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Honeywell Technologies reported second quarter earnings per share of $1.95. Wall Street was looking for $1.82.

RTX delivers double-digit sales and earnings growth in Q2;
Raises 2026 outlook for adjusted sales*, adjusted EPS*, and free cash flow*

, /PRNewswire/ -- RTX (NYSE: RTX) reports second quarter 2026 results.

Second quarter 2026

Sales of $24.7 billion, up 14 percent versus prior year, and up 16 percent organically* GAAP EPS of $1.57, including $0.27 of acquisition accounting adjustments and $0.05 of restructuring and other net significant and/or non-recurring items Adjusted EPS* of $1.89, up 21 percent versus prior year Operating cash flow of $3.5 billion; free cash flow* of $2.9 billion Company backlog of $289 billion, including $170 billion of commercial and $119 billion of defense Reached an agreement to sell Raytheon's Blue Canyon Technologies business for $620 million Updates outlook for full year 2026

Adjusted sales* of $95.0 - $96.0 billion, up from $92.5 - $93.5 billion Organic sales growth* of 8 to 9 percent, up from 5 to 6 percent Adjusted EPS* of $7.10 - $7.25, up from $6.70 - $6.90 Free cash flow* of $8.50 - $8.75 billion, up from $8.25 - $8.75 billion "RTX delivered very strong second quarter results with 16 percent organic sales growth,* including double-digit commercial aftermarket and defense growth, margin expansion across all three segments, and $2.9 billion of free cash flow.* Demand remains robust, and our backlog is up 22 percent year over year," said RTX Chairman and CEO Chris Calio.

"Given our first half performance and current backlog, we are raising our full year outlook for adjusted sales,* adjusted EPS,* and free cash flow.* RTX is exceptionally well positioned to drive continued growth as we execute on our backlog, increase productivity, expand capacity, and introduce new technologies to our customers."

Second quarter 2026

RTX second quarter reported and adjusted sales* were $24.7 billion, up 14 percent over the prior year and 16 percent organically.* GAAP EPS of $1.57 included $0.27 of acquisition accounting adjustments and $0.05 of restructuring and other net significant and/or non-recurring items. Adjusted EPS* of $1.89 was up 21 percent versus the prior year.

The company reported net income attributable to common shareowners in the second quarter of $2.1 billion which included $0.4 billion of acquisition accounting adjustments and $0.1 billion of restructuring and other net significant and/or non-recurring items. Adjusted net income* of $2.6 billion was up 22 percent versus the prior year driven by adjusted segment operating profit growth* across all three segments. Operating cash flow in the second quarter was $3.5 billion and capital expenditures were $0.7 billion, resulting in free cash flow* of $2.9 billion.

Summary Financial Results

2nd Quarter

($ in millions, except EPS)

2026

2025

% Change

Reported

Sales

$   24,708

$   21,581

14 %

Net Income

$     2,139

$     1,657

29 %

EPS

$       1.57

$       1.22

29 %

Adjusted*

Sales

$   24,708

$   21,581

14 %

Net Income

$     2,579

$     2,118

22 %

EPS

$       1.89

$       1.56

21 %

Operating Cash Flow

$     3,547

$       458

674 %

Free Cash Flow*

$     2,878

$        (72)

NM

NM = Not Meaningful 

Segment Results 

Collins Aerospace

2nd Quarter

($ in millions)

2026

2025

% Change

Reported

Sales

$  8,210

$  7,622

8 %

Operating Profit

$  1,306

$  1,173

11 %

ROS

15.9 %

15.4 %

50

bps

Adjusted*

Sales

$  8,210

$  7,622

8 %

Operating Profit

$  1,370

$  1,249

10 %

ROS

16.7 %

16.4 %

30

bps

Collins Aerospace second quarter 2026 reported and adjusted sales* of $8,210 million were up 8 percent versus the prior year. Excluding the impact of divestitures, sales increased 13 percent organically* driven by a 26 percent increase in commercial OE, a 10 percent increase in commercial aftermarket, and a 7 percent increase in defense. The increase in commercial OE sales was driven by higher volume on narrowbody and widebody platforms, and the increase in commercial aftermarket sales was primarily driven by growth in parts and repair and modifications and upgrades. The increase in defense sales was driven by higher volume across multiple programs.

Collins Aerospace reported operating profit of $1,306 million was up 11 percent versus the prior year. Adjusted operating profit* of $1,370 million was up 10 percent versus the prior year. The growth was driven by drop through on higher commercial and defense volume, which was partially offset by defense mix, higher SG&A expense, and the impact of divestitures completed in 2025. Reported operating profit in Q2 2026 included higher restructuring charges associated with cost transformation initiatives.

Pratt & Whitney

2nd Quarter

($ in millions)

2026

2025

% Change

Reported

Sales

$  8,889

$  7,631

16 %

Operating Profit

$     738

$     492

50 %

ROS

8.3 %

6.4 %

190

bps

Adjusted*

Sales

$  8,889

$  7,631

16 %

Operating Profit

$     740

$     608

22 %

ROS

8.3 %

8.0 %

30

bps

Pratt & Whitney second quarter reported and adjusted sales* of $8,889 million were up 16 percent versus the prior year. The sales growth was driven by a 25 percent increase in commercial aftermarket and a 23 percent increase in military, partially offset by an 8 percent decrease in commercial OE. The increase in commercial aftermarket was driven by higher volume, while the increase in military sales was driven by higher F135 volume, including the benefit of prior year contract award timing. The decrease in commercial OE sales was driven by large commercial engine mix which more than offset increased large commercial engine deliveries. 

Pratt & Whitney reported operating profit of $738 million was up 50 percent versus the prior year. Q2 2025 reported profit included an approximately $100 million charge related to a customer bankruptcy. Adjusted operating profit* of $740 million was up 22 percent versus the prior year. The increase was driven by drop through on higher commercial aftermarket and military volume, as well as military mix. This growth was partially offset by increased large commercial engine deliveries, large commercial engine mix, and higher SG&A expense.

Raytheon

2nd Quarter

($ in millions)

2026

2025

% Change

Reported

Sales

$  8,269

$  7,001

18 %

Operating Profit

$  1,042

$     805

29 %

ROS

12.6 %

11.5 %

110

bps

Adjusted*

Sales

$  8,269

$  7,001

18 %

Operating Profit

$  1,043

$     809

29 %

ROS

12.6 %

11.6 %

100

bps

Raytheon second quarter reported and adjusted sales* of $8,269 million were up 18 percent versus the prior year. This increase was driven by higher volume on land and air defense systems, naval programs, and air and space defense systems, including Patriot, Standard Missile, and AMRAAM. 

Raytheon reported operating profit of $1,042 million was up 29 percent versus the prior year. Adjusted operating profit* of $1,043 million was up 29 percent versus the prior year. The increase was driven by higher volume, favorable mix, including Patriot programs, and improved net productivity.

*Adjusted net sales (also referred to as adjusted sales), organic sales, adjusted operating profit (loss) and margin percentage (ROS), segment operating profit (loss) and margin percentage (ROS), adjusted segment sales, adjusted segment operating profit (loss) and margin percentage (ROS), adjusted net income, adjusted earnings per share ("EPS"), adjusted effective tax rate, and free cash flow are non-GAAP financial measures. When we provide our expectation for adjusted net sales (also referred to as adjusted sales), adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures (expected diluted EPS and expected cash flow from operations) is not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. See "Use and Definitions of Non-GAAP Financial Measures" below for information regarding non-GAAP financial measures.

About RTX
With more than 180,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated defense systems for operational success, and develop next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2025 sales of more than $88 billion, is headquartered in Arlington, Virginia.

Conference Call on the Second Quarter 2026 Financial Results
RTX's financial results conference call will be held on Thursday, July 23, 2026 at 7:30 a.m. ET. The conference call will be webcast live on the company's website at www.rtx.com and will be available for replay following the call. The corresponding presentation slides will be available for downloading prior to the call.

Use and Definitions of Non-GAAP Financial Measures
RTX Corporation ("RTX" or "the Company") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. We believe that these non-GAAP measures provide investors with additional insight into the Company's ongoing business performance. Other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. Certain non-GAAP financial adjustments are also described in this Appendix. Below are our non-GAAP financial measures:

Non-GAAP measure

Definition

Adjusted net sales / Adjusted sales

Represents consolidated net sales (a GAAP measure), excluding net significant and/or non-recurring items1 (hereinafter referred to as "net significant and/or non-recurring items").

Organic sales

Organic sales represents the change in consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and net significant and/or non-recurring items.

Adjusted operating profit (loss) and margin percentage (ROS)

Adjusted operating profit (loss) represents operating profit (loss) (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. Adjusted operating profit margin percentage represents adjusted operating profit (loss) as a percentage of adjusted net sales.

Segment operating profit (loss) and margin percentage (ROS)

Segment operating profit (loss) represents operating profit (loss) (a GAAP measure) excluding acquisition accounting adjustments2, the FAS/CAS operating adjustment3, Corporate expenses and other unallocated items, and Eliminations and other. Segment operating profit margin percentage represents segment operating profit (loss) as a percentage of segment sales (net sales, excluding Eliminations and other).

Adjusted segment sales

Represents consolidated net sales (a GAAP measure) excluding eliminations and other and net significant and/or non-recurring items.

Adjusted segment operating profit (loss) and margin percentage (ROS)

Adjusted segment operating profit (loss) represents segment operating profit (loss) excluding restructuring costs, and net significant and/or non-recurring items. Adjusted segment operating profit margin percentage represents adjusted segment operating profit (loss) as a percentage of adjusted segment sales (adjusted net sales excluding Eliminations and other).

Adjusted net income

Adjusted net income represents net income (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items.

Adjusted earnings per share (EPS)

Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items.

Adjusted effective tax rate

Adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding the tax impact of restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items.

Free cash flow

Free cash flow represents cash flow from operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing RTX's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of RTX's common stock, and distribution of earnings to shareowners.

1 Net significant and/or non-recurring items represent significant nonoperational items and/or significant operational items that may occur at irregular intervals.

2 Acquisition accounting adjustments include the amortization of acquired intangible assets related to acquisitions, the amortization of the property, plant and equipment fair value adjustment acquired through acquisitions, the amortization of customer contractual obligations related to loss making or below market contracts acquired, and goodwill impairment, if applicable.

3 The FAS/CAS operating adjustment represents the difference between the service cost component of our pension and postretirement benefit (PRB) expense under the Financial Accounting Standards (FAS) requirements of GAAP and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS) primarily related to our Raytheon segment.

When we provide our expectation for adjusted net sales (also referred to as adjusted sales), organic sales, adjusted operating profit (loss) and margin percentage (ROS), adjusted segment operating profit (loss) and margin percentage (ROS), adjusted EPS, adjusted effective tax rate, and free cash flow, on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally are not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

Cautionary Statement Regarding Forward-Looking Statements This press release contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide RTX Corporation ("RTX") management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid and are not statements of historical fact. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "goals," "objectives," "confident," "on track," "designed to," "commit," "commitment" and other words of similar meaning. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax payments and rates, research and development spending, cost savings, other measures of financial performance, potential future plans, strategies or transactions, credit ratings and net indebtedness, the Pratt powder metal matter and related matters and activities, including without limitation other engine models that may be impacted, targets and commitments (including for share repurchases or otherwise), and other statements which are not solely historical facts. All forward-looking statements involve risks, uncertainties, changes in circumstances and other factors that are hard to predict, and each of which may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, as amended. Such risks, uncertainties and other factors include, without limitation: (1) changes in economic, capital market, and political conditions in the U.S. and globally; (2) changes in U.S. or foreign government defense spending, national priorities, and policy positions; (3) our performance on our contracts and programs, including our ability to control costs, and our dependence on U.S. government approvals for certain international contracts; (4) challenges in the development, certification, production, delivery, support, and performance of RTX's advanced technologies and new products and services and the realization of anticipated benefits; (5) challenges of operating in RTX's highly-competitive industries both domestically and abroad; (6) our reliance on U.S. and non-U.S. suppliers and commodity markets, including cost increases and disruptions in the delivery of materials and services to RTX or our suppliers; (7) changes in trade policies, implementation of sanctions, imposition of tariffs (and counter-tariffs), and other trade measures and restrictions, foreign currency fluctuations, and sales methods; (8) the economic condition of the aerospace industry; (9) the ability of RTX to attract, train, qualify, and retain qualified personnel and maintain its culture and high ethical standards, and the ability of our personnel to continue to operate our facilities and businesses around the world; (10) the scope, nature, timing, and challenges of managing and completing acquisitions, investments, divestitures, and other transactions; (11) compliance with legal, environmental, regulatory, and other requirements in the U.S. and other countries in which RTX and its businesses operate; (12) pending, threatened, and future legal proceedings, investigations, audits, and other contingencies; (13) the previously-disclosed deferred prosecution agreements entered into between the Company and the Department of Justice (DOJ), the Securities and Exchange Commission (SEC) administrative order imposed on the Company, and the related investigations by the SEC and DOJ, and the consent agreement between the Company and the Department of State; (14) RTX's ability to engage in desirable capital-raising or strategic transactions; (15) repurchases by RTX of its common stock, or declarations of cash dividends, which may be discontinued, accelerated, suspended, or delayed at any time due to various factors; (16) realizing expected benefits from, incurring costs for, and successfully managing strategic initiatives such as cost reduction, restructuring, digital transformation, and other operational initiatives; (17) additional tax exposures due to new tax legislation or other developments in the U.S. and other countries in which RTX and its businesses operate; (18) the identified rare condition in powder metal used to manufacture certain Pratt & Whitney engine parts requiring accelerated removals and inspections of a significant portion of the PW1100G-JM Geared Turbofan (GTF) fleet; (19) changes in production volumes of one or more of our significant customers as a result of business, labor, or other challenges, and the resulting effect on its or their demand for our products and services; (20) an RTX product safety failure, quality issue, or other failure affecting RTX's or its customers' or suppliers' products or systems; (21) cybersecurity, including cyber-attacks on RTX's information technology infrastructure, products, suppliers, customers and partners, and cybersecurity-related regulations; (22) insufficient indemnity or insurance coverage; (23) our intellectual property and certain third-party intellectual property; (24) threats to RTX facilities and personnel, or those of its suppliers or customers, as well as public health crises, damaging weather, acts of nature, or other similar events outside of RTX's control that may affect RTX or its suppliers or customers; (25) changes in accounting estimates for our programs on our financial results; (26) changes in pension and other postretirement plan estimates and assumptions and contributions; (27) an impairment of goodwill and other intangible assets; and (28) climate change and climate-related regulations, and any related customer and market demands, products and technologies. For additional information on identifying factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements, see the reports of RTX filed with or furnished to the Securities and Exchange Commission from time to time, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and RTX assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

RTX Corporation

Condensed Consolidated Statement of Operations

Quarter Ended June 30,

Six Months Ended June 30,

(Unaudited)

(Unaudited)

(dollars in millions, except per share amounts; shares in millions)

2026

2025

2026

2025

Net Sales

$   24,708

$   21,581

$   46,784

$   41,887

Costs and expenses:

Cost of sales

19,575

17,205

37,057

33,395

Research and development

726

697

1,353

1,334

Selling, general, and administrative

1,658

1,573

3,134

3,021

Total costs and expenses

21,959

19,475

41,544

37,750

Other income, net

62

40

126

44

Operating profit

2,811

2,146

5,366

4,181

Non-service pension income

(348)

(351)

(703)

(717)

Interest expense, net

417

457

807

900

Income before income taxes

2,742

2,040

5,262

3,998

Income tax expense

493

315

856

648

Net income

2,249

1,725

4,406

3,350

Less: Noncontrolling interest in subsidiaries' earnings

110

68

208

158

Net income attributable to common shareowners

$     2,139

$     1,657

$     4,198

$     3,192

Earnings Per Share attributable to common shareowners:

Basic

$      1.58

$      1.24

$      3.11

$      2.38

Diluted

$      1.57

$      1.22

$      3.08

$      2.36

Weighted Average Shares Outstanding:

Basic shares

1,350.7

1,340.6

1,349.2

1,338.8

Diluted shares

1,365.0

1,354.0

1,364.7

1,352.9

RTX Corporation

Segment Net Sales and Operating Profit (Loss)

Quarter Ended

Six Months Ended

(Unaudited)

(Unaudited)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(dollars in millions)

Reported

Adjusted

Reported

Adjusted

Reported

Adjusted

Reported

Adjusted

Net Sales

Collins Aerospace

$ 8,210

$ 8,210

$ 7,622

$ 7,622

$          15,812

$          15,812

$          14,839

$          14,839

Pratt & Whitney

8,889

8,889

7,631

7,631

17,062

17,062

14,997

14,997

Raytheon

8,269

8,269

7,001

7,001

15,214

15,214

13,341

13,341

Total segments

25,368

25,368

22,254

22,254

48,088

48,088

43,177

43,177

Eliminations and other

(660)

(660)

(673)

(673)

(1,304)

(1,304)

(1,290)

(1,290)

Consolidated

$          24,708

$          24,708

$          21,581

$          21,581

$          46,784

$          46,784

$          41,887

$          41,887

Operating Profit (Loss)

Collins Aerospace

$ 1,306

$ 1,370

$ 1,173

$ 1,249

$ 2,613

$ 2,668

$ 2,261

$ 2,476

Pratt & Whitney

738

740

492

608

1,448

1,451

1,072

1,198

Raytheon

1,042

1,043

805

809

1,883

1,888

1,483

1,487

Total segments

3,086

3,153

2,470

2,666

5,944

6,007

4,816

5,161

Eliminations and other

98

28

24

(17)

136

66

36

(5)

Corporate expenses and other unallocated items

(70)

7

(47)

(42)

(112)

(34)

(85)

(71)

FAS/CAS operating adjustment

171

171

186

186

343

343

371

371

Acquisition accounting adjustments

(474)

—

(487)

—

(945)

—

(957)

—

Consolidated

$ 2,811

$ 3,359

$ 2,146

$ 2,793

$ 5,366

$ 6,382

$ 4,181

$ 5,456

Segment Operating Profit Margin

Collins Aerospace

15.9 %

16.7 %

15.4 %

16.4 %

16.5 %

16.9 %

15.2 %

16.7 %

Pratt & Whitney

8.3 %

8.3 %

6.4 %

8.0 %

8.5 %

8.5 %

7.1 %

8.0 %

Raytheon

12.6 %

12.6 %

11.5 %

11.6 %

12.4 %

12.4 %

11.1 %

11.1 %

Total segment

12.2 %

12.4 %

11.1 %

12.0 %

12.4 %

12.5 %

11.2 %

12.0 %

RTX Corporation

Condensed Consolidated Balance Sheet

June 30, 2026

December 31, 2025

(dollars in millions)

(Unaudited)

(Unaudited)

Assets

Cash and cash equivalents

$           8,305

$           7,435

Accounts receivable, net

13,942

14,701

Contract assets, net

18,980

17,092

Inventory, net

14,409

13,364

Other assets, current

8,276

7,740

Total current assets

63,912

60,332

Customer financing assets

1,902

2,132

Fixed assets, net

16,965

16,868

Operating lease right-of-use assets

1,727

1,887

Goodwill

52,928

53,343

Intangible assets, net

31,043

31,845

Other assets

5,495

4,672

Total assets

$        173,972

$        171,079

Liabilities, Redeemable Noncontrolling Interest, and Equity

Short-term borrowings

$             229

$             204

Accounts payable

16,998

15,895

Accrued employee compensation

2,356

3,308

Other accrued liabilities

15,695

14,350

Contract liabilities

22,671

21,615

Long-term debt currently due

5,296

3,412

Total current liabilities

63,245

58,784

Long-term debt

31,858

34,288

Operating lease liabilities, non-current

1,473

1,602

Future pension and postretirement benefit obligations

1,956

2,067

Other long-term liabilities

7,296

7,200

Total liabilities

105,828

103,941

Redeemable noncontrolling interest

28

36

Shareowners' Equity:

Common stock

38,424

38,126

Treasury stock

(26,758)

(26,881)

Retained earnings

58,020

56,718

Accumulated other comprehensive loss

(3,309)

(2,718)

Total shareowners' equity

66,377

65,245

Noncontrolling interest

1,739

1,857

Total equity

68,116

67,102

Total liabilities, redeemable noncontrolling interest, and equity

$        173,972

$        171,079

RTX Corporation

Condensed Consolidated Statement of Cash Flows

Quarter Ended June 30,

Six Months Ended June 30,

(Unaudited)

(Unaudited)

(dollars in millions)

2026

2025

2026

2025

Operating Activities:

Net income

$     2,249

$     1,725

$     4,406

$     3,350

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

Depreciation and amortization

1,079

1,076

2,150

2,128

Deferred income tax (benefit) provision

(56)

54

(30)

121

Stock compensation cost

164

113

296

224

Net periodic pension and other postretirement income

(303)

(312)

(616)

(636)

Share-based 401(k) matching contributions

147

140

339

307

Change in:

Accounts receivable

(729)

(765)

1,094

(1,137)

Contract assets

(963)

(484)

(1,942)

(1,190)

Inventory

(330)

(384)

(1,143)

(1,197)

Other current assets

47

25

(422)

(100)

Accounts payable and accrued liabilities

2,102

(538)

947

(141)

Contract liabilities

198

(30)

292

343

Other operating activities, net

(58)

(162)

31

(309)

Net cash flows provided by operating activities

3,547

458

5,402

1,763

Investing Activities:

Capital expenditures

(669)

(530)

(1,215)

(1,043)

Increase in other intangible assets

(58)

(122)

(156)

(226)

(Payments) receipts from settlements of derivative contracts, net

(71)

192

1

145

Other investing activities, net

(146)

(49)

(182)

(63)

Net cash flows used in investing activities

(944)

(509)

(1,552)

(1,187)

Financing Activities:

Repayment of long-term debt

(24)

(780)

(524)

(789)

Change in commercial paper, net

—

1,432

—

1,432

Dividends paid

(983)

(910)

(1,898)

(1,750)

Repurchase of common stock

—

—

—

(50)

Other financing activities, net

(62)

(95)

(487)

(252)

Net cash flows used in financing activities

(1,069)

(353)

(2,909)

(1,409)

Effect of foreign exchange rate changes on cash and cash equivalents

(13)

38

(19)

54

Net increase (decrease) in cash, cash equivalents, and restricted cash

1,521

(366)

922

(779)

Cash, cash equivalents and restricted cash, beginning of period

6,871

5,193

7,470

5,606

Cash, cash equivalents and restricted cash, end of period

8,392

4,827

8,392

4,827

Less: Restricted cash, included in Other assets, current and Other assets

87

45

87

45

Cash and cash equivalents, end of period

$     8,305

$     4,782

$     8,305

$     4,782

RTX Corporation

Reconciliation of Adjusted (Non-GAAP) Results

Adjusted Sales, Adjusted Operating Profit (Loss) & Operating Profit (Loss) Margin

Quarter Ended June 30,

Six Months Ended June 30,

(Unaudited)

(Unaudited)

(dollars in millions - Income (Expense))

2026

2025

2026

2025

Collins Aerospace

Net sales

$    8,210

$    7,622

$  15,812

$  14,839

Operating profit

$    1,306

$    1,173

$    2,613

$    2,261

Restructuring

(64)

(39)

(55)

(152)

Segment and portfolio transformation and divestiture costs (1)

—

(37)

—

(63)

Adjusted operating profit

$    1,370

$    1,249

$    2,668

$    2,476

Adjusted operating profit margin

16.7 %

16.4 %

16.9 %

16.7 %

Pratt & Whitney

Net sales

$    8,889

$    7,631

$  17,062

$  14,997

Operating profit

$       738

$       492

$    1,448

$    1,072

Restructuring

(2)

(8)

(3)

(18)

Customer bankruptcy (1)

—

(108)

—

(108)

Adjusted operating profit

$       740

$       608

$    1,451

$    1,198

Adjusted operating profit margin

8.3 %

8.0 %

8.5 %

8.0 %

Raytheon

Net sales

$    8,269

$    7,001

$  15,214

$  13,341

Operating profit

$    1,042

$       805

$    1,883

$    1,483

Restructuring

(1)

(4)

(5)

(4)

Adjusted operating profit

$    1,043

$       809

$    1,888

$    1,487

Adjusted operating profit margin

12.6 %

11.6 %

12.4 %

11.1 %

Eliminations and Other

Net sales

$      (660)

$      (673)

$   (1,304)

$   (1,290)

Operating profit

$         98

$         24

$       136

$         36

Gain on investment (1)

70

41

70

41

Adjusted operating profit (loss)

$         28

$        (17)

$         66

$          (5)

Corporate expenses and other unallocated items

Operating loss

$        (70)

$        (47)

$      (112)

$        (85)

Restructuring

(8)

—

(9)

(9)

Tax audit settlements and closures (1)

—

(5)

—

(5)

Litigation matter (1)

(69)

—

(69)

—

Adjusted operating profit (loss)

$           7

$        (42)

$        (34)

$        (71)

FAS/CAS Operating Adjustment

Operating profit

$       171

$       186

$       343

$       371

Acquisition Accounting Adjustments

Operating loss

$      (474)

$      (487)

$      (945)

$      (957)

Acquisition accounting adjustments

(474)

(487)

(945)

(957)

Adjusted operating loss

$         —

$         —

$         —

$         —

RTX Consolidated

Net sales

$  24,708

$  21,581

$  46,784

$  41,887

Operating profit

$    2,811

$    2,146

$    5,366

$    4,181

Restructuring

(75)

(51)

(72)

(183)

Acquisition accounting adjustments

(474)

(487)

(945)

(957)

Total net significant and/or non-recurring items included in Operating profit above (1)

1

(109)

1

(135)

Adjusted operating profit

$    3,359

$    2,793

$    6,382

$    5,456

(1)  Refer to "Non-GAAP Financial Adjustments" below for a description of these adjustments.

RTX Corporation

Reconciliation of Adjusted (Non-GAAP) Results

Adjusted Income, Earnings Per Share, and Effective Tax Rate

Quarter Ended
June 30,

Six Months Ended
June 30,

(Unaudited)

(Unaudited)

(dollars in millions - Income (Expense))

2026

2025

2026

2025

Net income attributable to common shareowners

$  2,139

$  1,657

$  4,198

$  3,192

Total Restructuring

(75)

(51)

(72)

(183)

Total Acquisition accounting adjustments

(474)

(487)

(945)

(957)

Total net significant and/or non-recurring items included in Operating profit (1)

1

(109)

1

(135)

Significant and/or non-recurring items included in Non-service Pension Income

Non-service pension restructuring

(2)

—

(4)

—

Significant non-recurring and non-operational items included in Interest Expense, Net

Tax audit settlements and closures (1)

—

11

—

54

International tax matter (1)

—

—

—

(35)

Tax effect of restructuring and net significant and/or non-recurring items above

110

142

214

280

Significant and/or non-recurring items included in Income Tax Expense

Tax audit settlements and closures (1)

—

33

—

59

Less: Impact on net income attributable to common shareowners

(440)

(461)

(806)

(917)

Adjusted net income attributable to common shareowners

$  2,579

$  2,118

$  5,004

$  4,109

Diluted Earnings Per Share

$   1.57

$   1.22

$   3.08

$   2.36

Impact on Diluted Earnings Per Share

(0.32)

(0.34)

(0.59)

(0.68)

Adjusted Diluted Earnings Per Share

$   1.89

$   1.56

$   3.67

$   3.04

Effective Tax Rate

18.0 %

15.4 %

16.3 %

16.2 %

Impact on Effective Tax Rate

(0.3) %

(2.9) %

(0.7) %

(2.6) %

Adjusted Effective Tax Rate

18.3 %

18.3 %

17.0 %

18.8 %

(1)  Refer to "Non-GAAP Financial Adjustments" below for a description of these adjustments.

RTX Corporation

Reconciliation of Adjusted (Non-GAAP) Results

Segment Operating Profit Margin and Adjusted Segment Operating Profit Margin

Quarter Ended June 30,

Six Months Ended June 30,

(Unaudited)

(Unaudited)

(dollars in millions)

2026

2025

2026

2025

Net Sales

$  24,708

$  21,581

$  46,784

$  41,887

Reconciliation to segment net sales:

Eliminations and other

660

673

1,304

1,290

Segment Net Sales

$  25,368

$  22,254

$  48,088

$  43,177

Operating Profit

$   2,811

$   2,146

$   5,366

$   4,181

Operating Profit Margin

11.4 %

9.9 %

11.5 %

10.0 %

Reconciliation to segment operating profit:

Eliminations and other

(98)

(24)

(136)

(36)

Corporate expenses and other unallocated items

70

47

112

85

FAS/CAS operating adjustment

(171)

(186)

(343)

(371)

Acquisition accounting adjustments

474

487

945

957

Segment Operating Profit

$   3,086

$   2,470

$   5,944

$   4,816

Segment Operating Profit Margin

12.2 %

11.1 %

12.4 %

11.2 %

Reconciliation to adjusted segment operating profit:

Restructuring

(67)

(51)

(63)

(174)

Net significant and/or non-recurring items (1)

—

(145)

—

(171)

Adjusted Segment Operating Profit

$   3,153

$   2,666

$   6,007

$   5,161

Adjusted Segment Operating Profit Margin

12.4 %

12.0 %

12.5 %

12.0 %

(1)  Refer to "Non-GAAP Financial Adjustments" below for a description of these adjustments.

RTX Corporation

Free Cash Flow Reconciliation

Quarter Ended June 30,

(Unaudited)

(dollars in millions)

2026

2025

Net cash flows provided by operating activities

$         3,547

$           458

Capital expenditures

(669)

(530)

Free cash flow

$         2,878

$           (72)

Six Months Ended June 30,

(Unaudited)

(dollars in millions)

2026

2025

Net cash flows provided by operating activities

$         5,402

$         1,763

Capital expenditures

(1,215)

(1,043)

Free cash flow

$         4,187

$           720

RTX Corporation

Reconciliation of Adjusted (Non-GAAP) Results

Organic Sales Reconciliation

Quarter ended June 30, 2026 compared to the Quarter Ended June 30, 2025

(Unaudited)

(dollars in millions)

Total Reported
Change

Acquisitions &
Divestitures
Change

FX / Other
Change (2)

Organic Change

Prior Year
Adjusted Sales (1)

Organic Change
as a % of
Adjusted Sales

Collins Aerospace

$           588

$          (404)

$            11

$           981

$         7,622

13 %

Pratt & Whitney

1,258

—

(16)

1,274

7,631

17 %

Raytheon

1,268

—

12

1,256

7,001

18 %

Eliminations and Other (3)

13

13

—

—

(673)

— %

Consolidated

$         3,127

$          (391)

$              7

$         3,511

$       21,581

16 %

(1)

For the full Non-GAAP reconciliation of adjusted sales refer to "Reconciliation of Adjusted (Non-GAAP) Results - Adjusted Sales, Adjusted Operating Profit & Operating Profit Margin."

(2)

Includes other significant non-operational items and/or significant operational items that may occur at irregular intervals.

(3)

FX/Other Change includes the transactional impact of foreign exchange hedging at Pratt & Whitney Canada, which is included in Pratt & Whitney's FX/Other Change, but excluded for Consolidated RTX.

Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025

(Unaudited)

(dollars in millions)

Total Reported
Change

Acquisitions &
Divestitures
Change

FX / Other
Change (2)

Organic Change

Prior Year
Adjusted Sales (1)

Organic Change
as a % of
Adjusted Sales

Collins Aerospace

$           973

$          (787)

$            51

$         1,709

$       14,839

12 %

Pratt & Whitney

2,065

—

21

2,044

14,997

14 %

Raytheon

1,873

—

29

1,844

13,341

14 %

Eliminations and Other (3)

(14)

26

(31)

(9)

(1,290)

1 %

Consolidated

$         4,897

$          (761)

$            70

$         5,588

$       41,887

13 %

(1)

For the full Non-GAAP reconciliation of adjusted sales refer to "Reconciliation of Adjusted (Non-GAAP) Results - Adjusted Sales, Adjusted Operating Profit & Operating Profit Margin."

(2)

Includes other significant non-operational items and/or significant operational items that may occur at irregular intervals.

(3)

FX/Other Change includes the transactional impact of foreign exchange hedging at Pratt & Whitney Canada, which is included in Pratt & Whitney's FX/Other Change, but excluded for Consolidated RTX.

Non-GAAP Financial Adjustments

Non-GAAP Adjustments

Description

Segment and portfolio transformation and divestiture costs

The quarter and six months ended June 30, 2025 include separation costs incurred in advance of the completion of certain divestitures.

Customer bankruptcy

The quarter and six months ended June 30, 2025 include a net pre-tax charge of approximately $0.1 billion related to a customer bankruptcy at Pratt & Whitney. The charge primarily relates to contract asset exposures with a customer. Management has determined that the nature and significance of the charge is considered unusual and, therefore, not indicative of the Company's ongoing operational performance.

Gain on investment

The quarter and six months ended June 30, 2026 and quarter and six months ended June 30, 2025, include a pre-tax gain of $70 million and $41 million, respectively, related to the increase in fair value on an investment. Management has determined that the nature of the gain on investment to be significant and non-operational, and, therefore, not indicative of the Company's ongoing operational performance.

Tax audit settlements and closures

The quarter and six months ended June 30, 2025 include a tax benefit of $59 million and a pre-tax benefit on the reversal of $54 million of interest accruals both recognized as a result of the closure of the examination phase of multiple state tax audits. In addition, in the quarter and six months ended June 30, 2025, there was a tax benefit of $33 million and a net pre-tax benefit of $6 million from the

reversal of interest accruals and the write-off of certain tax related indemnity receivables associated

with the closure of a federal tax audit.

Litigation matter

The quarter and six months ended June 30, 2026 include a pre-tax charge of  $69 million related to a litigation matter. Management considers this charge non-operational and directly attributable to the litigation matter and, therefore, not indicative of the Company's ongoing operational performance.

International tax matter

During the six months ended June 30, 2025, the Company recorded the impact of an unfavorable decision related to an international tax matter for the years ended December 31, 2015 to December 31, 2019, resulting in interest expense, net of $35 million and a tax benefit of $8 million. Management has determined that the nature of this impact related to the tax matter is considered significant and non-operational, and, therefore, not indicative of the Company's ongoing operational performance.

Media Contact

202.384.2474

Investor Contact
781.522.5123 

SOURCE RTX

For the full year, RTX now expects adjusted earnings between $7.10 and $7.25 a share, up from its previous forecast of $6.70 to $6.90.

ServiceNow stock NYSE:NOW jumped more than 7% in pre-market trading on Thursday after the enterprise-software company delivered a stronger second quarter and raised its annual subscription-revenue forecast.

The upbeat earnings eased some fears that artificial intelligence is weakening established software platforms.

Revenue rose 24% to $4 billion, while adjusted earnings of 90 cents a share beat the 86-cent consensus.

The reaction came before regular US trading began on Thursday, after the stock entered the results down almost 38% in 2026.

Yet the relief rally did not resolve the central debate.

Wall Street is now focused on current remaining performance obligations, or cRPO, and whether management’s third-quarter forecast signals healthy demand or another step down in organic growth.

ServiceNow’s second-quarter performance challenged the most bearish assumptions surrounding enterprise software.

Subscription revenue increased 24.5% to $3.9 billion, or 23% in constant currency, while cRPO climbed 21% to $13.2 billion and 21.5% excluding currency movements.

The company also raised its full-year subscription-revenue outlook to between $15.76 billion and $15.8 billion.

Those figures matter because expectations had fallen sharply during a broad software sell-off driven by concerns that generative-AI tools could displace traditional platforms.

The quarter showed that customers are still signing large contracts.

ServiceNow completed 123 transactions carrying more than $1 million in net-new annual contract value, nearly 40% more than a year earlier.

cRPO represents contracted revenue expected to be recognised over the following 12 months, making it one of the clearest forward-looking indicators for subscription businesses.

ServiceNow forecast third-quarter cRPO growth of 19.5% as reported and 20% in constant currency, below the 21.5% constant-currency rate delivered during the second quarter.

Management also said strong US federal demand accelerated some on-premise subscription revenue from the third quarter into the second.

JPMorgan analyst Mark Murphy retained an Overweight rating but remained cautious.

In a note reported by TipRanks, Murphy said he saw no material execution problem in the quarter, yet warned that an “odd lull” in organic constant-currency cRPO growth could restrain sentiment until the company returns towards its earlier trajectory.

Jefferies analyst Samad Samana took a more constructive view.

According to The Fly, Samana raised his target to $140 from $135 and maintained a Buy rating, arguing that the upside reflected stronger net-new contract value as well as timing benefits.

ServiceNow’s AI business crossed $1 billion in annual contract value during the quarter, while the number of customers running its AI agents in production increased ninefold over nine months.

That progress supports management’s argument that ServiceNow can benefit from enterprise AI adoption rather than be displaced by it.

The remaining question is whether those contracts will translate into faster organic growth as they move into recognised revenue.

Murphy’s caution reflects the gap between strong AI headlines and a third-quarter cRPO outlook near 20%.

Samana’s stance suggests larger contracts and healthier net-new annual value provide a stronger underlying signal than the headline slowdown implies.

Sales increase of 11% to $20.1 billion Net earnings of $1.8 billion, or $7.94 per share Cash from operations of $3.2 billion and free cash flow of $2.9 billion Record backlog of $230 billion, inclusive of the multi-year contract to produce THAAD interceptors Updates 2026 financial outlook , /PRNewswire/ -- Lockheed Martin Corporation (NYSE: LMT) today reported second quarter 2026 sales of $20.1 billion, compared to $18.2 billion in the second quarter of 2025. Net earnings in the second quarter of 2026 were $1.8 billion, or $7.94 per share, compared to $342 million, or $1.46 per share, including $1.6 billion of program losses and $169 million of other charges, in the second quarter of 2025. Cash from operations was $3.2 billion in the second quarter of 2026, compared to $201 million in the second quarter of 2025. Free cash flow was $2.9 billion in the second quarter of 2026, compared to $(150) million in the second quarter of 2025.

"We delivered strong second‑quarter performance, with over $20 billion in sales – a year‑over‑year increase of 11% – free cash flow of $2.9 billion, and $65 billion of new orders, which takes our backlog to a record $230 billion. This continued performance reflects more than just increased customer demand – it is evidence that our 21st Century Security® strategy, and its focus on integration, partnerships and operational excellence is working, resulting in increased business, and advancing the security needs of our nation and allies. We are delivering on our strategy, achieving a higher trajectory for our business and giving us confidence to raise our full year financial guidance. We now anticipate accelerated year‑over‑year sales growth of approximately 8%, driving 28% higher segment operating profit, and increased free cash flow, now projected to be over $7 billion," said Lockheed Martin Chairman, President and CEO Jim Taiclet.

"These results are powered by consistent performance on the commitments we've made and by our investments to support the missions our customers will face next. Over the quarter, we took a major step forward in transforming munitions production, putting the framework agreements we announced earlier this year into action by signing a $35 billion multi-year contract with the Missile Defense Agency for THAAD. We continue to innovate at the speed our customers' missions demand, taking our Sanctum counter-drone system from concept to successful live fire testing in just 45 days by combining a battle manager, radar, launcher, and combat-proven missile into one engagement chain. And, we are investing strategically to strengthen global defense manufacturing capabilities through our collaboration with General Motors Defense in the U.S. and our agreement with Rheinmetall to co-produce ATACMS in Europe."

Summary Financial Results

(in millions, except per share data)

Quarters Ended

Six Months Ended

June 28,

2026

June 29,

2025

June 28,

2026

June 29,

2025

Sales

$         20,063

$         18,155

$         38,084

$         36,118

Business segment operating profit1

$          2,162

$             571

$          3,985

$           2,656

Unallocated items

FAS/CAS pension operating adjustment

422

379

843

758

Impairment and other charges

—

(66)

—

(66)

Intangible asset amortization expense

(50)

(63)

(100)

(127)

Other, net2

(55)

(73)

(186)

(101)

Total unallocated items

317

177

557

464

Consolidated operating profit

$          2,479

$             748

$          4,542

$           3,120

Net earnings

$          1,836

$             342

$          3,324

$           2,054

Diluted earnings per share

$            7.94

$            1.46

$          14.38

$            8.75

Cash from operations

$          3,235

$             201

$          3,455

$           1,610

Capital expenditures

(318)

(351)

(829)

(805)

Free cash flow1

$          2,917

$            (150)

$          2,626

$             805

1

Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news
release for more information.

2

Other, net for the quarters ended June 28, 2026 and June 29, 2025 included net gains of $36 million ($27 million, or $0.12 per share, after-tax)
and $18 million ($14 million,or $0.06 per share, after tax) due to changes in fair value of net assets and liabilities for deferred compensation plans.

Sales: Second quarter 2026 sales increased $1.9 billion, or 11%, driven by growth across all segments reflecting increased volume and munitions ramps.

Consolidated Operating Profit: Second quarter 2026 consolidated operating profit increased $1.7 billion largely driven by combined prior year reach-forward losses of $1.6 billion on a classified program at Aeronautics, and on the Canadian Maritime Helicopter Program (CMHP) and the Turkish Utility Helicopter Program (TUHP) at Rotary and Mission Systems; prior year write-off of $66 million for fixed assets; and a $43 million increase in the FAS/CAS operating adjustment.

Business Segment Operating Profit: Second quarter 2026 business segment operating profit increased $1.6 billion due to the prior year reach-forward losses described above and munition ramps at Missiles and Fire Control.

Net Earnings and Diluted EPS: Second quarter 2026 net earnings increased $1.5 billion and diluted earnings per share increased $6.48 primarily due to higher consolidated operating profit of $1.7 billion described above, partially offset by a $267 million increase in income tax expense.

Cash Flows: Second quarter 2026 cash from operations and free cash flows increased $3.0 billion primarily due to the timing of customer receipts and lower tax payments. The company's cash activities during the second quarter of 2026 included capital expenditures of $318 million and independent research and development of $558 million.

2026 Financial Outlook

The following guidance table contains forward-looking statements, which are based on the company's expectations at the time of this news release. Actual results may differ materially from those projected. It is the company's practice not to incorporate adjustments in its financial outlook for proposed acquisitions (such as the recently announced agreement to acquire Ultra Maritime), divestitures, joint ventures, changes in tax laws, or special items until such items have been consummated or enacted. Refer to the "Forward-Looking Statements" section contained in this press release and Form 10-Q for factors that may impact the company's ability to achieve guidance or meet expectations.

(in millions, except per share data)

Current Update

April 2026

Sales

~$79,750 - $81,750

$77,500 - $80,000

Business segment operating profit1

~$8,500 - $8,700

$8,425 - $8,675

Total FAS/CAS pension adjustment

~$1,365

~$1,365

Diluted earnings per share

~$29.95 - $30.65

$29.35 - $30.25

Cash from operations

~$9,200 - $9,400

$9,150 - $9,450

Capital expenditures

~$2,000 - $2,400

$2,500 - $2,800

Free cash flow1

~$7,000 - $7,200

$6,500 - $6,800

1

Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this
news release for more information.

Segment Results

(in millions)

Quarters Ended

Six Months Ended

June 28,

2026

June 29,

2025

June 28,

2026

June 29,

2025

Sales

Aeronautics

$         8,112

$         7,420

$        15,065

$        14,477

Missiles and Fire Control

4,101

3,433

7,750

6,806

Rotary and Mission Systems

4,354

3,995

8,345

8,323

Space

3,496

3,307

6,924

6,512

Total sales

$        20,063

$        18,155

$        38,084

$        36,118

Operating profit (loss) 

Aeronautics

$            760

$            (98)

$          1,379

$            622

Missiles and Fire Control

594

479

1,094

944

Rotary and Mission Systems

437

(172)

860

349

Space

371

362

652

741

Total business segment operating profit

2,162

571

3,985

2,656

Unallocated items

FAS/CAS operating adjustment

422

379

843

758

Impairment and other charges

—

(66)

—

(66)

Intangible asset amortization expense

(50)

(63)

(100)

(127)

Other, net

(55)

(73)

(186)

(101)

Total unallocated items

317

177

557

464

Total consolidated operating profit

$         2,479

$            748

$          4,542

$          3,120

Aeronautics 

(in millions)

Quarters Ended

Six Months Ended

June 28,

2026

June 29,

2025

June 28,

2026

June 29,

2025

Sales

$    8,112

$    7,420

$    15,065

$    14,477

Operating profit (loss)

760

(98)

1,379

622

Operating margin

9.4 %

(1.3 %)

9.2 %

4.3 %

Second quarter 2026 sales increased $692 million, or 9%, compared to the second quarter of 2025. The increase was primarily due to higher sales of $475 million on the F‑35 program as a result of higher volume on production contracts, and $360 million due to the sales impact of the reach-forward loss recognized on a classified contract in 2025. These increases were partially offset by lower sales of $120 million on F-16 and C-130 programs due to lower volume on sustainment contracts.

Second quarter 2026 operating profit increased $858 million compared to the second quarter of 2025. The increase was attributable to the $950 million reach-forward loss recognized on a classified contract in 2025, and higher sales volume on F-35 production contracts. The increases were partially offset by $160 million of lower net favorable profit adjustments across the portfolio.

Missiles and Fire Control

(in millions)

Quarters Ended

Six Months Ended

June 28,

2026

June 29,

2025

June 28,

2026

June 29,

2025

Sales

$       4,101

$       3,433

$      7,750

$      6,806

Operating profit

594

479

1,094

944

Operating margin

14.5 %

14.0 %

14.1 %

13.9 %

Second quarter 2026 sales increased $668 million, or 19%, compared to the second quarter of 2025. The increase was primarily attributable to higher sales of $560 million on integrated air and missile defense programs due to production ramps (PAC-3 and THAAD), and $100 million on tactical and strike missile programs due to production ramps (Precision Strike Missile (PrSM)).

Second quarter 2026 operating profit increased $115 million, or 24%, compared to the second quarter of 2025. The increase was primarily attributable to higher sales volume previously described, and $60 million due to higher net favorable profit adjustments.

Rotary and Mission Systems

(in millions)

Quarters Ended

Six Months Ended

June 28,

2026

June 29,

2025

June 28,

2026

June 29,

2025

Sales

$    4,354

$    3,995

$      8,345

$      8,323

Operating profit (loss)

437

(172)

860

349

Operating margin

10.0 %

(4.3 %)

10.3 %

4.2 %

Second quarter 2026 sales increased $359 million, or 9%, compared to the second quarter of 2025. The increase was attributable to higher sales of $255 million on Sikorsky helicopter programs due to the sales impact of the reach-forward loss recognized on the Canadian Maritime Helicopter Program (CMHP) and the Türkish Utility Helicopter Program (TUHP) in 2025, and $115 million on Mission Integrated Command & Control (MIC2) programs due to higher volume on undersea combat systems programs and the River Class Destroyer program.

Second quarter 2026 operating profit increased $609 million compared to the second quarter of 2025. The increase was attributable to the $570 million reach-forward loss recognized on the CMHP program and the $95 million reach-forward loss recognized on the TUHP program in 2025. This increase was offset by unfavorable profit adjustments of $65 million on Heavy Lift and $50 million on Seahawk programs, partially offset by higher net favorable profit adjustments across the portfolio.

Space

(in millions)

Quarters Ended

Six Months Ended

June 28,

2026

June 29,

2025

June 28,

2026

June 29,

2025

Sales

$    3,496

$    3,307

$      6,924

$      6,512

Operating profit

371

362

652

741

Operating margin

10.6 %

10.9 %

9.4 %

11.4 %

Second quarter 2026 sales increased $189 million, or 6%, compared to the second quarter of 2025. The increase was primarily attributable to higher sales of $190 million on strategic and missile defense programs due to increased volume (Fleet Ballistic Missile (FBM) and Next Generation Interceptor (NGI)).

Second quarter 2026 operating profit was comparable to the second quarter of 2025.

Income Taxes

The company's effective income tax rates were 15.7% and 18.0% for the quarters ended June 28, 2026 and June 29, 2025. The lower effective income tax rate for the quarter ended June 28, 2026 was primarily attributable to lower interest expense on the company's uncertain tax position and the reach-forward losses recognized in 2025. The rates for all periods benefited from the tax deductions for foreign derived deduction eligible income, research and development tax credits, dividends paid to the company's defined contribution plans with an employee stock ownership plan feature and employee equity awards.

On February 18, 2026, the U.S. Department of Treasury issued Notice 2026-7 (the Notice) providing additional interim guidance regarding the application of the CAMT. As a result of the One Big Beautiful Bill Act (the Tax Act) and the Notice, the company is no longer subject to CAMT this year and expects to make reduced federal income tax payments for 2026.

Use of Non-GAAP Financial Measures

This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by U.S. Securities and Exchange Commission (SEC) Regulation G). While management believes that these non-GAAP financial measures may be useful in evaluating the financial performance of the company, this information should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. In addition, the company's definitions for non-GAAP financial measures may differ from similarly titled measures used by other companies or analysts.

Business segment operating profit

Business segment operating profit represents operating profit from the company's business segments before unallocated income and expense. This measure is used by the company's senior management in evaluating the performance of its business segments and is a performance goal in the company's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.

(in millions)

Current Update

April 2026

Business segment operating profit (non-GAAP)

~$8,500 - $8,700

$8,425 - $8,675

FAS/CAS operating adjustment1

~1,685

~1,685

Intangible asset amortization expense

~(200)

~(200)

Other, net

~(490)

~(475)

Consolidated operating profit (GAAP)

~$9,495 - $9,695

$9,435 - $9,685

1

Reflects the amount by which total CAS pension cost of $1.7 billion exceeds FAS pension service cost
and excludes non-service FAS pension expense. Refer to the supplemental table "Selected Financial Data"
included in this news release for a detail of the FAS/CAS operating adjustment.

Free cash flow

Free cash flow is a non-GAAP financial measure that the company defines as cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity. While management believes that free cash flow as a non-GAAP financial measure may be useful in evaluating the company's financial performance, it should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies.

Webcast and Conference Call Information

Lockheed Martin Corporation will webcast live the earnings results conference call (listen-only mode) on Thursday, July 23, 2026, at 8:30 a.m. ET on the Lockheed Martin Investor Relations website at www.lockheedmartin.com/investor.  The accompanying presentation slides and relevant financial charts are also available at www.lockheedmartin.com/investor. 

For additional information, visit the company's website: www.lockheedmartin.com. 

About Lockheed Martin

Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at www.lockheedmartin.com. 

Forward-Looking Statements

This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin's current expectations and assumptions. The words "believe," "estimate," "anticipate," "project," "intend," "expect," "plan," "outlook," "scheduled," "forecast" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results may differ materially due to factors such as:

the company's reliance on contracts with the U.S. Government, which are dependent on U.S. Government funding and can be terminated for convenience, and the company's ability to negotiate favorable contract terms; budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms, the debt ceiling and government shutdowns, and changing funding and acquisition priorities; risks related to the development, production, sustainment, performance, schedule, cost and requirements of complex and technologically advanced programs, including the F-35 program; the timing of contract awards or contract definitization, decisions by government customers to impose contract terms following undefinitized contract actions, achievement of performance milestones, customer acceptance of product deliveries, and receipt of customer payments; the company's ability to recover costs under U.S. Government contracts, the mix of fixed-price and cost-reimbursable contracts and the risks inherent in preparing estimates for fixed-price contracts (particularly for complex and technologically advanced programs); customer procurement and other policies, laws, regulations and executive actions that affect the company and its industry, programs, future opportunities, and financial performance, including those relating to mission priorities, competing domestic and international spending, contracting terms (such as fixed-price requirements), acquisition process reforms, treatment of contractor performance issues, and contractor access to competitive opportunities; planned production rates and orders for significant programs, compliance with stringent performance and reliability standards, and materials availability, including government furnished equipment and rare earth minerals; performance and/or financial viability of key suppliers, teammates, joint ventures (including United Launch Alliance, for which the company has provided and expects to provide additional financial guarantees), joint venture partners, subcontractors and customers; changes in economic, capital market and political conditions in the U.S. and globally; the impact of inflation and other cost pressures; government actions that restrict or prevent the sale or delivery of the company's products (such as delays in approvals for exports requiring Congressional notification); foreign policy and international trade actions taken by governments such as tariffs, sanctions, embargoes, export and import controls, buying preferences, and other trade restrictions; the company's success expanding into and doing business in adjacent markets and internationally and the risks posed by international sales, including potential effects from fluctuations in currency exchange rates; changes in non-U.S. national priorities and government budgets and planned orders; the competitive environment for the company's products and services; the company's ability to develop and commercialize new technologies and products, including emerging digital and network technologies and capabilities; the company's ability to benefit fully from or adequately protect its intellectual property rights; the company's ability to attract and retain a highly skilled workforce and the impact of work stoppages or other labor disruptions; cyber or other security threats or other disruptions faced by the company or its suppliers; the company's ability to implement and continue, and the timing and impact of, capitalization changes such as share repurchases, dividend payments and financing transactions, including as a result of presidential executive orders; the accuracy of the company's estimates and projections; changes in pension plan assumptions and actual returns on pension assets; cash funding requirements and pension annuity contracts and associated charges; realizing the anticipated benefits of acquisitions or divestitures, investments, joint ventures, teaming arrangements or internal reorganizations, and market volatility affecting the fair value of investments that are marked to market; the satisfaction of conditions to (including regulatory approvals) and consummation of the company's announced acquisition of Ultra Maritime, if at all, the timing and terms of any financing for such acquisition and the impact thereof on its indebtedness and capital allocation, its ability to successfully integrate the Ultra Maritime business and realize synergies and other expected benefits of the transaction and the potential for disruption to its or Ultra Maritime's business, customer and supplier relationships, and retention of key personnel during the pendency of the transaction; the company's efforts to fund and increase production capabilities and the efficiency of its operations and improve the affordability of its products and services, including through digital transformation and cost reduction initiatives; the risk of an impairment of the company's assets, including the potential impairment of goodwill and intangibles; the availability and adequacy of the company's insurance and indemnities; compliance with laws, regulations, policies, and customer requirements relating to environmental matters; the impact of public health crises, natural disasters and other severe weather conditions on the company's business and financial results, including supply chain disruptions and delays, employee absences, and program delays; changes in accounting, U.S. or foreign tax, export or other laws, regulations, and policies and their interpretation or application, and changes in the amount or reevaluation of uncertain tax positions; and the outcome of legal proceedings, bid protests, environmental remediation efforts, audits, administrative reviews, government investigations or government allegations that the company has failed to comply with law, other contingencies and U.S. Government identification of deficiencies in its business systems. These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. The company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov.

The company's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its issuance. Except where required by applicable law, the company expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws.

Lockheed Martin Corporation

Consolidated Statements of Earnings1

(unaudited; in millions, except per share data)

Quarters Ended

Six Months Ended

June 28,

2026

June 29,

2025

June 28,
2026

June 29,
2025

Sales

$     20,063

$      18,155

$     38,084

$      36,118

Operating costs and expenses

(17,617)

(17,421)

(33,560)

(33,061)

Gross profit

2,446

734

4,524

3,057

Other income, net

33

14

18

63

Operating profit2

2,479

748

4,542

3,120

Interest expense

(266)

(274)

(535)

(542)

Non-service FAS pension expense

(80)

(99)

(160)

(197)

Other non-operating income, net

45

42

105

72

Earnings before income taxes

2,178

417

3,952

2,453

Income tax expense

(342)

(75)

(628)

(399)

Net earnings

$       1,836

$          342

$       3,324

$       2,054

Effective tax rate

15.7 %

18.0 %

15.9 %

16.3 %

Earnings per common share

Basic

$         7.98

$         1.46

$       14.45

$         8.78

Diluted

$         7.94

$         1.46

$       14.38

$         8.75

Weighted average shares outstanding

Basic

230.2

233.5

230.1

234.0

Diluted

231.1

234.3

231.1

234.8

Common shares reported in stockholders'

  equity at end of period

230

232

1

The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 28, for the second quarter of 2026 and June 29, for the second quarter of 2025. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31.

2

As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment.

Lockheed Martin Corporation

Business Segment Summary Operating Results

(unaudited; in millions)

Quarters Ended

Six Months Ended

June 28,
2026

June 29,
2025

%
Change

June 28,
2026

June 29,
2025

%
Change

Sales

Aeronautics

$      8,112

$      7,420

9 %

$  15,065

$  14,477

4 %

Missiles and Fire Control

4,101

3,433

19 %

7,750

6,806

14 %

Rotary and Mission Systems

4,354

3,995

9 %

8,345

8,323

— %

Space

3,496

3,307

6 %

6,924

6,512

6 %

Total sales

$    20,063

$    18,155

11 %

$  38,084

$  36,118

5 %

Operating profit (loss) 

Aeronautics1

$        760

$         (98)

NM*

$   1,379

$      622

122 %

Missiles and Fire Control

594

479

24 %

1,094

944

16 %

Rotary and Mission Systems2

437

(172)

NM*

860

349

146 %

Space

371

362

2 %

652

741

(12 %)

Total business segment operating profit

2,162

571

279 %

3,985

2,656

50 %

Unallocated items

FAS/CAS operating adjustment

422

379

843

758

Impairment and other charges

—

(66)

—

(66)

Intangible asset amortization expense

(50)

(63)

(100)

(127)

Other, net

(55)

(73)

(186)

(101)

Total unallocated items

317

177

79 %

557

464

20 %

Total consolidated operating profit

$      2,479

$        748

231 %

$   4,542

$   3,120

46 %

Operating margin

Aeronautics

9.4 %

(1.3 %)

9.2 %

4.3 %

Missiles and Fire Control

14.5 %

14.0 %

14.1 %

13.9 %

Rotary and Mission Systems

10.0 %

(4.3 %)

10.3 %

4.2 %

Space

10.6 %

10.9 %

9.4 %

11.4 %

Total business segment operating margin

10.8 %

3.1 %

10.5 %

7.4 %

Total consolidated operating margin

12.4 %

4.1 %

11.9 %

8.6 %

1

As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment.

2

As previously described, operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment.

*

NM - not meaningful

Lockheed Martin Corporation

Consolidated Balance Sheets

(in millions, except par value)

June 28,

2026

Dec. 31,

2025

(unaudited)

Assets

Current assets

Cash and cash equivalents

$          3,791

$          4,121

Receivables, net

3,356

3,901

Contract assets

16,038

13,001

Inventories

4,411

3,524

Other current assets

805

815

Total current assets

28,401

25,362

Property, plant and equipment, net

11,390

11,292

Goodwill

11,298

11,314

Intangible assets, net

1,787

1,887

Deferred income taxes

2,414

2,975

Other noncurrent assets

7,160

7,010

Total assets

$        62,450

$        59,840

Liabilities and equity

Current liabilities

Accounts payable

$          4,915

$          3,630

Salaries, benefits and payroll taxes

3,003

3,184

Contract liabilities

12,151

11,440

Current maturities of long-term debt

—

1,168

Other current liabilities

3,740

3,913

Total current liabilities

23,809

23,335

Long-term debt, net

20,538

20,532

Accrued pension liabilities

3,931

3,915

Other noncurrent liabilities

5,404

5,337

Total liabilities

53,682

53,119

Stockholders' equity

Common stock, $1 par value per share

230

229

Additional paid-in capital

247

—

Retained earnings

15,759

14,034

Accumulated other comprehensive loss

(7,468)

(7,542)

Total stockholders' equity

8,768

6,721

Total liabilities and equity

$        62,450

$        59,840

Lockheed Martin Corporation

Consolidated Statements of Cash Flows

(unaudited; in millions)

Six Months Ended

June 28,
2026

June 29,
2025

Operating activities

Net earnings

$          3,324

$         2,054

Adjustments to reconcile net earnings to net cash provided by operating activities

Depreciation and amortization

798

796

Stock-based compensation

180

141

Deferred income taxes

538

(561)

Impairment and other charges

—

66

Reach-forward losses on select programs

—

1,615

Qualified defined benefit pension plans

184

223

Changes in assets and liabilities

Receivables, net

545

(955)

Contract assets

(3,037)

(2,178)

Inventories

(887)

(461)

Accounts payable

1,409

1,500

Contract liabilities

711

(360)

Income taxes

43

251

Other, net

(353)

(521)

Net cash provided by operating activities

3,455

1,610

Investing activities

Capital expenditures

(829)

(805)

Other, net

(61)

(340)

Net cash used for investing activities

(890)

(1,145)

Financing activities

Repayments of long-term debt

(1,168)

(142)

Proceeds from commercial paper, net

—

1,449

Repurchases of common stock

—

(1,250)

Dividends paid

(1,612)

(1,567)

Other, net

(115)

(145)

Net cash used for financing activities

(2,895)

(1,655)

Net change in cash and cash equivalents

(330)

(1,190)

Cash and cash equivalents at beginning of period

4,121

2,483

Cash and cash equivalents at end of period

$          3,791

$         1,293

Lockheed Martin Corporation

Selected Financial Data

(unaudited; in millions)

2026

Outlook

2025

Actual

Total FAS pension expense and CAS cost

FAS pension expense

$          (370)

$          (924)

Less: CAS pension cost

1,735

1,568

Total FAS/CAS pension adjustment

$         1,365

$           644

Less: pension settlement charge

—

479

Total FAS/CAS pension adjustment - adjusted1

$         1,365

$         1,123

Service and non-service cost reconciliation

FAS pension service cost

$            (50)

$            (50)

Less: CAS pension cost

1,735

1,568

FAS/CAS pension operating adjustment

1,685

1,518

Non-service FAS pension expense

(320)

(874)

Total FAS/CAS pension adjustment

$         1,365

$           644

Less: pension settlement charge

—

479

Total FAS/CAS pension adjustment - adjusted1

$         1,365

$         1,123

1

The cost components in the table above relate only to the company's qualified defined benefit pension plans. The company recognized a

noncash, non-operating pretax settlement charge of $479 million in the fourth quarter of 2025.

Lockheed Martin Corporation

Other Financial and Operating Information

(unaudited; in millions, except for aircraft deliveries and weeks)

Backlog

June 28,

2026

Dec. 31,

2025

Aeronautics

$        54,356

$        59,435

Missiles and Fire Control

87,882

46,650

Rotary and Mission Systems

48,454

47,715

Space

39,724

39,822

Total backlog

$       230,416

$       193,622

Quarters Ended

Six Months Ended

Aircraft Deliveries

June 28,
2026

June 29,
2025

June 28,
2026

June 29,
2025

F-35

19

50

51

97

F-16

2

3

2

7

C-130J

7

1

8

2

Government helicopter programs

16

24

35

33

Commercial helicopter programs

—

—

—

1

Number of Weeks in Reporting Period1

2026

2025

First quarter

12

13

Second quarter

13

13

Third quarter

13

13

Fourth quarter

14

13

1

Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods.

SOURCE Lockheed Martin

Lockheed Martin logo is seen in this illustration taken July 26, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

July 23 (Reuters) - Defense giant Lockheed Martin (LMT.N), opens new tab lifted its 2026 sales and profit forecasts on Thursday ​as the Pentagon looks to replenish weapons stockpiles amid a wave ‌of global conflicts.

Shares of the company rose 5.3% in premarket trading.

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President Donald Trump has been urging defense contractors to increase production as the U.S.-Israeli war on Iran and a prolonged Russia-Ukraine conflict drain the Pentagon's inventory.

Revenue ​for Lockheed's missiles and fire control business rose nearly 20% to $4.1 billion, driven by a production ramp-up ​of its PAC-3 and Precision Strike missiles, both of which have been used in ⁠the war on Iran in the last few months.

The segment was also helped ​by higher production of its THAAD missile interceptors, after the company signed a $35 billion contract with ​the U.S. government in June to quadruple output.

Demand is expected to remain strong as the U.S. has used more than 50,000 rockets, missiles and rocket-propelled munitions since the start of the Russia-Ukraine ​conflict in 2022 through the U.S. attack on Iran, according to Pentagon data.

"We're in active ​dialog looking at other potential opportunities. We do see a real opportunity here for more partnerships ‌to ⁠scale production faster, particularly in Europe," CFO Evan Scott said on a call with Reuters.

Sales in Lockheed's aeronautics segment also rose 9%, partly supported by higher production volume and sales of its F-35 stealth fighters. The F-35 is the Pentagon's largest acquisition program, with lifetime ​costs estimated at more ​than $2 trillion to ⁠purchase, operate and sustain the aircraft.

Lockheed's total backlog grew to $230.4 billion, up 38.3% from $166.5 billion last year.

It expects 2026 revenue between $79.75 billion and $81.75 billion, ​higher than the previous forecast range of $77.5 billion to $80 billion. Analysts ​on average ⁠expect $79.14 billion, according to data compiled by LSEG.

It now expects full-year per-share profit of $29.95 to $30.65, compared with its earlier projection of $29.35 to $30.25, and higher than Wall Street estimates of $29.90.

The Bethesda, Maryland-based company reported ⁠a second-quarter ​profit of $7.94 per share, compared with $1.46 apiece last year, when it ​was hit by a $1.6 billion charge due to difficulties in the Aeronautics unit and international helicopter programs in its ​Sikorsky segment.

Reporting by Aishwarya Jain in Bengaluru; Editing by Sahal Muhammed and Chizu Nomiyama

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Mike Stone is a Reuters reporter covering the U.S. arms trade and defense industry. Most recently Mike has been focused on the Golden Dome missile defense shield. Mike also spends a lot of his time writing on Ukraine and how industry has adapted, or faltered as it supports that conflict. Mike, a New Yorker, has extensively covered how the U.S. has supplied Ukraine with weapons, the cadence, decisions and milestones that have had battlefield impacts. Before his time in Washington Mike’s coverage focused on mergers and acquisitions for oil and gas companies, financial institutions, defense companies, consumer product makers, retailers, real estate giants, and telecommunications companies.

Posted by Defense World Staff on Jul 23rd, 2026

Broderick Brian C raised its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 390.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,083 shares of the semiconductor manufacturer’s stock after purchasing an additional 8,822 shares during the quarter. Broderick Brian C’s holdings in Broadcom were worth $3,430,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Decker Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter worth approximately $8,985,000. Greenwood Gearhart LLC grew its position in Broadcom by 5.2% during the first quarter. Greenwood Gearhart LLC now owns 47,913 shares of the semiconductor manufacturer’s stock valued at $14,830,000 after buying an additional 2,363 shares during the period. Eaton Cambridge Inc. increased its holdings in Broadcom by 36.7% during the first quarter. Eaton Cambridge Inc. now owns 1,433 shares of the semiconductor manufacturer’s stock valued at $444,000 after buying an additional 385 shares during the last quarter. Liberty Square Wealth Partners LLC raised its position in Broadcom by 7.4% in the first quarter. Liberty Square Wealth Partners LLC now owns 2,336 shares of the semiconductor manufacturer’s stock worth $723,000 after acquiring an additional 160 shares during the period. Finally, SEB Asset Management AB purchased a new position in shares of Broadcom during the 1st quarter worth $591,514,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom In other news, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $401.33, for a total transaction of $10,033,250.00. Following the sale, the insider directly owned 194,989 shares of the company’s stock, valued at $78,254,935.37. This represents a 11.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 1,602 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $373.86, for a total value of $598,923.72. Following the transaction, the director owned 17,426 shares of the company’s stock, valued at $6,514,884.36. This represents a 8.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 61,644 shares of company stock valued at $24,016,214 in the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Analyst Ratings Changes Several analysts have issued reports on the company. Benchmark boosted their price target on Broadcom from $485.00 to $545.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Jefferies Financial Group set a $550.00 price objective on Broadcom and gave the stock a “buy” rating in a research note on Thursday, June 4th. DA Davidson lifted their price objective on Broadcom from $375.00 to $400.00 and gave the company a “neutral” rating in a research report on Thursday, June 4th. Seaport Research Partners reiterated a “neutral” rating on shares of Broadcom in a research note on Wednesday, April 8th. Finally, Dbs Bank raised shares of Broadcom to a “moderate buy” rating in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $493.24.

Check Out Our Latest Stock Report on Broadcom

Broadcom Stock Performance AVGO opened at $396.81 on Thursday. The stock has a market capitalization of $1.89 trillion, a price-to-earnings ratio of 66.14, a PEG ratio of 0.74 and a beta of 1.45. The company has a fifty day moving average of $399.23 and a 200 day moving average of $366.26. Broadcom Inc. has a fifty-two week low of $273.00 and a fifty-two week high of $495.00. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The business had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $22.13 billion. During the same quarter in the previous year, the company earned $1.58 EPS. The business’s quarterly revenue was up 47.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom’s payout ratio is currently 43.33%.

Broadcom News Roundup Here are the key news stories impacting Broadcom this week:

Positive Sentiment: Broadcom is seen as a beneficiary of a new cloud deal, which could support future growth and reinforce its position in AI and cloud infrastructure. Broadcom stands to gain from new cloud deal Positive Sentiment: Analysts and bullish commentators continue to highlight Broadcom’s AI exposure, dividend income, and its VCF software business as a growing earnings driver, suggesting more upside if enterprise demand stays strong. VCF is Becoming Broadcom’s Growth Engine: More Upside Ahead? Positive Sentiment: Broader chip-sector momentum and renewed interest in AI-linked semiconductor names are helping lift Broadcom alongside peers, with UBS saying the recent selloff may be nearing exhaustion. UBS sees Broadcom, Sandisk, Oracle stocks rebounding: here’s why Positive Sentiment: Several market pieces also argue Broadcom remains attractive at record highs because of strong cash generation and long-term execution under CEO Hock Tan. Cash is Always King Which is Why I Will Not Stop Adding Broadcom Neutral Sentiment: Some coverage simply notes Broadcom’s continued strength relative to the broader market, while other articles focus on the company as a core AI and dividend holding rather than on a fresh catalyst. These Stocks Offer AI Exposure and Dividend Payouts Negative Sentiment: Insider selling has added a cautious tone, with reports describing mixed insider signals across tech and noting Broadcom sales after a volatile stretch for the stock. Insider Moves Are Sending Mixed Signals Across the Tech Sector (AVGO) Negative Sentiment: Broadcom also faced some sentiment pressure after a patent-related ITC investigation was reported, which could create headline risk even if the direct business impact is still unclear. Is Broadcom (AVGO) Still Undervalued As Netlist Patent Claims Test Sentiment? Broadcom Company Profile (Free Report)

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

Read More Five stocks we like better than Broadcom Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO – Free Report).

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Cantillon Capital Management LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 11.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 4,056,002 shares of the semiconductor manufacturer’s stock after selling 548,299 shares during the period. Broadcom accounts for approximately 8.3% of Cantillon Capital Management LLC’s portfolio, making the stock its largest position. Cantillon Capital Management LLC owned about 0.09% of Broadcom worth $1,255,373,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Resolute Wealth Strategies LLC grew its holdings in shares of Broadcom by 30.6% during the first quarter. Resolute Wealth Strategies LLC now owns 1,937 shares of the semiconductor manufacturer’s stock worth $600,000 after buying an additional 454 shares during the last quarter. Boston Common Asset Management LLC grew its stake in shares of Broadcom by 1.3% in the 1st quarter. Boston Common Asset Management LLC now owns 123,544 shares of the semiconductor manufacturer’s stock valued at $38,238,000 after purchasing an additional 1,600 shares during the last quarter. Planning Alternatives Ltd. ADV grew its stake in shares of Broadcom by 43.0% in the 1st quarter. Planning Alternatives Ltd. ADV now owns 4,486 shares of the semiconductor manufacturer’s stock valued at $1,388,000 after purchasing an additional 1,349 shares during the last quarter. Broderick Brian C increased its holdings in shares of Broadcom by 390.2% in the first quarter. Broderick Brian C now owns 11,083 shares of the semiconductor manufacturer’s stock valued at $3,430,000 after purchasing an additional 8,822 shares during the period. Finally, Decker Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth approximately $8,985,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 2.7% Shares of NASDAQ AVGO opened at $396.81 on Thursday. The stock has a market capitalization of $1.89 trillion, a price-to-earnings ratio of 66.14, a price-to-earnings-growth ratio of 0.74 and a beta of 1.45. Broadcom Inc. has a 52 week low of $273.00 and a 52 week high of $495.00. The firm has a 50-day moving average price of $399.23 and a 200 day moving average price of $366.26. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same period in the prior year, the business posted $1.58 earnings per share. The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. Equities research analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom’s dividend payout ratio (DPR) is presently 43.33%.

Analyst Ratings Changes Several brokerages have issued reports on AVGO. Cantor Fitzgerald reissued an “overweight” rating and issued a $525.00 price objective on shares of Broadcom in a research note on Thursday, June 4th. Citigroup reiterated a “buy” rating on shares of Broadcom in a research note on Thursday, June 4th. Wells Fargo & Company reissued an “overweight” rating and set a $545.00 price target (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. Erste Group Bank restated a “hold” rating on shares of Broadcom in a research report on Tuesday, July 7th. Finally, Weiss Ratings raised Broadcom from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $493.24.

Read Our Latest Research Report on AVGO

Broadcom News Summary Here are the key news stories impacting Broadcom this week:

Positive Sentiment: Broadcom is seen as a beneficiary of a new cloud deal, which could support future growth and reinforce its position in AI and cloud infrastructure. Broadcom stands to gain from new cloud deal Positive Sentiment: Analysts and bullish commentators continue to highlight Broadcom’s AI exposure, dividend income, and its VCF software business as a growing earnings driver, suggesting more upside if enterprise demand stays strong. VCF is Becoming Broadcom’s Growth Engine: More Upside Ahead? Positive Sentiment: Broader chip-sector momentum and renewed interest in AI-linked semiconductor names are helping lift Broadcom alongside peers, with UBS saying the recent selloff may be nearing exhaustion. UBS sees Broadcom, Sandisk, Oracle stocks rebounding: here’s why Positive Sentiment: Several market pieces also argue Broadcom remains attractive at record highs because of strong cash generation and long-term execution under CEO Hock Tan. Cash is Always King Which is Why I Will Not Stop Adding Broadcom Neutral Sentiment: Some coverage simply notes Broadcom’s continued strength relative to the broader market, while other articles focus on the company as a core AI and dividend holding rather than on a fresh catalyst. These Stocks Offer AI Exposure and Dividend Payouts Negative Sentiment: Insider selling has added a cautious tone, with reports describing mixed insider signals across tech and noting Broadcom sales after a volatile stretch for the stock. Insider Moves Are Sending Mixed Signals Across the Tech Sector (AVGO) Negative Sentiment: Broadcom also faced some sentiment pressure after a patent-related ITC investigation was reported, which could create headline risk even if the direct business impact is still unclear. Is Broadcom (AVGO) Still Undervalued As Netlist Patent Claims Test Sentiment? Insider Transactions at Broadcom In other news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $401.33, for a total value of $10,033,250.00. Following the completion of the transaction, the insider owned 194,989 shares in the company, valued at $78,254,935.37. This trade represents a 11.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 1,602 shares of Broadcom stock in a transaction on Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the transaction, the director directly owned 17,426 shares of the company’s stock, valued at $6,514,884.36. This trade represents a 8.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 61,644 shares of company stock valued at $24,016,214. Company insiders own 1.90% of the company’s stock.

About Broadcom (Free Report)

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

Read More Five stocks we like better than Broadcom Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO – Free Report).

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

Dimensional Fund Advisors LP boosted its position in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 9.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,722,632 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,113,067 shares during the period. Broadcom makes up about 0.8% of Dimensional Fund Advisors LP’s portfolio, making the stock its 10th largest holding. Dimensional Fund Advisors LP owned 0.27% of Broadcom worth $3,936,439,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Bartlett & CO. Wealth Management LLC lifted its stake in Broadcom by 129.3% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 110,048 shares of the semiconductor manufacturer’s stock valued at $34,061,000 after buying an additional 62,050 shares during the period. Sovran Advisors LLC grew its position in shares of Broadcom by 121.3% during the 4th quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer’s stock worth $10,507,000 after buying an additional 16,789 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Broadcom by 406.1% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer’s stock valued at $4,151,000 after acquiring an additional 9,624 shares during the last quarter. Aspiriant LLC raised its position in shares of Broadcom by 18.5% in the 4th quarter. Aspiriant LLC now owns 12,016 shares of the semiconductor manufacturer’s stock valued at $4,158,000 after acquiring an additional 1,872 shares during the period. Finally, World Investment Advisors boosted its stake in Broadcom by 16.1% during the 4th quarter. World Investment Advisors now owns 177,710 shares of the semiconductor manufacturer’s stock worth $61,505,000 after acquiring an additional 24,703 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In A number of research analysts recently issued reports on AVGO shares. DA Davidson boosted their price objective on shares of Broadcom from $375.00 to $400.00 and gave the company a “neutral” rating in a report on Thursday, June 4th. Truist Financial lifted their price target on shares of Broadcom from $545.00 to $550.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Wells Fargo & Company reissued an “overweight” rating and issued a $545.00 price target (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. Wall Street Zen cut shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Finally, Benchmark raised their price objective on Broadcom from $485.00 to $545.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $493.24.

View Our Latest Research Report on AVGO

More Broadcom News Here are the key news stories impacting Broadcom this week:

Positive Sentiment: Broadcom is seen as a beneficiary of a new cloud deal, which could support future growth and reinforce its position in AI and cloud infrastructure. Broadcom stands to gain from new cloud deal Positive Sentiment: Analysts and bullish commentators continue to highlight Broadcom’s AI exposure, dividend income, and its VCF software business as a growing earnings driver, suggesting more upside if enterprise demand stays strong. VCF is Becoming Broadcom’s Growth Engine: More Upside Ahead? Positive Sentiment: Broader chip-sector momentum and renewed interest in AI-linked semiconductor names are helping lift Broadcom alongside peers, with UBS saying the recent selloff may be nearing exhaustion. UBS sees Broadcom, Sandisk, Oracle stocks rebounding: here’s why Positive Sentiment: Several market pieces also argue Broadcom remains attractive at record highs because of strong cash generation and long-term execution under CEO Hock Tan. Cash is Always King Which is Why I Will Not Stop Adding Broadcom Neutral Sentiment: Some coverage simply notes Broadcom’s continued strength relative to the broader market, while other articles focus on the company as a core AI and dividend holding rather than on a fresh catalyst. These Stocks Offer AI Exposure and Dividend Payouts Negative Sentiment: Insider selling has added a cautious tone, with reports describing mixed insider signals across tech and noting Broadcom sales after a volatile stretch for the stock. Insider Moves Are Sending Mixed Signals Across the Tech Sector (AVGO) Negative Sentiment: Broadcom also faced some sentiment pressure after a patent-related ITC investigation was reported, which could create headline risk even if the direct business impact is still unclear. Is Broadcom (AVGO) Still Undervalued As Netlist Patent Claims Test Sentiment? Broadcom Trading Up 2.7% Shares of NASDAQ:AVGO opened at $396.81 on Thursday. Broadcom Inc. has a 12 month low of $273.00 and a 12 month high of $495.00. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The company’s fifty day simple moving average is $399.23 and its 200 day simple moving average is $366.26. The firm has a market cap of $1.89 trillion, a price-to-earnings ratio of 66.14, a PEG ratio of 0.74 and a beta of 1.45.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.04. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.58 EPS. As a group, research analysts forecast that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were issued a dividend of $0.65 per share. The ex-dividend date was Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is presently 43.33%.

Insider Transactions at Broadcom In other Broadcom news, Director Justine Page sold 1,602 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the sale, the director owned 17,426 shares in the company, valued at approximately $6,514,884.36. The trade was a 8.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $401.33, for a total value of $10,033,250.00. Following the transaction, the insider directly owned 194,989 shares of the company’s stock, valued at approximately $78,254,935.37. This trade represents a 11.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 61,644 shares of company stock worth $24,016,214 in the last 90 days. 1.90% of the stock is owned by corporate insiders.

Broadcom Company Profile (Free Report)

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

See Also Five stocks we like better than Broadcom Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play

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

Broadcom (AVGO +2.77%) has been one of the market's great winners, and I think it has another year in the tank.

Here is my prediction: Despite a sharp pullback this summer, Broadcom will beat the S&P 500 (^GSPC -0.14%) for the third year in a row. It crushed the index in 2024 with a total return north of 110%, followed that with roughly 51% in 2025, and I expect it to finish ahead of the market again in 2026.

Image source: Getty Images.

First, the bad news that scared investors: In June, Broadcom fell about 15% after its quarterly report. The results were actually excellent, with record revenue and AI chip sales up 143% from a year earlier, but its guidance for AI revenue came in just shy of Wall Street's expectations.

More unsettling, management acknowledged that Alphabet, a major customer, is diversifying its sources of custom chips. When a stock is priced for perfection, even small blemishes get punished, and that is what happened here to Broadcom.

Today's Change

(

2.77

%) $

10.70

Current Price

$

397.20

Why I think it beats the market anyway Look past the one-quarter wobble, and the growth story is intact. Broadcom designs the custom AI chips that giants like Alphabet and Meta Platforms use to build their own systems, and it dominates the networking gear that ties those chips together. Management has pointed toward a path to more than $100 billion in annual AI revenue, and its large software business adds steady, high-margin ballast that pure chipmakers lack.

Even after the June drop, the stock has returned roughly 36% over the past year, comfortably ahead of the S&P 500's low-20s gain. As long as the AI infrastructure build-out keeps expanding, and every signal says it will for years, Broadcom sits in the sweet spot.

Today's Change

(

-2.53

%) $

-16.29

Current Price

$

627.52

A risk to my prediction I will be honest about what could sink this call. Broadcom trades at a premium that leaves little room for disappointment, and the news that Alphabet is spreading its chip orders around is a genuine warning that Broadcom's biggest customers could eventually do more in-house. If AI spending cools or a key client pulls back, the stock could stumble and trail the index. A prediction with a deadline is always humbling.

My read is that the June pullback is an opportunity, not a signal to flee. Broadcom's combination of booming AI chips, dominant networking, and a cushioning software arm gives it the fundamentals to extend its market-beating streak to a third straight year. I could be wrong if the AI trade cools, so size the position for volatility, but I would not bet against this business just because it had one bumpy quarter.

Posted by Defense World Staff on Jul 23rd, 2026

ABN Amro Investment Solutions lessened its stake in Air Products and Chemicals, Inc. (NYSE:APD – Free Report) by 45.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,986 shares of the basic materials company’s stock after selling 12,387 shares during the quarter. ABN Amro Investment Solutions’ holdings in Air Products and Chemicals were worth $4,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Oslo Pensjonsforsikring AS purchased a new stake in Air Products and Chemicals during the 1st quarter valued at $95,000. HORAN Wealth LLC raised its stake in shares of Air Products and Chemicals by 4.8% in the first quarter. HORAN Wealth LLC now owns 11,677 shares of the basic materials company’s stock worth $3,352,000 after purchasing an additional 538 shares during the last quarter. Baader Bank Aktiengesellschaft raised its stake in shares of Air Products and Chemicals by 0.7% in the first quarter. Baader Bank Aktiengesellschaft now owns 5,053 shares of the basic materials company’s stock worth $1,463,000 after purchasing an additional 37 shares during the last quarter. Long Road Investment Counsel LLC lifted its holdings in shares of Air Products and Chemicals by 2.0% during the first quarter. Long Road Investment Counsel LLC now owns 14,960 shares of the basic materials company’s stock valued at $4,346,000 after purchasing an additional 300 shares in the last quarter. Finally, Madison Asset Management LLC boosted its position in shares of Air Products and Chemicals by 43.9% during the first quarter. Madison Asset Management LLC now owns 40,611 shares of the basic materials company’s stock valued at $11,797,000 after buying an additional 12,384 shares during the last quarter. Institutional investors own 81.66% of the company’s stock.

Analyst Upgrades and Downgrades A number of equities analysts have weighed in on the company. Mizuho set a $345.00 target price on Air Products and Chemicals in a research report on Friday, May 1st. BMO Capital Markets upgraded shares of Air Products and Chemicals from a “market perform” rating to an “outperform” rating and set a $360.00 price target for the company in a research note on Friday, May 1st. Berenberg Bank set a $350.00 price objective on shares of Air Products and Chemicals and gave the company a “buy” rating in a report on Monday, April 20th. Wells Fargo & Company increased their price objective on shares of Air Products and Chemicals from $325.00 to $340.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Finally, Citigroup lifted their target price on shares of Air Products and Chemicals from $285.00 to $315.00 and gave the stock a “neutral” rating in a research report on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.88.

Read Our Latest Analysis on Air Products and Chemicals

Air Products and Chemicals Stock Performance Shares of NYSE APD opened at $297.14 on Thursday. Air Products and Chemicals, Inc. has a 12-month low of $229.11 and a 12-month high of $314.87. The firm has a market capitalization of $66.17 billion, a price-to-earnings ratio of 31.44, a price-to-earnings-growth ratio of 2.69 and a beta of 0.73. The company has a current ratio of 1.43, a quick ratio of 1.21 and a debt-to-equity ratio of 0.95. The firm has a 50 day moving average of $289.31 and a 200 day moving average of $285.05.

Air Products and Chemicals (NYSE:APD – Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $3.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.06 by $0.14. Air Products and Chemicals had a net margin of 16.91% and a return on equity of 16.11%. The firm had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.07 billion. During the same quarter in the previous year, the firm posted $2.69 EPS. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. Air Products and Chemicals has set its FY 2026 guidance at 13.000-13.250 EPS and its Q3 2026 guidance at 3.250-3.350 EPS. On average, research analysts anticipate that Air Products and Chemicals, Inc. will post 13.22 earnings per share for the current year.

Insider Activity In related news, CFO Melissa N. Schaeffer sold 2,714 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $303.76, for a total transaction of $824,404.64. Following the completion of the sale, the chief financial officer owned 14,212 shares in the company, valued at approximately $4,317,037.12. This trade represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.88% of the company’s stock.

About Air Products and Chemicals (Free Report)

Air Products and Chemicals, Inc is a global supplier of industrial gases and related equipment and services, headquartered in Allentown, Pennsylvania. The company produces and delivers atmospheric gases such as oxygen, nitrogen and argon, as well as specialty and process gases used across a wide range of industrial applications. Air Products designs, builds and operates gas production facilities, merchant distribution networks and on-site gas systems for customers that require reliable, high-purity gases and integrated supply solutions.

The company’s product and service portfolio includes packaged and bulk gas supply, pipeline distribution, on-site generation, gas handling and storage equipment, and engineered systems for gas liquefaction and purification.

See Also Five stocks we like better than Air Products and Chemicals Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play

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« PREVIOUS HEADLINEAndra AP fonden Purchases Shares of 103,900 CenterPoint Energy, Inc. $CNP

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Posted by Defense World Staff on Jul 23rd, 2026

Alamar Capital Management LLC purchased a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 12,209 shares of the network technology company’s stock, valued at approximately $1,957,000. Palo Alto Networks comprises approximately 1.2% of Alamar Capital Management LLC’s portfolio, making the stock its 28th largest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PANW. Janney Montgomery Scott LLC raised its position in shares of Palo Alto Networks by 15.0% during the first quarter. Janney Montgomery Scott LLC now owns 410,401 shares of the network technology company’s stock worth $65,796,000 after purchasing an additional 53,485 shares during the period. Aviva PLC lifted its holdings in shares of Palo Alto Networks by 5.4% during the 4th quarter. Aviva PLC now owns 568,804 shares of the network technology company’s stock valued at $104,774,000 after purchasing an additional 29,230 shares in the last quarter. Granite Islands Private Wealth LLC grew its position in shares of Palo Alto Networks by 43.6% in the 1st quarter. Granite Islands Private Wealth LLC now owns 15,342 shares of the network technology company’s stock valued at $2,453,000 after purchasing an additional 4,659 shares during the period. Peapack Gladstone Financial Corp grew its position in shares of Palo Alto Networks by 8.8% in the 4th quarter. Peapack Gladstone Financial Corp now owns 48,458 shares of the network technology company’s stock valued at $8,926,000 after purchasing an additional 3,926 shares during the period. Finally, Oak Thistle LLC bought a new stake in Palo Alto Networks during the 4th quarter worth approximately $1,554,000. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Price Performance NASDAQ:PANW opened at $335.28 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.86. The stock’s 50-day simple moving average is $297.43 and its 200 day simple moving average is $215.80. The company has a market cap of $273.25 billion, a P/E ratio of 274.82, a P/E/G ratio of 12.70 and a beta of 0.91. Palo Alto Networks, Inc. has a 52-week low of $139.57 and a 52-week high of $368.80.

Palo Alto Networks (NASDAQ:PANW – Get Free Report) last issued its quarterly earnings results on Tuesday, June 2nd. The network technology company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.79 by $0.06. The firm had revenue of $3 billion during the quarter, compared to analysts’ expectations of $2.94 billion. Palo Alto Networks had a return on equity of 10.53% and a net margin of 7.95%.The business’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.37 earnings per share. Palo Alto Networks has set its FY 2026 guidance at 3.770-3.790 EPS and its Q4 2026 guidance at 0.960-0.980 EPS. As a group, sell-side analysts forecast that Palo Alto Networks, Inc. will post 2.03 EPS for the current fiscal year.

Key Palo Alto Networks News Here are the key news stories impacting Palo Alto Networks this week:

Positive Sentiment: Analysts and commentators continue to highlight Palo Alto Networks as a key beneficiary of rising AI-driven cybersecurity spending, with Morgan Stanley saying sentiment on software stocks may be too negative and Barron’s arguing PANW could be a major winner in the new AI era. Article: Morgan Stanley Analysts Say Sentiment Has Gotten ‘Too Negative’ on Software Stocks. These Are Their Picks Positive Sentiment: Market watchers are also pointing to broader enterprise demand for cybersecurity as AI agents proliferate, which could support future security product spending and reinforce PANW’s growth narrative. Article: Citi Wealth CIO Warns “Infinite AI Agents” Will Accelerate Cybersecurity’s Share of Enterprise Spending Positive Sentiment: Palo Alto Networks announced it will acquire Embrace to extend its observability platform with Real User Monitoring and Synthetics, a move aimed at improving digital experience monitoring and AI-driven operations. Investors may see this as an expansion into a higher-value adjacent market. Article: Palo Alto Networks to Extend Leading Observability Platform with Innovative Digital Experience Monitoring Neutral Sentiment: Another brief note flagged PANW as a cybersecurity stock to follow, but did not add any new catalyst beyond the broader sector interest. Article: Cybersecurity Stocks To Follow Now – July 20th Negative Sentiment: Despite the upbeat long-term themes, one article noted PANW had slipped intraday, suggesting some investors are still taking profits or reacting to overall software sector weakness. Article: Palo Alto slips 3%: Why this analyst still sees it as a top cyber pick Insiders Place Their Bets In other Palo Alto Networks news, Director Helle Thorning-Schmidt sold 700 shares of the company’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $346.85, for a total value of $242,795.00. Following the transaction, the director directly owned 5,898 shares in the company, valued at $2,045,721.30. The trade was a 10.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Josh D. Paul sold 900 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $345.00, for a total transaction of $310,500.00. Following the completion of the transaction, the chief accounting officer directly owned 79,644 shares in the company, valued at $27,477,180. The trade was a 1.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 101,239 shares of company stock worth $27,174,360 in the last quarter. Company insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades Several analysts have commented on PANW shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Palo Alto Networks from $220.00 to $350.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Truist Financial upped their target price on shares of Palo Alto Networks from $275.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Wolfe Research reissued an “outperform” rating and issued a $320.00 price target on shares of Palo Alto Networks in a research note on Wednesday, June 3rd. Capital One Financial set a $421.00 price objective on Palo Alto Networks and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, BNP Paribas Exane increased their price objective on Palo Alto Networks from $330.00 to $380.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, forty have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $331.48.

Read Our Latest Research Report on PANW

Palo Alto Networks Profile (Free Report)

Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.

Featured Stories Five stocks we like better than Palo Alto Networks Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play

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« PREVIOUS HEADLINEInvesco QQQ $QQQ Stock Holdings Decreased by American Financial Advisors LLC

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Posted by Defense World Staff on Jul 23rd, 2026

Alamar Capital Management LLC purchased a new position in shares of Spotify Technology (NYSE:SPOT – Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,802 shares of the company’s stock, valued at approximately $2,329,000. Spotify Technology makes up approximately 1.4% of Alamar Capital Management LLC’s holdings, making the stock its 18th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. JPL Wealth Management LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at $35,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology in the fourth quarter valued at $32,000. Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology in the 4th quarter valued at $35,000. Osbon Capital Management LLC acquired a new stake in Spotify Technology in the 4th quarter valued at $35,000. Finally, Wilmington Savings Fund Society FSB lifted its position in Spotify Technology by 85.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after buying an additional 30 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance Spotify Technology stock opened at $474.72 on Thursday. The stock has a 50-day simple moving average of $479.93 and a 200 day simple moving average of $489.13. The stock has a market capitalization of $97.74 billion, a P/E ratio of 37.83, a PEG ratio of 1.22 and a beta of 1.56. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30.

Spotify Technology (NYSE:SPOT – Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.07 earnings per share. Research analysts forecast that Spotify Technology will post 14.51 earnings per share for the current year.

Analyst Upgrades and Downgrades SPOT has been the subject of a number of recent research reports. KeyCorp reduced their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. JPMorgan Chase & Co. increased their price target on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Canaccord Genuity Group decreased their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Pivotal Research lowered their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Finally, Rosenblatt Securities dropped their price objective on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $630.70.

Check Out Our Latest Research Report on Spotify Technology

Insiders Place Their Bets In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the transaction, the director directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This represents a 84.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the sale, the director owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock worth $54,757,553 in the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Company Profile (Free Report)

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.

Read More Five stocks we like better than Spotify Technology Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play

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« PREVIOUS HEADLINEBessemer Group Inc. Buys 13,654 Shares of Vanguard Total International Stock ETF $VXUS

Posted by Defense World Staff on Jul 23rd, 2026

Allspring Global Investments Holdings LLC lifted its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 12.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,157 shares of the business services provider’s stock after buying an additional 5,714 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Automatic Data Processing were worth $10,699,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Imprint Wealth LLC acquired a new stake in shares of Automatic Data Processing during the 3rd quarter valued at $25,000. Cornerstone Financial Management LLC acquired a new position in Automatic Data Processing in the 4th quarter worth about $26,000. Bard Associates Inc. bought a new position in Automatic Data Processing in the fourth quarter valued at about $28,000. Whipplewood Advisors LLC raised its position in Automatic Data Processing by 2,740.0% in the first quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 137 shares during the last quarter. Finally, Prosperity Bancshares Inc acquired a new stake in shares of Automatic Data Processing during the fourth quarter valued at about $33,000. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Stock Down 1.3% Automatic Data Processing stock opened at $243.12 on Thursday. The firm has a market cap of $97.18 billion, a price-to-earnings ratio of 22.68 and a beta of 0.83. Automatic Data Processing, Inc. has a 52-week low of $188.16 and a 52-week high of $315.98. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a 50 day moving average price of $230.21 and a two-hundred day moving average price of $224.41.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The business services provider reported $3.37 EPS for the quarter, beating analysts’ consensus estimates of $3.30 by $0.07. Automatic Data Processing had a net margin of 20.12% and a return on equity of 68.82%. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the firm posted $3.06 EPS. The company’s quarterly revenue was up 7.0% on a year-over-year basis. Automatic Data Processing has set its FY 2026 guidance at 11.010-11.110 EPS. Equities analysts predict that Automatic Data Processing, Inc. will post 11.08 EPS for the current year.

Key Stories Impacting Automatic Data Processing Here are the key news stories impacting Automatic Data Processing this week:

Positive Sentiment: Cantor Fitzgerald raised its price target on ADP to $295 from $244 and reiterated an overweight rating, signaling meaningful upside from current levels. Cantor Fitzgerald raises ADP price target Positive Sentiment: UBS also lifted its price target on ADP to $270 from $260 while maintaining a neutral view, adding to the stock’s recent analyst support. UBS raises ADP price target Positive Sentiment: Zacks noted that ADP has gained about 23% over the past three months, supported by margin expansion, strong earnings growth, steady dividends, and solid liquidity. ADP stock gains 23% in 3 months Positive Sentiment: ADP said its latest weekly private payroll estimate showed U.S. private employers added an average of 16,500 jobs per week for the four weeks ending July 4, reinforcing the company’s payroll data relevance. ADP National Employment Report preliminary estimate Neutral Sentiment: ADP’s June private-sector hiring report came in slightly below economists’ expectations, with 98,000 jobs added versus forecasts for 110,000, which may temper enthusiasm but does not indicate a major setback. ADP June private-sector hiring report Neutral Sentiment: ADP is expected to report earnings next week, and Zacks says the setup still looks favorable for a potential earnings beat, but this remains an anticipatory catalyst rather than a confirmed result. ADP earnings expectations ahead of release Negative Sentiment: MarketWatch noted ADP underperformed peers on Tuesday, suggesting some near-term relative weakness versus competitors. ADP underperforms competitors Analyst Ratings Changes Several analysts have recently weighed in on the company. Citigroup reduced their price target on Automatic Data Processing from $265.00 to $230.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. BMO Capital Markets cut their target price on shares of Automatic Data Processing from $281.00 to $234.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 7th. Wells Fargo & Company boosted their target price on shares of Automatic Data Processing from $214.00 to $248.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Cantor Fitzgerald upped their price target on shares of Automatic Data Processing from $244.00 to $295.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Morgan Stanley dropped their price target on shares of Automatic Data Processing from $311.00 to $274.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 28th. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $256.00.

Get Our Latest Stock Analysis on Automatic Data Processing

Automatic Data Processing Profile (Free Report)

Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.

ADP’s product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.

See Also Five stocks we like better than Automatic Data Processing Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report).

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« PREVIOUS HEADLINEAmerican Investment Services Inc. Decreases Holdings in Verizon Communications Inc. $VZ

NEXT HEADLINE »Wintrust Financial Corporation $WTFC Stock Holdings Increased by California Public Employees Retirement System

Posted by Defense World Staff on Jul 23rd, 2026

AR Asset Management Inc. grew its holdings in shares of Chubb Limited (NYSE:CB – Free Report) by 16.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 17,285 shares of the financial services provider’s stock after purchasing an additional 2,379 shares during the period. Chubb makes up approximately 1.1% of AR Asset Management Inc.’s holdings, making the stock its 27th largest position. AR Asset Management Inc.’s holdings in Chubb were worth $5,634,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CB. Spire Wealth Management boosted its stake in Chubb by 490.5% during the 4th quarter. Spire Wealth Management now owns 8,615 shares of the financial services provider’s stock valued at $2,689,000 after purchasing an additional 7,156 shares during the last quarter. Chesley Taft & Associates LLC raised its stake in shares of Chubb by 7.4% in the fourth quarter. Chesley Taft & Associates LLC now owns 102,427 shares of the financial services provider’s stock worth $31,970,000 after purchasing an additional 7,043 shares during the last quarter. Pallas Capital Advisors LLC lifted its holdings in shares of Chubb by 42.3% during the fourth quarter. Pallas Capital Advisors LLC now owns 14,243 shares of the financial services provider’s stock valued at $4,446,000 after purchasing an additional 4,233 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Chubb by 1.7% during the first quarter. Janney Montgomery Scott LLC now owns 315,893 shares of the financial services provider’s stock valued at $102,959,000 after purchasing an additional 5,225 shares in the last quarter. Finally, waypoint wealth counsel boosted its position in shares of Chubb by 76.4% during the fourth quarter. waypoint wealth counsel now owns 4,118 shares of the financial services provider’s stock valued at $1,285,000 after buying an additional 1,784 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Chubb Stock Performance NYSE:CB opened at $343.42 on Thursday. The stock has a 50-day simple moving average of $334.18 and a two-hundred day simple moving average of $326.56. Chubb Limited has a 52-week low of $264.10 and a 52-week high of $365.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.28 and a current ratio of 0.28. The firm has a market capitalization of $133.20 billion, a PE ratio of 12.15, a P/E/G ratio of 1.84 and a beta of 0.40.

Chubb (NYSE:CB – Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $7.26 EPS for the quarter, topping the consensus estimate of $6.78 by $0.48. Chubb had a return on equity of 14.55% and a net margin of 18.10%.The firm had revenue of $14.71 billion for the quarter, compared to the consensus estimate of $15.07 billion. During the same quarter last year, the company earned $6.14 earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. Analysts forecast that Chubb Limited will post 26.77 EPS for the current year.

Chubb Increases Dividend The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Friday, June 12th were issued a $1.02 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $4.08 annualized dividend and a yield of 1.2%. This is a positive change from Chubb’s previous quarterly dividend of $0.97. Chubb’s payout ratio is currently 14.41%.

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

Positive Sentiment: Chubb beat Q2 EPS estimates, reporting core operating income of $7.26 per share versus expectations, with earnings up sharply from a year ago. Article Title Positive Sentiment: Underwriting remained strong, with the P&C combined ratio at 83.8%, catastrophe losses easing, and record investment income helping support results. Article Title Positive Sentiment: Several Wall Street firms turned constructive, including Citizens JMP reaffirming an outperform rating with a $400 target and JPMorgan lifting its target to $370, signaling meaningful upside from current levels. Article Title Neutral Sentiment: Some analysts still flagged softer property-casualty market conditions and weakness in major account premiums, which could temper near-term growth expectations. Article Title Negative Sentiment: Revenue came in below consensus, and the market appears to be focusing more on slower premium growth than on the earnings beat, contributing to the stock’s pullback. Article Title Analyst Ratings Changes A number of equities research analysts have issued reports on the company. UBS Group boosted their price target on Chubb from $340.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Citigroup reiterated a “market outperform” rating on shares of Chubb in a research note on Wednesday. Atlantic Securities set a $301.00 price objective on shares of Chubb in a report on Wednesday, July 15th. Mizuho boosted their target price on shares of Chubb from $335.00 to $352.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Chubb from $340.00 to $370.00 and gave the company a “neutral” rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Chubb presently has a consensus rating of “Hold” and a consensus target price of $360.18.

Read Our Latest Stock Analysis on Chubb

Insider Buying and Selling In other Chubb news, COO John W. Keogh sold 23,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $321.51, for a total transaction of $7,394,730.00. Following the sale, the chief operating officer owned 203,322 shares in the company, valued at approximately $65,370,056.22. This trade represents a 10.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.37% of the company’s stock.

Chubb Profile (Free Report)

Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.

Featured Articles Five stocks we like better than Chubb Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding CB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chubb Limited (NYSE:CB – Free Report).

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Assetmark Inc. lessened its stake in The Allstate Corporation (NYSE:ALL – Free Report) by 71.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 17,354 shares of the insurance provider’s stock after selling 42,801 shares during the period. Assetmark Inc.’s holdings in Allstate were worth $3,598,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Allstate by 3.7% in the 4th quarter. State Street Corp now owns 12,297,551 shares of the insurance provider’s stock valued at $2,571,600,000 after buying an additional 438,034 shares during the period. GQG Partners LLC lifted its stake in Allstate by 36.0% during the 4th quarter. GQG Partners LLC now owns 5,488,560 shares of the insurance provider’s stock worth $1,142,449,000 after acquiring an additional 1,452,993 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Allstate by 29.2% during the 4th quarter. Franklin Resources Inc. now owns 5,007,549 shares of the insurance provider’s stock valued at $1,042,321,000 after acquiring an additional 1,131,172 shares during the period. Boston Partners boosted its holdings in Allstate by 14.9% during the 3rd quarter. Boston Partners now owns 3,050,780 shares of the insurance provider’s stock valued at $654,652,000 after acquiring an additional 395,195 shares during the period. Finally, Raymond James Financial Inc. grew its position in Allstate by 3.3% in the 2nd quarter. Raymond James Financial Inc. now owns 2,793,645 shares of the insurance provider’s stock valued at $562,388,000 after acquiring an additional 88,620 shares in the last quarter. Hedge funds and other institutional investors own 76.47% of the company’s stock.

Wall Street Analysts Forecast Growth A number of brokerages have issued reports on ALL. Barclays boosted their price target on shares of Allstate from $203.00 to $213.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 7th. Cantor Fitzgerald lifted their price objective on shares of Allstate from $236.00 to $242.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Evercore set a $240.00 target price on shares of Allstate in a research note on Friday, July 10th. Morgan Stanley increased their target price on shares of Allstate from $215.00 to $240.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Finally, Roth Capital reissued a “buy” rating and issued a $275.00 price target on shares of Allstate in a research report on Friday, July 17th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $254.80.

Check Out Our Latest Report on Allstate

Insiders Place Their Bets In other news, insider Mark Q. Prindiville sold 1,550 shares of Allstate stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $216.27, for a total transaction of $335,218.50. Following the sale, the insider owned 27,558 shares in the company, valued at approximately $5,959,968.66. The trade was a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Mario Rizzo sold 18,578 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $218.80, for a total value of $4,064,866.40. Following the completion of the sale, the chief operating officer directly owned 82,227 shares of the company’s stock, valued at $17,991,267.60. The trade was a 18.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 22,353 shares of company stock valued at $4,851,560. 1.55% of the stock is currently owned by insiders.

Allstate Stock Performance Shares of ALL opened at $252.10 on Thursday. The company has a market capitalization of $64.90 billion, a price-to-earnings ratio of 5.56, a price-to-earnings-growth ratio of 0.43 and a beta of 0.16. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The Allstate Corporation has a 52-week low of $188.08 and a 52-week high of $257.67. The stock has a 50 day moving average price of $229.54 and a 200 day moving average price of $215.33.

Allstate (NYSE:ALL – Get Free Report) last posted its earnings results on Wednesday, April 29th. The insurance provider reported $10.65 EPS for the quarter, beating analysts’ consensus estimates of $7.31 by $3.34. Allstate had a net margin of 17.81% and a return on equity of 42.66%. The firm had revenue of $16.94 billion for the quarter, compared to the consensus estimate of $15.24 billion. During the same period last year, the firm posted $3.53 EPS. The company’s revenue was up 3.0% on a year-over-year basis. Research analysts predict that The Allstate Corporation will post 30.51 EPS for the current fiscal year.

Allstate Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.32 annualized dividend and a dividend yield of 1.7%. Allstate’s dividend payout ratio (DPR) is presently 9.53%.

About Allstate (Free Report)

Allstate Corporation is a publicly traded insurance company headquartered in Northbrook, Illinois, and is one of the largest personal lines property and casualty insurers in the United States. Founded in 1931 as a subsidiary of Sears, Roebuck and Co, Allstate has grown into a diversified insurer that serves millions of consumers and businesses through a mix of distribution channels and product offerings.

The company underwrites a broad range of insurance products, with primary emphasis on auto and homeowners coverage.

Read More Five stocks we like better than Allstate Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play

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Posted by Defense World Staff on Jul 23rd, 2026

California Public Employees Retirement System cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 2.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 120,619 shares of the medical equipment provider’s stock after selling 3,016 shares during the period. California Public Employees Retirement System owned about 0.17% of Align Technology worth $20,678,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its stake in shares of Align Technology by 320.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock worth $1,247,000 after purchasing an additional 6,085 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Align Technology by 35,513.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after purchasing an additional 544,072 shares during the period. Polianta Ltd purchased a new position in Align Technology during the fourth quarter valued at $1,623,000. Wealth Enhancement Advisory Services LLC lifted its position in Align Technology by 63.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,343 shares of the medical equipment provider’s stock valued at $4,282,000 after purchasing an additional 9,792 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC grew its holdings in Align Technology by 383.1% during the fourth quarter. Hunter Perkins Capital Management LLC now owns 43,842 shares of the medical equipment provider’s stock valued at $6,846,000 after purchasing an additional 34,767 shares during the period. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Down 2.8% Shares of Align Technology stock opened at $172.46 on Thursday. The company has a market capitalization of $12.35 billion, a price-to-earnings ratio of 28.94, a PEG ratio of 1.82 and a beta of 1.67. The stock’s 50-day simple moving average is $172.96 and its 200-day simple moving average is $174.98. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30.

Align Technology (NASDAQ:ALGN – Get Free Report) last released its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.32. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $2.13 earnings per share. On average, equities analysts expect that Align Technology, Inc. will post 9.48 earnings per share for the current year.

Align Technology declared that its board has approved a stock repurchase program on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes ALGN has been the subject of a number of analyst reports. Weiss Ratings upgraded Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 17th. Zacks Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. Evercore boosted their price objective on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Piper Sandler increased their target price on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Finally, Leerink Partners raised their target price on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $206.07.

Check Out Our Latest Analysis on ALGN

About Align Technology (Free Report)

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.

Featured Stories Five stocks we like better than Align Technology Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play

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Posted by Defense World Staff on Jul 23rd, 2026

Andra AP fonden lessened its holdings in shares of Cloudflare, Inc. (NYSE:NET – Free Report) by 30.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,456 shares of the company’s stock after selling 14,475 shares during the period. Andra AP fonden’s holdings in Cloudflare were worth $6,903,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of NET. Cassaday & Co Wealth Management LLC acquired a new stake in Cloudflare in the 1st quarter valued at about $53,000. Florida Financial Advisors LLC boosted its holdings in shares of Cloudflare by 22.4% during the 1st quarter. Florida Financial Advisors LLC now owns 5,611 shares of the company’s stock worth $1,158,000 after purchasing an additional 1,025 shares during the last quarter. Earned Wealth Advisors LLC grew its position in shares of Cloudflare by 2.9% in the first quarter. Earned Wealth Advisors LLC now owns 2,119 shares of the company’s stock valued at $437,000 after purchasing an additional 60 shares in the last quarter. Hollencrest Capital Management grew its position in shares of Cloudflare by 153.9% in the first quarter. Hollencrest Capital Management now owns 358 shares of the company’s stock valued at $74,000 after purchasing an additional 217 shares in the last quarter. Finally, Meeder Advisory Services Inc. grew its position in shares of Cloudflare by 14.9% in the first quarter. Meeder Advisory Services Inc. now owns 8,155 shares of the company’s stock valued at $1,683,000 after purchasing an additional 1,058 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Trading Down 1.3% Shares of Cloudflare stock opened at $268.86 on Thursday. The stock has a 50 day moving average of $241.16 and a 200 day moving average of $211.56. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.96 and a current ratio of 1.96. The firm has a market capitalization of $95.04 billion, a price-to-earnings ratio of -1,075.46, a PEG ratio of 277.55 and a beta of 1.67. Cloudflare, Inc. has a fifty-two week low of $158.83 and a fifty-two week high of $291.00.

Cloudflare (NYSE:NET – Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.02. Cloudflare had a negative return on equity of 5.65% and a negative net margin of 3.72%.The company had revenue of $639.75 million for the quarter, compared to the consensus estimate of $620.83 million. During the same quarter in the previous year, the business earned $0.16 earnings per share. The company’s revenue for the quarter was up 33.5% on a year-over-year basis. Cloudflare has set its FY 2026 guidance at 1.190-1.200 EPS and its Q2 2026 guidance at 0.270-0.270 EPS. As a group, research analysts predict that Cloudflare, Inc. will post 0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth A number of brokerages recently commented on NET. Sanford C. Bernstein reiterated a “market perform” rating and set a $136.00 price objective on shares of Cloudflare in a research report on Wednesday, June 10th. Wells Fargo & Company upped their target price on Cloudflare from $270.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. Benchmark downgraded Cloudflare to an “underperform” rating in a research note on Tuesday, July 7th. Barclays lifted their price target on Cloudflare from $250.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. Finally, Mizuho boosted their price target on shares of Cloudflare from $260.00 to $310.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $258.59.

Get Our Latest Stock Analysis on Cloudflare

Insider Transactions at Cloudflare In related news, Director Mark J. Hawkins sold 133 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $249.00, for a total transaction of $33,117.00. Following the transaction, the director owned 10,765 shares of the company’s stock, valued at approximately $2,680,485. This represents a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew Prince sold 52,383 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $247.28, for a total value of $12,953,268.24. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 564,903 shares of company stock worth $127,356,194. 10.66% of the stock is owned by corporate insiders.

About Cloudflare (Free Report)

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

Featured Stories Five stocks we like better than Cloudflare Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play

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Posted by Defense World Staff on Jul 23rd, 2026

Bank of New York Mellon Corp decreased its position in Royalty Pharma PLC (NASDAQ:RPRX – Free Report) by 2.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,302,043 shares of the biopharmaceutical company’s stock after selling 37,662 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.23% of Royalty Pharma worth $62,459,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Phillips Wealth Planners LLC grew its stake in shares of Royalty Pharma by 1.9% in the fourth quarter. Phillips Wealth Planners LLC now owns 13,113 shares of the biopharmaceutical company’s stock worth $521,000 after purchasing an additional 242 shares during the last quarter. Strs Ohio raised its position in Royalty Pharma by 2.8% during the 4th quarter. Strs Ohio now owns 9,318 shares of the biopharmaceutical company’s stock valued at $360,000 after purchasing an additional 252 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Royalty Pharma by 0.6% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,287 shares of the biopharmaceutical company’s stock valued at $1,673,000 after purchasing an additional 255 shares during the last quarter. Cary Street Partners Financial LLC lifted its holdings in Royalty Pharma by 1.1% in the 4th quarter. Cary Street Partners Financial LLC now owns 24,405 shares of the biopharmaceutical company’s stock worth $943,000 after buying an additional 260 shares during the period. Finally, Private Trust Co. NA lifted its holdings in Royalty Pharma by 52.9% in the 4th quarter. Private Trust Co. NA now owns 832 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 288 shares during the period. Hedge funds and other institutional investors own 54.35% of the company’s stock.

Insider Buying and Selling at Royalty Pharma In related news, Director Gregory Norden sold 3,045 shares of Royalty Pharma stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $53.00, for a total transaction of $161,385.00. Following the completion of the transaction, the director directly owned 191,803 shares of the company’s stock, valued at $10,165,559. This trade represents a 1.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Terrance P. Coyne sold 64,399 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $53.98, for a total transaction of $3,476,258.02. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 427,800 shares of company stock valued at $23,333,723 in the last quarter. 18.84% of the stock is owned by insiders.

Royalty Pharma Trading Up 0.5% NASDAQ RPRX opened at $58.72 on Thursday. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.86. Royalty Pharma PLC has a twelve month low of $34.08 and a twelve month high of $59.44. The firm has a market capitalization of $33.81 billion, a PE ratio of 39.95, a P/E/G ratio of 10.35 and a beta of 0.43. The stock’s 50 day moving average is $55.37 and its 200 day moving average is $49.00.

Royalty Pharma (NASDAQ:RPRX – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.08. The company had revenue of $630.58 million for the quarter, compared to analysts’ expectations of $881.69 million. Royalty Pharma had a return on equity of 29.25% and a net margin of 33.88%. Research analysts forecast that Royalty Pharma PLC will post 5.18 earnings per share for the current fiscal year.

Royalty Pharma Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 14th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 14th. Royalty Pharma’s dividend payout ratio (DPR) is presently 63.95%.

Wall Street Analysts Forecast Growth Several research firms have recently issued reports on RPRX. Weiss Ratings cut Royalty Pharma from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 15th. Wall Street Zen raised Royalty Pharma from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. lifted their price target on shares of Royalty Pharma from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Citigroup boosted their price objective on shares of Royalty Pharma from $50.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Morgan Stanley upped their price objective on shares of Royalty Pharma from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Friday, April 10th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Royalty Pharma has an average rating of “Buy” and an average target price of $56.57.

View Our Latest Stock Analysis on RPRX

Royalty Pharma Profile (Free Report)

Royalty Pharma plc is a specialty finance company that acquires biopharmaceutical royalty interests and provides non-dilutive financing to drug developers and rights holders. The firm purchases future royalty streams, milestone-contingent payments and other revenue rights linked to approved and late-stage pharmaceutical and biotechnology products. By paying upfront consideration for these rights, Royalty Pharma seeks to generate long-term cash flows tied to the commercial performance of a diversified portfolio of medicines.

The company’s transaction structures include outright royalty purchases, structured financings and milestone arrangements tailored to the needs of innovator companies, academic institutions and investors.

Featured Articles Five stocks we like better than Royalty Pharma Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding RPRX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royalty Pharma PLC (NASDAQ:RPRX – Free Report).

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Posted by Defense World Staff on Jul 23rd, 2026

Andra AP fonden lowered its holdings in shares of Invitation Home (NYSE:INVH – Free Report) by 31.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 170,472 shares of the company’s stock after selling 77,228 shares during the period. Andra AP fonden’s holdings in Invitation Home were worth $4,236,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of INVH. AQR Capital Management LLC boosted its position in shares of Invitation Home by 67.4% during the 1st quarter. AQR Capital Management LLC now owns 74,426 shares of the company’s stock valued at $2,589,000 after acquiring an additional 29,962 shares in the last quarter. Empowered Funds LLC raised its position in Invitation Home by 10.7% in the first quarter. Empowered Funds LLC now owns 13,324 shares of the company’s stock worth $464,000 after purchasing an additional 1,290 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Invitation Home in the second quarter worth about $287,000. Cetera Investment Advisers lifted its stake in Invitation Home by 8.5% during the second quarter. Cetera Investment Advisers now owns 19,412 shares of the company’s stock worth $637,000 after purchasing an additional 1,528 shares during the period. Finally, Cresset Asset Management LLC lifted its stake in Invitation Home by 5.5% during the second quarter. Cresset Asset Management LLC now owns 15,646 shares of the company’s stock worth $515,000 after purchasing an additional 809 shares during the period. Institutional investors own 96.79% of the company’s stock.

Invitation Home Price Performance Shares of INVH opened at $29.53 on Thursday. The company has a quick ratio of 0.02, a current ratio of 0.02 and a debt-to-equity ratio of 0.50. Invitation Home has a twelve month low of $24.25 and a twelve month high of $32.67. The stock has a market capitalization of $17.54 billion, a P/E ratio of 31.08, a P/E/G ratio of 3.50 and a beta of 0.84. The company has a 50 day moving average of $29.49 and a 200-day moving average of $27.55.

Invitation Home (NYSE:INVH – Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.18 by $0.08. The company had revenue of $579.00 million during the quarter, compared to the consensus estimate of $689.91 million. Invitation Home had a return on equity of 6.29% and a net margin of 20.88%.The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.48 EPS. Invitation Home has set its FY 2026 guidance at 1.900-1.980 EPS. As a group, equities research analysts forecast that Invitation Home will post 1.89 EPS for the current fiscal year.

Invitation Home Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Thursday, June 25th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Thursday, June 25th. Invitation Home’s dividend payout ratio is presently 126.32%.

Analyst Upgrades and Downgrades Several equities research analysts have recently weighed in on INVH shares. BMO Capital Markets upped their price objective on Invitation Home from $32.00 to $35.00 and gave the company a “market perform” rating in a research note on Monday, June 15th. Royal Bank Of Canada boosted their price target on Invitation Home from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Barclays upped their price target on Invitation Home from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Raymond James Financial raised Invitation Home from a “market perform” rating to an “outperform” rating and set a $32.00 price objective for the company in a report on Monday, May 18th. Finally, Evercore restated an “outperform” rating and issued a $32.00 target price on shares of Invitation Home in a research note on Friday, May 1st. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Invitation Home currently has an average rating of “Hold” and an average price target of $32.47.

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Invitation Home Company Profile (Free Report)

Invitation Homes (NYSE: INVH) is a real estate investment trust that specializes in the ownership, operation and leasing of single-family rental homes across the United States. The company focuses on acquiring suburban and urban-adjacent single-family residences and managing them as rental properties for households seeking professionally managed, long-term housing alternatives to traditional homeownership or multifamily rentals.

Operationally, Invitation Homes is involved in the full lifecycle of the single-family rental business: sourcing and acquiring homes, performing renovations and ongoing maintenance, marketing and leasing properties, and providing property management and resident services.

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Raising Full-Year Net Sales and EPS guidance

, /PRNewswire/ -- West Pharmaceutical Services, Inc. (NYSE: WST), a leading provider of innovative, high-quality injectable solutions and services, today announced its financial results for the second quarter of 2026.

Second-Quarter Summary (comparisons to prior-year period)

Net sales of $872.3 million increased 13.8%; organic growth was 12.7%. Diluted earnings per share ("EPS") of $2.15 increased 18.1%. Adjusted-diluted EPS of $2.37 increased 28.8%. Operating cash flow was $213.9 million. Capital expenditures were $85.9 million. Free cash flow (defined as operating cash flow less capital expenditures) was $128.0 million. During the first six months of 2026, the Company repurchased 1.8 million shares for $454.3 million at an average price of $258.03 per share under its share repurchase program that was announced in mid-February 2026. The Company also announced on July 21, 2026 that its Board of Directors declared a third-quarter 2026 dividend of $0.22 per share. Outlook for Full-Year and Third-Quarter 2026

Full-year 2026 net sales are expected to be in the range of $3.345 billion to $3.380 billion, up 8.8% to 10.0% reported and up 10.0% to 11.0% organic. Full-year 2026 adjusted-diluted EPS guidance increased to a range of $8.85 to $9.05. Third-quarter 2026 net sales are expected to be in the range of $820 million to $835 million, up 1.9% to 3.8% reported and up 7.0% to 8.9% organic. Third-quarter 2026 adjusted-diluted EPS guidance is expected to be in the range of $2.14 to $2.24. Eric M. Green, President, Chief Executive Officer and Chair of the Board, commented: "I am pleased to report strong second-quarter results, with net sales and adjusted EPS exceeding our expectations. Net sales increased 12.7% organically, driven by our High Value Product Components business which benefited from continued strength in Biologics, a favorable mix shift from HVP upgrades including Annex 1, and ongoing growth in GLP-1 elastomers.  The robust sales growth drove strong operating income margin expansion as compared to prior year. As a result of our team's strong execution in the second quarter and improved outlook, we are increasing our full-year 2026 guidance."

Proprietary Products Segment
Net sales of $722.6 million grew by 16.6% and increased 15.5% on an organic basis.

High-Value Product ("HVP") Components net sales of $424.1 million increased 19.4% and rose 18.4% on an organic basis. HVP Components accounted for 49% of total company net sales in the quarter. HVP Delivery Devices net sales of $131.2 million increased by 29.6%, and were up 29.2% on an organic basis. HVP Delivery Devices accounted for 15% of total company net sales in the quarter. Standard Products net sales of $167.3 million increased by 2.4% and rose 0.7% on an organic basis. Standard Products accounted for 19% of total company net sales this quarter. West Vantage Segment
Net sales of $149.7 million increased by 2.0% and rose 0.8% on an organic basis. West Vantage accounted for 17% of total company net sales in the quarter.

Full-Year 2026 Financial Guidance

The Company is increasing its full-year 2026 net sales guidance range to $3.345 billion to $3.380 billion, up from $3.295 billion to $3.350 billion. Reported net sales growth is anticipated to be in the range of 8.8% to 10.0%, and organic net sales growth is expected to be in the range of 10.0% to 11.0%. Net sales guidance includes an estimated full-year 2026 benefit of approximately 1 percentage point based on current foreign currency exchange rates. SmartDose® 3.5mL generated $55 million in net sales in the second half of 2025. These net sales are excluded going forward to calculate our organic net sales growth guidance. The Company is increasing its full-year 2026 adjusted-diluted EPS guidance range to $8.85 to $9.05, up from the previous range of $8.40 to $8.75. Capital spending guidance is unchanged from a range of $250 million to $275 million. Third-Quarter 2026 Financial Guidance

The Company is introducing its third-quarter 2026 net sales guidance range of $820 million to $835 million. Reported net sales growth is anticipated to be in the range of 1.9% to 3.8%, and organic net sales growth is expected to be in the range of 7.0% to 8.9%. Net sales guidance includes an estimated headwind of approximately 1 percentage point based on current foreign currency exchange rates. SmartDose® 3.5mL generated $30 million in net sales in the third quarter of 2025. These net sales are excluded going forward to calculate our organic net sales growth guidance. The Company is introducing its third-quarter 2026 adjusted-diluted EPS guidance range of $2.14 to $2.24. Second-Quarter 2026 Conference Call 
Management will host a conference call at 8 a.m. EDT today. The live webcast can be accessed in the "Investors" section of the Company's website by clicking here.

To participate in the Q&A portion of the conference call, please register in advance by clicking here.

Registered telephone participants will receive the dial-in number along with a unique PIN number that will enable them to ask questions on the call.

An accompanying slide presentation will be posted in the "Investors" section of the Company's website.

A replay of the webcast will be available on the Company's website for approximately 90 days after the event.

About West
West Pharmaceutical Services, Inc. is a leading provider of innovative, high-quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of life-saving and life-enhancing medicines for patients. With over 10,000 team members across 50 sites including 26 manufacturing facilities worldwide, West helps support our customers by delivering over 41 billion components and devices each year. Headquartered in Exton, Pennsylvania, West in its fiscal year 2025 generated $3.07 billion in net sales. West is traded on the New York Stock Exchange (NYSE: WST) and is included in the Standard & Poor's 500 index. For more information, visit www.westpharma.com.

All trademarks and registered trademarks used in this release are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless otherwise noted.

Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd. 

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's expectations regarding future events, financial guidance and financial or operational performance. Forward-looking statements may be identified by words such as "believe," "expect," "intend," "estimate," "plan," "anticipate," "project," "forecast," "guidance," "target," "may," "will," "continue" and similar expressions.

These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information regarding these risks as well as other risks, uncertainties and factors that could affect our forward-looking statements, please refer to Part I Item 1A, entitled "Risk Factors," of the Company's most recent Annual Report on Form 10-K and any amendments thereto, as well as the Company's most recently filed Quarterly Reports on Form 10-Q and other filings the Company makes with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date of this press release. Except as required by law or regulation, West Pharmaceutical Services, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-U.S. GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). However, management also uses certain non-U.S. GAAP financial measures in evaluating our results of operations. Management believes that this information provides users with a valuable insight into our overall performance and financial position. As a result, this release contains certain non-GAAP financial measures, including organic net sales, adjusted-diluted EPS and adjusted operating profit. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period. We may also refer to financial results, such as adjusted-diluted EPS and adjusted operating profit, that exclude the effects of unallocated items. The unallocated items are not representative of ongoing operations, and generally include restructuring and related charges, certain asset impairments, and other specifically identified income or expense items. These non-U.S. GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's results prepared in accordance with U.S. GAAP. A reconciliation of these non-U.S. GAAP measures to the comparable U.S. GAAP financial measures is included in the accompanying tables.

WEST PHARMACEUTICAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in millions, except per share data)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net sales

$       872.3

100 %

$       766.5

100 %

$         1,717.2

100 %

$         1,464.5

100 %

Cost of goods and services sold

543.1

62

492.6

64

1,091.6

64

958.7

65

Gross profit

329.2

38

273.9

36

625.6

36

505.8

35

Research and development

19.7

2

19.1

2

35.5

2

35.4

2

Selling, general and administrative expenses

117.6

14

95.9

13

217.1

12

183.9

13

Other expense (income), net

12.8

1

5.2

1

16.8

1

25.8

2

Operating profit

179.1

21

153.7

20

356.2

21

260.7

18

Interest (income) expense, net

(1.2)

—

(3.5)

—

(4.4)

—

(7.2)

—

Other nonoperating expense (income)

0.2

—

0.2

—

0.4

—

0.4

—

Income before income taxes and equity
in net income of affiliated companies

180.1

21

157.0

20

360.2

21

267.5

18

Income tax expense

32.2

4

30.2

4

76.9

4

54.3

4

Equity in net income of affiliated companies

(6.1)

(1)

(5.0)

(1)

(9.5)

—

(8.4)

(1)

Net income

$       154.0

18 %

$       131.8

17 %

$  292.8

17 %

$ 221.6

15 %

Net income per share:

Basic

$ 2.17

$ 1.82

$   4.10

$  3.06

Diluted

$ 2.15

$ 1.82

$   4.07

$  3.05

Average common shares outstanding

70.8

72.2

71.4

72.3

Average shares assuming dilution

71.3

72.5

71.9

72.8

WEST PHARMACEUTICAL SERVICES

REPORTING SEGMENT INFORMATION

(UNAUDITED)

(in millions)

Three Months Ended

June 30,

Six Months Ended

June 30,

Net Sales:

2026

2025

2026

2025

Proprietary Products

$      722.6

$      619.8

$    1,416.9

$    1,182.8

West Vantage

149.7

146.7

300.3

281.7

Consolidated Total

$      872.3

$      766.5

$    1,717.2

$    1,464.5

Gross Profit:

Proprietary Products

$      308.0

$      248.3

$      581.1

$      458.5

West Vantage

21.2

25.6

44.5

47.3

Gross Profit

$      329.2

$      273.9

$      625.6

$      505.8

Gross Profit Margin

37.7 %

35.7 %

36.4 %

34.5 %

Operating Profit (Loss):

Proprietary Products

$      211.9

$      161.7

$      401.1

$      292.3

West Vantage

12.9

17.8

28.5

31.3

Stock-based compensation expense

(10.9)

(7.4)

(17.5)

(8.7)

General corporate costs

(34.8)

(18.4)

(55.9)

(54.2)

Reported Operating Profit

$      179.1

$      153.7

$      356.2

$      260.7

Reported Operating Profit Margin

20.5 %

20.1 %

20.7 %

17.8 %

Unallocated items

18.3

1.6

22.2

19.6

Adjusted Operating Profit

$      197.4

$      155.3

$      378.4

$      280.3

Adjusted Operating Profit Margin

22.6 %

20.3 %

22.0 %

19.1 %

WEST PHARMACEUTICAL SERVICES

RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED)

Please refer to "Non-U.S. GAAP Financial Measures" for more information

(in millions, except per share data)

Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS

Three Months ended June 30, 2026

Operating

profit

Income

tax

expense

Net

income

Diluted

EPS

Reported (U.S. GAAP)

$179.1

$32.2

$154.0

$2.15

Unallocated Items:

Restructuring and other charges(1)

1.5

0.3

1.2

0.02

M&A activities, including SmartDose® 3.5mL sale(2)

6.4

1.5

4.9

0.07

Cost-method investment activity(3)

3.5

—

3.5

0.05

Amortization of acquisition-related intangible assets(4)

—

—

0.4

—

Other(5)

6.9

1.4

5.4

0.08

Adjusted (Non-U.S. GAAP)

$197.4

$35.4

$169.4

$2.37

Six Months ended June 30, 2026

Operating

profit

Income

tax

expense

Net

income

Diluted

EPS

Reported (U.S. GAAP)

$356.2

$76.9

$292.8

$4.07

Unallocated Items:

Restructuring and other charges(1)

2.9

(11.3)

14.2

0.20

M&A activities, including SmartDose® 3.5mL sale(2)

8.3

1.9

6.4

0.09

Cost-method investment activity(3)

3.5

—

3.5

0.05

Amortization of acquisition-related intangible assets(4)

—

—

0.9

0.01

Other(5)

7.5

1.6

5.9

0.08

Adjusted (Non-U.S. GAAP)

$378.4

$69.1

$323.7

$4.50

Three Months ended June 30, 2025

Operating

profit

Income

tax

expense

Net

income

Diluted

EPS

Reported (U.S. GAAP)

$153.7

$30.2

$131.8

$1.82

Unallocated items:

Restructuring and other charges(1)

1.6

0.4

1.2

0.02

Amortization of acquisition-related intangible assets(4)

—

—

0.5

—

Adjusted (Non-U.S. GAAP)

$155.3

$30.6

$133.5

$1.84

Six Months ended June 30, 2025

Operating

profit

Income

tax

expense

Net

income

Diluted

EPS

Reported (U.S. GAAP)

$260.7

$54.3

$221.6

$3.05

Unallocated items:

Restructuring and other charges(1)

19.4

2.4

17.0

0.23

Amortization of acquisition-related intangible assets(4)

0.2

—

1.1

0.01

Adjusted (Non-U.S. GAAP)

$280.3

$56.7

$239.7

$3.29

(1)

During the three and six months ended June 30, 2026, the Company recorded pre-tax charges of $1.5 million and $2.9 million, respectively, related to our two existing restructuring programs: (i) $1.0 million and $1.9 million, respectively, within other expense (income), related to acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million and $1.0 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026. During the three and six months ended June 30, 2025, the Company recorded pre-tax charges of $1.6 million and $19.4 million, respectively, related to our two existing restructuring programs: (i) $0.2 million and $16.6 million, respectively, within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $1.4 million and $2.8 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $2.0 million in the first quarter of 2025, related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure.

(2)

During the three and six months ended June 30, 2026, the Company recorded pre-tax charges of $6.4 million and $8.3 million, respectively, related to M&A activities, including the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company recorded $1.3 million and $2.2 million, respectively, of the charges within other expense (income), related to employee benefit costs in connection with the sale agreement. The Company recorded the remaining $5.1 million and $6.1 million, respectively, within selling, general and administrative expenses, relating to professional services in connection with the sale agreement and other M&A activities.

(3)

During the three and six months ended June 30, 2026, the Company recorded cost-method investment impairment charges of $3.5 million within other expense (income).

(4)

During the three and six months ended June 30, 2026, the Company recorded $0.4 million and $0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo. During the three and six months ended June 30, 2025, the Company recorded $0.0 million and $0.2 million, respectively, of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired during the second quarter of 2020. During the three and six months ended June 30, 2025, the Company recorded $0.5 million and $0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.

(5)

Other includes nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026. These charges are recorded within selling, general and administrative expenses.

WEST PHARMACEUTICAL SERVICES

RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)

Please refer to "Non-U.S. GAAP Financial Measures" for more information

(in millions, except per share data)

Reconciliation of Reported Net Sales to Organic Net Sales by Segment (6)

Three Months Ended

June 30,

Reported Net Sales
(U.S. GAAP)

Percent
Change

Impact of
Currency

Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)

2026

2025

Proprietary Products

$722.6

$619.8

16.6 %

1.1 %

15.5 %

West Vantage

149.7

146.7

2.0 %

1.2 %

0.8 %

Total

$872.3

$766.5

13.8 %

1.1 %

12.7 %

Six Months Ended

June 30,

Reported Net Sales
(U.S. GAAP)

Percent
Change

Impact of
Currency

Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)

2026

2025

Proprietary Products

$1,416.9

$1,182.8

19.8 %

3.3 %

16.5 %

West Vantage

300.3

281.7

6.6 %

3.2 %

3.4 %

Total

$1,717.2

$1,464.5

17.3 %

3.4 %

13.9 %

Reconciliation of Proprietary Products Segment Organic Net Sales by Product Category (6)

Three Months Ended

June 30,

Reported Net Sales
(U.S. GAAP)

Percent
Change

Impact of
Currency

Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)

2026

2025

HVP Components

$424.1

$355.2

19.4 %

1.0 %

18.4 %

HVP Delivery Devices

131.2

101.2

29.6 %

0.4 %

29.2 %

Standard Products

167.3

163.4

2.4 %

1.7 %

0.7 %

Total Proprietary Products

$722.6

$619.8

16.6 %

1.1 %

15.5 %

Six Months Ended

June 30,

Reported Net Sales
(U.S. GAAP)

Percent
Change

Impact of
Currency

Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)

2026

2025

HVP Components

$833.4

$671.1

24.2 %

3.8 %

20.4 %

HVP Delivery Devices

254.8

197.0

29.3 %

1.0 %

28.3 %

Standard Products

328.7

314.7

4.4 %

3.8 %

0.6 %

Total Proprietary Products

$1,416.9

$1,182.8

19.8 %

3.3 %

16.5 %

Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group (6)

Three Months Ended

June 30,

Reported Net Sales
(U.S. GAAP)

Percent
Change

Impact of
Currency

Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)

2026

2025

Biologics

$374.8

$287.7

30.3 %

1.1 %

29.2 %

Pharma

205.0

198.5

3.3 %

1.7 %

1.6 %

Generics

142.8

133.6

6.9 %

0.2 %

6.7 %

Total Proprietary Products

$722.6

$619.8

16.6 %

1.1 %

15.5 %

Six Months Ended

June 30,

Reported Net Sales
(U.S. GAAP)

Percent
Change

Impact of
Currency

Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)

2026

2025

Biologics

$729.3

$557.0

30.9 %

3.3 %

27.6 %

Pharma

415.6

379.1

9.6 %

4.1 %

5.5 %

Generics

272.0

246.7

10.3 %

2.2 %

8.1 %

Total Proprietary Products

$1,416.9

$1,182.8

19.8 %

3.3 %

16.5 %

Reconciliation of Reported Net Sales to Organic Net Sales by Geography (6)

Three Months Ended

June 30,

Reported Net Sales
(U.S. GAAP)

Percent
Change

Impact of
Currency

Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)

2026

2025

Americas

$388.7

$349.7

11.2 %

0.6 %

10.6 %

Europe, Middle East, Africa

399.8

349.7

14.3 %

2.2 %

12.1 %

Asia Pacific

83.8

67.1

24.9 %

(2.1) %

27.0 %

Total

$872.3

$766.5

13.8 %

1.1 %

12.7 %

Six Months Ended

June 30,

Reported Net Sales
(U.S. GAAP)

Percent
Change

Impact of
Currency

Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)

2026

2025

Americas

$766.0

$688.6

11.2 %

0.5 %

10.7 %

Europe, Middle East, Africa

799.2

656.6

21.7 %

6.9 %

14.8 %

Asia Pacific

152.0

119.3

27.4 %

(0.6) %

28.0 %

Total

$1,717.2

$1,464.5

17.3 %

3.4 %

13.9 %

(6)

Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period.

WEST PHARMACEUTICAL SERVICES

RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)

Please refer to "Non-U.S. GAAP Financial Measures" for more information

(in millions, except per share data)

Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance

2025 Actual

2026 Guidance

% Change

Reported-diluted EPS (U.S. GAAP)

$6.79

$9.01 to $9.26

32.7% to 36.4%

Restructuring and other charges

0.31

0.23

M&A activities, including SmartDose® 3.5mL sale

0.09

(0.54) to (0.59)

Cost-method investment activity

0.06

0.05

Amortization of acquisition-related intangible assets

0.03

0.02

Other

0.01

0.08

Adjusted-diluted EPS (Non-U.S. GAAP)

$7.29

$8.85 to $9.05

21.4% to 24.1%

WEST PHARMACEUTICAL SERVICES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions, except per share data)

June 30,
2026

December 31,
2025

ASSETS

Current assets:

Cash and cash equivalents

$         435.8

$         791.3

Accounts receivable, net

712.0

574.4

Inventories

447.4

443.9

Other current assets

212.3

168.6

Total current assets

1,807.5

1,978.2

Property, plant and equipment

3,248.6

3,223.4

Less: accumulated depreciation and amortization

1,562.3

1,497.0

Property, plant and equipment, net

1,686.3

1,726.4

Operating lease right-of-use assets

104.7

117.0

Investments in affiliated companies

207.7

212.3

Goodwill

108.7

109.9

Intangible assets, net

6.4

7.7

Deferred income taxes

72.3

38.4

Other noncurrent assets

82.8

80.1

Total Assets

$       4,076.4

$       4,270.0

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$         252.7

$         253.7

Accrued salaries, wages and benefits

97.1

135.9

Income taxes payable

64.7

28.1

Operating lease liabilities

20.9

22.7

Accrued commissions, rebates and royalties

34.0

39.2

Other current liabilities

171.1

175.3

Total current liabilities

640.5

654.9

Long-term debt

202.9

202.8

Deferred income taxes

22.4

23.0

Pension and other postretirement benefits

28.3

29.0

Operating lease liabilities

88.3

95.6

Deferred compensation benefits

13.9

13.5

Other long-term liabilities

89.9

75.2

Total Liabilities

1,086.2

1,094.0

Equity:

Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding

—

—

Common stock, par value $0.25 per share; 200.0 million shares authorized; shares
issued: June 30, 2026 - 75.3 million, December 31, 2025 - 75.3 million; shares
outstanding: June 30, 2026 - 70.4 million, December 31, 2025 - 72.0 million

18.8

18.8

Capital in excess of par value

—

—

Retained earnings

4,624.1

4,374.9

Accumulated other comprehensive loss

(140.4)

(105.5)

Treasury stock, at cost (June 30, 2026 - 4.9 million shares, December 31, 2025 -
3.3 million shares)

(1,512.3)

(1,112.2)

Total Equity

2,990.2

3,176.0

Total Liabilities and Equity

$       4,076.4

$       4,270.0

WEST PHARMACEUTICAL SERVICES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in millions)

Six Months Ended
June 30,

2026

2025

Cash flows from operating activities:

Net income

$        292.8

$        221.6

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

Depreciation

90.3

79.9

Amortization

1.1

1.5

Stock-based compensation

17.5

8.7

Non-cash restructuring charges

1.9

1.6

Asset impairments

4.2

4.1

Other non-cash items, net

(5.0)

(6.9)

Changes in assets and liabilities

(188.9)

(4.0)

Net cash provided by operating activities

213.9

306.5

Cash flows from investing activities:

Capital expenditures

(85.9)

(146.5)

Net cash used in investing activities

(85.9)

(146.5)

Cash flows from financing activities:

Borrowings under revolving credit agreements

50.0

—

Repayments under revolving credit agreements

(50.0)

—

Principal repayments on finance leases

(0.7)

(0.5)

Excise tax payments

(0.8)

(4.2)

Dividend payments

(31.5)

(30.3)

Proceeds from stock-based compensation awards

12.4

6.0

Employee stock purchase plan contributions

3.9

3.6

Shares purchased under share repurchase programs

(454.3)

(134.0)

Shares repurchased for employee tax withholdings

(2.5)

(2.5)

Net cash used in financing activities

(473.5)

(161.9)

Effect of exchange rates on cash

(10.0)

27.0

Net decrease in cash and cash equivalents

(355.5)

25.1

Cash, including cash equivalents at beginning of period

791.3

484.6

Cash, including cash equivalents at end of period

$        435.8

$        509.7

Supplemental cash flow information:

    Accrued capital expenditures

$          25.7

$          35.4

SOURCE West Pharmaceutical Services, Inc.