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended
($000s, except per share data)
6/301/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
Interest and dividend income
Interest and fees on traditional loans
$
15,251
$
14,473
$
13,632
$
12,802
$
12,791
Investment securities
8,282
7,215
5,515
4,275
4,831
Dividends on bank stocks
261
239
194
91
180
Other
17
18
28
26
21
Total interest income
$
23,811
$
21,945
$
19,369
$
17,194
$
17,823
Interest expense
Deposits
9,008
7,631
6,867
6,463
6,235
FHLB & Fed borrowings
2,003
1,869
1,588
550
1,410
Total interest expense
11,011
9,500
8,455
7,013
7,645
Net interest income
12,800
12,445
10,914
10,181
10,178
Provision for loan and lease losses
605
1,008
1,010
6
310
Net interest income after
provision for loan and lease losses
12,195
11,437
9,904
10,175
9,868
Noninterest income
Customer service and other fees
251
279
262
284
291
Other income
506
1,128
310
711
677
Gain on sale of securities
2,351
3,803
3,297
2,986
2,709
Total noninterest income
3,108
5,210
3,869
3,981
3,677
Noninterest expense
Employee compensation and benefits
2,966
2,956
2,560
2,838
2,827
Occupancy
520
496
550
538
553
Professional fees
905
2,299
1,137
677
330
Other general and administrative
1,850
1,634
1,560
1,629
1,593
Total noninterest expense
6,241
7,385
5,807
5,682
5,303
Net Income Before Taxes
$
9,062
$
9,262
$
7,966
$
8,474
$
8,242
Income Tax Expense
2,431
2,580
2,054
1,934
2,309
Net Income
$
6,631
$
6,682
$
5,912
$
6,540
$
5,933
Income Per Share
$
1.54
$
1.55
$
1.37
$
1.52
$
1.38
Tangible Book Value Per Share
$
27.91
$
25.41
$
24.86
$
24.51
$
21.48
WA Shares outstanding
4,299,953
4,299,953
4,299,953
4,299,953
4,299,953
Pre-Tax Pre-Provision Income
$
9,667
$
10,270
$
8,976
$
8,480
$
8,552
Net Interest Margin
3.30
%
3.54
%
3.55
%
3.70
%
3.56
%
Cost of Funds
2.84
%
2.72
%
2.72
%
2.54
%
2.66
%
Efficiency Ratio
46.04
%
53.31
%
50.56
%
50.84
%
47.58
%
Return on Average Assets
1.68
%
1.69
%
1.74
%
2.17
%
2.02
%
Return on Average Equity
23.14
%
24.73
%
22.28
%
26.46
%
25.92
%
Leverage Ratio
9.5
%
8.7
%
8.6
%
11.0
%
9.8
%
Asset Quality:
Non-performing loans to gross loans
0.50
%
0.49
%
0.55
%
0.59
%
0.60
%
Non-performing assets to total assets
0.36
%
0.34
%
0.29
%
0.39
%
0.37
%
Allowance for loan losses to gross traditional loans
1.51
%
1.44
%
1.47
%
1.47
%
1.49
%
* Not meaningful due to the insignificant amount of non-performing loans.
Kentucky First Federal Bancorp vyhlásila hotovostní dividendu 0,05 USD na akcii splatnou 21. září 2026. Akcionáři k rozhodnému dni 31. srpna 2026 ji obdrží po hlasování First Federal MHC o vzdání se dividend.
Dividend Declaration Follows Vote by First Federal MHC Members to Waive Receipt of Dividends Paid by Kentucky First Federal Bancorp July 28, 2026 17:30 ET | Source: Kentucky First Federal Bancorp
HAZARD, Ky. and FRANKFORT, Ky. and DANVILLE, Ky. and LANCASTER, Ky., July 28, 2026 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq: KFFB), the holding company (the “Company” or “Kentucky First”) for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, Frankfort, Kentucky, announced that on July 28, 2026, the members of First Federal MHC voted to waive First Federal MHC’s right to receive quarterly dividends aggregating up to $0.40 per share declared by Kentucky First during the next 12-month period. First Federal MHC holds 58.5% of the Company’s outstanding shares of common stock and the members of First Federal MHC previously approved similar proposals to waive First Federal MHC’s right to receive dividends declared and paid by the Company from 2012 through 2023.
Kentucky First’s Board of Directors also announced that its Board declared a cash dividend of $0.05 per share payable on September 21, 2026 to shareholders of record on August 31, 2026.
Forward-Looking Statements
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. These forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “intend” and “potential,” or words of similar meaning, or future or conditional verbs such as “should,” “could,” or “may.” Forward-looking statements include statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. Kentucky First Federal Bancorp’s actual results, performance or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, general economic conditions; prices for real estate in the Company’s market areas; the interest rate environment and the impact of the interest rate environment on our business, financial condition and results of operations; our ability to successfully execute our strategy to increase earnings, increase core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards higher-earning loans; our ability to pay future dividends and if so at what level; our ability to receive any required regulatory approval or non-objection to pay dividends to shareholders; our ability to pay dividends from First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky to the Company in order for the Company to pay dividends to shareholders; the ability of First Federal MHC to receive approval of its members to waive the payment of any Company dividends to First Federal MHC; competitive conditions in the financial services industry; changes in the level of inflation; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the outcome of pending or threatened litigation, or of matters before regulatory agencies; changes in law, governmental policies and regulations, rapidly changing technology affecting financial services, and the other matters mentioned in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2025. Except as required by applicable law or regulation, the Company does not undertake the responsibility, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
About Kentucky First Federal Bancorp
Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association of Hazard, which operates one banking office in Hazard, Kentucky, and First Federal Savings Bank of Kentucky, which operates three banking offices in Frankfort, Kentucky, two banking offices in Danville, Kentucky and one banking office in Lancaster, Kentucky. Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB. At June 30, 2026, the Company had approximately 8,086,715 shares outstanding of which approximately 58.5% was held by First Federal MHC.
Contact:Don D. Jennings, President, or Tyler Eades, Vice President (502) 223-1638 216 West Main Street P.O. Box 535 Frankfort, KY 40602
Timberland Bancorp vykázala ve 3. fiskálním čtvrtletí čistý zisk 7,72 mil. USD a EPS 0,98 USD, meziročně o 9 % více. Rada zároveň zvýšila čtvrtletní hotovostní dividendu o 3 % na 0,30 USD na akcii.
Quarterly EPS Increases 9% to $0.98 from $0.90 for the Comparable Quarter One Year AgoQuarterly Return on Average Assets Increases to 1.51%Quarterly Return on Average Equity Increases to 11.42%Quarterly Net Interest Margin Increases to 3.85%Announces a 3% Increase in the Quarterly Cash Dividend
HOQUIAM, Wash., July 28, 2026 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $7.72 million, or $0.98 per diluted common share for the quarter ended June 30, 2026. This compares to net income of $7.10 million, or $0.90 per diluted common share for the comparable quarter one year ago, and $7.13 million, or $0.90 per diluted common share, for the preceding quarter.
For the first nine months of fiscal 2026, Timberland’s net income increased 11% to $23.07 million, or $2.92 per diluted common share, from $20.72 million, or $2.60 per diluted common share, for the first nine months of fiscal 2025.
“Timberland delivered another strong quarter, with net income and earnings per share up 8% and 9%, respectively, from the prior quarter, and up 9% from the year ago quarter,” stated Dean Brydon, Chief Executive Officer. “Net interest margin expanded, loan growth was solid, and most of our income-related ratios compared favorably with both the linked-quarter and year-over-year. We remain encouraged by our business model and believe we are well positioned as we head into the end of our fiscal year.”
“As a result of Timberland’s strong earnings and capital position, our Board of Directors announced a 3% increase to the quarterly cash dividend to shareholders of $0.30 per share, payable on August 24, 2026, to shareholders of record on August 10, 2026,” stated Jonathan Fischer, President and Chief Operating Officer. “This represents the 55th consecutive quarter Timberland will have paid a cash dividend and demonstrates the Board’s continued confidence in our long-term outlook.”
“Overall, this was a relatively clean quarter from an earnings standpoint, with minimal non-recurring items impacting results,” said Marci Basich, Chief Financial Officer. “Net interest margin improved this quarter, up four basis points after a modest decline last quarter and improved five basis points year-over-year. Our balance sheet positioning and proactive deposit pricing strategies continue to help mitigate the headwinds of the current interest rate environment. On the deposit side, total deposits grew 1% from the prior quarter and 6% year over year. Maintaining a disciplined funding mix and stable margin will remain a top priority going forward.”
“Net loans were up 3% from the prior quarter and 4% year-over-year,” Brydon continued. “Even with a shifting rate environment, demand across our lending categories has remained healthy. Credit quality held steady with modest improvements in non-performing asset levels, delinquency levels, and substandard loan levels. Our markets continue to offer solid growth opportunities, and we remain confident in the quality of our loan portfolio and our disciplined approach to credit risk management.”
Earnings and Balance Sheet Highlights (at or for the periods ended June 30, 2026, compared to June 30, 2025, or March 31, 2026):
Earnings Highlights:
Earnings per diluted common share (“EPS”) increased 9% to $0.98 for the current quarter from $0.90 for the comparable quarter one year ago and $0.90 for the preceding quarter; EPS increased 12% to $2.92 for the first nine months of fiscal 2026 from $2.60 for the first nine months of fiscal 2025;Net income increased 9% to $7.72 million for the current quarter from $7.10 million for the comparable quarter one year ago and increased 8% from $7.13 million for the preceding quarter; Net income increased 11% to $23.07 million for the first nine months of fiscal 2026 from $20.72 million for the first nine months of fiscal 2026;Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 11.42% and 1.51%, respectively;Net interest margin (“NIM”) for the current quarter increased to 3.85% from 3.80% for the comparable quarter one year ago and 3.81% for the preceding quarter; andThe efficiency ratio for the current quarter improved to 53.40% from 54.48% for the comparable quarter one year ago and 55.37% for the preceding quarter.
Balance Sheet Highlights:
Total assets increased 1% from the prior quarter and increased 5% year-over-year;Net loans receivable increased 3% from the prior quarter and increased 4% year-over-year;Total deposits increased 1% from the prior quarter and increased 6% year-over-year;Total shareholders’ equity increased 1% from the prior quarter and increased 6% year-over-year; 70,000 shares of common stock were repurchased during the current quarter for $2.83 million;Non-performing assets to total assets ratio was 0.43% at June 30, 2026, compared to 0.47% at March 31, 2026, and 0.21% at March 31, 2025;Book and tangible book (non-GAAP) values per common share increased to $35.16 and $33.19 respectively, at June 30, 2026; andLiquidity (both on-balance sheet and off-balance sheet) remained strong at June 30, 2026, with only $10 million in borrowings and additional secured borrowing line capacity of $791 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.
Operating Results
Operating revenue (net interest income before the provision for credit losses plus non-interest income) for the current quarter increased 4% to $21.79 million from $21.05 million for the preceding quarter and increased 6% from $20.50 million for the comparable quarter one year ago. The increase in operating revenue compared to the preceding quarter was primarily due to an increase in interest income on loans receivable, and to a lesser extent, an increase in non-interest income, which was partially offset by an increase in interest expense on deposits. Operating revenue increased 7%, to $64.56 million for the first nine months of fiscal 2026 from $60.06 million for the first nine months of fiscal 2025, primarily due to increases in interest income on loans receivable, interest income on interest-bearing deposits in banks, and non-interest income which were partially offset by a decrease in interest income from investments securities.
Net interest income increased $562,000, or 3%, to $18.81 million for the current quarter from $18.24 million for the preceding quarter and increased $1.18 million, or 7%, from $17.62 million for the comparable quarter one year ago. The increase in net interest income compared to the preceding quarter was primarily due to a $14.62 million increase in the average interest-earning assets, a five-basis point increase in the weighted average yield on interest-bearing assets and, to a lesser extent, a two-basis point decrease in the weighted average cost of interest-bearing liabilities. Net interest income for the first nine months of fiscal 2026 increased $4.19 million, or 8%, to $56.00 million from $51.81 million for the first nine months of fiscal 2025, primarily due to a $99.58 million increase in average interest-earning assets and a 15-basis point decrease in the weighted average cost of interest-bearing liabilities.
Timberland’s NIM for the current quarter increased to 3.85% from 3.81% for the preceding quarter and from 3.80% for the comparable quarter one year ago. The NIM for the current quarter was increased by approximately two basis points due to the collection of $82,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $8,000 of the fair value discount on acquired loans. The NIM for the preceding quarter was increased by approximately one basis point due to the collection of $38,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $10,000 of the fair value discount on acquired loans. The NIM for the comparable quarter one year ago was increased by approximately four basis points due to the collection of $102,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $68,000 of the fair value discount on acquired loans. Timberland’s NIM expanded to 3.84% for the first nine months of fiscal 2026 from 3.74% for the first nine months of fiscal 2025.
A $600,000 provision for credit losses on loans was recorded for the quarter ended June 30, 2026. The provision was primarily due to loan portfolio growth and changes in the composition of the loan portfolio. This compares to a $523,000 provision for credit losses on loans for the preceding quarter and a $351,000 provision for credit losses on loans for the comparable quarter one year ago.
Non-interest income increased $181,000, or 6%, to $2.99 million for the current quarter from $2.81 million for the preceding quarter and increased $113,000, or 4%, from $2.88 million for the comparable quarter one year ago. The increase in non-interest income compared to the preceding quarter was primarily due to a $91,000 increase in BOLI net earnings, a $62,000 increase in ATM and debit card interchange fees and smaller increases in several other categories. These increases were partially offset by an $86,000 decrease in net gain on sales of loans. Fiscal year-to-date non-interest income increased by 4%, to $8.56 from $8.26 million for the first nine months of fiscal 2025.
Total operating (non-interest) expenses for the current quarter decreased $21,000, or less than 1%, to $11.64 million from $11.66 million for the preceding quarter and increased $471,000, or 4%, from $11.17 million for the comparable quarter one year ago. The slight decrease in operating expenses compared to the preceding quarter was primarily due to decreases in salary and employee benefits expense and technology and communications expense and smaller decreases and increases in several other expense categories. The efficiency ratio for the current quarter improved to 53.40% from 55.38% for the preceding quarter and 54.48% for the comparable quarter one year ago. Fiscal year-to-date operating expenses increased 4% to $34.73 million from $33.43 million for the first nine months of fiscal 2025.
The provision for income taxes for the current quarter increased $190,000, or 11%, to $1.93 million from $1.74 million for the preceding quarter, primarily due to higher taxable income. Timberland’s effective income tax rate was 20.0% for the quarter ended June 30, 2026, compared to 19.6% for the quarter ended March 31, 2026, and 20.1% for the quarter ended June 30, 2025. Timberland’s effective income tax rate was 20.0% for the first nine months of fiscal 2026 compared to 20.1% for the first nine months of fiscal 2025.
Balance Sheet Management
Total assets increased $14.44 million, or 1%, during the quarter to $2.06 billion at June 30, 2026, from $2.05 billion at March 31, 2026, and increased $103.63 million, or 5%, from $1.96 billion one year ago. The increase during the quarter was primarily due to increases in net loans receivable and bank owned life insurance, which were partially offset by a decrease in total cash and cash equivalents.
Liquidity
Timberland has continued to maintain a strong liquidity position, both on-balance sheet and off-balance sheet. Liquidity, as measured by the sum of cash and cash equivalents, CDs held for investment, and available for sale investment securities, was 19.3% of total liabilities at June 30, 2026, compared to 22.1% at March 31, 2026, and 17.0% one year ago. Timberland also had secured borrowing line capacity of $791 million available through the FHLB and the Federal Reserve at June 30, 2026. With a strong and diversified deposit base, only 17% of Timberland’s deposits were uninsured or uncollateralized at June 30, 2026. (Note: This calculation excludes public deposits that are fully collateralized.)
Loans
Net loans receivable increased $44.77 million, or 3%, during the quarter to $1.50 billion at June 30, 2026, from $1.45 billion at March 31, 2026, and increased $54.16 million, or 4%, from $1.44 billion at June 30, 2025. The increase during the quarter was primarily due to a $35.26 million increase in commercial real estate loans, a $30.48 million increase in construction loans and smaller increases in several other loan categories. These increases were partially offset by an $11.58 million decrease in one- to four-family loans, a $9.70 million increase in the undisbursed portion of construction loans in process and smaller changes in several other loan categories.
Loan Portfolio
($ in thousands)
June 30, 2026 March 31, 2026 June 30, 2025 Amount Percent Amount Percent Amount PercentMortgage loans: One- to four-family (a)$299,921 18% $311,500 20% $317,574 21%Multi-family 214,583 13 214,107 14 200,418 13 Commercial 646,376 40 611,117 39 607,924 40 Construction - custom and owner/builder 113,303 7 104,074 7 128,900 8Construction - speculative
one-to four-family 28,445 2 15,840 1 9,595 1 Construction - commercial 12,991 1 12,985 1 15,992 1 Construction - multi-family 91,271 6 80,246 5 32,731 2 Construction - land development 530 -- 2,915 -- 15,461 1 Land 37,416 2 32,214 2 36,193 2 Total mortgage loans 1,444,836 89 1,384,998 89 1,364,788 89 Consumer loans: Home equity and second mortgage 54,971 4 53,252 3 47,511 3 Other 1,915 -- 2,018 -- 2,176 -- Total consumer loans 56,886 4 55,270 3 49,687 3 Commercial loans: Commercial business loans 118,852 7 125,087 8 126,497 8 SBA PPP loans -- -- 5 -- 101 -- Total commercial loans 118,852 7 125,092 8 126,598 8 Total loans 1,620,574 100% 1,565,360 100% 1,541,073 100%Less: Undisbursed portion of construction loans in process (100,275) (90,576) (76,272) Deferred loan origination fees (5,399) (5,259) (5,427) Allowance for credit losses (19,249) (18,648) (17,878) Total loans receivable, net$1,495,651 $1,450,877 $1,441,496 _______________________
(a) Does not include one- to four-family loans held for sale totaling $2,774, $1,642, and $1,763 at June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
The following table provides a breakdown of commercial real estate (“CRE”) mortgage loans by collateral type as of June 30, 2026:
CRE Loan Portfolio Breakdown by Collateral
($ in thousands) Collateral Type Balance
Percent of CRE Portfolio Percent of Total Loan Portfolio Average Balance Per Loan Non-AccrualIndustrial warehouses $146,809 23% 9% $1,425 $--Medical/dental offices 82,696 13 5 1,216 224Office buildings 74,252 11 5 863 --Other retail buildings 55,677 9 3 619 --Hotel/motel 41,450 6 2 2,763 4,310Mini-storage 38,190 6 2 1,469 --Gas stations/conv. stores 27,769 4 2 1,028 --Restaurants 27,660 4 2 576 --Nursing homes 13,746 2 1 1,963 --Churches 13,710 2 1 979 --Shopping centers 10,216 2 1 1,703 --Mobile home parks 9,255 2 1 441 --Additional CRE 104,946 16 6 795 --Total CRE $646,376 100% 40% $1,005 $4,534 Timberland originated $133.67 million in loans during the quarter ended June 30, 2026, compared to $71.12 million for the preceding quarter and $81.99 million for the comparable quarter one year ago. Timberland continues to originate fixed-rate one- to four-family mortgage loans, a portion of which are sold into the secondary market for asset-liability management purposes and to generate non-interest income. During the current quarter, fixed-rate one- to four-family mortgage loans totaling $7.83 million were sold compared to $11.36 million for the preceding quarter and $5.11 million for the comparable quarter one year ago.
Investment Securities
Timberland’s investment securities and CDs held for investment increased $863,000 or less than 1%, to $216.89 million at June 30, 2026, from $216.03 million at March 31, 2026. The increase was primarily due to the purchase of additional CDs and U.S. government agency mortgage-backed investment securities, which were partially offset by maturities of U.S. Treasury Securities and scheduled amortization.
Bank Owned Life Insurance (“BOLI”)
BOLI increased $15.25 million, or 69%, to $37.39 million at June 30, 2026, from $22.14 million at March 31, 2026. The increase was primarily due to $15.00 million in additional BOLI policies purchased during the quarter.
Deposits
Total deposits increased $20.34 million, or 1%, during the quarter to $1.76 billion at June 30, 2026, from $1.74 billion at March 31, 2026, and increased $94.07 million, or 6%, from $1.67 billion at June 30, 2025. The quarter’s increase consisted of a $7.00 million increase in certificates of deposit account balances, a $5.56 million increase in money market account balances, a $4.09 million increase in NOW account balances, a $2.99 million increase in non-interest-bearing deposit account balances, and a $700,000 increase in savings account balances.
Deposit Breakdown
($ in thousands) June 30, 2026 March 31, 2026 June 30, 2025 Amount Percent Amount Percent Amount PercentNon-interest-bearing demand $410,967 23% $407,980 23% $406,222 24%NOW checking 374,476 21 370,385 21 334,922 20Savings 198,505 11 197,805 11 205,829 12Money market 331,375 19 325,811 19 305,207 18Certificates of deposit under $250 263,668 15 257,449 15 244,063 15Certificates of deposit $250 and over 144,209 8 141,843 8 126,254 8Certificates of deposit – brokered 40,349 3 41,937 3 46,980 3Total deposits $1,763,549 100% $1,743,210 100% $1,669,477 100% Borrowings
Total borrowings decreased $10.00 million, or 50%, to $10.00 million at June 30, 2026, from $20.00 million as March 31, 2026 and June 30, 2025.
Shareholders’ Equity and Capital Ratios
Total shareholders’ equity increased $2.12 million, or 1%, to $273.21 million at June 30, 2026, from $271.09 million at March 31, 2026, and increased $16.54 million, or 6%, from $256.66 million at June 30, 2025. The increase in shareholders’ equity during the quarter was primarily due to net income of $7.72 million and proceeds from stock option exercises of $140,000. These increases to shareholders’ equity were partially offset by the payment of $2.27 million in dividends to shareholders and the repurchase of 70,000 shares of common stock for $2.83 million (an average price of $40.49 per share), and a $817,000 increase of accumulated other comprehensive loss. At June 30, 2026, Timberland had 157,977 shares available to be repurchased in accordance with the terms of its existing stock repurchase plan.
Timberland remains well capitalized with a total risk-based capital ratio of 20.87%, a Tier 1 leverage capital ratio of 12.82%, a tangible common equity to tangible assets ratio (non-GAAP) of 12.61%, and a shareholders’ equity to total assets ratio of 13.26% at June 30, 2026. Timberland’s held to maturity investment securities were $117.59 million at June 30, 2026, with a net unrealized loss of $4.37 million (pre-tax). Although not permitted by U.S. Generally Accepted Accounting Principles (“GAAP”), including these unrealized losses in accumulated other comprehensive income (loss) (“AOCI”) would result in a ratio of shareholders’ equity to total assets of 13.11%, compared to 13.26%, as reported.
Asset Quality
Timberland’s non-performing assets to total assets ratio was 0.43% at June 30, 2026, compared to 0.47% at March 31, 2026, and 0.21% at June 30, 2025. Net recoveries were $1,000 for the current quarter compared to net charge-offs of less than $1,000 for the preceding quarter and net recoveries of $1,000 for the comparable quarter one year ago. During the current quarter, a $600,000 provision for credit losses on loans was made, which was offset by a $91,000 recapture of credit losses on unfunded commitments and a $1,000 recapture of credit losses on investment securities. The allowance for credit losses (“ACL”) for loans as a percentage of loans receivable was 1.27% at June 30, 2026, compared to 1.27% at March 31, 2026, and 1.23% one year ago.
Total delinquent loans (past due 30 days or more) and non-accrual loans decreased $1.69 million, or 16%, to $8.71 million at June 30, 2026, from $10.40 million at March 31,2026, and increased $2.54 million, or 41%, from $6.17 million at June 30, 2025. Non-accrual loans decreased $849,000 or 9%, to $8.56 million at June 30, 2026 from $9.41 million at March 31, 2026, and increased $4.71 million, or 123%, from $3.84 million at June 30, 2025. Loans graded “Substandard” decreased $874,000, or 9%, to $8.66 million at June 30, 2026 from $9.54 million at March 31, 2026 and decreased $23.71 million, or 73%, from $32.37 million at June 30, 2025.
Non-Accrual Loans
($ in thousands) June 30, 2026 March 31, 2026 June 30, 2025 Amount Quantity Amount Quantity Amount QuantityMortgage loans: One- to four-family$1,930 2 $1,934 2 $1,781 1Commercial 4,534 3 4,859 4 161 2Construction – custom and owner/builder -- -- 553 1 -- --Total mortgage loans 6,464 5 7,346 7 1,942 3 Consumer loans: Home equity and second mortgage 452 4 352 4 575 3Other 20 1 20 1 -- --Total consumer loans 472 5 372 5 575 3 Commercial business loans 1,620 8 1,687 7 1,326 9Total loans$8,556 18 $9,405 19 $3,843 15
Timberland had two properties classified as other real estate owned (“OREO”) at June 30, 2026:
June 30, 2026 March 31, 2026 June 30, 2025 Amount Quantity Amount Quantity Amount QuantityOther real estate owned: Commercial$221 1 $221 1 $221 1Land -- 1 -- 1 -- 1Total mortgage loans$221 2 $221 2 $221 2 About Timberland Bancorp, Inc.
Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank. The Bank opened for business in 1915 and primarily serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 24 branches (including its main office in Hoquiam).
Disclaimer
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; continuing elevated levels of inflation and the impact of current and future monetary policies of the Board of Governors of the Federal Reserve System ("Federal Reserve") in response thereto; the effects of any federal government shutdown; credit risks of lending activities, including any deterioration in the housing and commercial real estate markets which may lead to increased losses and non-performing loans in our loan portfolio resulting in our ACL not being adequate to cover actual losses and thus requiring us to materially increase our ACL through the provision for credit losses; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; results of examinations of us by the Federal Reserve and of our bank subsidiary by the Federal Deposit Insurance Corporation (“FDIC”), the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative or regulatory changes that adversely affect our business including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; our ability to attract and retain deposits; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans in our consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our business strategies; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; our ability to pay dividends on our common stock; the quality and composition of our securities portfolio and the impact if any adverse changes in the securities markets, including on market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board ("FASB"), including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and other risks described elsewhere in this press release and in the Company's other reports filed with or furnished to the Securities and Exchange Commission.
Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management's beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to publicly update or revise any forward-looking statements included in this press release to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this document might not occur and we caution readers not to place undue reliance on any forward-looking statements. These risks could cause our actual results for fiscal 2026 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company's consolidated financial condition and results of operations as well as its stock price performance.
TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME Three Months Ended($ in thousands, except per share amounts) (unaudited) June 30, March, 31 June 30, 2026 2026 2025 Interest and dividend income Loans receivable and loans held for sale $22,457 $21,793 $21,411 Investment securities 1,800 1,751 2,064 Dividends from mutual funds, FHLB stock and other investments 71 77 83 Interest bearing deposits in banks 2,343 2,334 1,986 Total interest and dividend income 26,671 25,955 25,544 Interest expense Deposits 7,728 7,513 7,721 Borrowings 137 198 201 Total interest expense 7,865 7,711 7,922 Net interest income 18,806 18,244 17,622 Provision for credit losses – loans 600 523 351 Recapture of credit losses – investment securities (1) (3) (4) (Recapture of) prov. for credit losses – unfunded commitments (91) 3 93 Net int. income after provision for (recapture of) credit losses 18,298 17,721 17,182 Non-interest income Service charges on deposits 956 934 966 ATM and debit card interchange transaction fees 1,193 1,131 1,262 Gain on sales of investment securities, net -- -- 24 Gain on sales of loans, net 150 236 138 Bank owned life insurance (“BOLI”) net earnings 246 155 171 Other 443 351 314 Total non-interest income, net 2,988 2,807 2,875 Non-interest expense Salaries and employee benefits 6,383 6,469 5,825 Premises and equipment 1,082 1,116 973 Advertising 202 182 182 OREO and other repossessed assets, net 3 3 8 ATM and debit card processing 532 471 658 Postage and courier 145 155 137 State and local taxes 453 428 570 Professional fees 361 325 341 FDIC insurance 222 228 211 Loan administration and foreclosure 155 141 99 Technology and communications 1,109 1,177 993 Deposit operations 348 363 345 Amortization of core deposit intangible (“CDI”) 34 34 45 Other, net 609 567 780 Total non-interest expense, net 11,638 11,659 11,167 Income before income taxes 9,648 8,869 8,890 Provision for income taxes 1,928 1,738 1,790 Net income $7,720 $7,131 $7,100 Net income per common share: Basic $0.99 $0.91 $0.90 Diluted 0.98 0.90 0.90 Weighted average common shares outstanding: Basic 7,804,449 7,875,436 7,893,308 Diluted 7,854,638 7,922,232 7,921,762 TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME Nine Months Ended($ in thousands, except per share amounts) (unaudited) June 30, June 30, 2026 2025 Interest and dividend income Loans receivable and loans held for sale $66,924 $63,339 Investment securities 5,413 6,205 Dividends from mutual funds, FHLB stock and other investments 229 252 Interest bearing deposits in banks 7,255 5,870 Total interest and dividend income 79,821 75,666 Interest expense Deposits 23,284 23,259 Borrowings 538 602 Total interest expense 23,822 23,861 Net interest income 55,999 51,805 Provision for credit losses – loans 1,140 640 Recapture of credit losses – investment securities (6) (14) Prov. for (recapture of) credit losses - unfunded commitments (137) 87 Net int. income after provision for (recapture of) credit losses 55,002 51,092 Non-interest income Service charges on deposits 2,879 2,924 ATM and debit card interchange transaction fees 3,518 3,706 Gain on sales of investment securities, net -- 24 Gain on sales of loans, net 464 303 Bank owned life insurance (“BOLI”) net earnings 559 503 Other 1,140 799 Total non-interest income, net 8,560 8,259 Non-interest expense Salaries and employee benefits 19,305 17,893 Premises and equipment 3,273 2,998 Advertising 576 552 OREO and other repossessed assets, net 11 17 ATM and debit card processing 1,584 1,700 Postage and courier 443 401 State and local taxes 1,338 1,251 Professional fees 1,003 1,118 FDIC insurance 671 640 Loan administration and foreclosure 376 383 Technology and communications 3,340 3,253 Deposit operations 1,058 997 Amortization of core deposit intangible (“CDI”) 102 135 Other, net 1,647 2,090 Total non-interest expense, net 34,727 33,428 Income before income taxes 28,835 25,923 Provision for income taxes 5,767 5,208 Net income $23,068 $20,715 Net income per common share: Basic $2.94 $2.61 Diluted 2.92 2.60 Weighted average common shares outstanding: Basic 7,855,218 7,929,626 Diluted 7,899,972 7,963,412 TIMBERLAND BANCORP INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS ($ in thousands, except per share amounts) (unaudited) June 30, March 31, June 30, 2026 2026 2025 Assets Cash and due from financial institutions $32,800 $24,157 $32,532 Interest-bearing deposits in banks 213,282 270,514 161,095 Total cash and cash equivalents 246,082 294,671 193,627 Certificates of deposit (“CDs”) held for investment, at cost 7,964 5,972 8,462 Investment securities: Held to maturity, at amortized cost (net of ACL – investment securities) 117,587 117,327 141,570 Available for sale, at fair value 90,484 91,869 86,475 Investments in equity securities, at fair value 858 862 855 FHLB stock 1,653 2,103 2,045 Other investments, at cost 3,000 3,000 3,000 Loans held for sale 2,774 1,642 1,763 Loans receivable 1,514,900 1,469,525 1,459,374 Less: ACL – loans (19,249) (18,648) (17,878) Net loans receivable 1,495,651 1,450,877 1,441,496 Premises and equipment, net 22,149 21,925 21,490 OREO and other repossessed assets, net 221 221 221 BOLI 37,389 22,143 24,113 Accrued interest receivable 7,321 7,397 7,174 Goodwill 15,131 15,131 15,131 CDI 169 203 316 Loan servicing rights, net 608 641 911 Operating lease right-of-use assets 4,122 2,767 1,248 Other assets 7,663 7,635 7,295 Total assets $2,060,826 $2,046,386 $1,957,192 Liabilities and shareholders’ equity Deposits: Non-interest-bearing demand $410,967 $407,980 $406,222 Deposits: Interest-bearing 1,352,582 1,335,230 1,263,255 Total deposits 1,763,549 1,743,210 1,669,477 Operating lease liabilities 4,323 2,937 1,350 FHLB borrowings 10,000 20,000 20,000 Other liabilities and accrued expenses 9,748 9,150 9,701 Total liabilities 1,787,620 1,775,297 1,700,528 Shareholders’ equity Common stock, $.01 par value; 50,000,000 shares authorized;
7,769,668 shares issued and outstanding – June 30, 2026
7,833,643 shares issued and outstanding – March 31, 2026
7,876,853 shares issued and outstanding – June 30, 2025 21,465
23,982
27,226
Retained earnings 252,908 247,457 230,213 Accumulated other comprehensive loss (1,167) (350) (775) Total shareholders’ equity 273,206 271,089 256,664 Total liabilities and shareholders’ equity $2,060,826 $2,046,386 $1,957,192 Three Months EndedPERFORMANCE RATIOS: June 30, 2026 March 31, 2026 June 30, 2025Return on average assets (a) 1.51% 1.43% 1.47%Return on average equity (a) 11.42% 10.72% 11.23%Net interest margin (a) 3.85% 3.81% 3.80%Efficiency ratio 53.40% 55.38% 54.48% Nine Months Ended June 30, 2026 June 30, 2025Return on average assets (a) 1.52% 1.44%Return on average equity (a) 11.49% 11.07%Net interest margin (a) 3.84% 3.74%Efficiency ratio 53.79% 55.65% At or for the Period Indicated June 30, 2026 March 31, 2026 June 30, 2025ASSET QUALITY RATIOS AND DATA: ($ in thousands) Non-accrual loans $8,556 $9,405 $3,843 Loans past due 90 days and still accruing -- -- -- Non-performing investment securities 29 30 38 OREO and other repossessed assets 221 221 221 Total non-performing assets (b) $8,806 $9,656 $4,102 Non-performing assets to total assets (b) 0.43% 0.47% 0.21%Net charge-offs (recoveries) during quarter $(1) $-- $(1)Allowance for credit losses - loans to non-accrual loans 225% 198% 465%Allowance for credit losses - loans to loans receivable (c) 1.27% 1.27% 1.23% CAPITAL RATIOS: Tier 1 leverage capital 12.82% 12.82% 12.63%Tier 1 risk-based capital 19.61% 20.29% 19.29%Common equity Tier 1 risk-based capital 19.61% 20.29% 19.29%Total risk-based capital 20.86% 21.55% 20.54%Tangible common equity to tangible assets (non-GAAP) 12.61% 12.59% 12.42% BOOK VALUES: Book value per common share $35.16 $34.61 $32.58 Tangible book value per common share (d) 33.19 32.65 30.62 ________________________________________________
(a) Annualized
(b) Non-performing assets include non-accrual loans, loans past due 90 days and still accruing, non-performing investment securities and OREO and other repossessed assets.
(c) Does not include loans held for sale and is before the allowance for credit losses.
(d) Tangible common equity divided by common shares outstanding (non-GAAP).
AVERAGE BALANCES, YIELDS, AND RATES - QUARTERLY
($ in thousands)
(unaudited)
For the Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 Amount Rate Amount Rate Amount Rate Assets Loans receivable and loans held for sale$1,489,910 6.04% $1,474,095 5.99% $1,450,350 5.92%Investment securities and FHLB stock (1) 213,161 3.52 213,089 3.48 232,272 3.71 Interest-earning deposits in banks and CDs 254,034 3.70 255,300 3.71 178,887 4.45 Total interest-earning assets 1,957,105 5.47 1,942,484 5.42 1,861,509 5.50 Other assets 86,893 78,917 79,715 Total assets$2,043,998 $2,021,401 $1,941,224 Liabilities and Shareholders’ Equity NOW checking accounts$360,166 1.46% $364,926 1.53% $333,074 1.39%Money market accounts 337,150 2.76 312,593 2.70 304,526 3.16 Savings accounts 197,959 0.27 197,031 0.28 205,592 0.35 Certificates of deposit accounts 405,958 3.51 399,665 3.56 363,342 3.77 Brokered CDs 39,389 4.16 38,176 4.29 48,028 4.83 Total interest-bearing deposits 1,340,622 2.31 1,312,391 2.32 1,254,562 2.47 Borrowings 13,629 4.02 20,000 4.03 20,002 4.03 Total interest-bearing liabilities 1,354,251 2.33 1,332,391 2.35 1,274,564 2.49 Non-interest-bearing demand deposits 406,444 407,936 402,717 Other liabilities 12,113 11,373 10,266 Shareholders’ equity 271,190 269,701 253,677 Total liabilities and shareholders’ equity$2,043,998 $2,021,401 $1,941,224 Interest rate spread 3.14% 3.07% 3.01%Net interest margin (2) 3.85% 3.81% 3.80%Average interest-earning assets to average interest-bearing liabilities 144.52% 145.79% 146.05% _____________________________________
(1) Includes other investments
(2) Net interest margin = annualized net interest income /
average interest-earning assets
AVERAGE BALANCES, YIELDS, AND RATES – YEAR TO DATE
($ in thousands)
(unaudited)
For the Nine Months Ended
June 30, 2026
June 30, 2025
Amount Rate Amount Rate Assets Loans receivable and loans held for sale$1,480,873 6.04% $1,441,506 5.87%Investment securities and FHLB stock (1) 214,965 3.51 237,400 3.81 Interest-earning deposits in banks and CDs 255,243 3.80 172,591 4.55 Total interest-earning assets 1,951,081 5.47 1,851,497 5.49 Other assets 81,696 77,595 Total assets$2,032,777 $1,929,092 Liabilities and Shareholders’ Equity NOW checking accounts$364,563 1.53% $329,883 1.36%Money market accounts 317,944 2.77 311,762 3.26 Savings accounts 197,796 0.28 205,764 0.30 Certificates of deposit accounts 402,415 3.60 346,313 3.89 Brokered CDs 39,028 4.25 48,169 4.89 Total interest-bearing deposits 1,321,746 2.37 1,241,891 2.50 Borrowings 17,876 4.02 20,001 4.02 Total interest-bearing liabilities 1,339,622 2.38 1,261,892 2.53 Non-interest-bearing demand deposits 412,354 406,906 Other liabilities 12,384 10,159 Shareholders’ equity 268,417 250,135 Total liabilities and shareholders’ equity$2,032,777 $1,929,092 Interest rate spread 3.09% 2.96%Net interest margin (2) 3.84% 3.74%Average interest-earning assets to average interest-bearing liabilities 145.64% 146.72% _____________________________________
(1) Includes other investments
(2) Net interest margin = annualized net interest income /
average interest-earning assets
Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. Timberland believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.
Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Timberland provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and CDI. In addition, tangible assets equal total assets less goodwill and CDI.
The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP) and ending total assets (GAAP) to ending tangible assets (non-GAAP).
($ in thousands) June 30, 2026 March 31, 2026 June 30, 2025 Shareholders’ equity $273,206 $271,089 $256,664 Less goodwill and CDI (15,300) (15,334) (15,447)Tangible common equity $257,906 $255,755 $241,217 Total assets $2,060,826 $2,046,386 $1,957,192 Less goodwill and CDI (15,300) (15,334) (15,447)Tangible assets $2,045,526 $2,031,052 $1,941,745 Contact:Dean J. Brydon, CEO
Jonathan A. Fischer, President & COO
Marci A. Basich, CFO
(360) 533-4747
www.timberlandbank.com
Zest Protocol spouští Stacks Vaults, novou vrstvu automatizovaných výnosových strategií nad svými lending trhy. První vault bude postaven kolem stBTC a bude automaticky skládat výnos na Bitcoinu.
George Town, Cayman Islands, July 28th, 2026, Chainwire
Zest Protocol today announces Stacks Vaults, a new vault layer built on top of its lending markets. Stacks Vaults will let users deposit a single asset into an automated strategy that manages yield on their behalf. The first Stacks Vault will be built around stBTC, the liquid staking Bitcoin token Stacking DAO introduced recently.
Stacks Vaults marks the evolution of Zest Protocol from a lending market into yield infrastructure. Until now, earning optimized yield on Stacks required actively managing positions across markets. Stacks Vaults change that: a holder deposits once, selects a strategy, and the vault handles the mechanics in the background.
The first vault will be an stBTC looping vault. A holder will deposit stBTC, and the vault will use it as collateral to borrow sBTC, stake the borrowed Bitcoin into stBTC, and repeat the process to compound yield on top of the base Bitcoin Staking rewards. The holder maintains a single position while Zest Protocol manages the strategy automatically.
“Lending markets were the foundation. Vaults are what gets built on top,” said Tycho Onnasch, Founder, Zest Protocol. “With Stacks Vaults, a holder deposits a single asset and the strategy runs itself. The stBTC looping vault is the first, and it won’t be the last. Every yield source on Stacks becomes a strategy we can automate.”
The speed of this announcement is as significant as the product itself. Bitcoin Staking creates the base yield, stBTC carries that yield into the ecosystem as a liquid asset, and Stacks Vaults will be the first infrastructure built to put it to work. Additional vaults with different assets and strategies are expected to follow, each built on the same automated foundation.
Zest Protocol is the leading Bitcoin lending protocol on Stacks, with $70M deployed across its platform and a track record of over two years serving the Bitcoin-native finance ecosystem. The ZEST token went live in May 2026 in one of the most successful token launches of the year. Zest Protocol has spent years building the lending infrastructure that Bitcoin-native finance now runs on, and Stacks Vaults is the next layer in that stack.
Stacks Vaults and the stBTC looping vault will launch alongside stBTC before Stacks Bitcoin Staking goes live. Holders will be able to deposit sBTC or stBTC directly into the vault, while Zest Protocol automatically manages the looping strategy and continuously monitors the position. More details will be available at zestprotocol.com.
About Zest Protocol
Zest Protocol is a lending protocol built for Bitcoin, giving BTC holders ways to borrow, lend, and earn yield without leaving Bitcoin-native infrastructure. Learn more at zestprotocol.com.
About Stacks
Stacks is growing Bitcoin by turning idle Bitcoin into productive capital. The network enables self-custodial Bitcoin yield and a growing ecosystem of Bitcoin-native financial applications that settle on Bitcoin. Learn more at stacks.co.
Stacks is set to activate its PoX-5 hard fork this week, introducing the consensus infrastructure needed to support Bitcoin staking on the network.
The upgrade is scheduled to activate at Bitcoin block 960,230, currently expected around 2 a.m. Eastern Time on Thursday, July 30. The precise timing may change depending on how quickly Bitcoin blocks are produced.
PoX-5 upgrades Proof-of-Transfer, the Stacks consensus mechanism under which miners commit BTC to compete for the right to produce Stacks blocks and receive STX rewards.
The upgrade introduces Bitcoin Bonds, which allow users to lock BTC on the Bitcoin network and pair it with STX on Stacks to earn BTC denominated yield while retaining control of their Bitcoin keys.
Stacks describes the structure as a protocol bond. Bitcoin remains locked on Bitcoin layer one, while the corresponding STX position is held through a Stacks smart contract. Yield is funded by the BTC that Stacks miners commit through Proof of Transfer.
Bitcoin Bonds will activate at the consensus level with the hard fork, although participation will open gradually.
Initial capacity will be reserved for approved participants during a bootstrap period. The first institutional Genesis Bond is expected in late August, followed by community participation through selected pools using sBTC.
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Stacks previously launched public and private PoX-5 testnets to test bonding, registration, reward distribution, and unbonding before the mainnet upgrade.
The hard fork does not create a new token and will not affect STX balances, wallet addresses, or private keys. STX holders who are not currently staking do not need to take any action.
Existing STX stakers must restake after PoX-5 activates to continue earning rewards.
All STX currently committed through the previous contract will unlock during the upgrade as staking moves to the new PoX-5 contract. Users must restake before Bitcoin block 962,050 to receive rewards during the first cycle following the hard fork.
Solo stakers can restake after the upgrade becomes active. Pool participants must wait for their provider to update its infrastructure and reopen staking under the new contract.
PoX-5 also removes the previous cooldown cycle, allowing stakers to change their reward address without missing a full cycle. The upgrade also simplifies pool participation and reduces the risk that users miss rewards because of failed pool commitments.
STX only stakers will continue receiving BTC rewards under the new structure.
Bitcoin Bonds receive their target yield first. Of the remaining BTC committed by miners, 85% will be distributed to STX only stakers, while 15% will enter a reserve fund intended to support future payouts.
Stacks said STX only participants are expected to receive most of the miner rewards during the early cycles because Bitcoin Bond capacity will initially remain limited.
The protocol bond model is designed to generate yield without lending or transferring custody of the underlying Bitcoin. However, Stacks notes that target yields are not guaranteed and remain dependent on miner participation and network conditions.
Exchanges supporting STX may temporarily suspend deposits and withdrawals around the activation period while upgrading their infrastructure. Trading is expected to continue, although each platform will establish its own maintenance window.
Stacks said node operators must upgrade to stacks core version 4.0.1 before block 960,230 to remain connected after the new consensus rules take effect.
The PoX-5 codebase has been audited by Trail of Bits and Clarity Alliance, with additional review from Asymmetric Research.
Following activation, Stacks plans to begin the Bitcoin staking rollout with the institutional Genesis Bond in late August before expanding capacity to additional participants.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
KLA Corp překonala odhad výnosů za 4. čtvrtletí, když vykázala tržby 3,66 miliardy USD, a očekává výhled tržeb za 1. čtvrtletí na 4 miliardy USD plus minus 200 milionů dolarů, tedy nad očekáváním Wall Street, díky pokračujícím investicím do AI. Akcie však v prodlouženém obchodování klesly o 9 %.
July 28 (Reuters) - KLA Corp (KLAC.O), opens new tab on Tuesday beat fourth-quarter revenue estimates and forecast first-quarter revenue above Wall Street expectations, but its shares fell 9% in extended trading as the results failed to meet investor expectations.
The company's shares have risen more than 57% so far this year, driven by higher demand from foundries and memory-chip makers expanding capacity to support the data-intensive requirements of generative AI applications.
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KLA provides process control and yield management systems, which are critical for identifying and correcting defects during the semiconductor manufacturing process. Its tools become more vital as chipmakers move to smaller and more complex production nodes.
Here are some details:
KLA's results and forecast were better than expected, but were not eye-popping by any means, CFRA analyst Brooks Idlet said.
"In the midst of the past few days' selling pressure, investors are hoping for blowout results that are strong enough to shake the market's bearish narrative around hyperscaler spending sustainability and emerging Chinese competition," Idlet added.
KLA expects first-quarter revenue of $4 billion, plus or minus $200 million, ahead of analysts' average estimate of $3.92 billion, according to data compiled by LSEG.
It forecast adjusted earnings of $1.16 per share, plus or minus 10 cents, for the quarter, also ahead of an estimate of $1.14.
KLA sees momentum across its business accelerating in the second half of 2026 and continuing through 2027, CEO Rick Wallace said, adding that the AI infrastructure buildout is also driving new growth opportunities in advanced packaging for the company.
The semiconductor equipment maker's fourth-quarter revenue grew 15.1% to $3.66 billion, beating estimates of $3.60 billion.
Adjusted profit came in at $1.05 per share, compared with an estimate of $1.
Reporting by Juby Babu in Mexico City; Editing by Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles., opens new tab
CoStar Group (CSGP - Free Report) came out with quarterly earnings of $0.32 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +14.29%. A quarter ago, it was expected that this commercial real estate information and marketing provider would post earnings of $0.18 per share when it actually produced earnings of $0.23, delivering a surprise of +27.78%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
CoStar, which belongs to the Zacks Computers - IT Services industry, posted revenues of $925 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.47%. This compares to year-ago revenues of $781.3 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CoStar shares have lost about 56.6% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for CoStar?While CoStar has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CoStar was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.37 on $978.07 million in revenues for the coming quarter and $1.34 on $3.81 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computers - IT Services is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
DXC Technology Company. (DXC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.
This company is expected to post quarterly earnings of $0.42 per share in its upcoming report, which represents a year-over-year change of -38.2%. The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level.
DXC Technology Company.'s revenues are expected to be $2.99 billion, down 5.5% from the year-ago quarter.
Cohen & Steers Infrastructure Fund oznámil, že červencová distribuce ve výši 0,1650 USD na akcii bude tvořena hlavně krátkodobými realizovanými kapitálovými zisky. Od začátku roku činí kumulativní distribuce 1,1250 USD na akcii.
, /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF) (the "Fund") with information regarding the sources of the distribution to be paid on July 31, 2026 and cumulative distributions paid fiscal year-to-date.
In March 2015, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.
The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. In addition, distributions from the Fund's investments in MLPs are attributed to various sources, including net investment income and return of capital. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.
At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.
DISTRIBUTION ESTIMATES
July 2026
YEAR-TO-DATE (YTD)
July 31, 2026*
Source
Per Share
Amount
% of Current
Distribution
Per Share
Amount
% of 2026
Distributions
Net Investment Income
$0.0294
17.82 %
$0.5117
45.48 %
Net Realized Short-Term Capital Gains
$0.1033
62.61 %
$0.1033
9.18 %
Net Realized Long-Term Capital Gains
$0.0323
19.57 %
$0.5100
45.34 %
Return of Capital (or other Capital Source)
$0.0000
0.00 %
$0.0000
0.00 %
Total Current Distribution
$0.1650
100.00 %
$1.1250
100.00 %
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.
*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.
The Fund's Year-to-date Cumulative Total Return for fiscal year 2026 (January 1, 2026 through June 30, 2026) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2026. In addition, the Fund's Average Annual Total Return for the five-year period ending June 30, 2026 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2026. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.
Fund Performance and Distribution Rate Information:
Year-to-date January 1, 2026 to June 30, 2026
Year-to-date Cumulative Total Return1
13.43 %
Cumulative Distribution Rate2
4.01 %
Five-year period ending June 30, 2026
Average Annual Total Return3
8.94 %
Current Annualized Distribution Rate4
7.07 %
1.
Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period
including distributions paid and assuming reinvestment of those distributions.
2.
Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2026 through July 31, 2026) measured
on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of June 30, 2026.
3.
Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for
the five-year period ending June 30, 2026. Annual NAV Total Return is the percentage change in the Fund's NAV
over a year including distributions paid and assuming reinvestment of those distributions.
4.
The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage
of the Fund's NAV as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.
Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Cohen & Steers Quality Income Realty Fund oznámil červencovou distribuci ve výši 0,0900 USD na akcii. Z toho 56,11 % tvoří čistý investiční výnos a 30,00 % realizované dlouhodobé kapitálové zisky.
, /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Quality Income Realty Fund, Inc. (NYSE: RQI) (the "Fund") with information regarding the sources of the distribution to be paid on July 31, 2026 and cumulative distributions paid fiscal year-to-date.
In December 2012, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.
The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. In addition, distributions from the Fund's investments in real estate investment trusts (REITs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to the Fund after year-end by REITs held by the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.
At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.
DISTRIBUTION ESTIMATES
July 2026
YEAR-TO-DATE (YTD)
July 31, 2026*
Source
Per Share
Amount
% of Current
Distribution
Per Share
Amount
% of 2026
Distributions
Net Investment Income
$0.0505
56.11 %
$0.1594
25.30 %
Net Realized Short-Term Capital Gains
$0.0125
13.89 %
$0.0125
1.98 %
Net Realized Long-Term Capital Gains
$0.0270
30.00 %
$0.4581
72.72 %
Return of Capital (or other Capital Source)
$0.0000
0.00 %
$0.0000
0.00 %
Total Current Distribution
$0.0900
100.00 %
$0.6300
100.00 %
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.
*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.
The Fund's Year-to-date Cumulative Total Return for fiscal year 2026 (January 1, 2026 through June 30, 2026) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2026. In addition, the Fund's Average Annual Total Return for the five-year period ending June 30, 2026 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2026. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.
Fund Performance and Distribution Rate Information:
Year-to-date January 1, 2026 to June 30, 2026
Year-to-date Cumulative Total Return1
15.51 %
Cumulative Distribution Rate2
4.71 %
Five-year period ending June 30, 2026
Average Annual Total Return3
4.75 %
Current Annualized Distribution Rate4
8.07 %
1.
Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period
including distributions paid and assuming reinvestment of those distributions.
2.
Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2026 through July 31, 2026) measured
on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of June 30, 2026.
3.
Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the
five-year period ending June 30, 2026. Annual NAV Total Return is the percentage change in the Fund's NAV
over a year including distributions paid and assuming reinvestment of those distributions.
4.
The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage
of the Fund's NAV as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.
Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Cohen & Steers REIT and Preferred and Income Fund uvedl, že červencová distribuce ve výši 0,1360 USD na akcii bude ze 100 % tvořena dlouhodobými kapitálovými zisky. Od začátku roku činí distribuce 0,9520 USD na akcii.
, /PRNewswire/ -- This press release provides shareholders of Cohen & Steers REIT and Preferred and Income Fund, Inc. (NYSE: RNP) (the "Fund") with information regarding the sources of the distribution to be paid on July 31, 2026 and cumulative distributions paid fiscal year-to-date.
In December 2017, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.
The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. In addition, distributions from the Fund's investments in real estate investment trusts (REITs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to the Fund after year-end by REITs held by the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.
At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.
DISTRIBUTION ESTIMATES
July 2026
YEAR-TO-DATE (YTD)
July 31, 2026*
Source
Per Share
Amount
% of Current
Distribution
Per Share
Amount
% of 2026
Distributions
Net Investment Income
$0.0000
0.00 %
$0.4948
51.97 %
Net Realized Short-Term Capital Gains
$0.0000
0.00 %
$0.0000
0.00 %
Net Realized Long-Term Capital Gains
$0.1360
100.00 %
$0.4572
48.03 %
Return of Capital (or other Capital Source)
$0.0000
0.00 %
$0.0000
0.00 %
Total Current Distribution
$0.1360
100.00 %
$0.9520
100.00 %
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.
*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.
The Fund's Year-to-date Cumulative Total Return for fiscal year 2026 (January 1, 2026 through June 30, 2026) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2026. In addition, the Fund's Average Annual Total Return for the five-year period ending June 30, 2026 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2026. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.
Fund Performance and Distribution Rate Information:
Year-to-date January 1, 2026 to June 30, 2026
Year-to-date Cumulative Total Return1
10.65 %
Cumulative Distribution Rate2
4.34 %
Five-year period ending June 30, 2026
Average Annual Total Return3
4.57 %
Current Annualized Distribution Rate4
7.44 %
1.
Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period
including distributions paid and assuming reinvestment of those distributions.
2.
Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2026 through July 31, 2026) measured
on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of June 30, 2026.
3.
Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for
the five-year period ending June 30, 2026. Annual NAV Total Return is the percentage change in the Fund's NAV
over a year including distributions paid and assuming reinvestment of those distributions.
4.
The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage
of the Fund's NAV as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.
Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
RALEIGH, N.C., July 28, 2026 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) has released its second quarter 2026 results. To view the release, please visit the investors section of our website at www.highwoods.com or click on the following link:
HIW Reports Second Quarter 2026 Results
About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our vision is to be a leader in the evolution of commercial real estate for the benefit of our customers, our communities and those who invest with us. Our mission is to create environments and experiences that inspire our teammates and our customers to achieve more together. We are in the work-placemaking business and believe that by creating exceptional environments and experiences, we can deliver greater value to our customers, their teammates and, in turn, our shareholders. For more information about Highwoods, please visit our website at www.highwoods.com.
Contact:Brendan Maiorana
Executive Vice President and Chief Financial Officer [email protected]
919-872-4924
Verra Mobility se s Avis Budget Group dohodla na klíčových obchodních podmínkách nového sedmiletého kontraktu na mýtné a pokutách. Podmínky mají být finančně výrazně méně výhodné než dosavadní smlouva.
, /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, today announced that it has reached an agreement with Avis Budget Group ("ABG") on the key commercial terms of a new seven-year tolling and violations services contract and are working collaboratively to finalize the remaining operational terms and conditions. This redefined commercial relationship will give ABG the option to selectively perform certain activities internally. While Verra Mobility is not disclosing the commercial terms, from a financial perspective, the terms of the new agreement are expected to be materially less favorable to the Company when compared to the prior agreement it had with ABG.
Jon Keyser, president and chief executive officer of Verra Mobility, said, "We have been focused on strengthening our customer-centric culture by listening closely, moving with greater urgency and aligning our business and technology investments with our customers' evolving priorities. Reengaging with ABG is a positive step forward for Verra Mobility that reflects the strength of our differentiated technology platform and our expertise in complex tolls and violations management for large vehicle fleets. We are pleased to extend the nearly two-decade partnership between our companies, and we look forward to helping power ABG's tolling program and delivering efficient, seamless experiences for both their operations and the customers they serve."
Verra Mobility helps communities and businesses move people and vehicles by connecting the entire transportation ecosystem, including road safety, commercial fleet mobility, and parking management. The company supports more than 7.6 million vehicles globally - helping to protect vehicle owners against costly toll fines and burdensome administrative tasks – and empowers more than 300 communities to increase safety for all road users through intelligent technology and data-driven insights. In 2025, more than 350 million toll transactions and over 5.6 million violations were processed for fleet customers.
To learn more about Verra Mobility's commercial and fleet solutions, visit www.verramobility.com/commercial/.
About Verra Mobility
Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter, and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data, and people to enable safe, efficient solutions for customers globally. Verra Mobility's transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility, and support healthier communities. The company also solves complex payment, utilization, and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona, Verra Mobility operates in the United States, Australia, Europe, and Canada. For more information, please visit www.verramobility.com.
Forward-Looking Statements
This press release contains forward-looking statements which address our expected future business and financial performance, and may contain words such as "goal," "target," "future," "estimate," "expect," "anticipate," "intend," "plan," "believe," "seek," "project," "may," "should," "will" or similar expressions. Forward-looking statements include statements regarding expectations related to finalizing the remaining operational terms and conditions of the new seven-year commercial agreement with Avis Budget Group, our expectation that certain terms of the new agreement will be materially less favorable to us from a financial perspective than the prior agreement, our ability to strengthen our customer-centric culture by listening closely, moving with greater urgency and aligning our business and technology investments with our customers' evolving priorities, and our ability to help power ABG's tolling program and deliver efficient, seamless experiences for both their operations and the customers they serve. Forward-looking statements involve risks and uncertainties, and a number of factors could cause actual results to differ materially from those currently anticipated. These factors include, but are not limited to, the impact of negative industry and macroeconomic conditions, including the impact of government actions and regulations, such as tariffs, trade protection measures, military conflicts, or a government shutdown, on our customers or Verra Mobility; customer concentration in our Commercial Services and Government Solutions segments, including risks impacting such segments such as travel demand and legislation, and the risk of losing a customer; risks related to our contract with NYCDOT, which comprises a material portion of our revenue, including the timing of payments; risks associated with the finalization of the new Avis Budget agreement and the renewal of other Commercial Services customer agreements; risks and uncertainties related to our government contracts, including legislative changes, termination rights, delays in payments, audits, and investigations; decreases in the prevalence or political acceptance of, or an increase in governmental restrictions regarding, automated and other similar methods of photo enforcement, parking solutions, or the use of tolling; our ability to successfully implement our acquisition strategy or integrate acquisitions; failures in or breaches of our networks or systems, including as a result of cyber-attacks or other incidents; risks and uncertainties related to our international operations and our ability to develop and successfully market new products and technologies into new markets; our failure to acquire necessary intellectual property or adequately protect our intellectual property; our ability to manage our substantial level of indebtedness; our ability to maintain effective internal controls over financial reporting; our ability to properly perform under our contracts and otherwise satisfy our customers; risks associated with the use of artificial intelligence and related tools; decreased interest in outsourcing from our customers; our ability to keep up with technological developments and changing customer preferences; our ability to compete in a highly competitive and rapidly evolving market; risks and uncertainties related to our share repurchase program; risks and uncertainties related to litigation and other disputes and regulatory investigations; our reliance on specialized third-party providers; and other risks and uncertainties indicated from time to time in documents we filed or will file with the Securities and Exchange Commission (the "SEC"). In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. This press release should be read in conjunction with the information included in our other press releases, reports, and other filings with the SEC. 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 first quarter 2026 Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this press release and except to the extent required by applicable law, we do 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. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods.
Additional Information
We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com.
We intend to use our website including our quarterly earnings presentation as a means of disclosing material non-public information, additional financial and operating metrics and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. In addition, you may enroll to automatically receive e-mail alerts and other information about our company by visiting "Email Alerts" under the "Investor Resources" section of the "Investors" portion of our website.
PJT Partners Inc. (PJT) Q2 2026 Earnings Call July 28, 2026 8:30 AM EDT
Company Participants
Sharon Pearson - MD & Head of Investor & External Relations
Paul Taubman - Founder, Chairman & CEO
Helen Meates - Chief Financial Officer
Conference Call Participants
Devin Ryan - Citizens JMP Securities, LLC, Research Division
Brennan Hawken - BMO Capital Markets Equity Research
James Yaro - Goldman Sachs Group, Inc., Research Division
Michael Brown - UBS Investment Bank, Research Division
Steven Chubak - Wolfe Research, LLC
Alexander Bond - Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Good day, and welcome to the PJT Partners Second Quarter 2026 Earnings Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Sharon Pearson, Head of Investor Relations. Please go ahead, ma'am.
Sharon Pearson
MD & Head of Investor & External Relations
Thank you very much, and good morning, and welcome to the PJT Partners Second Quarter 2026 Earnings Conference Call.
I'm Sharon Pearson, Head of Investor Relations at PJT. And joining me today are Paul Taubman, our Chairman and Chief Executive Officer; and Helen Meates, our Chief Financial Officer.
Before I turn the call over to Paul, I want to point out that during the course of this conference call, we may make a number of forward-looking statements.
These forward-looking statements are subject to various risks and uncertainties, and there are important factors that could cause actual outcomes to differ materially from those indicated in these statements.
We believe that these factors are described in the Risk Factors section contained in PJT Partners' 2025 Form 10-K, which is available on our website at pjtpartners.com.
I want to remind you that the company assumes no duty to update any forward-looking statements and that the presentation we make today contains non-GAAP financial measures, which
PERRYSBURG, Ohio, July 28, 2026 (GLOBE NEWSWIRE) -- O-I Glass, Inc. (NYSE: OI) today announced its financial results for the second quarter ended June 30, 2026.
Please follow the links below to view our second quarter 2026 earnings documents.
O-I Glass Second Quarter 2026 Earnings Release and Financial Tables
O-I Glass Second Quarter 2026 Earnings Presentation
O-I CEO Gordon Hardie and CFO John Haudrich will conduct a conference call to discuss the company’s latest results on Wednesday, July 29, 2026, at 8:00 a.m. ET. A live webcast of the conference call, including presentation materials, will be available on the O-I website, www.o-i.com/investors, in the Events and Presentations section. A replay of the call will be available on the website for a year following the event.
ABOUT O-I GLASS
At O-I Glass, Inc. (NYSE: OI), we are proud to be one of the leading producers of glass bottles and jars around the globe. Glass is not only beautiful, it is also pure, healthy, and completely recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is the preferred partner for many of the world’s leading food and beverage brands. We innovate in line with customers’ needs to create iconic packaging that builds brands around the world. Led by our diverse team of approximately 19,000 people across 61 plants in 18 countries, O-I achieved revenues of $6.4 billion in 2025. Learn more about us: o-i.com / Instagram / LinkedIn
Combined ratio of 91.2%; combined ratio, excluding catastrophes(1), of 85.5% Catastrophe losses of $91.8 million, or 5.7 points of the combined ratio Net premiums written increase of 4.6%* Renewal price increases(2) of 8.7% in Personal Lines, 7.8% in Core Commercial and 3.6% in Specialty Rate increases(2) of 7.0% in Core Commercial, 4.8% in Personal Lines and 2.1% in Specialty Loss and loss adjustment expense (LAE) ratio of 60.2%, 1.7 points below the prior-year quarter Current accident year loss and LAE ratio, excluding catastrophes(3), of 55.8%, 0.3 points below the prior-year quarter Net investment income of $119.6 million, up 13.4% from the prior-year quarter Book value per share of $105.40, up 3.5% from March 31, 2026; excluding net unrealized depreciation on fixed maturity investments, net of tax(4), book value per share increased 3.8% , /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $191.6 million, or $5.38 per diluted share, in the second quarter of 2026, compared to $157.1 million, or $4.30 per diluted share, in the prior-year quarter. Operating income(5) was $189.2 million, or $5.31 per diluted share, in the second quarter of 2026, compared to $158.7 million, or $4.35 per diluted share, in the prior-year quarter. The company reported net and operating return on equity(6) of 21.2% and 19.8%, respectively, in the second quarter of 2026, and 21.0% and 20.0% in the first six months of 2026, respectively.
"Our very successful second quarter is a testament to the strength of our business model, the durable earnings power we have built across The Hanover and the disciplined execution of our team," said John C. Roche, president and chief executive officer at The Hanover. "We posted operating return on equity of approximately 20% and operating earnings of $5.31 per share, both second quarter records, as well as accelerated top-line premium growth. We are effectively navigating evolving market conditions, and achieving healthy pricing, while building growth momentum in the most attractive areas of our portfolio."
"This quarter reflects the talent of our employees, the strength of our leadership team, the depth of our agency relationships and the trust our customers place in us every day," said Roche. "As we announced earlier this month, I plan to retire at the end of 2026. It's been a great honor to serve the last nine years as CEO, and I could not be more optimistic about The Hanover's future. Dick Lavey has been one of the key architects of our strategy and the transformation of our company. We will continue to work closely together through the remainder of the year to ensure a seamless transition. Dick's leadership, expertise and strategic vision position him well to successfully lead The Hanover into its next chapter."
"We are pleased with our excellent performance, including outstanding underwriting profitability as demonstrated by our combined ratio of 91.2%, and 85.5% excluding catastrophes," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "Additionally, we delivered robust net investment income, up 13%, driven by higher earned yields and strong operating cash flows, while continued favorable development reinforces our confidence in the strength of our reserve position. The profitability of our business continues to build capital, enabling increased share repurchases while maintaining the balance sheet strength and financial flexibility for future growth opportunities and deployment. Following a really strong start to the year, we enter the second half of 2026 with confidence, supported by our varied earnings streams, resilient balance sheet and disciplined focus on capital allocation."
Second Quarter 2026 Highlights
Three months ended
Six months ended
June 30
June 30
($ in millions, except per share data)
2026
2025
2026
2025
Net premiums written
$
1,656.8
$
1,583.8
$
3,216.5
$
3,094.6
Growth
4.6
%
4.1
%
3.9
%
4.0
%
Net premiums earned
$
1,597.6
$
1,545.3
$
3,168.2
$
3,053.8
Current accident year loss and LAE ratio,
excluding catastrophes
55.8
%
56.1
%
56.1
%
57.2
%
Prior-year development ratio
(1.3)
%
(1.2)
%
(1.5)
%
(1.3)
%
Catastrophe ratio
5.7
%
7.0
%
6.0
%
6.7
%
Expense ratio(7)
31.0
%
30.6
%
30.8
%
30.7
%
Combined ratio
91.2
%
92.5
%
91.4
%
93.3
%
Combined ratio, excluding catastrophes
85.5
%
85.5
%
85.4
%
86.6
%
Current accident year combined ratio,
excluding catastrophes
86.8
%
86.7
%
86.9
%
87.9
%
Net income
$
191.6
$
157.1
$
378.4
$
285.3
per diluted share
5.38
4.30
10.58
7.80
Operating income
189.2
158.7
377.7
300.5
per diluted share
5.31
4.35
10.55
8.22
Book value per share
$
105.40
$
89.62
$
105.40
$
89.62
Ending shares outstanding (in millions)
34.9
35.9
34.9
35.9
(1) See information about this and other non-GAAP measures and definitions, including Operating Income and Operating Return on Equity in the headline, used throughout this press release on the final pages of this document.
*Unless otherwise stated, net premiums written growth and other growth comparisons are to the same period of the prior year.
The Hanover Insurance Group, Inc. may also be referred to as "The Hanover" or "the company" interchangeably throughout this press release.
Second Quarter Operating Highlights
Core Commercial
Core Commercial operating income before income taxes was $77.5 million in the second quarter of 2026, compared to $83.9 million in the second quarter of 2025. The Core Commercial combined ratio was 95.7%, compared to 93.0% in the prior-year quarter. Catastrophe losses in the second quarter of 2026 were $26.4 million, or 4.6 points of the combined ratio. This compared to catastrophe losses of $22.7 million, or 4.1 points, in the prior-year quarter.
Second quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $0.6 million, or 0.1 points, compared to $3.0 million, or 0.5 points, in the second quarter of 2025.
Core Commercial current accident year combined ratio, excluding catastrophes, increased 1.8 points, to 91.2% in the second quarter of 2026, compared to 89.4% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, was 58.7%, 2.2 points higher than the prior-year quarter, but 0.4 points improved from the full year of 2025. In the second quarter of 2026, the company prudently increased loss ratio selections in liability coverages. Additionally, the loss ratio in the prior-year quarter benefited from lower-than-usual property losses.
The expense ratio decreased by 0.4 points, to 32.5%, in the second quarter of 2026, compared to the prior-year quarter, reflecting fixed cost leverage and efficiency gains.
Net premiums written were $574.8 million in the second quarter of 2026, up 7.2% from the prior-year quarter, an acceleration from the first quarter of 2026, reflecting growth of 6.0% in small commercial and 9.4% in middle market (approximately 7% growth in middle market excluding non-recurring items). Core Commercial renewal price increases averaged 7.8%, including average rate increases of 7.0%.
The following table summarizes premiums and the components of the combined ratio for Core Commercial:
Three months ended
Six months ended
June 30
June 30
($ in millions)
2026
2025
2026
2025
Net premiums written
$
574.8
$
536.0
$
1,205.2
$
1,140.6
Growth
7.2
%
4.4
%
5.7
%
4.1
%
Net premiums earned
579.3
554.3
1,143.1
1,095.3
Operating income before taxes
77.5
83.9
152.3
110.7
Loss and LAE ratio
63.2
%
60.1
%
63.5
%
65.0
%
Expense ratio
32.5
%
32.9
%
32.6
%
33.2
%
Combined ratio
95.7
%
93.0
%
96.1
%
98.2
%
Prior-year development ratio
(0.1)
%
(0.5)
%
(0.2)
%
(0.4)
%
Catastrophe ratio
4.6
%
4.1
%
5.0
%
6.3
%
Combined ratio, excluding catastrophes
91.1
%
88.9
%
91.1
%
91.9
%
Current accident year combined ratio,
excluding catastrophes
91.2
%
89.4
%
91.3
%
92.3
%
Specialty
Specialty operating income before income taxes was $68.4 million in the second quarter of 2026, compared to $71.2 million in the second quarter of 2025. The Specialty combined ratio was 88.3%, compared to 86.5% in the prior-year quarter. Catastrophe losses in the second quarter of 2026 were $10.0 million, or 2.7 points of the combined ratio. This compared to catastrophe losses of $14.6 million, or 4.1 points, in the prior-year quarter.
Second quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $10.8 million, or 3.0 points, with widespread favorability. Net favorable prior-year reserve development, excluding catastrophes, was $12.5 million, or 3.5 points, in the second quarter of 2025.
Specialty current accident year combined ratio, excluding catastrophes, increased 2.7 points, to 88.6% in the second quarter of 2026, from 85.9% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, of 51.6% in the second quarter of 2026 was consistent with the company's long-term expectations for the segment and increased 2.6 points compared to the prior-year quarter, which saw lower-than-expected property losses.
Net premiums written were $384.4 million in the second quarter of 2026, up 4.4% from the prior-year quarter, an acceleration from the first quarter of 2026. Specialty renewal price increases averaged 3.6%, including average rate increases of 2.1%.
The following table summarizes premiums and the components of the combined ratio for Specialty:
Three months ended
Six months ended
June 30
June 30
($ in millions)
2026
2025
2026
2025
Net premiums written
$
384.4
$
368.2
$
751.1
$
726.5
Growth
4.4
%
4.6
%
3.4
%
5.0
%
Net premiums earned
365.8
355.9
725.7
695.5
Operating income before taxes
68.4
71.2
152.4
135.8
Loss and LAE ratio
51.3
%
49.6
%
49.6
%
50.1
%
Expense ratio
37.0
%
36.9
%
36.7
%
36.9
%
Combined ratio
88.3
%
86.5
%
86.3
%
87.0
%
Prior-year development ratio
(3.0)
%
(3.5)
%
(3.4)
%
(4.1)
%
Catastrophe ratio
2.7
%
4.1
%
2.7
%
4.2
%
Combined ratio, excluding catastrophes
85.6
%
82.4
%
83.6
%
82.8
%
Current accident year combined ratio,
excluding catastrophes
88.6
%
85.9
%
87.0
%
86.9
%
Personal Lines
Personal Lines operating income before income taxes was $104.9 million in the second quarter of 2026, compared to $57.4 million in the second quarter of 2025. The Personal Lines combined ratio was 88.9%, compared to 95.5% in the prior-year quarter. Catastrophe losses in the second quarter of 2026 were $55.4 million, or 8.5 points of the combined ratio. This compared to catastrophe losses of $70.2 million, or 11.1 points of the combined ratio, in the prior-year quarter.
Second quarter 2026 results included net favorable prior-year reserve development, excluding catastrophes, of $10.1 million, or 1.5 points, compared to $2.6 million, or 0.4 points, in the second quarter of 2025.
Personal Lines current accident year combined ratio, excluding catastrophe losses, decreased 2.9 points, to 81.9%, in the second quarter of 2026, from 84.8% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased 4.2 points from the prior-year quarter, to 55.6%, driven by the continued benefit of earned pricing outpacing loss trends and benign property claims frequency, as well as lower large loss experience in homeowners in the quarter.
The expense ratio increased by 1.3 points, to 26.3%, in the second quarter of 2026, compared to the prior-year quarter, primarily reflecting the timing of variable agency compensation expenses due to meaningfully better-than-expected results to date.
Net premiums written were $697.6 million in the second quarter of 2026, up 2.6% compared to the prior-year quarter. The increase was primarily due to higher new business, and to a lesser extent, the impact of renewal price increases. Personal Lines renewal price increases averaged 8.7%, including average rate increases of 4.8%. Policies in force (PIF) in the second quarter of 2026 were essentially flat compared to the first quarter of 2026.
The following table summarizes premiums and components of the combined ratio for Personal Lines:
Three months ended
Six months ended
June 30
June 30
($ in millions)
2026
2025
2026
2025
Net premiums written
$
697.6
$
679.6
$
1,260.2
$
1,227.5
Growth
2.6
%
3.7
%
2.7
%
3.4
%
Net premiums earned
652.5
635.1
1,299.4
1,263.0
Operating income before taxes
104.9
57.4
194.1
151.6
Loss and LAE ratio
62.6
%
70.5
%
64.2
%
67.5
%
Expense ratio
26.3
%
25.0
%
26.0
%
25.1
%
Combined ratio
88.9
%
95.5
%
90.2
%
92.6
%
Prior-year development ratio
(1.5)
%
(0.4)
%
(1.5)
%
(0.4)
%
Catastrophe ratio
8.5
%
11.1
%
8.8
%
8.3
%
Combined ratio, excluding catastrophes
80.4
%
84.4
%
81.4
%
84.3
%
Current accident year combined ratio,
excluding catastrophes
81.9
%
84.8
%
82.9
%
84.7
%
Investments
Net investment income was $119.6 million in the second quarter of 2026, an increase of 13.4% from the prior-year quarter, primarily due to the continued investment of cashflows from operations and the impact of higher earned yields on the fixed maturity investment portfolio. Total pre-tax earned yield on the investment portfolio for the second quarter of 2026 was 4.28%, up from 4.11% in the prior-year quarter. The average pre-tax earned yield on fixed maturities was 4.45% for the second quarter of 2026, up from 4.24% in the prior-year quarter.
Net realized and unrealized investment gains recognized in earnings were $2.8 million in the second quarter of 2026. This compared to net realized and unrealized investment losses recognized in earnings of $2.5 million in the second quarter of 2025.
The company held $11.2 billion in cash and invested assets at June 30, 2026. Fixed maturities and cash represented approximately 93% of the investment portfolio. Approximately 95% of the company's fixed maturity portfolio is rated investment grade. As of June 30, 2026, net unrealized losses on the fixed maturity portfolio were $259.5 million before income taxes, compared to $235.6 million at March 31, 2026.
Shareholders' Equity and Capital Actions
At June 30, 2026, book value per share was $105.40, up 3.5% from March 31, 2026, driven by strong earnings, partially offset by share repurchases, the ordinary quarterly cash dividends, and an increase in the unrealized loss position on the fixed maturity portfolio. Book value per share, excluding net unrealized depreciation on fixed maturity investments, net of tax, was $111.26 at June 30, 2026, up 3.8% from March 31, 2026.
At June 30, 2026, operating insurance company's statutory capital and surplus was $3.54 billion, slightly higher compared to March 31, 2026.
The company repurchased approximately 291,000 shares of common stock in the second quarter of 2026, totaling approximately $55 million. Year-to-date through July 24th, the company has repurchased approximately 827,000 shares, totaling approximately $149 million. The company has approximately $660 million of remaining capacity under its new $700 million share repurchase authorization announced on May 13, 2026.
Earnings Conference Call
The company will host a conference call to discuss its second quarter results on Wednesday, July 29, at 10:00 a.m. E.T. A presentation will accompany the prepared remarks and has been posted on The Hanover's website. Interested investors and others can listen to the call and access the presentation through The Hanover's website, located in the "Investors" section at www.hanover.com. Investors may access the conference call by dialing 1-844-413-3975 in the U.S. and 1-412-317-5458 internationally. Webcast participants should go to the website 15 minutes early to register, download and install any necessary audio software. A re-broadcast of the conference call will be available on The Hanover's website approximately two hours after the call.
The Hanover Strategic Outlook and Financial Update
The company will hold a virtual strategic outlook and financial update on Thursday, September 17, at 10:00 a.m. ET, highlighting the next chapter of The Hanover, its strategic priorities, and updated long-term financial targets. The event will include a live question and answer session with members of the executive team. A live webcast of the event will be available through the "Investors" section of the company's website. A replay of the webcast will be available following the event.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.
Contact Information
Definition of Segments
Continuing operations include four reporting segments: Core Commercial, Specialty, Personal Lines and Other. The Core Commercial segment includes commercial multiple peril, commercial automobile, workers' compensation and other core commercial lines coverages provided to small and mid-sized businesses. The Specialty segment includes four divisions of business: marine and industrial property, professional and executive lines (such as management and professional liability), E&S and alternative markets, and surety and other. E&S and alternative markets includes coverages such as excess and surplus lines, program business (providing commercial insurance to markets with specialized coverage or risk management need related to groups of similar businesses), and specialty general liability coverage. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families. The Other segment primarily includes the operations of the holding company, and our run-off direct asbestos and environmental business, run-off voluntary assumed property and casualty pools business, and run-off product liability business.
Financial Supplement
The Hanover's second quarter news release and financial supplement are available in the "Investors" section of the company's website at hanover.com.
The Hanover Insurance Group, Inc.
Consolidated Statements of Income
Three months ended
Six months ended
June 30
June 30
($ in millions)
2026
2025
2026
2025
Revenues
Premiums earned
$
1,597.6
$
1,545.3
$
3,168.2
$
3,053.8
Net investment income
119.6
105.5
246.5
211.6
Net realized and unrealized investment gains (losses):
Net realized losses from sales and other
(5.4)
(4.6)
(10.3)
(23.4)
Net change in fair value of equity securities and other
10.5
5.0
15.1
6.0
Impairments on investments:
Credit-related impairments
(1.4)
(2.5)
(3.0)
(2.5)
Losses on intent to sell securities
(0.9)
(0.4)
(1.3)
(0.4)
Total impairments on investments
(2.3)
(2.9)
(4.3)
(2.9)
Total net realized and unrealized investment gains (losses)
2.8
(2.5)
0.5
(20.3)
Fees and other income
6.2
6.1
12.4
12.5
Total revenues
1,726.2
1,654.4
3,427.6
3,257.6
Losses and expenses
Losses and loss adjustment expenses
962.5
957.2
1,920.1
1,912.5
Amortization of deferred acquisition costs
338.0
319.0
671.2
632.9
Interest expense
10.1
8.6
20.9
17.1
Other operating expenses
171.0
170.8
333.7
336.2
Total losses and expenses
1,481.6
1,455.6
2,945.9
2,898.7
Income before income taxes
244.6
198.8
481.7
358.9
Income tax expense
53.2
41.9
103.5
73.8
Income from continuing operations
191.4
156.9
378.2
285.1
Discontinued operations (net of taxes):
Income from discontinued life businesses
0.2
0.2
0.2
0.2
Net income
$
191.6
$
157.1
$
378.4
$
285.3
The Hanover Insurance Group, Inc.
Condensed Consolidated Balance Sheets
June 30
December 31
($ in millions)
2026
2025
Assets
Total investments
$
10,902.0
$
10,382.7
Cash and cash equivalents
266.1
1,122.7
Premiums and accounts receivable, net
1,950.1
1,861.3
Reinsurance recoverable on paid and unpaid losses and unearned premiums
2,078.9
2,011.1
Other assets
1,582.2
1,484.5
Assets of discontinued businesses
84.6
83.6
Total assets
$
16,863.9
$
16,945.9
Liabilities
Loss and loss adjustment expense reserves
$
8,001.7
$
7,755.2
Unearned premiums
3,479.6
3,440.4
Short-term debt
50.1
375.0
Long-term debt
793.9
843.3
Other liabilities
761.3
851.9
Liabilities of discontinued businesses
104.8
108.6
Total liabilities
13,191.4
13,374.4
Total shareholders' equity
3,672.5
3,571.5
Total liabilities and shareholders' equity
$
16,863.9
$
16,945.9
The following is a reconciliation from operating income to income from continuing operations and net income(5)(8):
The Hanover Insurance Group, Inc.
Three months ended June 30
Six months ended June 30
2026
2025
2026
2025
($ in millions, except per share data)
$
Amount
Per Share
(Diluted)
$
Amount
Per Share
(Diluted)
$
Amount
Per Share
(Diluted)
$
Amount
Per Share
(Diluted)
Operating income
Core Commercial
$
77.5
$
83.9
$
152.3
$
110.7
Specialty
68.4
71.2
152.4
135.8
Personal Lines
104.9
57.4
194.1
151.6
Other
1.1
(2.6)
3.3
(1.8)
Total
251.9
209.9
502.1
396.3
Interest expense
(10.1)
(8.6)
(20.9)
(17.1)
Operating income before income taxes
241.8
$
6.79
201.3
$
5.51
481.2
$
13.44
379.2
$
10.37
Income tax expense on operating income
(52.6)
(1.48)
(42.6)
(1.16)
(103.5)
(2.89)
(78.7)
(2.15)
Operating income after income taxes
189.2
5.31
158.7
4.35
377.7
10.55
300.5
8.22
Non-operating items:
Net realized losses from sales and other
(5.4)
(0.15)
(4.6)
(0.12)
(10.3)
(0.29)
(23.4)
(0.63)
Net change in fair value of equity securities and
other
10.5
0.30
5.0
0.13
15.1
0.43
6.0
0.16
Impairments on investments:
Credit-related impairments
(1.4)
(0.04)
(2.5)
(0.07)
(3.0)
(0.08)
(2.5)
(0.07)
Losses on intent to sell securities
(0.9)
(0.03)
(0.4)
(0.01)
(1.3)
(0.04)
(0.4)
(0.01)
Total impairments on investments
(2.3)
(0.07)
(2.9)
(0.08)
(4.3)
(0.12)
(2.9)
(0.08)
Income tax benefit (expense) on non-operating
items
(0.6)
(0.02)
0.7
0.02
-
-
4.9
0.13
Income from continuing operations, net of taxes
191.4
5.37
156.9
4.30
378.2
10.57
285.1
7.80
Discontinued operations (net of taxes):
Income from discontinued life businesses
0.2
0.01
0.2
-
0.2
0.01
0.2
-
Net income
$
191.6
$
5.38
$
157.1
$
4.30
$
378.4
$
10.58
$
285.3
$
7.80
Dilutive weighted average shares outstanding
35.6
36.5
35.8
36.6
Basic weighted average shares outstanding
35.0
35.9
35.1
35.9
Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements
Certain statements in this document may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may address, among other things, expectations regarding our growth, the strength of our reserves, certain statements regarding our performance for the remainder of 2026 and beyond, as well as our expectations, intentions and other statements that are not historical facts. Words such as: "believes," "anticipates," "expects," "intends," "may," "projects," "plan," "likely," "potential," "targeted," "forecasts," "should," "could," "continue," and other similar expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. The company cautions investors that any such forward-looking statements are estimates, beliefs, expectations and/or projections that involve significant judgment, are not guarantees and are not necessarily indicative of future performance. Actual results could differ materially from those anticipated. Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made and should understand the risks and uncertainties inherent in or particular to the company's business. Some of the factors that could cause actual results to differ include, but are not limited to: changes in the demand for our products; risks and uncertainties related to our growth and operating strategies, including our ability to attract, grow and retain profitable policies in force, to increase rates commensurate with, or in excess of, loss trends, and to manage expenses and execute strategic initiatives effectively; adverse claims experience or changes in our estimates of loss and loss adjustment expense reserves, including those arising from catastrophes, inflationary pressures or global unrest, which may result in lower current year underwriting results or adverse loss development, and which could negatively impact our carried reserves; uncertainties with respect to the long-term profitability of our products, including with respect to newer products, or longer-tail products covering casualty losses; disruption in our distribution channels, including the loss or disruption of our independent agency channel, and the impact of competition and consolidation in the industry and among agents and brokers; changes in frequency and loss severity trends, exacerbated by fluctuations in economic conditions; changes in regulatory, legislative, economic, market and political conditions, particularly with respect to rates, policy terms and conditions, the use of artificial intelligence and other technologies, privacy and data security, payment flexibility, and regions where we have geographical concentration; volatile and unpredictable developments, including severe weather (whether arising from changing climate conditions or weather patterns, or otherwise) and other natural physical events, catastrophes, pandemics, civil unrest, war, global conflicts, and terrorist actions, and the uncertainty in estimating the resulting losses; and, other risks, uncertainties and factors discussed in the company's most recently filed quarterly report on Form 10-Q and its 2025 Annual Report filed on Form 10-K and in the company's other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference. The company does not undertake the responsibility to update or revise such forward-looking statements, except as required by law.
Non-GAAP Financial Measures
As discussed on page 39 of the company's Annual Report on Form 10-K for the year ended December 31, 2025, the company uses non-GAAP financial measures as important measures of its operating performance, including operating income, operating income before interest expense and income taxes, operating income per diluted share, and components of the combined ratio, both excluding and/or including catastrophe losses, prior-year reserve development and the expense ratio. Management believes these non-GAAP financial measures are important indications of the company's operating performance. The definition of other non-GAAP financial measures and terms can be found in the 2025 Annual Report on pages 61-64.
Operating income and operating income per diluted share are non-GAAP measures. They are defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), gains and/or losses on the repayment of debt, other non-operating items, and results from discontinued operations. Net realized and unrealized investment gains (losses), which include changes in the fair value of equity securities still held, are excluded for purposes of presenting operating income, as they are, to a certain extent, determined by interest rates, financial markets and the timing of sales. Operating income also excludes net gains and losses from disposals of businesses, gains and losses related to the repayment of debt, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes, and certain other items. Operating income is the sum of the segment income from: Core Commercial, Specialty, Personal Lines, and Other, after interest expense and income taxes. In reference to one of the company's four reporting segments, "operating income" is the segment income before both interest expense and income taxes. The company also uses "operating income per diluted share" (which is after both interest expense and income taxes). Operating income per share is calculated by dividing operating income by the weighted average number of diluted shares of common stock. Operating loss per share is calculated by dividing operating loss by the weighted average number of basic shares of common stock due to antidilution. The company believes that metrics of operating income and operating income in relation to its four reporting segments provide investors with a valuable measure of the performance of the company's continuing businesses because they highlight the portion of net income attributable to the core operations of the business. Income from continuing operations is the most directly comparable GAAP measure for operating income (and operating income before income taxes) and measures of operating income that exclude the effects of catastrophe losses and/or prior-year reserve development. These non-GAAP measures should not be misconstrued as substitutes for income from continuing operations or net income determined in accordance with GAAP. A reconciliation of operating income to income from continuing operations and net income for the relevant periods is included on page 9 of this news release and in the Financial Supplement.
Operating return on average equity (ROE) is a non-GAAP measure. See end note (6) for a detailed explanation of how this measure is calculated. Operating ROE is based on non-GAAP operating income. In addition, the portion of shareholder equity attributed to unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is excluded. The company believes this measure is helpful in that it provides insight to the capital used by, and results of, the continuing business exclusive of interest expense, income taxes, and other non-operating items. These measures should not be misconstrued as substitutes for GAAP ROE, which is based on net income and shareholders' equity of the entire company and without adjustments.
Book value per share is total shareholders' equity divided by the number of common shares outstanding. Book value per share excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure and is total shareholders' equity excluding the after-tax effect of unrealized appreciation (depreciation) on fixed maturities and market risk divided by the number of common shares outstanding.
The company may provide measures of operating income and combined ratios that exclude the impact of catastrophe losses (which in all respects include prior accident year catastrophe loss development). A catastrophe is a severe loss, resulting from natural or manmade events including, but is not limited to, hurricanes, tornadoes and other windstorms, hail, flood, earthquakes, fires, drought, explosions, severe winter weather and other convective storms, riots, and terrorism. Due to the unique characteristics of each catastrophe loss, there is an inherent inability to reasonably estimate the timing or loss amount in advance. The company believes a separate discussion excluding the effects of catastrophe losses is meaningful to understand the underlying trends and variability of earnings, loss and combined ratio results, among others.
Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in the company's estimate of costs related to claims from prior years. Calendar year loss and loss adjustment expense (LAE) ratios determined in accordance with GAAP, excluding prior accident year reserve development, are sometimes referred to as "current accident year loss ratios." The company believes a discussion of loss and combined ratios excluding prior accident year reserve development is helpful since it provides insight into both estimates of current accident year results and the accuracy of prior-year estimates.
The loss and combined ratios in accordance with GAAP are the most directly comparable GAAP measures for the loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development. The presentation of loss and combined ratios calculated excluding the effects of catastrophe losses and/or prior-year reserve development should not be misconstrued as substitutes for the loss and/or combined ratios determined in accordance with GAAP.
Endnotes
(1)
Combined ratio, excluding catastrophes, and current accident year combined ratio, excluding catastrophes, are non-GAAP measures. These and other non-GAAP measures are used throughout this document. See the disclosure on the use of this and other non-GAAP measures under the headings "Forward-Looking Statements" and "Non-GAAP Financial Measures." The combined ratio (which includes catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. A reconciliation of the GAAP combined ratio to the combined ratio, excluding catastrophes, and to the current accident year combined ratio, excluding catastrophes, is shown below.
Current accident year combined ratio, excluding
catastrophe losses (non-GAAP)
92.3
%
86.9
%
84.7
%
87.9
%
(2)
Renewal price changes in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the estimated net effect of base rate changes, discretionary pricing, specific inflationary changes or changes in policy level exposure or insured risks. Rate increases in Core Commercial and Specialty represent the average change in premium on renewed policies caused by the base rate changes, discretionary pricing, and inflation, excluding the impact of changes in policy level exposure or insured risks. Renewal price change in Personal Lines represents the average change in premium on policies charged at renewal caused by the net effects of filed rate, inflation adjustments or other changes in policy level exposure or insured risks, regardless of whether or not the policies are retained for the duration of their contractual terms. Rate change in Personal Lines is the estimated cumulative premium effect of approved rate actions applied to policies at renewal, regardless of whether or not policies are actually renewed. Accordingly, rate changes do not represent actual increases or decreases realized by the company. Personal Lines rate changes do not include inflation or changes in policy level exposure or insured risks.
(3)
Current accident year loss and LAE ratio, excluding catastrophe losses, is a non-GAAP measure, which is equal to the loss and LAE ratio (loss ratio), excluding prior-year reserve development and catastrophe losses. The loss ratio (which includes losses, LAE, catastrophe losses and prior-year loss reserve development) is the most directly comparable GAAP measure. The following is a reconciliation of the GAAP loss ratio to the current accident year loss ratio, excluding catastrophe losses.
Three months ended
June 30, 2026
Core
Commercial
Specialty
Personal
Lines
Total
Total loss and LAE ratio
63.2
%
51.3
%
62.6
%
60.2
%
Less:
Prior-year reserve development ratio
(0.1)
%
(3.0)
%
(1.5)
%
(1.3)
%
Catastrophe ratio
4.6
%
2.7
%
8.5
%
5.7
%
Current accident year loss and LAE ratio, excluding
catastrophes
58.7
%
51.6
%
55.6
%
55.8
%
June 30, 2025
Total loss and LAE ratio
60.1
%
49.6
%
70.5
%
61.9
%
Less:
Prior-year reserve development ratio
(0.5)
%
(3.5)
%
(0.4)
%
(1.2)
%
Catastrophe ratio
4.1
%
4.1
%
11.1
%
7.0
%
Current accident year loss and LAE ratio, excluding
catastrophes
56.5
%
49.0
%
59.8
%
56.1
%
Six months ended
June 30, 2026
Core
Commercial
Specialty
Personal
Lines
Total
Total loss and LAE ratio
63.5
%
49.6
%
64.2
%
60.6
%
Less:
Prior-year reserve development ratio
(0.2)
%
(3.4)
%
(1.5)
%
(1.5)
%
Catastrophe ratio
5.0
%
2.7
%
8.8
%
6.0
%
Current accident year loss and LAE ratio, excluding
catastrophes
58.7
%
50.3
%
56.9
%
56.1
%
June 30, 2025
Total loss and LAE ratio
65.0
%
50.1
%
67.5
%
62.6
%
Less:
Prior-year reserve development ratio
(0.4)
%
(4.1)
%
(0.4)
%
(1.3)
%
Catastrophe ratio
6.3
%
4.2
%
8.3
%
6.7
%
Current accident year loss and LAE ratio, excluding
catastrophes
59.1
%
50.0
%
59.6
%
57.2
%
(4)
Book value per share, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is a non-GAAP measure. Book value per share is the most directly comparable GAAP measure and is reconciled in the table below.
Period ended
March 31
June 30
2026
2026
Book value per share
$101.86
$105.40
Less: Net unrealized appreciation (depreciation) on fixed
maturity investments, net of tax, per share
(5.28)
(5.86)
Book value per share, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax
$107.14
$111.26
Versus prior quarter
Change in book value per share
3.5 %
Change in book value per share, excluding net unrealized
appreciation (depreciation) on fixed maturity investments, net of tax
3.8 %
(5)
Operating income and operating income per diluted share are non-GAAP measures. Operating income before income taxes, as referenced in the results of the reporting segments, is defined as, with respect to such segment, operating income before interest expense and income taxes. The reconciliation of operating income and operating income per diluted share to the closest GAAP measures, income from continuing operations and income from continuing operations per diluted share, respectively, and to net income and net income per diluted share, respectively, is provided on the preceding pages of this news release.
(6)
Operating return on average equity (operating ROE) is a non-GAAP measure. Operating ROE is calculated by dividing annualized operating income after tax for the applicable period (see under the heading in this news release "Non-GAAP Financial Measures" and end note (5)), by average shareholders' equity, excluding unrealized appreciation (depreciation) on fixed maturity investments, net of tax, for the period presented. Total shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is also a non-GAAP measure. Total shareholders' equity is the most directly comparable GAAP measure and is reconciled in the following table. For the calculation of operating ROE, the average of beginning and ending shareholders' equity, excluding net unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is used for the period as shown and reconciled in the following table.
Period Ended
($ in millions)
December 31
March 31
June 30
2025
2026
2026
Total shareholders' equity (GAAP)
$
3,571.5
$
3,570.4
$
3,672.5
Less: net unrealized appreciation (depreciation)
on fixed maturity investments, net of tax
(117.1)
(185.0)
(204.1)
Total shareholders' equity, excluding net
unrealized appreciation (depreciation)
on fixed maturity investments, net of tax
$
3,688.6
$
3,755.4
$
3,876.6
Quarter Averages
Average shareholders' equity (GAAP)
$
3,621.5
Average shareholders' equity, excluding net
unrealized appreciation (depreciation) on
fixed maturity investments, net of tax
$
3,816.0
Year-to-date Averages
Average shareholders' equity (GAAP)
$
3,604.8
Average shareholders' equity, excluding net
unrealized appreciation (depreciation) on
fixed maturity investments, net of tax
$
3,773.5
($ in millions)
Three months ended
Six months ended
June 30
June 30
Net Income ROE
2026
2026
Net income (GAAP)
$
191.6
$
378.4
Annualized net income*
766.4
756.8
Average shareholders' equity (GAAP)
$
3,621.5
$
3,604.8
Return on equity
21.2
%
21.0
%
Operating Income ROE (non-GAAP)
Operating income after taxes
$
189.2
$
377.7
Annualized operating income, net of tax*
756.8
755.4
Average shareholders' equity, excluding net unrealized appreciation
(depreciation) on fixed maturity investments, net of tax
$
3,816.0
$
3,773.5
Operating return on equity
19.8
%
20.0
%
*For three months ended June 30, 2026, annualized net income and operating income after taxes is calculated by multiplying three months ended net income and operating income after taxes, respectively, by 4. For six months ended June 30, 2026, annualized net income and operating income after taxes is calculated by multiplying six months ended net income and operating income after taxes, respectively, by 2.
(7)
Here, and throughout this document, the expense ratio is reduced by installment and other fee revenues for purposes of the ratio calculation.
(8)
The separate financial information of each reporting segment is presented consistent with the way results are regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management evaluates the results of the aforementioned reporting segments without consideration of interest expense on debt and on a pre-tax basis.
Caesars Entertainment vykázala ve 2. čtvrtletí ztrátu 0,3 USD na akcii, horší než očekávaných 0,04 USD, ale tržby 2,99 mld. USD překonaly odhad o 1,09 %.
Caesars Entertainment (CZR - Free Report) came out with a quarterly loss of $0.3 per share versus the Zacks Consensus Estimate of $0.04. This compares to a loss of $0.39 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -850.00%. A quarter ago, it was expected that this casino and resort operator would post a loss of $0.19 per share when it actually produced a loss of $0.48, delivering a surprise of -152.63%.
Over the last four quarters, the company has not been able to surpass consensus EPS estimates.
Caesars Entertainment, which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $2.99 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.09%. This compares to year-ago revenues of $2.91 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Caesars Entertainment shares have added about 28.1% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Caesars Entertainment?While Caesars Entertainment has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Caesars Entertainment was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.04 on $2.98 billion in revenues for the coming quarter and -$0.49 on $11.83 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Services is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Viking Holdings (VIK - Free Report) , is yet to report results for the quarter ended June 2026.
This cruise operator is expected to post quarterly earnings of $1.25 per share in its upcoming report, which represents a year-over-year change of +26.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Viking Holdings' revenues are expected to be $2.13 billion, up 13% from the year-ago quarter.
