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, /PRNewswire/ -- Amcor (NYSE: AMCR, ASX: AMC), a global leader in developing and producing responsible packaging solutions, today announced a global call for startups to participate in its Amcor Lift-Off — Rigids challenge.

This initiative is part of Amcor Lift-Off, a global program led by the Corporate Venturing & Open Innovation team that connects Amcor with startups shaping the future of packaging. The program connects selected startups with Amcor's R&D, commercial and venturing teams to explore strategic collaboration opportunities and potential investment.

Amcor launched its Amcor Lift-Off — Rigids challenge focused on identifying solutions that address key opportunities in rigid packaging and adjacent systems. Building on the success of previous Amcor Lift-Off initiatives, which have resulted in partnerships across areas such as advanced materials, artificial intelligence and recycling technologies, this challenge focuses on identifying solutions that address key opportunities in rigid packaging and adjacent systems.

Focus areas
Startups are invited to submit technologies aligned with one or more of the following areas:

Shelf-life indicators Injection molding processes and platforms Recyclable barrier technologies Fiber-based packaging Dispenser and applicator systems Retort and pasteurization solutions Smart packaging Rigid and flexible hybrid systems (including refill and reuse models) Recycling, sorting and decontamination technologies Artificial intelligence and machine learning applications Amcor is focused on solutions that can improve performance, enable circularity, enhance consumer experience or unlock new business models across the packaging value chain.

Who should apply
Amcor is seeking startups with technologies that are validated beyond early pilot stage and demonstrate clear commercial potential.

Program structure
The Amcor Lift-Off program will proceed in three phases:

Applications: Open for submissions until June 8, 2026 Screening and feedback: Until June 20, 2026 Virtual Pitch Day: June 30, 2026 Selected startups will be invited to present their solutions to Amcor's R&D, business and corporate venturing teams. Successful teams will have the opportunity to engage with Amcor teams to explore commercial partnerships, pilot projects and investment opportunities, with success measured through strategic adoption and scalability.

Visit Amcor Ventures to learn more.

About Amcor Lift-Off
Amcor Lift-Off is part of Amcor's global innovation strategy to partner with startups developing differentiated technologies and business models. The program is designed to accelerate the development and scaling of new solutions by combining venture investment with access to Amcor's global capabilities and expertise.

About Amcor
Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enables us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, over 75,000 people generate $23 billion in annualized sales from operations that span over 400 locations in more than 40 countries. NYSE: AMCR; ASX: AMC
www.amcor.com | LinkedIn | YouTube 

SOURCE Amcor

With the S&P 500 grinding sideways and Treasury yields keeping income hunters on edge, dividend-paying stocks trading under $40 are getting a fresh look from retail investors who want defensive cash flow without paying a premium. Consumer packaging is about as defensive as the materials sector gets, and one global leader is sitting well below its long-term fair value while still raising the payout. That combination is rare enough to warrant a closer look right now.

With that in mind, here is one stock trading under $40 that looks mispriced relative to its income profile and synergy runway.

Amcor (NYSE: AMCR) Amcor (NYSE:AMCR | AMCR Price Prediction) is a UK-domiciled packaging company that makes flexible packaging, rigid containers, closures, and cartons for the food, beverage, healthcare, beauty, and home care customers you already buy from every week. After closing the all-stock acquisition of Berry Global on April 30, 2025, it now sits at the center of a $23 billion revenue platform serving consumer staples brands across more than 40 countries.

Shares closed at $38.38 on May 22, 2026, down 6.74% year-to-date and 11.2% over the past year. For a retail investor scanning under-$40 names, that slide is the opportunity: a global consumer packaging leader has been sold down with the broader materials group, even though its end markets are mostly recession-resistant.

The fundamentals back up the income thesis. Amcor pays a $0.65 quarterly dividend, an annualized $2.60 per share, with the next payment due June 17, 2026. The custom thesis frames the forward dividend yield near 5.87%, and management raised the payout 1.96% year-over-year while integrating the largest deal in its history. Forward earnings sit at roughly 10x, with trailing earnings per share of $1.24. The analyst consensus price target of $48.21 sits well above the current quote, and Truist Securities reiterated a Buy rating with a $60 price target after the most recent results.

The bull case is straightforward. Q3 fiscal 2026 delivered adjusted EPS of $0.96 on revenue of $5.91 billion, with adjusted EBITDA margin expanding to 15.1% from 14.3% a year earlier. Berry synergies hit $77 million in the quarter and $140 million year-to-date, tracking the upper end of the $270 million annual target and the $650 million total pre-tax synergy goal by fiscal 2028. Management reaffirmed full-year adjusted EPS guidance of $3.98 to $4.03, roughly 12% growth at the midpoint. CEO Peter Konieczny said the “Third quarter results were in line with expectations and reflect the resilience of our business as we mark the first anniversary of bringing legacy Amcor and Berry together as One Amcor.” The custom thesis adds that Amcor is trading at a 26% discount to long-term fair value, with its narrow economic moat anchored by global scale and entrenched relationships with consumer staples customers still intact.

The risk that cuts against the thesis is leverage. Net debt stands at $14.27 billion after the Berry deal, GAAP net interest expense doubled to $153 million, and management trimmed free cash flow guidance to $1.50 billion to $1.60 billion after Middle East conflict-driven inventory build. Combined volumes were about 1.5% lower year-over-year, and Wells Fargo cut its price target to $41 with an Equal Weight rating citing macro headwinds. Those concerns are real, but they sit on top of a cash-generative consumer packaging franchise that continues to compound through the Berry integration.

For income-focused investors who want a defensive consumer-tied cash flow stream at a discount, Amcor under $40 looks like a high-conviction setup backed by yield, synergy capture, and analyst upside.

The Takeaway Amcor’s under-$40 quote only matters because the underlying yield, synergy roadmap, and analyst targets line up behind it. Do your own research on the leverage profile, free cash flow cadence, and integration milestones before deciding whether this packaging giant fits your portfolio.

A month has gone by since the last earnings report for Amcor (AMCR - Free Report) . Shares have lost about 5.7% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Amcor due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

Amcor's Q3 Earnings Meet Estimates, Sales Beat on Berry AcquisitionAmcor delivered third-quarter fiscal 2026 adjusted earnings of 96 cents per share, up 6% year over year and in line with the Zacks Consensus Estimate. Reported net sales climbed 77% from the year-ago quarter to $5.91 billion and beat the consensus mark of $5.69 billion.

Results reflected the first full year of the Berry combination and continued integration progress, including $77 million of acquisition synergies in the quarter, along with cost and productivity actions that supported profitability.

Amcor's Margins Improve Despite Integration CostsProfitability advanced meaningfully in the quarter as adjusted EBITDA rose to $892 million from $477 million in the prior-year quarter, translating to a 15.1% margin, up from 14.3% a year ago. Adjusted EBIT increased to $687 million from the prior-year quarter’s $384 million, with the adjusted EBIT margin increasing to 11.6%, highlighting better mix and execution across the combined platform.

The top line was primarily shaped by acquisition-driven expansion. On a constant-currency basis, net sales grew 70% year over year, including $2.4 billion of acquired sales net of divestments, while raw material pass-through had no material impact on consolidated revenues.

Underlying demand remained pressured. Amcor estimated that volumes were 1.5% lower than estimated combined volumes for the legacy Amcor and legacy Berry businesses in the prior-year quarter (excluding non-core and divested businesses). Price/mix was described as having no material impact on net sales.

Flexibles Segment Gains From Scale BenefitsGlobal Flexible Packaging Solutions posted net sales of $3.25 billion, up 35% on a reported basis and 29% in constant currency. Adjusted EBIT increased to $452 million from the prior-year quarter’s $343 million, lifting segment profitability.

The company cited higher volumes in pet food and protein, offset by softer demand in healthcare and other nutrition. Regional trends were also mixed, with volumes lower across North America and Europe and higher across Asia. The segment’s profit improvement reflected integration benefits, productivity and cost performance, partly offset by the volume backdrop.

Rigids Segment Absorbs Weather DisruptionsGlobal Rigid Packaging Solutions generated net sales of $2.66 billion, up 187% year over year on a reported basis and 174% in constant currency, again reflecting the enlarged portfolio following the Berry deal. Adjusted EBIT rose to $276 million, marking a significant increase from the prior-year quarter’s $70 million.

However, the company highlighted an estimated $25-million impact of U.S. storms within the segment, which tempered the results even as synergy capture and cost initiatives supported profitability in the combined footprint.

Amcor's Balance Sheet UpdatesAs of March 31, 2026, Amcor had $1.59 billion in cash and cash equivalents compared with $0.83 billion as of June 30, 2025. The company generated $556 million of cash in operating activities in the first nine months of fiscal 2026 compared with $276 million in the year-ago comparable period, while net debt stood at $14.27 billion at the quarter-end. The board also declared a quarterly dividend of 65 cents per share.

Amcor Lowers EPS & Free Cash Flow ViewAMCR has updated its fiscal 2026 outlook, guiding adjusted earnings of $3.98-$4.03 per share, lower than the prior stated $4.00-$4.15. The company also reduced its free cash flow forecast to $1.5-$1.6 billion from the previously mentioned $1.8-$1.9 billion, citing a shift toward higher inventory levels at higher costs to protect customer service levels amid Middle East conflict-related supply considerations.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.

VGM ScoresCurrently, Amcor has a average Growth Score of C, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Amcor has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerAmcor is part of the Zacks Containers - Paper and Packaging industry. Over the past month, Packaging Corp. (PKG - Free Report) , a stock from the same industry, has gained 0.6%. The company reported its results for the quarter ended March 2026 more than a month ago.

Packaging Corp. reported revenues of $2.37 billion in the last reported quarter, representing a year-over-year change of +10.6%. EPS of $2.40 for the same period compares with $2.31 a year ago.

Packaging Corp. is expected to post earnings of $2.36 per share for the current quarter, representing a year-over-year change of -4.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.3%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Packaging Corp.. Also, the stock has a VGM Score of D.

SAN FRANCISCO, June 09, 2026 (GLOBE NEWSWIRE) -- Girard Sharp LLP, a national investment, securities, and consumer class action firm, is investigating potential securities claims on behalf of former Berry Global Group, Inc (“Berry”) investors who received shares of Amcor plc (“Amcor” or the “Company”) in connection with Amcor’s acquisition of Berry on April 30, 2025 (“Merger”).

AMCOR STOCK DROPS AFTER APRIL MERGER

Amcor is a Switzerland–based global packaging company that develops and produces packaging solutions across a broad range of market segments, including healthcare, agriculture, and food service. The Company states, “As a global leader in packaging solutions for consumer and healthcare products, our industry-leading innovation capabilities, global scale and technical expertise help our customers grow and meet the needs of millions of consumers every day.” Since the closing of the Merger, the Company’s stock price has declined in value.

If you are a former Berry investor with losses, please fill out this form, email [email protected], or call (866) 981-4800 for a free consultation. 

Why Girard Sharp? 

Girard Sharp represents investors, consumers, and institutions in class actions and other complex litigation nationwide. We recently obtained a $36.5 million securities settlement against Maxar Technologies, a space imagery company, after its share price collapsed following its acquisition of DigitalGlobe. Our attorneys have obtained multimillion-dollar recoveries for victims of unfair and deceptive practices in antitrust, financial fraud, and consumer protection matters against some of the country’s largest corporations, including Raymond James, John Hancock, and Sears. Girard Sharp has earned top-tier rankings from U.S. News and World Report for Securities and Class Action Litigation and has been repeatedly selected as an Elite Trial Lawyers finalist by the National Law Journal. 

Contact 

Girard Sharp LLP 

(866) 981-4800  

[email protected] 

[email protected] 

www.girardsharp.com 

On June 11, 2026, Amcor PLC AMCR shares rose 4.6% to a current price of $39.92. This performance comes in the context of a 52-week range between $36.25 and $50.94, indicating some volatility in the stock price over the past year.

GF Value™ verdict: Current price of $39.92 is 18.7% below the GF Value™ estimate of $49.10.GF Score™ is 78/100, indicating an above-average potential for long-term returns.Notable signal: There have been no insider transactions in the last 3 months. Is AMCR Overvalued or Undervalued? The current price of Amcor PLC AMCR at $39.92 is significantly below the GF Value™ estimate of $49.10, which suggests that the stock is undervalued by approximately 18.7%. This discrepancy indicates a potential opportunity for investors, as the stock is trading at a price that may not fully reflect the company’s intrinsic value. The GF Valuation label categorizes the stock as "Modestly Undervalued," reinforcing the notion that there could be a margin of safety for potential investors.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While a modest undervaluation suggests room for price appreciation, it is essential to consider that market conditions and company performance can fluctuate, presenting risks that need to be evaluated.

How Does AMCR's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)27.5x20.0x (5-Year Median) Forward P/E9.2xN/A The current P/E (TTM) ratio of 27.5x is significantly higher than its 5-year median P/E of 20.0x, indicating that the stock is trading at a premium compared to its historical valuation. However, the forward P/E of 9.2x suggests that analysts anticipate improved earnings in the near future. This P/E analysis aligns with the GF Value™ verdict, indicating that while the stock may appear overvalued based on historical earnings, the potential for future growth could justify the higher multiple.

What Does AMCR's GF Score™ Tell Us? MetricRating GF Score™78/100 Financial Strength4/10 Profitability7/10 Growth7/10 Valuation8/10 Momentum4/10 Amcor's GF Score™ of 78/100 indicates a strong potential for long-term appreciation, with particularly notable strengths in Profitability (7/10) and Valuation (8/10). However, the Financial Strength rating of 4/10 and Momentum rating of 4/10 suggest areas of concern that may require further scrutiny. Investors should consider these factors when evaluating the overall stability and growth prospects of the company.

What Are Insiders Doing with AMCR Stock? In the last three months, there have been no insider transactions reported for Amcor PLC AMCR . The absence of insider trading activity may indicate a neutral sentiment among executives regarding the stock’s future performance. Typically, active buying by insiders can signal confidence in the company’s prospects, while selling can raise red flags. The lack of transactions suggests that insiders may not see immediate short-term movements either way.

What This Means for Investors Based on the GF Value™ assessment, Amcor PLC AMCR appears to be undervalued at its current price of $39.92, presenting a potential opportunity for investors. However, caution is warranted given the mixed signals from P/E ratios and insider activity. Understanding these nuances is essential for making informed investment decisions.

For the complete analysis, visit the Amcor PLC AMCR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is AMCR's GF Score™?

The GF Score™ for Amcor PLC AMCR is 78/100, indicating an above-average potential for long-term returns based on key financial metrics.

Is AMCR overvalued or undervalued?

Amcor PLC AMCR is currently undervalued, with a GF Value™ estimate of $49.10 compared to the current price of $39.92, showing an 18.7% margin of safety.

What is AMCR's P/E ratio?

AMCR has a P/E (TTM) ratio of 27.5x, which is significantly above its 5-year median of 20.0x, suggesting a premium valuation in the context of its historical performance.

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

Posted by Defense World Staff on Apr 15th, 2026

Aehr Test Systems (NASDAQ:AEHR – Get Free Report) Director Fariba Danesh sold 3,500 shares of Aehr Test Systems stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $70.05, for a total transaction of $245,175.00. Following the completion of the transaction, the director directly owned 13,143 shares of the company’s stock, valued at $920,667.15. This trade represents a 21.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Fariba Danesh also recently made the following trade(s):

On Monday, April 13th, Fariba Danesh sold 7,000 shares of Aehr Test Systems stock. The stock was sold at an average price of $71.49, for a total transaction of $500,430.00. Aehr Test Systems Stock Performance Shares of Aehr Test Systems stock opened at $74.38 on Wednesday. The stock has a market capitalization of $2.34 billion, a PE ratio of -195.74 and a beta of 2.28. Aehr Test Systems has a 52-week low of $7.71 and a 52-week high of $74.72. The company has a 50-day simple moving average of $39.51 and a two-hundred day simple moving average of $30.01.

Aehr Test Systems (NASDAQ:AEHR – Get Free Report) last issued its earnings results on Tuesday, April 7th. The semiconductor company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.02. The business had revenue of $10.31 million during the quarter, compared to analysts’ expectations of $10.85 million. Aehr Test Systems had a negative net margin of 25.23% and a negative return on equity of 7.15%. As a group, equities research analysts forecast that Aehr Test Systems will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows Several hedge funds have recently made changes to their positions in the stock. William Blair Investment Management LLC purchased a new stake in Aehr Test Systems during the third quarter valued at approximately $26,920,000. Wellington Management Group LLP increased its holdings in Aehr Test Systems by 129.9% during the fourth quarter. Wellington Management Group LLP now owns 830,664 shares of the semiconductor company’s stock valued at $16,771,000 after buying an additional 469,400 shares during the last quarter. Invesco Ltd. increased its holdings in Aehr Test Systems by 1,137.2% during the third quarter. Invesco Ltd. now owns 366,570 shares of the semiconductor company’s stock valued at $11,037,000 after buying an additional 336,940 shares during the last quarter. Next Century Growth Investors LLC increased its holdings in Aehr Test Systems by 99.9% during the fourth quarter. Next Century Growth Investors LLC now owns 552,506 shares of the semiconductor company’s stock valued at $11,155,000 after buying an additional 276,160 shares during the last quarter. Finally, Halter Ferguson Financial Inc. increased its holdings in Aehr Test Systems by 41.7% during the fourth quarter. Halter Ferguson Financial Inc. now owns 642,129 shares of the semiconductor company’s stock valued at $12,965,000 after buying an additional 189,117 shares during the last quarter. 69.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In Several research firms have recently weighed in on AEHR. William Blair raised shares of Aehr Test Systems from a “market perform” rating to an “outperform” rating in a report on Monday, March 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Aehr Test Systems in a report on Wednesday, January 21st. Craig Hallum raised shares of Aehr Test Systems from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Wednesday, April 8th. Lake Street Capital reissued a “buy” rating on shares of Aehr Test Systems in a report on Wednesday, April 8th. Finally, Wall Street Zen raised shares of Aehr Test Systems from a “strong sell” rating to a “sell” rating in a report on Saturday. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $68.00.

Get Our Latest Stock Analysis on AEHR

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

Positive Sentiment: Technical momentum — AEHR’s 50-day moving average crossed above its 200-day moving average (a “golden cross”), which often attracts technical traders and momentum flows. Aehr Test Systems (AEHR)’s Technical Outlook is Bright After Key Golden Cross Positive Sentiment: Analyst support — Recent upgrades and bullish notes (e.g., Craig Hallum and William Blair raising coverage) have helped justify higher price targets and likely contributed to buying interest. MarketBeat AEHR Coverage Neutral Sentiment: Recent quarter — AEHR beat EPS estimates (reported ($0.05) vs. ($0.07) expected) but revenue came in slightly below consensus, leaving fundamentals mixed despite the beat. Analysts still project modest FY growth. AEHR Quarterly Results and Estimates Negative Sentiment: Large insider sales — CEO Gayn Erickson disclosed sizable sales (SEC filing) of company stock on April 10, representing millions of dollars of shares sold; such high-profile sales can create selling pressure and raise questions about insider conviction even when explained as tax-related. CEO Erickson SEC Filing Negative Sentiment: Additional insider dispositions — Multiple officers and directors (including Fariba Danesh, Adil Engineer and others) disclosed sales totaling hundreds of thousands to millions in aggregate; filings cite tax-withholding for vested awards, but the volume may weigh on near-term sentiment. Danesh SEC Filing Engineer SEC Filing Negative Sentiment: Media aggregation of insider liquidity — Press reports summarize roughly $2.1M+ in recent insider sales, reinforcing the narrative of insider liquidity events that investors are parsing. Aehr Test Systems Director Sells $2,100,000.00 in Stock Aehr Test Systems Company Profile (Get Free Report)

Aehr Test Systems develops, manufactures and sells semiconductor test and burn-in equipment used by device manufacturers to ensure quality and reliability of integrated circuits. Its products are designed for wafer-level reliability assessment, functional test and stress screening of memory devices, system-on-chips, optical components and power semiconductors. By focusing on wafer-level burn-in and testing processes, the company helps reduce cost and improve yield for high-volume semiconductor production.

The company’s product portfolio includes FOX series wafer probe test and burn-in systems as well as ABTS burn-in ovens.

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Aehr Test Systems (AEHR +7.74%) stock is seeing another day of big gains in Thursday's trading session. The company's share price was up 13.2% as of 12:30 p.m. ET and had been up as much as 24.9% earlier in trading.

Aehr stock is surging today thanks to news that the company has landed another big contract with a cloud hyperscaler customer. As of this writing, the company's share price is now up 311% year to date.

Image source: Getty Images.

Aehr soars on new deal announcement Aehr published a press release today announcing that it had landed a $41 million production expansion order from its biggest cloud hyperscaler customer. The new purchase deal includes test and package-level burn-in solutions used for application-specific integrated circuits (ASICs) for artificial intelligence applications. Aehr will also be providing turnkey burn-in modules and device-specific sockets as part of the deal.

Today's Change

(

7.74

%) $

7.97

Current Price

$

111.00

What's next for Aehr? Aehr stock has been red hot this year as new contract wins have continued to strengthen the company's backlog outlook. With a market capitalization of roughly $2.6 billion, the company is now valued at approximately 53 times this year's expected sales. While that growth-dependent valuation suggests that Aehr stock is a risky play, the company's rapidly expanding backlog suggests the business could continue to serve up wins in conjunction with growth for ASICs and other AI chips.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Posted by Defense World Staff on Apr 19th, 2026

Aehr Test Systems (NASDAQ:AEHR – Get Free Report) Director Fariba Danesh sold 8,000 shares of the business’s stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $82.63, for a total value of $661,040.00. Following the sale, the director owned 13,143 shares in the company, valued at approximately $1,086,006.09. The trade was a 37.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Fariba Danesh also recently made the following trade(s):

On Friday, April 10th, Fariba Danesh sold 3,500 shares of Aehr Test Systems stock. The stock was sold at an average price of $70.05, for a total value of $245,175.00. On Monday, April 13th, Fariba Danesh sold 7,000 shares of Aehr Test Systems stock. The stock was sold at an average price of $71.49, for a total value of $500,430.00. Aehr Test Systems Stock Performance AEHR opened at $83.86 on Friday. The business’s fifty day moving average is $42.81 and its two-hundred day moving average is $31.04. The company has a market cap of $2.64 billion, a price-to-earnings ratio of -220.68 and a beta of 2.28. Aehr Test Systems has a one year low of $7.71 and a one year high of $91.43.

Aehr Test Systems (NASDAQ:AEHR – Get Free Report) last posted its earnings results on Tuesday, April 7th. The semiconductor company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The company had revenue of $10.31 million for the quarter, compared to the consensus estimate of $10.85 million. Aehr Test Systems had a negative return on equity of 7.15% and a negative net margin of 25.23%. On average, analysts predict that Aehr Test Systems will post 0.1 EPS for the current fiscal year.

Analyst Ratings Changes A number of research firms recently commented on AEHR. William Blair raised Aehr Test Systems from a “market perform” rating to an “outperform” rating in a research note on Monday, March 2nd. Lake Street Capital reiterated a “buy” rating on shares of Aehr Test Systems in a research report on Wednesday, April 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of Aehr Test Systems in a research report on Wednesday, January 21st. Craig Hallum upgraded Aehr Test Systems from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Wednesday, April 8th. Finally, Wall Street Zen upgraded Aehr Test Systems from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 11th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Aehr Test Systems presently has an average rating of “Hold” and an average price target of $68.00.

Read Our Latest Research Report on Aehr Test Systems

Institutional Trading of Aehr Test Systems A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AEHR. William Blair Investment Management LLC purchased a new stake in Aehr Test Systems during the 3rd quarter worth about $26,920,000. Wellington Management Group LLP increased its stake in Aehr Test Systems by 129.9% in the fourth quarter. Wellington Management Group LLP now owns 830,664 shares of the semiconductor company’s stock valued at $16,771,000 after purchasing an additional 469,400 shares during the last quarter. Invesco Ltd. increased its stake in Aehr Test Systems by 1,137.2% in the third quarter. Invesco Ltd. now owns 366,570 shares of the semiconductor company’s stock valued at $11,037,000 after purchasing an additional 336,940 shares during the last quarter. Next Century Growth Investors LLC increased its stake in Aehr Test Systems by 99.9% in the fourth quarter. Next Century Growth Investors LLC now owns 552,506 shares of the semiconductor company’s stock valued at $11,155,000 after purchasing an additional 276,160 shares during the last quarter. Finally, Halter Ferguson Financial Inc. increased its stake in Aehr Test Systems by 41.7% in the fourth quarter. Halter Ferguson Financial Inc. now owns 642,129 shares of the semiconductor company’s stock valued at $12,965,000 after purchasing an additional 189,117 shares during the last quarter. Hedge funds and other institutional investors own 69.69% of the company’s stock.

Key Headlines Impacting Aehr Test Systems Here are the key news stories impacting Aehr Test Systems this week:

Positive Sentiment: Record $41M hyperscale AI production order — the follow‑on order is for package‑level burn‑in of custom AI ASICs and is described as the largest in company history, providing a clear near‑term revenue and capacity catalyst. Accesswire: Record $41M order Positive Sentiment: Bookings/backlog strength tied to AI/data‑center demand — company updates and coverage report second‑half bookings exceeding ~$92M and a record backlog, supporting upside to FY2027 revenue if orders convert. Benzinga: record deal & bookings Positive Sentiment: Analyst optimism and higher price targets — recent upgrades and bumped targets have reinforced investor interest and helped attract institutional/retail flows. MSN: price target increase Positive Sentiment: Technical/momentum factors may amplify moves — a recent golden‑cross and elevated short interest increase the likelihood of follow‑through and short covering when positive headlines arrive. Seeking Alpha: movers summary Neutral Sentiment: Volatility and coverage: several outlets note extreme YTD moves (one headline cites a 300% move) — useful as context for sentiment but not a direct fundamental change. InsiderMonkey: AEHR up 300% Neutral Sentiment: Mixed quarterly fundamentals — AEHR beat EPS slightly but missed revenue; execution to convert large bookings into sustained, profitable growth remains the key risk. MarketBeat: quarterly results Negative Sentiment: Clustered insider selling — multiple executives and directors disclosed sizable share sales (including director and C‑suite transactions in mid‑April), which can create near‑term selling pressure and raise investor questions about insider conviction. InsiderTrades: insider selling Negative Sentiment: Media and aggregation highlight insider liquidity events — coverage emphasizing millions in insider proceeds can weigh on sentiment even if some sales are routine or for tax purposes. TipRanks: insider sell-off About Aehr Test Systems (Get Free Report)

Aehr Test Systems develops, manufactures and sells semiconductor test and burn-in equipment used by device manufacturers to ensure quality and reliability of integrated circuits. Its products are designed for wafer-level reliability assessment, functional test and stress screening of memory devices, system-on-chips, optical components and power semiconductors. By focusing on wafer-level burn-in and testing processes, the company helps reduce cost and improve yield for high-volume semiconductor production.

The company’s product portfolio includes FOX series wafer probe test and burn-in systems as well as ABTS burn-in ovens.

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The small semiconductor stock Aehr Test Systems NASDAQ: AEHR is generating increasing interest from customers and investors alike in 2026. On the year, Aehr has now soared more than 350%, making it one of the best performers in the entire U.S. stock market.

Aehr Test Systems Today

AEHR

Aehr Test Systems

$111.56 +8.53 (+8.27%)

As of 03:31 PM Eastern

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

52-Week Range$10.89▼

$121.80Price Target$68.00

Driving Aehr’s success is the company’s accelerating demand from artificial intelligence (AI) customers. Aehr’s two most important products are its Sonoma and FOX-XP systems. These machines expose AI chips or wafers to extreme conditions, stress-testing them to prevent faulty products from entering data centers. With companies spending billions of dollars a year on the AI infrastructure build-out, Aehr's machines are helping protect these investments.

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After receiving a string of orders, Aehr just added its biggest one yet.

Hyperscaler Re-Ups on Sonoma With Record $41 Million OrderIn mid-April, Aehr said it had received a record $41 million production order from its lead hyperscale customer. According to the company, “The order is the largest in Aehr’s history." This order is for the firm’s Sonoma systems. Sonoma tests chips after packaging, while FOX-XP tests at the earlier wafer level.

This customer will use Sonoma to test its current-generation AI processor application-specific integrated circuits (ASICs). AI processor ASICs are also often referred to as “custom silicon" or XPUs. Companies like Broadcom NASDAQ: AVGO and Marvell Technology NASDAQ: MRVL co-develop these types of chips with massive hyperscalers like Meta Platforms NASDAQ: META or Amazon.com NASDAQ: AMZN. Evoking these names aims to provide investors with a reference point, not to speculate on who Aehr’s customers may be.

Importantly, this is another follow-on order for the customer’s current generation chip testing needs. Aehr made similar announcements back in both July 2025 and August 2025. Notably, Aehr did not specify the size of these orders, suggesting they were more modest in scale.

This indicates that Aehr’s customer has found significant value in the Sonoma systems, causing them to keep coming back for more. Additionally, the customer appears to have significantly increased their commitment to Sonoma, resulting in the firm's largest order ever. This is yet another sign of Aehr validating its competitive position within the AI infrastructure landscape.

Aehr’s Orders Shoot to Over $90 Million, Far Above Previous EstimatesNow, Aehr has blown past its order forecasts. Previously, the company had expected to generate orders between $60 million and $80 million in the second half of its fiscal year 2026 (H2 FY2026). There are now approximately five weeks left in Aehr’s FY2026, as its fiscal reporting period is several quarters ahead of the calendar year period.

Overall MarketRank™39th Percentile

Analyst RatingHold

Upside/Downside38.1% Downside

Short Interest LevelHealthy

Dividend StrengthN/A

News Sentiment1.03 Insider TradingSelling Shares

Proj. Earnings GrowthGrowing

See Full Analysis

With its latest announcement, the company’s H2 FY2026 orders have risen to over $92 million. That is approximately 31% higher than the midpoint of its past guidance. Given the rapid pace at which Aehr has been announcing orders, this figure could move even higher.

Aehr is also working with this customer on its next-generation AI processor ASIC. It received an initial order to provide Sonoma systems for this device in February. Aehr expects this next-generation chip to move into production at some point in calendar year 2026.

Notably, the company says, “As these next-generation devices move into volume production, we see the potential for further substantial increases in demand for Sonoma systems and consumables in our next fiscal year.” Given the repeat orders that Aehr has received for the current-generation device, it would not be overly surprising to see this continue with the next-generation device.

Aehr is generating orders and interest from customers involved in a variety of data center components. This includes the aforementioned hyperscaler and a silicon photonics customer. Silicon photonics is a networking technology that enables different data center components to communicate.

Aehr also says it is engaging with potential customers that provide flash memory and high-bandwidth memory. Flash memory players include firms like SanDisk NASDAQ: SNDK, while Micron Technology NASDAQ: MU is a notable name in high-bandwidth memory. Again, this is simply for investors' reference, not a suggestion that Aehr has engaged with these specific companies.

Aehr Issues Shares, Adding Tens of Millions to Its Balance SheetInterestingly, Aehr has recently issued a significant number of shares, generating gross proceeds of $60 million. Although this is dilutive to shareholders, it will dramatically improve Aehr’s cash position. The company’s cash and equivalents were approximately $36.9 million at the end of its latest quarter.

For a company like Aehr that is seeing its demand inflect, this is largely a positive sign. It suggests that Aehr needs extra cash to expand production capacity and deliver the products that customers have ordered. Adding capacity can also help the company serve future orders it may receive.

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Aehr Test Systems delivers proprietary test and burn-in solutions to semiconductor manufacturers worldwide.

Shares of Aehr Test Systems (AEHR +7.74%) soared 144.2% in April 2026, according to data from S&P Global Market Intelligence. No, that's not a typo; the semiconductor test equipment maker more than doubled in price last month. Of course, seasoned Aehr investors saw the surge as a natural extension of prevailing trends. As of this writing on May 5, for example, Aehr's stock has gained a staggering 1,004% in 52 weeks.

Today's Change

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Mixed earnings, but investors didn't care Big moves have become the routine for Aehr and its investors. There were 21 market days in April. Aehr shares rose at least 5% on 7 of those days, led by a 25.7% increase on April 8. It also fell 5% or more on two occasions.

I won't dive in to explain all 9 of last month's significant price swings. Let's just focus on a handful of big days, looking for repeated patterns.

As it turns out, Aehr's investors aren't exactly craving perfect financials at this point. The company reported Q3 2026 results on April 7, and the numbers weren't that impressive. Net losses were slightly smaller than expected, but $10.3 million in sales fell short of analysts' expectations at $10.8 million. And management simply reiterated existing guidance targets based on Q3 results and current market trends.

Many stocks would fall on news like that, but I already highlighted the following day as the absolute highlight of Aehr's April action. You see, Aehr is collecting orders faster than it can make equipment. The backlog of unfilled orders was worth $38.7 million at the end of the quarter, up from $18.2 million in the year-ago period. That's the fuel for Aehr's fires.

On the earnings call, management highlighted a unique growth driver for the next few quarters. Some of Aehr's tools can be used to burn-in freshly manufactured semiconductor chips. The process weeds out manufacturing problems before they become costly product recalls, and generally extends the useful life of each burnt-in chip. Most chipmakers haven't made burn-in a standard part of their manufacturing process yet -- but that's changing.

Burn-in expansion should keep those Aehr system orders coming for a while. Investors are embracing that promising growth vector.

Image source: Getty Images.

Aehr's backlog keeps getting bigger Aehr didn't have news of its own on most of the good days. The stock tends to rise when the semiconductor sector as a whole is surging, and that was a common theme in April 2026. That being said, Aehr also unveiled the largest order in its history on April 16, with a $41 million follow-on order from an existing hyperscale customer. The order included the Sonoma high-end testing system and several burn-in modules, with revenue-generating shipments expected to start in fiscal year 2027.

Including this order and other deals entered after the end of Q3, Aehr has added more than $92 million to its backlog in the second half of fiscal 2026.

The stock trades at lofty valuation ratios despite very small revenue streams and negative earnings. But I get why Aehr investors are getting excited about the company's explosive order growth. Just make sure you can deal with Aehr's valuation (608x forward earnings isn't for the faint of heart) and execution risks before buying the stock.

On May 13, 2026, Aehr Test Systems AEHR shares rose 6.8% today, bringing the current price to $103.23. The stock has seen a remarkable price performance, ranging from a 52-week low of $8.31 to a high of $107.00.

GF Value™ verdict: Current price is $103.23 vs GF Value™ of $13.57, indicating a 660.7% overvaluation.GF Score™ of 69/100 suggests an above-average potential for generating long-term returns.Notable signal: Insiders sold $42.2M worth of stock in the last three months without any buying activity. Is AEHR Overvalued or Undervalued? Aehr Test Systems AEHR is currently trading significantly above its GF Value™, which is calculated at $13.57. This valuation indicates that the stock is overvalued by approximately 660.7%. The GF Valuation label classifies AEHR as "Significantly Overvalued," highlighting the risk of potential price corrections if the stock fails to meet growth expectations. While the recent price momentum and historic returns may attract attention, the substantial disparity between the market price and intrinsic value suggests caution.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current market conditions, investors might consider the margin of safety when assessing AEHR's valuation. Being significantly overvalued poses risks should the company's performance falter or if market sentiment shifts.

How Does AEHR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 688.3x 39.7x The current forward P/E of 688.3x is significantly above the 5-year median P/E of 39.7x, indicating that AEHR is trading well above its historical valuation levels. This P/E analysis aligns with the GF Value™ verdict, reinforcing the notion that AEHR is overvalued in the current market environment.

What Does AEHR's GF Score™ Tell Us? Metric Rating GF Score™ 69 Financial Strength 8/10 Profitability 4/10 Growth 9/10 Valuation 1/10 Momentum 3/10 The GF Score™ of 69/100 indicates that Aehr Test Systems has above-average potential for long-term returns. The strongest area is its Growth rank of 9/10, suggesting robust growth prospects. However, the Valuation rank at 1/10 raises concerns about the sustainability of current prices. The Financial Strength score of 8/10 provides some reassurance, but the overall picture reflects a company that may be facing valuation pressures despite promising growth metrics.

What Are Insiders Doing with AEHR Stock? Insider activity at Aehr Test Systems has been notably negative, with insiders selling $42.2 million worth of shares in the last three months without a single instance of buying. This trend could suggest a lack of confidence from those closest to the company regarding its current valuation and future performance. Such selling may be a red flag for potential investors, indicating that insiders may not believe the stock is a sound investment at current prices.

What This Means for Investors Based on the GF Value™ assessment, Aehr Test Systems appears to be significantly overvalued at its current price of $103.23. Investors should approach this stock with caution, given the disparity between its market price and intrinsic value.

For the complete analysis, visit the Aehr Test Systems AEHR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is AEHR's GF Score™?

AEHR's GF Score™ is 69/100, indicating above-average potential for generating long-term returns based on various performance metrics.

Is AEHR overvalued or undervalued?

AEHR is considered significantly overvalued, with the current price of $103.23 far exceeding the GF Value™ estimate of $13.57.

What is AEHR's P/E ratio?

AEHR's forward P/E is 688.3x, which is significantly higher than its 5-year median P/E of 39.7x, indicating a substantial overvaluation relative to its historical trading levels.

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

FREMONT, CA / ACCESS Newswire / May 21, 2026 / Aehr Test Systems (NASDAQ:AEHR), a leading provider of test and burn-in solutions for semiconductor devices used in artificial intelligence (AI), silicon photonics, data center, automotive, and industrial applications, today announced that CFO Chris Siu will be participating in one-on-one meetings with institutional investors at the 23rd Annual Craig-Hallum Institutional Investor Conference taking place Thursday, May 28, 2026 at the Depot Renaissance Hotel in Minneapolis.

For additional information, or to schedule a meeting with Aehr Test Systems, please contact your Craig-Hallum representative, or Aehr's investor relations firm, PondelWilkinson, Inc., at [email protected].

About Aehr Test Systems

Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and packaged part form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, advanced artificial intelligence (AI) processors, data and telecommunications infrastructure, and solid-state memory and storage, are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-PTM families of test and burn-in systems and FOX WaferPak™ Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr's new line of high-power packaged part reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems' website at www.aehr.com.

Contacts:

SOURCE: Aehr Test Systems

Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Aehr Test Systems (AEHR - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.

Aehr Test Systems is one of 593 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #1 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Aehr Test Systems is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for AEHR's full-year earnings has moved 22.5% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the latest available data, AEHR has gained about 357.3% so far this year. In comparison, Computer and Technology companies have returned an average of 21.3%. This means that Aehr Test Systems is outperforming the sector as a whole this year.

One other Computer and Technology stock that has outperformed the sector so far this year is Cisco Systems (CSCO - Free Report) . The stock is up 56.3% year-to-date.

For Cisco Systems, the consensus EPS estimate for the current year has increased 0.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

To break things down more, Aehr Test Systems belongs to the Electronics - Measuring Instruments industry, a group that includes 5 individual companies and currently sits at #7 in the Zacks Industry Rank. On average, this group has gained an average of 69.3% so far this year, meaning that AEHR is performing better in terms of year-to-date returns.

In contrast, Cisco Systems falls under the Computer - Networking industry. Currently, this industry has 7 stocks and is ranked #30. Since the beginning of the year, the industry has moved +56%.

Investors with an interest in Computer and Technology stocks should continue to track Aehr Test Systems and Cisco Systems. These stocks will be looking to continue their solid performance.

EHang Holdings Limited (EH) Q4 2025 Earnings Call Transcript

Posted by Defense World Staff on Apr 13th, 2026

EHang Holdings Limited Unsponsored ADR (NASDAQ:EH – Get Free Report) has earned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $21.85.

EH has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EHang in a research report on Wednesday, January 21st. Bank of America reaffirmed a “buy” rating on shares of EHang in a research report on Thursday, March 12th. Finally, Wall Street Zen raised shares of EHang from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th.

Get Our Latest Stock Analysis on EH

EHang Stock Performance NASDAQ EH opened at $10.72 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.12 and a quick ratio of 1.98. The firm’s fifty day moving average price is $11.37 and its 200 day moving average price is $13.99. The company has a market capitalization of $770.66 million, a price-to-earnings ratio of -24.36 and a beta of 1.11. EHang has a 12 month low of $9.06 and a 12 month high of $20.85.

Institutional Inflows and Outflows A number of hedge funds have recently modified their holdings of EH. Leonteq Securities AG purchased a new position in shares of EHang in the 4th quarter valued at $26,000. Legal & General Group Plc boosted its stake in EHang by 171.7% during the 2nd quarter. Legal & General Group Plc now owns 3,380 shares of the company’s stock worth $59,000 after purchasing an additional 2,136 shares during the period. Daiwa Securities Group Inc. boosted its stake in EHang by 47.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 4,816 shares of the company’s stock worth $63,000 after purchasing an additional 1,553 shares during the period. Advisory Services Network LLC acquired a new stake in EHang during the 3rd quarter worth $117,000. Finally, JPMorgan Chase & Co. boosted its stake in EHang by 10.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,292 shares of the company’s stock worth $127,000 after purchasing an additional 671 shares during the period. 94.03% of the stock is owned by hedge funds and other institutional investors.

About EHang (Get Free Report)

EHang Holdings Limited is a China-based technology company specializing in the development and manufacturing of autonomous aerial vehicles (AAVs) for passenger transportation, logistics, and other commercial applications. Established in 2014 and listed on NASDAQ under the ticker EH in 2019, EHang focuses on delivering turnkey solutions that integrate hardware, flight control systems and a cloud-based operating platform. Its flagship products include the EH216 series passenger AAV and the Falcon series unmanned aerial vehicles, designed to support urban air mobility, aerial filming, emergency response and short-range cargo delivery.

The company’s business model encompasses research and development, manufacturing, certification support, and operations services.

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May 15, 2026 16:12 ET  | Source: EHang Holdings Limited

GUANGZHOU, China, May 15, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading advanced air mobility (“AAM”) technology platform company, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2026. The annual report can be accessed on the Company’s investor relations website at http://ir.ehang.com/ and on the SEC’s website at https://www.sec.gov/.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company’s Investor Relations Department at [email protected].

About EHang

EHang (Nasdaq: EH) is the world’s leading AAM technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of AAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Investor Contact: [email protected]

Media Contact: [email protected]

EHang Holdings Limited earns a Buy rating as it expands eVTOL operations globally, including first passenger flights in Mexico and regulatory progress in Thailand. EH's Yunfu facility enables the production of 1,000 eVTOLs annually, with commercialization in China and a presence in 21 countries supporting future demand consolidation. FY2025 revenue grew 11.7% YoY to RMB 509.5M, with gross margin at 61.5% and management guiding 18% revenue growth for FY2026.

GUANGZHOU, China, May 28, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a global leader in advanced air mobility (“AAM”) technology, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2026 on Tuesday, June 9, 2026, before the U.S. market opens.

EHang’s management team will host an earnings conference call at 8:00 AM on Tuesday, June 9, 2026, U.S. Eastern Time (8:00 PM on Tuesday, June 9, 2026, Beijing/Hong Kong Time).

To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call.

Participant Online Registration:
English line: https://s1.c-conf.com/diamondpass/10055177-wdgnt0.html 

Chinese line: https://s1.c-conf.com/diamondpass/10055179-jzwcug.html 

A live and archived webcast of the conference call will be available on the Company’s Investors Relations website at http://ir.ehang.com/.

About EHang
EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of UAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Investor Contact: [email protected]
Media Contact: [email protected]

GUANGZHOU, China, June 09, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), the world’s leading advanced air mobility (“AAM”) technology platform company, today announced its unaudited financial results for the first quarter ended March 31, 2026.

Operational and Financial Highlights for the First Quarter of 2026

Sales and deliveries of electric vertical take-off and landing (“eVTOL”) aircraft were four units of EH216 series1, compared with 11 units of EH216 series in the first quarter of 2025, and 61 units of EH216 series and five units of VT35 in the fourth quarter of 2025. Total revenues were RMB25.7 million (US$3.7 million), compared with RMB26.1 million in the first quarter of 2025, and RMB177.6 million in the fourth quarter of 2025.Gross margin was 62.5%, a slight increase from 62.4% in the first quarter of 2025 and 61.6% in the fourth quarter of 2025.Operating loss was RMB127.9 million (US$18.5 million), compared with RMB89.9 million in the first quarter of 2025 and RMB43.0 million in the fourth quarter of 2025.Net loss was RMB126.4 million (US$18.3 million), compared with RMB78.4 million in the first quarter of 2025 and RMB20.9 million in the fourth quarter of 2025.Adjusted operating loss2 (non-GAAP) was RMB77.1 million (US$11.2 million), compared with RMB42.6 million in the first quarter of 2025, and adjusted operating income2 of RMB17.9 million in the fourth quarter of 2025.Adjusted net loss3 (non-GAAP) was RMB75.6 million (US$11.0 million), compared with RMB31.1 million in the first quarter of 2025, and adjusted net income3 of RMB40.1 million in the fourth quarter of 2025.Cash and cash equivalents, restricted short-term deposits, short-term investments and treasury investment balances were RMB1.03 billion (US$148.9 million) as of March 31, 2026.
Business Highlights for the First Quarter of 2026 and Recent Developments

Progress Toward EH216-S Commercial Operations in China

As China advances toward public eVTOL commercial operations, EHang and its operating partners have been working closely with the CAAC to meet additional operational and safety requirements ahead of the launch of public ticketed flight services. The two Air Operator Certificate (“OC”) holders, EHang General Aviation and Heyi Aviation, have continued refining operational procedures, ground support systems, personnel training programs and emergency response capabilities while conducting routine internal trial commercial operations. Since obtaining their OCs in March 2025, both operators have maintained a flawless safety record with zero accidents and zero violations, completing more than 3,000 safe flight missions. Meanwhile, EHang has established a comprehensive commercial operation framework covering ticket pricing, online and offline ticketing channels, customer service, public feedback management and standardized operating procedures. With over 40 eVTOL operation sites already established by customers and partners across China, some of which are in routine flights, the Company is continuing to expand operational capacity and further refine its scalable operating model for future commercial deployment.

In preparation for the EH216-S crew training program, EHang assembled an experienced instructor team and secured all necessary resources, including training aircraft, facilities, and practice sites. In May 2026, the CAAC issued the Training Requirements for Remote Pilot of Large Civil Unmanned Aircraft System, providing a regulatory framework for standardized training of EH216-S ground operating crew. EHang’s early preparation efforts have also contributed practical insights to the development of this industry standard. The training program is ready for implementation and will be launched promptly upon receiving CAAC approval, laying a core talent foundation for future scaled commercial operations.

EH216-S Upgrades to Enhance Operational Efficiency and Passenger Experience

EHang continued to optimize the EH216-S platform with a focus on improving operational efficiency and passenger comfort, particularly in high-temperature operating environments.

To enhance aircraft utilization, the Company developed a dedicated battery cooling vehicle that significantly shortens battery cooling time between flights, supporting higher operational frequency. In addition, EHang introduced an independent air-conditioning system for the EH216-S cabin. The upgraded system effectively reduces cabin temperature and improves passenger comfort without compromising flight safety and performance.

Progress on VT35 Certification Process

EHang continued advancing the research, development, and airworthiness certification for the VT35 long-range lift-and-cruise eVTOL aircraft. The certification process is currently in the Certification Basis definition phase, with in-depth discussions with the CAAC regarding Special Conditions, safety objectives, and performance requirements. The Company also continued critical test flights to validate system functionality and performance, while detailed avionics design progressed in preparation for certification prototype manufacturing.

Aerial Media Business Continues to Gain Traction

Building on the successful performance of 16 EH216-S aircraft and 22,580 GD4.0 formation drones at the CMG 2026 China Spring Festival Gala in Hefei, which set a new Guinness World Records™ title, EHang experienced increased market interest in its aerial media solutions.

During the first quarter of 2026, EHang delivered 22 aerial media shows and 1,000 units of GD 4.0 formation drones. Revenue contribution from aerial media solutions represented approximately 40% of total revenue for the quarter, reflecting growing customer adoption and a more diversified revenue mix.

Global Expansion

Thailand:

Thailand remains EHang’s strategic benchmark market overseas. Under the AAM Sandbox framework, the Company has continued advancing regulatory engagement, operational preparation and local capability building. Five vertiport locations have been identified and the survey of the first operational route has been completed. To support operations in Thailand’s hot and humid island environment, EHang has completed localized upgrades to key systems, including battery cooling and cabin air-conditioning solutions. The Company is now actively working with the Civil Aviation Authority of Thailand (“CAAT”) to advance the approval process for commercial operations, while leveraging the Thailand program as a model for future international market expansion.

Mexico: In May 2026, EHang's flagship EH216-S successfully completed the first human-carrying pilotless eVTOL flights in Mexico and Latin America during the FAMEX Tulum Air Show 2026. Executed in coordination with our local operator under the local regulatory framework, the milestone demonstrated the operational capability of the EH216-S in airport environments and marked an important step toward future deployment of pilotless eVTOL operations in the region.

Share Repurchase Program

On June 8, 2026, the Company's Board of Directors has approved a Share Repurchase Program, pursuant to which the Company may repurchase up to US$30 million of its American Depositary Shares (“ADSs”) or ordinary shares over the next 12 months.

The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable federal securities laws, including Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of any share repurchases under the Share Repurchase Program will be determined by the Company’s management at its discretion based on ongoing assessments of price, trading volume and general market conditions, along with the Company's working capital requirements, general business conditions and other factors. The Company expects to fund repurchases made under this program mainly from its existing cash balance.

Management Remarks

Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “The first quarter of 2026 marked an important transition period as we continued advancing from airworthiness certification achievements toward commercial deployment. We remained focused on the four strategic priorities we outlined at the beginning of the year: advancing commercial operation readiness, expanding our global footprint, progressing the VT35 certification, and strengthening our integrated industrial capabilities. This quarter, we continued refining operational systems and procedures with regulators and partners, upgraded EH216-S for hot-weather conditions, advanced VT35 key certification activities and Thailand’s AAM sandbox program.

At the industry level, China’s low-altitude economy is entering a new stage of development, supported by an increasingly comprehensive legal, regulatory, and standards framework that provides a solid foundation for sustainable growth. As the world’s first company to obtain the full suite of airworthiness and operational certifications for a pilotless human-carrying eVTOL aircraft, we believe our competitive advantage extends beyond certification and manufacturing. It lies in our ability to establish safe, scalable, and sustainable operational models. Looking ahead, we will continue to prioritize safety, compliance, and operational excellence while steadily advancing the commercialization of advanced air mobility.”

Mr. Conor Yang, Chief Financial Officer of EHang: “Our first quarter financial performance reflected normal seasonal dynamics and aircraft delivery schedules, while our business fundamentals remain stable. We are maintaining our annual revenue guidance of RMB600 million, supported by the market demand, ongoing progress toward public commercial operations, expanding international opportunities and diversified revenue sources. Notably, the aerial media business gained solid traction and contributed approximately 40% of total revenues during the first quarter, reflecting further diversification of our revenue mix. We will continue balancing business expansion with disciplined cost management, while maintaining a healthy financial profile to support our long-term growth strategy.

Additionally, the Board has approved a 12-month share repurchase program, authorizing the repurchase of up to US$30 million of ADSs or ordinary shares, demonstrating our confidence in the Company’s long-term value and future growth.”

Unaudited Financial Results for the First Quarter of 2026

Revenues

Total revenues were RMB25.7 million (US$3.7 million), compared with RMB26.1 million in the first quarter of 2025, and RMB177.6 million in the fourth quarter of 2025, primarily driven by decreased sales volume of eVTOL aircraft, partially offset by growth from non-human-carrying business.

Costs of revenues

Costs of revenues were RMB9.6 million (US$1.4 million), on par with RMB9.8 million in the first quarter of 2025 and RMB68.3 million in the fourth quarter of 2025. The quarter-over-quarter decrease was in line with the decrease in the sales volume of eVTOL aircraft.

Gross profit and gross margin

Gross profit was RMB16.0 million (US$2.3 million), compared with RMB16.3 million in the first quarter of 2025, and RMB109.4 million in the fourth quarter of 2025. The quarter-over-quarter decrease was primarily due to the decrease in the sales volume of eVTOL aircraft.

Gross margin was 62.5%, a slight increase from 62.4% in the first quarter of 2025 and 61.6% in the fourth quarter of 2025.

Operating expenses

Total operating expenses were RMB151.7 million (US$22.0 million), compared with RMB110.9 million in the first quarter of 2025, and RMB154.4 million in the fourth quarter of 2025.

Sales and marketing expenses were RMB23.9 million (US$3.5 million), compared with RMB12.2 million in the first quarter of 2025, and RMB38.3 million in the fourth quarter of 2025. The year-over-year increase was attributed to higher share-based compensation expenses due to new grant of share-based awards in second quarter of 2025, primarily subject to four-year vesting schedule, increased employee compensation driven by workforce expansion and increased marketing and promotional fees. The quarter-over-quarter decrease was attributed to lower share-based compensation expenses due to a certain portion of share-based awards fully vested in 2025 and decreased sales-related compensation driven by lower sales volume.General and administrative expenses were RMB67.7 million (US$9.8 million), compared with RMB61.3 million in the first quarter of 2025, and on par with RMB67.1 million in the fourth quarter of 2025. The year-over-year increase was mainly attributed to increased employee compensation driven by workforce expansion and increased depreciation and amortization of property and equipment as our new headquarter buildings were placed in service due to workforce expansion, partly offset by lower share-based compensation expenses. Research and development expenses were RMB60.1 million (US$8.7 million), compared with RMB37.3 million in the first quarter of 2025, and RMB49.1 million in the fourth quarter of 2025. The year-over-year increase was mainly attributed to increased employee compensation driven by workforce expansion and incremental expenditures on different models of eVTOL aircraft, including VT35 development and certification. The quarter-over-quarter increase was mainly attributable to continuous expenditures on development of the eVTOL aircraft.
Operating loss

Operating loss was RMB127.9 million (US$18.5 million), compared with RMB89.9 million in the first quarter of 2025 and RMB43.0 million in the fourth quarter of 2025.

Net loss

Net loss was RMB126.4 million (US$18.3 million), compared with RMB78.4 million in the first quarter of 2025 and RMB20.9 million in the fourth quarter of 2025.

Net loss per ordinary share and per ADS

Basic and diluted net loss per ordinary share were both RMB0.83 (US$0.12).

Basic and diluted net loss per American depositary share (“ADS”) were both RMB1.66 (US$0.24). Each ADS represents two of our Class A ordinary shares.

Balance sheets

Cash and cash equivalents, restricted short-term deposits, short-term investments and treasury investment balances were RMB1.03 billion (US$148.9 million) as of March 31, 2026.

Non-GAAP Financial Measures

The Company uses adjusted operating expenses, adjusted sales and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) attributable to ordinary shareholders, adjusted basic and diluted net earnings (loss) per ordinary share and adjusted basic and diluted net earnings (loss) per ADS (collectively, the “Non-GAAP Financial Measures”) in evaluating its operating results and for financial and operational decision-making purposes. There was no income tax impact on the Company’s non-GAAP adjustments because the non-GAAP adjustments are usually recorded in entities located in tax-free jurisdictions, such as the Cayman Islands, or such expenses were not deductible.

The Company believes that the Non-GAAP Financial Measures help identify underlying trends in its business that could otherwise be distorted by the effects of item of (i) share-based compensation expenses and (ii) certain non-operational expenses, such as provisions for legal proceedings, which are included in their comparable GAAP measures. The Company believes that the Non-GAAP Financial Measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in their financial and operational decision-making.

The Non-GAAP Financial Measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The Non-GAAP Financial Measures have limitations as analytical tools. One of the key limitations of using the Non-GAAP Financial Measures is that they do not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of the Non-GAAP Financial Measures. Further, the Non-GAAP Financial Measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the Non-GAAP Financial Measures to the nearest U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance.

Each of the Non-GAAP Financial Measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure or any other measure of performance or as an indicator of the Company’s operating performance or financial results. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the Non-GAAP Financial Measures. The Non-GAAP Financial Measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on the Non-GAAP Financial Measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Adjusted operating expenses4 (non-GAAP)

Adjusted operating expenses4 were RMB101.1 million (US$14.7 million), compared to RMB63.6 million in the first quarter of 2025 and RMB93.7 million in the fourth quarter of 2025. In the First Quarter of 2026, adjusted sales and marketing expenses4, adjusted general and administrative expenses4, and adjusted research and development expenses4 were RMB18.6 million (US$2.7 million), RMB31.4 million (US$4.5 million), and RMB51.1 million (US$7.5 million), respectively.

Adjusted operating income (loss)2 (non-GAAP)

Adjusted operating loss2 was RMB77.1 million (US$11.2 million), compared with RMB42.6 million in the first quarter of 2025 and compared with adjusted operating income2 of RMB17.9 million in the fourth quarter of 2025.

Adjusted net income (loss)3 (non-GAAP)

Adjusted net loss3 was RMB75.6 million (US$11.0 million), compared with RMB31.1 million in the first quarter of 2025 and adjusted net income3 of RMB40.1 million in the fourth quarter of 2025.

Adjusted net income (loss) attributable to EHang’s ordinary shareholders5 (non-GAAP)

Adjusted net loss attributable to EHang’s ordinary shareholders5 was RMB75.2 million (US$10.9 million), compared with RMB30.8 million in the first quarter of 2025 and adjusted net income attributable to EHang’s ordinary shareholders5 of RMB40.0 million in the fourth quarter of 2025.

Adjusted net loss per ordinary share6 and per ADS7 (non-GAAP)

Adjusted basic and diluted net loss per ordinary share6 were RMB0.50 (US$0.07).

Adjusted basic and diluted net loss per ADS7 were RMB1.00 (US$0.14).

Business Outlook

For the fiscal year 2026, the Company currently maintains the annual revenue guidance of around RMB600 million.

The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary views regarding its business situation and market conditions, which are subject to change.

Conference Call

EHang’s management team will host an earnings conference call at 8:00 AM on Tuesday, June 9, 2026, U.S. Eastern Time (8:00 PM on Tuesday, June 9, 2026, Beijing/Hong Kong Time).

To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call.

Participant Online Registration:
English line: https://s1.c-conf.com/diamondpass/10055177-wdgnt0.html

Chinese line: https://s1.c-conf.com/diamondpass/10055179-jzwcug.html

A live and archived webcast of the conference call will be available on the Company’s Investors Relations website at http://ir.ehang.com/.

About EHang

EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of AAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Exchange Rate

This press release contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.

Investor Contact: [email protected]

Media Contact: [email protected]

EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

  As of As of  December 31, 2025 March 31, 2026  RMB RMB US$  (Unaudited) (Unaudited) (Unaudited)ASSETS      Current assets:      Cash and cash equivalents 256,400 160,204 23,225Short-term investments 843,232 809,934 117,415Restricted short-term deposits 29,655 28,733 4,165Accounts receivable, net8 111,670 86,101 12,481Inventories 101,634 120,769 17,508Prepayments and other current assets9 140,922 143,342 20,780Total current assets 1,483,513  1,349,083  195,574        Non-current assets:      Treasury investment - 27,899 4,045Property and equipment, net 258,050 276,719 40,116Operating lease right-of-use assets, net 116,468 131,238 19,026Land use rights, net 11,347 11,285 1,636Intangible assets, net 2,713 2,757 400Investments accounted for using equity method 28,849 40,523 5,875Other investments 45,330 45,330 6,571Deferred tax assets 6,969 6,969 1,010Other non-current assets 38,294 38,562 5,590Total non-current assets 508,020  581,282  84,269        Total assets 1,991,533  1,930,365  279,843         EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

  As of As of  December 31, 2025 March 31, 2026  RMB RMB US$  (Unaudited) (Unaudited) (Unaudited)LIABILITIES AND SHAREHOLDERS’ EQUITY      Current liabilities:       Short-term bank loans 229,611 300,993  43,635 Accounts payable 132,509 118,576  17,190 Contract liabilities10 60,839 59,336  8,602 Current portion of long-term bank loans 9,800 15,500  2,247 Accrued expenses and other liabilities 263,439 202,659  29,379 Current portion of lease liabilities 16,278 24,574  3,562 Deferred income 817 597  87 Deferred government subsidies 684 156  23 Income taxes payable 1,820 277  40 Total current liabilities 715,797  722,668   104,765         Non-current liabilities:      Long-term bank loans 82,700 95,600  13,859 Deferred tax liabilities 292 292  42 Unrecognized tax benefit 5,480 5,480  794 Lease liabilities 114,246 123,286  17,873 Other non-current liabilities 4,676 3,561  516 Total non-current liabilities 207,394  228,219   33,084         Total liabilities 923,191  950,887   137,849         Shareholders’ equity:      Ordinary shares 92  92  13 Additional paid-in capital 3,335,371  3,386,145  490,888 Treasury shares (10,085) (10,085) (1,462)Statutory reserves 3,302  3,302  479 Accumulated deficit (2,262,358) (2,388,319) (346,234)Accumulated other comprehensive income (loss) 2,605  (10,671) (1,547)Total EHang Holdings Limited shareholders’ equity 1,068,927   980,464   142,137  Non-controlling interests (585) (986) (143)Total shareholders’ equity 1,068,342   979,478   141,994  Total liabilities and shareholders’ equity 1,991,533   1,930,365   279,843   EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)  Three Months Ended  March 31, 2025 December 31, 2025 March 31, 2026  RMB RMB RMBUS$  (Unaudited) (Unaudited) (Unaudited)Total revenues 26,092  177,636  25,660 3,720 Costs of revenues (9,799) (68,262) (9,621)(1,395)Gross profit 16,293  109,374  16,039 2,325         Operating expenses:       Sales and marketing expenses (12,228) (38,263) (23,916)(3,467)General and administrative expenses (61,344) (67,080) (67,749)(9,822)Research and development expenses (37,285) (49,092) (60,080)(8,710)Total operating expenses (110,857) (154,435) (151,745)(21,999)        Other operating income 4,686  2,101  7,798 1,130 Operating loss (89,878) (42,960) (127,908)(18,544)        Other income (expense):       Interest and investment income 12,049  21,127  10,396 1,507 Interest expenses (1,153) (2,086) (2,324)(337)Foreign exchange gain (loss) 1,572  (1,401) (3,475)(504)Other non-operating income, net 751  788  492 71 Total other income 13,219  18,428  5,089 737         Loss before income tax and loss from equity
method investment (76,659) (24,532) (122,819)(17,807)Income tax (expenses) benefits (1) 4,523  (117)(17)Loss before loss from equity method investment (76,660) (20,009) (122,936)(17,824)Loss from equity method investment (1,730) (846) (3,426)(497)Net loss (78,390) (20,855) (126,362)(18,321) EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)

  Three Months Ended  March 31, 2025 December 31, 2025 March 31, 2026  RMB RMB RMBUS$  (Unaudited) (Unaudited) (Unaudited)Net loss (78,390) (20,855) (126,362)(18,321)Net loss (income) attributable to non-controlling interests 306  (48) 401 58 Net loss attributable to ordinary shareholders (78,084) (20,903) (125,961)(18,263)Net loss per ordinary share:       Basic and diluted (0.54) (0.14) (0.83)(0.12)Shares used in net loss per ordinary share
computation (in thousands of shares):       Basic 143,886  149,338  150,994 150,994 Diluted 143,886  149,338  150,994 150,994 Loss per ADS (2 ordinary shares equal to 1 ADS)
Basic and diluted (1.08) (0.28) (1.66)(0.24)        Other comprehensive loss       Foreign currency translation adjustments net of nil tax (1,999) (9,820) (13,276)(1,925)Total other comprehensive loss, net of tax (1,999) (9,820) (13,276)(1,925)Comprehensive loss (80,389) (30,675) (139,638)(20,246)Comprehensive loss (gain) attributable to non-controlling interests 306  (48) 401 58 Comprehensive loss attributable to ordinary
shareholders (80,083) (30,723) (139,237)(20,188)         EHANG HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)

  Three Months Ended  March 31, 2025 December 31, 2025 March 31, 2026  RMB RMB RMBUS$  (Unaudited) (Unaudited) (Unaudited)Sales and marketing expenses  (12,228) (38,263) (23,916)(3,467)Plus: Share-based compensation 1,961  12,336  5,294 767 Adjusted sales and marketing expenses (10,267) (25,927) (18,622)(2,700)        General and administrative expenses (61,344) (67,080) (67,749)(9,822)Plus: Share-based compensation 39,173  38,480  36,397 5,277 Adjusted general and administrative expenses (22,171) (28,600) (31,352)(4,545)        Research and development expenses (37,285) (49,092) (60,080)(8,710)Plus: Share-based compensation 6,128  9,944  8,960 1,299 Adjusted research and development expenses (31,157) (39,148) (51,120)(7,411)        Operating expenses (110,857) (154,435) (151,745)(21,999)Plus: Share-based compensation 47,262  60,760  50,651 7,343 Adjusted operating expenses (63,595) (93,675) (101,094)(14,656)        Operating loss (89,878) (42,960) (127,908)(18,544)Plus: Share-based compensation 47,262  60,909  50,774 7,361 Adjusted operating (loss) income (42,616) 17,949  (77,134)(11,183) EHANG HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)  Three Months Ended  March 31, 2025 December 31, 2025 March 31, 2026  RMB RMB RMBUS$  (Unaudited) (Unaudited) (Unaudited)Net loss (78,390) (20,855) (126,362)(18,321)Plus: Share-based compensation 47,262  60,909  50,774 7,361 Adjusted net (loss) income (31,128) 40,054  (75,588)(10,960)       Net loss attributable to ordinary shareholders (78,084) (20,903) (125,961)(18,263)Plus: Share-based compensation 47,262  60,909  50,774 7,361 Adjusted net (loss) income attributable to
ordinary shareholders (30,822) 40,006  (75,187)(10,902)        Shares used in net (loss) earnings per
ordinary share computation (in thousands of
shares):       Basic 143,886  149,338  150,994 150,994 Diluted 143,886  151,600  150,994 150,994 Adjusted basic net (loss) earnings per ordinary
share (0.21) 0.27  (0.50)(0.07)Adjusted diluted net (loss) earnings per
ordinary share (0.21) 0.26  (0.50)(0.07)Adjusted basic net (loss) earnings per ADS (0.42) 0.54  (1.00)(0.14)Adjusted diluted net (loss) earnings per ADS (0.42) 0.52  (1.00)(0.14) _____________________
1 The EH216 series include the EH216-S (standard model for passenger transportation), the EH216-F (specialized model for aerial firefighting), and the EH216-L (specialized model for aerial logistics). 
2 Adjusted operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses. See “Non-GAAP Financial Measures”.
3 Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding share-based compensation expenses and certain non-operational expenses. See “Non-GAAP Financial Measures”.
4 Adjusted operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. Adjusted sales and marketing expenses, adjusted general and administrative expenses, and adjusted research and development expenses are non-GAAP financial measures. Each is defined as the respective expense—sales and marketing expenses, general and administrative expenses, and research and development expenses—excluding share-based compensation expenses.
5 Adjusted net income (loss) attributable to EHang’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to EHang’s ordinary shareholders excluding share-based compensation expenses and certain non-operational expenses.
6 Adjusted basic and diluted net earnings (loss) per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted net earnings (loss) per ordinary share excluding share-based compensation expenses and certain non-operational expenses.
7 Adjusted basic and diluted net earnings (loss) per ADS is a non-GAAP financial measure, which is defined as basic and diluted earnings (loss) per ADS excluding share-based compensation expenses and certain non-operational expenses.
8 As of December 31, 2025 and March 31, 2026, amount due from related parties of RMB5,256 and RMB671 (US$97) was included in accounts receivable, net, respectively.
9 As of December 31, 2025 and March 31, 2026, amount due from a related party of RMB2,070 and nil was included in prepayments and other current assets, respectively.
10 As of December 31, 2025 and March 31, 2026, amount due to related parties of RMB2,307 and RMB2,305 (US$334) are included in contract liabilities, respectively.

Shares of Chinese electric vertical take-off and landing (eVTOL) company EHang Holdings (EH 3.15%) crashed to Earth on Tuesday, falling 23% through 12:10 p.m. ET after apparently missing analyst forecasts for sales by a wide margin this morning.

According to Yahoo! Finance data, Wall Street analysts expected EHang to report $53.9 million in sales for its first fiscal quarter of 2026. When the news actually came out, though, it turned out EHang had booked a mere $3.7 million in sales -- while losses grew significantly.

Image source: Getty Images.

EHang Q1 earnings Revenue calculated in Chinese renminbi actually declined slightly year over year as EHang booked only four sales of its EH216 eVTOL aircraft -- down from 11 units sold in the year-ago quarter, and way down from the 61 units sold in fiscal Q4 2025 (plus five VT35s sold last quarter as well).

Gross profit margin did tick higher, up 10 basis points to 62.5% -- but that minuscule improvement wasn't enough to offset a 94% sequential decline in units sold!

Today's Change

(

-3.15

%) $

-0.21

Current Price

$

6.61

What's next for EHang stock? So what's going on here? Have buyers simply fallen out of love with EHang's products?

Perhaps. It's also possible, though, that Chinese eVTOL shoppers may be delaying purchase of the EH216 model in anticipation of the more advanced VT35, which is still in development and awaiting full certification. Described as a "long-range lift-and-cruise eVTOL aircraft," the new model should have more use cases and attract a wider range of buyers once it's certified.

While Q1's sales number certainly came as a shock, if what we're looking at here is a simple case of pent-up demand, there's still hope for EHang to pull out of its tailspin yet.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

EHang's investment thesis centers on a focused, actionable opportunity with clear catalysts. Key drivers, valuation, and risk factors are evaluated to support the recommendation. The article emphasizes EH's forward-looking strategic positioning and potential portfolio impact.

-

RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial (NYSE:LNC) announced today that the board of directors of Lincoln National Corporation has declared a quarterly dividend of $562.50 per share on the corporation’s 9.000% Non-Cumulative Preferred Stock, Series D, $25,000 liquidation preference per share, represented by depositary shares each representing a 1/1,000th interest in a share of the preferred stock, holders of which will receive $0.5625 per depositary share (NYSE: LNC PRD). The dividend will be payable June 1, 2026 to holders of record on May 15, 2026.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of December 31, 2025, the company had $349 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA, Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

More News From Lincoln Financial

Back to Newsroom

RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial (NYSE: LNC) today reported financial results for the first quarter ended March 31, 2026.

Sustained progress against strategic and financial objectives drove solid first quarter performance. First quarter net loss available to common stockholders was $(211) million, or $(1.10) per diluted share. First quarter adjusted operating income available to common stockholders was $326 million, or $1.66 per diluted share. The difference between net income and adjusted operating income was primarily attributable to the non-economic impact of changes in market risk benefits. Holding company available liquidity increased to $805 million, net of prefunding amounts. “Our first quarter results reflect continued disciplined execution and consistent, meaningful progress against our strategic priorities," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "Group Protection delivered record first quarter earnings, while Life Insurance and Retirement Plan Services generated strong earnings growth. In Annuities, we achieved another quarter of diversification in new business with a more balanced mix and less market sensitivity.

"The cumulative impact of the actions we’ve taken — strengthening our capital foundation, optimizing our operating model, and diversifying our business mix — are translating into a more resilient, higher-quality earnings profile. We remain focused on advancing these priorities to further build on this trajectory and create sustainable, long-term value for shareholders.”

Business Highlights

Our 2026 first quarter performance represents sustained, company-wide progress against our strategic and financial objectives.

Retail Solutions

Annuities delivered operating income of $275 million, down 5% compared to the prior-year quarter, driven by the impact of the previously disclosed net investment income allocation refinement and unfavorable tax-related items. Adjusting for these items, operating income was up 1%, driven by favorable equity markets and growth in spread income, offset by variable annuity outflows. Annuities recorded $169 billion in ending account balances, net of reinsurance, and sales of $3.9 billion, up 4% year over year. Spread-based products accounted for approximately two-thirds of total sales in the quarter, reflecting our continued strategic shift towards spread-based business. Life Insurance delivered operating income of $41 million, a $57 million increase from the prior-year quarter, driven by strong alternative investment income and the impact of the fourth quarter 2025 captive consolidation. Annualized consolidated alternative investment income returns were approximately 12.3%, which is more than 2% higher than our annual target. Total sales were $129 million, up 33% compared to the prior-year quarter, reflecting sales growth across all product lines, most notably in Executive Benefits. Workplace Solutions

Group Protection delivered operating income of $112 million, compared to $101 million in the prior-year quarter, driven by favorable life experience. Premiums were 2% higher year over year, as strong sales over the prior twelve months were partially offset by a large case lapse. Adjusting for the large case lapse, premiums were up 3.4% compared to the first quarter of 2025. Sales of $150 million were 4% lower year over year and demonstrated a disciplined approach to balanced growth in the segment. Retirement Plan Services reported operating income of $43 million in the quarter, up 26% year over year, driven by spread expansion and favorable equity markets, partially offset by trailing-twelve-month outflows. Net outflows were $0.2 billion, compared to $2.2 billion in the prior-year quarter. Total deposits were $4.1 billion in the quarter, up 1% over the prior-year quarter, with first-year sales of $1.1 billion, up 3% year over year. Earnings Summary

(in millions, except per share data)

For the Three Months Ended

3/31/25

3/31/26

Net income (loss)

$

(722

)

$

(172

)

Net income (loss) available to common stockholders — diluted

(756

)

(211

)

Net income (loss) per diluted share available to common stockholders

$

(4.41

)

$

(1.10

)

Adjusted income (loss) from operations

314

360

Adjusted income (loss) from operations available to common stockholders

280

326

Adjusted income (loss) from operations per diluted share available to common stockholders

$

1.60

$

1.66

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations(1)

(in millions)

For the Three Months Ended

3/31/25

3/31/26

Net income (loss) available to common stockholders — diluted

$

(756

)

$

(211

)

Less:

Preferred stock dividends declared

(34

)

(34

)

Adjustment for deferred units of LNC stock in our deferred compensation plans

—

(5

)

Net income (loss)

(722

)

(172

)

Less:

Net annuity product features, pre-tax(1)

(1,092

)

(695

)

Net life insurance product features, pre-tax

42

22

Credit loss-related adjustments, pre-tax

(28

)

(20

)

Investment gains (losses), pre-tax

(103

)

(42

)

Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax(1)

(90

)

179

Gains (losses) on other non-financial assets, pre-tax

—

(6

)

Other items, pre-tax(1)

(35

)

(111

)

Income tax benefit (expense) related to the above pre-tax items

270

141

Adjusted income (loss) from operations

$

314

$

360

Adjusted income (loss) from operations available to common stockholders

$

280

$

326

  (1) Refer to the full reconciliation at the back of this release for footnotes.

Variable Investment Income

Alternative Investment Income, after-tax(1)

For the Three Months Ended

(in millions)

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Annuities

$

2

$

3

$

2

$

3

$

3

Life Insurance

55

74

75

90

95

Group Protection

1

1

2

2

2

Retirement Plan Services

1

2

1

3

2

Other Operations

—

—

—

—

—

Consolidated

$

59

$

80

$

80

$

98

$

102

  (1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have limited economic interest in those investments.

Prepayment Income, after-tax

For the Three Months Ended

(in millions)

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Annuities

$

—

$

3

$

3

$

5

$

1

Life Insurance

1

—

1

1

2

Group Protection

—

1

—

—

1

Retirement Plan Services

—

—

1

1

—

Other Operations

—

—

—

—

—

Consolidated

$

1

$

4

$

5

$

7

$

4

Items Impacting Segment and Other Operations Results

For the Three Months Ended March 31, 2026

(in millions, after-tax)

Annuities

Life Insurance

Group Protection

Retirement Plan Services

Other Operations

Alternative investment income compared to return target(1)

$

—

$

19

$

—

$

—

$

—

Prepayment income(2)

1

2

1

—

—

Annual assumption review

—

—

—

—

—

Tax items(3)

(7

)

—

—

—

—

Other

—

—

—

—

—

Total impact

$

(6

)

$

21

$

1

$

—

$

—

For the Three Months Ended March 31, 2025

(in millions, after-tax)

Annuities

Life Insurance

Group Protection

Retirement Plan Services

Other Operations

Alternative investment income compared to return target(1)

$

(1

)

$

(16

)

$

—

$

(1

)

$

—

Prepayment income(2)

—

1

—

—

—

Annual assumption review

—

—

—

—

—

Tax items

—

—

—

—

—

Other

—

—

—

—

—

Total impact

$

(1

)

$

(15

)

$

—

$

(1

)

$

—

  (1) Alternative investment income comparison to return target assumes a 10% annual return on the alternative investment portfolio.

(2) Prepayment income is actual income reported in the quarter.

(3) Tax-related items including dividends-received deduction and foreign tax credit true-ups.

Capital and Liquidity

As of or For the Three Months Ended

(in millions, except percent and per share data)

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Holding company available liquidity(1)

$

466

$

466

$

461

$

1,055

$

1,205

Holding company available liquidity,

net of prefunding

$

466

$

466

$

461

$

655

$

805

RBC ratio(2)

>420%

>420%

>420%

>420%

>420%

Book value per share (BVPS), including AOCI

$

41.96

$

44.91

$

49.56

$

51.88

$

47.87

Book value per share, excluding AOCI(3)

$

67.04

$

67.95

$

69.66

$

73.10

$

71.06

Adjusted book value per share(3)

$

73.19

$

72.77

$

74.23

$

76.33

$

77.77

  (1) Holding company available liquidity presented as of 12/31/25 and 3/31/26 includes the $400 million prefunding of a 2026 maturity.

(2) The RBC ratio is calculated annually as of December 31, but is reported in the March statutory reporting, and as such, the quarterly ratios presented for 3/31/25, 6/30/25, 9/30/25 and 3/31/26 are considered estimates based on information known at the time of reporting.

(3) Refer to the reconciliation to book value per share, including AOCI, at the back of this release.

Annuities

(in millions, except ROA data)

As of or For the Three Months Ended

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Change

Total operating revenues

$

1,198

$

1,214

$

1,270

$

1,308

$

1,283

7.1

%

Total operating expenses

858

876

902

939

949

10.6

%

Income (loss) from operations before taxes

340

338

368

369

334

(1.8

)%

Federal income tax expense (benefit)

50

51

58

58

59

18.0

%

Income (loss) from operations

$

290

$

287

$

310

$

311

$

275

(5.2

)%

Income (loss) from operations, excluding impact of annual assumption review

$

290

$

287

$

318

$

311

$

275

(5.2

)%

Total sales

$

3,789

$

4,019

$

4,467

$

4,889

$

3,939

4.0

%

Net flows

$

(1,676

)

$

(1,162

)

$

(1,143

)

$

(1,227

)

$

(2,196

)

(31.0

)%

Average account balances, net of reinsurance

$

163,688

$

159,806

$

170,318

$

174,668

$

175,173

7.0

%

Return on average account balances (bps)

71

72

73

71

63

Return on average account balances (bps), excluding impact of annual assumption review

71

72

75

71

63

Income from operations was $275 million for the first quarter, compared to $290 million in the prior-year quarter, driven by the impact of the previously disclosed net investment income allocation refinement and unfavorable tax-related items. Adjusting for these items, operating income was up 1%, driven by favorable equity markets and growth in spread income, offset by variable annuity outflows. Total sales were $3.9 billion in the quarter, increasing 4% compared to the prior year. Spread-based products comprised nearly two-thirds of total sales. Net outflows were approximately $2.2 billion in the quarter, compared to net outflows of $1.7 billion in the prior-year quarter, primarily driven by traditional variable annuities. Average account balances, net of reinsurance, were $175 billion. The year-over-year increase of 7% was driven by growth across all product lines. Life Insurance

(in millions)

As of or For the Three Months Ended

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Change

Total operating revenues

$

1,587

$

1,602

$

1,610

$

1,643

$

1,628

2.6

%

Total operating expenses

1,619

1,568

1,586

1,555

1,586

(2.0

)%

Income (loss) from operations before taxes

(32

)

34

24

88

42

231.3

%

Federal income tax expense (benefit)

(16

)

2

(1

)

11

1

106.3

%

Income (loss) from operations

$

(16

)

$

32

$

25

$

77

$

41

NM

Income (loss) from operations, excluding impact of annual assumption review

$

(16

)

$

32

$

54

$

77

$

41

NM

Average account balances, net of reinsurance

$

44,390

$

45,147

$

47,503

$

49,150

$

49,232

10.9

%

Total sales

$

97

$

121

$

298

$

142

$

129

33.0

%

Income from operations was $41 million, compared to a loss of $16 million in the prior-year quarter. The year-over-year improvement was driven by strong alternative investment income and the impact of the fourth quarter 2025 captive consolidation. Total sales were $129 million, up 33% compared to the prior-year quarter, as sales of accumulation products continued to drive growth, most notably in Executive Benefits. Average account balances, net of reinsurance, were $49 billion, up 11% versus the prior-year quarter. Group Protection

(in millions, except margin data)

As of or For the Three Months Ended

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Change

Total operating revenues

$

1,521

$

1,538

$

1,507

$

1,535

$

1,554

2.2

%

Total operating expenses

1,393

1,319

1,319

1,397

1,412

1.4

%

Income (loss) from operations before taxes

128

219

188

138

142

10.9

%

Federal income tax expense (benefit)

27

46

39

29

30

11.1

%

Income (loss) from operations

$

101

$

173

$

149

$

109

$

112

10.9

%

Income (loss) from operations, excluding impact of annual assumption review

$

101

$

173

$

110

$

109

$

112

10.9

%

Insurance premiums

$

1,371

$

1,386

$

1,352

$

1,380

$

1,399

2.0

%

Total sales

$

157

$

187

$

116

$

391

$

150

(4.5

)%

Total loss ratio

72.4

%

65.9

%

68.3

%

71.4

%

71.1

%

Total loss ratio, excluding the impact of the annual assumption review

72.4

%

65.9

%

72.2

%

71.4

%

71.1

%

Operating margin(1)

7.4

%

12.5

%

11.0

%

7.9

%

8.0

%

Operating margin, excluding the impact of annual assumption review

7.4

%

12.5

%

8.1

%

7.9

%

8.0

%

  (1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

Income from operations was $112 million in the quarter, 11% higher than the prior-year quarter driven by favorable life experience. Operating margin was 8.0%, 60 basis points higher than the prior-year quarter, and the total loss ratio decreased 130 basis points to 71.1%, driven by favorable life experience partially offset by unfavorable disability severity. Insurance premiums were $1.4 billion in the quarter, increasing 2% year over year, driven by strong sales over the past twelve months. Adjusting for a large case lapse, premiums were up 3.4% compared to the first quarter of 2025. Sales decreased 4% year over year, demonstrating a disciplined approach to balanced growth in the segment. Retirement Plan Services

(in millions, except ROA data)

As of or For the Three Months Ended

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Change

Total operating revenues

$

327

$

331

$

343

$

352

$

346

5.8

%

Total operating expenses

289

289

290

298

295

2.1

%

Income (loss) from operations before taxes

38

42

53

54

51

34.2

%

Federal income tax expense (benefit)

4

5

7

8

8

100.0

%

Income (loss) from operations

$

34

$

37

$

46

$

46

$

43

26.5

%

Deposits

$

4,115

$

3,594

$

5,008

$

3,939

$

4,142

0.7

%

Net flows

$

(2,184

)

$

(585

)

$

755

$

(998

)

$

(213

)

90.2

%

Average account balances

$

113,075

$

111,734

$

119,259

$

123,533

$

124,766

10.3

%

Return on average account balances (bps)

12

13

15

15

14

Income from operations was $43 million in the quarter, up 26% compared to the prior year, primarily resulting from spread expansion and favorable equity markets, partially offset by outflows. Net outflows were $0.2 billion, compared to $2.2 billion of net outflows in the prior-year quarter. Total deposits were $4.1 billion, up 1% over the prior-year quarter. First-year sales of $1.1 billion were up 3% year over year. Average account balances were $125 billion, increasing 10% from the prior year, driven by favorable equity markets. Other Operations

(in millions)

As of or For the Three Months Ended

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Change

Total operating revenues

$

52

$

41

$

50

$

56

$

57

9.6

%

Total operating expenses

164

157

177

181

199

21.3

%

Income (loss) from operations before taxes

(112

)

(116

)

(127

)

(125

)

(142

)

(26.8

)%

Federal income tax expense (benefit)

(17

)

(25

)

(28

)

(27

)

(31

)

(82.4

)%

Income (loss) from operations(1)

$

(95

)

$

(91

)

$

(99

)

$

(98

)

$

(111

)

(16.8

)%

  (1) Income (loss) from operations does not include preferred dividends.

Unrealized Gains and Losses

The company reported a net unrealized loss of $9.1 billion (pre-tax) on its available-for-sale securities as of March 31, 2026, compared to a net unrealized loss of $9.4 billion (pre-tax) as of March 31, 2025. The year-over-year decrease was primarily due to tighter spreads.

The tables attached to this release define and reconcile the non-GAAP measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share excluding AOCI, and adjusted book value per share to net income (loss), net income (loss) available to common stockholders, and book value per share including AOCI, calculated in accordance with GAAP.

This press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements – Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the company’s current expectations.

For other financial information, please refer to the company’s first quarter 2026 statistical supplement and first quarter 2026 earnings supplement, which are available in the investor relations section of its website http://www.lincolnfinancial.com/investor.

Conference Call Information

Lincoln Financial will discuss the company’s first quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, May 7, 2026.

The call will be broadcast live through the company’s website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the call to download and install any necessary streaming media software. A replay of the call will be available by 10:30 a.m. Eastern Time on May 7, 2026, at www.lincolnfinancial.com/webcast.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2026, the company had $340 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Non-GAAP Measures

Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income (loss)) and adjusted income (loss) from operations per diluted share available to common stockholders is helpful to investors in evaluating the company’s performance.

Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition below) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.

Management also believes that the use of the non-GAAP financial measures book value per share, excluding accumulated other comprehensive income (“AOCI”), and adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

For the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and/or are included in the Statistical Supplements for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: http://www.lincolnfinancial.com/investor.

Definitions of Non-GAAP Measures Used in this Press Release

Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share, excluding AOCI, and adjusted book value per share, as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), net income (loss) available to common stockholders, and book value per share, including AOCI, the most directly comparable GAAP measures.

Adjusted Income (Loss) from Operations

Adjusted income (loss) from operations is GAAP net income (loss) excluding the following items, as applicable:

Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”); Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”); Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”); Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”); Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”); Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law; Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance; Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; Income (loss) from discontinued operations; Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances. Adjusted Income (Loss) from Operations Available to Common Stockholders

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

Book Value Per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated based upon a non-GAAP financial measure.

It is calculated by dividing (a) stockholders’ equity, excluding AOCI and preferred stock, by (b) common shares outstanding. Book value per share is the most directly comparable GAAP measure. Adjusted Book Value Per Share

Adjusted book value per share is calculated based upon a non-GAAP financial measure.

It is calculated by dividing (a) stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”) by (b) common shares outstanding. Book value per share is the most directly comparable GAAP measure. Other Definitions

Holding Company Available Liquidity

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper outstanding.

Sales

Sales as reported consist of the following:

Annuities and Retirement Plan Services – deposits from new and existing customers; Universal life insurance (“UL”), indexed universal life insurance (“IUL”), variable universal life insurance (“VUL”) – first-year commissionable premiums plus 5% of excess premiums received; MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market Advantage® (VUL), 150% of commissionable premiums; Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits; Term – 100% of annualized first-year premiums; and Group Protection – annualized first-year premiums from new policies. Lincoln National Corporation

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations and

Average Stockholders' Equity to Adjusted Average Stockholders' Equity

  For the

(in millions, except per share data)

Three Months Ended

March 31,

2026

2025

Net Income (Loss) Available to Common

Stockholders – Diluted

$

(211

)

$

(756

)

Less:

Preferred stock dividends declared

(34

)

(34

)

Adjustment for deferred units of LNC stock in our

deferred compensation plans

(5

)

—

Net Income (Loss)

(172

)

(722

)

Less:

Net annuity product features, pre-tax (1)

(695

)

(1,092

)

Net life insurance product features, pre-tax

22

42

Credit loss-related adjustments, pre-tax

(20

)

(28

)

Investment gains (losses), pre-tax

(42

)

(103

)

Changes in the fair value of reinsurance-related

embedded derivatives, trading securities and certain

mortgage loans, pre-tax (2)

179

(90

)

Gains (losses) on other non-financial assets, pre-tax

(6

)

—

Other items, pre-tax (3)(4)(5)(6)

(111

)

(35

)

Income tax benefit (expense) related to the above pre-tax items

141

270

Total adjustments

(532

)

(1,036

)

Adjusted Income (Loss) from Operations

$

360

$

314

Add:

Preferred stock dividends declared

(34

)

(34

)

Adjusted Income (Loss) from Operations Available to Common Stockholders

$

326

$

280

Earnings (Loss) Per Common Share – Diluted

Net income (loss)

$

(1.10

)

$

(4.41

)

Adjusted income (loss) from operations

1.66

1.60

Stockholders’ Equity, Average

Stockholders' equity

$

10,559

$

8,231

Less:

Preferred stock

986

986

AOCI

(4,262

)

(4,671

)

Stockholders’ equity, excluding AOCI and preferred stock

13,835

11,916

Changes in MRBs

3,037

2,649

GLB and GDB hedge instruments gains (losses)

(3,820

)

(3,027

)

Reinsurance-related embedded derivatives and portfolio gains (losses)

(172

)

(173

)

Adjusted average stockholders' equity

$

14,790

$

12,467

(1)

For the three months ended March 31, 2026 and 2025, includes changes in MRBs of $(997) million and $(1,302) million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $177 million and $268 million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $125 million and $(58) million, respectively.

(2)

Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.

(3)

Includes certain legal accruals of $(122) million for the three months ended March 31, 2026.

(4)

Includes severance expense related to initiatives to realign the workforce of $(7) million and $(6) million for the three months ended March 31, 2026 and 2025, respectively.

(5)

Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(20) million related to the sale of our wealth management business for the three months ended March 31, 2025.

(6)

Includes deferred compensation mark-to-market adjustment of $18 million and $(9) million for the three months ended March 31, 2026 and 2025, respectively.

Lincoln National Corporation

Reconciliation of Book Value per Share

  As of the Three Months Ended

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Book Value Per Common Share

Book value per share

$

41.96

$

44.91

$

49.56

$

51.88

$

47.87

Less:

AOCI

(25.08

)

(23.04

)

(20.10

)

(21.22

)

(23.19

)

Book value per share, excluding AOCI

67.04

67.95

69.66

73.10

71.06

Less:

Changes in MRBs

12.42

15.05

16.42

17.94

13.72

GLB and GDB hedge instruments gains (losses)

(17.43

)

(18.89

)

(19.40

)

(19.94

)

(19.87

)

Reinsurance-related embedded derivatives and portfolio gains (losses)

(1.14

)

(0.98

)

(1.59

)

(1.23

)

(0.56

)

Adjusted book value per share

$

73.19

$

72.77

$

74.23

$

76.33

$

77.77

Lincoln National Corporation

Digest of Earnings

  For the

(in millions, except per share data)

Three Months Ended

March 31,

2026

2025

Revenues

$

5,306

$

4,691

Net Income (Loss)

$

(172

)

$

(722

)

Preferred stock dividends declared

(34

)

(34

)

Adjustment for deferred units of LNC stock in our

deferred compensation plans (1)

(5

)

—

Net Income (Loss) Available to Common

Stockholders – Diluted

$

(211

)

$

(756

)

Net Income (Loss) Per Common Share – Basic

$

(1.08

)

$

(4.41

)

Net Income (Loss) Per Common Share – Diluted (2)

$

(1.10

)

$

(4.41

)

Average Shares – Basic

191,891,461

171,321,440

Average Shares – Diluted

196,496,544

174,087,020

FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE

Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.

Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience; Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures; The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations; Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; and our affiliate reinsurance arrangements; Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell; The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products; The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence (“AI”) that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability; Continued scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio; Actions taken by reinsurers to raise rates on in-force business; Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products; Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses; The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings; A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance products; Ineffectiveness of our risk management policies and procedures, including our various hedging strategies; A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings; Changes in accounting principles that may affect our consolidated financial statements; Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition; Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention and profitability of our insurance subsidiaries and liquidity; Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets; Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems; The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items; The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives; The adequacy and collectability of reinsurance that we have obtained; Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance; Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products; The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and The unanticipated loss of key management or wholesalers. The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

The reporting of Risk-Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

Lincoln National (LNC - Free Report) came out with quarterly earnings of $1.66 per share, beating the Zacks Consensus Estimate of $1.63 per share. This compares to earnings of $1.6 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.59%. A quarter ago, it was expected that this insurance and retirement business would post earnings of $1.86 per share when it actually produced earnings of $2.21, delivering a surprise of +18.82%.

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

Lincoln National, which belongs to the Zacks Insurance - Life Insurance industry, posted revenues of $4.87 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.15%. This compares to year-ago revenues of $4.69 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.

Lincoln National shares have lost about 15.5% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Lincoln National?While Lincoln National 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 Lincoln National 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 $2.11 on $4.89 billion in revenues for the coming quarter and $7.79 on $19.63 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 - Life Insurance is currently in the bottom 22% 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, GoHealth (GOCO - Free Report) , has yet to report results for the quarter ended March 2026.

This company is expected to post quarterly loss of $2.17 per share in its upcoming report, which represents a year-over-year change of -361.7%. The consensus EPS estimate for the quarter has been revised 12.8% higher over the last 30 days to the current level.

GoHealth's revenues are expected to be $16.78 million, down 92.4% from the year-ago quarter.